Page 90 - Sebi

Sebi issues guidelines on structure, responsibilities of MIIs' committees

Markets regulator Sebi on Tuesday revised its oversight framework for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and responsibilities of various statutory committees to enhance governance. These guidelines are on the recommendations of Sebi's Committee on Strengthening Governance of MIIs, according to a circular issued by the market regulator. Statutory committees of MIIs can be divided into different categories, such as functional, oversight and investment. Functional committees are the Member Committee, Nomination and Remuneration Committee, Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee, and Risk Management Committee and Investment Committee. On the composition of panels, Sebi said such committees should include Key Management Personnel (KMP), Non-Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest Directors (PIDs). Each committee must be chaired by a

Regulator notices citing 'lapses' received by group 'trivial': Adani CFO

Led by billionaire Gautam Adani, the group has faced regulatory challenges in India since a report by short seller Hindenburg Research in January 2023

Board meeting: Sebi tweak AIF valuations, investment advisor norms

Changes to MF overseas investment framework, ESG disclosures also on the cards at Thursday's board meet

Sebi roll backs diktat on annulment of special rights to PE players

Special rights will now be cancelled at the time of listing instead of at the time of filing offer document

SAT stays Sebi order against former PTC India CMD Rajib Kumar Mishra

The Securities Appellate Tribunal (SAT) has stayed a Sebi order that restrained former PTC India chairman and managing director Rajib Kumar Mishra from being a director in a listed entity for six months in a matter pertaining to corporate governance lapses. Following the order passed by markets regulator Sebi on June 12, Mishra ceased to be the chairman and non-executive director of PTC India Financial Services Ltd (PFS) and CMD of PTC India Ltd. PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC classified as an infrastructure finance company. Giving interim relief to Mishra SAT in its order on Friday, said, "The operation of the impugned order shall remain till the next date of hearing subject to deposit of 50 per cent of the penalty amount by the appellant with the Sebi within two weeks. The markets regulator, through its order, prohibited Mishra from "holding any position of director or key managerial personnel in any listed company or any intermediary registered with

Elcid Investments settles disclosure lapses case with Sebi, pays Rs 17.3L

Elcid Investments Ltd has settled with markets regulator Sebi a case pertaining to failure to maintain a structured digital database and disclosure lapses after paying Rs 17.31 lakh towards settlement amount. This came after Elcid Investments filed an application with the Securities and Exchange Board of India (Sebi) requesting for settlement of the adjudication proceedings for the alleged violations through a settlement order. "The instant adjudication proceedings initiated against the applicant vide show cause notice... dated October 31, 2023 is disposed of," Sebi said in its settlement order. In its show cause notice, the regulator alleged that Elcid Investments failed to maintain a structured digital database during the investigation period. Also, it failed to disclose Jatin Saraiya's (part of the promoter group of Elcid Investments) joint shareholding of 50 shares with his spouse for the quarters ended on December 2021 to June 2022. This led to the alleged violations of inside

SoftBank signs indemnity clause over Unicommerce 'promoter' tag

Founders Kunal Bahl, Rohit Bansal enter into agreement to limit liabilities of Softbank

Quant MF under Sebi lens for irregularities in investment activities

'Searches' conducted at fund house's office last week; quant MF confirms 'inquiries' from Sebi

Market regulator Sebi's price discovery framework puts shade on holdcos

Select holding companies rally on optimism around value unlocking

Sebi disposes of investigation against Unitech's former promoters

Market regulator Sebi on Friday disposed of its investigation against Unitech's erstwhile promoters Sanjay Chandra and Ajay Chandra in a case pertaining to the alleged routing of funds to the Indian securities market using overseas bank accounts as it found no evidence. Sebi had conducted a suo-moto investigation to ascertain whether there was any routing of funds to Indian securities market by the two Chandra brothers through the bank accounts with UBS AG, in violation of the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. The period of investigation was from April 2006 to March 2008. In the investigation report, the regulator alleged United Corporate Parks PLC UCP) was connected to the noticees/Unitech. It also alleged that Ajay Chandra was a non-executive director in UCP, while Unitech had a 4.52 per cent stake in UCP through its subsidiary Nectrus Ltd -- a foreign subsidiary of Unitech whose account was held with UBS Singapore Branch. Thereaft

Investors beware! Four risks that can trigger a stock market correction

The faith in the market is at epic levels and may require something equally epic to break the faith. High or even bubble valuations are irrelevant for non-institutional investors, said a KIE note

Sebi tightens norms for IPO price discovery to curb manipulation

Introduces critical tweak to weed out fake orders during call auction

Sebi orders Religare Enterprises to process Burman family's open offer

Co will have to apply for requisite approvals from RBI, Irdai, Sebi before July 12; Notices slapped on board for alleged breach of responsibilities

Sebi confirms bans JM Financial from managing debt public issues till March

Markets regulator Sebi on Thursday confirmed the interim directions to bar JM Financial Ltd from acting as a lead manager for public issues of debt securities until March 31, 2025, in a case of alleged irregularities in a public issue of non-convertible debentures (NCDs). The regulator, in a confirmatory order, clarified that the restriction only applies to public issues of debt securities and does not affect JM Financial Ltd (JMFL) other activities, including equity issues. In its interim order issued on March 7, Sebi barred JMFL from taking new mandates as a lead manager for public issues of debt securities due to potential irregularities in a public issue of non-convertible debentures (NCDs). JMFL, as a lead manager, had allegedly irregular practices involving retail investors and associated companies within the JM Group. Sebi, prima facie, found that JM Group entities appeared to incentivise investors to apply for securities in issues managed by JMFL. It noted that significant

Sebi issues guidelines for system audit of professional clearing members

Markets regulator Sebi on Thursday put in place the framework for system audit of professional clearing members (PCMs), directing them to submit information with regard to major and minor non-compliances in such system. The framework will come into force with immediate effect and the first audit will be conducted for FY24, Securities and Exchange Board of India (Sebi) said in a circular. All clearing corporations (CCs) have been directed to jointly establish a uniform penalty structure for PCMs to ensure timely submission of system audit reports and closure of audit observations. In its circular, Sebi said the audit of PCMs will be conducted according to the norms, terms of reference (TOR) and guidelines issued by Sebi or clearing corporations (CCs). They will select the auditors based on the prescribed auditor selection norms and TOR and the governing board of the PCMs will approve the appointment of the auditors. An auditor can perform a maximum of three successive audits. Howe

Sebi issues norms for contribution to LPCC's core settlement guarantee fund

Markets regulator Sebi on Thursday came out with fresh guidelines pertaining to the contributions by various entities towards core settlement guarantee fund of Limited Purpose Clearing Corporation (LPCC). A core settlement guarantee fund (SGF) is a corpus used for settlement of trades during defaults and all intermediaries -- stock exchanges, clearing corporations and brokers -- contribute towards it. LPCC is an entity established to undertake the activity of clearing and settlement of repo transactions. A well-functioning repo market contributes to the development of the debt securities market by way of boosting liquidity. In its circular, Sebi said that the contribution of participants, who desire direct participation and not through a clearing member to core SGF, is risk-based and equivalent to a deficit in minimum required corpus (MRC) post contribution by issuers and clearing members. Such contributions by participants should be subject to certain conditions. These include ..

Market regulator Sebi introduces framework for holdco price discovery

First special call auction to be conducted in October

Emcure Pharmaceuticals gets market regulator Sebi's approval for IPO

IPO comprises fresh issue of equity shares worth Rs 800 crore and OFS of 13.6 million equity shares by promoters

Ola Electric receives Sebi approval for IPO; looks to raise Rs 5,500 crore

Ola Electric IPO: The the first public offering by an EV startup in India includes an offer-for-sale component of 95.2 million shares

Sebi orders Religare Enterprises to apply for open offer before July 12

The Burman group acquired an additional 5.7% stake in REL in September last year triggering the open offer requirement as their stake surpassed the 26% threshold