Page 114 - Sebi

Adani Group completes acquisition of Sanghi Industries, revises offer price

Billionaire Gautam Adani-owned Ambuja Cements Ltd on Tuesday announced the completion of the acquisition of Sanghi Industries Limited (SIL), at a revised offer price of Rs 121.90 per share. Earlier in August this year, Ambuja Cements Ltd (ACL) had offered a price of Rs 114.22 apiece for acquiring 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders. "In terms of the company's obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('Takeover Regulations'), the offer price as defined in the PA shall stand revised to Rs 121.90," Ambuja Cements said in a regulatory filing. Meanwhile, shares of Sanghi Industries were trading at Rs 129.90 during the afternoon on Tuesday, which is 6.56 per cent higher than the revised offer price. ACL in a separate statement informed that it "successfully completes acquisition of Sanghi Industries, funded entirely through internal accruals" at an enterprise value of Rs 5,185 ...

SAT quashes Sebi's order against Mukesh Ambani, 2 others in RPL case

Matter pertains to alleged manipulative trading in November 2007

SAT raps Sebi for 'lackadaisical approach' in Kirloskar Industries matter

Tribunal asks market regulator to pay Rs 5 lakh for delay in complying with its order

Jamshedpur-based Kross files Rs 500 crore maiden IPO papers with Sebi

Kross Ltd -- a specialist in manufacturing forging components for top OEMs -- has filed preliminary papers with capital markets regulator Sebi to raise Rs 500 crore through an Initial Public Offering (IPO). The maiden public issue of the Jamshedpur-based company comprises a fresh issue of shares worth up to Rs 250 crore and an Offer for Sale (OFS) of shares aggregating up to Rs 250 crore by promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday. The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai. The company may undertake a pre-IPO placement of its securities worth up to Rs 50 crore. If such placement is undertaken, the fresh issue size will be reduced. Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate

Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses

Markets regulator Sebi has slapped a penalty of Rs 3 lakh on India Ratings and Research for certain lapses. Sebi and the Reserve Bank of India conducted a joint inspection of the entity from August 22 to 29, 2022, and the period covered under the inspection was from August 1, 2021, to June 30, 2022. In its order, Sebi said the inspection findings brought out two instances where the entity was not complying with the requirements of the regulator's circular. The Securities and Exchange Board of India (Sebi) imposed the fine of Rs 3 lakh after taking into various mitigating factors, including that issuers and debenture trustees did not inform the rating agency about delay/ default on the payment of the NCDs (Non Convertible Debentures), investors were institutional investors and were adequately informed about the risks involved in the NCDs. According to Sebi, there was a delay by the rating agency in recognition of a default done by Altico Capital India, and another instance was the .

Satyam Computer case: Sebi lowers disgorgement amount to Rs 622 crore

In February, the Securities Appellate Tribunal (SAT) had remanded the matter back to Sebi, directing it to recalculate the unlawful gains and reconsider the ban on the promoters

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

Sebi must act in public interest: HC raps body order non-compliance

The Securities and Exchange Board of India is required to act in the public interest, the Bombay High Court said on Friday castigating the regulatory body for not complying with an order passed by the court in October. A division bench of Justices G S Kulkarni and Jitendra Jain said such an approach by the SEBI would cause a dent in the confidence reposed in the public body by investors. The HC had in October directed the SEBI to provide certain probe documents to the minority shareholders of a company. The company and the SEBI challenged this order in the Supreme Court, which dismissed the appeals in November. The petitioners are minority shareholders of Bharat Nidhi Limited and had made various complaints to SEBI accusing the company of violation of securities laws. The SEBI had then initiated investigations into the same, issued a show cause notice to the company and later passed a settlement order, which has now been revoked. The petitioners' case is that neither the investiga

Stock Holding Corp of India faces Rs 16 lakh fine for flouting market rules

Market regulator Sebi has slapped a fine of Rs 16 lakh on Stock Holding Corporation of India Ltd for violating foreign portfolio investor rules. The decision came after Sebi had conducted an inspection of documents, and other records of SHCIL, a Designated Depository Participant (DDP), to verify the possible violations of the provisions of FPIs (Foreign Portfolio Investors) rules. "I consider that the irregularities on the part of the SHCIL regarding non- maintenance of records and documents, registration of ineligible FPIs, discrepancies in the DDP manual, non-compliance w.r.t KYC form and demat form and fit and proper check, failure on its part to segregate activities and maintain necessary infrastructure and delay in forwarding audit report on internal controls does not absolve it from penalty. "The irregularities on the part of the noticee (SHCIL) as brought out clearly shows that it has failed in its fiduciary duties owed to its clients," Sebi's Adjudicating Officer Santosh Kum

Municipalities can look at escrow account structure to garner funds: Buch

Markets regulator Sebi's chief Madhabi Puri Buch on Wednesday said municipal authorities can look at having specific escrow accounts to garner funds for various urban infrastructure projects. At an event in the national capital, she said there are a good number of investors who are waiting to invest in urban infrastructure projects. She said that one thing that can help in garnering funds is credit ratings. Generally, an entity with a higher credit rating will be able to raise funds more easily compared to those having less credit worthiness. "Now, the question is to get credit rating. The beautiful part (of) what we have learnt over the last few years' issuances that we have had is (the) structure of creating escrow accounts and therefore, ring fencing certain cash flows. It has really created a fantastic structure in which investors have a lot of faith," the Sebi Chairperson said. Such an escrow account structure will give investors an understanding of "what is outside the ring

Indian investors need protection from manipulative short-selling practices

Third party reports and comments can affect markets and shake investor confidence

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

Sebi will look into the high valuation of IPOs, says Madhabi Puri Buch

Amid concerns in some quarters over the exorbitant valuation of certain initial public offerings, Sebi Chairperson Madhabi Puri Buch has said the regulator would certainly look into the matter if disclosures on the valuation are meaningless. The comments have come amid a slew of share sales hitting the capital market recently. Last week, five companies, including Tata Technologies, came out with their IPOs that garnered a record Rs 2.6 lakh crore in application amount. To a query about high premiums for some shares in IPOs, Buch said, "Of course, we are fully with you on this as the rationale given for high premia are nothing but some meaningless English words". "We are certainly going to look into it and address the issue," she said. When asked about concerns in some quarters that some IPOs are priced exorbitantly, the Sebi chief said, "If disclosures on valuation are meaningless then we will certainly look into it." It can be noted that to boost investors' interest in little-kno

Adani Group stocks add $15 billion in best day since Hindenburg report

The jump added more than $15 billion to the ports-to-power conglomerate's market value, the most since Hindenburg Research in its Jan. 24 report

Sebi plans to ease capital and disclosure rules for passive funds: Reports

The Securities and Exchange Board of India (Sebi) will seek public comments on the proposals before finalising the rules, the sources said

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 issues Rs 26 cr demand notice to Panchariya in GDR manipulation case

Markets regulator Sebi has issued a demand notice to Arun Panchariya, asking him to pay about Rs 26.25 crore in a case on manipulation of global depository receipts (GDRs) issuance by Hiran Orgochem Ltd. In its notice issued on November 23, the regulator has also warned Panchariya of arrest and attachment of assets as well as his bank accounts if he fails to make the payment within 15 days. The demand notice came after Panchariya failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in July. In its notice, Sebi directed Panchariya to pay Rs 26.25 crore, including interest and recovery costs, within 15 days. In the event of non-payment of dues, the market watchdog will recover the amount by attaching and selling the moveable and immovable property of Panchariya. Besides, he will also face attachment of his bank accounts and arrest. In July, Sebi imposed a penalty of Rs 25 crore on Panchariya and Rs 20 lakh on Mukesh Chauradiya for manipulation

Fractional ownership of property as investment tool to get boost: Experts

Market regulator Sebi's decision to allow the setting up of small and medium REITs will help regulate and propel the growth of new-age investment avenue called fractional ownership of rent yielding real estate assets, according to industry players. Real estate technology platforms facilitating fractional ownership of rent-yielding properties welcomed the Sebi decision to regulate fractional ownership real estate market, which is still at a nascent stage in India. Proptech platforms such as YOURS, ALYF, hBits, and WiseX are helping investors in having fractional ownership of primarily office and luxury holiday homes assets. Real estate consultants like Square Yards and 360 Realtors have also entered into this space. On Saturday, the Sebi board approved amendments to REITs (Real Estate Investment Trusts) Regulations, 2014 in order to create a regulatory framework for the facilitation of Small and Medium REITs (SM REITs), with an asset value of at least Rs 50 crore vis-a-vis minimum .

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 board meeting: Key decisions on AIFs, NPOs, REITs, index providers

Markets watchdog Sebi on Saturday approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers. These were among the decisions taken by the board of the Securities and Exchange Board of India (Sebi) during its meeting held here. In a release, the regulator said flexibility will be provided for fund raising by NPOs through the social stock exchange. In this regard, the minimum issue size in case of public issuance of Zero Coupon Zero Principal Instruments (ZCZP) for NPOs on the social stock exchange will be reduced to Rs 50 lakh from Rs 1 crore. Among other decisions, a regulatory framework will be introduced for the index providers to foster transparency and accountability in governance and administration of financial benchmarks in the securities market.