Page 30 - Sebi Norms

Ready to relook at some AIF norms if assured of no misuse: Sebi official

Ananth Narayan said that RBI has agreed with Sebi's assessment on circumvention by AIFs

Sebi removes NSDL IPO from abeyance; Oil drops close to July low

Inox India's and Stanley's IPO comprise secondary share sale of 22.11 million and 9.13 million shares, respectively

Jindal Saw, others settle matter; dispute resolution platform from April

The Securities and Exchange Board of India (Sebi) has exte­nded the timeline for implem­enting online dispute resolution (ODR) platform to April 2024

SCORES: Sebi extends deadline for implementation of new norms till Apr 2024

Markets regulator Sebi on Friday extended the deadline till April 1, 2024 for the implementation of the framework for handling complaints received through the SCORES platform for registered entities and for monitoring such grievances by designated bodies. The guidelines were come into force from December 4. The designated bodies are required to apply for SCORES authentication and/or for Application Programming Interface (API) integration with SCORES within a specified time period. "It has been decided to extend the effective date of implementation of the provisions to April 1, 2024," the Securities and Exchange Board of India said in a circular. In September, Sebi came out with a circular with respect to handling complaints received through SCORES platform for registered entities and for monitoring such grievances by designated bodies. Under the guidelines, all entities, including companies, that received complaints of investors through SCORES, will have to resolve them within 21

Market regulator Sebi mulls tweaks to help AIFs buy stressed assets

The RBI had communicated to Sebi a list of requirements in the framework including SSFs in its master directions

Kedaara Capital backs decision made on ESOPs issued to Religare Chairperson

Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur family, which is trying to obtain a controlling stake in Religare Enterprises Ltd (REL), that Saluja allegedly violated IRDAI and Sebi norms. REL is the promoter of Care Health Insurance and Saluja is chairperson of the insurer as well. "Kedaara is a proud shareholder of Care Health Insurance. Led by a best-in-class management team and guided by a strong board, the company has always had the highest standards of governance, compliance and operational excellence," Kedaara Capital Managing Partner Sunish Sharma said in a statement. "We look forward to continuing to support it as it goes from strength to strength," it added. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe in

Small and medium REITs: Most players ready for a shift to new Sebi rules

Most existing players said that Sebi's proposed framework will help reach a wider audience and help lower costs

Sebi eases frameworks for AIFs, social exchanges, index providers

Defers decision on easing delisting, NRI investment norms; introduces framework on fractional real estate ownership

Sebi proposes flexibility in framework of trading plans under insider rules

Capital markets regulator Sebi on Friday came out with a proposal to provide flexibility in adopting trading plans by persons, who are perpetually in possession of unpublished price sensitive information. Under the rule, 'Trading Plans' (TP) enable persons like senior management or Key Managerial Personnel (KMP), who are perpetually in possession of Unpublished Price Sensitive Information (UPSI), to trade in securities in a compliant manner. "Since the introduction of trading plans in 2015, data and market feedback suggest that the current regulatory requirements in respect of trading plans are onerous and consequently, trading plans are not very popular," Sebi said in its consultation paper. Accordingly, Sebi constituted a working group that was mandated to review provisions of TP under the insider trading rules. As per the consultation paper, the working group has recommended that a minimum cool-off period between disclosure of TP and implementation of TP should be reduced to fou

Holdcos rally ahead of easing of delisting norms, investors lap up shares

Sebi board meeting on Saturday may introduce a separate framework for delisting norms for holdcos

Sebi orders Jakraya Sugar, its directors to refund investors' money

Sebi has directed Jakraya Sugar Ltd and its directors to refund the money collected from investors without complying with the regulatory norms. In addition, these entities have been restrained from buying, selling, or otherwise dealing in the securities market "till the expiry of a period of three years from the date of effecting the refund". JSL's directors are -- Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Lata Satyawan Bamane, Shubhangi Satyawan, Shridhar Vinayakrao Mane, Priyanka Rahul Jadhav, Paresh Suhas Dange, Bajarang Shivaji Jadhav and Bandopant Madhukar Sathe. Further, Sebi directed Jakraya Sugar Ltd (JSL), Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamane and Satyawan will jointly and severally refund money collected from the investors with an annual interest of 15 per cent. In its interim order cum show cause notice, Sebi also

Sebi resolves over 3,500 complaints against companies via SCORES in Oct

Sebi has disposed of 3,533 complaints against companies and market intermediaries through its online grievance redressal system SCORES in October, according to the data released by the capital markets regulator. As many as 16 complaints were pending for more than three months on SCORES as of October-end, involving 12 entities such as SBI Mutual Fund, UTI Mutual Fund, JSW Steel Ltd, Waree Renewable Technologies Ltd, Sundaram Mutual Fund and Tirupati Fincorp Ltd. At the beginning of October, there were 5,259 complaints pending and 3,369 fresh complaints were received, as per the data released by market watchdog Sebi on Monday. The regulator said it had 5,083 pending actionable complaints as of October-end, excluding 12 complaints that were under regulatory actions or legal proceedings. Further, Sebi noted that it had received 159 reviews of complaints. A complainant can request a review within 15 days after the disposal of their complaint. These complaints, which were disposed of du

Federal Bank's arm Fedfina, Ireda get nod from Sebi to float IPOs

Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which filed preliminary IPO papers with Sebi between July and September, obtained the watchdog's observation letters between October 30 and November 10, an update with the regulator showed on Monday. In Sebi's parlance, its observations mean its nod to float the IPO. Going by the draft papers, the IPO of Fedbank Financial Services Ltd (Fedfina) consists of a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP. Under the OFS, Federal Bank will offload 1.65 crore shares, and True North Fund VI LLP will divest 5.38 crore shares. Fedfina proposes to utilise the net proceeds from the fresh issue .

Burmans write to Sebi seeking probe into Religare share sale by chairperson

The Burman family has written to the Securities and Exchange Board of India, seeking a probe into trades in the shares of the Religare Enterprises Ltd by chairperson Rashmi Saluja

Sebi eases access to unclaimed funds in REITs, InvITs, debt securities

Capital markets regulator Sebi on Wednesday came out with detailed procedures for dealing with unclaimed funds of investors lying with entities having listed non-convertible securities, REITs and InvITs. Also, the regulator has put in place a manner of claiming such unclaimed amounts by investors. The new framework will come into effect from March 1, 2024, the Securities and Exchange Board of India (Sebi) said in three separate circulars. The move is aimed at prescribing a uniform process of claim for such unclaimed funds in a streamlined manner for the ease and convenience of investors. This came after the board of Sebi in September approved amendments to rules about the IPEF (Investor Protection and Education Fund) disclosure, real estate investment trusts (REITs), and infrastructure investment trusts (InvITs). Going by circulars, Sebi has defined the manner of handling the unclaimed amounts lying with REITs, InvITs, and in the escrow accounts of the listed entities (which are n

Sebi lifts ban against entities in Lux Industries insider trading case

Sebi on Monday revoked the securities market ban imposed on 14 entities in the matter of alleged insider trading in Lux Industries Ltd saying the charges levelled against them could not be sustained. The 14 entities include Udit Todi, the son of the managing director of Lux, who is currently holding the post of executive director in the company, according to Sebi's order. The regulator, through its interim order passed in January 2022, barred 14 entities from indulging in insider trading and ordered impounding ill-gotten gains of Rs 2.94 crore in the matter. Later, the directions were confirmed by Sebi in May 2022. After the conclusion of the investigation into the matter, Sebi said that a restraining direction issued against these entities through an interim order and a confirmatory need not be continued. Also, it said that Rs 2.94 crore impounded in the matter will be released, along with the interest. Revoking the securities market ban, Sebi observed that the "flow of communica

RKSV Securities settles case with Sebi, pays Rs 1.13 cr as settlement fee

Brokerage company RKSV Securities India (Upstox) on Friday settled with capital markets regulator Sebi a case pertaining to alleged violation of regulatory norms. The company paid Rs 1.13 crore towards the settlement charges. The settlement order came after the noticee (RKSV Securities India Pvt Ltd) proposed to settle the instant proceedings initiated against it, without "admitting or denying the findings of facts and conclusions of law". "The instant adjudication proceedings initiated against RKSV Securities India Private Limited vide show cause notice (SCN) dated January 25, 2022 is disposed of in terms of settlement regulations," Sebi's Adjudicating Officer Barnali Mukherjee said in the order. The market watchdog had initiated adjudication proceedings against RKSV Securities India Pvt Ltd (applicant) for the alleged violation of Sebi MIRSD (Market Intermediaries Regulation and Supervision Department) Circular dated December 3, 2018. The MIRSD circular is related to cyber secur

Alternative investment funds hope for Sebi leeway, clear demat guidelines

Say working with depositories on transition from physical to electronic

Self-regulation does not work well in preventing frauds, says Sebi WTM

Amarjeet Singh says 16 working groups looking to simplify regulations

Sebi simplifies offer documents of mutual fund schemes for investors

To boost ease of preparation of the Scheme Information Document (SID) by mutual funds and increase its readability for investors, markets regulator Sebi on Wednesday simplified and rationalised the format of offer documents. The revamped format is aimed at streamlining the dissemination of relevant information to investors, rationalising the preparation of SID and facilitating its periodic updation by mutual funds. The updated format will implemented with effect from April 1, 2024, the Securities and Exchange Board of India (Sebi) said in a circular. The decision to revamp the format of SID was based on the suggestions of industry body AMFI and the recommendations of Sebi's Mutual Fund Advisory Committee. To give effect to the revisions in the SID, the regulator has modified several provisions. Under the modification, the scheme's portfolio holdings -- top 10 holdings by the issuer and fund allocation toward various sectors -- will be disclosed by way of a functional web link whe