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9Dec By Press Trust of IndiaNo Comments

INDIA

Indian Market Regulator Sebi Scans Matrimonial Website to Catch Manipulators

To catch manipulators, Indian market regulator Sebi has started looking at matrimonial profiles of suspected persons to establish the link with family members in front running cases. The markets watchdog has been scanning Facebook accounts of suspected persons in cases related to insider trading cases. In the case of front running of several funds of Fidelity Group entities, Sebi has checked the profile of a trader Vaibhav Dhadda (who was using the alias Avi) at the matrimonial website www.jainshubhbandhan.com in order to establish his link with family members. The matrimonial website has mentioned Vaibhav as the son of Alka Dhadda, Sebi said in an interim order dated December 5. In addition, his passport details also showed Alka Dhadda as his mother. After gathering evidenc...

SEBI To Bring Easy IPO Norms for Upcoming Issuers

20Jun By Lavina TolaniNo Comments

Market

SEBI To Bring Easy IPO Norms for Upcoming Issuers

Market Regulator, SEBI is gearing up to modify Initial Public Offering (IPO) norms in India making them less arduous for legitimate sellers while putting down on the possible misuse. The revamp includes the inclusion of a broader set of institutional investors such as alternative investment funds (AIF's) for counting promoter's contribution in startups, reducing disclosure price for two days before the issue opens and reducing requirement period for disclosure to three years than five. The panel board is scheduled to meet on June 21 to discuss proposed modifications in ICDR. Prithvi Haldea, Head of the ICDR Committee conducted by SEBI last year said, There are cases of good companies where the promoter capital is not adequate for lock-in in an IPO. Sometimes, alternative investment ...

SEBI Fines Suzlon Rs 1.1 Crore For Violating Trading Norms

21Apr By Lavina TolaniNo Comments

INDIA

SEBI Fines Suzlon Rs 1.1 Crore For Violating Trading Norms

Market Regulator, Securities, and Exchange Board Of India(SEBI) has imposed a fine of Rs 1 crore on turbine maker Suzlon Energy on account of violating trading norms on Friday. The turbine maker has repeatedly failed to disclose private sensitive information required by SEBI's listing guidelines. Sahil Malik, an Adjudicating officer at SEBI said, I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticee and loss caused to investors as a result of non-disclosure of truncation of order. They have failed to disclose 'more than once', hence it is repetitive in nature. The noticee in the case includes Suzlon energy and its promoters Girish R. Tanti, Hemal A. Kanuga and the MD and chairman Tulsi R. Tanti. Kanuga, who is currently the se...

26Mar By Sheldan RungasamyNo Comments

INDIA

Indian Market Regulator Sebi will revise rules for Startup Angel Funding

Market Regulator, Securities and Exchange Board of India (Sebi) is planning to increase the maximum investment for angel funds to INR 10 crore while it was previously limited to INR 5 crore. India is going through a rapid change phase, especially concerning startups and funding. Angels investments are growing ever higher every passing week and the new regulation of the market will thereby provide additional opportunities to angel funds, according to regulatory officials. On the other hand, the minimum investment by an angel investor will remain INR 25 lakh. The regulatory board would also like divide by two the minimum corpus size required for an angel fund to register with it as it currently stands at Rs5 crore. Another measure the Sebi is looking forward to update concerns the maxi...

Sebi Proposes Relaxed Norms For Start-up Listing

30Jul By Press Trust of IndiaNo Comments

News

Sebi Proposes Relaxed Norms For Start-up Listing

To encourage listing of start-ups, Sebi today proposed an easier framework that allows more investor categories, relaxed shareholding norms and reduced trading lot amount. In this regard, the markets regulator has mooted changes to the framework of Institutional Trading Platform (ITP), which has not seen much traction even though it was put in place in August 2015. The rules were brought in to encourage Indian start-ups and entrepreneurs to remain within the country rather than go overseas for raising funds. Seeking to widen the eligibility ambit for getting listed on ITP, Sebi has proposed increasing the category of eligible investors when it comes to shareholding before the listing. Besides QIBs (qualified institutional buyers), family trusts or systematically important NBFCs...