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US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

Capital markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">Sebi</keyword> Chairman Madhabi Puri Buch and her husband on Saturday denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book. In a statement, Madhabi Puri Buch and Dhaval Buch also said it is unfortunate that <keyword id="9916845" type="General" weightage="20" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same. US short-seller Hindenburg Research lslleged that Sebi chairperson Madhabi Puro Buch and her husband had stakes in obscure <keyword id="88493" type="General" weightage="20" keywordseo="offshore" source="Orion">offshore</keyword> funds used in the <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> <keyword id="6354840" type="General" weightage="20" keywordseo="money" source="Orion">money</keyword> siphoning scandal. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Citing "whistleblower documents", it said, "Madhabi Buch, the current chairperson Of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal." Responding to the allegation, Buchs said in their statement, "In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report." "The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years," the statment said. Buchs further said they have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. "Further, in the interest of complete transparency, we would be issuing a detailed statement in due course," the added. On Saturday, the Congress demanded the Centre act immediately to eliminate all conflicts of interest in the regulator's investigation of the Adani Group. The opposition party also said the "seeming complicity of the highest officials of the land" can only be resolved by setting up a Joint Parliamentary Committee to investigate the full scope of the "<keyword id="41357" type="General" weightage="20" keywordseo="scam" source="Orion">scam</keyword>".

Sebi chief, husband denies Hindenburg allegations as baseless

<keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword>'s whole-time member Ashwani Bhatia on Friday asked chartered accountants to be more diligent while <keyword id="20233802" type="General" weightage="20" keywordseo="auditing" source="keywords">auditing</keyword> companies <keyword id="22260830" type="General" weightage="20" keywordseo="listed" source="keywords">listed</keyword> on the SME exchange platforms. Addressing an industry event of <keyword id="20253262" type="General" weightage="20" keywordseo="CAs" source="keywords">CAs</keyword>, Bhatia said it is important to look at the listed <keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword> (Small and medium-sized enterprises) in a more careful way because the same companies will grow to be a part of the main board in the future. "We have seen some challenges there (SME platform). We request you to be extra careful as far as SME IPOs and fundraising are concerned because these small companies will become much, much bigger going forward," the banker-turned-capital markets regulator said. Bhatia expressed satisfaction with the progress of the SME platform, stating that Rs 14,000 crore has been raised by such entities, with Rs 6,000 crore being raised in FY24 alone. He compared the CAs to "doctors", and added that they act as first-level regulators by ensuring orderly conduct of companies. Bhatia said many Sebi investigations and orders, which take over a year to complete, may not be necessary at all if the CAs had done their work more diligently. It can be noted that in March this year, Sebi chairperson Madhabi Puri Buch had flagged concerns around "price manipulation" in the SME platform listings and trading, and asked investors to be cautious. Meanwhile, addressing CAs on Friday, Bhatia recalled the conduct of SBI's past chairman R K Talwar and said that the strength of character of the leader helps create "great institutions". He also said that despite the regulator coming out with regulations to enable delisting, the experience has been the "reverse" with little interest on that front. The whole-time member hinted that the low interest in delisting is due to high valuations, and added that even foreign companies are looking at listing in India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Sebi asks CAs to be 'extra careful' while auditing listed SMEs

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

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

Artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) became a buzzword in the tech industry with the launch of ChatGPT in 2022. The emerging technology is now being used in various industries and more and more sectors are trying to find ways to use the technology to their benefit. Now, AI might come to your rescue even if you are struggling with <keyword id="21423322" type="General" weightage="20" keywordseo="IPO-filings" source="keywords">IPO filings</keyword>. <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, during a conference, said that <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> filing will get faster and even easier with the help of AI. She also elaborated on how AI is already being used for processing of public documents and does 80 percent of the job. <h2>Sebi chief on AI making IPO filing quicker</h2>According to an Economic Times report, Buch talked about plans to process IPO documents using AI during an <keyword id="22645005" type="General" weightage="20" keywordseo="FICCI-conference" source="keywords">FICCI conference</keyword>. She revealed that a fill-in-the-blanks template form is in the works which will simplify the process of IPO filing for companies. As a result, the entire process can be fast-tracked as only the final approval will come from an officer. For young companies, this could mean that filing an IPO is not just quicker, but easier as well as there could be set templates that they will just have to fill in. The report quoted Buch saying, "The normal track (of processing of IPO applications) would be so fast that you won't need fast track." <h2>IPO process in India</h2>In India, the process of filing an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) involves several steps. Firstly, the company hires an underwriter or investment bank to guide the process. These financial experts analyze the company's financial health and sign an underwriting agreement detailing the deal, the amount to be raised, and the securities being issued. Next, the company prepares a registration statement and a draft prospectus, known as the Red Herring Prospectus (RHP), as mandated by the Companies Act. This document includes definitions, risk factors, use of proceeds, industry and business descriptions, management information, financial statements, and legal details. The RHP must be submitted to the registrar of companies three days before the public offering and must comply with SEBI regulations. Following this, the company applies to SEBI for IPO approval. SEBI then verifies the company's disclosures. If approved, the company announces the IPO date. Subsequently, the company applies to the stock exchange to list its shares. The pricing of the IPO can be done through a Fixed Price Offering or a Book Building Offering, where a price range is announced, and investors bid within this range. The booking period usually lasts three to five working days, during which investors can revise their bids. After bidding, the final price, or Cut-Off price, is determined. Finally, the company, along with the underwriters, allocates shares to investors. In cases of oversubscription, partial allotments are made. The shares are typically allotted within ten working days of the last bidding date.

Struggling with IPO filing? AI might come to your rescue soon

The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has approved <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword>'s proposal to acquire an up to 9.5% stake in <keyword id="19901053" type="General" weightage="100" keywordseo="indusind-bank" source="keywords">IndusInd Bank</keyword>. "Pursuant to Regulation 30 of the <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Listing Regulations, we would like to inform you that the Reserve Bank of India vide its letter dated February 5, 2024 has accorded its approval to HDFC Bank Limited ("applicant") for acquiring "aggregate holding" of up to 9.50% of the paid-up share capital or voting rights in IndusInd Bank Limited. The aforesaid RBI approval has been granted with reference to the application made by the applicant to the RBI," IndusInd Bank said in a stock exchange filing. The approval also stipulates that if the "aggregate holding" of HDFC Bank falls below 5%, prior approval of the RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights. The RBI approval is subject to compliance with the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword>, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), provisions of the Foreign Exchange Management Act, 1999, regulations by the Securities and Exchange Board of India (SEBI), and other applicable statutes, regulations, and guidelines, the filing noted. --IANS sps/dpb

HDFC gets RBI nod to acquire 9.5% stake in IndusInd Bank

Mumbai, Markets regulator Sebi is building an artificial intelligence tool to help detect misselling by mutual funds, its <keyword id="15070191" type="General" weightage="50" keywordseo="chairperson-madhabi-puri-buch" source="Orion">Chairperson Madhabi Puri Buch</keyword> said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. "We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund," Buch said while speaking at the fourth <keyword id="9621521" type="General" weightage="20" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here. She admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period. At present, mutual funds submit essential data to Sebi periodically with respect to compliance with regulations. A "nil report" is considered the best, Buch said. At the same time, Buch said there may be misselling that may go unnoticed in the rule-based supervision and those same will be detected with the AI tool. "As we move to using AI to analyse the data, we hope that we will also find the ability to monitor these things (misselling) in the interest of the investors," she said. Meanwhile, Buch said the regulator is also keen to introduce fractional ownership of shares but the current legal set up does not allow it. "Somebody came with that (idea) and we thought it was good... we would have wanted to welcome them into the innovation sandbox but it is not permitted in the <keyword id="4625796" type="General" weightage="20" keywordseo="sebi-act" source="Orion">Sebi Act</keyword> itself. "It cannot be done until we change the Act -- not just the Sebi Act, but also the Companies Act," she said.

Sebi working on AI tool to curb misselling by mutual funds: Buch

New Delhi, Clamping down on unauthorised investment advisory services offered in the name of '<keyword id="19268011" type="General" weightage="20" keywordseo="baap-of-chart" source="Orion">Baap of Chart</keyword>', regulator Sebi on Wednesday barred three entities from the securities market and ordered impounding illegal gains worth over Rs 17 crore. <keyword id="19264697" type="General" weightage="50" keywordseo="mohammad-nasiruddin-ansari" source="Orion">Mohammad Nasiruddin Ansari</keyword>, who described himself as an investment wizard, provided recommendations on stocks in the name of 'Baap of Chart' through the social media platform X and messaging app Telegram. The recommendations were given in the garb of providing educational training related to the securities market, according to Sebi. Besides Ansari, Padamati and <keyword id="19271004" type="General" weightage="80" keywordseo="golden-syndicate" source="Orion">Golden Syndicate</keyword> Ventures have been barred from the securities markets until further orders. Sebi directed them to cease and desist from acting as or holding themselves out to be investment advisors, whether using 'Baap of Chart' or otherwise. In its 45-page interim order cum show cause notice, Sebi found that Rs 17.21 crore has been accumulated during a period of just over two years from carrying out investment advisory activities, which are both unregistered and fraudulent. In view of receipt of fees for 'educational courses' directly in their bank accounts prima facie, the regulator concluded that Nasir, Padamati and Golden Syndicate Ventures are jointly and severally liable for alleged unlawful gains as an interim measure. "I cannot ignore the risk that the said Noticees (Nasir, Padamati and Golden Syndicate) may divert the alleged unlawful gains before directions for disgorgement/refund, etc, if any, are passed. "Further, I note that in his videos/ social media posts on 'courses' of Baap of Chart, Nasir repeatedly emphasises on providing access to live trading during his courses," Sebi's whole-time member <keyword id="183908" type="General" weightage="50" keywordseo="ananth-narayan" source="Orion">Ananth Narayan</keyword> G said in the order. Therefore, non-interference at this stage would result in irreparable injury to interests of the securities market and the investors, as per the order. "I am convinced that the balance of convenience lies in passing interim directions against them for preventing the continuation of any further fraudulent or unregistered activities in the interest of investors, and for impounding and retaining such quantified alleged illegal gains," Ananth Narayan G added. By indulging in such activities, the entities flouted the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and Investment Adviser (IA) rules. Further, the regulator directed Nasir, Padamati, <keyword id="19271005" type="General" weightage="50" keywordseo="tabraiz-abdullah" source="Orion">Tabraiz Abdullah</keyword>, Asif Iqbal Wani, Golden Syndicate Ventures, Mansha Abdullah and Jadav Vamshi to jointly and severally disgorge the Rs 17.21 crore collected from clients/ investors through unregistered investment advisory activities. The markets watchdog also directed them to refrain from accessing as well as associating themselves with the securities markets for an appropriate period. The order came after Sebi analysed certain tweets on social media platforms X and Telegram, where Nasir was prima facie observed to be providing recommendations (buy/sell) through social media in the name of 'Baap of Chart' in the garb of providing educational training related to the securities market. Thereafter, the regulator initiated the examination against Nasir in order to ascertain whether he was engaged in offering investment advisory services without having Sebi's registration through social media/other means and thereby, flouting the regulatory norms. The examination period in the matter is from January 2021 to July 2023.

You Searched For "sebi act" and got 9 results

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