This would help investors to get a fair understanding of the companies, Sebi chairman, C B Bhave said while launching independent equity research by Crisil in Mumbai on Tuesday.
The abnormal price rise in two penny stocks - KGN Industries and Sylph Technologies - will top the agenda of the weekly surveillance meeting that the Securities and Exchange Board of India holds with stock exchanges.
The Central Bureau of Investigation (CBI) will soon quiz Securities and Exchange Board of India (SEBI) Chairman U K Sinha as well as former head of the regulatory body M Damodaran in connection with a Preliminary Enquiry (PE) to probe granting sanction to Jignesh Shah-founded Financial Technologies (India) and MCX-SX.
In a tribute to GVR, former Sebi chairman C B Bhave says, a brilliant mind, he delighted in hard work and meticulous preparation.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
According to a senior CBI official, the agency has evidence to suggest the finance ministry's recommendations were overlooked while giving a licence to MCX-SX in 2008.
C S Bhave has to work on the homework of his predecessor to speed up the processes in the market. He also has to contend with the bitter legal battle between Sebi and his organisation NSDL.
The Chairman of Securities and Exchange Board of India (SEBI) C B Bhave on Friday alerted investors about the risky capital market.
Chandrasekhar Bhaskar Bhave has always tried to avoid controversy, but that's something that has followed him like a shadow in the last three years of his professional career.
Sinha replaces former Sebi chairman C B Bhave who served as the head of the Asia-Pacific regional committee of IOSCO from June 2009 till February this year.
M Damodaran took a bow as Sebi chief after many bold initiatives during his 3-year tenure.
Sebi hopes to allow investors to hold subscription amounts for initial public offerings in their bank accounts until allotment. This is to cut the time between the stock sale and listing. Sebi chief said with the present technology it is possible to earmark the amount in the investor account itself and not have the money actually transferred. He said that there were a host of issues plaguing the IPO market and that it could see some action in the coming months.
Prithvi Haldia, managing director of Prime Database, a company tracking corporate and primary market developments, is however of the view that primary markets usually follow the secondary market. IPOs have suffered mainly as the timing was not right.
In the midst of the stock market benchmark tanking over 1,000 points before some partial recovery on Friday, Securities and Exchange Board chairman C B Bhave said the regulator is keeping a close watch on the developements and there is no reason to be worried. "I have confirmation from both of the stock exchanges that they have seen nothing unusual in the market today. We are keeping a close watch on this," Bhave told a private television channel.
Under the takeover code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months. This means a buyer of more than 15 per cent of Satyam will have to make an open offer at a price almost six times Monday's closing price of Rs 57.60.
To be listed on the main boards of the NSE and BSE, these exchanges will have to have Rs 10 crore of minimum paid up capital.
An effective settlements system has helped Indian stock markets face the challenges posed by the global financial meltdown, the Sebi chairman said on Wednesday.
C B Bhave, chairman of the Securities and Exchange Board of India, said on Monday that the 40 per cent limit on investment through offshore derivative instruments, or Participatory Notes, will be removed.
The current Chairman UK Sinha's term comes to an end in February next year.
The resignation came hours ahead of a scheduled board meeting of MCX-SX, where former LIC Chairman Thomas Mathew T has taken over as new Chairman.
Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
"Now if there is somebody who knows about the confession (and) wants to buy (or sell) at price 'X', should we as a regulator be coming in the way?" C B Bhave, chairman of Securities and Exchange Board of India, told PTI. His first reaction on receipt of Raju's e-mail was, however, that of disbelief.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
The chairman's post will soon fall vacant, but that's not the only one that needs to be filled.
The Securities and Exchange Board of India plans to reduce the time between the close of initial public offerings and their listing to lessen scope for price manipulation, Chairman C B Bhave told reporters following his first board meeting after taking charge.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
The promoters, instead, raised it to 63.15 per cent, while reporting they'd brought it down to 28.6 per cent.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
Market regulator Securities and Exchange Board of India is considering measures to smoothen the procedures of cross-listing of companies on bourses in India and abroad, its Chairman C B Bhave said on Monday. The market regulator's comments came close on the heels of remarks of New York Stock Exchange Euronext CEO Duncan L Niederauer that the exchange was considering listing in Asian markets, including India.
An electrical engineer by education and an IAS officer of 1975 batch, Bhave engineered and administered numerous changes in Indian markets ever since taking charge as Chairman of the Securities and Exchange Board of India on February 17, 2008.
The scrutiny is expected to be over this month itself.
A high level search panel, headed by Cabinet Secretary K M Chandrasekhar, has been constituted by the government for the purpose, though it is said that Bhave himself could apply for the fresh term after his three-year stint ends in February 2011.
On whether banks have accepted Sebi's system of issuing the allotted shares to the investors account, Securities and Exchange Board of India Chairman C B Bhave said five banks, including some leading private and public sector lenders have accepted the terms. "We are hoping that we can bring it down further but we need to increase the processes also," Bhave told reporters in Chennai.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
Stock Exchagnes in the country will be launching Options in Currency Derivatives very soon, Securities and Exchange Board of India Chairman, C B Bhave said on Tuesday.
Each scam that comes out in the open shows the regulators to be miles behind.
Securities Exchange Board of India chairman C B Bhave, and Insurance Regulatory Authority of India chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes.
'You need to be careful about this.' 'Growth without fundamental principles is like fat.' 'Growth with good base and fundamentals is like muscles.'
Sebi wants to reduce the time gap between the closure of an issue and its listing. This process is aimed at removing refund-related concerns and the grey market in IPOs.
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