Page 121 - Sebi

Robert Bosch Automotive Steering pays Rs 10 lakh to settle case with Sebi

Robert Bosch Automotive Steering GmbH, a promoter of Z F Steering Gear (India) Ltd, has settled a case pertaining to alleged violation of disclosure norms with Sebi after paying Rs 10 lakh as the settlement charges. The order came after the applicant had filed a suo motu settlement application proposed to "settle by neither admitting nor denying any conclusions of law or fact". "It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant," Sebi's whole time members Ananth Narayan G and Amarjeet Singh said in the settlement order passed on September 27. The applicant was required to make annual disclosures of its shareholding in terms of SAST (Substantial Acquisition of Shares and Takeover) rules, for the financial years 2019-20 and 2020-21 on or before June 01, 2020 and April 9, 2021, respectively. However, it had made delayed disclosures in March 2023 and July 2021, respectively. Robert Bosch Automotive Steering was a

Tata Technologies pays Rs 25 lakh to settle shares issuance case with Sebi

Tata Technologies has settled with capital markets regulator Sebi a case pertaining to alleged violation of guidelines on disclosure and investor protection after paying a settlement amount of Rs 25 lakh. The order came after Tata Technologies filed a suomotu settlement application with Sebi proposing to settle "by neither admitting nor denying any conclusions" the enforcement proceedings that may be initiated against it for the alleged violation of DIP (Disclosure and Investor Protection) guidelines. "It is hereby ordered that any proceedings that may be initiated for the violations... are settled in respect of the applicant (Tata Technologies), the Securities and Exchange Board of India (Sebi) said in its settlement order passed on September 27. The company made preferential allotments multiple times during the period from December 27, 2000 to March 13, 2008. These allotments resulted in the issuance of shares to more than 49 shareholders in one financial year in violation of the

Sebi to introduce mechanism for verification in case of demise of investors

Capital markets regulator Sebi on Tuesday announced a centralised mechanism for reporting and verification through the KYC Registration Agency in case of the demise of an investor. Also, the regulator has put in place operational norms, including the obligations of regulated entities and registered intermediaries that have interfaces with investors or account holders who are natural persons. The new framework will come into effect from January 1, 2024, the Securities and Exchange Board of India (Sebi) said in a circular. Sebi said that listed companies wishing to provide beneficial access to such a centralized mechanism to their investors holding securities in physical form can establish connectivity with KRA through their RTAs. After receiving intimation about the demise of an investor, the concerned intermediary will have to obtain the death certificate along with the PAN from the notifier or nominee and verify the death certificate through online or offline mode. If the concern

AMC Repo Clearing gains ground, gets Rs 160 crore in past fortnight

Insiders revealed that this uptick in volume comes from the participation of one major bank and some mutual funds

Sebi extends deadline for listed cos to confirm or deny market rumours

Capital markets regulator Sebi has extended the deadline for mandatory confirmation or denial of market rumours by listed companies. The deadline has been extended for the top 100 listed companies by market capitalisation to February 1, 2024, from October 1 this year at present, according to the latest circular by the Securities and Exchange Board of India (Sebi). Similarly, for the top 250 listed entities, the rule will kick in on August 1, 2024, from the current requirement of April 1, 2024. The rule is aimed at strengthening the corporate governance of listed entities. "It has been decided to extend the effective date of implementation of...the LODR (Listing Obligations and Disclosure Requirements) rules for top 100 listed companies by market capitalisation to February 1, 2024, and for top 250 listed companies by market capitalisation to August 1, 2024," Sebi said. Earlier in June, Sebi notified rules asking these listed companies by market capitalisation to confirm, deny, or .

Popular Vehicles and Services Ltd files IPO papers with Sebi again

Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. This is the company's second attempt to go public. Earlier, the company filed draft papers with the Securities and Exchange Board of India (Sebi) in August 2021 for floating an Initial Public Offering (IPO) but deferred the maiden public issue amid uncertain market conditions. According to the Draft Red Herring Prospectus (DRHP) filed on Thursday, the IPO comprises fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.42 crore equity shares by Banyantree Growth Capital II, LLC. Besides, the company is looking to raise Rs 50 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading divers

Agilus Diagnostics files draft papers with Sebi to raise funds via IPO

Agilus Diagnostics Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The maiden public issue is entirely an offer for sale (OFS) of 1.42 crore equity shares by International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd, according to the draft red herring prospectus (DRHP). Since the IPO is entirely an OFS, the entire proceeds will go to the existing shareholders. Agilus Diagnostics, formerly known as SRL Ltd, is one of the largest diagnostics service providers in terms of number of laboratories and the second largest in terms of revenue from operations in India, as of financial year ended March 31, 2023, according to a Crisil report. As of March 31, 2023, it had a network of 413 laboratories out of which 43 laboratories were accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). The company has an international presence acro

Shreyas Shipping stock falls after counter offer; Juniper Hotels files DRHP

Juniper Hotels, which runs hotels under the Hyatt brand, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi)

MCX delays shift to new trading platform; shares decline 9% intraday

Shares of MCX, after dropping as much as 8.7 per cent to Rs 1,913, recouped most of its losses to finish at Rs 2,053, down 2.1 per cent over its previous day's close

Dee Development Engineers seeks Sebi nod to raise funds through IPO

Piping solutions provider Dee Development Engineers Ltd has filed draft papers with capital markets regulator Sebi to mop up funds through an Initial Public Offering (IPO). The initial share sale comprises fresh issuance of equity shares worth Rs 325 crore and an offer for sale of 79 lakh equity shares by a promoter Krishan Lalit Bansal, according to the Draft Red Herring Prospectus (DRHP). Currently, Bansal owns 74.74 per cent stake in the company. In addition, the company may consider mobilising Rs 65 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. As per the preliminary papers filed on Thursday, the funds mopped up through the fresh issuance of equity shares will be used for payment of debt, supporting working capital requirements and for general corporate purposes. SBI Capital Markets and Equirus Capital have been appointed as merchant bankers to manage the company's maiden public issue. Equity shares of the engineeri

Mkt regulator Sebi puts MCX's impending transition to new CDP in abeyance

The exchange was scheduled to go live with the new tech platform on October 3

Sebi asks MCX to put launch of new commodity derivative platform on hold

The Securities and Exchange Board of India (Sebi) will discuss the commodity platform in its technical advisory committee meeting to be held shortly, MCX said in a statement

Equity market: Speed versus quality

Reducing transaction time beyond a certain threshold may not enhance equity market quality. On the contrary, it could reduce participation and diversity and harm the markets

Sebi renews licences of NSE Clearing, Indian Clearing Corp for three years

Capital market regulator Sebi has renewed the licences of NSE Clearing Ltd and Indian Clearing Corporation Ltd for three years. The three-year licence will be valid till October 2, 2026, according to two separate gazette notifications issued on Wednesday. NSE Clearing Ltd is a wholly-owned subsidiary of the National Stock Exchange (NSE) and Indian Clearing Corporation Ltd (ICCL) is an arm of BSE. While considering the applications for renewal of recognition by NSE Clearing and ICCL, Sebi said it would be in the interest of the trade, in the interest of securities market and also in the public interest to do so. The watchdog has renewed their recognition to function as clearing corporations "for three years commencing on October 3, 2023 and ending on October 2, 2026". NSE Clearing and ICCL are responsible for clearing and settlement of all trades executed on NSE and BSE, respectively, as well as carry out deposit and collateral management, and risk management functions.

Sebi penalises YES Securities for wrong reporting of margin, discrepancies

Capital markets regulator Sebi has imposed a penalty of Rs 5 lakh on YES Securities (India) Ltd for wrong reporting of margin and discrepancy in the computation of client's net worth. It has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. The order came after Sebi, jointly with the Stock exchanges -- NSE, BSE and MCX -- conducted inspection of documents and other records of YES Securities (India) Ltd to verify the possible violation of stock brokers' rule. In its order, Sebi found several violations, including wrong reporting of margin and discrepancy in reporting of net worth of clients by YES Securities, during July 2021 to March 2022. The regulator said the brokerage house sent the retention statements after the prescribed time of five days and also mailed the statements of accounts to wrong email addresses. Further, it was found that the brokerage house had projected a wrong reporting margin of Rs 2,083. In ..

SAT reserves decision on Punit Goenka's appeal against Sebi order

Sebi counsel assures court of completing part investigation by November

Sebi extends deadline to add nominees for mutual fund account holders

Markets regulator Sebi on Wednesday extended the deadline for mutual fund account holders till January 1, to nominate a beneficiary or opt out of it by submitting a declaration form, failing which their folios will be frozen. Earlier, the deadline for existing mutual fund holders to provide a choice of nomination was on or before September 30. The move is aimed at helping investors to secure their assets and pass them on to their legal heirs. "Based on representations received from the market participants, it has been decided that the provision... about the freezing of folios, shall come into force with effect from January 1, 2024 instead of September 30, 2023," Sebi said in a circular. Further, Sebi asked asset management companies (AMCs) and RTAs to encourage the unit holder to fulfill the requirement for nomination/ opting out of the nomination by sending a communication on a fortnightly basis by way of emails and SMS to all such unit holders who is not in compliance with the ..

Shift in leadership landscape? Non-govt chiefs at financial regulators

Will more regulators such as Trai follow suit?

SAT dismisses Sebi penalty on Apollo Tyres in share buyback case

The Securities Appellate Tribunal (SAT) on Wednesday quashed the order passed by Sebi imposing a fine of Rs 65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares back in 2003. Dismissing the regulator's directive, the appellate tribunal has directed the Securities and Exchange Board of India (Sebi) to refund the penalty amount deposited by Apollo Tyres within four weeks, according to the SAT order. The present appeal was filed against the Sebi's order passed in November, 2018 that levied a penalty of Rs 65 lakh on Apollo Tyres for violation of buyback rules. It was alleged that shares of Apollo Tyres were bought back by the company and its promoters in contravention of the relevant section of the Companies Act and Sebi regulations. The violations were allegedly committed by the company in 2003. According to Sebi, Apollo Tyres did not follow any of the methods for repurchase of shares as specified under the buyback regulation. Under the Regulation 4(1) of buyb

Sebi fines Rs 2 lakh on CDSL Ventures over delay in audit reporting

Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 2 lakh on CDSL Ventures Ltd, a KYC registration agency, over delay in submission of the audit report. In addition, the entity failed to maintain segregation between cyber security services and infrastructure of itself and depository CDSL, which hit its KYC operations, according to an order passed by the regulator. The Securities and Exchange Board of India (Sebi) inspected CDSL Ventures Ltd to examine its compliance with the KYC Registration Agency (KRA) regulations. The period covered in the inspection was from January 2021 to December 2022. Based on the findings of the inspection, Sebi found certain non-compliances with KRA Regulations. In its order, Sebi found that CDSL Ventures did not submit the system audit report to it within the stipulated time period. Sebi has mandated that the system audit should be conducted once in a "financial year" instead of a "calendar year". The entity had submitted the system a