Page 116 - Sebi

At next board meeting, Sebi to relax delisting norms: Madhabi Puri Buch

The move is expected to help promoters take their company private if they wish to do so

Sebi board to discuss changes on delisting at next meeting, says Buch

Sebi chairperson Madhabi Puri Buch on Thursday said the markets regulator's board will be discussing potential changes on delisting at its next meeting. Addressing an event organised by industry body Ficci, Buch said the Sebi management will also table changes on insider trading norms before the board either in December or January. "There was a popular belief that we will never review the delisting regulations and we will always stay with the reverse book building process. We have a consultation paper that was floated, we have got a lot of feedback and at the next board meeting we are taking that proposal to our board," Buch said. Similarly, she said it was widely believed that Sebi is "very dogmatic about insider trading" but the regulator has initiated a relook into the same by initiating consultation. All these are part of efforts to "eschew dogma", Buch said, adding that Sebi is focusing on data and backtesting the data to drive regulations. She said the regulator is fine delay

Funds over Rs 25,000 cr with Sebi in focus after Subrata Roy's death

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31

Sebi participates in IITF to spread investor awareness, financial literacy

Markets regulator Sebi has set up a pavillion at the India International Trade Fair here to showcase the well-regulated securities market of the country and to spread the message of financial literacy and investor awareness. During the 14-day event, Sebi, market infrastructure institutions and industry associations will organise activities such as talk shows by market experts, skits, muppet shows and other activities to spread investor education and awareness, the markets regulator said. Sebi, along with exchanges BSE, NSE, MCX, NCDEX, and market intermediaries -- CDSL, NSDL, AMFI, ANMI and CPAI -- set up the pavilion 'Bharat Kaa Share Bazaar' in the 42nd India International Trade Fair, it said in a statement. The regulator's theme in the exhibition is "Vaishvik Samridhi Ka Adhaar, Bharat ka Share Bazar", which is aligned with the G20 theme of "Vasudhaiva Kutumbakam". Over the years, Sebi has implemented many investor-friendly measures through the use of technology like screen-base

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

CSE hopes on resuming operations in March-April 2024 as 3rd equity exchange

Buoyed by positive indications from the market regulator, the Calcutta Stock Exchange (CSE) hopes on making a comeback as the third equity exchange of the country by March-April 2024, a senior official said on Sunday. The Securities and Exchange Board of India (SEBI) barred the CSE from trading on its platform in April 2013 due to regulatory and compliance issues. "We will come back as the third equity bourse of the country soon. There is positive feedback. We have to adhere to some measures, which will be done by January," CSE chief general manager Dhiraj Chakraborty told PTI. "We hope to resume as an independent exchange again by March-April with new technology, which will be the best in the industry," he said. Currently, the CSE is surviving by providing its members with facilities to trade on the NSE platform. "With the approval of SEBI and subject to the decision of the Calcutta High Court, CSE expects to resume its trading and settlement functions on its own platform in the

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 .

Sebi asks stock brokers to simplify terms and conditions for investors

Investors and clients of the broker will be required to acknowledge these new truncated conditions

Zee-Sony India merger talks stall over disagreement on leadership: Report

A failure to reach an agreement on leadership by December 21 may derail the merger, a news report said.

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

SAT partially upholds market regulator Sebi order in Deccan Chronicle case

In May 2022, Sebi had issued an order alleging manipulation in financials, lapses in buyback procedures, and failure to submit disclosures on material information

Growth needs to be in tandem with sustainable economy: Sebi's Bhatia

India's rapid economic growth needs to be accompanied with the transition to a sustainable economy, Sebi's whole-time member Ashwani Bhatia said on Thursday and stressed that financial markets will play a critical role in promoting sustainable finance. Speaking at an international finance conference on the "Role of Financial Markets in Sustainable Growth through ESG Investments", Bhatia said, countries including India, have made a number of important commitments in the last few years to address climate change and moving to sustainable and inclusive economies. The one-day conference was hosted by the Anjuman-I-Islam's Allana Institute of Management Studies in association with the BSE here. Anjuman-i-Islam has completed 150 years of its establishment this year. "The Indian economy is at a stage of rapid growth. However, this growth needs to be accompanied with the transition to a sustainable economy. As regulators, we are putting in place holistic regulatory framework covering aspects

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

Mukka Proteins gets Sebi's nod to raise funds via initial public offering

Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, has received capital markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO). The IPO is an entirely fresh issue of up to 8 crore equity shares, according to the draft red herring prospectus (DRHP). The company, which had refiled its draft IPO papers with the regulator in June, obtained an observation letter from it on October 30, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, obtaining an observation letter means the regulator's nod to float the public issue. Going by the draft papers, the company proposes to utilize up to Rs 120 crore towards working capital requirements, up to Rs 10 crore for investment in its associate, Ento Proteins Pvt Ltd, for funding its working capital requirements besides a portion will be used for general corporate purposes. According to market sources, the IPO size could be anywhere .

AIFs seek clarity from Sebi on new valuation norms to address gaps

Industry body IVCA has sent suggestions to Sebi while highlighting implementation challenges

Bajaj Finance sets base price for Rs 8,800-crore QIP at Rs 7,250 per share

The NII for the reported quarter improved by 26 per cent to Rs 8,845 crore from Rs 7,002 crore in the same period a year ago

Sebi plans for instant settlement of equity trades in non-disruptive manner

Narayan added that Sebi had formed a working group to ease regulations and the registration process for offshore funds under the chairmanship of a former Sebi whole-time member

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

Accent Microcell files draft papers with NSE Emerge to float public offer

Pharma company Accent Microcell on Monday said it has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO). The offering consists of a fresh issuance of 56 lakh equity shares with a face value of Rs 10 for each share, the Ahmedabad-based company said in a statement. Proceeds from the issue will be used to invest in setting up a new plant at Navagam Kheda in Gujarat. It already operates two plants with a total installed capacity of 8,000 metric tonnes per annum. Out of the total proceeds from the fresh issue, the company proposes to invest Rs 48.39 crore in the current financial year and Rs 6 crore in FY25 towards the establishment of Unit-III. Accent Microcell manufactures Microcrystalline Cellulose (MCC), which is widely used as a texturizer, anticaking agent, binder, lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries. The firm registered a revenu

REITs, InvITs collect Rs 18,658 cr in Apr-Sep on robust infra demand

Strong demand for infrastructure investment, attractive returns, and favourable government policies have pushed fund mobilization through listed REITs and InvITs to Rs 18,658 crore in the April-September period of the current fiscal. This came following a fund collection of Rs 2,596 crore through listed Infrastructure Investment Trusts (InvITs) in the entire 2022-23, although the amount mopped up through listed Real Estate Investment Trusts (REITs) was nil, data with the Securities and Exchange Board of India (Sebi) showed. Going forward, experts believe that trends seen in REITs and InvITs will continue in the second half of the year too. "The fresh savings will continue similarly as has happened in the last six months, and the investments will continue to be towards InvITs as both the central government and the state governments continue to focus more on infrastructure development," Himanshu Kohli, Co-founder of Client Associates, said. Hence, the trends you have seen in REITs an