The high-level panel, chaired by former Chief Justice of Karnataka and Kerala High Courts, K Sodhi, had focused on reviewing the Sebi (Prohibition of Insider Trading) Regulations, 1992.
Concerned over the non-performance of some schemes over a long period of time, Sebi Chairman U K Sinha said that fund houses need to look into the matter and consider merger of some schemes.
The markets regulator made it easier for banks to acquire control in listed companies.
Under the new system, put in place as per recommendations of an independent consultant, this 12-month target would apply to all the cases where an investigation has been initiated this year onwards, Sebi Chairman U K Sinha said.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
His comments came in response to a query on whether Securities and Exchange Board of India would be initiating action against MCX-SX which rejigged its board yesterday amid continuing payment crisis at its group firm National Spot Exchange Ltd.
The final guidelines should be there in 3-4 months.
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Sebi has been engaged in a long-running case with Sahara group over refund of more than Rs 24,000 crore (about $five billion) collected by two Sahara companies from more than three crore investors through issue of certain bonds.
Sebi has been engaged in a long-running case with Sahara group over refund of more than Rs 24,000 crore (about $five billion) collected by two Sahara companies from more than three crore investors through issue of certain bonds.
Sebi to consider changes in start-up listing norms
In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.
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.
Regulators in the US and some other countries have often used tapped phone conversations to prove insider trading and other charges, including in the famous Rajat Gupta case.
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The open offer for minority shareholders would need to be made even if the 'control' has been acquired without crossing the threshold shareholding limit (25 per cent), Sebi Chairman U K Sinha said.
Besides bank accounts, Sebi has also in various proceedings ordered depositories, NSDL and CDSL, to attach the demat securities accounts of the erring entities.
Sebi is looking into the matter.
Under the new norms, 75 per cent shares can be reserved for institutional investors
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
Listed cos begin appointing women directors
Capital markets regulator Sebi Chairman U K Sinha advocated the listing of bourses and greater competition among exchanges.
At present, Sebi norms bar wilful defaulters from issuing convertible debt instruments.
The new norms were cleared by the Securities and Exchange Board of India in New Delhi on Thursday and the relevant provisions would be incorporated in the listing agreement soon, Sebi Chairman U K Sinha said.
The regulator also said that it would have a re-look at the delisting guidelines.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Sebi has put in place a strong deterrence to check any misuse of participatory notes.
The capital markets watchdog has asked the government to empower it to carry out search and seizure operations, to attach properties and to ask for information and records for all relevant entities.
In a bid to boost the dormant primary market, regulator Sebi said it is ready to review the mandatory grading of initial public offers.
The aggrieved investors of National Spot Exchange (NSEL) have moved the Securities and Exchange Board of India (Sebi) against Financial Technologies (FTIL), the listed promoter.
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Tough market conditions are also throwing challenges before the companies to get good investments, while weakness in primary market is also making the exit difficult for pre-IPO investors, Sebi Chairman U K Sinha said.
In their advertisements to attract investors to public offers, companies can be more creative and innovative as long as they are not misleading and contain necessary disclosures of associated risks and other facts, Sebi chief U K Sinha feels.
To facilitate such restrictions on entities found to have 'wilfully' defaulted on bank loans, the Reserve Bank is exploring ways to share details of these defaulters with Sebi on a real time basis.
Among the changes planned are removal of the Rs 4,000-crore (Rs 40-billion) minimum size criterion and an enhanced quota for the so-called anchor investors.
More than 900 entities have been banned from the capital markets by Sebi
Sebi had last year put in place a separate regulatory regime for REITs.
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
Market regulator Securities and Exchange Board on Tuesday called for reforms in the underlying market and said regular issuance of government bonds across maturities can go a long way in achieving this by way of increasing liquidity.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Companies will not be able to access the capital market for at least one year if their IPO documents are rejected by market regulator Sebi, while managers of such public issues would also face penal action.
The finance ministry has put out an advertisement seeking applications from eligible candidates for the post and gave just two weeks against the usual practice of three months. Further, the tenure of the watchdog is again being extended to five years.
The chairman's post will soon fall vacant, but that's not the only one that needs to be filled.
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