SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
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.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Kavitha attacked the BJP government at the Centre, alleging it of using the investigation agencies to target political parties and leaders who do not subscribe to its ideology.
'Investors should hold equity assets for 3 to 5 years.'
Kirloskar siblings Rahul and Atul on Saturday raised questions over corporate governance of Kirloskar Brothers Ltd, led by their warring brother Sanjay, after having been cleared of insider trading charges labelled against them.
Capital markets regulator Sebi has permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of $7 billion for the industry. This came in the wake of a major correction in global markets that brought down the valuation of international stocks. In January, Sebi had asked mutual fund houses to stop taking fresh subscriptions in schemes investing in overseas stocks. The directive to stop subscription was mainly on account of the mutual fund industry crossing the mandated limit of $7 billion for overseas investments.
Proceedings in both Lok Sabha and Rajya Sabha were disrupted as Opposition members raised slogans demanding a discussion and a Joint Parliamentary Committee (JPC) probe into the fraud-allegation-triggered rout.
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.
The CBI arrested former National Stock Exchange CEO Chitra Ramkrishna in the co-location scam case on Sunday, officials said. Ramkrishna was arrested in Delhi and taken for medical checkup, they said. She was later lodged in lockup at the CBI headquarters, they said.
One only hopes that the SEBI will take measures to encourage participation from the retail investor.
Capital markets regulator Sebi on Tuesday sent a notice to NSE's former chief Chitra Ramkrishna asking her to pay Rs 3.12 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if she fails to make the payment within 15 days. The notice came after Ramkrishna failed to pay the fine imposed on her by the Securities and Exchange Board of India (Sebi). In an order dated February 11, Sebi had slapped a penalty of Rs 3 crore on Ramkrishna for alleged governance lapses in a case related to the appointment of Anand Subramanian as the Group Operating Officer and Advisor when she was at the helm of NSE as its managing director and chief executive officer, as well as for sharing confidential information of the company with an unidentified person.
Sebi's chief finds himself helpless as the stock market regulator goes after his former organisation, but doesn't lose his essential optimism and can-do spirit.
A total of Rs 52,759 crore has been raised by 61 companies through initial public offers till October this fiscal, higher than the funds mopped up through this route in the last financial year, the government told the Lok Sabha on Monday. Out of the 61 companies that hit the markets till October of the current fiscal, 34 entities were Small and Medium Enterprises (SMEs). Finance Minister Nirmala Sitharaman said that a large number of manufacturing and service sector companies are coming up for listing.
The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history. The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC.
The government on Monday appointed former Sebi member Madhabi Puri Buch as chairperson of the Securities and Exchange Board of India.
Days after the government went public with its intent to examine a Sebi order in the NSE matter, its outgoing chairman Ajay Tyagi on Wednesday made it clear that the markets regulator did not "dilute" any of the quasi-judicial verdicts. The comments assume significance as they come after Finance Minister Nirmala Sitharaman, as per reports, recently said the government is examining if Sebi has taken "necessary punitive" action in the case. In a media interview, the FM had said the government was analysing if there had been "enough application of mind in dealing with this" and if after applying its mind, Sebi took adequate corrective steps.
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.
The Securities and Exchange Board of India's (Sebi's) board on Wednesday allowed foreign portfolio investors (FPIs) to trade in exchange-traded commodity derivatives. The move, it said, "will enhance liquidity and market depth, as well as promote efficient price discovery." Overseas investors will only be allowed to deal in non-agricultural commodity derivatives and only cash-settled contracts.
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
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.
The Securities Appellate Tribunal (SAT) has quashed a Sebi order against HDFC Bank, whereby the regulator had imposed a penalty of Rs 1 crore on the lender in a case pertaining to invoking securities pledged by stockbroker BRH Wealth Kreators. In addition, the regulator had directed to transfer Rs 158.68 crore along with seven per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled. These directions were issued by Sebi in January 2021 as HDFC Bank invoked securities pledged by BRH Wealth Kreators in violation of the regulator's interim order passed in October 2019.
The Securities and Exchange Board of India (Sebi) is working on a new payment system for the secondary market, which could prevent brokers from accessing their client funds. It will be on the lines of the Application Supported by Blocked Amount (ASBA) process used for subscribing to initial public offerings (IPOs), where funds move out of an investor's bank account only after the trade is confirmed. Sebi chairperson Madhabi Puri Buch on Wednesday said that despite the challenges, the new system would be ready in a few months.
Capital markets regulator Sebi has penalised stock exchanges -- BSE and NSE -- for "laxity" on their part in detecting misuse of clients' securities worth Rs 2,300 crore by Karvy Stock Broking Ltd (KSBL). In two separate orders, the Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 3 crore on BSE and Rs 2 crore on NSE. The matter relates to KSBL misutilising client securities worth Rs 2,300 crore, belonging to more than 95,000 clients, by pledging them from just one demat account. The funds raised against the pledge were used by KSBL for itself and its group entities.
Mutual funds have launched a clutch of new fund offers in the silver ETF (exchange traded fund) category this year and collected Rs 1,400 crore in assets after the introduction of the newly-created investment asset class by market regulator Sebi in 2021. Further, fund houses including Kotak Asset Management Company have filed draft documents with the markets regulator to float silver ETF as well as silver ETF fund of funds for investors, information with the Securities and Exchange Board of India (Sebi) showed. These NFOs (new fund offers) are providing an opportunity to the investors to digitally invest and own silver which is easily tradable during market hours.
Sebi chief Ajay Tyagi on Wednesday said many companies are lacking on the disclosure front and asked such firms not to treat it as a check box exercise. Sebi rules primarily require listed firms to have two sets of disclosures - periodic disclosures where formats have been prescribed by the regulator; and disclosures of material events where certain events have been deemed as material and must be disclosed, and the others to be disclosed if considered by the company and its board to be material.
The Enforcement Directorate has recently recorded the statement of former NSE managing director and chief executive officer Chitra Ramkrishna, lodged inside Delhi's Tihar jail, as part of a money laundering investigation against her and others, officials said Tuesday. The proceedings for recording the statement were conducted on two occasions inside the jail. The statement has been recorded under the criminal sections of the Prevention of Money Laundering Act (PMLA), they said. Ramkrishna is lodged in the Tihar jail after she was arrested by the Central Bureau of Investigation (CBI) on March 6 in the alleged National Stock Exchange (NSE) co-location scam case and investigation linked to other governance irregularities at the bourse.
'NSE has thousands of employees. It is their institution. So it's a dear family.' 'One should not hurt the morale of these people.'
Markets watchdog Sebi on Tuesday decided to increase the reward amount for informants to a maximum of Rs 10 crore under the prohibition of insider trading regulations. The regulator's board, which met on Tuesday, approved amendments to the Sebi (Prohibition of Insider Trading) Regulations, 2015. The changes are aimed at streamlining the process of reward payment and to enhance the quantum of reward under the informant mechanism.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
Ramkrishna is in the news after a recent Sebi order said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the managing director (MD).
Future Retail Ltd has said that SEBI's one-year ban on its chairman Kishore Biyani and some other promoters from the securities market will have "no impact" on the Rs 24,713 crore-deal with Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday. "The order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this order in exercise of their statutory right to appeal," Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.
'The markets haven't corrected, that doesn't mean that they will only go up and up.'
Franklin Templeton Asset Management (India) on Tuesday said it strongly disagrees with the findings in Sebi's order in the case of winding of six debt schemes in 2020 and has decided to challenge the direction in Securities Appellate Tribunal (SAT).
Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi on Thursday defended the recent reforms announced by the regulator, such as peak margin norms and shortening of the trade settlement cycle, saying they were in the interest of investors. The moves were criticised by the broking community and the foreign portfolio investors (FPIs). Speaking to the media after his inaugural address at the CII Financial Markets Summit, Tyagi said: "The new peak margin norms are in everyone's interest.
Sebi allowed the deal with some riders, five months after it was announced last August.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
Former NSE managing director (MD) and chief executive officer (CEO) Chitra Ramkrishna and group operating officer and her advisor Anand Subramanian ran a 'money-making scheme' during their stint at the National Stock Exchange (NSE), markets regulator Securities and Exchange Board of India (Sebi) has alleged. The order passed by Sebi dated February 11 highlights frequent increase in the compensation package of without proper appraisal, documentation or file notings, and the involvement of the human resource (HR) head or the nomination and remuneration committee. Furthermore, the order talks about Subramanian being directed to "withdraw and surrender" to the unknown person a gross amount per month as "gratitude".
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
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