Infosys CEO Salil Parekh Settles Insider Trading Charges with SEBI, Pays Rs 25 Lakh for Inadequate Controls

Infosys' CEO Salil Parekh has settled charges of violating provisions of insider trading. IT services giant Infosys' CEO Salil Parekh has agreed to pay Rs 25 lakh for failing to have adequate controls to prevent insider trading. SEBI's investigation revealed that certain information classified as Unpublished Price Sensitive Information (UPSI) were not appropriately handled by Infosys. The issue arose from a strategic partnership announcement made by Infosys on July 14, 2020, regarding...

SEBI Imposes Penalties On Reliance Infrastructure, Reliance Power, And Five Others For Non-Submission Of NDS

The Securities and Exchange Board of India (SEBI), the capital markets regulator, has imposed penalties on seven entities for failing to submit No Default Statements (NDS) to credit rating agencies (CRAs). The entities include major corporations such as Reliance Infrastructure, Reliance Power, and Incredible Realcon. SEBI imposed fines on the following entities: Reliance Infrastructure: Rs 1 croreReliance Power: Rs 1 croreIncredible Realcon: Rs 1 croreParanjape Schemes...

SEBI Imposes Penalties Totaling Rs 35 Lakh On OP Jindal Group Company Hexa Tradex Ltd and Associated Entities For Regulatory Violations

The Securities and Exchange Board of India (SEBI) has imposed penalties amounting to Rs 35 lakh on OP Jindal group company Hexa Tradex Ltd (HTL) and its affiliated entities for multiple breaches of regulatory norms. The penalties were levied following SEBI's investigation into allegations of non-compliance with delisting regulations and other disclosure obligations. The SEBI highlighted significant lapses in due diligence and adherence to regulatory frameworks by Hexa Tradex Ltd and...

SEBI Extends Pre-Open Call Auction Session To 60 Minutes To Curb IPO Pricing Manipulation

The Securities and Exchange Board of India (Sebi) has introduced modifications to the call auction session conducted during the pre-open period on stock exchanges. Effective from the 90th day after the issuance of the circular dated June 20, 2024, the new framework extends the duration of the pre-open call auction session to 60 minutes, commencing at 9:00 a.m. This session is crucial as it facilitates price discovery before the commencement of regular trading hours. Within this period,...

SEBI Closes Unitech Stock Manipulation Probe, Cites Insufficient Evidence Against Chandra Brothers

The Securities and Exchange Board of India (SEBI) has closed investigation into allegations of stock manipulation against Sanjay Chandra and Ajay Chandra, the former promoters of Unitech Ltd. The investigation, which spanned several years, aimed to determine if the Chandra brothers engaged in fraudulent practices by routing funds through overseas accounts to manipulate the stock of their own company, Unitech Ltd. SEBI initiated the investigation to find out the potential routing of...

Failure To Disclose Acquisitions: SEBI Imposes Penalty On Advik Capital Ltd's Promoter-Directors

The Securities and Exchange Board of India (SEBI) recently imposed penalties on promoter-directors of Advik Capital Ltd, Vikas Garg, Seema Garg, and Sukriti Garg, amounting to a total of Rs 13 lakh. This decision came in response to their failure to comply with disclosure requirements related to share acquisitions in the company. SEBI highlighted that the noticees acquired a significant stake in Advik Capital between October 2021 and April 2022 which required mandatory disclosure ...

SEBI Bans CNBC Awaaz's Former Anchor Pradeep Pandya And Others For Five Years Over Fraudulent Trading Practices

The Securities and Exchange Board of India (SEBI) has banned Pradeep Pandya, a former news anchor renowned for his stock market shows, along with seven other entities, for a period of five years. This decision came in response to findings of fraudulent trading practices and breaches of ethical standards within the industry. The regulatory measures were prompted by an investigation into the trading activities of Pradeep Pandya and his association with Alpesh Furiya, among others. Pandya,...

SEBI Bars SecUR Credentials And Rahul Belwalkar From Securities Market Amidst Allegations Of Fund Mismanagement

The Securities and Exchange Board of India (SEBI) recently issued an interim order against SecUR Credentials and its Managing Director, Rahul Belwalkar which stem from alleged violations of securities market regulations. SecUR Credentials, originally listed on NSE Emerge and subsequently migrated to the mainboard of both National Stock Exchange and Bombay Stock Exchange in October 2022, has faced severe scrutiny following allegations of financial irregularities. SEBI's investigation...

Misuse Of Client Funds Is Serious Violation: SEBI Penalizes Goldenmaple Commodities For Misuse Of Client Funds And Record-Keeping Failures

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 3 lakh each on Goldenmaple Commodities Pvt Ltd and its directors, Sanjay Kumar Mishra and Rupesh Kumar, for regulatory violations. The violations included misutilisation of client funds and failure to maintain proper records for client order placements. In an adjudicating order, SEBI highlighted the misuse of client funds by Goldenmaple Commodities and held that the broker's contention of the pandemic and...

SEBI Can Now Impose Fine On Market Infrastructure Institutions (MIIs) For Surveillance-Related Lapses

The Securities and Exchange Board of India (SEBI) has issued a circular to address surveillance-related lapses at market infrastructure institutions (MIIs). MIIs such as stock exchanges, clearing corporations, and depositories may be fined which are found to be deficient in surveillance activities. These lapses include the implementation of decisions made during surveillance meetings, adherence to surveillance timelines, and timely reporting of surveillance-related activities. The...

SEBI Extends Reporting Deadlines For Foreign Portfolio Investors, Offers Greater Flexibility

The Securities and Exchange Board of India (SEBI) has introduced changes related to reporting requirements for Foreign Portfolio Investors (FPIs) which offers them greater flexibility. The primary modification introduced by SEBI involves the categorization of material changes notified by FPIs into two distinct groups: Type I and Type II. Type I introduces which may impact an investor's eligibility or privileges within the Indian market. Examples of Type I changes include shifts in...

SEBI Mandates Direct Transfer Of Securities To Client Demat Accounts

The Securities and Exchange Board of India (SEBI) has issued new guidelines mandating the direct transfer of securities to clients' demat accounts by clearing corporations. These guidelines, outlined in a circular titled "Enhancement of operational efficiency and Risk Reduction--Pay out of securities directly to client demat account," will come into effect from October 14, 2024. The existing practice involves brokers pooling securities received in payout and then crediting them to...