Page 124 - Sebi

Sebi imposes Rs 35 lakh fine on 7 entities for non-genuine trades

Capital market regulator Sebi has imposed fines totalling Rs 35 lakh on seven entities for indulging in non-genuine trades in the illiquid stock options segment on the BSE. In seven separate orders on Monday, the regulator slapped a fine of Rs 5 lakh each on Subhash Kumar Poddar HUF, Manoj Kumar Goenka HUF, Ayan Akhter Husain, Ankita Didwania, Rakesh Golechha, Ankur Taneja HUF and Yogesh Kumar Gupta HUF. Sebi had observed large-scale reversal trades in the illiquid stock options segment on the BSE, leading to artificial volumes on the exchange. Further, the regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The seven entities fined on Monday were among those who indulged in the execution of reversal trades. Reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of ...

Updater Services receives Sebi's approval to go-ahead to float IPO

Integrated facilities management company Updater Services Ltd has received capital markets regulator Sebi's approval to raise funds through an initial public offering (IPO). The IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale (OFS) of up to 1.08 crore equity shares by a promoter and existing shareholders. Under the OFS, Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA will be selling shares of the company. Updater Services Ltd, which filed its draft papers in March, said that it will also consider a pre-IPO placement, aggregating up to Rs 80 crore. If such a placement is completed then the size of the fresh issue is reduced. In July, the company revised its OFS size from 1.33 crore equity shares to up to 1.08 crore equity shares by its promoter and investor-selling shareholder. Updater Services obtained its observations letter on September 4, an update with the ...

Sebi hid facts, slept over DRI's letter on stock manipulation by Adani: PIL

On August 25, Sebi informed the apex court it has completed the probe in all but two allegations against the Adani Group and is still awaiting information from five tax havens

Updater Services receives Sebi's approval to float IPO of Rs 400 cr

Integrated facilities management Updater Services Ltd has received capital markets regulator Sebi's approval to raise funds through an Initial Public Offering (IPO). The IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by a promoter and existing shareholders. Those who will be selling shares in the OFS are Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA. Also, the company may consider a pre-IPO placement, aggregating up to Rs 80 crore. If such a placement is completed then the size of the fresh issue is reduced. Updater Services Ltd, which filed its draft papers with the markets regulator in March, obtained its observations letter on September 4, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, obtaining an observation letter implies its approval to float the initial share

Sebi issues framework for REITs, InvITs to exercise board nomination rights

Markets regulator Sebi on Monday issued the framework to exercise board nomination rights by eligible unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). At its board meeting on June 28, the board of Sebi approved introducing nomination rights to unitholders of REITs and InvITs. An eligible unitholder means a unitholder that has 10 per cent or more of the total outstanding units of a REIT or InvIT, either individually or collectively. The Securities and Exchange Board of India (Sebi) has issued the framework to exercise board nomination rights by the eligible unitholders, according to two separate but similarly-worded circulars. The regulator said the manager of a REIT or InvIT should review whether the eligible unitholders who have exercised the board nomination right, continue to have/hold the required number of units of the REIT or InvIT concerned. The review has to be done within 10 days from the end of each calendar month. In t

Indian Renewable Energy Development Agency files IPO papers with Sebi

As on June 2023, IREDA's portfolio of outstanding term loans stood at Rs 47,206.66 crore. The company's term loans outstanding are spread across 23 states

Track finfluencer earnings, and have a lot more RIAs

The tax department must share the information gathered under the new TDS section with the regulators to help the latter maintain a finfluencer revenue dashboard

Securities Appellate Tribunal defers Zee-Sebi matter to September 13

The confirmatory order passed by Sebi chief Madhabi Puri Buch barred Goenka from holding any key managerial positions in the Zee group of companies

Zee row: SAT defers hearing on SEBI's confirmatory order to Sept 13

The Securities Appellate Tribunal (SAT) on Friday postponed to September 13 the final hearing on a plea challenging a SEBI's confirmatory order that barred Zee Entertainment Enterprises' Punit Goenka and Subhash Chandra from holding any key positions in the company and other organisations. After hearing rejoinders from counsels Abhishek Manu Singhvi and Navroz Seervai, representing Goenka and Chandra, SAT said it will continue the hearing on September 13. SAT further stated that on September 14, it will hear Goenka and Chandra's rejoinders. In his rejoinder, Singhvi said that SEBI passed the confirmatory order without concluding the investigation and is based on mere speculation. The market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds, he added. SEBI's confirmatory order bars Goenka and Chandra from holding any directorship or other key managerial positions in the company and other organisations. Singhvi also said the Se

Sebi disposes of adjudication proceedings against state-owned LIC

Sebi on Thursday disposed of adjudication proceedings against state-owned LIC with respect to alleged violations of mutual fund norms. The case pertained to the insurer's shareholding in IDBI Mutual Fund. In a 12-page order, Sebi said the alleged violation on part of LIC is to be viewed in the context of the efforts taken by it to complete the merger of IDBI Mutual Fund with LIC Mutual Fund, and disposed of the adjudication proceedings. The regulator had conducted an examination in the matter of alleged non-compliance of MF (Mutual Fund) regulations by LIC with a focus to ascertain if there was any violation of the rules. During the course of examination, the regulator observed that IDBI Bank is the sponsor of IDBI Mutual Fund and directly holds 66.67 per cent and 33.33 per cent equity stake through IDBI Capital Markets & Securities in IDBI AMC, respectively. Also, IDBI Bank holds 100 per cent stake in IDBI MF Trustee Company Ltd. Thereafter, Sebi issued a show cause notice to LI

Groww Mutual Fund receives Sebi approval to launch its first index fund

Groww has received the approval of the Securities and Exchange Board of India to launch its first index fund - Groww Nifty Total Markets Index Fund - through new fund offering

Stock brokers upset over strict penalties, meet NSE, Sebi officials

A senior official at one of the broker firms said that the penalties have had a severe effect on the brokers as they struggle to survive in the fiercely competitive financial landscape

What matters more is intent: Cong's Jairam Ramesh ahead of G20 summit

"The Modani saga reveal that six out of eight funds-that had links to Adani group and that were allegedly moving money and manipulating stock price on its behalf-have been shut down," he said

LIC may need 5 yrs more beyond 2027 comply with public float norms

FinMin-LIC discusses roadmap, stake dilution plans and challenges ahead

Facility of online payments to Sebi's investor protection fund operational

Capital markets regulator Sebi on Wednesday said it has started the mechanism for making online payments to its Investor Protection and Education Fund (IPEF). The use of online only mode has been made mandatory and the facility is now active under the tab "click here to make payment to Sebi IPEF" on the regulator's website. The move is aimed at streamlining the payment process and enhance accessibility for all the contributors to the fund. Intermediaries can now make payments to IPEF conveniently using various payment methods, including net banking, NEFT/RTGS, debit cards, and UPI. Henceforth, the remittances to Sebi IPEF shall be made only through the website link, by providing the requisite information like name of the payer, PAN, mobile number, email ID, the purpose for which payment is made, the amount to be paid, etc, Sebi said in a release. On Monday, the markets regulator came out with a circular that crediting of funds to its IPEF can be done only online and via a link giv

Six of eight funds used to invest in Adani Group stocks now closed: Report

The closure of these funds posed a challenge for Sebi to reach the ultimate beneficiaries of these vehicles

Sebi's new cybersecurity guidelines: What it means and their implications

Sebi has issued guidelines to strengthen the existing cyber security and cyber resilience framework for stock exchanges and other market infrastructure institutions

Sebi plans to usher in the era of 1-hour trade settlement by early 2024

Instant settlement may come into effect by 2024-end

Sebi working on AI tool to curb misselling by mutual funds: Chairperson

Markets regulator Sebi is building an artificial intelligence tool to help detect misselling by mutual funds, its Chairperson Madhabi Puri Buch said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. "We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund," Buch said while speaking at the fourth Global Fintech Fest here. She admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period. At present, mutual funds submit essential data to Sebi periodically with respect to compliance with regulations. A "nil report" is considered the best, Buch said.

Sebi issues template for info sharing by CRAs to debenture trustees

Credit rating agencies will have to submit their disclosures to the debenture trustees in a specified format for easier accessibility and analysis of the data submitted by them, according to Sebi. Under Sebi norms, credit rating agencies (CRAs) have to share certain information with Debenture Trustees (DTs). "Due to the large quantum of information submitted daily by CRAs to DTs, as well as short timelines mandated for disclosure of this information by DTs, it is essential that the data shared by CRAs be structured and submitted in a specified format for easier accessibility and analysis of the submitted data," the regulator said in a circular on Monday. In this regard, the Securities and Exchange Board of India (Sebi) has come out with an Excel template. "CRAs shall use the same template for their daily submissions of rating revisions to DTs," as per the circular, which will be effective from October 1. Further, CRAs should report on their compliance with the circular, as ratifie