Page 136 - Sebi

SAT adjourns Zee Entertainment-Sebi matter; next hearing on Tuesday

Refuses to take on record additional affidavit filed by Sebi in the matter

Investor Service Centres to provide certain basic facilities: Sebi

Amid technological advancements in the securities market, Sebi on Monday asked stock exchanges to provide certain basic minimum facilities to the investors at Investor Service Centres (ISCs) and upgrade the knowledge of officials of these centres. In order to reach out to investors across India, Sebi asked stock exchanges to use the existing ISCs and open additional centres, wherever required. The ISCs can be set up either by one stock exchange or jointly by two or more exchanges, as per their mutual agreement. The new directive would come into force from the 90th day from this Monday, while those related to knowledge upgradation will be compiled in a phased manner, the Securities and Exchange Board of India (Sebi) said in a circular. The markets regulator, in December 1997, asked all stock exchanges to open or maintain at least one ISC for the benefit of the investors. Such centres are required to provide counselling services and provide certain basic minimum facilities to the ...

Sebi comes out with disclosure formats of governance compliance for REITs

Capital markets regulator Sebi on Monday came out with disclosure formats for compliance reports on governance and annual secretarial for emerging investment vehicles -- REITs and InvITs. These would come into force from the financial year 2023-24 onwards, the Securities and Exchange Board of India (Sebi) said in four separate circulars. Under the format for compliance report on governance, Sebi said infrastructure investment trusts (InvITs) and real estate infrastructure trusts (REITs) will have to disclose the name of the investment managers, the composition of the board of directors of the investment managers as well as the composition of committees, meetings of the board of directors, along with meetings of committees, on a quarterly basis. In addition, the regulator has issued separate formats for the financial year that need to be submitted by the investment managers of InvITs and REITs. For the governance report, such investment managers are required to submit a quarterly ..

Sebi launches ASBA-like facility for secondary market to secure investor

With an aim to safeguard investors' money from misuse and default by stock brokers, Sebi on Monday introduced a supplementary process for trading in the secondary market based on blocked funds in an investor's bank account, instead of transferring them upfront to the trading member. This is similar to Application Supported by Blocked Amount (ASBA)-like facility already available for the primary market which ensures that money from an investor gets moved only when an allotment happens. The new facility will become live by January 1, 2024, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, funds will remain in the account of client but will be blocked in favour of the Clearing Corporation (CC) till the expiry date of the block mandate or till block is released by the CC, or debit of the block towards obligations arising out of the trading activity of the client, whichever is earlier. Further, settlement for funds and securities will be done by

Street Signs: Likely vacuum at Sebi, drone maker IdeaForge IPO, and more

Shares of drone maker ideaForge Technology are commanding a premium of nearly 70 per cent in the grey market ahead of its initial public offering

Liquidation scheme for AIFs to aid in deriving maximum value: Experts

The introduction of liquidation scheme for alternative investment funds (AIFs) by market regulator Sebi provides an additional avenue for managers and investors to derive the maximum value for unliquidated investments, experts said on Sunday. The new scheme provides flexibility to AIFs to deal with investments that are not sold due to a lack of liquidity during the winding-up process. Also, it allows such unliquidated investments to be either sold to a new scheme of the same AIF (liquidation scheme) or to be distributed in-specie to investors of the AIF. The regulator, on June 15, amended rules to permit AIFs to launch a liquidation scheme. Sebi, last week, laid out the modalities for launching the scheme and in-specie distribution to investors. Dipen Ruparelia, Head of Products, Vivriti Asset Management, said these regulatory changes are a long-term positive for the corporate governance in the debt and AIF industries and will go a long way toward investors' confidence in the ...

Sebi issues demand notices to 5 entities in Fortis fund diversion case

Capital markets regulator Sebi has sent notices to five entities asking them to pay Rs 5.7 crore within 15 days in Fortis Healthcare's case of fund diversion and misrepresentations to conceal the fraud. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The five entities that received notices are Saubhagya Buildcon, Zolton Properties, Tiger Developers, Torus Buildcon and Rosestar Marketing. 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 May 2020. In five notices issued on Thursday, Sebi directed them to pay Rs 5.7 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, they will face attachment of their bank accounts. Also, the regulator takes the route o

MF distributors call upon Sebi to dial down total expense ratio cuts

Urge regulator to ensure MF distribution remains financially viable

Sebi bars Eros Group entities, MD from securities mkt over irregularities

The SEBI has barred Eros International Media Ltd, Eros Worldwide and Eros Digital from the securities market until further orders

AIF industry seeks clarity on liquidation scheme for unsold investments

Industry feels there's ambiguity over applicability for funds which have exhausted the one-year period

Sebi revokes securities market ban on 6 entities in Poonawalla Fincorp case

Markets regulator Sebi on Thursday revoked a securities market ban imposed on six entities in a case of alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd. The six entities are Saumil Shah, Surabhi Kishore Shah, Amit Agrawal, Murlidhar Bajaranglal Agrawal, Rakesh Rajendra Bhojgadhiya and Rakesh Rajendra Bhojgadhiya HUF. The regulator revoked the ban following the settlement of cases by the entities. The six entities had filed the settlement applications under the provisions of Sebi (Settlement proceedings) rules in respect of the alleged violation of norms, according to a Sebi order. The settlement terms proposed by the noticees were accepted and approved by Sebi and subsequently, settlement orders were passed in respect of the proceedings initiated against the noticees vide the show cause notice. Sebi had passed an ex-parte ad-interim order in September 2021, against certain entities, including the noticees, for alleged violation o

Sebi bars Eros International, MD Sunil Lulla from securities market

Sebi has observed that Eros' 95 per cent of the revenue between the 2019-20 financial year (FY20) and FY22 have been from related parties

Sebi invites applications to hire for 25 senior-level posts in legal dept

Capital markets regulator Sebi on Thursday invited applications for 25 senior-level posts in the legal department. The recruitment drive would beef up the headcount at the Securities and Exchange Board of India (Sebi) for faster and more effective execution of its regulatory role. In its public notice, Sebi has invited applications from Indian citizens for the post of Officer Grade A (Assistant Manager) in the legal stream. The candidates can apply for the posts through online mode till July 9. The regulator will conduct online examinations for the recruitment of these positions during August-September. To apply for this position, the applicants are required to have a bachelor's degree in Law from a recognised university or institute. While inviting applications, Sebi has also cautioned candidates against falling prey to any unscrupulous elements who may try to deceive them by false promises of securing jobs in the regulator, according to a public notice. In case any candidate co

Sebi slaps Rs 20 lakh penalty on 4 entities for non-genuine trades on BSE

Capital markets regulator Sebi on Thursday slapped penalties totalling Rs 20 lakh on four entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. The regulator imposed a fine of Rs 5 lakh each on Niruben Manojbhai Chudasama, Raj Kumar Lohiya, Nufact Merchandise Pvt Ltd and Nitu Agarwal. Sebi had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. The regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The four 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 trading, which leads to a false or misleading appearance of trading in terms of generating artificial volumes, the regulator said. By indulging in these acts, the enti

India Inc may feel heat of new governance norms, higher compliance

Sebi has brought about a raft of changes to listing norms aimed at greater transparency

Sebi rolls out approach for valuation of AIFs for liquidation schemes

Markets regulator Sebi on Thursday came out with a standard approach for valuing the investment portfolio of Alternate Investment Funds (AIFs) along with modalities for launching liquidation schemes, a move that will benefit investors. In addition, all schemes of AIFs will have to be issued in dematerialised (demat) form, the Securities and Exchange Board of India (Sebi) said in three separate circulars. Existing AIFs with a corpus of more than Rs 500 crore and any new AIFs are required to dematerialise their units by October 31, 2023, and after this, issuance of units will be done in demat form. Other AIFs with a corpus of less than or equal to Rs 500 crore are required to dematerialise their units by April 30 next year. Under the standardised approach to valuation, Sebi said that portfolio valuation of securities would be carried out as per guidelines endorsed by the AIF industry association. Presently, AIF Regulations focus on disclosures to investors and do not prescribe any ..

Sebi proposes standard format on trading preference for different exchanges

Capital markets regulator Sebi on Wednesday prescribed a standard format for seeking the trading preference of clients for the same product in different exchanges. Currently, clients need to give separate authorisation/letters in case they want to trade on different stock exchanges for a particular segment. Based on the representations received and in consultation with stock exchanges, it has been decided to standardise the format of "Trading Preferences" to ensure that clients are permitted to access all the stock exchanges in which the stock brokers are registered for the same segment, the regulator said. Under the new mechanism, all stock brokers are mandated to register their new clients on all the active stock exchanges after obtaining the trading preferences as per format. For existing clients, the brokers are mandated to offer them access to all the active stock exchanges for the segments already opted by them, as a default mode, within three months and inform their clients

Sebi cracks down on bulk SMS scam, bars 135 entities from securities market

Impounds Rs 126 cr of wrongful gains; issues notices to over 200 entities

Sebi bars entities from securities market over stock manipulation

Sebi levied a penalty of about 1.26 billion rupees towards wrongful gains made from alleged market manipulation of small-cap companies through bulk messages

Sony says it's taking Sebi allegations against Zee promoters 'seriously'

Goenka and Chandra have denied the charges and moved the Securities and Appellate Tribunal (SAT), asking it to stay the order where the matter is pending