Securities and Exchange Board of India (Sebi) chairman C B Bhave on Tuesday criticised market intermediaries that devise innovative products, saying they were nothing but ways to conceal high leverage.
Securities & Exchange Board of India (Sebi) Chairman C B Bhave has for the first time publicly backed the Bimal Jalan committee report on the working of capital market infrastructure institutions (MIIs). The report was placed in the public domain on November 24 and received scathing criticism from industry players.
The Securities & Exchange Board of India (Sebi) pulled up investment bankers for holding the interests of promoters above those of investors. "If you look at maximising the price for promoters, then obviously you are not looking after the interests of investors," said Sebi Chairman C B Bhave.
Market regulator, Securities and Exchange Board of India, has directed foreign institutional investors to disclose more information about their investment structure in India.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
This would help investors to get a fair understanding of the companies, Sebi chairman, C B Bhave said while launching independent equity research by Crisil in Mumbai on Tuesday.
Investment bankers have dismissed the capital market regulator Sebi's concerns over near-zero fee for managing public sector issues.
Asked if PSUs like NHPC and Oil India would get extension if they are unable to come out with the public issue within the stipulated time, he said Sebi's nod has one-year validity and the same rules would apply to them. As per the clearances given by Sebi for the draft shareholding prospectus, the two PSUs have time till September to launch their public issues and in case it is delayed beyond this point, they will have to start the process afresh.
In March, Sebi had decided to allow physical delivery in the equity derivatives segment to bring down speculation in the stock markets and had said it will hold talks with the stock exchanges and work on the system.
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.
SEBI chairman C B Bhave on Friday said the market watchdog is planning to introduce more currency derivatives products, beginning with options, to give a wider choice to investors.
Further, the market regulator has not got any request from the Satyam board asking for an extension to publish the financial results. However, Sebi will consider the request if they receive it, clarified Sebi Chairman C B Bhave who was briefing mediapersons after the Sebi board meeting.
Sebi's remarks assume importance as the benchmark equity index, Sensex, has surged by over 75 per cent this fiscal to 16,998.78 points.
Capital market watchdog Sebi on Friday said foreign institutional investors have to, by October one, end the practice of investing money collected from a single or few investors in stocks, as a guard against manipulation.
Amid reports that it may not want market regulator SEBI Chairman C B Bhave to continue beyond February next, government has kicked off a search process for the next incumbent.
Prithvi Haldia, managing director of Prime Database, a company tracking corporate and primary market developments, is however of the view that primary markets usually follow the secondary market. IPOs have suffered mainly as the timing was not right.
The Securities and Exchange Board of India (Sebi) has decided against filing a joint application before a court to resolve its dispute with the Insurance Regulatory and Development Authority over unit-linked insurance plans.
Under the takeover code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months. This means a buyer of more than 15 per cent of Satyam will have to make an open offer at a price almost six times Monday's closing price of Rs 57.60.
The Raju brothers, along with Satyam's former CFO Vadlamani Srinivas, are in judicial custody awaiting charges to be filed against them. On January 7, Raju disclosed that he had falsified profits and created fictitious assets in the company, which is now being administered by a government-appointed board.
On January 5, BSE chief executive officer, Madhu Kannan, had said that the country's premier bourse would announce the launch of its SME Exchange within a fortnight.
"We don't really have evidence that short-sellers are driving the market down," Sebi Chairman, C B Bhave, told reporters on the sidelines of a conference. The Sebi chairman said that though some western markets had banned short-selling, their markets had continued to decline further. "Their (financial) institutions failed one after another. Some of them have re-started short-selling in their markets," Bhave said.
"The listing time should come down to seven days... primary market is still somewhat inefficient compared to the secondary market," Sebi Chairman, CB Bhave said.
To be listed on the main boards of the NSE and BSE, these exchanges will have to have Rs 10 crore of minimum paid up capital.
Excerpts from Sebi Chairman C B Bhave's discussions with the media after the regulator's board met in Mumbai on Monday.
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
The Bombay Stock Exchange is set to see a reshuffle in its board of directors, the first since the country's oldest bourse was demutualised and became a limited company last year. The reshuffle, details of which are yet to be discussed, is widely believed to be at the behest of market regulator Securities and Exchange Board of India.
The abnormal price rise in two penny stocks - KGN Industries and Sylph Technologies - will top the agenda of the weekly surveillance meeting that the Securities and Exchange Board of India holds with stock exchanges.
Market regulator Securities and Exchange Board of India (Sebi) on Monday said it is looking at extending trading hours at the bourses but any early decision on it is unlikely.
Sebi hopes to allow investors to hold subscription amounts for initial public offerings in their bank accounts until allotment. This is to cut the time between the stock sale and listing. Sebi chief said with the present technology it is possible to earmark the amount in the investor account itself and not have the money actually transferred. He said that there were a host of issues plaguing the IPO market and that it could see some action in the coming months.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
'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.'
In a tribute to GVR, former Sebi chairman C B Bhave says, a brilliant mind, he delighted in hard work and meticulous preparation.
Union minister Jairam Ramesh on Tuesday attacked the Central Bureau of Investigation for initiating preliminary enquiry against ex-SEBI chairman C B Bhave and ex-member K M Abraham on the issue of granting sanction to MCX Stock Exchange, and alleged that "larger forces" were working to fix them.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
DFS writes to departments that haven't responded to RBI's request for information.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
'It is not impossible that there will be some arrangement with the Congress in West Bengal after the ongoing local body polls.'
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