Page 30 - Sebi Norms

Bansal Wire Industries files draft papers to mobilise Rs 745 cr via IPO

Steel wire manufacturer Bansal Wire Industries Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 745 crore through an Initial Public Offering (IPO). The maiden public issue is an entirely fresh issue of equity shares with no Offer-For-Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday. Funds will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes. Bansal Wire Industries is engaged in the business of manufacturing and exporting steel wires. It operates in three broad segments -- high carbon steel wire, mild steel wire (low carbon steel wire) and stainless steel wire. Also, the company plans to add a new segment of specialty wires through its upcoming plant in Dadri, which will help it grow and expand its market presence in the upcoming fiscals. The company's total income increased at a CAGR of 28 per cent to Rs 2,422.56 crore in fisc

KRN Heat Exchanger files draft papers with Sebi to raise funds via IPO

KRN Heat Exchanger and Refrigeration Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO). The initial share sale is entirely a fresh issue of 1.93 crore equity shares with no Offer for Sale (OFS) component, draft red herring prospectus (DRHP) filed with Sebi showed on Thursday. Funds will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan. The company manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry. According to the Dun and Bradstreet Research Report, the Indian market for heat exchanges reached USD 625 million per annum in 2022, with an annual industry turnover increasing by a CAGR of 10 per cent between 2019 and 2022. Holani Consultants is the sole book-running lead manager to the issue.

Sebi fines NCP chief's nephew Abhijit Pawar Rs 10 lakh for insider trading

Sharad Pawar's nephew has been asked to pay penalty within 45 days for violating norms in Poonawalla Fincorp (earlier Magma Fincorp) case

Sebi renews recognition to AMC Repo Clearing for 1 yr to clear transactions

The regulator has granted renewal of recognition for one year starting from January 17, 2024 till January 16, 2025, according to a notification uploaded on Sebi's website on Tuesday

Sebi introduces guidelines for AIFs on holding investment in demat form

Capital markets regulator on Monday put in place guidelines for Alternative Investment Funds (AIFs) pertaining to holding their investments in dematerialised form along with the appointment of custodian. Under the latest guidelines, AIFs are required to hold their investments in dematerialised form, unless exempted by Sebi. The new framework, effective from October 1, 2024, mandates that any investment made by an AIF after this date must be held in dematerialised form, Sebi said in a circular. However, investments made before this date have been exempted except in cases where the investee company is legally required to facilitate dematerialisation or when the AIF, alone or with other Sebi registered entities, has control over the investee company. Sebi also said investments made before October 1, 2024, falling under these two conditions mentioned must be dematerialised by January 31, 2025. Further, there are exemptions for AIF schemes with tenures ending on or before January 31, 2

Market regulator Sebi tweaks rule for onboarding investors in AIFs

Capital markets regulator Sebi on Friday tweaked the framework for on-boarding investors by Alternative Investment Funds (AIFs). This came in view of amendments to the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. The Regulation 10(a) of AIF norms laid down the criteria for on-boarding investors whereby AIFs are allowed to garner funds from any type of investor -- Indian, foreign, or non-resident Indians -- through the issuance of units. However, when on-boarding investors, the AIF manager must ensure that the investor or its beneficial owner is not listed in the sanctions list by the United Nations Security Council, Sebi said in its circular on Friday. Additionally, the investor should not be a resident in a country identified by the Financial Action Task Force (FATF) as having strategic anti-money laundering or combating the financing of terrorism deficiencies, subject to countermeasures, or a jurisdiction making insufficient progress in addressing these ..

Axis Bank-Karvy matter: SAT says Sebi has 4 weeks to restore pledged shares

The matter pertains to an appeal by several lenders to whom defaulter Karvy had pledged securities of its clients to the tune of Rs 1,400 crore

Sebi proposes changes to ease fundraising, disclosure for listed companies

The regulator proposes considering funds and insurance companies holding 5% in firms post-public offer as large non-public shareholders, as per the paper

Road to listing may get easier: Sebi expert panel for relaxing IPO norms

India Inc may get more flexibility to alter issue size, bring in promoter contribution

Institutional investors need to disclose about short sale of shares: Sebi

Markets watchdog Sebi on Friday said that institutional investors have to disclose upfront at the time of placing an order whether a proposed transaction is a short sale or not, a significant move aimed at curbing market volatility. The Securities and Exchange Board of India (Sebi) has made certain changes with respect to norms pertaining to short selling in the market. Short selling refers to selling a stock which the seller does not own at the time of trade. Both retail and institutional investors are permitted to short sell stocks. Amending a circular relating to short selling issued last year, Sebi said, "the institutional investors shall disclose upfront at the time of placement of order whether the transaction is a short sale". However, retail investors would be permitted to make a similar disclosure by the end of the trading hours on the transaction day. "The brokers shall be mandated to collect the details on scrip-wise short sell positions, collate the data and upload it

Fintech firm Mobikwik refiles draft papers with Sebi to raise Rs 700 cr

Unicorn fintech firm One MobiKwik Systems Ltd has filed its preliminary papers with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering. This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to unfavourable market conditions. The public issue is entirely a fresh issue of equity shares worth up to Rs 700 crore, as per the draft red herring prospectus (DRHP) filed on Thursday. The company may consider a pre-IPO placement of its securities worth up to Rs 140 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. The proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business. Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, a

Sebi chooses to tread cautiously, no rush to stretch market hours

Moscow Exchange in Russia allows equity derivatives trading from 7 am to midnight, and Eurex Exchange is open until 10 pm

Sebi proposes action points to ease rumour verification regulations

The regulator has put forth the suggestions of the Industry Standard Forum to address the current challenges

Sebi tweaks norms for online bond platform providers to boost ease of biz

Capital markets regulator Sebi on Thursday tweaked the regulatory framework for Online Bond Platform Providers (OBPPs) to enhance the ease of doing business. This came after Sebi received representations from stock exchanges and market participants, including online bond platforms. "The proposed modifications shall aid in ease of doing business for OBPPs," the Securities and Exchange Board of India (Sebi) said in a circular. Under this, the regulator has modified the framework pertaining to the issue of order receipt, deal sheet and quote receipt in case of products, securities or services. On placement of an order by an investor, Sebi said that OBPPs will have to issue without delay an electronic order receipt which includes the date and time of the order, details of counter-parties involved, quantity and amount proposed to be transacted. After the execution of the order, the entity will issue a deal sheet to the investor for all transactions, stating all the relevant information

Adani Wilmar promoters to divest stake by 1.24% for Sebi compliance

Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding, Adani Wilmar said in an exchange filing

Sebi proposes implementation of T+0 settlement cycle in two phases

The shorter cycle to be optional; T+1 to remain available

Need a Sebi-like regulator for social media platforms: BJP MP in RS

A SEBI-like regulatory body is needed for social media platforms to curb growing deepfakes and synthetic videos, BJP MP Sushil Kumar Modi demanded in Rajya Sabha on Thursday. Raising the issue through a Zero Hour mention, he said deepfake videos and synthetic videos are threatening democracy in the country. "There is a lot of disinformation... People don't have tools to verify," he said, adding women are soft targets of deepfakes. While an app is in circulation that can generate a nude picture of any fully dressed person, digitally altered faces of celebrities like Shah Rukh Khan are being used to promote betting platforms. "This is a new threat to democracy," Modi said, adding the government should ask social media companies to detect, remove, strengthen reporting and create public awareness about the new phenomenon. "Self regulation for social media is not sufficient. SEBI-like regulatory body needs to be set up for social media platforms," he added. While Anil Baluni of the BJ

Sebi introduces SaaS model for clearing corps to boost business continuity

To strengthen the business continuity framework of clearing corporations for handling major software malfunctions, Sebi on Wednesday asked them to establish their critical Risk Management Systems (RMS) using a software-as-a-service (SaaS) model. RMS plays an important role in ensuring smooth and uninterrupted functioning of the securities market by carrying out online real-time risk management of trades happening on stock exchanges. Non-availability of RMS poses a major risk to the continuity of trading on stock exchanges. In the first phase, systems would be designed to provide an additional tool for business continuity in case of issues with RMS of clearing corporations, Sebi said in a circular. "In order to further manage disruptions impacting availability of RMS, it is proposed to have another contingency measure in place under Software as a Service (SaaS) model," Sebi said. The framework in the first phase would operate for existing interoperable segments of CCs -- cash marke

Sebi tweaks norms for online resolution of disputes in securities market

Sebi on Wednesday tweaked the framework with respect to online resolution of disputes in the securities market to provide clarity on certain aspects. In its circular, the regulator has provided clarity on the online arbitration process, and arbitrator's fee, among others. The Securities and Exchange Board of India (Sebi) said that the market participant against whom the investor pursues the online arbitration will participate in the arbitration process. Accordingly, within 10 days of the initiation of the online arbitration by the investor, the market participant will make the deposit of 100 per cent of the admissible claim value with the relevant MII (market infrastructure institutions) and make the payment of the fees for online arbitration. Non-adherence to rule by market participants may result in action against them by MIIs or Sebi. In case the market participants plan to pursue online arbitration then they will have to inform the ODR (Online Dispute Resolution) institution .

RBI issues advisory to banks, financial cos to curb evergreening via AIFs

According to the RBI advisory, banks, NBFCs, and other financial institutions like Nabard and Sidbi will not be able to make investments in any scheme of AIFs which has downstream investments