SEBI Act Section 24A: SEBI To Be Heard By Courts In Compounding Offences Even If Its Consent Not Mandatory, Observes Supreme Court

"The SEBI is not a regular complainant, it is the custodian of the investors' interests, it is a regulatory body! Great importance has to be accorded to SEBI in compounding offences. But to lift it to a point where without its consent, there can be no compounding and where the SEBI can veto any compounding, I have my doubts", expressed Justice DY Chandrachud on Wednesday.The bench of Justices Chandrachud and MR Shah was considering an SLP arising out of an April, 2019 order of the Delhi High...

BREAKING : SEBI Imposes ₹ 25 Crore Penalty On Mukesh Ambani, Anil Ambani & Family For Irregularities In RIL Shareholding

The Securities and Exchange Board of India has imposed a penalty of Rupees 25 Crores on prominent members of the Reliance family Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and few other individuals.The penalty has been imposed for violations of the provisions of Regulation 11(1) of the Takeover Regulations over irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries Ltd at a price of Rs.75 per share to 38 allottee entities.The...

BREAKING : SEBI Imposes ₹ 25 Crore Penalty On Mukesh Ambani, Anil Ambani & Family For Irregularities In RIL Shareholding

The Securities and Exchange Board of India has imposed a penalty of Rupees 25 Crores on prominent members of the Reliance family Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and few other individuals.The penalty has been imposed for violations of the provisions of Regulation 11(1) of the Takeover Regulations over irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries Ltd at a price of Rs.75 per share to 38 allottee entities.The...

Breaking: Supreme Court Stays Recovery Of Rs. 27 Cr Penalty Imposed On NDTV, Prannoy Roy And Radhika Roy By SEBI

The Supreme Court on Friday stayed the recovery of the penalty of Rs 27 crore imposed by the SEBI on December 24, 2020 on NDTV promoters, Prannoy Roy and Radhika Roy, as well as on their holding company for allegedly violating various securities norms by concealing information from shareholders regarding certain loan agreements.The bench of Justices DY Chandrachud and MR Shah also directed the appellants cooperate in the expeditious disposal of the appeals against the SEBI order by the SAT,...

Supreme Court Stays SAT Order Setting Aside SEBI Penalty On SBI, Bank Of Baroda, LIC In UTI AMC Case

The Supreme Court on Friday directed a stay on the order of Securities Appellate Tribunal whereby it set aside market regulator SEBI's order imposing fine of 10 lakh each on State Bank of India, Bank of Baroda and LIC for failing to reduce their stakes to below 10% in UTI Asset Management Company.A division Bench of Justice Nageswara Rao and Justice Ravindra Bhat have also issued notice to the three financial institutions, in an appeal filed by the Securities and Exchange Board of India...

Franklin Templeton Case: Supreme Court Approves Distribution Mechanism Of SBI Mutual Fund And SBI Funds Management

The Supreme Court on Tuesday approved the application filed by SBI Mutual Fund and SBI Funds Management Pvt Ltd, for placing on record the distribution mechanism proposed to be followed while distributing Franklin Templeton's 9122 crores amongst its unit holders, under the six mutual fund schemes. The application has followed the top Court's last order whereby it had directed SBI Mutual Funds to undertake the distribution, dividing the amount amongst unit holders, in proportion to their...

Cryptocurrency And Regulation Of Official Digital Currency Bill, 2021 And Legal Framework Ahead

A dubious concern in the banking finance sector in India today is the debate over according legal status to crypto/virtual currencies ("CCs"). The Reserve Bank of India ("RBI"), vide a notification[1] ("Notification"), directed all entities regulated by RBI not to deal in CCs or provide any services for facilitating any person in dealing or settling with CCs. As the blockchain enthusiasts, the crypto-exchanges and individuals holding CCs, across the globe watched in approbation, in March...

SEBI Penalizes Future Corporate For Insider Trading; Bars Founder Kishore Biyani From Securities Market For One Year

The Securities and Exchange Board of India has penalized Future Corporate Resources Pvt Ltd, Kishore Biyani and Anil Biyani, founder and co-founder of Future group respectively, and five others for insider trading.Future Corporate Resources Pvt Ltd(FCRL), Kishore Biyani, Anil Biyani and five others have been prohibited from dealing in securities market for a period of one year.Further, FCRL, Kishore Biyani and Anil Biyani have also been barred from dealing with the securities of Future...

Supreme Court Directs Distribution Of 9122 Crores To Unit Holders Under Franklin Templeton's Six Mutual Fund Schemes

The Supreme Court has on Tuesday directed that amount of 9122 crores that is cash ready with Franklin Templeton as on 15th January 2021 be distributed amongst the unit holders under the six mutual fund schemes. The Court has stated that the distribution is to be done in proportion to their respective interest in assets of scheme and will be undertaken by SBI Mutual funds as agreed by both Franklin Templeton Trust and SEBI. A division Bench of Justice Abdul Nazeer and Justice Sanjeev...

Prannoy Roy & Radhika Roy Offer NDTV Shares As Security For SEBI Penalty; Supreme Court Seeks Statement Of Share Value

The Supreme Court on Thursday considered the appeals filed by NDTV promoters Prannoy Roy and Radhika Roy against an order of the Securities Appellate Tribunal which directed them to pay 50% of the "wrongful gains" found to have been made by them via insider trading." The Petitioners are husband and wife. They are the promoters of a popular news channel. The show-cause notice was issued to them after 10 years of the transaction. When the transaction is of 2007, the notice came to be issued in...

SEBI Bans CNBC Awaaz Host Hemant Ghai, His Mother & Wife From Securities Market For Fraudulent Practices

The Securities and Exchange Board of India has issued a circular banning host of the show Stock 20-20 on CNBC Awaaz, Hemant Ghai, his wife, Jaya Hemant Ghai and mother Shyam Mohini Ghai from buying, selling or dealing in securities, either directly or indirectly until further orders.Ghai faces allegations of engaging in multiple buy-today-sell-tomorrow trades. SEBI has noted in its order that, on analysis of the trading pattern of the anchor's wife and mother for the period between Jan 1, 2019...

SEBI Imposes Rs 40 Crore Fine On Reliance Industries, Mukesh Ambani For Manipulative Trades In RPL

The Securities Exchange Board of India on Friday imposed a fine of Rs 25 crore on Reliance Industries and Rs 15 crore on its chairman, Mukesh Ambani, for manipulating shares of Reliance Petroleum Ltd (RPL) in November 2007.The issue relates to manipulation during the sale and purchase of Reliance Petroluem Limited shares in the cash and the futures segments in November 2007. This followed RIL's decision in March 2007 to sell 4.1 per cent stake in RPL, a listed subsidiary that was later merged...