Page 30 - Sebi Norms

Sebi specifies process to follow for dematerialising units of AIFs

Capital markets regulator Sebi on Monday specified the process to be followed for dematerialising the units issued, in cases where investors are yet to provide demat account details to Alternative Investment Funds (AIFs). Under the rules issued in June, AIFs with a corpus of Rs 500 crore or more were required to dematerialise all issued units by October 31, 2023. Further, these AIFs will have to issue units only in dematerialised form from November 1, 2023, onwards. Similarly, AIFs with less than Rs 500 crore corpus will have to dematerialise issued units by April 30, 2024, and issue only dematerialised units May 1 onwards. The dematerialisation of AIF units is seen as a significant move towards digitisation, fostering transparency, and enabling effective monitoring of transactions in the financial landscape. In a circular on Monday, Sebi said managers of AIFs will continue to reach out to existing investors to obtain their demat account details and credit the units issued to them

Sebi likely to allow non-convertible debentures with lower face value

Further, these issuances will only be interest or dividend-bearing instruments with a simple structure

Sebi looks to introduce new 'high-risk' investment vehicle, says Buch

The proposed category will likely have a higher minimum investment threshold but lower than that of PMS

SAT sets aside market regulator Sebi's order against IIFL Securities

Sebi alleged that IIFL Securities failed to segregate clients' funds and mixed its own funds with it

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