Page 98 - Sebi

Sebi asks NSE to evaluate Linde India's related party transactions

Markets regulator Sebi has asked the National Stock Exchange (NSE) to designate a valuer to conduct the valuation of related party transactions between Linde India and Praxair India following complaints by shareholders. The matter relates to various transactions and agreements by Linde India Ltd (LIL) with its related parties Praxair India Pvt Ltd (PIPL) and Linde South Asia Services Pvt Ltd (LSASPL). Sebi investigated the case after receiving multiple complaints alleging that transactions and agreements entered by Linde India with Praxair India were in the nature of material related party transactions (RPTs) and Linde India did not obtain shareholders' approvals on these transactions. In its interim order passed on Monday, Sebi noted that Linde India was executing "related party transactions which prima facie appear to be material, without taking shareholder approval. Such actions effectively deprive public shareholders of an opportunity to express their views on transactions which

Audit fees paid by NSE companies rose 6% in 2022-23, EY Group got highest

The average audit fee in India was Rs 0.93 crore per company in FY23, up from Rs 0.91 crore in FY22

Sebi probing Linde India for related party transaction violation

Sebi will be considering punitive measures once the ongoing investigation reaches its conclusion. The regulator has issued summons to key personnel and independent directors of the firm

Fee outgo wipes out BSE market capitalisation by nearly Rs 6,000 crore

Analysts see price hike in options segment to manage costs

Sebi asks AIFs to report PPM changes directly to reduce compliance cost

To facilitate ease of doing business, Sebi on Monday said certain changes in the private placement memorandum of alternative investment funds can be submitted directly to the regulator rather than through a merchant banker. The move would also rationalise the cost of compliance for alternative investment funds (AIFs). The new framework would come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular. The regulator said that certain changes carried out in the Private Placement Memorandum (PPM) are not required to be filed through merchant bankers and can be filed directly to the regulator. These included changes in the size of the fund, information related to affiliates, commitment period, key investment team of the manager and key management personnel of AIF, and reduction in expense or fee or cost charged to fund/investors. Additionally, changes in contact details of AIF, sponsor, manager, trustee or custodian, auditor, RTA, legal

Sebi comes out with directive on regulatory fee for BSE; stock tanks 19%

Leading stock exchange BSE is expected to shell out more regulatory fee after the markets watchdog Sebi asked the bourse to pay the fee based on the "notional value" of its options contracts rather than on the premium value. Also, the exchange has been asked to remit the differential payment for past years with interest. Initial data provided by BSE suggest an outgo of Rs 165 crore plus GST by the exchange. Reacting to the development, shares of BSE have slumped as much as 18.64 per cent to an intra-day low of Rs 2,612.0 on the NSE on Monday. Finally, the stock settled 13.31 per cent lower at Rs 2,783 on the NSE. There could be an increase in the BSE's regulatory fee payments to Sebi due to the significant variance between the notional and premium values. This discrepancy arises from the calculation method, which involves multiplying the contract size by the underlying price. Notional turnover represents the overall strike price of all contracts traded in derivatives, whereas premi

Sebi bars Growpital, other related entities from securities markets

Markets regulator Sebi said that Farm Tech Silo LLP, also known as Growpital, other related entities and their directors will remain barred from securities markets till the outcome of a probe into collection of money through unauthorised investment schemes. However, the regulator modified its earlier order and unfroze the bank accounts of agricultural investment platform Growpital's directors Rituraj Sharma, Gayatri Rinwa and Krishna Sharma. A detailed investigation in the matter is in progress, which may bring out additional acts of omission or commission of the entities, if any, Sebi said, adding that the findings in the extant order are prima facie. "I, under sections of Collective Investment Schemes (CIS) Regulations, hereby confirm the directions issued vide the interim order, till further orders, subject to the modification that the bank accounts of the individuals namely, Rituraj Sharma, Gayatri Rinwa and Krishna Sharma shall be unfrozen," Sebi's whole-time member Amarjeet ..

InGovern raises concern over Triveni Engineering's stake buy in Sir Shadi

The proxy advisory firm has said the Securities and Exchange Board of India (Sebi) should appoint an independent valuer to determine the fairness of the offer price of TEIL

FIU notifies fresh terror financing reporting alerts for capital markets

A fresh set of 'alert indicators' have been issued by India's financial intelligence unit (FIU) for capital markets, insurance companies, online payment gateway intermediaries and crypto currency service providers for effective checking of suspicious transactions in their channels as part of the anti-money laundering and counter-terrorism financing regime. These new guidelines have been issued under the provisions of the Prevention of Money Laundering Act (PMLA) during the 2022-23 financial year and published in a recently released report that has been accessed by PTI. This is part of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime followed by the country as part of which financial institutions and intermediaries are mandated to share suspicious transaction reports (STRs) with the FIU which subsequently analyses them and shares them for action with various investigative and intelligence agencies. FIU proactively engages with the financial sector

Sebi allows AIFs to pledge shares in companies that invest in infra sector

To facilitate ease of doing business, markets regulator Sebi on Friday allowed AIFs (alternative investment funds) to pledge their shares in investee companies in the infrastructure sector. The regulator has also provided additional flexibility to AIFs and their investors to deal with unliquidated investments of their schemes. "Category I and Category II AIFs may create an encumbrance on equity of investee company, which is in the business of development, operation or management of projects in any of the infrastructure sub-sectors," Sebi said in a circular. The move will provide ease of doing business and flexibility to such AIFs. Experts believe that allowing AIFs to create an encumbrance on their equity investments in infrastructure sector companies for the purpose of project finance is essential for infrastructure development. Earlier, pledging of securities held by an AIF in investee companies for loans availed of by the investee companies violates provisions of the AIF ...

Indices snap 5-day winning run: Sensex ends over 600 points lower

The combined market capitalisation of all BSE-listed firms stood at Rs 404 trillion

BSE likely to shell out more as regulatory fee on options volume

The market regulator on Friday directed the exchange to pay regulatory fee on 'notional value' of annual turnover

Front running case: Sebi bans 8 cos; impounds 'unlawful gain' of Rs 1.3 cr

Markets regulator Sebi on Friday barred eight entities from the securities markets and impounded "unlawful gains" of Rs 1.3 crore earned by them from front-running activities. The eight entities are Ashok Maheshwari, Darshan Bakul Shah, Khusboo Darshan Shah, Darshan Bakul Shah (HUF), Benzer Department Stores Pvt Ltd, CHL Stock Concepts Pvt Ltd, Chirag Mahendra Shah, and Mihir Dhirajalal Savla. Front-running refers to an illegal practice in the stock market where an entity trades based on advance information from a broker or analyst before the information has been made available to its clients. Ashok Maheshwari was one of the dealers of stock broker ABC Securities Ltd, and was responsible for placing trading orders for the Big Client, which was engaged in the business of portfolio management services. In its 77-page order, Sebi found that Ashok Maheshwari was instrumental in supplying the information about the impending trades of the Big Client to Darshan Bakul Shah and such ...

Four entities pay Rs 3 crore to settle front running trade case with Sebi

Four entities, including Maxgrow Fintrade, have settled with markets regulator Sebi a case concerning the suspected front-running of trades by paying nearly Rs 3 crore towards settlement charges and agreeing to comply with other conditions. The other three entities that settled the case with the Securities and Exchange Board of India (Sebi) are Bhavin Pankaj Doshi, Nitesh Kumar Jain and Atish Shah. Apart from the settlement amount, the Sebi's committee formulated other conditions to settle the case. These included disgorgement of 'unlawful gain' of Rs 85.12 lakh to be paid jointly and severally along with voluntary debarment for a period of six months from the securities market by each applicant. The order came after entities filed an application with Sebi in May 2023 proposing to settle the suspected front-running activities by Maxgrow Fintrade and Bhavin Pankaj Doshi case through a settlement order "without admitting or denying the findings of fact". "It is hereby ordered that th

FirstCry set to withdraw $500 million IPO papers after regulatory scrutiny

For the year ended March 31, 2023, its losses jumped six times to $57.6 million, while its total income more than doubled to $684 million, its draft papers show

Crisil ESG Ratings receives market regulator Sebi approval for ESG scoring

The rating provider launched its ESG scoring business in 2021 and now tracks over 1,000 companies across 65 sectors

Invesco agrees to pay Rs 5 cr to Sebi for settlement in MF violation case

In an inspection conducted in 2021, the market regulator found that there was no clear segregation of activities between portfolio management activities and mutual fund activities of the firm

Sebi extends cross-margin benefits for futures with different expiry dates

Capital markets regulator Sebi on Tuesday extended the cross margin benefit between index futures position and constituent stock futures position in the derivatives segment for offsetting positions with different expiry dates. At present, the cross margin benefits are provided if both the correlated indices or an index and its constituents, as the case may be, have the same expiry day. Cross margining enhances liquidity and financing flexibility for entities by reducing margin demands and decreasing net settlement obligations. "In discussion with stock exchanges, clearing corporations and risk management review committee of Sebi, it has been decided to extend the cross margin benefit on offsetting positions having different expiry dates," the regulator said in a circular. This is subject to certain conditions including a 40 per cent spread margin will apply for offsetting positions in correlated indices with different expiry dates, while the existing 30 per cent margin stays for ..

TBO Tek, Awfis Space Solutions receive Sebi's approval to float IPO

Travel distribution company TBO Tek Ltd and flexible workspace solutions firm Awfis Space Solutions Ltd have received markets regulator Sebi's go-ahead to raise funds through Initial Public Offerings (IPOs). The two firms, which filed their preliminary IPO papers with the regulator between November and December, obtained their observations during April 15-16, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, its observations mean it's going ahead to float the public issue. TBO Tek's maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 15,635,996 equity shares by promoters and investors, according to the Draft Red Herring Prospectus (DRHP). Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors -- TBO Korea and Augusta TBO. Funds raised from the fresh issue will be used for the growth and ...

12 offshore funds investing in Adani Group breached disclosure rules: Sebi

Sebi has issued notices to 12 offshore investors earlier this year associated with the Adani group, seeking clarification on the violations of disclosure requirements and investment limits