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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

Markets regulator <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword> has invited applications for internship programme in its information technology department for one year, a move that will provide an opportunity to interns to work on projects including data analytics. The interns accepted under this programme would be given an opportunity to work on different information technology projects including data analytics, regulatory business processes and reporting, and FinTech at Sebi, the regulator said in a notice. Such projects will provide an opportunity to the interns to apply their skills while gaining exposure to the functioning of the Indian capital markets, it added.
 Sebi said it is "desirous of partnering with institutes based in and around Mumbai for accepting up to 15 interns per year under its Sebi's information technology department internship programme."
 Accordingly, expressions of interest have been invited from eligible institutes to participate in such programme.
 Spelling out the eligibility criteria, Sebi said candidates pursuing full-time MBA or MCA or equivalent degree or diploma of a duration of two years from a recognised institute, besides, those holding a full-time graduate degree in engineering or a BCA degree can apply for it.
 Among other crietria, candidates must have secured minimum 60 per cent aggregate marks or equivalent CGPA (Cumulative Grade Points Average), the Securities and Exchange Board of India (Sebi) said.
 The interns will be recruited for a period of one year and will be awarded a stipend of up to Rs 30,000 per month. The candidates need to send their applications to the markets regulator by January 20. SP SHW MKJ

Sebi invites applications for internship programme

Following statements made by <keyword id="198572" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> and her husband <keyword id="192394" type="General" weightage="20" keywordseo="Dhaval-Buch" source="Orion">Dhaval Buch</keyword>, concerning allegations raised by <keyword id="9916845" type="General" weightage="20" keywordseo="Hindenburg-Research" source="Orion">Hindenburg Research</keyword> on August 10, the US short seller has posed new questions for the <keyword id="20914154" type="General" weightage="20" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> alleging that her response contained several significant admissions and raised critical new questions. In a social media post on 'X', the US short seller stated that "<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Chairperson <keyword id="19557079" type="General" weightage="20" keywordseo="Madhabi-Buch" source="Orion">Madhabi Buch</keyword>'s response to our report includes several important admissions and raises numerous new critical questions." Further the post said that the <keyword id="84055" type="General" weightage="20" keywordseo="SEBI-chief" source="Orion">SEBI chief</keyword>'s response confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. "SEBI was tasked with investigating investment funds relating to the Admatter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," <keyword id="191733" type="General" weightage="100" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> alleged. The US short seller also raised concerns about the financial statements of SEBI Chief's Singapore consulting entities during her tenure at SEBI. "The Singaporean consulting entity she set up doesn't publicly report its financials like revenue or profit, so it's impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 per cent owned by the SEBI Chairperson, has generated Rs 23.985 million (US ~ USD 312,000) in revenue (i.e. consulting) during the financial years ('22, '23, and '24), while she was serving as Chairperson, per its financial statements," said Hindenburg. Hindenburg also alleged that <keyword id="22754143" type="General" weightage="20" keywordseo="whistleblower-documents" source="Orion">whistleblower documents</keyword> have revealed that Buch used her personal email to conduct business under her husband's name while serving as a whole-time member of SEBI. In 2017, just weeks before her appointment, she ensured that accounts with ties to Adani were registered solely in the name of her husband, Dhaval Buch. Earlier, the SEBI Chairperson and her husband had said that the investment in the fund referred to in the Hindenurg report was made before she had taken up the job. The statement said, "The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. " "The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval's childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P. Morgan and 3i Group plc, had many decades of a strong investing career. The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja, left his position as CIO of the fund, we redeemed the investment in that fund," the statement further reads."As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company," the statement had added. On Saturday, the US-based firm alleged that SEBI's Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal" In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the <keyword id="16435872" type="General" weightage="20" keywordseo="Adani-Hindenburg-case" source="Orion">Adani-Hindenburg case</keyword>.

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> on Tuesday proposed relaxing net-worth, qualification and experience requirements for <keyword id="22695845" type="General" weightage="20" keywordseo="investment-advisers-and" source="keywords">investment advisers and</keyword> research analysts, a move aimed at curbing the activities of unregulated <keyword id="22205854" type="General" weightage="20" keywordseo="financial-influencers" source="keywords">financial influencers</keyword>. The proposals will simplify and reduce registration requirements and compliance costs for <keyword id="21253972" type="General" weightage="20" keywordseo="investment-advisers" source="keywords">Investment Advisers</keyword> (IAs) and Research Analysts (RAs) registered with Sebi, the regulator said. In its consultation paper, Sebi has proposed to relax minimum qualification from post-graduate to graduate degree and remove the experience requirement for registration as investment advisers and research analysts. Currently, IAs and RAs are required to obtain the prescribed certifications from NISM at the time of registration. They are required to obtain the same base certifications before expiry of validity of such certifications. Additionally, the regulator has proposed to abolish the requirement of maintaining minimum net worth by IAs and RAs. Instead, it has proposed that IAs/RAs should maintain a deposit with the stock exchange, based on the number of clients. For up to 150 clients, investment advisers or research analysts will have to maintain a deposit of Rs 1 lakh, for 150 to 300 clients, they need to maintain Rs 2 lakh, for 300 to 1,000 clients, the deposit requirement will be Rs 5 lakh and for over 1,000 clients, the requirement will be Rs 10 lakh. Also, Sebi has proposed allowing individuals or partnership firms to register as both IA and RA and allow individuals or partnership firms engaged in non-securities businesses to register as IA/RA. Sebi noted that the Indian securities market has seen a significant increase in domestic investors due to market growth and technical advancements. However, the number of registered Investment Advisers and Research Analysts remains low compared to the large investor base, especially when compared to countries like the United States. "This is leading to proliferation of the unregistered entities acting as IAs and RAs," it added. To ensure investors can make informed decisions and to support the growth in wealth creation, a larger number of registered IAs and RAs is needed, the Sebi said. Recently, Sebi board approved a series of measures on restricting the play of fin-influencers, which focus mainly on policing the segment through their tie-ups with the entities regulated by Sebi. Also, senior Sebi officials in the recent past have said that challenges to get registered as an investment advisor are among the reasons for growth in the problematic fin-influencers segment. The registered investment advisors have said that getting and maintaining the registration is an onerous task due to which their numbers are low. The <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi) has sought public comments till August 26 on the proposals.

Sebi proposes relaxing norms for investment advisers and analysts, floats consultation paper

There is no country in the world in terms of "margin protection" better than <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> where technology is extensively used to protect clients' securities, <keyword id="63783" type="General" weightage="50" keywordseo="securities-and-exchange-board" source="Orion">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="General" weightage="100" keywordseo="sebi" source="Orion">SEBI</keyword>) chairperson Madhabi Puri <keyword id="1040391" type="General" weightage="80" keywordseo="buch" source="Orion">Buch</keyword> said on Friday. The SEBI chief said that foreign investors often tell her that she was fortunate to have in the country a culture of data and technology, which is making the role of the capital market regulator effective. "There is huge technology change in the entire market. It has never been done anywhere in the world ever...and we did it in India. So, today in terms of margin protection - the protection of client's securities - there is nobody better in the world than India," Buch said in her lecture on 'Data and Technology in the Capital Market'. The event was organised by the Indian Institute of Management-Bangalore to mark its 49th Foundation Day celebrations on Friday. Explaining how data is used for surveillance to check malpractices during trading, the SEBI chairperson said the study of algorithm and alerts make it easy to study the trading pattern of people and understand that this is 'insider trading'. SEBI has also embedded a QR code which, Buch said, was quite radical. When it is scanned, one can see a video clip, which showed the 'Delta' positions of the particular individual whose trading pattern is reflected. "You look at that film, and you say, 'this is insider trading. This cannot be anything else'. So, we use data in our surveillance," the SEBI chief explained. The regulatory body is also using technology to check 'front running' in the mutual fund market. She, however, said SEBI too had some setbacks because the regulation has not kept pace with technology but it is trying to fix the problem in the next few months. The SEBI chief said the board is now using 'Suptech' or Supervisory Technology as well to inspect and make sure that everybody's following the rules. Citing an example from the mutual fund industry, she said SEBI started collecting data from all the 44 mutual fund houses operating in the country. As the data started coming in, SEBI told the industry that they are going to develop 80 algorithms and explained to them the logic and the interpretation of SEBI laws in the light of the algorithm emanating from the data. According to Buch, many of her colleagues were quite upset as they were against revealing the algorithm and questioned the objective behind it. Buch, however, said she gave an explanation that satisfied them. "The objective of the regulator is not to catch people doing bad things but to prevent them from doing bad things. So, we declared that we are now going to make this 80 algos," she explained. Today, SEBI conducts inspections every quarter, which otherwise could be done on a daily basis, because the board wanted to give the industry time to find their own mistakes and fix them instead of showing up every day, Buch said. "Now, this is only the beginning because this is the easy stuff. So, what's the tough stuff? The tough stuff is where you have to try and find violations of the spirit of the law, and not the letter of the law," the SEBI chief said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health that operates Medanta Hospitals to open its ₹2,205 cr on November 3</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pm-modi-lauds-paytm-commends-reach-of-digital-payments-in-far-off-places/articleshow/95144686.cms">PM Modi lauds Paytm, commends reach of digital payments in far-off places</a>

No country better than India in using tech to protect clients' securities: SEBI chief

<ul><li><keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> is looking for eligible candidates for its Young Professionals Program across various domains.</li><li>The last date to apply for the SEBI programme is January 25.</li><li>Candidates will be given a stipend of ₹60,000 per month.</li></ul>Securities and Exchange Board of India (SEBI) is inviting applications from eligible candidates for its Young Professionals Program across various profiles like information technology (IT),research, law and securities market operations for its Mumbai office. It is a 12-months programme and can be further extended by the authority depending upon the performance of the candidates. The maximum duration of engagement is three years. The application form shall be open for 21 days from the date of publication of the advertisement in newspapers, so the last date to apply for the opportunity is January 25. Candidates will be paid a monthly stipend of ₹60,000 with accommodation (only for those who are not Mumbai-based). <cmsannotation type="cmsannotation" annotationid="These are roles offered by SEBI under this programme —" comment="subhead" text="These are roles offered by SEBI under this programme —">These are roles offered by SEBI under this programme —</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Domain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Securities Market Operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Law </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Research </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Eligibility criteria for each domain" comment="subhead" text="Eligibility criteria for each domain">Eligibility criteria for each domain</cmsannotation> <ol><li>For Securities Market Operations — At least one year of work experience in the financial sector after completion of post graduation in Management or completing three years of Chartered Accountant (CA)/Company Secretary (CS)/Certified Management Accountant (CMA)/Chartered Financial Analyst (CFA) from recognised university/institute. </li><li>For Law — At least one year of work experience in corporate/securities laws after completion of the bachelors’ degree in law/Master of Law (LLM) from a recognised university/institution with minimum 60% aggregate marks. </li><li>For Research — One year of experience in areas including financial markets, corporate finance, macroeconomic theory, corporate governance, financial institutions and related areas of international finance. For candidates with PhD, experience is not required. </li><li>IT — At least one year of work experience in the field of software development (programming) or cyber security with bachelor of engineering (B.E)/bachelor of technology (B.Tech) in electronics or electronics and communication or information technology or computer science. </li></ol><cmsannotation type="cmsannotation" annotationid="Selection procedure —" comment="subhead" text="Selection procedure —">Selection procedure —</cmsannotation> The selection of candidates will be done in three steps — application screening, preliminary interview and final interview. Applications of the candidates will be reviewed by the selection committee on the basis of certificates, institutional ranking, academic performance. Candidates who clear the first round will be asked to sit for a preliminary interview held in virtual mode and then for the final round. Interested candidates can fill out the online form <a href="https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doYoungProfessional2021=yes">here</a> and can seek more information <a href="https://www.sebi.gov.in/sebiweb/other/careerdetail.jsp?careerId=196">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2400-apprenticeship-posts-announced-in-indian-railway-check-out-last-date-and-other-details/articleshow/88976928.cms">Railway recruitment 2022: Over 2,400 apprenticeship posts announced, check out last date and other details</a>

SEBI is hiring young graduate professionals for a monthly stipend of ₹60,000, last date is January 25

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

You Searched For "sebi" and got 7 results

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

PTI

Sebi invites applications for internship programme

PTI

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

ANI

Sebi proposes relaxing norms for investment advisers and analysts, floats consultation paper

PTI

No country better than India in using tech to protect clients' securities: SEBI chief

PTI

SEBI is hiring young graduate professionals for a monthly stipend of ₹60,000, last date is January 25

Vaamanaa Sethi

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

PTI

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