Page 9 - Sebi Norms

Sebi revises NAV cut-off timings for MF overnight scheme redemptions

Markets regulator Sebi on Tuesday announced a change in cut-off timings to determine the net asset value (NAV) with respect to repurchase or redemptions of units in overnight schemes of mutual funds. The changes will allow time for stock brokers (SBs), or clearing members (CMs) to un-pledge units of Mutual Fund Overnight Schemes (MFOS) and place redemption requests with mutual funds, after the close of market hours. For applications received up to 3 pm, the closing NAV of day immediately preceding the next business day will be applicable. For applications received after 3 pm, the closing NAV of the next business day will be applicable, Sebi said in its circular. However, in case application is received through online mode, the cut-off timing of 7 pm will be applicable for overnight fund schemes, it added. The new timings will become effective from June 1. Investment in Mutual Fund Overnight Schemes (MFOS) is a new avenue made available to stock brokers or clearing members to deplo

Sebi finds only 2-3 labourers, no EV production at Gensol's Pune unit

Markets regulator Sebi has said it found "no manufacturing activity" at Gensol Engineering's electric vehicle (EV) plant in Pune with only 2-3 labourers present when a National Stock Exchange (NSE) official visited the site. These revelations were part of markets regulator Sebi's interim order issued on April 15 following a complaint received in June 2024 alleging manipulation of Gensol's share price and misappropriation of funds. In its order, the Securities and Exchange Board of India (Sebi) found discrepancies as well as misleading disclosures to investors by Gensol Engineering, a company promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi. One of the disclosures came from an investigation conducted by the NSE, which revealed a lack of manufacturing activity at Gensol's EV plant -- Gensol Electric Vehicle Private Ltd -- at Chakan in Pune. During a site visit to the facility on April 9, an NSE official found only 2-3 labourers present. "It was found that there was no .

Sebi investigation into BluSmart likely to slow Uber's EV push in India

Uber's EV ambitions in India are focused on accelerating the shift to zero-emission mobility, with a goal of electrifying every ride on its platform by 2040

Sebi proposes higher mutual fund investment limits in Reits, InvITs

The move aims to provide greater diversification opportunities for mutual fund schemes while increasing capital inflows and liquidity in these relatively new instruments

Working to 'sort out issues' of NSE's IPO, says Tuhin Kanta Pandey

The country's largest exchange first applied for a listing in 2016 but faced a long-running case over equitable access for its trading members

Sebi to review ESG disclosures for listed firms, says Tuhin Kanta Pandey

India has fared poorly on ESG scores, with Moody's Ratings classifying the country in the high risk category on environment and social factors

Aegis Vopak Terminals, Seshaasai Tech get Sebi's go ahead to float IPOs

Aegis Vopak Terminals and Seshaasai Technologies have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the regulator showed on Tuesday. The companies are expected to raise more than Rs 4,000 crore through initial share sales. The two firms, which filed their preliminary IPO papers with Sebi during November and December 2024, obtained observations from the regulator during April 7 to 11, the update showed. In Sebi's parlance, obtaining the observations means its go-ahead to float the public issue. Meanwhile, the regulator has returned the draft offer document of Rajputana Stainless Ltd on April 11. As for Aegis Vopak Terminals, it is planning to float a Rs 3,500-crore IPO, which is entirely a fresh issue of equity shares, according to the draft red herring prospectus (DRHP). The tank storage company for LPG and chemicals plans to utilise proceeds for payment of debt, fund capital expenditure for the acquisition of a cryogenic LPG termi

Sebi bans Kalapi Shah of Teji Mandi Analytics for 5 yrs over PMS violations

Markets regulator Sebi on Tuesday barred Kalapi Shah, responsible for conducting business of Teji Mandi Analytics Private Ltd (TMAPL), from the securities market for five years, for flouting portfolio management services rules. Teji Mandi, a registered authorized person of Anugrah Stock and Broking Private Ltd (ASBPL) with NSE, aided ASBPL in carrying out the portfolio management services (PMS) activities in violation of the norms. In its order, Sebi said that Kalapi Shah, the husband of Riddhi Kalapi Shah, along with Anil Gopal Gandhi, was instrumental in managing the affairs of TMAPL. In other words, Riddhi was only a 'namesake director' and was 'filling-in' for her husband. Further, Sebi noted that the affidavit dated August 19, 2020 submitted to it also reaffirmed his responsibility for conducting the business of TMAPL. Besides, the regulator noted that while performing the role of a director on behalf of his wife, Kalapi Shah even signed the board resolutions, sent e-mail ...

Sebi resolves over 4K investor complaints via Scores platform in Mar 2025

Capital markets regulator Sebi has disposed of 4,371 complaints in March through its grievance redressal facilitation SCORES platform. The regulator said three complaints were pending for more than three months on SCORES as of March-end involving entities Madhuveer Com18 Network Ltd and Nikhil Dayanand Baljekar. According to the Sebi data, complaints pending as on February 28 stood at 4,376. In March, the market regulator received 4,156 fresh complaints, and a total of 4,161 complaints remained unresolved as of March 31, the Securities and Exchange Board of India (Sebi) said in a public notice on April 11. The regulator also highlighted that the average resolution time taken by the entities to submit action taken reports (ATRs) in March was nine days. Under the upgraded SCORES 2.0 framework, complaints are automatically forwarded to the entity concerned, which is given 21 days to submit an ATR to the investor. If dissatisfied, investors can opt for a first-level review within 15

Sebi rolls out standardised format for Specialised Investment Funds

Markets regulator Sebi on Friday introduced a standardized format for applications by mutual funds intending to establish Specialized Investment Funds (SIF) in a bid to ensure uniformity and streamline the processing of such applications. Additionally, Sebi issued a detailed format for the Investment Strategy Information Document (ISID) for SIFs. The introduction of SIFs is intended to bridge the gap between mutual funds and Portfolio Management Services (PMS) in terms of portfolio flexibility. As per Sebi's guidelines, investors are required to invest a minimum of Rs 10 lakh across all SIF strategies. However, this investment threshold does not apply to accredited investors. In its circular, Sebi said that to ensure consistency and efficiency in application processing, mutual funds looking to launch SIFs are required to submit their applications in a prescribed format. Under the ISID format requirements, Asset Management Companies (AMCs) will have to disclose the performance of e

Sebi eases FPIs' disclosure norms; doubles assets threshold to Rs 50,000 cr

Easing the disclosure norms for foreign portfolio investors (FPIs), markets regulator Sebi on Wednesday doubled the asset threshold to Rs 50,000 crore for making granular beneficial ownership disclosures. The decision has been taken amid an increase in the market size. Cash equity markets' trading volumes have more than doubled between FY 2022-23 and FY 2024-25. Accordingly, it has been decided to increase the threshold under size criteria from Rs 25,000 crore to Rs 50,000 crore, the Securities and Exchange Board of India (Sebi) said in a circular. Now, FPIs (individually or as an investor group), holding more than Rs 50,000 crore of equity AUM in Indian markets are required to disclose details of all entities holding any ownership, economic interest, or control, on a full look through basis. The new framework will come into force with immediate effect, Sebi added. Last month, the board of Sebi approved a proposal in this regard. In August 2023, Sebi had directed FPIs, who were

Union AMC plans SIF, AIF, and GIFT City foray, says CEO Madhu Nair

The AMC, which manages around ₹20,000 crore in its MF schemes, has set a ₹1 trillion assets under management (AUM) target for the next 5 years

Sebi announces launch of official X account for updates, notifications

Markets regulator Sebi on Tuesday announced the launch of its official X account -- @SEBI_updates. Accordingly, Sebi will be posting notifications relating to regulations, orders, circulars and press releases on the handle which will also be available on the regulator's website. "For quick access to various updates from Sebi, investors, corporates, intermediaries and other stakeholders may follow @SEBI_updates," the regulator said in a statement. The new handle was officially launched on April 4, it added.

Sebi brings standardized format for system, network audit reports of MIIs

Markets regulator Sebi on Friday introduced a standardised format for system and network audit reports of market infrastructure institutions (MIIs) such as stock exchanges, clearing corporations, and depositories -- to enhance the audit efficiency. Under this, Sebi will assign unique IDs to each observation in a bid to simplify the tracking of both current and historical audit issues. This new framework aims to improve data quality, ensure compliance with regulatory requirements, and streamline the monitoring of audit observations. This will apply to audits conducted from the fiscal year 2024-25, or the second half of the fiscal year, depending on the audit frequency. "The standardized format for system and network audit report would help to increase the data quality, capture of relevant information as per regulatory requirements in a streamlined and standardized manner across MIIs, monitor compliance requirements in a more focused manner, ease of traceability of current/historical

Sai Infinium files draft papers with Sebi to raise funds through IPO

Sai Infinium has filed draft papers with markets regulator Sebi seeking its clearance to garner funds through an initial public offering (IPO). The Gujarat-based company's IPO is entirely a fresh issue of 1.96 crore equity shares with no offer-for sale (OFS) component, according to the draft papers filed on Wednesday. The company plans to use funds to the tune of Rs 130 crore for setting up a 17.4-MW hybrid power plant, Rs 65 crore for the purchase of a rolling mill for mild steel (MS) structures, Rs 19 crore for buying a cargo vessel for the ship breaking plant and the remaining funds will be used for the company's general corporate purposes. Sai Infinium operates in three primary segments, manufacturing of MS (Mild Steel)billets and TMT (Thermo Mechanically Treated) bars, ship breaking and real estate in Gujarat. Its manufacturing plant produces MS billets and TMT bars from various raw materials, shipbreaking facility in Alang recycles ships, recovering metal for use in production

Sebi exempts government from open offer obligation in Vodafone Idea deal

Markets regulator Sebi on Thursday exempted the government from making an open offer to the shareholders of Vodafone Idea Ltd (VIL) following its proposed acquisition of just over 34 per cent stake in the telecom operator on the conversion of spectrum dues into equity. In its order, Sebi Whole Time Member Ashwani Bhatia said, "The acquisition of shareholding by GoI in VIL is proposed with the sole intent of protecting the larger public interest." The conversion -- which would raise the government's holding in the company to nearly 49 per cent from 22.6 per cent at present -- would enable VIL, a major TSP, to continue servicing its customer base and increasing telecom penetration in India. While giving exemption, Sebi noted that at present GoI has no intent to participate in the management or the board of VIL and there will be no change in control of the telecom firm. Further, such holding will be classified as public shareholding. Last month, the government threw a lifeline to the

Sebi introduces document number verification system for transparency

Markets regulator Sebi on Thursday launched a 'document number verification system' to ensure verifiability of all documents issued by it. This has been launched keeping in mind the public interest and transparency in the functioning of the Securities and Exchange Board of India (Sebi). Under the system, any physical communication such as letters, notices, show-cause notices and summons issued by Sebi will bear an outward number, which is unique for every communication issued by the regulator, according to a statement. The process intends user verification through authentication of the one-time password (OTP) generated on the mobile number of the recipient(s) or any other person acting on their behalf who may then enter such outward number as well as other credentials like sender's name, date of the communication and the name of the recipient to verify the issuance of such communication by Sebi. The verification process, however, does not include the verification of contents of the

MRN Chamundi pays ₹56 lakh to settle market norms violation case with Sebi

MRN Chamundi Canepower and Biorefineries has settled a case with capital markets regulator Sebi over alleged violations of the Companies Act, after paying Rs 56 lakh towards the settlement amount. The order came after MRN Chamundi filed a suo motu settlement application under the norms proposed to settle by neither "admitting nor denying the findings of fact and conclusions of law". "It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant (MRN Chamundi Canepower and Biorefineries)," Sebi's whole-time members Amarjeet Singh and Kamlesh C Varshney said in the order on Tuesday. As per the settlement order, the markets watchdog will not initiate enforcement proceedings against MRN Chamundi Canepower for the violations. However, Sebi retained the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement. The violations pertained to the allotment of equity .

Sebi allows advisers, analysts to charge advance fees for up to a year

Capital markets regulator Sebi on Wednesday allowed investment advisers and research analysts to charge advance fees for up to one year. Under the existing rules, investment advisers (IAs) can charge fees in advance for up to two quarters if agreed upon by the client, while for research analysts (RAs), it was only for a quarter. "If agreed by the client, IAs and RAs may charge fees in advance, however, such advance shall not exceed fees for a period of one year," the Securities and Exchange Board of India (Sebi) said in its circular. The fee-related provisions such as fee limit, modes of payment of fees, refund of fees, advance fee, and breakage fees will only be applicable in the case of their individual and Hindu Undivided Family (HUF) clients (provided these clients are not accredited investors). These provisions will not be applicable in the case of non-individual clients, accredited investors, and in case of institutional investors seeking the recommendation of a proxy ...

Link Intime India pays ₹14.5 lakh to settle norms violation case with Sebi

Link Intime India on Tuesday settled a case with markets regulator Sebi for alleged violation of market norms after paying Rs 14.5 lakh towards the settlement amount. Link Intime India (now known as MUFG Intime India), a registrar to an issue and share transfer agent, had filed a settlement application on December 20 last year, the regulator said in the order. The order came after the applicant (Link Intime India) proposed to settle the instant proceedings initiated against it, without "admitting or denying the findings of facts and conclusions of law". As per the settlement order, the markets watchdog will not initiate enforcement proceedings against Link Intime India for the violations. However, Sebi retained the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement. "...in view of the acceptance of the settlement terms and... settlement amount by Sebi, the instant adjudication proceedings initiated against ...