Illegal Investment Advisory: SEBI Asks Fraud Advisor To Refund Rs. 27.67 Lakh To Investors

The Securities and Exchange Board of India (SEBI) has imposed a one-year ban on Siddharth Pandey of Snigdha Equity Advisory following violations of regulatory standards concerning investment advisory services. Along with the suspension, Pandey has been fined Rs. 6 lakh and ordered to refund Rs. 27.67 lakh collected from clients. Pandey was found to have offered investment advice and promised assured returns without holding the necessary SEBI registration. The market regulator's probe...

Spandana Sphoorty Financial Ltd. Settles With SEBI For Rs 38 Lakh Over Disclosure Violations

The Securities and Exchange Board of India (SEBI) has recently concluded an investigation into Spandana Sphoorty Financial Ltd. (SSFL), a non-banking financial company. The settlement follows allegations of violations related to disclosure and listing regulations under SEBI's oversight. The investigation focused on breaches of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). SEBI alleged violations of Regulation 51(1) and 51(2), which...

ICICI Securities Settles Regulatory Case With SEBI For ₹69.82 Lakh

ICICI Securities Limited has reached a settlement with the Securities and Exchange Board of India (SEBI) to resolve a case involving alleged regulatory violations. The settlement was finalized with ICICI Securities agreeing to pay ₹69.82 lakh. SEBI conducted an inspection of ICICI Securities' activities from September 22 to September 23, 2022. The inspection was part of SEBI's routine monitoring to ensure compliance with the Securities and Exchange Board of India (Issue of Capital and...

SEBI Imposes Rs 11 Lakh Fine On IIFL Securities For Compliance Failures

The Securities and Exchange Board of India (SEBI) has levied a fine of Rs 11 lakh on IIFL Securities Limited for breaches of various regulatory guidelines under the Securities Contracts (Regulation) Rules and associated SEBI circulars. SEBI found several compliance issues with IIFL Securities. The regulator noted that the broker engaged in unauthorized fund-based agreements which involved borrowing funds from clients, a practice not permitted under current regulations. SEBI identified...

'Mastermind Behind Fraudulent Scheme' : SEBI Imposes Rs 25 Crore Penalty On Anil Ambani & 5-Year Ban For RHFL Fund Diversion

The Securities and Exchange Board of India (SEBI) has banned industrialist Anil Ambani from the securities market for five year and imposed a hefty penalty of Rs 25 crores for the diversion of funds of Reliance Home Finance Ltd.The SEBI has also barred Reliance Home Finance Ltd and some of its connected entities and former officials form the capital markets for five years. Altogether, 27 entities have been levied penalties.The fine amounts have to be deposited within 45 days from the date...

Amendments To Voluntary Delisting In India: An Analysis

The Securities and Exchange Board of India (SEBI) approved some proposals to amend the country's current legal framework on 27 June 2024, which dealt with the delisting of equity shares from public markets (Proposed Amendments). It is anticipated that this will address concerns that have deterred attempts to delist companies from Indian capital markets. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations 2021 (Delisting Regulations), which set forth the...

SEBI's Proposed Measures To Curb Speculative Trading In Index Derivatives

The Securities and Exchange Board of India (SEBI) recently announced a series of proposed measures aimed at curbing speculative trading activities in the index derivatives segment. The SEBI's announcement arose from concerns about the exponential rise in trading volume within the futures and options (F&O) segment. Understanding Derivatives Derivatives are financial contracts whose value is derived from an underlying asset, such as stocks, commodities, or currencies. Index...

SEBI Introduces Quarterly Disclosure Requirements And New Committees For Stock Exchanges And Clearing Corporations

The Securities and Exchange Board of India (SEBI) has introduced amendments to the regulations governing stock exchanges and clearing corporations. The amended rules now require stock exchanges and clearing corporations to disclose their shareholding patterns on a quarterly basis on their respective websites following the same requirements and format specified in the Securities and Exchange Board's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. These ...

SEBI Introduces Quarterly Disclosure Requirements And New Committees For Stock Exchanges And Clearing Corporations

The Securities and Exchange Board of India (SEBI) has introduced amendments to the regulations governing stock exchanges and clearing corporations. The amended rules now require stock exchanges and clearing corporations to disclose their shareholding patterns on a quarterly basis on their respective websites following the same requirements and format specified in the Securities and Exchange Board's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. These ...

SEBI Fines IIFL Securities ₹3 Lakh For Mishandling Client Data

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹3 lakh on IIFL Securities for failing to maintain due diligence and care in its role as market intermediaries. This penalty arose from the mishandling of client data related to domicile information which impacted stamp duty obligations. Between July 2020 and June 2022, IIFL Securities registered 12,101 instances of mismatched client data on the Multi Commodity Exchange (MCX) which represented 2.95% of its total...

SEBI Bars Omaxe Ltd. And Key Executives from Securities Market For Two Years; Imposes Rs 47 Lakh Fine For Financial Irregularities

The Securities and Exchange Board of India (SEBI) has imposed bar and penalties against real estate firm Omaxe Ltd., its Chairman Rohtas Goel, Managing Director Mohit Goel, and three other key figures. This order follows serious irregularities in the company's financial reporting. SEBI has banned Omaxe Ltd., Chairman Rohtas Goel, Managing Director Mohit Goel, and executives Sudhangshu S. Biswal, Arun Kumar Pandey, and Vimal Gupta from participating in the securities market for a period...

SEBI Proposes Broader Definition Of 'Connected Persons' In Insider Trading Regulations To Include More Relatives

The Securities and Exchange Board of India (SEBI) has proposed to expand the definition of connected persons under the SEBI (Prohibition of Insider Trading) Regulations (PIT Regulations) to include more relatives. Under the current PIT Regulations, a connected person is defined as someone likely to have access to Unpublished Price Sensitive Information (UPSI) due to their employment or professional relationship with a company. This includes immediate relatives, such as parents,...