All board members and staff of the Securities and Exchange Board of India (Sebi) will be required to declare their assets, liabilities, trading activities, and relevant relationships at multiple stages - at the time of appointment, annually, upon key events, and at exit. This is part of a series of recommendations by a high-level committee constituted by the markets regulator in a bid to overhaul conflict-of-interest and disclosure rules.
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
Sinha started his tenure at Sebi a bit shakily making people wonder if he'd complete his three years. Eventually, he went on to stay twice that long.
Sinha will take over on February 17 next year when incumbent C B Bhave's term ends
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
A 1976 batch IAS officer of the Bihar cadre, Sinha replaces C B Bhave who retires on February 17, 2011.
A bench of justices S S Nijjar and P C Ghose dismissed a public interest litigation challenging the appointment of Sinha, observing that the petition was not maintainable on various grounds but it had decided to hear it as the appointment to a very senior position was challenged.
U K Sinha's six-year tenure as chairman of Securities and Exchange Board of India ends later this week. Sinha held his last press conference in Mumbai on Monday, where he spoke on wide-ranging issues and his biggest regret.
The current Chairman UK Sinha's term comes to an end in February next year.
The eight-member committee under Sinha will also examine the factors affecting the timely and adequate availability of finance to the sector.
The government on Monday appointed former Sebi member Madhabi Puri Buch as chairperson of the Securities and Exchange Board of India.
The markets regulator made it easier for banks to acquire control in listed companies.
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The market regulator is wielding an unprecedented level of control over how mutual funds operate, delaying new launches and dictating investment strategy, frustrated insiders in the embattled industry say.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
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.
According to analysts, 11 PSUs, including Rashtriya Chemicals and Fertilizers and State Bank of Mysore, have government holding beyond the 90 per cent mark and the government will have to bring it down.
A Sebi spokesperson did not respond to an email seeking comments.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
Vadra launched Skylight Hospitality four months after the DLF shares got listed, amid complaints of inadequate disclosure from investor associations and former business partner Kimsuk Krishna Sinha.
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.
The Sebi order is vindication of Sinha's stand, but it has not brought him much relief as his money is still stuck.
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.
Sinha says many fund houses not abiding by rules on minimum number of investors, awareness funds
Pitching for greater transparency in rule-making and other functions of regulators, Finance Minister Arun Jaitley has asked Sebi to work towards attracting more retail investors to the capital markets.
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.
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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.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
Sebi to consider changes in start-up listing norms
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.
Operators of such trading rings allow people to trade in equities outside the stock exchange platform.
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He said that between 2000 and 2014, not a single entity got registered under the Collective Investment Scheme (CIS) regulations, which was introduced in 2000.
The government is seriously considering strengthening of laws to regulate all kind of collective investment schemes.
Sebi was also working on issues like the role of independent directors for board-level corporate governance, related party transactions and methodology for fixing of compensation of top personnel of companies.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
The court passed the order on a PIL filed by one Arun Kumar Aggarwal seeking quashing of Sinha's appointment.
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.
UP Sinha is the eighth Chairman of Sebi since its inception as an independent regulator in 1988, when the central government headed by then Prime Minister Rajiv Fandhi decided to give a boost to the stock market activities as part of its economic liberalisation drive.
The Sebi chief said that although the idea of an SRO has been challenged in court, he is hopeful of its implementation.
Sinha said the market volatility is due to global developments.
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