Regulator could consider additional avenues for promoter stake dilution.
Sebi has prohibited firms, including Greenworld Agro Industries, Mass Infra Realty, Orchid Cultivation Projects India, Aditya Global Industries and Real Tulip, from raising funds from investors through issuance of securities.
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.
The proposed 'Investor Survey' would cover the entire country -- 29 states and 7 union territories -- and would have a sample size of approximately 50,000 households and 1000 market participants.
Companies going for overseas listing can now breathe easy, as the government has amended the ADR/GDR norms to allow them such issues for companies going for simultaneous listing of their shares or follow-on offers in international capital market.
Market experts said disruptions caused by the pandemic - to businesses as well as the filing process - and the sharp decline in valuations were the reasons behind fewer new companies wanting to tap the capital markets.
The regulator is also expected to update its board about two high-profile corporate cases -- one involving refund of investors' money by Sahara group and the other about Reliance Industries' appeal against its decision on settlement of cases through consent mechanism.
Moreover, Ravi Narain and Chitra Ramkrishna -- who had served as MD and CEO of the exchange -- have been asked to disgorge 25 per cent of respective salaries drawn during a certain period.
The money is being refunded only in those cases where Sebi has not found any multiplicity during its verification process.
The tribunal, which had concluded its hearings on two petitions from RIL on January 6 and reserved its order for an unspecified date, set February 24 for the next hearing.
At present, Sebi norms bar wilful defaulters from issuing convertible debt instruments.
Indian regulators have identified certain groups as 'financial conglomerates' and they are being monitored closely for any systemic risks they may pose.
The stock market regulator's definition of large, mid, and small-cap companies has irked mutual fund managers, reports Samie Modak.
Sebi has asked intermediaries to stagger the offerings as much as possible, said people in the know and ensure adequate capacity building.
Sebi has directed promoters of all listed private sector companies to ensure they comply with minimum public holding of 25 per cent by June 2013.
To boost fund raising from markets, Sebi on Thursday proposed e-IPO norms where investors can bid for shares through Internet and eventually on mobiles, while already listed PSUs will be provided a 'fast-track' route for share sales to meet the disinvestment targets.
While Sahara maintains it has already repaid more than 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore (Rs 25 billion), it deposited Rs 5,120 crore (Rs 51.2 billion) to Sebi in December 2012 towards the investor refunds as per Supreme Court orders.
As per the Sebi guideline, the companies not adhering to the requirement of having a 'up and running' website will face the risk of getting delisted from the stock exchange where their shares are traded.
Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors.
The draft regulations in this regard are expected to be approved by the board during the meeting.
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
Securities and Exchange Board of India extended the duration of its amnesty scheme by two months for listed companies and individuals, who have failed to make disclosures or had delayed it, under the takeover regulations.\n\n
Tells finance ministry to allow companies a five-year timeframe
Foreign portfolio investors (FPIs) are likely to get a reprieve from the Securities and Exchange Board of India (Sebi) in case of a passive or unintended breach of the thresholds that trigger additional disclosure norms. According to sources, FPIs whose single group exposure exceeds 50 per cent of their corpus will get 10 trading days to bring down their exposure below the prescribed level, without triggering the stricter disclosure norms. If total equity exposure of an overseas fund exceeds Rs 25,000 crore and it doesn't wish to provide additional disclosures, it will have three months to pare its exposure.
Besides, non-promoters with more than 10 per cent stake in the company would also be allowed to tap the OFS route.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
Wipro, HCL in race for Sebi's fraud detection system upgrade,
If not, it will trigger open offer and they will need to buy the mandatory minimum 26 per cent from public.
Post-FPO, the government's stake in ONGC would come down to 69.14 per cent from the current 74.14 per cent.
The Securities and Exchange Board of India, or Sebi, on Thursday said investors will not be allowed to exit close-ended mutual fund schemes before they mature and asked fund houses to list them on stock exchanges.
A total of 180 NSE-listed companies have not appointed a woman director.
Japan's Sony Corporation, which is merging its Indian television content company with Zee Entertainment Enterprises, is likely to seek a fresh forensic audit of the company after market regulator Sebi levelled fund diversion charges against Zee promoters, top lawyers said. The Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. "As the Sebi has made fund diversion charges, which may change the nature of audited reports already filed, the acquirer (Sony) can seek a fresh forensic audit," said H P Ranina, a corporate lawyer.
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While the systems in place at leading Indian bourses are considered to be very robust and can withstand any possible technical glitches, it is advisable to conduct a precautionary check after an unprecedented three-hour trading halt at a large exchange like Nasdaq, a senior Sebi official said.
Anita would be additional director in a non-executive and non-independent role.
Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
'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.'
Sebi sets Sept 30 deadline to apply for Sahara refund
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
The Burman family, which had made an open offer in September to acquire Religare Enterprises' control, in a statement said: "We are surprised and disappointed at these allegations." Burmans said it will move towards closing the transaction "expeditiously", working with all the regulators.
In eight cases, the banks would violate the minimum public shareholding norms if their promoter, the Government of India, infused capital as announced.
