Fraud at listed firms: Stock market regulator Sebi to rein in erring auditors, valuers
7 years ago

Fraud at listed firms: Stock market regulator Sebi to rein in erring auditors, valuers

Firstpost  

The proposed move assumes significance as the role of auditors and valuers has come under scanner in a number of high-profile cases such as the Satyam and Kingfisher frauds, as also the PNB scam, WhatsApp leak and the Fortis matter in the recent past New Delhi: Regulator Sebi is considering a new set of norms for auditors and other third-party fiduciaries in the securities market under which defaulters will face stringent penal actions, including ban on issuance of audit or valuation reports and disgorgement of unlawful gains and their fees. Sebi is looking to enhance the regulatory oversight to check such frauds in future with the new regulations for fiduciaries in the securities markets, which will require additional disclosure requirements and greater scrutiny of financial statements by auditors and other third party entities, a senior official said. “One of the prime objectives of Sebi is to ensure that there should be full, timely and accurate disclosure of financial results and other information that is material to investors’ decision,” he said, while pointing to alleged lapses at various levels in cases like WhatsApp leak of financial results, the PNB scam and the matters concerning Fortis and Satyam-PwC. The official explained that the information which has gone through various third-party fiduciaries such as auditors, merchant bankers, rating agencies, cost accountants and valuers are often considered as “basis of most of the investment and financial decisions of the investors”, and these entities are seen as “principal gatekeepers or conscience keepers” and there must not be any lack of efforts in flagging lapses or potential risks.

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History of this topic

SEBI Broadens Scope of Unpublished Price Sensitive Information; Details Inside
2 weeks, 1 day ago

SEBI Broadens Scope of Unpublished Price Sensitive Information; Details Inside

ABP News  

Markets regulator Sebi has widened the ambit of the scope of Unpublished Price Sensitive Information by including any proposed fundraising activities agreements which can impact the management or control of the company, restructuring plans, and one-time bank settlements. Sebi said that fraud or defaults by the company, its promoter, director, key managerial personnel, or subsidiary or arrest of key managerial …

'Prima Facie Evidence Of Regulatory Lapses' : Court Orders FIR Against Ex-SEBI Chief Madhabi Puri Buch & BSE Officials
3 weeks, 5 days ago

'Prima Facie Evidence Of Regulatory Lapses' : Court Orders FIR Against Ex-SEBI Chief Madhabi Puri Buch & BSE Officials

Live Law  

A Special Court in Mumbai on Saturday ordered the Anti-Corruption Bureau, Mumbai to register a FIR against former Securities and Exchange Board of India SEBI) chairperson - Madhabi Puri Buch and also three of its "whole time members" and the top brass of the Bombay Stock Exchange, Special Judge passed the order in an application under Section 156 Cr.P.C. Special …

Mumbai court directs case against Madhabi Buch, top Sebi, stock market officials
3 weeks, 6 days ago

Mumbai court directs case against Madhabi Buch, top Sebi, stock market officials

India Today  

A special Anti-Corruption court in Mumbai on Saturday ordered the registration of an FIR against top officials of the Securities and Exchange Board of India including former Sebi Chairperson Madhabi Puri Buch and Bombay Stock Exchange in a case of alleged stock market fraud and regulatory violations. The complainant contended that Sebi officials failed in their statutory duty, facilitated market …

Sebi imposes ₹5 crore penalty on BSE arm ICCL for regulatory lapses
1 month ago

Sebi imposes ₹5 crore penalty on BSE arm ICCL for regulatory lapses

Live Mint  

In a significant regulatory move, the Securities and Exchange Board of India slapped a penalty of ₹5.05 crore on the Indian Clearing Corporation Ltd., a subsidiary of BSE Ltd, following an inspection that revealed several instances of non-compliance concerning the clearing corporation’s practices and systems. The inspection also revealed that ICCL had not fully complied with Sebi’s cyber security framework, …

Disclosure rules on related-party transaction
1 month, 1 week ago

Disclosure rules on related-party transaction

New Indian Express  

NEW DELHI: Markets regulator Sebi on Saturday introduced industry standards for the minimum information that listed entities are need to provide to the audit committee and shareholders when seeking approval for the related-party transactions. The Industry Standards Forum comprising representatives from three industry associations -- ASSOCHAM, CII and FICCI -- have formulated these standards for minimum information to be provided …

Sebi mulls changes in secretarial compliance report format, auditors’ appointment norms for cos
1 month, 2 weeks ago

Sebi mulls changes in secretarial compliance report format, auditors’ appointment norms for cos

Live Mint  

New Delhi, Feb 9 To strengthen corporate governance at listed firms, Sebi has proposed a revised format for annual secretarial compliance report, eligibility criteria for the appointment of auditors and inclusion of monetary thresholds for Related Party Transactions approvals. In its consultation paper, Sebi has proposed changes to improve the format and content of the Annual Secretarial Compliance Report, aiming …

Sebi notches up governance norms and easing procedures: What it means for investors
1 month, 3 weeks ago

Sebi notches up governance norms and easing procedures: What it means for investors

Live Mint  

The market regulator’s latest updates to the listing regulations present a wholesome platter of governance enhancements, accompanied by a fine glass of procedural easing to wash it down. Sebi’s changes in this matter aim at bolstering the independence of secretarial auditors by introducing stricter conditions including mandatory rotation of secretarial auditors, mirroring the approach already present for statutory auditors. Sebi …

Sebi bans finfluencers from using live stock prices, tightens crackdown on illegal advisories
1 month, 4 weeks ago

Sebi bans finfluencers from using live stock prices, tightens crackdown on illegal advisories

New Indian Express  

MUMBAI: The markets regulator Sebi, which has been after the so-called financial influencers or finfluencers who are tricking the gullible public into investing in stocks they get paid to recommend, for long, has delivered a major blow to them by restricting their use of live-market data/prices in their what they call educational content. The key prohibitive measures include not allowing …

SEBI Issues New Rules For Finfluencers, Tightens Norms For Stock Education
1 month, 4 weeks ago

SEBI Issues New Rules For Finfluencers, Tightens Norms For Stock Education

ABP News  

The Securities and Exchange Board of India announced some revisions to the norms for financial influencers on Wednesday. Issuing an official circular, the capital markets regulator said that finfluencers will not be allowed to use live stock market data in educational content anymore. As per the norm, any individuals trying to educate about the stock market would be permitted to …

Sebi imposes strict guidelines on finfluencers: No live share price, stock tip restrictions & more
1 month, 4 weeks ago

Sebi imposes strict guidelines on finfluencers: No live share price, stock tip restrictions & more

Live Mint  

Sebi has issued restrictions for finfluencers providing stock tips on social media platforms as investor education. "It is the responsibility of the persons regulated by Sebi to ensure that any person associated with them or their agent, directly or indirectly, does not engage in any of the abovementioned two prohibited activities, directly or indirectly," Sebi said. Prohibited activities by Sebi …

Sebi settles adjudication proceedings against Paytm executives
2 months, 1 week ago

Sebi settles adjudication proceedings against Paytm executives

Live Mint  

Mumbai: Markets regulator Securities and Exchange Board of India has settled adjudication proceedings against several executives and independent directors of One97 Communications Ltd, the parent of fintech firm Paytm, for alleged violations of securities laws. The adjudication proceedings stemmed from concerns raised by Sebi in July 2023 regarding the actions of Amit Khera, Paytm’s then-compliance officer and company secretary, as …

Sebi to simplify registration for FPIs looking to invest in govt securities
2 months, 2 weeks ago

Sebi to simplify registration for FPIs looking to invest in govt securities

Live Mint  

Mumbai: India's capital markets regulator is set to ease the registration of foreign portfolio investors if they want to invest in government-backed securities, even as it proposed doubling the equity investment threshold set for granular disclosures by FPIs to ₹50,000 crore. "There will be zero requirements for a lot of things including investor group all that data will not be …

Sebi against exuberance, price manipulations in SME listings; board to discuss it soon: WTM Bhatia
3 months, 1 week ago

Sebi against exuberance, price manipulations in SME listings; board to discuss it soon: WTM Bhatia

Live Mint  

Mumbai, Dec 17 Capital markets regulator Sebi wants to prevent exuberance, price manipulations and fraudulent trading practices on the Small and Medium Enterprises exchange, a senior official said on Tuesday. Addressing the India SME Banking Summit here, Whole Time Member Ashwani Bhatia said the regulator's board will be taking up the issue at its forthcoming meeting. "We are cognisant of …

SEBI Warns Against Trading Unlisted Securities on Unauthorized Platforms
3 months, 2 weeks ago

SEBI Warns Against Trading Unlisted Securities on Unauthorized Platforms

Deccan Chronicle  

The Securities and Exchange Board of India has issued a cautionary advisory to investors, warning against trading in securities of unlisted public limited companies on unauthorized electronic platforms.In a statement, SEBI highlighted that certain electronic platforms and websites have been facilitating such transactions, which violates the Securities Contract Act, 1956, and the SEBI Act, 1992. These laws are intended to …

Sebi proposes online monitoring framework for stockbroker audits
3 months, 3 weeks ago

Sebi proposes online monitoring framework for stockbroker audits

Live Mint  

The Securities and Exchange Board of India has proposed a new online system to improve the monitoring and supervision of stockbrokers' system audits. This proposal, aimed at enhancing audit quality and accountability, will create a web-based platform for stock exchanges to oversee the system audit process for brokers in real-time. These risks include audits conducted without physical visits to stockbrokers’ …

SEBI directs MIIs to establish SOPs for disciplinary actions against KMPs
4 months ago

SEBI directs MIIs to establish SOPs for disciplinary actions against KMPs

Live Mint  

The Securities and Exchange Board of India has issued new directives for Market Infrastructure Institutions to develop internal Standard Operating Procedures for disciplinary actions against Key Managerial Personnel in case of non-compliance with regulatory requirements and internal guidelines. Sebi’s regulations stipulate that all MIIs must adhere to the same corporate governance norms and disclosure requirements as those for listed companies. …

Sebi proposes revisions to custodian regulations
4 months, 2 weeks ago

Sebi proposes revisions to custodian regulations

Live Mint  

The Securities and Exchange Board of India has issued a consultation paper seeking feedback on proposed updates to the Sebi Regulations, which govern the operations of custodians in the Indian securities market. Given the importance of custodians in ensuring smooth market operations, especially for institutional investors, the consultation paper proposes several changes to enhance regulatory oversight and operational resilience. Sebi …

Have FPIs implicated in Adani matter revealed details of their owners: Congress
6 months, 2 weeks ago

Have FPIs implicated in Adani matter revealed details of their owners: Congress

New Indian Express  

NEW DELHI: Noting that September 9 was the deadline for Foreign Portfolio Investors to disclose the beneficial owners of their holdings, the Congress on Wednesday asked SEBI if those implicated in the Adani matter have done so and why has it taken the capital markets regulator 18 months to enforce the new norm. Congress general secretary in-charge communications Jairam Ramesh …

SEBI Imposes Rs 11 Lakh Fine On IIFL Securities For Compliance Failures
7 months ago

SEBI Imposes Rs 11 Lakh Fine On IIFL Securities For Compliance Failures

Live Law  

The Securities and Exchange Board of India has levied a fine of Rs 11 lakh on IIFL Securities Limited for breaches of various regulatory guidelines under the Securities Contracts Rules and associated SEBI circulars. The SEBI order highlighted that IIFL Securities violated multiple provisions related to margin trading and client fund management. The broker was found to have transferred securities …

Sebi imposes ₹11 lakh penalty on IIFL Securities for violating stock broker regulations
7 months, 1 week ago

Sebi imposes ₹11 lakh penalty on IIFL Securities for violating stock broker regulations

Live Mint  

Capital market regulator Sebi on Wednesday slapped a fine of ₹11 lakh on brokerage firm IIFL Securities for flouting stock broker rules and other regulatory norms. Sebi conducted an inspection of IIFL Securities Ltd covering the period from April to July 2022 to assess the firm’s adherence to regulatory requirements. In its 35-page order, Sebi noted that IIFL Securities acknowledged …

SEBI Fines IFGL Rs. 4 Lakh For Regulatory Breaches And Deficient Investor Grievance System
8 months ago

SEBI Fines IFGL Rs. 4 Lakh For Regulatory Breaches And Deficient Investor Grievance System

Live Law  

The Securities and Exchange Board of India has fined Delhi-based Indian Finance Guaranty Ltd Rs. The primary issues identified included IFGL's engagement in fund-based activities and multiple deficiencies in its investor grievance redressal system. SEBI mandates that stock brokers must provide a designated email ID exclusively for investor grievances, yet IFGL used the personal email of its CEO and compliance …

SEBI Proposes Amendments To Handle Securities Law Violations By Intermediaries Through Summary Proceedings
8 months, 1 week ago

SEBI Proposes Amendments To Handle Securities Law Violations By Intermediaries Through Summary Proceedings

Live Law  

The Securities and Exchange Board of India has issued a consultation paper proposing amendments to the SEBI Regulations, 2008 which introduces provisions for summary proceedings to handle specific types of securities law violations by intermediaries. The introduction of summary proceedings addresses issues observed in the current regulatory framework. However, SEBI has noted an increased number of violations by other intermediaries, …

Sebi chief Madhabi Buch urges industry to report market misconduct
8 months, 3 weeks ago

Sebi chief Madhabi Buch urges industry to report market misconduct

Live Mint  

In a call to action, market regulator Securities and Exchange Board of India has urged industry stakeholders to proactively report any malpractices within their sectors. This, Sebi chairperson Madhabi Puri Buch emphasized, is crucial to maintaining investor trust—a cornerstone for a growing market. Amid this surge, Sebi has implemented stricter measures to ensure market integrity, including stringent instructions to regulated …

SEBI Establishes Committee To Review Ownership And Economic Structure Of Clearing Corporations
9 months, 2 weeks ago

SEBI Establishes Committee To Review Ownership And Economic Structure Of Clearing Corporations

Live Law  

The Securities and Exchange Board of India has formed an ad-hoc expert committee chaired by Usha Thorat, a former Deputy Governor of the Reserve Bank of India. The Gandhi Committee's 2018 report emphasized the need for a dispersed and widely held ownership structure for Market Infrastructure Institutions, including clearing corporations, due to their high-risk nature. The committee advised against the …

SEBI Can Now Impose Fine On Market Infrastructure Institutions (MIIs) For Surveillance-Related Lapses
9 months, 3 weeks ago

SEBI Can Now Impose Fine On Market Infrastructure Institutions (MIIs) For Surveillance-Related Lapses

Live Law  

The Securities and Exchange Board of India has issued a circular to address surveillance-related lapses at market infrastructure institutions. Financial disincentives or fines imposed by SEBI vary depending on the annual revenue of the MII and the recurrence of surveillance-related lapses. Subsequent instances incur higher disincentives, with the third instance onwards potentially resulting in a penalty of up to Rs …

Do Sebi's New Disclosure Rules Impact Large Number Of FPIs?
1 year, 2 months ago

Do Sebi's New Disclosure Rules Impact Large Number Of FPIs?

News 18  

Market regulator Sebi does not expect a large number of foreign portfolio investors to be impacted by the new beneficial ownership disclosure norms, according to sources. The sources in the know said FPIs which may be required to provide enhanced disclosures are expected to be significantly less than estimated in the consultation paper and the Sebi board note of October …

Anti-money laundering: Sebi releases fresh set of guidelines. Details here
1 year, 5 months ago

Anti-money laundering: Sebi releases fresh set of guidelines. Details here

Live Mint  

The capital markets regulator Securities Exchange Board of India on Friday released a set of amendents on anti-money laundering standards and combating the financing of terrorism. Client is a company: The beneficial owner is the natural persons whether acting alone or together, or through one or more juridical person, has a controlling ownership interest or who exercises control through other …

Sebi extends timeline for verification of market rumours by listed entities
1 year, 5 months ago

Sebi extends timeline for verification of market rumours by listed entities

Live Mint  

The Securities and Exchange Board of India has extended the timeline for verification of market rumours by listed entities. “It has been decided to extend the effective date of implementation of the proviso to regulation 30 of the LODR Regulations for top 100 listed entities by market capitalization, to February 1, 2024 and for top 250 listed entities by market …

Rise of ‘finfluencers’ sparks debate over influence and accountability
1 year, 6 months ago

Rise of ‘finfluencers’ sparks debate over influence and accountability

The Hindu  

As SEBI takes steps to regulate digital financial gurus, questions arise about the thin line between insightful guidance and potential manipulation. In a decisive move aimed at addressing the growing concerns over the links between financial entities and social media influencers, the Securities and Exchange Board of India, in a consultation paper issued on August 25, proposed a list of …

Why is SEBI tightening norms for ‘FinFluencers’? | Explained
1 year, 6 months ago

Why is SEBI tightening norms for ‘FinFluencers’? | Explained

The Hindu  

The story so far: On August 25, markets regulator Securities and Exchange Board of India floated a consultation paper proposing regulations to restrict the association of SEBI-registered intermediaries or regulated entities with unregistered ‘finfluencers.’ Other than undertaking enforcement action against the unregistered ‘finfluencers,’ the paper proposed measures to “disrupt the revenue model for such finfluencers, so that the perverse incentives …

SEBI suggests maintaining a distance between intermediaries and ‘finfluencers’. Here are 4 key reasons
1 year, 7 months ago

SEBI suggests maintaining a distance between intermediaries and ‘finfluencers’. Here are 4 key reasons

Live Mint  

The Securities and Exchange Board of India has introduced a proposal to limit interactions between its regulated entities and unregistered “finfluencers”. SEBI said in its consultation paper, “No SEBI registered intermediaries/regulated entities or their agents/representatives shall, directly or indirectly, have any association/relationship in any form, whether monetary or non-monetary, for any promotion or These proposed regulations would mandate that SEBI-regulated …

SEBI Mandates Additional Disclosures By Foreign Portfolio Investors
1 year, 7 months ago

SEBI Mandates Additional Disclosures By Foreign Portfolio Investors

Live Law  

The Securities and Exchange Board of India has issued a circular aimed at promoting heightened transparency among Foreign Portfolio Investors meeting specific criteria. Although PN3 does not directly apply to FPI investments, there are apprehensions that entities with substantial Indian equity portfolios might misuse the FPI route, potentially disrupting the orderly functioning of Indian securities markets. Under Regulations 22 and …

SEBI Notifies Modification In Cyber Security, Cyber Resilience Framework Of Stock Exchanges, Clearing Corporations & Depositories
1 year, 7 months ago

SEBI Notifies Modification In Cyber Security, Cyber Resilience Framework Of Stock Exchanges, Clearing Corporations & Depositories

Live Law  

In a recent development, the Securities and Exchange Board of India has announced a notable modification in the Cyber Security and Cyber Resilience framework for Stock Exchanges, Clearing Corporations, and Depositories. SEBI's latest circular dated August 24, 2023, revises certain aspects of the existing cybersecurity guidelines. The revised framework mandates that Market Infrastructure Institutions must carry out comprehensive cyber audits …

SEBI still probing 13 overseas entities’ holdings in Adani group
1 year, 7 months ago

SEBI still probing 13 overseas entities’ holdings in Adani group

The Hindu  

The Securities Exchange Board of India said its investigation into two crucial aspects raised by the Hindenburg Research report against the Adani Group continues to be in an “interim” stage. One of the two investigations which has so far foxed SEBI is about the 13 overseas entities who were classified as public shareholders of the Adani group of companies. Explained …

SEBI (Settlement Proceedings) Amendment Regulations, 2023 | SEBI Empowers Panel Of Whole Time Members For Settlement Proceedings
1 year, 7 months ago

SEBI (Settlement Proceedings) Amendment Regulations, 2023 | SEBI Empowers Panel Of Whole Time Members For Settlement Proceedings

Live Law  

In a significant development, the Securities and Exchange Board of India has introduced an amendment to the Securities and Exchange Board of India Regulations, 2018, via the Securities and Exchange Board of India Regulations, 2023. The Securities and Exchange Board of India has exercised its powers under Section 15JB of the Securities and Exchange Board of India Act, 1992, Section …

SEBI Mandates Enhance Disclosure Requirements For Certain FPIs
1 year, 7 months ago

SEBI Mandates Enhance Disclosure Requirements For Certain FPIs

ABP News  

In a bid to bring greater transparency, the Securities and Exchange Board of India on Friday introduced enhanced disclosure requirements for a certain class of Foreign Portfolio Investors. Notably, In June the market regulator had decided to mandate additional granular-level disclosures regarding ownership, economic interest, and control from certain FPIs. "A foreign portfolio investor that fulfills the criteria specified by …

SEBI Amends Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2018
1 year, 8 months ago

SEBI Amends Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2018

Live Law  

Securities and Exchange Board of India has issued a notification on July 24, 2023, introducing amendments to the Securities Contracts Regulations, 2018. The newly introduced regulations, titled the "Securities Contracts Regulations, 2023," have been formulated by SEBI in exercise of the powers conferred by sections 4, 8A, and 31 of the Securities Contracts Act, 1956, read with sections 11 and …

SEBI Introduces Alternate Dispute Resolution Amendment Regulations 2023
1 year, 8 months ago

SEBI Introduces Alternate Dispute Resolution Amendment Regulations 2023

Live Law  

The Securities and Exchange Board of India issued a notification on July 3, 2023, introducing amendments to the Alternative Dispute Resolution Mechanism Regulations. Amendments to the Securities and Exchange Board of India Regulations, 1996: A new regulation, 17A, is inserted, stating that all claims, differences, or disputes between a custodian and its client shall be submitted to a dispute resolution …

After Supreme Court panel’s report in Adani-Hindenburg case, Sebi seeks to tighten FPI norms
1 year, 8 months ago

After Supreme Court panel’s report in Adani-Hindenburg case, Sebi seeks to tighten FPI norms

Hindustan Times  

The Securities and Exchange Board of India informed the Supreme Court on Monday that its board has approved a proposal mandating granular disclosures for certain categories of foreign portfolio investors, more than a month after a court-appointed expert committee to probe the Adani-Hindenburg episode raised certain red flags regarding the current FPI regulations. On May 17, the apex court gave …

SEBI’s new disclosure norms for FPIs ‘a public admission of guilt’: Congress
1 year, 8 months ago

SEBI’s new disclosure norms for FPIs ‘a public admission of guilt’: Congress

Hindustan Times  

The Congress on Friday said SEBI’s decision to mandate enhanced disclosure requirements for some foreign portfolio investors points to a “clear admission of guilt” by the market regulator in wake of Supreme Court’s expert committee recommendations. In a statement, Congress general secretary Jairam Ramesh, said that SEBI’s investigation has limited scope and only a joint parliamentary committee probe can fully …

Sebi proposes mandating additional disclosure for high-risk FPIs
1 year, 9 months ago

Sebi proposes mandating additional disclosure for high-risk FPIs

The Hindu  

Capital markets regulator SEBI on Wednesday came out with a proposal mandating enhanced disclosures from high-risk Foreign Portfolio Investors to guard against possible circumvention of the Minimum Public Shareholding requirement. In its consultation paper, the regulator has proposed obtaining granular information from high-risk FPIs that have concentrated equity holdings in single companies or business groups. "For now, it is proposed …

SEBI proposes institutional mechanisms for AMCs to prevent market abuse, frauds
1 year, 10 months ago

SEBI proposes institutional mechanisms for AMCs to prevent market abuse, frauds

Live Mint  

SEBI has proposed that asset management companies should establish measures to prevent market abuse and fraudulent transactions. According to the draft paper, SEBI proposed that AMCs should implement effective surveillance systems and internal controls to prevent misconduct by employees and entities with access to information about fund management and investments. SEBI advised that escalation processes should be documented in the …

Explained | How is the stock market regulated in India?
2 years, 1 month ago

Explained | How is the stock market regulated in India?

The Hindu  

The story so far: On February 10, the Supreme Court asked the Securities and Exchange Board of India and the government to produce the existing regulatory framework in place to protect investors from share market volatility. The SCRA empowers SEBI to recognise stock exchanges, prescribe rules and bye laws for their functioning, and regulate trading, clearing and settlement on stock …

Protection Of Minority Shareholders And Related Party Transactions
2 years, 1 month ago

Protection Of Minority Shareholders And Related Party Transactions

Live Law  

The Company is an artificial entity incorporated under the Companies Act, 2013, and conducts its affairs through its board of directors who owe a duty to take care towards all the stakeholders of the company and to conduct the affairs of the company in a neutral and unbiased manner. Provisions Relating To Related Party Transactions Mainly there are three main …

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court
2 years, 2 months ago

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court

Live Law  

The Supreme Court has held National Company Law Tribunal under Section 59 of Companies Act, 2013, cannot excercise a parallel jurisdiction with Securities and Exchange Board of India6 for addressing violations of the Regulations framed under the SEBI Act.The court held that rectificatory jurisdiction of the NCLT under Section 59 of the Companies Act,2013, is summary in nature. The Supreme …

SEBI sets buying, selling of MFs under insider trading rules
2 years, 4 months ago

SEBI sets buying, selling of MFs under insider trading rules

The Hindu  

Capital markets regulator SEBI has amended norms to bring buying and selling of mutual fund units under the ambit of insider trading rules. At present, insider trading rules are applicable to dealing in securities of listed companies or those proposed to be listed, when in possession of Unpublished Price Sensitive Information. "No insider shall trade in the units of a …

Sebi floats paper to protect equity shareholders under IBC
2 years, 4 months ago

Sebi floats paper to protect equity shareholders under IBC

Live Mint  

The Securities and Exchange Board of India on Thursday floated a consultation paper seeking public comments on protection of public equity shareholders in case listed entities undergo the corporate insolvency resolution process. The paper proposes that non-promoter public shareholders shall be provided an opportunity to acquire equity of the fully diluted capital structure of the new entity up to the …

Sebi bars 3 individuals from securities market for illegal investment advisory
2 years, 6 months ago

Sebi bars 3 individuals from securities market for illegal investment advisory

Live Mint  

Markets regulator Securities and Exchange Board of India on 31 August banned three individuals from the securities markets for providing unauthorised investment advisory services. The latest proceedings took place after SEBI issued a show cause notice dated 31 July, 2021 to RNS Global Capital and its proprietors' -- Lakhan Chouhan, Rohit Soni and Shivani Thakur -- alleging that they were …

Sebi penalises Aadhaar Ventures, its directors for flouting market norms
2 years, 6 months ago

Sebi penalises Aadhaar Ventures, its directors for flouting market norms

Live Mint  

Sebi on Monday levied fines on Aadhaar Ventures India Ltd and its directors for violating insider trading rules and listing conditions. Sebi imposed a fine of ₹10 lakh on Aadhaar Ventures India Ltd, its directors -- Jils Raichand Madan, Somabhai Sunderbhai Meena and Jyoti Munver for disclosure lapses. Sebi conducted an early investigation for alleged price manipulation in the scrip …

SEBI drops adjudication proceedings against RIL in alleged incorrect financial disclosures matter
3 years, 6 months ago

SEBI drops adjudication proceedings against RIL in alleged incorrect financial disclosures matter

The Hindu  

Markets watchdog SEBI has disposed of adjudication proceedings without imposing any penalty on Reliance Industries Ltd in a matter related to alleged incorrect disclosure of diluted earnings per share in its financial results more than 13 years ago. The quarterly financial statements submitted by Reliance Industries Ltd to the NSE for six consecutive quarters beginning June 2007 to September 2008 …

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