Page 147 - Sebi

Sebi slaps fine of Rs 75 lakh on 15 entities for non-genuine trades

Capital markets regulator Sebi on Friday slapped fines totalling Rs 75 lakh on 15 entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. In fifteen separate orders, the regulator levied a fine of Rs 5 lakh each on Vanshika Gurbani, UNNO Industries, Vaishali Tushar Shah, Varshaben ManojKumar Jadav, Surendra Kumar Bagri HUF, Ketan Desai, Kiran Bhawani and Kiran Gupta. Kiran Rasiklal Mehta, Ask Realty and Developers, Sunita Agarwal, Suresh Maheshwari, Usha Maurya, Union Commodities and Sunrise Legal Advisor and Consultant were also penalised by the markets watchdog. The Securities and Exchange Board of India (Sebi) had observed large-scale reversal of trades in the illiquid stock options segment of BSE, leading to the creation of artificial volumes on the bourse. It conducted an investigation into the trading activities of certain entities engaged in the segment on BSE from April 2014 to September 2015. According to Sebi, these 15 entities were amo

Sebi likely to seek more time from Supreme Court in Adani Group case

Deadline to submit status report is May 2

Sebi calls off Pragya Commodity Brokers' registration in NSEL case

Sebi on Friday cancelled the registration of Pragya Commodity Brokers for facilitating its clients to trade in illegal "paired contracts" on the National Spot Exchange Ltd (NSEL). By providing such a facility of taking exposure to 'paired contracts', the broker exposed its clients to the risk involved in trading in a trading product that did not have regulatory approval, Sebi said in the order. "The noticee (Pragya Commodity Brokers) provided a platform to its clients to access a product which raised serious questions on the ability of the noticee to conduct proper and effective due diligence regarding the product itself. "I hold that the Noticee does not satisfy the 'fit and proper person' criteria for holding the certificate of registration as a broker in the securities market and hence, the continuance of the Noticee as a broker will be detrimental to the interest of the securities markets," Sebi's Executive Director Pramod Rao said in the order. Sebi has asked the broker to all

Karvy Stock Broking, its promoter barred for 7 years from markets

Group firms directed to return Rs 1,443 cr siphoned off from clients

Sebi at age 31. Or is it 35?

The three-plus decades of Sebi's existence offer important lessons for public policy and security market reforms

Sebi bars Karvy Investor Services from onboarding new clients

In an ex-parte order, the Securities and Exchange Board of India (Sebi) noted that KISL did not have the necessary infrastructure like adequate office space, equipment and manpower to work as merchant

Market regulator Sebi bars five for front-running trades in LIC

In an interim order issued on Thursday, Sebi noted that Yogesh Garg, an employee in the investment department of LIC, and four others connected to him made unlawful gains of Rs 2.44 crore

LIC front running trade case: Sebi bans 5 entities from securities market

Sebi on Thursday barred five entities, including an employee of Life Insurance Corporation of India (LIC), from the securities market and impounded illegal gains of Rs 2.44 crore made by them, in a case pertaining to front-running the trades of the state-owned insurer. Also, they have been asked to "cease and desist" from engaging in any fraudulent, manipulative or unfair trade practice, including front-running. These five entities prohibited by Sebi are -- Yogesh Garg, who was working in the investment department of LIC through which trades on behalf of the insurer were placed; his mother Sarita Garg; his mother-in-law Kamlesh Agarwal; Ved Prakash HUF and Sarita Garg HUF, the capital markets regulator said in its interim order. Going by Sebi's order, Yogesh Garg is still professionally associated with LIC. Sebi has been informed by LIC that Yogesh Garg has been transferred from the investment department of the company to another department of the insurance firm. The five entities

Arihant Capital settle case with Sebi, pays Rs 17 lakh as settlement charge

Arihant Capital Markets has settled with Sebi a case pertaining to alleged violation of broker and intermediaries norms. Arihant Capital Markets paid over Rs 17 lakh as settlement charges to the regulator. The order came after Arihant Capital proposed to settle the instant proceedings initiated against it, "without admitting or denying the findings of facts and conclusions of law". "The instant proceedings initiated against noticee vide show cause notice dated October 06, 2022 is disposed of," Sebi's Executive Director Anand R Baiwar said in the settlement order passed on Wednesday. Sebi initiated enquiry proceedings against noticee (Arihant Capital) for alleged violation of the broker regulations and intermediaries norms for failing to file suspicious transaction reports to Financial Intelligence Unit- India, regarding certain discrepancies noted by the noticee in the Know Your Customer (KYC) documents of its clients. Thereafter, the regulator had conducted an investigation from

SAT stays ban on Samir Jain, wife, and six others in PNB Finance case

In two separate orders, Sebi alleged that PNBFIL and CCIL did not make adequate disclosures about their promoter entities

Exchanges must comply with Weapons of Mass Destruction Act: Sebi

Capital markets regulator Sebi on Wednesday asked stock exchanges and intermediaries to comply with the rules, which deal with the prevention of financing related to weapons of mass destruction and their delivery systems. Under this, stock exchanges and intermediaries will have to maintain a record of designated persons, according to a Sebi circular. In addition, they will have to keep a check and prevent financial transactions with individuals and entities in the designated list. Further, they have been asked to immediately inform about such transactions to Chief Nodal Officer and file a suspicious transaction report with FIU-IND (Financial Intelligence Unit - India). This came after the Ministry of Finance issued an order in January detailing the procedure for implementation of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act (WMD Act). The Act bans funding of weapons of mass destruction and also empowers the Centre to freeze, s

Sebi bars three individuals for spreading stock tips through Telegram

Regulator says mere disclaimer does not exonerate manipulators from nefarious scheme

Market regulator Sebi issues show-cause notice to Essel's Amit Goenka

The regulator has directed them to not dilute or sell their holdings in the company

Sebi issues notices to Essel's Amit Goenka, 7 others in fund diversion case

Capital markets regulator Sebi on Tuesday issued interim order-cum-show-cause notices against Shirpur Gold Refinery, its erstwhile chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures, and five others for allegedly siphoning off funds from the company and violating other rules. Shirpur is a part of the Subhash Chandra Goenka led-Essel Group and has been taken to NCLT under IBC by its lenders. Amit Goenka was non-executive chairman and director of Shirpur till 2021-22. The interim order has been passed against Shirpur Gold Refinery Ltd (SGRL), its promoter Jayneer Infrapower and Multiventures, and six individuals -- Amit Goenka (chairman), its directors Mukund Galgali, Vipin Choudhary, Dineshkumar Kanodia, and its CFOs Shravan Kumar Shah and Ashok Sanghvi. The family members of Subhash Chandra, including his son Amit Goenka, are the shareholders in Jayneer, as per Sebi. In its order, Sebi directed Goenka, Galgali, Choudhary, Kanodia, Shah, Sanghvi and Jayneer not to s

Sebi bans brokers from creating bank guarantees on clients' funds

Capital markets regulator Sebi on Tuesday prohibited stock brokers and clearing members from creating new bank guarantees on clients' funds beginning May 1 and directed them to wind down all existing bank guarantees by September-end. This is part of Sebi's effort to curb the possible misuse of investors' money by stock brokers. At present, stock brokers (SBs) and clearing members (CMs) pledge client's funds with banks which in turn issue Bank Guarantees (BGs) to clearing corporations for higher amounts. This implicit leverage exposes the market and especially the client's funds to risks. "Beginning May 1, 2023, no new BGs shall be created out of clients' funds by SBs/CMs. Existing BGs created out of clients' funds shall be wound down by September 30, 2023," Sebi said in a circular. The framework will not be applicable for proprietary funds of stock brokers and clearing members in any segment and SB's proprietary funds deposited with CM in the capacity of a client. In addition, the

Sebi asks AMCs to file final offer documents digitally as part of Go Green

Markets regulator Sebi on Tuesday asked asset management companies (AMCs) to file final offer documents only digitally as a part of its "go green" initiative. In addition, to safeguard the interests of investors in the securities market, Sebi said all new fund offers (NFOs) will remain open for subscription for a minimum period of three working days. The new framework will be applicable with effect from May 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, AMCs will have to file all final offer documents -- SID (scheme information document) and KIM (key information memorandum) -- only digitally by e-mailing the same to a dedicated e-mail ID, and there would be no requirement of filing physical copies of the same with Sebi. Such submission of all final SID and KIM in digital form will have to be made at least two working days before the launch of the scheme. As per the current rules, Sebi mandated the submission of a soft copy of th

Sebi bars brokers from creating bank guarantees with client funds

Regulator says all bank guarantees will have to be terminated by Sept 30

What is ESG, how is it supporting companies' efforts toward sustainability

From the role and need to challenges faced by Indian companies in its implementation and criticism around it, here is a lowdown on what is ESG

What's in a logo? A lot, as Sebi and Nokia give a digital twist to theirs

In favour: Clean, simplistic logos that reflect a modern outlook, enjoy visibility on digital platforms

Sebi bars Vistaar Capital for a year, orders winding up of Film Fund

Scheme was to expire in 2013 but was not liquidated and failed to maintain records: Regulator