Page 45 - Sebi

Sebi eases cash flow disclosure norms in corporate bond database framework

Markets regulator Sebi has simplified the operational process and provided clarity on cash flow disclosure in the corporate bond database after a review of the Request for Quote (RFQ) Platform framework. In its latest circular, the regulator has made yield-to-price calculation on the RFQ platform easier. Now, only the due dates -- and not the actual payment dates -- mentioned in the cash flow schedule will be used for these calculations. This move is aimed at streamlining and simplifying the process of trade execution on the RFQ platform. As part of this simplification, yield-to-price will now be based on scheduled due dates, without applying any adjustments based on day count conventions. At present, yields on debt securities are calculated using more complex methods that consider actual payment dates and required day count adjustments. In addition to simplifying yield calculations, Sebi has introduced a requirement for mandatory cash flow disclosures in the centralised corporate

Sebi resolves 4,239 investor complaints via SCORES platform in April

Capital markets regulator Sebi disposed of 4,239 complaints through grievance redressal mechanism SCORES platform in April. The markets watchdog received 4,341 fresh complaints in the month and a total of 4,263 complaints remained unresolved at the end of April, slightly higher than the 4,161 complaints that were pending as of March 31, according to a public notice by the Securities and Exchange Board of India (Sebi). The regulator also highlighted that the average resolution time taken by the entities to submit the Action Taken Reports (ATR) in April was eight days, while the average time taken for complaints under First Level Review was four days, it added. SCORES, or Sebi Complaint Redressal System, is an online platform which facilitates investors in lodging and tracking complaints against listed companies and registered intermediaries. Under the upgraded SCORES 2.0 framework, complaints are automatically forwarded to the entities, which are given 21 days to submit an ATR to th

Public-promoter confusion deepens with switches across companies

In many instances, same shareholder is both public and promoter

NCLT to hear Ireda's plea seeking insolvency against Gensol Engineering

NCLT to hear Ireda's plea against Gensol Engineering over a ₹510 crore default, but denies appointment of an IRP, citing the need to hear the company's side first

AIFs seek Sebi help to address inter-regulatory issues and ease norms

AIF industry officials believe that such a platform could help address operational hurdles in domestic capital formation

Sebi urges Karvy investors to file claims before June 2 deadline approaches

Markets regulator Sebi on Friday asked investors of defaulted broker Karvy Stock Broking Ltd (KSBL) to file their claims, as the deadline of June 2 is approaching. KSBL was declared a defaulter by the National Stock Exchange (NSE) on November 23, 2020. Following this, investors were invited to submit claims against the defaulting broker, with the final date for submission set as June 2, 2025. Highlighting the urgency, Sebi, in its statement, said, "As the deadline for submitting investors' claims against default broker Karvy Stock Broking Ltd is approaching shortly, investors are advised to take note of the above deadline and are urged to file their claims before the deadline, if not lodged already." For assistance, investors can reach out to NSE by calling its toll-free number 1800 266 0050 (select IVR option 5) or by emailing at defaultisc@nse.co.in, it added. In April 2023, Sebi barred KSBL and its CMD C Parthasarathy from the securities market for seven years and also imposed a

Sebi extends deadline for FPI ODI issuance framework to Nov 17

Markets regulator Sebi on Friday extended the timeline for implementing the framework regarding tightening of rules on issuance of offshore derivative instruments (ODIs) by FPIs to November 17. Sebi, in December, came out with the framework, which was to become effective from May 17. The framework provides for additional disclosures to be made by ODI subscribers and FPIs (Foreign Portfolio Investors) with segregated portfolios. "Based on representations received from market participants and in order to ensure smooth implementation of the said circular (issued in December), it has been decided to extend the timeline, ...to November 17, 2025," Sebi said in a circular. The circular proposed to prohibit FPIs from issuing ODIs with derivatives as the underlying or using derivatives to hedge their ODIs in India. This was aimed at addressing regulatory arbitrage for ODIs and FPIs with segregated portfolios. Further, FPIs cannot hedge ODIs with derivatives on Indian stock exchanges. ODIs

Sebi bans Varyaa Creations from securities mkt over IPO proceeds diversion

Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering (IPO). Additionally, the regulator has barred Inventure Merchant Banking Services Pvt Ltd from taking up any new assignment relating to merchant banking activities in the securities market till further directions. Also, the shareholdings of seven promoter group entities have been frozen until further directions, according to an interim order passed by Sebi on Wednesday. Varyaa Creations, which is primarily engaged in wholesale trading of precious metals, and manufacture and sale of jewellery, came out with its Rs 20.10-crore IPO and got listed on the SME platform of the BSE on April 30, 2024. The Securities and Exchange Board of India (Sebi) carried out a routine inspection of the activities of the Inventure and noticed certain irregularities in the IPO process of VCL and initiated an inquiry into

SAT allows Gensol Engineering to file its response to Sebi interim order

Gensol Engineering on Wednesday said the Securities Appellate Tribunal (SAT) disposed of its appeal but allowed the company to file its response on Sebi's interim order to bar the firm and its promoters from the securities market. Last month, in an interim order, Sebi barred Gensol Engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case. In a regulatory filing, the company said the appeal filed by it before the SAT has been disposed of, granting it an opportunity to file its response to Sebi's interim order within two weeks. It further informed that the markets regulator has given directions to hear the company within two weeks thereafter and pass an appropriate order within four weeks. The tribunal has given no observations on Sebi's interim order, it stated. The delay in the disclosure of the SAT order dated May 9 was mainly due to the vacancy in the office of the ...

Sebi bars Varyaa Creations, freezes promoters' shares over IPO misuse

Sebi has debarred Varyaa Creations from markets, citing diversion of 71% of IPO funds; lead manager also barred, promoter group shares frozen pending investigation

Sebi warns investors as Strata exits SM REIT framework post legal row

Strata, with Rs 2,000 crore AUM, had not launched SM REIT schemes before surrendering its registration following Sebi discussions and legal proceedings

Sebi updates investor charter for RTAs to enhance protection, literacy

To strengthen investor protection and promote financial inclusion and literacy, especially with new developments like the Online Dispute Resolution (ODR) platform and SCORES 2.0, markets regulator Sebi on Wednesday updated the Investor Charter for RTAs. Under this, all RTAs (Registrars to an Issue and Share Transfer Agent) are required to share the updated Investor Charter on their websites and via email to existing and new shareholders. Also, they need to display the charter prominently at their offices. Further, the Registrar Association of India (RAIN) are required to publish the Investor Charter on its website. The investor charter provides details about the activities of registrars to an issue and share transfer agents (RTAs). Additionally, these investor charters should outline the Dos and Don'ts for investors engaging with RTAs. The investor charter for RTAs outlines services such as KYC updates, transmission of shares, dividend processing, and corporate actions like ESOPs

Groww Invest Tech pays Rs 47.85L to Sebi, settles regulatory lapses case

Groww Invest Tech on Wednesday settled a case pertaining to the alleged violation of stock brokers' rules and other norms after the online investing platform paid Rs 47.85 lakh towards settlement amount. The order came after the broking company filed an application with Sebi "without admitting or denying the facts and conclusion of law", through a settlement order. "In view of the acceptance of the settlement terms, the adjudication proceedings initiated against applicant vide SCN dated November 25, 2024 is disposed of," Sebi's Adjudicating Officer Amit Kapoor said. The case stemmed from a comprehensive inspection of Groww Invest Tech (formerly Nextbillion Technology Pvt Ltd). The Securities and Exchange Board of India (Sebi) alleged that Groww had violated multiple provisions of the securities contracts (regulation), several Sebi circulars and stock broker regulations. Among the lapses cited, the regulator observed that the applicant (Groww Invest Tech) had sent retention stateme

Sebi extends deadline of AIF managers' certification requirement to July 31

Markets regulator Sebi on Tuesday extended the deadline to July 31 for the certification requirement for Alternative Investment Fund (AIF) managers. Under the rules, the key investment team of an AIF manager is required to have at least one member certified as specified by Sebi. From May 10, 2024, the required certification is the NISM Series-XIX-C: AIF managers certification examination. Earlier, Sebi allowed existing AIF schemes as of May 13, 2024, and schemes pending approval (as of May 10, 2024) until May 9, 2025, to obtain this certification. "Based on representation received from the AIF industry, and with the objective of providing ease of compliance to the AIF industry, it has been decided to extend the said timeline from May 9, 2025, to July 31, 2025, to obtain the requisite NISM certification," according to a Sebi circular. This extension is effective immediately, it added.

Sebi proposes relief for FPIs investing in govt bonds under VRR, FAR

Sebi proposes easing norms for FPIs investing solely in Indian government bonds via VRR and FAR, with relaxed KYC and disclosure rules amid global index inclusion

Greaves Electric gets Sebi nod for public listing, looks to raise ₹1000 cr

Greaves Electric Mobility has received Sebi's approval to launch an IPO, aiming to raise ₹1,000 crore through fresh shares and an OFS, with funds planned for tech, capacity, and expansion projects

Groww Invest pays over ₹34 Lakh to settle Sebi case linked to tech glitch

Groww Invest has paid ₹34.12 lakh to settle a Sebi case over a January 2024 tech glitch that left customers unable to trade, drawing a line under the matter without admitting any fault

Gensol Engineering promoters quit after Sebi order on fund diversion

Promoters of beleaguered Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, have resigned from the company following market regulator Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets till further orders in a fund diversion and governance lapses case. The regulator also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders. The markets watchdog also directed Gensol Engineering Ltd to put on hold the stock split announced by it. Gensol Engineering in the exchange filing stated that Anmol Singh Jaggi, Managing Director, and Puneet Singh Jaggi, Whole-time Director, have tendered their resignation. They shall

Sebi set to roll out new risk metrics to curb F&O market speculation

New risk metrics target speculative churn; parts of the original plan revised after industry pushback

Sebi proposes new disclosure norms for governance by HVDLEs in India

Markets regulator Sebi on Friday proposed tweaking its format for disclosure of corporate governance framework by High Value Debt Listed Entities (HVDLE). An entity having outstanding value of listed non-convertible debt securities of Rs 1,000 crore are referred to as 'High Value Debt Listed Entities'. Under the proposal, an HVDLE should submit a secretarial compliance report in such form as specified by Sebi, to stock exchanges, within 60 days from end of each financial year, the regulator said in its consultation paper. Further, the HVDLE should submit a periodic compliance report on corporate governance to the recognized stock exchanges within 21 days from the end of the period along with details of all material transactions with related details of all material transactions with related parties. With regard to the disclosure and obligations of HVDLEs in relation to Related Party Transaction (RPT) , it has been suggested to specify the information should be placed before the audi