Page 13 - Securities And Exchange Board Of India

Sebi looks to iron out new ERP framework for ease of doing business

Revision to allow ERPs to rate unlisted securities and exempt them from disclosing ESG ratings to stock exchanges

Sebi proposes doubling threshold for identifying HVDLEs to Rs 1,000 cr

Markets regulator Sebi has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens. Currently, an entity having outstanding value of listed non-convertible debt securities of Rs 500 crore and above are referred to as 'High Value Debt Listed Entities'. In its consultation paper, Sebi has proposed introducing a sunset clause that would end governance obligations if an HVDLE's outstanding debt falls below the threshold for a specified period, providing more flexibility. It has suggested a dedicated chapter within LODR (Listing Obligations and Disclosure Requirements) Regulations focused solely on corporate governance norms for HVDLEs distinguishing them from equity-listed entities. Also, it has been proposed filing of governance reports in XBRL format, voluntary Business Responsibility and Sustainability Reporting (BRSR), and harmonise HVDLE reporting with equity-listed ...

Sebi mulls steps to facilitate ease of doing biz for ESG Rating Providers

Markets regulator Sebi has proposed tweaking framework for ESG Rating Providers (ERPs), particularly for those using a subscriber-pays model, including an exemption from the requirement to disclose ESG ratings to stock exchanges. Additionally, the regulator has suggested that ERPs using a subscriber-pays model should share ESG (Environmental, Social, and Governance) rating reports with both subscribers and the rated issuer simultaneously. This policy should be publicly disclosed. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, Sebi said in its consultation paper. These proposals are aimed at enhancing the clarity, transparency, and regulatory alignment of ESG ratings within Sebi's framework. The Securities and Exchange Board of India (Sebi) had introduced regulations for ERPs in July 2023, but ERPs have sought clarifications on certain provisions, particularly for those using a subscriber-pays model, and ...

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO). The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP). Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd. Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes. The company may raise up to Rs 180 crore through a Pre-IPO Placement. If the placement is undertaken, the issue size will be reduced. Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises Lt

Sebi Chair Madhabi Puri Buch's meeting with Parliament committee postponed

Madhabi Puri Buch and three to four senior Sebi officials are likely to be questioned by Parliament's Public Accounts Committee

Mkt regulator Sebi mulls options to future switch for single stocks

Move, akin to commodities futures, to ease risk around physical settlement

Pro-rata distribution mandate for AIFs may see tweaks in Sebi's final norms

AIFs are pooled investment vehicles for affluent investors with high entry barriers. These investments are drawn and deployed in tranches based on the investment opportunity

Sebi to take measure for F&O segment soon; calls for tax breaks on bonds

Capital markets regulator Sebi is expected to take measures regarding the Futures and Options (F&O) segment very soon, in a bid to enhance investor protection, its senior official said on Tuesday. In addition, Sebi has urged the government to introduce tax breaks for subscribers of municipal bonds, which are crucial for funding infrastructure development. The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission, the regulator's whole time member Ashwani Bhatia said here. Since 1997, municipalities have raised Rs 2,700 crore through bonds for infrastructure projects. Talking about F&O, Bhatia said," Sebi is very soon going to do something about F&O. Study has come (recently)". The regulator, in its consultation paper recently, proposed seven measures to tighten the rules for index derivatives-- revise the minimum contract size and require upfront collection of option premiums intra-day monitoring of position limits, ...

Sebi board meeting today: F&O rules, Hindenburg claims, employees complaint

Sebi board meeting today, Sept 30, will be the first meeting since allegations were pressed against Sebi Chairperson Madhabi Puri Buch by Hindenburg Research. Here's what to expect from the meeting

Top 1% tax filers account for over 54% of short-term capital gains

No. of individuals reporting STCG has risen 10-fold to 4.58 mn in 11 years

Indogulf files IPO with Sebi, aims to raise Rs 200 cr via fresh issue

Indogulf Cropsciences Ltd, a manufacturer of crop protection products, plant nutrients, and biologicals, has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The Delhi-based company's IPO is a mix of fresh issues of up to Rs 200 crore and an Offer For Sale (OFS) of up to 38.55 lakh equity shares by selling shareholders. The offer also includes reservations for eligible employees, according to the Draft Red Herring Prospectus (DRHP). The OFS comprises the sale of 15.41 lakh equity shares by Om Prakash Aggarwal (HUF) and 23.14 lakh equity shares by Sanjay Aggarwal (HUF). Proceeds from the fresh issue to the extent of Rs 100 crore will be used for funding working capital requirements of the company; Rs 40 crore for payment of debt, Rs 14 crore for setting up an in-house dry flowable plant at Barwasni Sonipat, Haryana; and a portion will be used for general corporate purposes, as per the draft papers filed on ...

M&B Engineering files draft papers with Sebi for Rs 653 crore IPO

M&B Engineering Ltd on Wednesday filed draft papers with capital markets regulator Sebi to mobilise Rs 653 crore through an initial public offering (IPO). The proposed IPO is a mix of fresh issue of equity shares worth Rs 325 crore and an offer for sale (OFS) of Rs 328 crore by promoters, according to the draft red herring prospectus (DRHP). At present, promoters hold 100 per cent stake in the company. Proceeds from the fresh issue to the extent of Rs 63.9 crore will be used for purchasing equipment and machinery for the company's manufacturing facilities, Rs 60 crore for payment of debt, Rs 110 crore to meet the company's working capital requirements and the remaining funds will be allocated towards general corporate purposes. The Gujarat-based company's total borrowings stood at Rs 204.84 crore as of March 2024, the draft papers showed. M&B Engineering is one of the country's leading Pre-Engineered Buildings (PEB) and Self-Supported Roofing providers in terms of installed ...

Sebi mandates UPI payment for public issue applications of debt securities

To streamline the application process for public issues of debt securities, markets regulator Sebi on Tuesday asked individual investors applying for amounts up to Rs 5 lakh through intermediaries to use only UPI to block funds. Further, investors will continue to have the choice of availing other methods like applying through Self-Certified Syndicate Banks or the stock exchange platform for making applications, Sebi said in its circular. These provisions will apply to public issues of debt securities starting from November 1. The move is aimed at streamlining and aligning the process of applying in the public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments with that of the public issue of equity shares and convertibles. "It has been decided that all individual investors applying in public issues of such securities through intermediaries (viz. syndicate members, registered stock brokers, registrar to

New asset class may take wing; decision likely at Sebi meeting on Sep 30

Board meeting on Sep 30, first since conflict of interest allegations against chairperson

Sebi simplifies process of registration for certain FPI categories

To ease onboarding for FPIs and reduce duplication of information, Sebi on Tuesday proposed an abridged version of Common Application Form (CAF) that only requires information unique to the applicant. Further, the rest of the information will be auto-filled from the depository's records or certain fields will be disabled if not needed. Also, the applicants will need to confirm that the previously provided information remains unchanged, Sebi proposed in its consultation paper. The regulator observed that in case of certain categories of Foreign Portfolio Investor (FPI) applicants like multiple funds under an Investment Manager (IM), sub-funds of a master fund, or schemes of insurance companies, much of their relevant information is already captured in depositories' CAF module, which can be leveraged without seeking the same from said applicants. Further, there are certain fields which are exclusive to individual FPI applicants and hence will not be applicable to the applicants ...

Sebi imposes Rs 9 lakh penalty on BGR Energy Systems for disclosure lapses

Capital markets regulator Sebi on Tuesday imposed a penalty of Rs 9 lakh on BGR Energy Systems for disclosure lapses to the stock exchanges and flouting other market norms. The order came after the Securities and Exchange Board of India (Sebi) conducted an examination in the matter of BGR Energy Systems Ltd (BGR) listed on the BSE and NSE. The investigation was to ascertain whether there was any violation of the provisions of LODR (Listing Obligations And Disclosure Requirements) regulations by BGR Energy Systems. During the examination, the regulator observed that BGR had allegedly failed to comply with the provisions of disclosure norms and various Sebi rules. Thereafter, the market watchdog initiated adjudication proceedings against the noticee (BGR Energy Systems) and issued a show-cause notice to the company on August 2, 2024. The regulator observed that BGR has admittedly uploaded the audited financial statements of its subsidiary companies viz, BGR Boilers Pvt Ltd and BGR .

Sebi issues performance evaluation guidelines for market infra institutions

Markets regulator Sebi on Tuesday issued guidelines on the parameters for the performance evaluation of market infrastructure institutions (MIIs), comprising stock exchanges, clearing corporations and depositories by independent external agencies. The guidelines are aimed at ensuring consistency and uniformity for evaluations to be done by independent external agencies. For performance evaluation criteria, Sebi said the evaluation will be based on seven key criteria - technology resilience (40 per cent), investor education (17 per cent), regulatory compliance (15 per cent), governance practices (8 per cent) and 5 per cent each for adequacy of resources and fair access and treatment to all stakeholders and information disclosure. MIIs are required to appoint independent external agencies to evaluate their performance every three years. The agencies need to have relevant expertise in the securities market and must receive a "No Objection Certificate" (NOC) from Sebi, the regulator sai

Casagrand Premier Builder files papers with Sebi for Rs 1,100-cr IPO

Real estate developer Casagrand Premier Builder has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,100 crore through an initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of stocks valued Rs 100 crore by promoters, according to the draft red herring prospectus (DRHP). The OFS consists of the sale of equity shares up to Rs 50 crore each by Arun MN and Casagrand Luxor Pvt Ltd. Besides, the company may consider raising up to Rs 200 crore in a pre-IPO placement round. If such placement is carried out, the fresh issue size will be reduced. Going by the draft papers filed last week, proceeds from the fresh issue will be used for payment of debt availed of by the company and its subsidiaries as well as for general corporate purposes. Founded in 2003, the Chennai-based company offers a diverse range of residential projects, including apartments of various sizes and independe

Mockery of public accountability: Congress slams Sebi over RTI rebuff

The Congress has slammed SEBI's refusal to disclose instances when its chairperson Madhabi Buch recused herself due to conflict of interest and said that this makes a "mockery" of public accountability and transparency. The cases where Buch recused herself due to potential conflict of interest is not "readily" available and collating them would "disproportionately divert" its resources, the securities market regulator said in an RTI response on Friday. In the response furnished to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch's declarations to the government and SEBI Board on the financial assets and equities held by her and her family members on the grounds of these being "personal information" and that their disclosure may "endanger" personal safety. Reacting to the development, Congress general secretary in-charge communications Jairam Ramesh said, "The multiple conflicts of interest of the SEBI Chairperson that have bee

Market regulator Sebi allows MFs to buy, sell credit default swaps

Sebi has set conditions for the flexibility to ensure risk management