Page 143 - Sebi

Sebi proposes framework for AIFs to strengthen corporate governance rules

To strengthen corporate governance mechanism, capital markets regulator Sebi on Thursday proposed to amend the current rules governing alternative investment funds (AIFs). Under the proposal, Category I and Category II AIFs should not borrow funds directly or indirectly or engage in leverage for the purpose of making investments, Sebi said in its consultation paper. These AIFs can borrow for the purpose of meeting shortfall in drawdown while making investment in an investee company, subject to certain conditions. Among the conditions included that such borrowing by these AIFs should be done only in case of emergency and as a last recourse, the amount borrowed should not exceed 10 per cent of the investment proposed to be made in the investee company and the cost of such borrowing should be charged only to such investor who delayed or defaulted on drawdown payment. Category I and Category II AIFs should maintain 30 days cooling off period between two periods of permissible ...

Sebi imposes Rs 55 lakh on 11 entities for indulging in non-genuine trade

Capital markets regulator Sebi on Thursday imposed penalties totalling Rs 55 lakh on 11 entities for indulging in non-genuine trade in the illiquid stock options segment on the BSE. In eleven separate orders, the regulator levied a fine of Rs 5 lakh each on Shilpa Chhabra, Shreya Kumari, Sharad Shivnarayan Kasat, Shri Krishan Goyal HUF, Shailesh Singh Prem Singh Negi, Shashank Tekriwal, Sheetal Gupta and Shri Ram Commodities. Raisoni Securities, Welkin Investment Consultants and Shankar Barter Pvt Ltd were also penalised by the markets watchdog. The order came after markets regulator Sebi observed a large-scale reversal trade in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. Thereafter, the regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. These eleven entities that have been fined on Thursday were among those who indulged in the execution of reve

Market regulator Sebi proposes new expense slabs for mutual funds

Transaction and brokerage costs to come under TER

Cracking the whip: Stricter rules against suspicious trading on cards

Entities making abnormal gains will have a lot of explaining to do before the market regulator

Market regulator Sebi slams India Inc on price-sensitive disclosures

The proposal to broaden the definition of price-sensitive information comes on the back of Sebi's study which showed lack of proper judgement and prudence exercised by India Inc

Sebi proposes to amend 'unpublished price sensitive information' definition

Capital markets regulator Sebi on Thursday proposed to tweak the current definition of unpublished price sensitive information (UPSI) to bring regulatory certainty and uniformity in compliance for the listed companies in respect of the identification of certain events as UPSI. The proposal came after the regulator noticed that "judgment exercised by the listed entities in terms of the categorising announcement as UPSI and consequent compliance with the spirit of the law, are not found to be adequate". In its consultation paper, the regulator suggested that the current definition of UPSI be amended, and the disclosures as required under Regulation 30 of LODR (Listing Obligations and Disclosure Requirements) be brought under it. Under Regulation 30 of LODR, listed entities are required to disclose to the stock exchanges all events or information, which are material, as soon as possible and not later than 24 hours from the occurrence of such event or information. These events included

Sebi issues Rs 5.35 cr notice to fugitive businessman Mehul Choksi

Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua and Barbuda, Modi is lodged in a British jail and has challenged India's extradition request. In a fresh notice on Thursday, Sebi directed Choksi to pay Rs 5.35 crore, which includes interest and ..

Sebi slaps Rs 50 lakh fine on 10 firms for indulging in non-genuine trades

Capital markets regulator Sebi on Wednesday levied fines totalling Rs 50 lakh on ten entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. In ten separate orders, the regulator imposed a fine of Rs 5 lakh each on Auroplus Marketing Pvt Ltd, Baba Iron Industries, Atlantic Invest Advisory, Avinash V Mehta HUF, Navneet Agarwal and Sons HUF, Neeraj Gandhi HUF and Athwani Shrichand. Aviral Gupta, Ayushi Agarwal and Saloni Ruia were also penalised by the markets watchdog. The Securities and Exchange Board of India (Sebi) had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. Thereafter, the regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. These ten entities that have been fined on Wednesday were among those who indulged in the execution of reversal trades. Reversal trades are all

SC directs Manipur govt to ensure peace in the violence-hit state

From granting extension to Sebi to complete probe in the Adani Hindenburg case, to directing Manipur govt to ensure peace and tranquility, here are important cases of the day

Bourses freeze Orchid Pharma promoters' shares for failing to meet norms

Orchid Pharma on Wednesday said stock exchanges have started freezing the shares of its promoters for the company's failure to comply with market regulator Sebi's minimum public shareholding norms within the stipulated time period. Under Sebi norms, listed companies are required to have a Minimum Public Shareholding (MPS) of 25 per cent and stock exchanges can take action against companies, including freezing of promoters' shares, for non-compliance. In a regulatory filing, the company said its directors have been informed that they shall not hold any new position as director in any other listed entity. "The Directors at the meeting of Board of Directors held on May 10, 2023, have been informed that they shall not hold any new position as director in any other listed entity and that the action of freezing has been initiated by the stock exchanges against the promoters and promoters," Orchid Pharma said. The company stated that in its effort to maintain minimum public shareholding a

Four entities settle insider trading case in Poonawalla Fincorp with Sebi

Four entities on Wednesday settled with capital markets regulator Sebi a case pertaining to alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd, after paying Rs 10.97 crore towards the settlement fee. The entities paid a total of Rs 10.97 crore -- Rakesh Bhojgdhiya HUF (Rs 4.29 crore), Rakesh Bhojgdhiya (Rs 3.74 crore), Murlidhar Agrawal (Rs 1.20 crore) and Amit Agrawal (Rs 1.72 crore) -- towards the settlement charges. Apart from these, the terms of the settlement also included disgorgement of the already impounded ill-gotten gains of a combined value of Rs 11.82 crore made by these entities. "In view of the acceptance of the settlement terms and receipt of settlement amounts... the specified proceedings initiated against the applicants vide show cause notice dated September 15, 2022, are disposed of in terms of...the Settlement Regulations," Sebi said in two settlement orders. The regulator, in its show cause notice issued, alleged

Give report on Adani-Hindenburg probe by August 14, SC tells Sebi

Court says it cannot give 'indefinite extension' to markets regulator

Adani-Hindenburg case: SC grants Sebi time till August 14 to submit report

While granting the extension, CJI DY Chandrachud said that the proceedings shall be listed after the summer recess

Sebi offers rights to unitholders of REITs, InvITs for corporate governance

With an aim to strengthen governance norms, markets regulator Sebi on Tuesday proposed special rights to unitholders of REITs and InvITs by providing the right to nominate representative on the boards. Also, the regulator has suggested the concept of self-sponsored real estate investment trust (REIT) or infrastructure investment trust ( InvIT), according to a consultation paper. In addition, Sebi has proposed that principles of stewardship code should be applicable to members, nominated by the unitholders, on the board of directors of investment manager of REIT and InvIT. The proposed move would empower unitholders of REITs and InvITs to monitor their investment in REIT/InvIT and assist in decision making. The Securities and Exchange Board of India (Sebi) has sought public comments on the proposals till May 29. REITs and InvITs were introduced in India to provide investors with an opportunity to gain exposure to real estate and infrastructure projects respectively, with ...

Market regulator Sebi plans to expand QIB base to boost bond market

Looks to include SFBs and multi-state cooperatives, among others

Sebi slaps Rs 25 lakh penalty on 5 entities for non-genuine trades

Capital markets regulator Sebi on Tuesday slapped penalties totalling Rs 25 lakh on five 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 Chitrabai Vasantrao Nikam, Damayanti Jhunjhunwala, Nemichand Kasturchand Jain, Naresh Kumar Agarwal and Chandra Lakshmi Safety Glass Ltd (CLSG). Sebi had observed large scale reversal trades in 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 five entities that have been fined on Tuesday 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 regula

Colocation case: NSE receives Rs 300 crore from market regulator Sebi

Exchange files fresh consent application to settle Feb'21 outage case

Market regulator warns against premature conclusion to Adani probe

India's Supreme Court is hearing an appeal from SEBI to give it an additional six months to complete its probe into the Adani group

Have not investigated Adani Group since 2016, Sebi tells apex court

The apex court on Monday heard the Adani vs Hindenburg case along with some other crucial cases

FinMin stands by 2021 Parl reply that Sebi was investigating Adani Group

As a political row erupted over SEBI telling Supreme Court that it has not been probing the Adani group since 2016, the Finance Ministry on Monday said it stands by its July 2021 written reply in Parliament that had stated that the stock market regulator was investigating some Adani group companies. After SEBI filed a fresh affidavit with the Supreme Court to strengthen its case for a six-month extension of the deadline to complete the probing allegations of fraud and money laundering against Adani Group, Congress and other opposition parties cited the finance ministry's July 2021 replies in Parliament to ask who was misleading. "The government stands by its reply in Lok Sabha on 19th July 2021 to Q. No. 72, which was based on due diligence and inputs from all concerned agencies," the Finance Ministry tweeted. This was in response to Congress spokesperson Jairman Ramesh posting a screenshot of the written reply made by Minister of State for Finance Pankaj Chaudhary on July 19, ...