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...

SEBI Lowers Turnover Threshold For Agricultural Commodity Options To Rs 100 Crore

The Securities and Exchange Board of India (SEBI) has announced change in the regulatory requirements for launching options contracts on agricultural and agri-processed commodities. Effective from June 1, 2024, the average daily turnover requirement for these futures contracts has been reduced from Rs 200 crore to Rs 100 crore. This decision was based on representations from market participants and discussions by SEBI's Commodity Derivatives Advisory Committee (CDAC). According to...

HSBC Asset Management And Trustees Settle SEBI Charges Over Fund Mismanagement With Rs 23.92 Lakh Payment

HSBC Asset Management (India) Pvt Ltd, along with four of its trustees, has resolved a regulatory issue with the Securities and Exchange Board of India (SEBI) by paying a settlement amount of Rs 23.92 lakh. The trustees involved in the settlement are Jasmine Batliwala, Nani Javeri, Ho Wai Fun, and Dr. TC Nair. The issue originated from allegations that HSBC AMC did not have adequate controls to prevent the funds of one scheme from being used by another scheme within the ...

SEBI Issues Guidelines For Investor Protection And Services Funds

The Securities and Exchange Board of India (SEBI) has issued comprehensive guidelines for the establishment and management of Investor Protection Fund (IPF) and Investor Services Fund (ISF). Key Points of the Guidelines All stock exchanges are mandated to set up an IPF, administered through a separate trust. The IPF Trust will consist of five trustees: three Public Interest Directors (PIDs), one representative from SEBI-recognized investor associations, and the Chief Regulatory...

SEBI Proposes Inclusion Of Green Credits And Redefinition Of Value Chain Partners Under BRSR Framework

The Securities and Exchange Board of India (SEBI) has proposed amendments to the Business Responsibility and Sustainability Reporting (BRSR) framework. These proposals, coming from recommendations by an Expert Committee chaired by Shri S.K. Mohanty, ex-Whole Time Member of SEBI, aim to streamline regulations. The proposals can be traced back to the Union Budget for FY 2023-24, which highlighted the need to simplify compliance processes and reduce costs for businesses. Consequently,...