Page 91 - Sebi

Sebi penalises RInfra, others for non-submission of no default statement

Capital markets regulator Sebi on Wednesday imposed penalties on seven entities including Reliance Infrastructure, Reliance Power and Incredible Realcon for non-submission of no default Statement (NDS) to credit rating agencies. The regulator levied a fine of Rs 1 crore each on Reliance Infrastructure, Reliance Power and Incredible Realcon, Rs 20 lakh on Paranjape Schemes (Construction) Ltd, Rs 14 lakh on PVP Ventures, Rs 5 lakh on Hindustan Cleanenergy and Rs 1 lakh on Ginni Filaments. These firms have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its 90-page order. The matter pertains to the requirement of listed entities who have issued debt securities or other entities who have chosen to list their debt securities, to file No Default Statement (NDS) to the Credit Rating Agencies (CRAs). Sebi's rule mandates the companies or issuers to submit the NDS information to CRAs on a monthly basis. "The non-filing of NDS may have

AIF investments top Rs 4 trillion, commitments cross Rs 11 trillion

Biggest deployment made in real estate sector followed by IT and financials

Dhanlaxmi Bank appoints Ajith Kumar KK as MD & CEO for 3-year tenure

Private sector Dhanlaxmi Bank on Tuesday said it has appointed Ajith Kumar KK as Managing Director (MD) of the bank. He will take charge on June 20, Kerala-based Dhanlaxmi Bank said in a regulatory filing. The board at its meeting held on Tuesday approved the appointment of Ajith Kumar KK as Managing Director & CEO of the bank for a period of three years with effect from June 20, 2024, and on such remuneration as approved by RBI vide letter dated April 18, it said. The bank will seek approval of the shareholders for the said appointment within the prescribed time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI regulations, it said. He is a seasoned banker with over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc. He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president, it said.

Sebi plans tweaks in derivative trading rules to curtail options trading

The new rules could include higher margins for options contracts and more detailed disclosures

Sebi slaps penalty on OP Jindal Group's firm Hexa Tradex, other entities

Markets regulator Sebi on Tuesday levied penalties totalling Rs 35 lakh on OP Jindal Group's firm Hexa Tradex Ltd, its promoters and directors for flouting delisting norms and other disclosure rules. The regulator slapped fines within the range of Rs 2-5 lakh on Hexa Tradex, its chairperson Raj Kamal Aggarwal, Ravinder Nath Leekha, Vinita Jha, Girish Sharma, and Pravesh Srivastava. They are collectively referred to as noticee. Siddeshwari Tradex Pvt Ltd, Innox Global Multiventures, Opelina Sustainable Services, and JSL Ltd, were the promoter entities of Hexa Tradex Ltd, which were also penalised by the markets regulator. Pursuant to a complaint received by the Securities and Exchange Board of India (Sebi) in July 2022. The regulator conducted an examination with respect to the delisting of Hexa Tradex Ltd (HTL), a BSE and NSE-listed company. Based on the complaints received, Sebi had initiated the proceedings against the noticees to inquire into and adjudge the alleged violations o

TMC-led Oppn MPs group seeks probe on result-day crash, meet Sebi officials

After the meeting, Banerjee said that though they did not get any assurance from Sebi, the officials said that they will look into the matter

Sebi invites application to hire executive director on 3-year contract

Capital markets watchdog Sebi has started the process to recruit an executive director and invited applications to fill the vacancy. The Securities and Exchange Board of India (Sebi) has invited applications for the post until July 18. The appointment of executive director will be on a deputation or contractual basis, for a period of three years, the regulator said in a public notice issued last week. The candidate applying for the position is required to have at least 20 years of experience in dealing with problems related to the securities market or special knowledge or experience of law, investigation, finance, economics and accountancy, among others. At present, Sebi has 10 executive directors -- S V Muralidhar Rao, G.P. Garg, Pramod Rao, Biranchi Narayan Sahoo, B Rajendran, Ruchi Chojer, Manoj Kumar, Govindayapalli Ram Mohan Rao, G Babita Rayudu and V S Sundaresan. Earlier this month, Sebi initiated the process to hire 49 officers in different departments this year, a move

TMC MPs meet Sebi officials, seek probe into stock market 'manipulation'

A delegation of Trinamool Congress MPs met officials of the Securities and Exchange Board of India (SEBI) here on Tuesday and demanded a probe into the alleged stock market manipulation following exit polls earlier this month. The delegation, comprising TMC MPs Kalyan Banerjee, Sagarika Ghose and Saket Gokhale, was joined by Shiv Sena (UBT) MP Arvind Sawant and former NCP (SP) MLC Vidya Chavan. Notably, Congress MP Rahul Gandhi had alleged that Prime Minister Narendra Modi and Union Home Minister Amit Shah were "directly involved" in what he described as the "biggest stock market scam" with retail investors losing Rs 30 lakh crore due to the market crashing after the Lok Sabha poll result earlier this month. The BJP has dismissed his charges as "baseless". West Bengal Chief Minister and Trinamool Congress (TMC) head Mamata Banerjee has demanded an investigation into how stock markets were "manipulated by using fake exit polls". After the meeting, Kalyan Banerjee told reporters, SE

Here's how much 30 companies plan to raise through IPOs in coming months

Expected IPOs in the coming months include those of Ola Electric, FirstCry, Waaree Energies, Fincare Small Finance Bank, Bansal Wire Industries, NSDL, among others

Hyundai Motor India files draft papers to raise around $3 bn through IPO

If the listing proceeds as planned, this transaction would become the largest IPO in India's corporate history, surpassing the previous record set by the state-owned LIC's $2.7 billion listing in 2022

Sebi cancels registration of Grovalue Fin Services for flouting norms

Markets regulator Sebi on Friday cancelled the certificate of registration of Grovalue Financial Services for flouting regulatory norms. The Securities and Exchange Board of India (Sebi) inspected the matters of Grovalue Financial Services, a Sebi-registered research analyst, from April 2021 to August 2022. The inspection was carried out to verify whether the books of accounts and records were being maintained or whether the provisions of the Sebi's Research Analysts norms were being complied with by the noticee. "The noticee (Grovalue Financial Services) has contravened with the provisions of the Research Analyst regulations and failed to abide by the conditions of his certificate of registration," Sebi's Chief General Manager G Ramar said in the order. The regulator also observed that the non-cooperation shown during the inspection and the non-appearance and lack of response to the notices issued by Sebi show the lackadaisical attitude of the noticee, which is concerning of an ..

Sebi bats for tax benefits in 'zero coupon zero principal bond' investments

To encourage social sector spending, markets regulator Sebi has suggested that the government should allow tax benefits to companies investing in zero coupon zero principal bonds issued by not-for-profit organisations listed at the social stock exchange. Talking to reporters here on Friday, Sebi's Whole Time Member Kamlesh Chandra Varshney said the regulator has already sent a proposal to the finance ministry and is hopeful of getting the approval. "We have given the proposal to the government that corporate entities who invest in ZCZPs should get the benefits of CSR (Corporate Social Responsibility). We are hopeful that the government will soon approve the proposal," Varshney said at an event organised by NSE on SSE here. Moreover, the CBDT has already clarified that investors or donors buying such bonds will get the tax benefits under section 8OG of Income Tax rules, he added. These measures will be pertinent towards inclusive growth of the social sector and will help build trust

Sebi bars SecUR Credentials, managing director for alleged fund diversion

The market regulator has alleged the diversion of the company's funds to the promoter, directors including independent directors, and other entities by the MD

Rajib Kumar Mishra ceases to be chairman of PFS after Sebi's order

PTC India Financial Services Ltd (PFS) on Thursday said that Rajib Kumar Mishra ceased to be the company's chairman following the order passed by markets regulator Sebi that restrained him from holding the director's post for six months. Mishra held office in PFS in the capacity of chairman, non-executive director. "Pursuant to ...regulatory order issued by Sebi, Rajib Kumar Mishra, ceases to be the chairman, non-executive director of the company with effect from the date of issue of the said order i.e. June 12, 2024," PFS said in a regulatory filing to the stock exchanges. PFS, promoted by PTC India Ltd, is a non-deposit taking NBFC classified as an infrastructure finance company. On Wednesday, the regulator has prohibited Mishra from "holding any position of director or key managerial personnel in any listed company or any intermediary registered with Sebi or associating himself with any listed public company or a public company which intends to raise money from the public or any

Sebi to auction 19 properties of KBCL India to recover investors' money

Capital markets regulator Sebi has lined up 19 properties of KBCL India Ltd for auction on July 16 to recover money illegally collected from investors. The move is part of Sebi's effort to recover investors' money. The regulator has initiated the process for the sale of assets after KBCL India Ltd, its directors Rakesh Kumar, Vishvnath Pratap Singh and Shashi Kant Mishra failed to refund the investors' money. The properties include land parcels and a plot in Uttar Pradesh and they will be auctioned at a reserve price of Rs 3.54 crore, according to a notice issued by the Securities and Exchange Board of India (Sebi) on Wednesday. Quikr Realty has been engaged by Sebi to assist it in the sale of properties, while C1 India has been appointed as the e-auction service provider. As per the notice, the regulator said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabilities of the property put on auction, prior

Sebi bars acting PFS Chairman from holding post of director for 6 months

Sebi on Wednesday restrained PTC India Financial Services Ltd's (PFS) acting chairman Rajib Kumar Mishra from holding the director's post in any listed firm for six months and imposed a penalty of Rs 10 lakh on him for corporate governance lapses. Mishra is also the chairman and managing director of PTC India Ltd, a promoter firm of PFS. Also, the company's former MD and CEO Pawan Singh has been prohibited from holding any position of director or key managerial personnel in any listed firm or any intermediary registered with Sebi for a period of two years. Further, the regulator slapped a fine of Rs 25 lakh on Singh. In its order, markets regulator Sebi found that Pawan Singh had "grossly misused" his position as the MD and CEO of PFS to prevent Ratnesh from joining as Whole Time Director (Finance) and Chief Financial Officer (CFO), which was approved by the company's board. Further, Mishra, who has been PFS' non-executive chairman since November 8, 2021, has found that he was actin

Sebi bans former TV anchor Pandya, 7 others from mkt for 5 yrs, slaps fine

Markets regulator Sebi on Tuesday barred Pradeep Pandya, who was anchoring stock market shows on a television channel, and seven other entities from securities market for five years and imposed a fine of Rs 2.6 crore collectively for indulging in fraudulent trading activities. Apart from Pandya, others banned by Sebi are Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF, Manish V Furiya HUF, Mahan Investment and Toshee Trade. Pandya was the host/co-host of various shows at CNBC Awaaz till August 2021, while Alpesh Furiya appeared on the television channel as a guest/external expert and gave stock recommendations on his Twitter handle. A high correlation was noted between the stock recommendations given by Pradeep Pandya on the show 'Pandya Ka Funda' and the Buy-Today-Sell-Tomorrow trades and intra-day trades executed by Alpesh Furiya and connected entities during the period from November 2019 to January 2021. "Pradeep Pandya, while serving as an anchor for CNBC .

Sebi imposes Rs 2.6-crore penalty on ex-news anchor, and 7 others

Sebi on Tuesday imposed Rs 1 crore penalty on former CNBC Awaaz news anchor Pradeep Pandya and Alpesh Vasanji Furiya

Sebi launches investor certification exam to foster financial literacy

Capital markets regulator Sebi on Tuesday launched a free, voluntary online investor certification examination, which will help individuals gain comprehensive knowledge about stock market investing. Developed in collaboration with the National Institute of Securities Markets (NISM), this voluntary certification aims to help investors test their knowledge of markets and investing, Sebi said in a statement. The certification examination has been designed to assist individuals in their journey to gaining comprehensive knowledge about investing in the Indian securities markets. During the launch, Ananth Narayan G, Whole Time Member of Sebi, highlighted that the new certification examination is a significant step towards enhancing digital financial education in the securities market. "This online exam will help enhance investors' understanding of the investment process and the associated risks in the securities market and thus promote an efficient approach to investment aligned with the

Demat accounts, MF portfolios won't be frozen in absence of nomination

Sebi had set June 30 as the deadline but drops the requirement for existing investors to ensure compliance