Page 23 - Securities And Exchange Board Of India

Sebi posts new norm for exit option window period for change in AMC control

Capital markets regulator Sebi on Friday came out with a new timeline for the exit option window period given to the mutual fund unitholders for change in control of asset management company(AMC). Under the new timeline, a change in control of the AMC cannot be made unless the unitholders of the mutual fund would be given the option to exit on the prevailing Net Asset Value (NAV) without any exit load within a period of at least 15 calendar days from the date of communication. Earlier, this timeline was at least 30 days. However, in case of change in control resulting in consolidation or merger of schemes, the unitholders would be given the option to exit on the prevailing NAV without any exit load within a time period not less than 30 calendar days from the date of communication, Sebi said in a circular. Considering that growth in technological communication has enabled faster dissemination of information to unitholders, a request was received by Sebi from the mutual fund industry

SEBI report: Number of appeals filed in SAT rose to record 1,192 in FY23

The Securities and Exchange Board of India (Sebi) investigated 144 cases in the financial year 2022-23 (FY23) compared to 59 in the previous year

Panel to decide reversal of erroneous transfers in demat accounts

Depositories approached Sebi, highlighting the challenges faced concerning obtaining OTP for such trade reversal

Sebi categorises dues worth Rs 73,287 crore as 'difficult to recover'

Capital markets regulator Sebi has segregated dues to the tune of Rs 73,287 crore under "difficult to recover" category at the end of March 2023. Overall, the markets watchdog has dues worth Rs 1.02 lakh crore that needs to be recovered from entities, including those that failed to pay the fine imposed on them, or were unable to pay fees due to it and did not comply with its direction to refund investors' money, according to Sebi's annual report for 2022-23, which was released on Monday. Of Rs 1.02 lakh crore, Rs 63,206 crore, which is 62 per cent of the total amount, pertains to collective investment scheme and deemed public issues of PACL Ltd and Sahara Group company Sahara India Commercial Corporation Ltd. Further, the regulator said parallel proceedings are pending before various courts and court-appointed committees in 77 cases involving Rs 70,482.62 crore, or 69 per cent of the total amount. "In these cases, Sebi's recovery proceedings are subject to directions/approvals of .

Sebi's success rate before Securities Appellate Tribunal improves

The regulator saw a remarkable drop in the number of pending cases -- from 426 at the end of FY22 to just 160 in FY23

Sebi, APMI jointly set standards for performance audit of PMS players

The standard specified by APMI will be effective from October 1, Sebi said in a circular

Sebi at work: Curbs on account aggregator usage, commodity brokers barred

The markets regulator on Tuesday amended its previous circular on trading preferences between exchanges

Sebi initiates process to hire 2 executive directors, invites application

The appointment of executive director will either be on a deputation or contractual basis, for a period of three years, the regulator said in a public notice

Sebi's move to regulate index providers on hold; revised proposal on cards

A regulatory framework for index providers was cleared by Sebi's board at its meeting held in March. The regulator, however, is yet to notify changes

Market regulator Sebi revises illegal gains amount in pump-and-dump matter

Sebi had issued the order on 31 entities which allegedly operated the pump-and-dump scheme

Sebi comes out with 'stricter timeline' for disclosure of material events

Capital markets regulator Sebi on Wednesday came out with a "stricter timeline" for disclosure of material events or information by listed companies and introduced criteria for determining the materiality of events. The new framework will become effective from July 15, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, the regulator asked listed companies to disclose family settlement agreements, which can impact the management and control of such firms to stock exchanges. These agreements need to be disclosed within 12 hours in case a listed entity is a party and within 24 hours where the listed entity is not a party. Further, for material events or information which emanate from the listed entity, including those related to acquisitions, Scheme of Arrangement, consolidation of shares, and buyback of securities, the timeline for disclosure by the entity has been reduced from 24 hours to 12 hours. In case of information that emanates from a .

Sebi to auction 22 properties of Bishal Group, NVD Solar on August 14

Capital markets regulator Sebi on Wednesday said it will auction 22 properties belonging to Bishal Group of companies and NVD Solar on August 14 to recover money illegally collected from investors. The properties will be auctioned at a reserve price of nearly Rs 37 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi). Of the 22 properties, 17 relate to Bishal Group of companies (Bishal Abasan India Ltd, Bishal Distillers Ld, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd) and five pertain to NVD Solar. These properties include land parcels, flats and a residential building located in West Bengal. Inviting bids for the sale of properties in the recovery proceedings against the companies and their promoters and directors, Sebi said the auction will be conducted online on August 14 from 10:30 am to 12:30 pm. Adroit Technical Services has been appointed as the e-auction service provider. The regulator has asked

Adani-Hindenburg case: Sebi defends rule change on offshore investors

The Supreme Court will hear the ongoing Adani-Hindenburg case on Tuesday. The regulator has until Aug. 14 to submit its report

Sebi settles case of alleged unfair trade practices with individual

Markets regulator Sebi has settled a case with an individual on payment of nearly Rs 46 lakh as settlement amount in relation to alleged violation of certain norms related to prohibition of unfair trade practices. Sebi had received a complaint from Finsec Law Advisors alleging that Pawan N Agarwal and two others had violated certain provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations with respect to trades of its client Aequitas. Aequitas is a Mumbai-based boutique investment firm. "Pursuant to the investigation, it was observed that Pawan N Agarwal... had mirrored certain trades of Aequitas and thereby violated the provisions... PFUTP Regulations," the watchdog said while modifying a recent order through a corrigendum. Earlier, it was alleged that the individual had violated provisions of PFUTP by engaging in front running/ mirror trading of trades. The individual paid Rs 45,99,600 as the settlement amount. Earlier, Sebi order had said the ...

MSCI acknowledges India's transition to T+1 shorter settlement cycle

Stresses on need for coordinated transition to the shorter cycle

Not aware of any subpoena from US regulators to investors: Adani Group

This comes after Bloomberg reported that US regulators are probing the representations made by Adani Group to American investors after Hindenburg report accused it of manipulating stock prices

Sebi likely to change rules to track investments in PE and VC funds

The market regulator is doing this to identify the investors and the source of the money

Sebi lists new norms for high-risk FPIs: What it means for investments

Who is impacted; do the new rules better protect Indian companies from opportunistic takeover: questions answered

Sebi cancels registration certificate of Karvy Ltd; firm to still pay dues

Sebi had banned the Karvy and its promoters from the market for seven years through its order in April this year

Sebi reconstitutes intermediary advisory committee for legal framework

Sebi has reconstituted its intermediary advisory committee, which suggests on matters pertaining to changes in legal framework and enhancing transparency in systems and procedures of market intermediaries including stock brokers, depository participants and clearing members. Rejigging its committee, the capital markets regulator said the panel will continue to be chaired by S Ravindran Jain, former executive director at Sebi. Also, the regulator has inducted new members in the panel. The 21-member committee has representation from the brokerage industry, financial institutions, legal fields and Sebi's members, as per the information available with the markets watchdog. The regulator has inducted several new members including Nithin Kamath, founder and chief executive officer (CEO) of Zerodha Broking and Groww's CEO Lalit Keshre. Further, Ashish Chauhan, managing director and CEO of National Stock Exchange (NSE); Sundararaman Ramamurthy, MD and CEO of BSE; Narendra Wadhwa, President