Both the exchanges advised their trading members to exercise additional due diligence while trading in illiquid stocks either on own account or on behalf of their clients.
The equity cult has grown at a rapid pace in India in the last few years, with retail investors latching on to the stock markets like never before. At 126.6 million, the number of dematerialised (demat) accounts, where investors hold their securities in electronic form for trading purposes, are at record high levels. The growth rate, on an annualised basis, stood at 27 per cent in 2022-2023, up from barely 6 per cent a decade ago.
Three companies -- FirstMeridian Business Services Ltd, IRM Energy Ltd and Lohia Corp -- have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). These firms, which filed their preliminary IPO papers with the markets regulator between September 2022 and January 2023, obtained the observation letters during February 21-24, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi parlance, observation implies go-ahead to the company to float the initial share-sale.
India Inc seems to be doing a good job of protecting investors' interests following a crackdown by the market regulator earlier this year, as the number of complaints relating to non-receipt of refunds and allotment letters have nearly halved.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
He is appointed as a public interest director.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
Oravel Stays Limited, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said. OYO has filed preliminary documents for a Rs 8,430 crore initial public offering (IPO). The offering will consist of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore.
Stay orders keep law out of citizen access even years after CIC rulings on opening market institutions to scrutiny
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
Markets watchdog Sebi on Friday directed stock exchanges to impose "financial disincentives" on stock brokers for technical glitches at their end, amid instances of snags at the brokers' end impacting the overall trading system. Besides, the stock brokers would have to inform the bourses within one hour of any glitch happening in their trading sysstems as well as submit a preliminary incident report in one day. As part of tightening the regulations, Sebi also said that the bourses should disseminate on their websites the instances of technical glitches occurring in the trading systems of stock brokers along with the Root Cause Analysis (RCA) of such issues.
Capital markets regulator Sebi has imposed a penalty of Rs 10 lakh on Jayant Bhusare, who was one of the executive of Sampark Infotainment, in a case pertaining to the irregularities in the NSE's 'Dark Fibre' case. He has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. On Tuesday, the regulator had levied a fine totaling Rs 44 crore on 18 entities, including NSE, Sampark, certain brokers and their respective past and present employees in the same matter.
Life Insurance Corporation (LIC) may require at least five more years to comply with the minimum public shareholding of 25 per cent beyond the current exempted timeline of 2027. Formal communication in this regard had been shared recently with the finance ministry, underlining LIC's roadmap, plans of further dilution of stake, current norms around public float, and challenges ahead, a government source familiar with the matter said. "Going forward, we will have to take a call, along with Sebi (Securities and Exchange Board of India) and the Department of Economic Affairs on the roadmap for minimum public shareholding (MPS).
SEBI has published data showing that more than 90 per cent of investors lose money in futures and options, explains Harsh Roongta.
The government would take a number of steps to energise and deepen the country's corporate bond as well as currency derivatives market.
The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis Mutual Fund (MF) for suspected front-running of trades, said people with knowledge of the development. "The market regulator has gathered prima facie evidence that demonstrates that the duo has violated the integrity of the market. "While a detailed investigation is still pending in the matter, Sebi could take action under Section 11 (4) to prevent further harm to the investors and the securities market," said a source.
The government should take steps to mandate that companies have at least two women board members, and at least one of them should be an independent director, in the next two years.
The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
India should become a regional hub for financial services and constantly engage in new activities to sustain economic growth, Union Finance Minister Jaswant Singh said on Thursday.
Coal India Ltd's IPO was one of the big-ticket issues.
Telecom regulator Trai on Monday said that it is working on various technologies to detect pesky calls and messages along with a joint action plan with other regulators to curb financial frauds. The Telecom Regulatory Authority of India (Trai) said that Unsolicited Commercial Communication (UCC) or pesky communication is a major source of inconvenience to the public and impinges on the privacy of individuals. "Now complaints are reported against Unregistered Telemarketers (UTMs), where a surge has been seen in pushing various kinds of UCC SMSes. Additionally, UCC calls are also one of the concerns which need to be dealt with equally along with UCC SMSes," it said.
Sebi has said investment banks should direct investors to original sources such as stock exchanges, where data is publicly available.
Online mutual fund (MF) investment platforms like Groww, Zerodha Coin and Paytm Money, which allow investments in direct MF schemes for free, will soon be able to charge their customers or the fund houses for executing transactions. "They can charge some money but commission-like structure won't be allowed," Madhavi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), said on Tuesday. At present, none of these online investment platforms generate any revenue through the MF sales.
The Securities Appellate Tribunal has stayed a Sebi order that barred Franklin Templeton's Asia Pacific head Vivek Kudva and his wife Roopa from the securities market for one year.
'It will dictate the flow of funds into the index. We will maintain caution on mid/smallcaps.'
The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said. The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer. The IPO values LIC at Rs 6 lakh crore.
Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India's chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.
New Delhi Television (NDTV) has deferred its Annual General Meeting (AGM) by a week to September 27, the company said in a regulatory filing on Sunday. The AGM was originally scheduled to be held on September 20. The media company said that the deferment was due to the processes required after the notice and public announcement of the open offer made by Vishvapradhan Commercial (VCPL), an indirect subsidiary of Adani Enterprises, to its public shareholders.
Food delivery platform Zomato has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,250 crore through an initial share-sale.
Fidelity International, the global mutual fund major managing assets of over $141.5 billion worldwide, on Tuesday said it plans to enter India this year and has appointed three senior executives for the Indian arm.
The Securities and Exchange Board of India (Sebi) has notified stricter timelines of just seven working days for foreign portfolio investors (FPIs) to disclose vital information. This could include informing their custodians about any false or misleading information about the fund or disclosing any change in structure or common ownership, or control of the investor group. The new changes have been brought into effect from March 14 through a notification amending the Sebi (FPIs) Regulations.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
Markets regulator Sebi has reduced the minimum lock-in period for promoters' investment post an initial public offering (IPO) to 18 months from three years, under certain conditions. The move comes at a time when many companies are looking to list on the stock exchanges. In addition, the Securities and Exchange Board of India (Sebi) has streamlined disclosures requirements of group companies.
With an aim to recover fines from elusive offenders, capital markets regulator Sebi on Thursday introduced a reward system for up to Rs 20 lakh to informants for sharing information about the assets of defaulters. The reward may be granted in two stages -- interim and final. While the interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding which tips was provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
Since April there have been no new NFOs because of the delay in the implementation of the new norms around pooling of funds.
