Page 17 - Sebi Norms

UPL, promoter Jaidev Shroff pay Rs 20.2 cr to settle case with Sebi

Agrochemical company UPL (formerly United Phosphorus Ltd) and its promoter and Chairperson Jaidev Rajnikant Shroff have settled a case related to an alleged violation of regulatory norms with capital markets regulator Sebi after paying Rs 20.2 crore towards settlement charges. The settlement order came after the applicants -- UPL and Jaidev Rajnikant Shroff -- proposed to settle the instant proceeding through a settlement order "without admitting or denying the findings of fact and conclusions of law". "In terms of the settlement regulations, it is hereby ordered that the instant proceeding initiated against the applicants, vide show cause notice dated February 28, 2024, is disposed of," Sebi's Chief General Manager Anitha Anoop said in the order on October 30. Pursuant to receipt of an emailed query from a media outlet, Sebi undertook a suo-moto investigation in the affairs of certain companies, including UPL (Applicant No. 1) and its promoters to ascertain whether there was any ..

Sebi proposes doubling threshold for identifying HVDLEs to Rs 1,000 cr

Markets regulator Sebi has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens. Currently, an entity having outstanding value of listed non-convertible debt securities of Rs 500 crore and above are referred to as 'High Value Debt Listed Entities'. In its consultation paper, Sebi has proposed introducing a sunset clause that would end governance obligations if an HVDLE's outstanding debt falls below the threshold for a specified period, providing more flexibility. It has suggested a dedicated chapter within LODR (Listing Obligations and Disclosure Requirements) Regulations focused solely on corporate governance norms for HVDLEs distinguishing them from equity-listed entities. Also, it has been proposed filing of governance reports in XBRL format, voluntary Business Responsibility and Sustainability Reporting (BRSR), and harmonise HVDLE reporting with equity-listed ...

Sebi proposes 30-day deadline for mutual fund deployment of NFO proceeds

Move to address concerns by AMCs losing first-mover advantage due to public disclosure

Market regulator Sebi mulls tweaks to mutual fund NFO filing process

Move to address concerns around AMCs losing first-mover advantage due to public disclosure

Sebi proposes allowing shared contact details for non-individual clients

To enhance ease of compliance, Sebi on Monday proposed broadening its guidelines on shared contact details by allowing non-individual clients, such as HUFs, partnerships, trusts, and corporates, to use the same mobile number or email address under exceptional circumstances. Currently, this exception applies only to individual clients within a family. "Under exceptional circumstances, the stock broker may, at the specific written request of a client, upload the same mobile number/email address for more than one client provided such client belong to one family (in case of individual clients) or such client is the authorised person of an HUF, Corporate, Partnership or Trust (in case of non-individual clients)," Sebi said in its consultation paper. Under the current rule, stock brokers are required to upload certain details of their clients, including a separate mobile number and email address for each client. However, under exceptional circumstances, the stock broker may upload the sa

More jobs, investment: Space industry welcomes Rs 1K crore VC fund

Industry welcomes move to expand the space economy to $44 billion by 2033

Research report of analysts not an ad unless related to promotion: Sebi

Markets regulator Sebi on Thursday clarified that research reports and recommendations of research analysts (RAs) are not considered advertisements unless anything contained in such reports is in the nature of promotion of products or services offered by them. This came after the Securities and Exchange Board of India (Sebi) received certain queries concerning the applicability of provisions of advertisement code on a research report issued by an RA. In its circular, Sebi said that the forms of communications, to which the advertisement code shall be applicable include pamphlets, circulars, brochures, notices or any other literature, document, information or material published, or designed for use in any publication or displays (such as newspaper, magazine, sign boards/hoardings at any location), in any electronic, wired or wireless communication or over any other audio-visual form of communication (such as television, tape recordings, motion pictures) or in any other manner ...

Market Today: HUL Q2, Gold at record, IMF on India, Waaree IPO last day

On October 22, foreign institutional investors continued their selling spree, offloading shares worth Rs 3,978.61 crore, while domestic institutional investors bought shares totaling Rs 5,869.06 crore

Sebi issues framework on ties between intermediaries, unauthorised advisors

Markets regulator Sebi on Tuesday came out with a framework on associations between market intermediaries and unauthorised financial advisors, especially with regard to specified digital platforms. This came after Sebi in August amended rules aimed at regulating associations between intermediaries, like stock exchanges, clearing corporations and depositories, and entities providing financial advice or making performance claims. The rule restrains intermediaries, their agents, or associated persons from having direct or indirect ties with any entity that provides investment advice or recommendations without being registered or permitted by Sebi or makes performance or return-related claims unless specifically authorised by the regulator to do so. However, if these interactions occur through specified digital platforms, they will not be subject to these restrictions. In its circular on Tuesday, Sebi said the framework allows associations through "specified digital platforms", which t

F&O trading can't be a pastime, investors need to be serious: Sebi member

India cannot afford to make futures and options trading into a 'national pastime', Sebi whole-time member Ashwani Bhatia said on Tuesday, urging investors to be more serious. Speaking at an event organized by Morningstar here, Bhatia rued that investors are protesting against the latest moves to curb activity in the F&O Segment initiated by Sebi. The markets watchdog's study has revealed that 93 per cent of the trades result in a loss for retail investors, and Bhatia said it is the institutional investors who are making money in the process. "F&O cannot be and should not be a national pastime which actually means that savings of retail participants move into the pockets of institutional hands," he said, asking investors to do "serious investing". He said India is home to more than half of the global derivative volumes, making it the largest base for such bets globally, and made it clear that this is a "crown we do not wish to wear". "... uneasy lies the head that wears a ...

Sebi issues show-cause notice to NSDL over non-compliance related matters

At present, NSE holds a 24 per cent share in NSDL, while IDBI is the largest shareholder with a 26 per cent stake

Sebi to auction Rose Valley's 27 properties worth Rs 63.26 cr on Nov 25

Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm. The total reserve price of these properties is pegged at Rs 63.26 crore, it added. The markets regulator said it has engaged Quikr Realty to assist it in sale of the properties of Rose Valley while C1 India has been appointed as the e-auction service provider. A committee would oversee sale of the assets and the money will be utilised for repaying the investors. The committee was formed following an order passed by Calcutta High Court in May 2015. Going by the notice, bidders may

Sebi decides to make sales proceeds available to FPIs on settlement day

To boost operational efficiency and respond to concerns raised by Foreign Portfolio Investors (FPIs), Sebi on Wednesday said it has introduced measures to speed up the availability of sale proceeds for such investors, bringing them on par with domestic institutional investors. It is broadly estimated that efficiency gains on account of this measure would be around Rs 2,000 crore per annum. FPIs previously reported delays in their access to sale proceeds beyond the standard 'T+1' (trading plus one) settlement date. These delays were primarily due to the erstwhile process adopted for obtaining tax clearance on their net sale proceeds, to ensure compliance with FEMA Regulations. To address this issue, Sebi engaged in consultations with key stakeholders, including FPIs, clearing corporations, custodians, and tax consultants. This collaborative effort led to significant process improvements, making sale proceeds available to FPIs on settlement day, and bringing them on par with domestic

Sebi to auction 15 properties on Nov 19 with Rs 11.89 cr reserved price

Capital markets regulator Sebi on Monday said it will auction 15 properties belonging to Mangalam Agro Products, Sumangal Industries and Falkon Industries India on November 19. The move is part of Sebi's efforts to recover money collected by these companies from investors in violation of norms. Ravi Kiran Realty India and Purusattam Infotech Industries are the two other companies whose properties will be auctioned by the markets watchdog. Properties that will go under the hammer including flats, land with structure and land parcels are located in West Bengal and Odisha. The properties will be auctioned with a reserve price of Rs 11.89 crore and the auction will be conducted online on November 19 from 11 am to 1 pm, the Securities and Exchange Board of India (Sebi) said in a notice. Sebi has invited bids for the sale of properties in the recovery proceedings against Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India and Purusattam Infotech

IndiGo secures market regulator Sebi nod to launch venture capital fund

The fund will also look to invest in consumer startups that have a touchpoint in the passenger journey, such as travel, lifestyle, hospitality, and transportation

Sebi court rejects Ketan Parekh's plea for closure of payment default case

A special court here has rejected former stock market broker Ketan Parekh's plea for the closure of a case initiated against by SEBI for not paying a penalty imposed by the markets regulator, noting the accused prima facie violated the norms "intentionally". The special judge for cases under the Securities and Exchange Board of India (SEBI) Act, RM Jadhav, in an order passed on October 4, ruled that Parekh's plea for compounding of the case against him "is unwarranted and uncalled for". SEBI initiated a criminal case against Parekh after he failed to pay the penalty for violating the board's regulation. In response, Parekh filed an application before the court for closure of the case by compounding. Parekh, in his plea, stated that the complaint had been filed in 2003 for the alleged violation dated 1997. Almost 25 years lapsed since the alleged violation. They offered to pay whatever amount sought by the board, Parekh's lawyer submitted before the court. "The applicant desires to

ZEEL's committee finds no irregularities against firm during Sebi probe

The committee also reviewed the matter that is currently under adjudication with Sebi and stated that no further action is required by the company based on its findings

Sebi specifies checks for AIFs to curb circumvention and ever-greening

Due diligence has been mandated for schemes where investors from the same group contribute 50 per cent or more to the corpus before availing the benefits of QIB status

Sebi directs market infra institutions to establish data-sharing policies

Markets regulator Sebi on Tuesday proposed that stock exchanges and other market infrastructure institutions frame their own policy for sharing data for the purpose of research to promote data democratisation, data privacy and data accountability. However, data shared with vendors for commercial purposes will not fall under this policy, Sebi suggested in its consultation paper. The markets regulator has a data sharing policy to share anonymised data that are not publicly available. However, since Sebi is not the originator of most of the market data, the scope of sharing data under the extant data sharing policy of Sebi was deliberated by its Market Data Advisory Committee (MDAC). The committee suggested that in order to achieve the balance between data privacy vis-a-vis providing access to data, organizations, which are the actual source of data, will need to have a policy on data collection, processing, storage, dissemination and sharing. Accordingly, the regulator, in its ...

Sebi gives in-principle nod to Jio Fin-BlackRock for mutual fund entry

Jio's entry in the MF space is expected to spruce up the competition in the industry which currently has over Rs 66 trillion in assets under management