The Economic Times
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| 31 October, 2020, 03:33 AM IST | E-Paper

    Portfolio managers need to provide disclosure document to clients before agreement: Sebi

    In a detailed set of Frequently Asked Questions (FAQs) on portfolio managers, Sebi said the disclosure document contains the quantum and manner of payment of fees payable by the client for each activity, portfolio risks and complete disclosures in respect of transactions with related parties.

    Sebi orders attachment of bank, demat accounts of Roselabs Finance

    The fine of Rs 2.54 crore was imposed by the Securities and Exchange Board of India (Sebi) in December 2019 for violating securities market norms by conducting fraudulent trading in the scrip of Gujarat Arth Ltd.

    SAT stays Sebi penalty against LIC,SBI and BOB

    “After hearing the matter for some time we feel it necessary to stay the directions contained in the order. Accordingly, the direction contained in the order shall not be implemented until the next date of hearing,” said the three-member bench of SAT. The matter has been posted for further hearing on December 3.

    Sebi forms committee to recommend policy for securities market data

    Sebi whole time member Madhabi Puri Buch will be heading the committee, which has chief executives of stock exchanges and depositories, representatives of various stakeholders and senior officials of Sebi as members.

    Sebi to auction Ravi Kiran Realty's properties next month

    Under the norms, the firm is required to list its securities on the recognised bourse as the shares were issued to more than 50 persons. It was also required to file a prospectus, among other things, which it failed to do.

    NTPC board to consider buyback of equity shares on November 2

    Last week, markets regulator Sebi granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.

    Sebi gives more time to submit applications for securities market trainers

    SMARTs are expected to conduct investor awareness programs for existing and prospective investors in the securities markets.

    Sebi inducts 3 new members into technical group on social stock exchange

    They have been inducted with effect from October 7, an update by the Securities and Exchange Board of India (Sebi) on Thursday showed.

    Sebi comes out with guidelines for investment advisers in IFSC

    According to Sebi, an IA or parent entity will fulfil the networth requirement, separately and independently, for each activity undertaken by it.

    Sebi eases rights issue norms

    At present, the regulations required companies doing a rights issue to ensure minimum 90% subscription.

    Sebi comes out with framework to monitor foreign holding in depository receipts

    Under the framework, a listed company will appoint one of the Indian depositories as the designated depository for the purpose of monitoring of limits in respect of depository receipts.

    Sebi cancels registration of share transfer agent Sharepro Services

    The Securities and Exchange Board of India (Sebi) had carried out an inspection in respect to records pertaining to Sharepro Services' RTA activities during January 2013 to December 2014.

    Nasscom against Sebi diktat, opposes forensic audit disclosure rule

    Last week, Sebi made it mandatory for listed companies to disclose details of forensic audits immediately after initiation. Once the audit is finished companies are also required to disclose the comments of management on these reports.

    Vedanta says committed to India after failed delisting

    Last week, Vedanta Ltd's delisting went from almost-a-success to failure due to a large number of unconfirmed orders.

    Sebi announces slew of measures on delisting of subsidiaries, role of debenture trustees

    ​Sebi has also approved the proposal of strengthening the role of debenture trustees (DTs) to protect the interest of debenture holders.

    Vedanta hits lower circuit as delisting plan fails

    Vedanta shares were down 9.99 per cent at Rs 109.90 on the BSE, while benchmark Sensex was up 324.14 per cent at 40,879 points.

    Sebi asks bourse, clearing corps to go hard on defaulting brokers

    The recovery of assets would help in meeting the obligations of clients, stock exchanges and clearing corporations, the Securities and Exchange Board of India (Sebi) said in a circular.

    Sebi will not revise upfront margin rules: Ajay Tyagi

    “We took this decision after much deliberation. There were some teething problems because stakeholders did not make an effort to get their system ready by August end that led to increased loan on clearing corporations and depositories,” said Tyagi, Chairman, Sebi.

    Negative prices: Sebi plans risk framework

    The regulator said to handle such a scenario of ‘near zero’ and negative prices, it had formed a panel to review the risk management framework.

    DCB Bank employees under Sebi glare for alleged insider trading

    The show-cause notices have been sent to senior executives in treasury and human resources departments then who had access to inside information. It could not be ascertained if these employees are still with DCB Bank.

    Sebi gives more time to investors of Blessing Agro, Asurre Agrowtech to submit refund claims

    The Sebi-appointed administrators had continued to accept claim forms from investors of the two companies even beyond the due date as there were many requests from investors to extend the deadline, the regulator said in two separate public notices on Monday.

    Sebi rationalizes eligibility criteria, disclosure norms to speed up rights issues

    It also increased the threshold from Rs 10 crore to Rs 50 crore, for filing requirement of rights issue draft letter of offer with the board for its observations.

    Sebi gives more time to trustees to appoint dedicated officer

    Now, the deadline has been extended till January 1, 2021, after receiving representation from industry body Amfi (Association of Mutual Funds in India), Sebi said in a circular.

    Sebi invites application to process, maintain investor complaints

    The regulator, in a notice, invited applications "in prescribed format for pre-qualification of agencies for processing and maintenance of records of investor complaints received at Sebi".

    Unregistered investment advisory case: Sebi invites refund claims from Cypress Money clients

    In a public notice, Securities and Exchange Board of India (Sebi) has asked it to submit the refund claim by November 30.

    Sebi extends validity of observations for launching IPOs, rights issue up to March 31

    The regulator said the lead manger to the issue has to given an undertaking that the company is in compliance with Sebi norms on disclosure norms while submitted the updated offer document to it.

    Sebi plans to empanel securities market trainers

    The SMARTs are expected to conduct investors awareness programmes on behalf of the regulator under the aegis of Sebi Investor Protection and Education Fund (Sebi IPEF).

    Sebi extends regulatory measures to curb volatility to October 29

    Sebi had put a cap on the bearish bets that foreign investors, mutual funds and proprietary desks could take on index derivative contracts without owning the underlying shares.

    Sebi to empanel securities market trainers for investor education initiative

    SMARTs are expected to conduct Investor Awareness Programs (IAP) for existing and prospective investors in the securities markets, the Securities and Exchange Board of India (Sebi) said in a statement.

    Vedanta moves Sebi to get nod to start reverse book building for delisting

    The company had in May announced plans to delist Vedanta Ltd from the Indian stock exchanges by buying out non-promoter shareholding.

    Sebi details operating guidelines for PMS in IFSC

    The markets regulator also prescribed that the minimum amount of funds to be accepted by portfolio managers operating in IFSC should be $70,000.

    Sebi enhances IL&FS case penalty on ICRA, CARE and IndRa to Rs 1 crore

    Last year, the regulator’s adjudication officer had imposed Rs 25 lakh each against the three credit rating agencies. However, Sebi later decided to review the adjudication officer’s order.

    IL&FS case: Sebi raises penalty to Rs 1 cr each on ICRA, CARE

    The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE Ratings in the matter saying the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies.

    IL&FS InvIT for road assets gets Sebi nod

    The group is expected to start the process of setting up a sponsor company for the InvIT under its subsidiary IL&FS Transportation Networks Limited (ITNL) by the end of this month.

    Sebi details framework to protect investors against near zero/negative prices in commodities

    Sebi said that in order to enable the risk management framework to handle such a scenario of ’near zero’ and negative prices, it constituted a Task Force of CCs and market participants to review the risk management framework.

    Sebi must blacklist board members, officials found guilty of governance deficit: Narayana Murthy

    Stating that a corporation must provide total protection to whistleblowers against vendetta by the bosses, Murthy said an important duty of a board is protecting and enhancing the reputation of the company and discharging its fiduciary responsibilities.

    Sebi tightens investment norms for multi-cap funds, evokes protests

    Sebi has asked fund houses to comply with the new norms by January 31, 2021. The rush to add small- and mid-cap stocks to multi-cap portfolios could result in a run-up in share prices.

    Sebi shortlists Airtel, Wipro, others to revamp IT infra network

    Accordingly, the regulator in July invited Expression of Interest (EoI) from solution providers for "upgrade and revamp of IT network, IP telephony and video conferencing set-up of Sebi".

    Sebi extends deadline for public comments till Oct 18 on biz responsibility reporting format

    "In view of the impact of the COVID-19 pandemic, it has been decided to extend the timelines for seeking public comments to October 18, 2020," the Securities and Exchange Board of India (Sebi) said in a statement.

    Sebi bans one individual for providing unauthorised investment services

    The regulator found that Chawla was giving trading tips, stock specific recommendations, among others, to investors and general public by charging fees from them. Through such services, he collected over Rs 1.25 crore.

    Sebi prescribes norms for MFs' portfolio segregation

    ​A segregated portfolio can be created in a mutual fund scheme by AMC in case the securities held by them are downgraded below investment grade and subsequent downgrades in credit rating.

    Sebi bars KKDIL, directors from securities market for violating public issue norms

    The order came after Sebi received several complaints and conducted an examination against the company to ascertain if Kalyani and Kalyani Developers India Ltd (KKDIL) had issued securities to investors in violation of the public issue requirements.

    Broader market awaits Rs 40,000 crore bonanza as Sebi tweaks multicap fund rules

    The market regulator said multicap funds will now invest minimum 75 per cent of total assets in equities with 25 per cent each in largecap, midcap and smallcap companies.

    Companies Act provisions that don't make sense during Covid

    In a virtual AGM, showing and counting the hands of shareholders in favour of a resolution is impossible. Sebi rules anyway require listed companies with more than 1,000 investors to offer e-voting facilities.

    Sebi eases disclosure requirements on shares encumbered for margin obligations

    The decision has been taken after receiving representations from market participants, Securities and Exchange Board of India (Sebi) said in a circular.

    Shah Grp Builders case: Sebi initiates refund process; asks investors to submit bank details

    The case relates to raising money through the issuance of shares to more than 1,500 people between July-November 2008 without complying with the regulatory provisions applicable for a public issue.

    Sebi imposes market ban on 7 entities in Kelvin Fincap case

    Sebi noted that the company has filed various false and concocted documents before it to persist with its contention that the issue of shares was a private placement only.

    Sebi sets March 31 as cut-off date for re-lodgement of share transfer requests

    Sebi, in March 2019, had clarified that transfer deeds lodged before the deadline of April 1, 2019, and rejected or returned due to deficiency in the documents may be re-lodged with requisite documents.

    Sebi eases processing of FPI documents in lockdown-hit areas

    However, such relaxations will not be applicable for entities from jurisdictions where lockdown has already been lifted, the Securities and Exchange Board of India (Sebi) said in a circular.

    Indian funds seek to calm investors after rule change affects $20 bn in equity assets

    The Securities and Exchange Board of India (SEBI) on Friday said so-called multi-cap funds should invest a minimum 75% of their assets in stocks, but spooked industry by mandating equal allocation of 25% between large-, mid- and small-cap shares.

    New margin pledge system: Sebi to again meet brokers, depositories on Monday

    They also said brokers are not technically prepared to roll out the proposed framework and are seeking a month's extension to implement the same.

    Why have Sebi new margin rules caused so much chaos on D-Street

    Brokers are pushing clients to pledge a portion of their shares. This is to ensure that whenever clients decide to do a quick trade, they are not found wanting for the mandatory initial margin.

    Sebi extends timeline for proxy advisors’ guidelines compliance to Jan 1

    The markets regulator said the timeline was extended after taking into consideration requests received from registered proxy advisors, and the prevailing business and market conditions due to Covid-19 pandemic.

    Sebi extends regulatory measures taken to curb volatility till September 24

    On March 20, Sebi had imposed curbs on trading in futures and options to curtail frenzied activity that has contributed to a spike in volatility sparked by worries about the unchecked spread of coronavirus.

    Sebi extends measures to curb volatility up to September 24

    On March 20, the markets regulator has imposed curbs on trading in futures and options to curtail frenzied activity that has increased volatility amidst a near shut down of economic activity due to coronavirus.

    Sebi orders impounding Rs 3.6 crore in insider trading case

    During the investigation, Sebi found that the four entities made wrongful gains by trading in the scrip of IAL while in possession of UPSI pertaining to stock split.

    Sebi refuses to extend Sep 1 deadline to implement new margin pledge rules

    "In today's virtual meeting, Sebi's declined to grant extension of further time in implementing margin pledge/repledge process. This came as a big surprise to Anmi and its 900 members. Anmi is holding consecutive meetings with all stakeholders and studying all options available to it in the matter," a spokesperson of Anmi said.

    Govt to sell 15-20% stake in IRCTC via OFS

    The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.

    Sebi revises IFSC guidelines on financial reporting for debt issuers

    The country’s only IFSC Gujarat International Finance Tec (GIFT) City is located between Ahmedabad and Gandhinagar

    Sebi appoints G P Garg as Executive Director

    Prior to his promotion as ED, Shri Garg was Chief General Manager in SEBI and has handled several assignments since joining in January 1994.

    Sebi proposes changes in minimum public shareholding requirements for companies under insolvency

    The regulator on Wednesday proposed three options to increase public holding post the corporate insolvency resolution process.

    PIF, ADIA may invest $1 billion in RIL’s fibre InvIT

    Over 48% of the InvIT—Digital Fibre Infrastructure Trust (DFIT)—will be owned by various RIL entities, with the rest being held by high net worth individuals (HNIs), they said.

    RIL fibre arm to raise nearly Rs 40,000 crore via InVIT route

    The fibre optic unit, earlier a part of RIL's telecom arm, Reliance Jio, has a debt of Rs 87,296.3 crore, including suppliers' credit.

    Sebi amends rules for filling of executive director posts

    Earlier, 50 per cent of the total post of executive directors were required to be filled in from internal candidates and the remaining 50 per cent were to be recruited by deputation/ contract and/or direct recruitment.

    Sebi to meet Anmi, depositories to discuss preparedness on new margin collection

    Before implementing the framework, Sebi wants to discuss the preparedness with the depositories (CDSL and NSDL), stock brokers association and clearing corporations.

    Sebi imposes Rs 10 lakh fine on Bank of Baroda

    Whole time member of the Sebi had earlier directed the bank to comply with the guidelines on or before December 31, 2020, the filing said.

    Sebi fines SBI, LIC, Bank of Baroda for violating mutual fund norms

    Sebi observed that SBI, LIC and BoB are the sponsors of SBI Mutual Fund, LIC Mutual Fund and Baroda Mutual Fund, respectively, and they also hold more than 10 per cent stake each in these mutual funds.

    Sebi issues procedure for exchanges to handle investor complaints against listed cos

    Under the framework, exchanges can levy penalty on companies in case of non-redressal of investor complaints and ask depositories to freeze the shareholding of the promoter entities.

    Five companies garner Rs 882 crore via NCDs in April-July

    The funds have been mopped up to strengthen balance sheets, which might have been impacted due to the coronavirus pandemic, retire existing debt and to support working capital requirements, market experts believe.

    Sebi issues guidelines to help trustees monitor AMC activities

    The regulator said trustees should specify the scope of work of the said officer from time to time to support the role and responsibilities of the trustees.

    Sebi to set up virtual museum of securities market

    The museum is intended to be a visual online organised collection of history of evolution, achievements and milestones in the Indian securities market over the decades in terms of market infrastructure.

    Sebi bans Money Plus, proprietor from carrying out investment advisory services

    They have also been restrained from accessing the securities market until further orders.

    Brokers may report Rs 23,000 crore revenue in FY21: ICRA

    Shares of all broking firms have also managed to deliver positive returns to investors since April 1

    Ajay Tyagi's tenure as Sebi chairman extended for another 18 months

    The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved extension of Tyagi’s term until February 28, 2022. His tenure would otherwise have ended at the end of this month.

    CDSL reduces margin pledge, repledge transaction fee

    Accordingly, in the interest of market development and investors, the depository has decided to reduce the charges substantially and levy a charge of Rs 5 for margin pledge or margin unpledge involving the end investor, he added.

    Sebi Chairman Ajay Tyagi’s term extended by 18 months

    The government had earlier this year granted a six-month extension to Tyagi, ahead of the expiry of his three-year tenure on March 1. Tyagi took charge from his predecessor, U K Sinha, on March 1, 2017.

    Sebi to auction properties of Royal Twinkle, Citrus Check Inns on Aug 14

    Markets regulator Sebi will auction properties of Royal Twinkle Star Club and Citrus Check Inns on August 14 at a reserve price of over Rs 68 crore.

    Dhyana Finstock case: Sebi slaps Rs 6.55 crore fine on 81 entities

    The regulator examined KYC (Know Your Customer) documents, common directorship, fund transfers and off-market transfers of shares and found that these entities were inter-connected with each other.

    Sebi bans 4 entities for providing unauthorised investment advisory services

    Sebi has barred Money Increase, Venture Revenue and two individuals from the capital markets for providing unauthorised investment tips and falsely promising assured returns to investors.

    Sebi clarifies multi-cap funds free to choose route to comply with its Friday circular

    “Apart from rebalancing their portfolio in the Multi Cap schemes, they could inter-alia facilitate switch to other schemes by unitholders, merge their Multi Cap scheme with their Large Cap scheme or convert their Multi Cap scheme to another scheme category, for instance Large cum Mid Cap scheme.”

    Sebi to auction Asurre Agrowtech's properties to recover investors' money

    Markets regulator Sebi on Thursday said it has lined up as many as 18 properties of Asurre Agrowtech Ltd for an auction on August 30.

    Sebi extends Q1 results filing deadline to to September 15

    As per Sebi rules, a listed company is required to submit its quarterly, half year and annual financial results within 45 days or sixty days as applicable from the end of each quarter or half year or financial year.

    MFs withdraw Rs 17,600 cr from stocks in July-August

    Equity-oriented MFs have witnessed a cumulative net outflow of Rs 6,450 core in July and August while hybrid funds saw a withdrawal of Rs 12,121 crore.

    Spike in equity market retail participation seen since lockdown: Sebi chief

    The regulator has come out with host of measures to make it easier for corporates to raise funds as many companies are facing various challenges due to the pandemic.

    Sebi grants exemption to NTPC for proposed share buyback

    Last week, the state- owned power generation company had approached Sebi seeking an exemption from one of its rules which bars a company from announcing buyback program pending any scheme of amalgamation.

    Measures to contain high volatility in market to be in force till Aug 27: Sebi

    On March 20, the regulator had come out with various measures, including revision of market wide position limit, to ensure orderly trading and settlement to contain high market volatility.

    India's secondary listing plan for firms joining foreign markets irks investors: Sources

    The new policy, aimed at helping local firms achieve better valuations, could be a shot in the arm for Indian unicorn start-ups valued at over $1 billion and Reliance’s digital unit which is eyeing a U.S. listing after raising over $20 billion from global names like KKR & Co.

    Mutual funds seek to calm investors after rule change affects $20 bln in equity assets

    Indian fund managers on Monday sought to assuage investor concerns that a regulatory change affecting portfolio structures of some equity funds which manage assets worth $20 billion will make such holdings riskier and destabilise the market.

    Sebi issues new rules for recovery expense fund

    “In order to enable the debenture trustees to take prompt action for enforcement of security in case of default in listed debt securities, a ‘Recovery Expense Fund’ (REF) shall be created which shall be used in the manner as decided in the meeting of the holders of debt securities,” Sebi said in a circular.

    Sebi allows acceptance of client securities as collateral by way of title transfer till Aug 31

    The decision has been taken in view of the prevailing situation due to the COVID-19 pandemic and partial lockdowns in various areas of the country.

    Sebi fines Rs 65 lakh on 13 entities for manipulative trades

    The regulator found that 13 entities manipulated the price of JDL and of these entities, two booked gains by selling their shares at artificially high prices.

    Northward Financial Planners, partners settle case with Sebi

    The applicants were called for a meeting with the internal committee (IC) of Sebi.

    Sebi imposes fine on Biocon employee for violating insider trading norms

    The investigation carried out by the regulator found that Ravishankar, who held 19,500 shares of the company, acquired through exercise of employee stock option plan (ESOP), sold 5,000 shares in September 2018 without seeking pre-clearance from the compliance officer.

    IDBI Bank sells remaining 0.21% stake in NSE

    While both IDBI and LIC held stake in the exchange, the shareholding threshold in NSE was breached when LIC acquired a 51 per cent controlling stake in IDBI Bank.

    Depositories, clearing corps say new margin pledge process 'fairly stabilized'

    “Significant amount of margin pledges/repledges continue to be processed seamlessly since September 1, 2020. The new margin pledge process has now been fairly stabilized,” CDSL, NSDL, Indian Clearing Corp and NSE Clearing said in a joint statement.

    Taurus AMC settles with Sebi, pays Rs 1.94 crore as settlement charges

    The case relates to four schemes of Taurus AMC which had exposure in debt securities issued by Gautam Thapar-run paper maker Ballarpur Industries( BILT). The company defaulted on their payment obligation in February 2017.

    Vedanta says committed to investing in India after failed delisting

    "Launching the delisting bid to garner approx 134 crore shares was indeed a mammoth task. We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent," Vedanta Resources, the parent firm of Vedanta Ltd, said in a statement.

    Sebi says mutual funds to undertake 10% corp bond trade through RFQ platform

    The markets regulator said the move will enhance the transparency and disclosure pertaining to debt schemes and investments by mutual funds in corporate bonds and commercial papers.

    Listed firms have till 2021 to comply with minimum shareholding rules: FinMin

    Extending the time period for compliance, the finance ministry amended the Securities Contracts (Regulation) Rules to allow companies three years to attain the minimum public shareholding, effective from July 31.

    Depositories, Clearing Corps expect new margin pledge process to stabilize in a week

    Under the new framework , stock brokers will have to collect margins from investors upfront for any purchase or sale of shares and failure to do so will attract penalties.

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