Page 131 - Sebi

Shooting sparrows with cannons?

Sebi's amendments aimed at strengthening corporate governance fail to reconcile the virtues of public disclosure and protection of private domains

Sebi slaps fine on two former DHFL promoters for flouting disclosure norms

Capital markets regulator Sebi on Monday slapped fines totalling Rs 20 lakh on two former promoters of Dewan Housing Finance Corp Ltd (DHFL) for flouting disclosure norms. Individually, the regulator levied a penalty of Rs 10 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, who were promoters of DHFL (now known as Piramal Finance). The order came after Sebi conducted an investigation into the transfer of shares held by DHFL in DHFL Pramerica Life Insurance (erstwhile DLF Pramerica Life Insurance) to its wholly-owned subsidiary DHFL Investments and other related transactions. The investigation period was from February-March 2017. In its 45-page order, Sebi's Adjudicating Officer Prasanta Mahapatra said, "I find that complete and adequate information was not disclosed to the shareholders of the company as observed from the postal ballot notice and draft share purchase agreement (SPA), which was the responsibility of the noticee (Kapil Wadhawan and Dheeraj Wadhawan)". The postal bal

SAT declines to grant any immediate relief to Yes Bank's Rana Kapoor

Refusing to grant a stay on the notice, the tribunal pointed out that there was no urgency and asked the original matter to be heard as scheduled previously

Market regulator Sebi looks to ease burden of compliance for India Inc

Implementation standards, doing away with board evaluation among measures planned

Sebi initiates process to hire 2 executive directors, invites application

The appointment of executive director will either be on a deputation or contractual basis, for a period of three years, the regulator said in a public notice

Sebi bans Excel Realty N Infra, 4 others from securities mkt for upto 2 yrs

Sebi has barred five entities, including Excel Realty N Infra and its promoters, from the securities market for up to two years and levied a fine totalling Rs 1.75 crore on them for being involved in a fraudulent scheme of misrepresenting the company's financial statements. The barred entities are promoters of listed entity Excel Realty N Infra (Excel) -- Lakhmendra Chamanlal Khurana (Chairman & MD of Excel), Ranjana Khurana Lakhmendra and Arpit Lakhmendra Khurana -- and Pramod Yeshwant Kokate who was chief financial officer of Excel. On the basis of a complaint received by Sebi, the markets watchdog conducted a detailed examination into the affairs of Excel Realty N Infra for the period from April 2016 to March 2021. In its examination, Sebi found that the transactions executed by Excel with 24 seller parties amounting to around Rs 119 crore constituting approximately 66 per cent of the total assets of Excel from FY 2016-17 to 2020-21, were misrepresented in the balance sheet of .

No proposal to curb retail participation in derivatives trading: Sebi

Citing what it said were speculative media reports, SEBI said in a statement, "It is clarified that there is no proposal to curb retail participation in derivative markets"

Sebi seeks curbs to limit retail investors' derivatives risk: Reports

With Indian share prices near record highs, drawing increased retail investor interest, the regulator is concerned smaller players could suffer losses on derivatives if markets turn volatile

SAT quashes Sebi's fine of Rs 25 cr on Mukesh Ambani, Anil Ambani, others

The Securities Appellate Tribunal (SAT) on Friday set aside a Sebi order that imposed a Rs 25 crore penalty on industrialists Mukesh Ambani, Anil Ambani and other entities for non-compliance with takeover norms in Reliance Industries case. The order came after Ambanis appealed in the appellate tribunal against the capital markets regulator's directive. "We find that the appellant has not violated ... the SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed," the appellate tribunal said in its 124-page order. The case pertains to alleged failure to comply with takeover rules. Noting that the penalty amount following Sebi's order was deposited by the appellants, SAT directed the markets regulator to refund the amount of Rs 25 crore within four weeks. In April 2021, Sebi levied a fine totalling Rs 25 crore on Mukesh Ambani, A

Additional Tier-1 bond issuances by banks likely to decline in FY24

Mutual funds stays away after Sebi valuation norm change

Sebi exempts 3 trusts from making open offer to Taj GVK Hotels shareholders

Markets regulator Sebi on Wednesday exempted three trusts from making an open offer to the shareholders of Taj GVK Hotels and Resorts Ltd after their proposed acquisition of a 49.44 percent stake in the company. The order came after three trusts -- Blue Moon Trust, Moonshot Trust, and Starlight Trust-- filed an application with the regulator in April 2023, and sought exemption from certain provisions of takeover regulations. The acquirer trusts have been set up as private family trusts for providing suitable succession planning between the members of the Gunupati Indira Krishna Reddy family. Under the proposed acquisition, Gunupati Indira Krishna Reddy, who is a promoter of Taj GVK Hotels, intends to transfer a total of 49.44 percent of her shareholding in the firm to the three trusts, according to a Sebi order. Once the transaction is complete, the acquirer trusts would collectively hold 49.44 per cent shares in Taj GVK Hotels. The proposed transaction triggers the open offer ..

Schneider Electric withdraws appeal from SAT against Sebi's order

Company will have to follow Sebi's January 2021 directions within six months

SAT to hear Sebi's appeal for modification in Zee order on July 27

Sebi, in its appeal, has asked for the modification on the direction for appointing a different WTM

Explained: What instant settlement cycle will mean for markets, investors

Instant settlement refers to the process where the transaction of buying or selling shares or units is processed and completed immediately

Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more

Business Standard brings you the top headlines at this hour

Sebi's move to regulate index providers on hold; revised proposal on cards

A regulatory framework for index providers was cleared by Sebi's board at its meeting held in March. The regulator, however, is yet to notify changes

Sebi issues Rs 2.22 cr demand notice to YES Bank's former MD Rana Kapoor

Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor asking him to pay Rs 2.22 crore in a case of misselling the lender's AT-1 bonds and warned of arrest if he fails to make the payment within 15 days. The regulator also warned that his assets and bank accounts would be attached in case the payment is not made within the stipulated time. The case relates to misselling of the bank's AT-1 (Additional Tier-1) bonds to retail investors by the bank's officials. It was alleged that the bank and certain officials did not inform investors about the risk involved while selling the AT-1 bonds in the secondary market. The sale of AT-1 bonds started in 2016 and continued till 2019. The demand notice came after Kapoor failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in September 2022. In a notice issued on Tuesday, Sebi directed Kapoor to pay Rs 2.22 crore, which includes interest and recovery cost, within 15 days. In the event

Incorrect details of brokerage collateral invites scrutiny from NSE

Includes uploading of multiple files with same data, undisclosed granular numbers, and not reporting client data

Sebi receives 4,085 complaints for corporate governance violations in 4 yrs

Capital markets regulator Sebi has received 4,085 complaints pertaining to the flouting of corporate governance norms against 1,551 companies in the last four-and-half years, Parliament was informed on Tuesday. Of these, 132 complaints were received against firms in the current financial year till July 13; 640 grievances in 2022-23, 809 in 2021-22, 1,151 in 2020-21 and 1,353 in 2019-20, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha. During the last four years and current year, complaints for corporate governance violations were received against several companies, including Yes Bank, Zee Entertainment Enterprises, Religare Enterprises, Adani Enterprises, Adani Ports And Special Economic Zone, Adani Power and ACC Ltd. In cases of complaints regarding violation of corporate governance norms, Sebi takes up the matter with the concerned stock exchange, which in turn, seeks comments from the concerned company, and subsequent steps are taken for

Sebi amends rule to boost liquidity in secondary market for corporate bonds

Capital markets regulator Sebi has amended stock brokers' rule concerning registration of entities for participation in the tri-party repo segment for corporate bonds, a move that will boost liquidity in the segment. "No separate registration shall be required for any person registered with the limited purpose clearing corporation as a participant for participating in the tri-party repo segment for undertaking proprietary trades in corporate bonds," the Securities and Exchange Board of India (Sebi) said in a notification issued on Monday. The move came after the board of Sebi last month approved the proposal to additionally facilitate participation by entities desiring direct participation (not through a clearing member) in repo transactions in corporate bonds of the Limited Purpose Clearing Corporation (LPCC). LPCC is an entity established to undertake the activity of clearing and settlement of repurchase agreement transactions. It is expected to facilitate active trading, especia