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...

SEBI Fines Shubhlaxmi Jewel Art Promoter Group ₹10 Lakh For Failing To Make Mandatory Open Offer

The Securities and Exchange Board of India has imposed a ₹10 lakh penalty, jointly and severally, on the promoter and promoter-group members of Shubhlaxmi Jewel Art Limited. The penalty was for acquiring more than 5% additional voting rights without making the mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. SEBI Adjudicating Officer Amit Kapoor held that promoter Narendrasinh J. Chauhan and seven promoter-group members, being persons...

SEBI Proposes Changes To IPO, Re-Listed Share Price Discovery Framework; Tweaks Dummy Price Band Rules

SEBI has proposed changes to the first-day price discovery framework for re-listed shares and certain corporate restructuring cases, including a revised base price methodology to replace the existing approach that relies on book value in some situations. It has also proposed changes to the dummy price band mechanism and suggested continuing call auction sessions beyond the first trading day where no price is discovered. In a consultation paper issued on Thursday, SEBI said it had received...

Employers May Soon Be Able To Make Mutual Fund Payments For Employees Through Salary Deductions

The Securities and Exchange Board of India (SEBI) on Wednesday proposed allowing employers to make mutual fund payments on behalf of employees through salary deductions, in a significant easing of existing rules that currently require investments to be made only from an investor's own bank account. If approved, the facility would be available to employees of listed companies, EPFO-registered companies and asset management companies who voluntarily opt for it and choose the mutual fund schemes...

SEBI Proposes Overhaul Of STP Messaging Framework To Reduce Delays, Costs

The Securities and Exchange Board of India (SEBI) has proposed changes to its Straight Through Processing (STP) framework for institutional trades, aiming to reduce delays, lower costs, and improve service delivery for market participants.The market regulator on Monday issued a consultation paper proposing a shift from the existing centralized STP messaging framework to a direct Application Programming Interface (API)-based system for communication between STP Service Providers (SSPs). The STP...

SEBI Rejects Bajaj Hindusthan Sugar's Challenge To ₹1,189 Crore Fund Diversion Proceedings

The Securities and Exchange Board of India (SEBI) has recently rejected Bajaj Hindusthan Sugar Ltd.'s challenge to its authority to proceed with a case over alleged diversion of more than ₹1,189 crore through related entities. It held that objections over forensic audit findings, alleged squaring off of loans and delay in initiating action are not grounds to stop the proceedings at the threshold. “The alleged non-consideration of such material by the IA does not render the investigation...

SEBI Floats Proposal To Exempt Research Analysts From Maintaining Call Recordings With Institutional Investors

The Securities and Exchange Board of India (SEBI) has proposed exempting research analysts from maintaining call recordings of interactions with institutional investors, while retaining the requirement for retail clients. In a consultation paper issued on Monday, the market regulator said the proposal follows requests from market participants to review the requirement of recording calls with institutional investors under the research analysts regulatory framework. At present, Regulation...

SEBI Slaps ₹3.1 Crore Penalty Over Alleged Telegram-Based 'Pump And Dump' Scheme In Darshan Orna Shares

The Securities and Exchange Board of India (SEBI) on Friday imposed penalties totalling ₹3.10 crore on five entities after finding that they orchestrated a “pump-and-dump” scheme in the shares of Darshan Orna Limited (DOL) through coordinated trading and stock recommendations circulated on Telegram channels. SEBI Adjudicating Officer Amit Kapoor observed: “I note that in the instant case, it was not merely an insular, closed-loop matched trading scheme, but rather an "Information Asymmetry" or...