Page 133 - Sebi

No discussions underway on enhanced prosecution powers, says Sebi

Capital markets regulator Sebi on Friday said there are no ongoing discussions for any enhanced prosecution powers to it and it is not forming any committee for review of the Securities Contracts (Regulation) Act of 1956. The statement follows a media report that the Securities and Exchange Board of India (Sebi) plans to set up an expert panel to suggest changes to the 67-year-old Act. The report further said there is a discussion going on about enhanced criminal prosecution powers for Sebi and this issue is also likely to be examined by the committee. "In this connection, it is clarified that Sebi has neither formed nor has considered formation of any such Committee for review of the Securities Contracts (Regulation) Act, 1956 and there are no ongoing discussions for any enhanced prosecution powers for Sebi," the regulator said in a statement.

Sebi's new disclosure norms for listed firms to kick in from Saturday

The compliance burden on listed companies is set to increase from Saturday as capital markets regulator Sebi has put in place a stricter timeline for disclosure of material events or information by them. Under this, the Securities and Exchange Board of India (Sebi) has given 12 to 24 hours for disclosures. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges. Such agreements need to be disclosed within 12 hours in case a listed entity is a party and within 24 hours where the listed entity is not a party. Disclosure of family settlement agreements was already required under the existing Para A of Schedule III under the LODR (Listing of Obligations and Disclosure Requirements) Regulations. Further, for material events or information that emanate from the

Sebi extends time to July 25 to auction 61 properties of Saradha Group

Capital markets regulator Sebi on Thursday said it has extended the time to July 25 to auction 61 properties of Saradha Group, which illegally mobilised money from investors. Earlier, the auction was scheduled for July 17. The regulator has been auctioning the properties of Saradha Group in a bid to recover money raised by the firm from the public through illicit schemes. "Considering that the interested bidders expressed more time to submit EMD (Earnest Money Deposit) as intimated by Quikr Realty India Ltd, it has been decided to extend the last date of submission," the Securities and Exchange Board of India (Sebi) said in a notice. The regulator will auction properties of Saradha Group on July 25 between 11 am and 1 pm. The total reserve price of these properties is pegged at Rs 26.22 crore. The properties to go under the hammer include land parcels located in West Bengal. Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Beng

Sebi comes out with 'stricter timeline' for disclosure of material events

Capital markets regulator Sebi on Wednesday came out with a "stricter timeline" for disclosure of material events or information by listed companies and introduced criteria for determining the materiality of events. The new framework will become effective from July 15, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, the regulator asked listed companies to disclose family settlement agreements, which can impact the management and control of such firms to stock exchanges. These agreements need to be disclosed within 12 hours in case a listed entity is a party and within 24 hours where the listed entity is not a party. Further, for material events or information which emanate from the listed entity, including those related to acquisitions, Scheme of Arrangement, consolidation of shares, and buyback of securities, the timeline for disclosure by the entity has been reduced from 24 hours to 12 hours. In case of information that emanates from a .

hBits gets Sebi's nod to launch Rs 500 cr Alternate Investment Fund

Startup hBits, a tech-enabled fractional ownership platform, on Thursday said it has received markets regulator Sebi's approval to set up alternate investment fund of Rs 500 crore for investment in commercial real estate. hBits helps investors in having fractional ownership of commercial assets. It has so far helped in acquisition of 9 rent-yielding properties. In a statement, the company said it has obtained regulatory approval from the Securities and Exchange Board of India (Sebi) for its CAT II Alternative Investment Fund (AIF). "This approval grants hBits the opportunity to establish an AIF fund with a substantial Assets Under Management (AUM) of Rs 500 crore," it added. Investors who participate in hBits' AIF can anticipate an impressive target Internal Rate of Return (IRR) of 18-20 per cent. CAT II AIF is designed to cater to pan-India Grade-A projects, with a primary focus on commercial real estate assets. This includes a wide range of commercial projects such as offices, .

Sebi to auction 22 properties of Bishal Group, NVD Solar on August 14

Capital markets regulator Sebi on Wednesday said it will auction 22 properties belonging to Bishal Group of companies and NVD Solar on August 14 to recover money illegally collected from investors. The properties will be auctioned at a reserve price of nearly Rs 37 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi). Of the 22 properties, 17 relate to Bishal Group of companies (Bishal Abasan India Ltd, Bishal Distillers Ld, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd) and five pertain to NVD Solar. These properties include land parcels, flats and a residential building located in West Bengal. Inviting bids for the sale of properties in the recovery proceedings against the companies and their promoters and directors, Sebi said the auction will be conducted online on August 14 from 10:30 am to 12:30 pm. Adroit Technical Services has been appointed as the e-auction service provider. The regulator has asked

Sebi slaps over Rs 25 cr on two entities in GDR manipulation case

Capital markets regulator Sebi on Tuesday imposed a penalty totalling Rs 25.2 crore on two individuals in a case related to the manipulation of global depository receipt (GDR) issuance of Hiran Orgochem Ltd. Individually, the regulator levied a fine of Rs 25 crore on Arun Panchariya and Rs 20 lakh on Mukesh Chauradiya. They have been directed to pay the amount within 45 days, according to a Sebi order. The direction came after the Securities and Exchange Board of India (Sebi) conducted an investigation to ascertain whether shares underlying GDRs of Hiran Orgochem Ltd were issued with proper consideration. The period under investigation was from April 2010 to May 2010. Hiran, which is listed on the BSE, issued 15.38 lakh GDRs amounting to USD 10 million representing 4.61 crore underlying equity shares in May 2010. In its order, Sebi found that Panchariya was the key person actively involved in the GDR process of Hiran at every stage and perpetrated fraud on the investors in the Indi

Stricter disclosure regime: FPIs to get breather for passive breaches

10 days for single group exposure, 3 months for exceeding Rs. 25,000-cr cap to bring down holdings below thresholds

Adani-Hindenburg row: Supreme Court asks Sebi about status of probe

The Supreme Court on Tuesday adjourned the hearing on a batch of pleas on the Adani-Hindenburg row and asked the Securities and Exchange Board of India (SEBI) to circulate its response in which the capital markets regulator has given its views on the recommendations made by the apex court-appointed expert committee. Solicitor General Tushar Mehta, appearing for SEBI, told the top court they had on Monday filed their "constructive response" on the suggestions made by the expert committee in its report filed in the court. "What is the status of the investigation?" asked a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and Manoj Misra. Mehta said the apex court had in May granted SEBI time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group and the investigation in the matter is going on. "The expert committee have made certain recommendations. We have filed our response. It has nothing to do with the ...

Sebi issues demand notices to 11 entities in Religare Enterprises case

Capital markets regulator Sebi has issued notices to seven entities asking them to pay Rs 4.3 crore within 15 days in a case concerning diversion of funds of Religare Finvest, an arm of Religare Enterprises. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The seven entities that received notices are -- Torus Buildcon, Artifice Properties, Rosestar Marketing, Oscar Investments, Ad Advertising, Zolton Properties, and Saubhagya Buildcon. The demand notices came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in October 2022. In seven notices issued on Monday, Sebi directed them to pay Rs 4.3 crore, which includes interest and recovery cost, within 15 days. In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, the entities will face attachment of

Top Headlines: Lapses in pharma regulation, IPL's valuation rises 80%

Business Standard brings you the top headlines at this hour

Putting all eggs in one basket

The dominance of banks in the mutual fund space raises questions about financial stability that require careful examination

'Not possible' to straitjacket probe timelines: Sebi to Supreme Court

Legal experts said Sebi, in the 46-page affidavit submitted on Monday, is trying to play down the need for an overhaul in its functioning

ESAF Small Finance Bank refiles IPO paper, lowers issue size to Rs 629 cr

ESAF Small Finance Bank has refiled preliminary papers with capital markets regulator Sebi to raise Rs 629 crore through an initial public offering (IPO). The lender has cut down the issue size, which now comprises fresh issue equity shares aggregating to Rs 486.74 crore and an offer for sale (OFS) of Rs 142.3 crore, according to the draft red herring prospectus (DRHP) available with Sebi on Monday. Those selling shares in the OFS are promoter -- ESAF Financial Holdings Private Ltd and other shareholders -- PNB MetLife India Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd. At present, ESAF Financial Holdings owns a 62.46 per cent stake in the small finance bank, while PNB MetLife and Bajaj Allianz Life owns 4.75 per cent and 3.89 per cent stake in the lender, respectively. Proceed of the fresh issue will be utilised to augment the bank's Tier 1 capital base. The fresh filling came after ESAF Small Finance Bank's managing director and chief executive K Paul Thomas i

Adani-Hindenburg case: Sebi defends rule change on offshore investors

The Supreme Court will hear the ongoing Adani-Hindenburg case on Tuesday. The regulator has until Aug. 14 to submit its report

SAT rejects Zee Entertainment promoters' appeal against Sebi order

Tribunal directs founders to respond within two weeks; asks Sebi to appoint new WTM to probe the matter

Street Signs: Jolt for unlisted markets, Utkarsh SFB GMP at 60%, and more

IPOs of some of the recent small finance banks (SFBs) have not done so well. However, Utkarsh SFB looks set to buck the trend

Sebi settles case of alleged unfair trade practices with individual

Markets regulator Sebi has settled a case with an individual on payment of nearly Rs 46 lakh as settlement amount in relation to alleged violation of certain norms related to prohibition of unfair trade practices. Sebi had received a complaint from Finsec Law Advisors alleging that Pawan N Agarwal and two others had violated certain provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations with respect to trades of its client Aequitas. Aequitas is a Mumbai-based boutique investment firm. "Pursuant to the investigation, it was observed that Pawan N Agarwal... had mirrored certain trades of Aequitas and thereby violated the provisions... PFUTP Regulations," the watchdog said while modifying a recent order through a corrigendum. Earlier, it was alleged that the individual had violated provisions of PFUTP by engaging in front running/ mirror trading of trades. The individual paid Rs 45,99,600 as the settlement amount. Earlier, Sebi order had said the ...

Union MF expects 50% growth in AUM, to reach Rs 15,000 cr mark by March

Union Mutual Fund, which has been an also-ran since its launch in 2012, is on a growth path now and is looking at adding at least 50 per cent more to the AUM this fiscal, sniffing at Rs 15,000 crore by March. Despite having 22 funds (21 open-ended and one close-ended funds), the fund house sponsored by Union Bank of India and Japanese major Daiichi Life could not reach anywhere in the pecking order in the 43-player scattered industry that controls more than Rs 43 lakh crore of public money in its over 11 years of operations.. In the year to March 2023, it had an AUM of just Rs 9,853 crore across 4.96 lakh live folios from 21 cities. Daiichi picked a 39.64 per cent stake in the MF in May 2018. But in terms of its presence in small towns, Union MF does reasonably well with 32 per cent of the AUM coming in from the B30 (beyond top 30) cities and the rest from the T30 (top 30) cities. "As of June our AUM stood at Rs 10,700 crore, up from Rs 9,853 crore in March 2023. We hope to take th

Bank of India plans share sale to meet Sebi's minimum public holding norms

State-owned Bank of India is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25 per cent. Currently, Government of India holds 81.41 per cent stake in the Mumbai-based bank. "We are exploring options to meet Sebi's minimum public holding requirement. However, the decision to sell shares would depend on market conditions," Bank of India Managing Director Rajneesh Karnatak told PTI. Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (Sebi) requirement, he said. Post share-sale, depending on the quantum, the holding of Government of India would come down below 75 per cent. With regard to the bank's growth, he said, credit growth is expected to be 11-12 per cent during current financial year helped by retail, MSME and agriculture loans. As far as the deposit is concerned, he said, "we hope to grow the liability side by 10 per cent during current financial