Page 128 - Sebi

Sebi proposal to have separate delisting framework puts shine on holdcos

Typically, holdocs trade at a discount of 40-70% to their intrinsic value due to multiple factors such as dividend taxation, complex structures and lack of control

SC hearing in Adani-Hindenburg saga: Sebi seeks 15 more days to file report

Markets regulator's application before Supreme Court says it has 'progressed substantially' in investigation

Sebi bars Punit Goenka from holding key post in Zee-Sony merged entity

According to Sebi's order, Goenka will remain barred from holding key positions in the merged entity too

Sebi exempts two trusts from making open offer to Linc's shareholders

Capital market regulator Sebi on Monday exempted two trusts from making an open offer to the shareholders of Linc Ltd in connection with their proposed acquisition of a 9.96 per cent stake in the company. The order came after two trusts -- Suraj Mal Jalan Trust and Bimla Devi Jalan Trust -- filed an application in April 2023, and sought exemption from certain provisions of takeover regulations. The acquirer trusts have been set up as private family trusts with the intent to ensure the maintenance and promotion of peace, harmony and unity between the family members of Suraj Mal Jalan and Bimla Devi Jalan. Under the proposed acquisition, Suraj Mal Jalan and his wife Bimla Devi Jalan intend to transfer a total of 6.18 per cent and 3.78 per cent of their stakes in the firm to Suraj Mal Jalan Trust and Bimla Devi Jalan Trust, respectively, according to a Sebi order. Once the transaction is complete, the acquirer trusts would collectively hold 9.96 per cent stake in Linc. Suraj Mal Jala

ITC board approves demerger of hotel business; listing in 15 months

Trademarks jointly used by ITC's other businesses and hotels business would be licensed to ITC Hotels, on mutually agreed terms

Sebi proposes alternate mechanism to delist shares from stock exchanges

In addition, SEBI suggested a framework for companies that have shares held by investment-holding companies

Adani Group shares under pressure; Adani Ports, AEL slip up to 5%

Securities and Exchange Board of India is set to submit to the Supreme Court its report on the allegations made by US-based Hindenburg Research against the Adani Group.

Top headlines: Adani probe ends, chana prices rise ahead of festival season

Business Standard brings you the top headlines at this hour

Adani probe comes to end as Sebi tightens disclosure for big firms

Sebi had sought more time to complete the probe, but the court - amid a slump in Adani shares following a damaging report published in January by US shortseller Hindenburg Research

Sebi levies Rs 60 lakh fine on individual for flouting regulatory norms

Capital markets regulator Sebi has levied fine totalling Rs 60 lakh on an individual for violating market norms. The penalty is to be paid by Manish Goel (Manish Kr. Goyal), a Sebi-registered research analyst, within 45 days. In its 46-page order on Friday, Sebi found that Manish had collected Rs 4.16 crore from 583 clients by charging them for services provided as a Research Analyst. However, he failed to comply with basic requirements of research analyst (RA) norms and also promised assured returns and mis-sold his services to clients. The regulator also observed that Manish assured the members of the Whatsapp/Telegram groups that they would get one stock recommendation for free in case anyone suffers a loss on account of a particular stock recommendation. "... the promise of an assured return in the Whatsapp/Telegram chats, which were not supported by any research on noticee's part, amounted to dissemination of misleading information which amounted to a violation of PFUTP ...

Sebi to focus on tech, plans Geotagging to boost enforcement activities

Capital markets regulator Sebi is betting big on technology, as it plans to implement a Geotagging solution in the current financial year to strengthen the process of its enforcement activities. While focussing on technology, Sebi said it plans to undertake various projects to boost its information technology (IT) capacity and build a "fault-tolerant" architecture. The move is aimed at further enhancing its technological and cybersecurity capability, and to better serve its stakeholders. "In the coming year, Sebi plans to implement a Geotagging Solution to strengthen the process of its enforcement activities," the regulator said in its annual report for 2022-23. Geotagging is the process of adding geographical information usually in the form of latitude and longitude coordinates to various media such as photos, videos, etc. The project intends to implement geotagging technology-based mobile application solutions, which help the market regulator to take necessary photos or videos a

RK Swamy files DHRP with SEBI; first-ever IPO by integrated marketing firm

Integrated marketing services firm RK Swamy Ltd has filed draft papers with capital markets regulator Sebi to mobilize funds through an initial public offering (IPO). The company's IPO comprises a fresh issue of shares aggregating up to Rs 215 crore and an offer for sale (OFS) of up to 87 lakh equity shares by selling shareholders, according to the draft red herring prospectus (DRHP). Those offering shares in the OFS are -- Srinivasan K Swamy, Narasimhan Krishnaswamy, Evanston Pioneer Fund LP, and Prem Marketing Ventures LLP. The funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes. Also, the funds would be utilized for investment in the IT infrastructure development of RK Swamy Ltd, and its subsidiaries, Hansa Research and Hansa Customer Equity. RK Swamy Ltd is the largest Indian majority-o

When auditors quit, know things are not as projected: Cong on Adani issue

The Congress on Saturday hoped the SEBI report on Adani would answer the questions raised by Supreme Court's Expert Committee and wondered when will Prime Minister Narendra Modi break his silence on the issue. In May, the apex court had granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group. Congress General Secretary (Communications) Jairam Ramesh cited Deloitte Haskins and Sells announcing their decision to quit as auditors for Adani Ports and SEZ and said, "When statutory auditors repeatedly quit, you know that things are not as they are projected". "Pradhan Mantri chuppi todiye (Prime Minister break your silence)," he said on X, previously known as Twitter, on the Adani issue. In a statement, Ramesh alleged, "Shady transactions by the PM's favourite business group are reportedly leading Deloitte Haskins and Sells to take the unusual step of resigning as auditor for .

Sebi slaps Rs 35 lakh penalties on 7 entities for non-genuine trades

Capital market regulator Sebi has slapped penalties totalling Rs 35 lakh on seven entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. In seven separate orders on Thursday, the regulator imposed a fine of Rs 5 lakh each on Dilip Kumar Kedia-HUF, Appu Marketing and Manufacturing (now known as Ejecta Marketing Ltd), Meena Agarwal, City Gold Media Ltd, Competent Finlease, Sanjiv Kumar Agarwal and Shah Dhaval Surendrabhai-HUF. The orders came after Sebi had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. Thereafter, it conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The seven entities that have been fined on Thursday 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 .

AIF commitments inch to Rs 8.5 trillion in June quarter, shows data

Between April to July, Sebi received 55 applications for AIF registrations

Sebi posts new norm for exit option window period for change in AMC control

Capital markets regulator Sebi on Friday came out with a new timeline for the exit option window period given to the mutual fund unitholders for change in control of asset management company(AMC). Under the new timeline, a change in control of the AMC cannot be made unless the unitholders of the mutual fund would be given the option to exit on the prevailing Net Asset Value (NAV) without any exit load within a period of at least 15 calendar days from the date of communication. Earlier, this timeline was at least 30 days. However, in case of change in control resulting in consolidation or merger of schemes, the unitholders would be given the option to exit on the prevailing NAV without any exit load within a time period not less than 30 calendar days from the date of communication, Sebi said in a circular. Considering that growth in technological communication has enabled faster dissemination of information to unitholders, a request was received by Sebi from the mutual fund industry

Sebi amends rules; enhances disclosure requirements for certain FPIs

To ensure greater transparency, Sebi has mandated enhanced disclosures for a certain class of Foreign Portfolio Investors (FPIs), including furnishing details about ownership and economic interests. In addition, the regulator has tweaked rules pertaining to the eligibility criteria for FPIs. "A foreign portfolio investor that fulfils the criteria specified by the board from time to time shall provide information or documents in relation to the persons with any ownership, economic interest or control, in the foreign portfolio investor," Sebi said in a notification amending the rules on Thursday. The information or documents will be provided in the manner specified by the Securities and Exchange Board of India (Sebi). Further, applicants with investors contributing 25 per cent or more in the corpus that are mentioned in the Sanctions List by United Nations (UN) Security Council are ineligible for registration as FPIs, the regulator had said in June. The Prevention of Money Launderin

Sebi's SCORES platform disposes of 2,886 complaints in July: Report

Capital market regulator Sebi's grievance redressal platform SCORES has disposed of 2,886 complaints against companies and market intermediaries in July this year. SCORES, launched in June 2011, is designed to help investors lodge their complaints online with Sebi, pertaining to the securities market, against companies, intermediaries and market infrastructure institutions. At the beginning of July, as many as 4,014 complaints were pending, and 3,494 fresh complaints were received, according to the data released by capital markets regulator Sebi on Thursday. The regulator also noted that as of July 2023, eight complaints were pending for more than three months, the data showed. These complaints were related to investment adviser and venture capital funds. The average resolution time for a complaint was 34 days, as per the data. In a separate public notice, the capital market watchdog mentioned five entities against whom complaints have been pending for more than three months on S

Market structure to face shorter IPO timeline test: Industry players

Players in ecosystem will have to work overtime to ensure success

Sebi clarifies on 120 untraceable entities in 'difficult to recover' list

Capital markets regulator Sebi on Thursday said 120 entities listed as untraceable in the 'difficult to recover' category comprises only five companies while the rest are individuals and the majority of the cases are over a decade old. Further, Sebi said the amount involved with regard to these 120 entities is Rs 17.82 crore, which is 0.02 per cent of the total outstanding amount to be recovered. Moreover, out of 120 entities, 116 cases are old (97 per cent) and the violation period dates back to over a decade ago, the Securities and Exchange Board of India (Sebi) said in a statement. Overall, the markets watchdog has pending dues worth Rs 1.02 lakh crore that needs to be recovered from entities as of March 31, 2023, according to its latest annual report. As on March 31, 2023, there were 692 cases which are identified as 'Difficult To Recover' (DTR) with a total outstanding amount of Rs 73,287 crore. Out of 692 cases, 86 are pending on account of parallel proceedings before State