Page 56 - Sebi

Limited product possibilities in MF Lite as Sebi sets AUM criteria

For indices that serve as primary benchmarks for active schemes, the AUM of these active schemes will also be included

Standard Glass sets price band of Rs 133-140 for IPO, set to open Jan 6

Standard Glass Lining Technology Ltd on Wednesday said it has fixed a price band at Rs 133-140 per equity share for its Rs 410.05 crore initial public offering (IPO) that opens for public subscription on January 6. The public issue of Standard Glass Lining Technology is set to become the first mainboard IPO of 2025. The company has reduced the size of its offer for sale component to nearly 1.43 crore equity shares from 1.84 crore shares as planned earlier. The three-day initial public offering (IPO) will conclude on January 8 and the bidding for anchor investors will open on January 3, the company said in a statement. At the end of the upper price band, the company is going to fetch up to Rs 410.05 crore from the IPO. Investors can bid for a minimum of 107 shares and in multiples thereof, it added. The Telangana-based company's IPO is a combination of fresh issuance of equity shares worth Rs 210 crore and an offer for sale (OFS) of up to 1.43 crore shares by promoters and other ..

Sebi simplifies disclosures for listed companies through integrated filing

The measures aim to simplify compliance and streamline disclosure requirements by integrating periodic filings under two broad categories: governance and financial

Sebi mandates compliance for listed entities with integrated filing

Capital markets regulator Sebi has rolled out a new compliance framework for listed entities, introducing integrated filing for governance and financial disclosures, which will be applicable for filings to be done for the quarter ending December 31, 2024. The latest move aims to reduce compliance burdens by unifying multiple periodic filing requirements into a single system. "In order to facilitate ease of filing and compliance for listed entities, it has been decided to introduce Integrated Filing, in terms of...the LODR Regulations, for the following governance and financial related periodic filings required under the LODR, which shall be applicable for the filings to be done for the quarter ending December 31, 2024 and thereafter," the regulator said. The regulator incorporates recommendations from an expert committee which was set up to review the Sebi's LODR (Listing Obligations and Disclosure Requirements) norms. Under the new system, governance-related filings such as ...

Kirloskars' to challenge Sebi for seeking disclosure of family settlement

Four Kirloskar companies on Tuesday said they are preparing to legally challenge a letter by markets regulator SEBI asking them to disclose the deed of family settlement that was signed by members of the Kirloskar family on September 11, 2009. In separate regulatory filings, Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd and Kirloskar Oil Engines Ltd maintained they are not bound by deed of family settlement (DFS) nor does it have any impact or create any restriction or liability on them. SEBI in a letter dated December 30, 2024 advised the companies to disclose the DFS, entered into amongst the members of the Kirloskar family in their personal capacity, under the SEBI listing obligations and disclosure requirements regulations, they said. Kirloskar siblings, with Sanjay (Kirloskar Brothers Ltd Chairman and Managing Director) on one side and Atul and Rahul on the other, have been in a feud since 2016 over the DFS for the asse

Sebi announces launch of MF Lite framework to boost passive fund schemes

Capital markets regulator Sebi on Tuesday announced the launch of the Mutual Funds Lite (MF Lite) framework to simplify the compliance process for entities launching passively managed mutual fund schemes. The framework is designed to encourage new entrants, promote innovation, and foster investment diversification in the mutual fund industry. The Securities and Exchange Board of India (Sebi) said the MF Lite framework will apply to passive schemes, including index funds, exchange-traded funds (ETFs), funds of funds (FoFs), and others specified by the regulator. It intends to streamline processes and reduce barriers for entities focused solely on passive investment products, a move expected to increase market liquidity and ease entry for new players. The framework is based on recommendations made by a Sebi-constituted working group, which were later endorsed by the Mutual Funds Advisory Committee. The markets regulator amended its Mutual Funds Regulations 1996 to incorporate the MF

Sebi issues clarification on cybersecurity norms for regulated entities

Sebi on Tuesday issued clarifications to its Cybersecurity and Cyber Resilience Framework for regulated entities, providing regulatory forbearance and extending compliance deadlines for select categories. The clarification came after Sebi addressed queries from stakeholders regarding the framework introduced in August this year. The framework is designed to ensure that Sebi-regulated entities (REs) maintain robust cybersecurity posture, remain equipped with adequate cyber resiliency measures and can withstand, respond to, and recover from cyber threats, effectively. "With regard to the compliance requirements, which are effective from January 1, 2025, under the framework, regulatory forbearance is provided till March 31, 2025, Sebi said in a circular. During this period, the entities will not face penalties for non-compliance, provided they demonstrate progress in implementing the framework, it added. Further, the compliance deadline has been extended to April 1, 2025, for KYC ...

Ajay Poly files preliminary papers with Sebi to mop up funds via IPO

Refrigeration sealing solutions firm Ajay Poly has filed its draft red herring prospectus with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The initial public offer is a mix of fresh issue of shares of up to Rs 238 crore and an offer-for-sale (OFS) of up to 93 lakh equity shares each by the promoters, as per the draft red herring prospectus (DRHP) filed on December 28. Under the OFS, 37 lakh shares will be sold by promoter Bina Jain, while Rajeev Jain and Nitin Jain will offload 28 lakh shares each. The company may consider a pre-IPO placement of shares worth up to Rs 47.6 crore. If the pre-IPO placement is completed, then the size of the fresh issue will be reduced. The proceeds from the fresh issue will be utilised by the company to the extent of Rs 119 crore for debt payment, Rs 64.97 crore for funding capital expenditure requirements towards the purchase of equipment, plant, and machinery at Noida Unit, Karegaon, Shirwal, Chennai Unit,

Sebi allows subscription to NCS during trading window closure period

Capital markets regulator Sebi on Monday permitted subscription to non-convertible securities (NCS) during the trading window closure period, marking a significant update to its insider trading norms. This latest move enables the market participants to subscribe to non-convertible securities without being constrained by the trading window restrictions. However, the trading window restrictions will not apply with respect to transactions, such as acquisition by conversion of warrants or debentures, subscribing to rights issues, further public issues, preferential allotment or buy-back and open offers. Sebi noted that earlier exemptions, extended through a 2020 circular, included rights entitlements and offer-for-sale (OFS) transactions. "It has been decided that in addition to the transactions mentioned in PIT (Prohibition of Insider Trading) regulations, the trading window restrictions shall also not apply to subscription to the issue of non-convertible securities, carried out in ..

Gem Aromatics files draft papers with Sebi to mobilise funds via IPO

Mumbai-based Gem Aromatics, a manufacturer of specialty ingredients, has filled its draft papers with Sebi to raise funds through an initial public offer. The initial public offering (IPO) is a mix of fresh issue of equity shares worth up to Rs 175 crore and an offer for sale (OFS) of up to 89.24 lakh shares each by the promoter and an investor, according to the draft red herring prospectus (DRHP) filed on December 28. Among promoters, Vipul Parekh will offload 33.96 lakh equity shares, Kaksha Vipul Parekh up to 16.26 lakh shares and Yash Vipul Parekh will sell up to 16.70 lakh shares. Investor doTERRA Enterprises, Srl will divest up to 22.31 lakh equity shares in the company through the OFS. The company may consider a pre-IPO placement aggregating up to Rs 35 crore. Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes. Gem Aromatics Ltd has established itself as a leading manufacturer of specialty ingredients in India, ...

Schloss Bangalore, Ather Energy, 4 others get Sebi's nod to float IPO

Sebi has cleared proposals of six companies, including Leela Palace parent firm Schloss Bangalore, EV player Ather Energy and Oswal Pumps, to launch their initial public offerings. The six companies filed their draft IPO papers with Sebi from September 10 to 23 and obtained the regulator's observations on December 23-27, an update with the markets regulator showed on Monday. The companies are Ivalue Infosolutions Ltd, Ather Energy, Oswal Pumps, Quality Power Electrical Equipments, Fabtech Technologies and Schloss Bangalore Ltd. In Sebi's parlance, obtaining observations means its go-ahead to float public issues. The Rs 5,000-crore proposed IPO of Schloss Bangalore Ltd, which operates Leela Palaces Hotels & Resorts, is a combination of a fresh issue of equity shares worth Rs 3,000 crore and an offer for sale (OFS) of stocks valued at Rs 2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd. This could be the country's largest IPO in the hospitality ...

Fujiyama Power files preliminary papers with Sebi to raise funds via IPO

Greater-Noida-based Fujiyama Power Systems has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth up to Rs 700 crore and an offer-for-sale (OFS) of up to 2 crore shares by promoters, according to Draft Red Herring Prospectus (DRHP) filed on December 28. Under the OFS, one crore equity shares each will be offloaded by Pawan Kumar Garg and Yogesh Dua. The company may consider raising Rs 140 crore through a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. The net proceeds from the fresh issue are proposed to be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, repayment of debt, and general corporate purposes. Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid an

Sebi's 2024 review: Push for reforms continued despite controversies

Allegations against the chairperson overshadow several key reform initiatives by the market regulator

Sebi to auction 23 properties of 9 firms in Feb to recoup illicit funds

Sebi on Monday said it has scheduled an auction of 23 properties belonging to nine firms, such as Tower Infotech and Vibgyor Group of Companies in February, aimed to recoup funds illicitly collected from investors. Additionally, GBC Industrial Corporation, Waris Group, Pincon Group, Kolkata Weir Industries Ltd (KWIL), Annex Infrastructure India, I-core Group and MPS Group were the other firms whose properties will also be auctioned. The process for the sale of the companies' assets has been initiated by the markets watchdog following the orders of Calcutta High Court. The properties include plots, apartments and buildings located in West Bengal. It will be auctioned at a reserve price of Rs 55 crore, according to a notice issued by the Securities and Exchange Board of India (Sebi). Justice Sailendra Prasad Talukdar has been appointed as the one-man committee for liquidating the assets of the firm and repaying the investors. The move is part of Sebi's effort to recover investors' ..

Choosing a financial advisor: Look for experience of multiple market cycles

Financial advisors also assist in selecting cost-effective and tax-efficient products

Street signs: MSE awakens, struggling Nifty, bourses draw the line

After dropping nearly 5 per cent the previous week, the benchmark National Stock Exchange Nifty consolidated last week, gaining close to 1 per cent

ATMs to loans: Union Budget, Mint Road, and evolving financial landscape

A South Block and Mint Road tango is in the offing in 2025, foregrounded by deeper consultations with various stakeholders

SBI-SG Global pays Rs 29.25 lakh, settles FPI violation case with Sebi

SBI-SG Global Securities Services on Friday settled a case related to an alleged violation of FPI (foreign portfolio investors) rules and other regulatory norms with Sebi by paying Rs 29.25 lakh towards settlement charges. SBI-SG Global Securities Services Pvt Ltd (applicant) is a Sebi-registered designated depository participant (DDP). The order came after SBI-SG Global Securities Services submitted a settlement application, requesting for settlement of the adjudication proceedings under the Sebi's settlement regulations. "In view of the acceptance and the compliance of the settlement terms by the applicant, the instant adjudication proceedings initiated against the applicant (SBI-SG Global Securities Services) vide show cause notice dated May 08, 2024, is disposed of in terms of the settlement regulations," Sebi's chief general manager and adjudicating officer N Hariharan said in the order. The Securities and Exchange Board of India (Sebi) had undertaken an inspection of the SBI-

Sebi clarifies norms on transfer of shareholding in registered entities

Transfer of shareholding by way of transmission to an immediate relative will not result in a change in control

Sebi fines Jaiprakash Power for misrepresenting co's financial statements

Markets regulator Sebi on Friday imposed a penalty totalling Rs 54 lakh on Jaiprakash Power Ventures, its MD and CEO Suren Jain and other top officials for misrepresenting the company's financial statements. Others who have been penalised by Sebi are company's chairperson Manoj Gaur, executive directors -- Sunil Kumar Sharma and Praveen Kumar Singh -- chief financial officer R K Porwal and former whole-time member M K V Rama Rao. They have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its 89-page order. This came after the regulator conducted an investigation in the matter of Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group of companies, to ascertain the possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations and Disclosure Requirements) rules. In its probe, Sebi found that the company overstated its books of accounts by not adopting the correct ...