Page 158 - Sebi

Close on heels of India, US switches to T+1 trade settlement cycle

Growing pressure on global regulators to shorten settlement cycle, say experts

Sebi asks brokers, depositories to maintain websites to bring transparency

With an aim to bring in transparency, capital markets regulator Sebi on Thursday mandated all stock brokers and depositories to maintain websites. A designated website brings in transparency and helps the investors to keep themselves well informed about the various activities of the Stock broker (SB) and Depository participant (DP). In view of the same, considering the advancement in technology and need to provide better services to the investors, all SBs and DPs have been mandated to maintain a designated website, Sebi said in a circular. Such website would mandatorily display information such as basic details of the SB/DP such as registration number, registered address of head office and branches and names and contact details such as E-mail IDs etc of all key managerial personnel, including compliance officer. In addition, such website is required to display step-by-step procedures for opening an account, filing a complaint on a designated E-mail ID, and finding out the status of

Adani Group denies reports of hiring Grant Thornton for audits amid crisis

Adani Group | Grant Thornton: Media reports suggested that embattled Adani Grpup had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies in a bid to come clean

Sebi introduces issue summary document for filing IPO papers in XBRL format

Sebi on Wednesday introduced the issue summary document for filing papers pertaining to IPO and for further issue of securities in XBRL format, a move that will help provide data to stakeholders in a structured manner. This is part of the capital markets regulator's effort to make available relevant information at the stock exchanges and depositories in a structured manner. The rollout of the Issue Summary Document (ISD) will be done in a phased manner starting March 1, the Securities and Exchange Board of India (Sebi) said in a circular. The regulator has decided to introduce the ISD in XBRL format for Initial Public Offer (IPO), Further Public Offer, further issues -- preferential issue, qualified Institutions Placement (QIP), rights issue, issue of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs), among others. XBRL (Extensible Business Reporting Language) is a language for the electronic communication of busin

Sebi notifies governance norms for REITs, InvITs similar to listed cos

Markets watchdog Sebi on Wednesday notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies. In two separate notifications, provisions such as those related to tenure of auditor, computation of leverage and unclaimed or unpaid distribution have been streamlined by the regulator. This comes after the board of Sebi approved a proposal in December for introducing governance norms for REITs and InvITs on the lines of corporate governance norms for listed companies. As part of streamlining the provisions for REITs and InvITs, the regulator said the tenure of an auditor will be made till the conclusion of the fifth annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated. REITs or InvITs would not appoint an individual as the auditor for more than one term of five consecutive years, while an .

Jairam Ramesh urges RBI, SEBI to probe allegations against Adani Group

Senior Congress leader Jairam Ramesh has written to the Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and sought an investigation into allegations of financial irregularities and stock manipulation against the Adani Group. In his letter to Das posted on Twitter on Wednesday, Ramesh urged the RBI to ensure that "excessive debt exposure" by the Adani Group currently and in the future does not destabilise India's banking system. "The Adani Group has been described as 'deeply over-leveraged' - if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell off in stock prices is creating vulnerabilities for the Adani Group to find financing, and by implication for India's banking system," the Congress MP said in his letter dated February 14. Ramesh called on the RBI to look into

SEBI investigates short-seller Hindenburg allegations against Adani Group

Market regulator SEBI has indicated to the Supreme Court that it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements. The Securities and Exchange Board of India (SEBI) in written note before a bench headed by Chief Justice DY Chandrachud, which was hearing two PILs relating to the recent Adani Group shares crash, described what short-selling is and what the Hindenburg Research did but did not once name the Adani Group in the 20-page document. The regulator, the note said, was "already enquiring both the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report." US-based short-seller Hindenburg in a January 24 report alleged that the Adani Group pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The allegations, which

Adani row: We have robust framework to deal with mkt volatility, says Sebi

Market regulator SEBI has told the Supreme Court that it is inquiring into allegations made in the Hindenburg report against the Adani Group as well as the market activity immediately preceding and post the publication of the report to identify any violations of its regulations. It has also told the apex court hat it has a robust set of frameworks and market systems to ensure seamless trading and deal with the volatility in stock exchanges, while asserting that developed securities markets world over recognise short selling as a legitimate investment activity. The Securities and Exchange Board of India (SEBI) on Monday filed the 23-page written note before a bench headed by Chief Justice DY Chandrachud, which was hearing two PILs relating to the recent Adani Group shares crash, and said it was already enquiring into both, the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report, to identify violations of

Adani Group tries to calm investors as Sebi confirms investigation

"We are confident in the continued ability of our portfolio to deliver superior returns to shareholders," Adani Group said in the emailed statement

Sebi probing Hindenburg Research allegations against Adani Group

SC hearing: Govt agrees to form expert panel to strengthen regulatory regime

No breach of law by entities being linked to Adani Group: Mauritius

Its market regulator yet to share prelim report with India

Sebi board likely to take up Adani stock rout at its meet this week

Finance minister Nirmala Sitharaman to address Sebi board as a part of customary practice after presenting the Budget

Adani saga: Easy come, easy go

The story of "sudden volatility" isn't so sudden and starts in mid-2020, except that it was upward volatility then

Sebi proposes to enhance role, accountability of mutual fund trustees

Amidst growing scale of the mutual fund industry, capital markets regulator Sebi has proposed to increase the role and accountability of the trustees in a bid to safeguard unitholders' interest. In addition, the regulator has suggested to enhance the accountability of board of asset management company (AMC). Also, Sebi has proposed a common platform for dissemination of public announcements by mutual funds. In order to have an independent review mechanism for the decisions of AMC from the perspective of the unitholders' interest across all products and services, Sebi has proposed to mandate that a "Unit Holder Protection Committee (UHPC) should be constituted by board of AMC". In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base. Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers a

Drone maker ideaForge Technology files preliminary IPO papers with Sebi

Drone maker ideaForge Technology has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The public issue comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 48,69,712 equity shares by one of the promoters and existing shareholders, according to the draft red herring prospectus (DRHP). Those selling shares in the OFS include Ashish Bhat, A&E Investment LLC, Agarwal Trademart, Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Export Import Bank of India, Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte Ltd and Society for Innovation and Entrepreneurship. Also, the company may consider an issue of shares aggregating up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issuance to the tune of Rs 50 crore will be utilised for debt payment, Rs 135 crore towards funding working capital requirements and

Sebi issues consultation paper on role, obligations of mutual fund trustees

The Securities and Exchange Board of India (Sebi) has issued a consultation paper on the role and obligations of mutual fund trustees. The consultation paper is to seek views on issues related to review of role and obligations of the trustees as well as provide clarity on the role and accountability of the boards of Asset Management Companies (AMC) to safeguard unitholders' interest, across all products and services. Among others, Sebi has proposed enhancing the accountability of the board of an AMC by way of amendments to mutual fund regulations to make the board of AMC responsible for compliance with the regulations. "In view of the increasing scale and reach of the Mutual Fund industry, trustees' role in respect of unitholders' protection assumes even greater significance," it said in the consultation paper. At present, two structures are permitted for trustees under the mutual fund regulations -- corporate structure and board of trustees structure. "It may be desirable to have

Sebi proposes changes in norms pertaining to non-convertible securities

Markets regulator Sebi plans to introduce the concept of general information and key information documents as well as other reforms in regulations pertaining to issuance and listing of non-convertible securities. Sebi (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) were notified in August 2021. The watchdog has issued a consultation paper on proposal for introduction of the concept of General Information Document (GID) and Key Information Document (KID), mandatory listing of debt securities of listed issuers and other reforms under the NCS Regulations. "... certain provisions of the NCS Regulations are being reviewed and additional provisions are proposed to be introduced, in order to provide ease of doing business to the issuers, safeguard the interests of the investors and at the same time increase transparency in the market by encouraging issuances of debt securities in the listed space," it said. Comments have been sought on the consultat

Sebi probing Adani's links with investors in aborted $2.5 billion FPO

Opposition parties have protested in parliament to call for an independent probe into Hindenburg's allegations

Adani-Hindenburg row: Supreme Court for expert panel on investors' safety

Court asked regulator to file response detailing how a strong framework can be put in place

Awaiting Sebi response, says NSE chief Ashishkumar Chauhan on IPO

Says the exchange is in consultation for increasing market trading timing