Securities Market

Sebi revokes securities market ban on 8 former promoter entities of DHFL

Sebi on Friday revoked the securities market ban imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL) in a case pertaining to alleged fraudulent financial transactions. Also, the regulator said the investigation in the matter had been completed and thereafter it initiated quasi-judicial proceedings against Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan who were the other four former promoters of DHFL (now known as Piramal Finance). The eight former promoter entities are -- Aruna Wadhawan, Malti Wadhawan, Anu Wadhawan, Pooja Wadhawan, Wadhawan Holdings Pvt Ltd, Wadhawan Consolidated Holdings Pvt Ltd, Wadhawan Retail Venture Pvt Ltd and Wadhawan Global Capital Ltd (formerly known as Wadhawan Housing Pvt Ltd). The entities are collectively referred to as noticees. In its fresh order, Sebi's Whole Time Member Ashwani Bhatia said, "I note that the investigation in the matter has now been completed, and quasi-judicial proceedings are

Manipulation via Youtube: Sebi penalises Arshad Warsi, wife, 29 others

Sebi noted that Arshad Warsi has made a profit of Rs 29.43 lakh and his wife has earned a profit of Rs 37.56 lakh

Sebi bans 2 individuals from securities markets, fines for insider trading

Capital markets regulator Sebi has barred two individuals from securities markets for one year and levied penalties totalling Rs 25 lakh on them for indulging in insider trading in the shares of Aptech Ltd. In addition, Sebi directed two individuals -- Lashit Lallubhai Sanghvi and his wife Neha Sanghvi -- to disgorge notional profits totalling Rs 99.72 lakh along with interest at the rate of 9 per cent per annum from September 2016 till the date of actual payment. Lashit, Late Rakesh Jhunjhunwala and others co-founded Alchemy Capital Management, an investment management firm, and Jhunjhunwala was the chairman/ promoter of Aptech. Besides, the regulator restrained Lashit and Neha from securities markets for one year and also barred them from dealing in the securities of Aptech for two years. The present proceeding emanated from a show cause notice issued in October 2020 against nine individuals, including Late Rakesh Jhunjhunwala, Lashit Sanghvi and Neha Sanghvi, following an ...

Sebi bans Anugrah Stock, 5 others from securities market for up to 7 years

Sebi has barred Anugrah Stock & Broking and five other entities from the securities market for up to seven years in a case pertaining to providing unregulated portfolio management services (PMS). The others banned by the regulator are the brokerage house's directors -- Paresh Mulji Kariya and Sadhana Paresh Kariya -- Teji Mandi Analytics, its director Anil Gopal Gandhi and Om Sri Sai Investments, an associate entity of Anugrah Stock, as per its order. In addition, Sebi has levied a penalty totalling Rs 8 crore on Anugrah Stock, its directors and the associate entity and the fine needs to be paid within 45 days. These four entities were engaged in providing Derivative Advisor Services (DAS) which was in the nature of portfolio management services (PMS) while promising assured returns to the prospective clients. These activities were being carried out without seeking requisite registration under the PMS rules, Sebi said in its 60-page order on Tuesday. While indulging in such ...

Sebi bans Capital Worth, its partners from securities market for 3 years

Sebi has banned Capital Worth Research House and its partners from the securities market for a period of three years for providing unauthorised investment advisory services. Besides, they have been directed to refund more than Rs 1.54 crore to clients within three months. The debarment of the entity and its partners will continue till the expiry of three years from the date of completion of the refund to investors, according to an order passed on Wednesday. Capital Worth is a partnership firm and its partners are Ankit Shrivastav, Mohammed Aamir Shaikh, Shahid Rangrej and Sameer Memon. Sebi found that Capital Worth by engaging in the activities and holding itself out as an 'investment adviser', without having a valid certificate of registration violated Investment Adviser (IA) rules. The regulator also noted that the partners of Capital Worth are fully responsible for the contravention committed by the firm. More than Rs 1.54 crore was credited in the account of Capital Worth bet

Sebi bans 14 entities from securities market for 4 years period

Regulator Sebi on Monday barred 14 entities from the securities market for four years and imposed a penalty totalling Rs 70 lakh on them in a case pertaining to front-running by some former dealers of Reliance Securities Ltd and their connected entities. They have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. In addition, they have been asked to disgorge Rs 4.23 crore of unlawful gains made by them, along with an interest of 12 per cent. In its order, Sebi found that entities with the help and cooperation of each other/ by being in nexus with each other, in a pre-determined manner were successful in front-running the impending orders of Tata Absolute Return Fund, a scheme of Tata AIF (Big Client). Tata AIF is a Sebi-registered alternative investment fund. Pursuant to the nexus, they have front-run the orders of the Big Client on multiple occasions during the investigation period and have made considerable wrongful

Sebi bans 24 entities from for three years in Sulabh Engineers matter

Sebi on Friday barred 24 entities from the securities markets for three years for indulging in the manipulation of the stock price of Sulabh Engineers and Services Ltd. The order will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in its order. The order came after the Securities and Exchange Board of India (Sebi) conducted an investigation in the scrip of Sulabh Engineers to ascertain whether there were any violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms by 150 entities in the company's stock during the period December 2011 to January 2015. Following this, Sebi in its order in September 2020, concluded that 102 entities had violated PFUTP rules and restrained them from accessing the securities market. It also disposed of the show-cause notice against 47 other entities. In its order, Sebi noted that the company had come out with two preferential allotments during March 2011 and March 2012. Thereafter,

Sebi bans entities from market in unauthorised investment advisory case

Sebi on Wednesday barred Safe Trader and its proprietor Rajnandani Jalkhediya from the securities markets for providing unauthorised investment advisory services and also imposed a penalty of Rs 2 lakh on them. In addition, they have been asked to refund Rs 39.64 lakh collected from the clients as fees in respect of their unregistered investment advisory activities. In its order, Sebi found that the entities were providing investment advisory services without obtaining a registration certificate from the regulator, which was in violation of the provisions of Investment Advisers (IA) rules. The order revealed that over Rs 39 lakh were credited in the accounts of the entities between August 2020 and July 2021. "The noticees (Safe Trader and its proprietor) without holding a certificate of registration as investment adviser have knowingly disseminated false information/made misleading statements and held themselves out as investment adviser on their website. Thus, I find that the ...

Sebi bans 3 entities from securities market for insider trading activities

Sebi has slapped penalties totalling Rs 15 lakh on three entities and also barred them from the securities markets for one year for flouting insider trading rules with respect to the shares of VSL

Sebi bans CFAS, its partners from mkts for 3 yrs for unauthorised services

Sebi on Monday barred Capproin Financial Advisory Services (CFAS) and its partners from the securities markets for three years for providing investment advisory services without the market regulator's authorisation. Capproin Financial Advisory Services is a partnership firm and its partners -- Sourabh Rai and Jasmeet Kaur Bagga. The order came after Sebi received complaints through the market watchdog's SCORES (SEBI Complaints Redress System portal) platform against CFAS and its partners. Thereafter, the matter was examined by the regulator to ascertain whether there had been any violation of the provisions of IA (Investment Advisers) norms. Further, a show cause notice was issued to CFAS and its partners in March 2020. In its order, the regulator found that CFAS and Rai were never registered with Sebi in any capacity as an intermediary. However, Bagga was registered with the regulator in her capacity as proprietor of Research Infotech. According to Sebi, CFAS, Rai and Bagga were

Sebi moots measures to strengthen investor grievance redress mechanism

Capital markets regulator Sebi on Monday proposed ways to strengthen the existing complaint redressal process in the securities market by making use of online dispute resolution mechanisms. In its consultation paper, the regulator has suggested measures to deepen the existing Market Infrastructure Institution or MII-administered mediation and arbitration mechanism by making these processes more accessible and effective. MIIs are stock and commodities exchanges and depositories. Further, Sebi said these processes should be conducted online on an end-to-end basis using the capacity, technology, and other assistance of online dispute resolution institutions and proposed to modify the existing processes for the benefit of the investor. The proposed modifications in the existing MII-administered mediation and arbitration mechanism include re-labelling the IGRC (Investor Grievance Redressal Committee) process, providing for a sole mediator or arbitrator irrespective of the amount of the

Sebi bars AIFs from raising capital from non-compliant foreign investors

Foreign investor must be is a resident of the country whose market regulator is a signatory to either IOSCO multilateral MoU or has signed bilateral MoU with Sebi

Want to track your lifetime spend on Zomato, Swiggy or Amazon? Here's how

There are dozens of Google Chrome extensions that can help you take stock of how much you've spent

Sebi seeks to protect public shareholders' interests during CIRP

Non-promoter entities in bankruptcy-hit firms to be given opportunity to acquire shares

Sebi bans Mehul Choksi from securities market for 10 years, fines Rs 5 cr

Choksi is already facing Income Tax department and ED action

Sebi bars Momentum Tips, its proprietor from securities markets for 3 years

Sebi has barred Momentum Tips and its proprietor Ajay Kumar Mukhiya from the securities markets for three years for providing unauthorised investment services. The regulator issued a show cause notice to Momentum Tips and Mukhiya in September 2021. The market watchdog found that Momentum Tips and Mukhiya (noticees) were indulged in providing investment advisory services without obtaining registration from the Securities and Exchange Board of India (Sebi). The noticees have collected Rs 33.19 lakh during February-July 2019, Sebi said in an order on Tuesday. Sebi has directed the noticees to refund the money within three months received from the clients as fees in respect of their investment advisory services. Also, the regulator barred the noticees from the securities markets for a period of three years or till the expiry of three years, from the date of completion of refund to clients/investors, whichever is later. In addition, they shall not undertake investment advisory service

Sebi focuses on data, tech tools to detect malpractice in securities mkt

With an aim to strengthen transparency and fairness in the capital markets, Sebi is focusing on data tools to detect wrong-doing in the securities market as well as for its policy formulation. Apart from data, another focus area for the Securities and Exchange Board of India (Sebi) would be deployment of technology. "Data and technology are the two new tools that Sebi is building for itself," the regulator said, adding that the move would enhance transparency and fairness in the securities market. In its annual report for 2021-22, the regulator said it is increasingly using more and more data to detect wrongdoings in the markets, whether it is in respect of surveillance of trading or investigation into fraud or inspection of market intermediaries. In its decision making particularly in the context of policy formulation, the regulator said it "will rely more and more on data and eschew dogma in any form. The approach of decision making will be guided by principles and logic supporte

Sebi bars Impact Research, proprietor from securities market for 6 months

Markets regulator Sebi has imposed a six-month ban on Impact Research and its sole proprietor Nitin Neema from the securities market for providing advisory services without its authorisation. The watchdog had issued a showcause notice to them in August 2021. Sebi found that Impact Research and Nitin Neema (noticees) were engaged in investment advisory services without obtaining a certificate of registration. The amount of money prima facie to have been collected by the noticees was Rs 83.75 lakh during the period from September 2014 to December 2016, Sebi said in an order on Thursday. The regulator has directed the noticees to refund within three months the money received from investors as fees in respect of their unregistered investment advisory activities. Also, Sebi has barred the noticees from accessing the securities markets for a period of six months or till the expiry of six months from the date of completion of refunds to investors, whichever is later. In addition, they s

Sebi bans 3 individuals from markets for unauthorised investment advisory

Capital markets regulator Sebi has barred three individuals from the securities markets for providing unauthorised investment advisory services. Besides, they have been restrained from the securities markets for six months. The present proceedings emanate from a show cause notice dated July 31, 2021 issued by Sebi to RNS Global Capital and its proprietors' -- Lakhan Chouhan, Rohit Soni and Shivani Thakur -- alleging that they were engaged in unauthorised investment advisory services. Sebi had come across a website which belonged to RNS Global Capital in the archived pages as the web page is not active. On perusal of the web pages, it found prima facie that -- Chouhan, Soni and Thakur -- were engaged in giving advice relating to investing in, purchasing or dealing in securities or investment products, through their website. Chouhan, Soni and Thakur have been collectively referred to as noticees. The amount of money to have been collected by the noticees was Rs 1.20 crore for the p

ICICI Securities June quarter results rained on by overcast broking biz

ICICI Securities client growth moderated to 27.7 per cent to 450,000, while active customers rose only 5.3 per cent QoQ to 3.2 million