Page 2 - Sebi Norms

Sebi amends rules; intermediaries require prior nod for change in control

Capital markets regulator Sebi has amended rules which require vault managers and custodians to seek the watchdog's prior approval in case of change in control. The changes have been made to streamline the process of providing approval to the proposed change in control of the entities. In a notification, the Securities and Exchange Board of India (Sebi) said that the vault managers and Custodians will have to obtain prior approval of the Board in case of change in control in such a manner as specified by the regulator. To give this effect, Sebi has amended rules governing custodian and vault managers and the new rule has become effective from January 17. Vault manager is regulated as a Sebi intermediary for providing vaulting services meant for gold deposited to create electronic gold receipts (EGRs). The obligations of the vault manager include accepting deposits, storage and safekeeping of gold, creation as well as withdrawal of EGR, grievance redressal and periodic reconciliatio

Sebi carries out nationwide raids on market experts for front-running

The markets regulator Securities & Exchange Board of India (SEBI) has carried out nationwide raids targeting front-running carried out by market experts appearing on a business news television channel

Sebi opts for principles-backed approach on ESG ratings, says report

The move by SEBI would allow such scores to be assigned to more companies, making it increasingly possible for investors to assess businesses with a yardstick seen to be growing in importance

Sebi penalises individual for manipulating Panafic Industrials share prices

The order came after Sebi received complaints alleging receipt of SMS urging investors to buy the scrip of PIL

Sebi fines DSP group firms Rs 1 lakh for charging TER from AMC books

Sebi noted the defaulters paid 0.09% expenses of the scheme out of 0.16% from their own books in case of DSP Nifty 50 ETF

BOI MF settles 'inter-scheme transfer' case with Sebi, pays Rs 3.93 cr

The fund house along with five individuals pay Rs 3.93 crore for the settlement

Sebi proposes regulatory framework for index providers, Rs 25 cr net worth

The regulator has floated a fresh consultation paper proposing provisions for eligibility, disclosures and audit

Sebi penalises clearing corporations for violations in Karvy Broking case

The broking firm had misused securities from clients through unauthorised pledging which were used to raise funds from several banks

Sebi may prescribe higher net-worth needs for qualified stockbrokers

Regulator's approach being looked at as similar to one of different layers of NBFCs specified by RBI

Sebi to tighten norms for stock exchanges, other market infra institutions

Sebi on Tuesday decided to amend the governance norms for stock exchanges and market infrastructure institutions, including categorising their functions into three verticals and rationalising the appointment process for public interest directors. The regulatory changes are expected to bring in "greater transparency and accountability" in the functioning of Market Infrastructure Institutions (MIIs), Sebi said after its board meeting here. The changes, cleared by the board, have been finalised after a comprehensive review of the governance of MIIs -- stock exchanges, clearing corporations and depositories. Going forward, the function of an MII will be categorised into three verticals -- critical operations, regulatory, compliance and risk management, and other functions, including business development. The Key Management Personnel (KMPs) heading the functions under the first two verticals will be at par in the hierarchy with the KMPs heading the third vertical. Also, MIIs will have t

Sebi to gradually phase out share buyback through stock exchange route

Markets regulator Sebi on Tuesday decided to gradually phase out buyback of shares by companies through the stock exchange route and also approved steps to boost governance at stock exchanges and other market infrastructure institutions. These were among the proposals approved by Sebi board during its meeting on Tuesday. Sebi Chairperson Madhabi Puri Buch said the regulator has chosen the tender offer route for share buyback as the present mode is vulnerable to favouritism. "This is a glide path and will lead to the phasing out of the present buyback mode (through stock exchange route)," she told reporters here. Currently, for share buyback, companies have both the options of stock exchange and tender offer. Besides, Sebi board has decided to reduce time taken for registration of FPIs to facilitate ease of doing business. Norms will also be amended to facilitate sustainable finance in the country and curb 'greenwashing'.

BS BFSI Insight Summit 2022: Sebi member Ashwani Bhatia to speak at event

In the last six months with Sebi, he has delivered crucial orders in matters such as credit rating agencies, commodity brokers, and RTAs, among others

Overseas investors oppose Sebi's data localisation norms, cite cyber risk

Sebi's proposed mandate will negatively impact FIs' global operation, ASIFMA argues

Subramanian Swamy alleges differential treatment by market regulator Sebi

Seeks the Sebi chair's intervention and probe in specific cases of violations

Market regulator Sebi bars FWCS, its directors from markets for 1 year

Markets regulator Sebi has barred Fingravy Wealth Creation Services (FWCS) and its directors from the securities markets for 1 year for providing unauthorised advisory services. The order came after Sebi passed an ex-parte interim order dated January 14, 2020 against FWCS and its present and past directors -- Dhiraj Gupta, Sumit Kumar, Hemanchal Singh, Ravindra Singh and Ashutosh Sharma. In its interim order, the regulator found FWCS and its directors were prima facie found to have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules and IA (Investment Advisors) norms. The regulator also noted, noticees have been restrained from accessing the securities markets until further orders through the interim order. They were also directed to cease and desist from acting as an investment advisor until further orders. In its final order, the regulator found FWCS and its directors have not disputed the findings of the interim order in respect of the

NSEL scam: Sebi bans five major commodity brokers for six months

The brokers had appealed to the Securities Appellate Tribunal (SAT) against a previous order by Sebi issued in 2019

Market regulator Sebi plans simplified BRSR, ESG rating regulations

Buch calls for independence of emerging economies in ESG matters, carbon credit pricing

NDTV promoter firm RRPR Holding transfers 99.5% shares to Adani's VCPL

Ongoing open offer draws bids for 5.3 mn shares as of Monday's close

Sebi amends buying, selling of mutual funds under insider trading rules

Capital markets regulator Sebi has amended norms to bring buying and selling of mutual fund units under the ambit of insider trading rules. At present, insider trading rules are applicable to dealing in securities of listed companies or those proposed to be listed, when in possession of Unpublished Price Sensitive Information (UPSI). The units of mutual funds are specifically excluded from the definition of securities under the rules. Sebi's latest decision follows the Franklin Templeton episode, in which the fund house's few executives were accused of redeeming their holdings in the schemes ahead of the six debt schemes shutting for redemption. "No insider shall trade in the units of a scheme of a mutual fund, when in possession of unpublished price sensitive information, which may have a material impact on the net asset value of a scheme or may have a material impact on the interest of the unit holders of the scheme," Sebi said in a notification issued on Thursday. Under the new

Sebi extends one-time stock option settlement scheme by two months

Scheme provides a settlement opportunity to entities that have executed trade reversals in stock options from April 2014 to Sept 2015, and against whom adjudication proceedings are pending