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New Delhi, Capital markets regulator Sebi on Friday came out with a procedure for vault managers to seek prior approval from the watchdog in case of a change in control. The 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 reconciliation of physical gold with the records of the depository. Under the procedure, Sebi said that an application should be made by the vault managers to the regulator for prior approval through the Intermediary Portal, according to a circular. "Applications for fresh registration under a change in control shall be made to Sebi within six months from the date of prior approval," the regulator said. The matters which involve a scheme of arrangement and need sanction from the National Company Law Tribunal (NCLT), the vault manager would have to ensure that the application seeking approval for the proposed change in control would be filed with Sebi before applying with NCLT. The validity of such in-principle approval from Sebi would be three months within which the relevant application should be made to NCLT. Within 15 days from the date of the order of NCLT, the vault manager would have to submit the required documents to Sebi for final approval. The procedure would come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular.

Sebi issues procedure for seeking prior approval for change in control of vault managers

To ensure there’s no rerun of <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword> episodes in Indian banks, The Securities and Exchange Board of India (<keyword id="35210" type="UNKNOWN" weightage="100" keywordseo="Sebi">Sebi</keyword>) has mandated all listed companies to inform stock exchanges if they falter on loans. As per the new clause, the company would require to inform the stock exchanges within one working day of the default, according to an ET news report. Currently, listed companies require to disclose material events and information to stock exchanges. Companies make specific disclosures in instances such as delays and defaults in the payment of interest and principal on debt securities, listed non-convertible debentures, redeemable preference shares and foreign currency convertible bonds. To resolve the bad loan burden of the banks, the government and the central bank have started getting lenders to kick off insolvency proceedings against big defaulters. If a borrower is unable to pay on the due dates, according to the new Insolvency and Bankruptcy Code (IBC), the lending bank can initiate the insolvency resolution process on the next day. But the RBI mandates, banks can declare a borrower defaulter only after 90 days. This move by Sebi is significant because may a times, a defaulter makes payment just a few days before 90-day deadline to retain standard asset classification on their loans. Also the new clause would mean the borrower would have limited ability to raise further capital.

This is what Vijay Mallya has taught Sebi

<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>, the capital markets regulator of India, has sought clarification from four companies regarding their proposed IPOs. 
 These companies are <keyword id="1869462" type="COMPANY" weightage="100" keywordseo="Advanced-Enzyme-Technologies">Advanced Enzyme Technologies</keyword>, <keyword id="3257310" type="UNKNOWN" weightage="100" keywordseo="KPR-Agrochem">KPR Agrochem</keyword>, <keyword id="3257311" type="UNKNOWN" weightage="100" keywordseo="S-P-Apparels-and-Thyrocare-Technologies">S P Apparels and Thyrocare Technologies</keyword>. 
 
While SEBI has not disclosed the details of the clarifications that it seeks from these companies, it has said that it is awaiting response from their merchant bankers and lead managers. 
 
<a href="http://techstory.in/wp-content/uploads/2015/06/SEBI-logo.png">Image source</a>

SEBI wants some tough answers from 4 companies on their IPO plans

<keyword id="6355630" type="ORGANIZATION" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>) has been in the news for the alleged race for its chairmanship. On Saturday, a special meeting was held for this matter, the outcome of which was a serious consideration of <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword>’s proposal to reappoint the current chairman, <keyword id="44860" type="ORGANIZATION" weightage="100" keywordseo="uk-sinha">UK Sinha</keyword>, for another year. 
 This has happened because of one contender, <keyword id="254331" type="PERSON" weightage="100" keywordseo="Ramesh-Abhishek">Ramesh Abhishek</keyword>, having been selected as the secretary at the Department of Industrial Policy &amp; Promotion and chances of another one, <keyword id="197242" type="PERSON" weightage="100" keywordseo="Thomas-Mathew">Thomas Mathew</keyword>, being high to be the head of the National Investment and Infrastructure Fund (NIIF). These two were the most probable candidates for the post as they had got the highest grades during the selection process. 
 Other than Abhishek and Mathew, SBI chairman <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> and whole-time SEBI member Rajeev Agarwal were short-listed for the post. Even though reappointment of Sinha was not a suggestion of the committee, the finance ministry proposed to do the same, which has come as a surprise because it was the ministry itself that had constituted the selection panel for Sinha’s replacement. 
 
Talking of the search cum selection panel, it is headed by cabinet secretary PK Sinha, while other members are additional principal secretary to Prime Minister PK Mishra, DEA secretary Shaktikanda Das, Institute of Economic Growth director Professor Manoj Panda, Gujarat National Law University director Dr Bimal N Patel, and Centre for Policy Research senior fellow Professor Rajiv Kumar. 
 
If Sinha is to be reappointed, it may require some change in rules because the current rules don’t allow the chairman's tenure to exceed five years, which Sinha will complete on February 17. This may also mean that vigilance clearance will have to be obtained afresh as per the current SEBI rules. 
 
"Whenever rules are changed, it cannot be a one-time affair to suit a particular contingency," a securities law expert told ET. "It has to be there to apply to all and for all times to come." 
 As of now, DR Mehta is the only person to have held the post of <keyword id="83833" type="POSITION" weightage="100" keywordseo="SEBI-Chairman">SEBI chairman</keyword> for more than five years, but that happened in exceptional circumstances as the joint parliamentary committee was enquiring into the Ketan Parekh scam. The then government had to defend itself against a challenge to that extension in the Delhi High Court. 
 
<a href="http://www.dalaltimes.com/images/2015/nov-17/sebi_1600.jpeg">Image source</a>

UK Sinha could be reappointed as the chairman of SEBI

New Delhi, Jan 16 () Markets watchdog Sebi on Thursday said certain overseas government agencies and their related entities will be exempted from clubbing of investment limit that is applicable for foreign portfolio investors.
The exemption would be applicable where the Indian government has entered into agreements or treaties with overseas governments or there is an order.
Issuing a circular on exemption from clubbing of investment limit for foreign government agencies and its related entities, Sebi cited a rule under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 regarding Investments by Foreign Portfolio Investors (FPIs).
In line with these rules, Sebi said "certain foreign government agencies and its related entities are exempt from clubbing of investment limit requirements and other investment conditions either by way of an agreement or treaty with other sovereign governments or by an order of the central government".
On December 19, the regulator amended the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 and omitted a regulation.
The particular regulation pertained to cases where the government enters into agreements or treaties with other sovereign governments and where such agreements or treaties specifically recognise certain entities to be distinct and separate. In such cases, Sebi may, during the validity of such agreements or treaties, recognise them as such, subject to conditions as may be specified by it. RAM BAL
BAL

FPIs: Sebi exempts certain entities from clubbing of investment limit

The Indian capital market regulator, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (SEBI), is examining all events at <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> and the other group companies to check violation of insider trading regulations. 
 SEBI is seeing if price-sensitive information was disclosed to Tata Sons directors and <keyword id="6383155" type="UNKNOWN" weightage="20" keywordseo="Tata-Trusts">Tata Trusts</keyword> nominees before it was approved by the boards of operating companies. 
 
"We are taking note of the events unfolding at Tata companies and examining whether there has been any securities law violations,” a senior SEBI official told ET. 
 
As per the rules, price-sensitive information can be shared only on a need basis and people who are not crucial should not know about it. 
 The SEBI got alert when ousted Tata Sons Chairman <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> said that Trusts' directors Nitin Nohria and Vijay Singh left a Tata Sons board meeting in progress, keeping the board waiting for almost an hour, to obtain instructions from <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>. 
 
"Such a work pattern has also created the added risk of contravening insider-trading rules,” Mistry had said in his e-mail to Tata Board. 
 
“Although the directors are appointed by the shareholders of the company, their primary duty is to the company and they are legally bound to act in the best interests of the company and not in the best interests of its majority shareholders,” Sandeep Parekh, founder of Finsec Law Advisors and who was an executive director of SEBI, told ET. 
 
"Confidential information pertaining to the deal revealed by the officials of Tata Power to the board of Tata Sons violates provisions of the Companies Act as well as Sebi's insider-trading regulations,” he said.

India’s market regulator is examining Tata Sons and group companies for a major regulation violation

<keyword id="112429" type="ORGANIZATION" weightage="100" keywordseo="Securities-Exchange-Board-of-India">Securities &amp; Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>) is under plans to discuss options for investors to exit companies if the promoters fail to use money raised through initial public offerings (IPOs) for the stated purposes. This step is in line with Section 13 (8) of the Companies Act, 2013, which says that a company left with unutilised funds after raising money from the public cannot change the objects stated in the prospectus; this can happen only when a special resolution is passed and the promoters offer dissenting shareholders a way out. 
 
This would be the first meeting of the board, after merging with Forward Markets Commission, the former commodities market regulator. The board now has new members - Shaktikanta Das, secretary in the department of economic affairs, Tapan Ray, secretary in the Ministry of Corporate Affairs, and part-time member Arun Sathe. 
 
Under the topic of discussion, the board would also have a discussion on tweaking of rules related to forfeiture of partly paid shares, meanwhile introducing an electronic platform for the issue of debt securities and providing a framework for green bonds. 
 
"It's a change from investing in the promoter alone to investing in the business. Scrupulous promoters may not have a problem, but unscrupulous promoters will certainly have," Suhail Nathani, a partner at Economic Laws Practice, told ET. 
 
Investment bankers are of the opinion that this change could have an impact on IPOs, leading to problems in meeting the minimum 25% public holding norm. "If there are onerous restrictions on alteration of end-use of funds, it would discourage potential high-growth companies to go for an IPO," said Mehul Savla, director of RippleWave Equity Advisors. "Companies may prefer to raise funds through private equity now and do an IPO later for providing exit to them. This could preclude investors from participating in the growth stage of company." 
 
The board would also discuss introducing entities called electronic book providers, which could be merchant bankers and will have to take prior approval from the regulator before they provide a platform for electronic services. 
 
India is going to be among the few countries that would move online for all debt issues. Presently, only equity sales and government bond auctions see electronic platforms. However, in future, this could be made mandatory for all issuances, leading to symmetry of information and an improvement in the transparency in sales. 
 
<a href="https://s.yimg.com/bt/api/res/1.2/iwuwov5V_OmU.V1zQDHvgw--/YXBwaWQ9eW5ld3NfbGVnbztmaT1pbnNldDtoPTM2MjtpbD1wbGFuZTtxPTc1O3c9NTEy/http://globalfinance.zenfs.com/images/IN_AHTTP_REUTERS_WRAPPER_BUS_NEW/2015-07-16T023713Z_2_LYNXNPEB6E17I_RTROPTP_3_INDIA-MARKETS-DABBA_original.jpg">Image source</a>

Investors to soon have an option to exit companies if funds raised via IPO not properly utilised says SEBI

Mumbai, Feb 17 () With an aim to facilitate use of latest fintech innovations in capital markets, Sebi on Monday decided to allow live testing of new products, services and business models by market players on select customers.Initially, all Sebi-registered entities will be eligible to participate in such a 'regulatory sandbox', a live testing environment where new products processes, services and business models can be deployed on a limited set of eligible customers for a specified period of time with certain relaxations in rules and guidelines, the regulator said. At a meeting here, Sebi's board also decided to allow a cross domain approach for this regulatory sandbox, wherein a regulated entity will be permitted to test solutions even for those activities for which it is not registered.A limited registration will be granted for such testing, Sebi said. At a later stage, fintech startups and other entities that are not regulated by Sebi may also be allowed, but no exemptions would be granted from the existing investor protection framework, KYC and anti-money laundering rules. The proposed 'regulatory sandbox' is intended to serve as a testing ground for new business models and technologies that benefit investors, Indian markets and the economy at large. Under this framework, the eligible entities would be granted certain facilities and flexibilities to experiment with fintech solutions in a live environment and on real customers, while ensuring that there are necessary safeguards for investor protection and risk mitigation. While the Indian capital market participants have been early adopters of technology, the Securities and Exchange Board of India (Sebi) is of the view that adoption and usage of emerging financial technology can be a key instrument to further develop and maintain an efficient, fair and transparent ecosystem. AA SP BJ ANUANU

Sebi approves regulatory sandbox for live testing of new products by mkt players

Paying no heed to SEBI’s rule of having at least one woman director on their boards, India's largest public sector units like ONGC, GAIL (India) Ltd, Indian Oil Corp and MMTC, as well as National Fertilisers, Oriental Bank of Commerce, and Power Finance Corp, are running without any woman directors, even as a year has passed since the rule came into force, and had a deadline of March 31st 2015.

	 
	 
	According to capital markets data provider PRIME Database, about half of the 56 NSE-listed companies, which do not comply with the said rule, are state-owned enterprises. 
	 
	"Though a bulk of the companies has met the criterion, there are some for whom it does not seem to be on top of their agenda," Pranav Haldea, PRIME Database MD told ET. 
	 
	It was two years ago that SEBI had asked all listed firms to have at least one woman director on their boards from April 1, 2015, so that gender-diversity in boardrooms can be assured. 
	 
	When enquired by ET, GAIL said that it is under the administrative control of the Ministry of Petroleum and Natural Gas and its "directors are nominated/appointed by the Government of India." 
	 
	<a href="http://exclusive.multibriefs.com/images/exclusive/1212gender.jpg">Image source</a>

State-run PSUs don’t want women directors on board, despite SEBI’s mandatory rule

New Delhi, Feb 5 () With an aim to facilitate use of latest fintech innovations in capital markets, regulator Sebi is planning to allow live testing of new products, services and business models for selected customers by providing various relaxations and exemptions. Initially, all Sebi-registered entities will be eligible to participate in such a 'regulatory sandbox' (a live testing environment), while fintech startups and other entities that are not regulated by Sebi may also be allowed at a later stage, but no exemptions would be granted from the existing investor protection framework, KYC and anti-money laundering rules, officials said. A proposal in this regard will be discussed by Sebi's board later this month, the officials added. The proposed 'regulatory sandbox' is intended to serve as a testing ground for new business models and technologies that benefit investors, Indian markets and the economy at large. Under this framework, the eligible entities would be granted certain facilities and flexibilities to experiment with fintech solutions in a live environment and on real customers, while ensuring that there are necessary safeguards for investor protection and risk mitigation. While the Indian capital market participants have been early adopters of technology, the Securities and Exchange Board of India (Sebi) is of the view that adoption and usage of emerging financial technology can be a key instrument to further develop and maintain an efficient, fair and transparent ecosystem. With this aim, Sebi had set up a committee on financial and regulatory technologies under the chairmanship of T V Mohandas Pai with expert members from the startup industry, fintech community and academicians. Based on their recommendations, Sebi had last year stipulated a framework for an industry-wide innovation sandbox, under which fintech startups and entities not regulated by Sebi have access to market related data, particularly trading and holding data in an anonymised form to help them test their innovations effectively before their introduction in a life environment. The committee had also recommended that Sebi may set up a regulatory sandbox to provide a live testing environment where new solutions can be deployed on a limited set of eligible customers for a specified period of time with certain relaxations. Sebi had subsequently floated a public consultation paper and after taking into account all the comments, it has now finalised a draft set of norms for allowing the regulatory sandbox. Under the proposed framework, all entities registered with Sebi would be eligible for testing within the regulatory sandbox on its own or use the services of a fintech firm. In subsequent phases depending on the response received, Sebi may consider permitting fintech startups, fintech firms and other entities that are not regulated by it. While Sebi grants registrations for a particular activity, it is considering cross-domain approach for this regulatory sandbox wherein a regulated entity can be permitted to test solutions for activities for which it might not be registered. For this, limited certificates of registration can be granted. The requirements for which no relaxation would be considered include confidentiality of customer information, fit and proper criteria particularly on honesty and integrity, handling of customers' funds and assets, rules for prevention of money laundering and countering the financing of terrorism, risk checks and Know Your Customer principles. The requirements that merit relaxations include networth, track record, registration fees, financial soundness and guidelines relating to technology risk management and outsourcing. Any relaxation would be available for a maximum period of one year. BJ DRR

You Searched For "sebi rules" and got 10 results

Sebi issues procedure for seeking prior approval for change in control of vault managers

PTI

This is what Vijay Mallya has taught Sebi

BI India Bureau

SEBI wants some tough answers from 4 companies on their IPO plans

BI India Bureau

UK Sinha could be reappointed as the chairman of SEBI

BI India Bureau

FPIs: Sebi exempts certain entities from clubbing of investment limit

PTI

India’s market regulator is examining Tata Sons and group companies for a major regulation violation

BI India Bureau

Investors to soon have an option to exit companies if funds raised via IPO not properly utilised says SEBI

BI India Bureau

Sebi approves regulatory sandbox for live testing of new products by mkt players

PTI

State-run PSUs don’t want women directors on board, despite SEBI’s mandatory rule

BI India Bureau

Sebi plans 'regulatory sandbox' to allow live testing of new products, services on select customers

PTI

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