Page 26 - Sebi Norms

14 hours a day: Global stock exchanges with trading time more than BSE, NSE

By definition, 'trading hour' is defined as the time span during which a stock exchange is open. During this period, shares and derivative contracts are bought and sold

Muthoot Finance's arm Belstar Microfinance files Rs 1,300-cr IPO with Sebi

Muthoot Finance's microfinance arm, Belstar Microfinance Ltd, on Sunday filed preliminary papers with capital markets regulator Sebi to raise Rs 1,300 crore through an initial public offering (IPO). The Chennai-based entity's IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of Rs 300 crore by investor shareholders, according to the draft red herring prospectus (DRHP). As a part of the OFS, Danish asset management firm MAJ Invest aims to sell shares to the tune of Rs 175 crore, followed by Arum Holdings Ltd (Rs 97 crore) and Augusta Investments Zero Pte Ltd (Rs 28 crore). Maj Invest had first invested in Belstar Microfinance in 2018 and again in 2022. At present, Muthoot Finance, which is one the promoters, holds a little over 66 per cent stake in Belstar Microfinance. Proceeds from the fresh issue worth Rs 760 crore will be used to meet future capital requirements towards onward lending and the remaining amount will be used for

Sebi streamlines digital onboarding for portfolio managers' clients

Capital markets regulator Sebi on Friday relaxed the digital onboarding process for clients of portfolio managers, a move aimed at facilitating ease of doing business. While onboarding clients, portfolio managers will have to ensure that new clients use a typed or electronically written note saying that they have understood the fee structure rather than the current practice that focuses on clients giving the same in their own handwriting. The change, aimed at making digital onboarding easier, would become effective from October 1, the Securities and Exchange Board of India (Sebi) said in a circular. The move came after Sebi observed certain operational challenges in complying with the requirement of a handwritten note on the annexure of fees in the agreements, including the non-availability of a stylus at the location of the investors. This requirement was creating a hindrance towards the complete digital onboarding of the clients. "While on-boarding a client, portfolio manager sh

Adani Group stocks see little impact of Sebi notices on disclosure norms

Six group firms say they have received notices; legal experts say allegations don't seem to be very serious

Sebi makes nominations optional for jointly-held mutual fund accounts

Capital markets regulator Sebi on Wednesday made the nomination optional for jointly-held mutual fund accounts in a bid to promote ease of doing business. Additionally, Sebi allowed fund houses to have a single fund manager to oversee commodity and foreign investments. This would reduce the cost of managing the fund. These came after a working group constituted by Sebi reviewed mutual fund regulations and recommended measures to promote the ease of doing business. Based on the recommendation of the working group, a public consultation was carried out suggesting the option to make joint mutual fund account nominations optional and permitting fund houses to have a single fund manager to oversee commodity and foreign investments. "Accordingly, it has been decided that the requirement of nomination ....for mutual funds shall be optional for jointly held mutual fund folios," the Securities and Exchange Board of India (Sebi) said in a circular. Experts believe that the relaxation of ...

Asirvad MFI gets Sebi approval for IPO; JNK India surges 67% on debut

The company is also venturing into the renewable energy sector, focusing on green hydrogen production, hydrogen fuel stations, and solar photovoltaic projects.

Sebi allows NRIs to own up to 100% in global funds at the GIFT City

Allows higher exposure to passive funds in group companies; increases NRI/OCI exposure to 100% if route via Gift City

Uco Bank aims to bring down govt stake to 75% this fiscal: MD Aswani Kumar

UCO Bank on Tuesday said it aims to reduce the government's stake in the bank from the current 95.39 per cent to 75 per cent in several tranches by fiscal 2024-25, to comply with the minimum public shareholding norms set by SEBI. The lender has time until August to comply with this but it hopes to receive a further extension, a top bank official said. Four other public sector banks have also laid out plans to pare down government holdings to meet SEBI regulations. "We don't need equity for growth as our capital adequacy is at 16.98 per cent. However, we must reduce the government's stake to 75 per cent to meet listing regulations, and we aim to do so within this fiscal year. The board has approved the issuance of 400 crore equity shares for this purpose. We will execute this in tranches," said UCO Bank MD & CEO Aswani Kumar. He said various options will be explored as issuance plans get firmer. "To comply, the issuance of 330-340 crore equity shares at Rs 10 each would have been .

Sebi asks NSE to evaluate Linde India's related party transactions

Markets regulator Sebi has asked the National Stock Exchange (NSE) to designate a valuer to conduct the valuation of related party transactions between Linde India and Praxair India following complaints by shareholders. The matter relates to various transactions and agreements by Linde India Ltd (LIL) with its related parties Praxair India Pvt Ltd (PIPL) and Linde South Asia Services Pvt Ltd (LSASPL). Sebi investigated the case after receiving multiple complaints alleging that transactions and agreements entered by Linde India with Praxair India were in the nature of material related party transactions (RPTs) and Linde India did not obtain shareholders' approvals on these transactions. In its interim order passed on Monday, Sebi noted that Linde India was executing "related party transactions which prima facie appear to be material, without taking shareholder approval. Such actions effectively deprive public shareholders of an opportunity to express their views on transactions which

Why is BSE exchange upset about new Sebi order? An Explainer

The Bombay Stock Exchange will need to pay a higher regulatory fee to the market regulator on complying with Sebi's direction on fee based on notional value. Here's all you need to know.

BSE tanks 19% on Sebi's diktat on turnover charges on option volume

BSE stock update: BSE stock nosedives on the NSE after Sebi directs the stock exchange to pay a regulatory fee on the 'notional value' of annual turnover.

12 offshore funds investing in Adani Group breached disclosure rules: Sebi

Sebi has issued notices to 12 offshore investors earlier this year associated with the Adani group, seeking clarification on the violations of disclosure requirements and investment limits

Are MF stress tests of any use?

These are usually found among small and midcaps. It is not easy to find such stocks, especially after a strong bull market

Sebi proposes special call auction for price discovery of holdcos

Move aims to address deep discounts at which these investment companies trade

LEEL case: Sebi slaps Rs 14 cr fine on 7 individuals for accounts fraud

Markets regulator Sebi on Thursday slapped fines amounting to Rs 14.2 crore on LEEL Electricals' promoter Bharat Raj Punj and its six former officials and barred them from the securities markets for up to five years in a case of malpractices and manipulations in the company's accounts. Also, they have been barred from being associated with any listed company or any registered intermediary, in any capacity, including as a director for three years. The seven individuals penalised by Sebi are Anita Kakar Sharma, who was compliance officer and Vice President (Finance) between April 2006 and December 2018 at LEEL. Achin Kumar Roy, Nipun Singhal, and Mukat Behari Sharma were whole-time members and CFO of LEEL from September 2007 to April 2019. Achin and Mukat were members of the auditing committee between 2007 and 2014. In addition, Surjit Krishan Sharma, Geeta Tekchand were the independent directors of LEEL from January 2005 to July 2019, and Bharat Raj Punj, a promoter of the ...

Beat valuation risk in smallcap funds with limited exposure, long horizon

While past-year returns have been high, these funds are prone to significant drawdowns in tough economic environments

Sebi should not become SBI, must complete Adani probe before polls: Cong

The Congress on Wednesday hoped that the SEBI tasked with probing charges of alleged stock manipulation by the Adani Group would not seek further extension for presenting its report in the Supreme Court to push the deadline past the election date. Congress general secretary Jairam Ramesh said the Securities and Exchange Board of India (SEBI) should not become another SBI, which is "too scared to touch the sacred". In a post on X, Ramesh said the Hindenburg Research had levelled grave allegations of stock manipulation and violation of securities laws on the Modani group last year. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. Ramesh said, "The SEBI was tasked with submitting a report on these allegations by 14th August, 2023. After it demanded repeated extensions, the Supreme Court gave SEBI time till today, April 3rd, 2024. "We look forward to the SEBI submitting its report to the Court today, and we hope it does

Small cap companies set to erase losses sparked by froth warnings

A eight-day rally has put the Nifty Smallcap 250 Index on course for reclaiming the Feb. 27 level when the securities regulator flagged the risk of a potential bubble in the smaller companies

Long-duration funds: 6-12 months for tactical, 10+ years for long term

Those with a medium-term horizon run the risk of getting caught in a rising rate cycle

Our small, midcap portfolios haven't participated in the rally: Marcellus

Given the macroeconomic strengths, the market is pricing in a reasonable earnings growth and hence justifying current valuations, Pramod Gubbi of Marcellus Investment Managers said in this interview