SEBI Simplifies Nomination Rules For Demat Accounts, Mutual Fund Folios; New Norms Effective From September 1

The Securities and Exchange Board of India (SEBI) on Friday modified the nomination norms for demat accounts and mutual fund folios. The changes are aimed at simplifying investor onboarding and the nomination process. Under the revised norms, investors opening new single-holder demat accounts or mutual fund folios will have to either nominate a beneficiary or formally opt out of nomination. For jointly held accounts and folios, nomination will be optional. SEBI has also permitted investors to...

SEBI Drops Proceedings Against NDTV After SAT Set Aside Finding That It Was Controlled By VCPL

The Securities and Exchange Board of India (SEBI) has disposed of adjudication proceedings initiated against New Delhi Television Limited (NDTV). The proceedings concerned alleged non-disclosure of a purported change in control of the company. SEBI noted that the Securities Appellate Tribunal (SAT) had set aside an earlier SEBI order that formed the basis of the proceedings and held that Vishvapradhan Commercial Private Limited (VCPL) had not acquired direct or indirect control of NDTV. ...

SEBI Censures 'stockbenifits.com' Operator Over Assured 18-20% Return Claims

The Securities and Exchange Board of India (SEBI) has issued a regulatory censure against the operator of 'stockbenefits.com' after finding that relationship managers associated with the website assured prospective clients of “18-20%” profits and that the research analyst failed to cooperate during a regulatory inspection. SEBI Quasi-Judicial Authority Biju S. passed the order. “The RMs of the Noticee were clearly trying to influence the decision of the investors by assuring them guaranteed...

SEBI Drops ₹6 Lakh Penalty On Rajendra Pathak In KLIL Case, Finds No Proof Of CFO Role

The Securities and Exchange Board of India (SEBI) on Wednesday, 27 May, set aside the penalty of Rs. 6 lakh imposed on Rajendra Pathak in the matter of K-Lifestyle & Industries Ltd. and dropped all proceedings against him, holding that there was no sufficient evidence to prove that Pathak worked as the company's Chief Financial Officer (CFO) during the relevant period or that he certified any misstated financial statements. Quasi-Judicial Authority Biju S. passed the order in compliance...

SEBI Penalises Portfolio Manager First Global, Directors For Outsourcing Core PMS Functions

The Securities and Exchange Board of India (SEBI) has imposed a cumulative penalty of Rs. 42 lakh on First Global Finance Pvt. Ltd., its Managing Director Devina Mehra, and Director Neeraj Khanna. The regulator found that the firm invested client funds based on the advice of another entity, outsourced core portfolio management and investment-related activities, and disseminated misleading advertisements and exaggerated performance claims. SEBI Chief General Manager N. Murugan passed the order...

SEBI Penalises Investment Adviser ₹5 Lakh For Operating Without Valid NISM Certification, Other Lapses

The Securities and Exchange Board of India (SEBI) has imposed a ₹5 lakh penalty on Rajiv Sharma, proprietor of Capital Life Market Research, for continuing to provide investment advisory services without valid mandatory NISM certifications and for multiple compliance lapses relating to record maintenance, KYC updates, and reporting requirements. The order was passed by SEBI Adjudicating Officer Jai Sebastian. “The Noticee, being an IA, was duty-bound to remain fully compliant with all...

SEBI Fines IDBI Trusteeship ₹2 Lakh For Delays In Default Notices, Debenture Holder Meetings

The Securities and Exchange Board of India has imposed a penalty of ₹2 lakh on IDBI Trusteeship Services Limited (ITSL) for failing to comply with certain regulatory obligations applicable to debenture trustees in cases of issuer defaults, including delays in issuing default notices to investors and convening debenture-holder meetings within prescribed timelines.The order was passed by SEBI's Adjudicating Officer Jai Sebastian following a thematic inspection undertaken to assess compliance by...

SEBI Orders Sanbun Investments Proprietor To Refund ₹4.72 Crore, Bars Him From Securities Market For 3 Years

The Securities and Exchange Board of India (SEBI) has directed Nishaan Singh, proprietor of Sanbun Investments and Sanbun Capital Hedge Fund, to refund ₹4.72 crore collected from clients and investors through unregistered portfolio management activities. The regulator also barred him from the securities market for three years. SEBI Quasi-Judicial Authority N Murugan passed the order on May 26 while re-determining the amount following a remand from the Securities Appellate Tribunal, which had...

SEBI Fines Catalyst Trusteeship ₹2 Lakh For Wrong CRA Disclosure and Delay In Default Reporting

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹2 lakh on Catalyst Trusteeship Limited for furnishing incorrect information to a credit rating agency, delaying a mandatory press release on an issuer default, and failing to update default history information on the India BondInfo database within the prescribed timelines. It dropped a separate charge relating to delay in notifying debenture holders. The order was passed by Adjudicating Officer Jai Sebastian in...

SEBI Proposes Framework For Managing Options Strike Availability During Sharp Intraday Volatility

The Securities and Exchange Board of India (SEBI) on Monday proposed a framework for introducing and managing options strike contracts in the derivatives market, aiming to ensure relevant contracts remain available when markets see sharp intraday volatility. According to SEBI, stock exchanges currently follow different approaches for introducing and managing strike prices for options contracts. The regulator said sharp intraday price movements can push the market beyond the available range of...

SEBI Impounds ₹20.25 Crore, Bars 7 In Alleged Social Media Stock Manipulation Scheme

The Securities and Exchange Board of India (SEBI) has passed an ex parte interim order against seven members of a family, alleging that they built positions in select scrips, promoted them through X, WhatsApp and Telegram to induce public buying, and then offloaded their holdings for gains. Whole Time Member Kamlesh C Varshney, who passed the order, impounded ₹20.25 crore, said to represent alleged wrongful gains, and restrained all seven noticees from accessing the securities market. “I am of...

SEBI Cancels Registrations Of 3 AIFs For Failure To File Mandatory Quarterly Reports

The Securities and Exchange Board of India (SEBI) on Friday cancelled the registrations of three Alternative Investment Funds (AIFs), Ventureland Asia Advisors Services LLP, Indostar Credit Fund, and Indostar Recurring Return Credit Fund, for failing to file mandatory Quarterly Activity Reports (QARs) through the prescribed SEBI Intermediary Portal.SEBI's Designated Authority S. Madhusudhanan noted that all registered AIFs are required under the AIF Regulations, 2012 and the SEBI Master Circular...