Page 99 - Sebi

Sebi comes out with standard reporting format for AIF PPM audit report

In order to have uniform compliance standards and for ease of compliance, markets regulator Sebi on Thursday came out with a standard reporting format for alternative investment fund (AIF) pertaining to Private Placement Memorandum (PPM) audit report. The reporting format has been prepared in consultation with pilot Standard Setting Forum for AIFs (SFA). Under the rules, AIFs are required to submit their annual PPM audit reports to the trustee, board of directors, or designated partners of the AIF, as well as to the board of directors or designated partners of the manager and Sebi, within six months after the end of the financial year. In a circular, Sebi said that the new reporting format will be hosted on the websites of the AIF associations which are part of SFA within two working days of issuance of this circular. The reporting requirement would be applicable for PPM audit reports to be filed for the financial year ending March 31, 2024 onwards. The associations would assist a

LEEL case: Sebi slaps Rs 14 cr fine on 7 individuals for accounts fraud

Markets regulator Sebi on Thursday slapped fines amounting to Rs 14.2 crore on LEEL Electricals' promoter Bharat Raj Punj and its six former officials and barred them from the securities markets for up to five years in a case of malpractices and manipulations in the company's accounts. Also, they have been barred from being associated with any listed company or any registered intermediary, in any capacity, including as a director for three years. The seven individuals penalised by Sebi are Anita Kakar Sharma, who was compliance officer and Vice President (Finance) between April 2006 and December 2018 at LEEL. Achin Kumar Roy, Nipun Singhal, and Mukat Behari Sharma were whole-time members and CFO of LEEL from September 2007 to April 2019. Achin and Mukat were members of the auditing committee between 2007 and 2014. In addition, Surjit Krishan Sharma, Geeta Tekchand were the independent directors of LEEL from January 2005 to July 2019, and Bharat Raj Punj, a promoter of the ...

NSE to launch derivatives on Nifty Next 50 index from Apr 24, gets Sebi nod

The National Stock Exchange (NSE) on Thursday said it will introduce derivative contracts on Nifty Next 50 index from April 24. The Nifty Next 50 index represents 50 companies from Nifty 100 after excluding the Nifty 50 companies. In a statement, NSE said it "has received approval for derivatives on Nifty Next 50 index from the Securities and Exchange Board of India (Sebi) and will launch these contracts from April 24, 2024". The exchange will offer three serial monthly index futures and index options contract cycles. The cash-settled derivatives contracts will expire on the last Friday of the expiry month. "The introduction of derivatives on the Nifty Next 50 index will complement the existing index derivatives product suite. The Nifty Next 50 index will represent the space between the Nifty 50 index comprising the top large & liquid stocks and the Nifty Midcap Select index comprising the top large & liquid mid-capitalised stocks," Sriram Krishnan, Chief Business Development .

Sebi orders to attach bank, demat account of Anugrah to recover dues

Markets regulator Sebi has ordered the attachment of bank and share and demat holdings of Anugrah Stock and Broking to recover Rs 1.22 crore dues in a case related to violation of market norms. The recovery proceedings have been initiated against Anugrah Stock and Broking Pvt Ltd after it failed to pay the Rs 1.22 crore, including interest, all costs and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order on Tuesday. In its notice, the markets watchdog asked all the banks, depositories and mutual funds not to allow any debit from accounts of Anugrah Stock and Broking. However, credits have been allowed. Further, the regulator has directed all banks to attach all accounts, including lockers, of the defaulters. In March 2021, Sebi passed an order and imposed a penalty of Rs 90 lakh on Anugrah Stock and Broking Pvt Ltd for violations of market norms. The order follows a joint investigation carried out by Sebi, BSE, NSE and Central Depository Servi

NCLAT to hear IDBI Bank, Axis Finance plea on Zee-Sony merger on May 17

Axis Finance and IDBI had challenged the merger in NCLAT

Sebi to auction 22 properties of Rose Valley on May 20 to recover money

Markets regulator Sebi on Monday said it will auction 22 properties of Rose Valley Group of companies on May 20 at a reserve price totalling Rs 8.6 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats and office spaces located in West Bengal, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on May 20 between 11 am and 1 pm. The total reserve price of these properties is pegged at Rs 8.6 crore, it added. The markets regulator said it has engaged Quikr Realty to assist it in the sale of the properties. A committee would oversee sale of the assets and the money will be utilized for repaying the investors. The committee was formed following an order passed by Calcutta High Court in May 2015. Going by the notice, the bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabili

Quantum MF asks ICICI Bank to stall ICICI Sec delisting over irregularities

Last month, the delisting bid was approved by shareholders of both ICICI Bank and ICICI Securities

Rising speculative bets stoke RBI crackdown on currency derivative

Volumes up 3x post Covid; 2/3rd participation by prop traders

No action against Subhash Chandra on summons till April 30: Sebi to HC

The court had earlier given Sebi two weeks to file its reply. The bench led by Justice G.S. Kulkarni and Justice Firdosh Pooniwala on Wednesday directed Chandra to file a rejoinder in the matter

Betting big: Mutual funds own larger slice of small and midcap stocks

Average MF ownership in Nifty Smallcap 250 stocks rose to 9% in Dec 2023 from 7.7% a yr ago

Retail rush: Keeping faith in markets

The surge in retail participation, combined with increasing market complexity, poses new challenges for the Sebi

Hinduja Group firm gets Sebi nod for Reliance Wealth ownership change

Market regulator also approves application for a proposed change in control at Reliance Securities

Sebi cracks whip on finfluencer, orders to impound Rs 12 cr 'unlawful gain'

Sebi has barred Ravindra Bharti Education Institute, co-founded by finfluencer and YouTuber Ravindra Balu Bharti, from the securities market and directed to deposit Rs 12 crore "unlawful gain" earned from the alleged unregistered investment advisory business. It has been directed to deposit the amount to an interest-bearing escrow account created specifically for the purpose in a nationalised bank. Additionally, the regulator has barred Ravindra Balu Bharti, his wife Shubhangi Ravindra Bharti and directors -- Rahul Ananta Gosavi and Dhanashri Chandrakant Gosavi -- from the securities market. Also, these persons have been restrained from associating themselves with any intermediary registered with Sebi in any capacity. Ravindra Bharti Education Institute Pvt. Ltd. (RBEIPL) was founded in 2016 by Ravindra Balu Bharti and his wife. The company claims to be primarily involved in imparting training or education related to stock market trading activities. In its interim order issued on .

Sebi proposes direct reporting of AIFs' PPM changes to cut compliance cost

To facilitate ease of doing business, Sebi has proposed that certain changes in the private placement memorandum of alternative investment funds can be submitted directly to the regulator rather than through a merchant banker. Also, the proposed move would rationalise the cost of compliance for alternative investment funds (AIFs). In its draft circular, Sebi said that certain changes carried out in 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, risk factors and track records of investment manager, among others, are not required to be filed through a merchant banker. The ..

Nifty Smallcap 100 extends gains for 11th day; index up 12% since March 19

The index rose 0.84 per cent to 16,355 - the highest close since February 7 - even as the benchmark Nifty50 index ended little changed

Singapore's Xcelerate picks up strategic stake in governance firm Stirrup

The acquisition by Xcelerate comes at a time when demand for ESG-related advisory and communication services is on the rise following increased regulatory emphasis on ESG disclosures

NSE awaiting Sebi's green signal to begin IPO process, says MD Chauhan

The National Stock Exchange (NSE) is awaiting approval from the capital markets regulator Sebi to kickstart the much-awaited Initial Public Offering (IPO) process, its MD and CEO Ashishkumar Chauhan said. Additionally, he said that retail investors should avoid trading in the high-risk-derivatives and, only informed investors should get into such markets. According to a Sebi study in the past, nine of the 10 traders lose money in derivatives trades. When asked about NSE's IPO plans, Chauhan on Thursday said," We will submit a revised Draft Red Herring Prospectus (DRHP) as and when we get approval from Sebi". The rival of NSE, BSE ( formerly Bombay Stock Exchange), launched its IPO in 2017 and is currently listed on the NSE. Notably, Chauhan was the CEO of BSE during its listing. The NSE's listing plans were on the back-burner following a probe by Sebi against the exchange and some of its former executives over the alleged governance lapses. It was alleged that the exchange misus

Sebi's security management systems, ops control get ISO certification

Markets regulator Sebi on Thursday said it has received ISO certification for two of its information security systems and two operations controls. This certification highlights Sebi's commitment to upholding high standards of cybersecurity and ensuring the confidentiality, integrity and availability of its data and operations. The regulator has obtained the ISO/IEC 27001:2022 certification for Information Security Management System at the Primary Data Centre; Security Operations Control (SOC) and Network Operations Control (NOC) Operations; and Information Security Management System at the Disaster Recovery site, according to a release. The markets watchdog obtained this certification after rigorous evaluation by the body under the accreditation of the National Accreditation Board for Certification Bodies (NABCB), a member of the International Accreditation Forum (IAF), the Securities and Exchange Board of India (Sebi) said. International Organisation for Standardisation (ISO)/ ...

Bharti Hexacom IPO fully subscribed on the second day of the issue

The price band for the IPO is Rs 542-570 per share. At the top end, the IPO size is Rs 4,275 crore, making it the largest issue in almost a year

Reliance Securities receives Sebi's approval for change in control

Reliance Securities has also received approvals from the NSE, BSE, MCX, and NCDEX for transferring shares owned by existing promoter Reliance Capital to Hinduja-led Aasia Enterprises