Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
The Securities and Exchange Board of India (Sebi) has allowed Price Waterhouse to cross-examine some of the entities involved in the Satyam scam. The capital market regulator has, however, refused permission to cross-examine the erstwhile top brass of Satyam, including Ramalinga Raju (former chairman) and Vadlamani Srinivas (former senior vice-president & CFO).
Sebi whole-time members M S Sahoo and K M Abraham will both retire in July. While Sahoo's three-year tenure will end on July 13, Abraham will retire on July 21.
While there are still some months left before two of the three members retire, the industry is already abuzz with talk that they might get an extension.
A small firm with a track record of distributable profit for at least three out of the immediately preceding five years may be eligible for the listing.
The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs.
Market regulator Securities and Exchange Board of India is expected to notify the provisions of investor group protection scheme within a month, a Sebi member said in Ahmedabad on Saturday.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
Sebi wholetime members T C Nair and M S Sahoo passed the 26th such consent order on October 31, asking Bansilal Mehta and Chimanlal Shah to remit Rs 4,26,000. Mehta and Shah 'were alleged financiers to key operators for cornering shares in the IPO of IDFC', the order said. The regulator had earlier prohibited them from buying, selling and dealing in securities. So far, the regulator has settled 128 cases through consent orders.
A top Sebi official on Friday criticised the RBI's "conflicting" roles as a regulator of the government securities market and as a market participant, suggesting that Sebi was better suited for the regulatory function.
After his previous visit, the Sensex crashed and it took four painful years to top the 21,000 mark.
As Prime Minister Narendra Modi begins his first ever US visit, India made a pitch for listing by American and other foreign companies on Indian exchanges under the newly proposed Bharat Depository Receipts.
Corporate Affairs Secretary Injeti Srinivas said the issue is how the interests of stakeholders are to be balanced
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
Jet already has $300 mn of ECB.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
The ministry is likely to go by the recommendations of a committee on liberalising external commercial borrowings, headed by M S Sahoo, a former director with the Securities and Exchange Board of India.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
While most of Sebi's new norms are aligned to changes in Companies Act, they are more stringent in certain areas.
Budget may bring exemption for those backed by Indian securities other than shares
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Exemption from minimum alternate tax for REITs & infrastructure investment trusts; Depository receipts on all securities eligible for tax benefit
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
Firms that should borrow abroad do not do so enough, and those that should not borrow abroad do.
Eleven years on, while 80% of scam-hit investors have been fully compensated, more than 50% of the sum is yet to be distributed.
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