SEBI Clears Vinod Adani, Others Of MPS, PFUTP Allegations In Four Adani Entities Case

The Securities and Exchange Board of India (SEBI) has cleared Vinod Adani and other parties of allegations that they violated minimum public shareholding (MPS) norms in relation to four Adani Group companies, holding that the allegations were not established.The regulator also found that the allegations of fraudulent and unfair trade practices did not survive.Separately, proceedings against four Adani Group companies and 14 individual directors, including group Chairman Gautam S. Adani, had been...

Four Adani Group Companies Settle SEBI Proceedings Over MPS Non-Compliance

Four Adani Group companies have settled SEBI proceedings over alleged non-compliance with Minimum Public Shareholding requirements by paying ₹37.05 lakh each along with their respective directors. The companies are Adani Enterprises Limited, Adani Power Limited, Adani Ports and Special Economic Zone Limited, and Adani Transmission Limited (now known as Adani Energy Solutions Limited).SEBI's Whole Time Member Kamlesh Chandra Varshney passed the order. SEBI received several complaints...

Five Adani Group Companies Settle SEBI Proceedings Over Hindenburg-Highlighted Issues For ₹1.5 Crore

Five Adani Group companies have settled SEBI adjudication proceedings arising from an examination into issues highlighted in the Hindenburg Report by paying combined settlement amounts of ₹1.508 crore.SEBI Adjudicating Officer Jai Sebastian passed the settlement order on Tuesday (September 22)The proceedings concerned Adani Enterprises Limited, Adani Total Gas Limited, AWL Agri Business Limited, Adani Green Energy Limited, and Adani Energy Solutions Limited. AWL Agri Business was formerly known...

SEBI To Bring Clearing Members Under Samuhik Prativedan Manch From September 30

On 17 September, the Securities and Exchange Board of India (SEBI) announced the expansion of the Samuhik Prativedan Manch, a technology-based common reporting mechanism, to Clearing Members who are also stock brokers, to reduce multiple compliance submissions. SEBI said the extension would allow compliance reports submitted by such Clearing Members through the common platform to be used by all Clearing Corporations with which they are registered, eliminating the need for separate submissions...

SEBI Proposes Measures To Strengthen BCP, Disaster Recovery Framework Of MIIs

The Securities and Exchange Board of India (SEBI) has proposed measures to improve Market Infrastructure Institutions' (MII) Business Continuity Plan (BCP) and Disaster Recovery (DR) systems, focusing on shorter mock drills, stronger primary site resilience and better stock exchange data recovery.SEBI noted that the existing framework requires Stock Exchanges and Clearing Corporations to conduct full-day DR drills, including an intraday switch from the Primary Data Centre (PDC) to the Disaster...

SEBI Proposes Extending IT, Cyber Security Framework To MII Subsidiaries

The Securities and Exchange Board of India (SEBI) has proposed extending the Information Technology and Cyber Security Framework applicable to Market Infrastructure Institutions (MIIs) to their subsidiaries that undertake certain MII-related activities.The consultation paper seeks feedback on extending MIIs' IT and Cyber Security Framework to their subsidiaries, particularly as MIIs increasingly use subsidiaries for technology-driven and market-related activities involving shared IT...

SEBI Launches 'Demat 2.0' Pilot For Tokenised Corporate Bonds

The Securities and Exchange Board of India (SEBI) has announced the successful launch of the “Demat 2.0” pilot for tokenised corporate bonds, which uses Distributed Ledger Technology for their issuance, holding, trading and settlement.Under the pilot, corporate bonds are issued as digital tokens on a shared ledger maintained by the market infrastructure institutions. The system is linked to the Reserve Bank of India's wholesale Central Bank Digital Currency e₹ through the Unified Market...

Adani Ports CEO Karan Adani Pays ₹13.65 Lakh To Settle SEBI Proceedings Over PMC Transactions

Adani Ports and Special Economic Zone Limited (APSEZ) Chief Executive Officer Karan Adani has paid ₹13.65 lakh to settle adjudication proceedings arising from alleged regulatory violations concerning transactions involving PMC Projects (India) Private Limited (PMC).APSEZ Chief Financial Officer B Ravi also paid ₹13.65 lakh to settle the proceedings. SEBI's Adjudicating Officer Jai Sebastian disposed of the matter after the regulator received the settlement amounts.SEBI's investigation concerned...

SEBI Proposes Changes To MII Board Director Criteria And KMP Appointment Process

On 9 September, the Securities and Exchange Board of India (SEBI) issued a consultation paper proposing measures to strengthen the governance of Market Infrastructure Institutions (MIIs), including revised criteria for appointment of directors to MII Governing Boards and a Standard Operating Procedure (SOP) for appointment of certain key managerial personnel. SEBI said MIIs were facing difficulties in finding suitable directors, particularly Public Interest Directors, due to restrictive...

SEBI Revises Client Position Limits And Penalty Norms For Commodity Derivatives

The Securities and Exchange Board of India (SEBI) on 9 September introduced revised norms governing client position limits and penalties for breaches in the commodity derivatives segment. SEBI said the revisions followed stakeholder representations, recommendations of the Working Group reviewing regulatory norms for the Agri Commodity Derivatives Segment, and inputs from the Commodity Derivatives Advisory Committee. Under the revised framework, penalties for client-level open-interest...

SEBI, ESMA Sign Fresh MoU On Cooperation And Information Exchange Concerning CCPs

The Securities and Exchange Board of India (SEBI) and the European Securities and Markets Authority (ESMA) have signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and facilitating exchange of information sharing concerning Central Counterparties (CCPs) regulated by SEBI.The MoU replaces an earlier understanding between the two regulators executed on June 21, 2017.Under the new arrangement, SEBI and ESMA will cooperate on matters concerning CCPs in line with their...

SEBI Penalises 3 Directors Of Citrus Check Inns For Continued Investor Collections After Regulatory Ban

On 31 August, the Securities and Exchange Board of India (SEBI) imposed a Rs. 25 lakh penalty jointly and severally on three directors of Citrus Check Inns Limited for violating SEBI's directions issued in 2015. Adjudicating Officer Medha Sonparote passed the order against Omprakash Basantlal Goenka, Prakash Ganpat Utekar and Venkatraman Natarajan. She held: “It is not the case of the Noticees that they did not get enough time to comply with the SEBI Orders. The first Order of SEBI was in June...