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Corporate & Other Laws SEBI

  • WhatsApp case will test SEBI’s ability to crack encrypted leaks
    Jan 10, 2018
    Market regulator SEBI’s probe into the recent ‘earnings leak’ may be a test of its mettle in gathering evidence on insider-trading relying on encrypted digital technology.Media reports last November suggested that quarterly results of nearly a dozen companies were circulating on Whatsapp groups. The regulator is seeking help from forensic and cyber security experts to crack the case, a source close to the development told BusinessLine.SEBI recently conducted searches on stock market analysts and traders, seizing laptops, mobiles and other digital devices through which key financial numbers of companies were circulated ahead of their official release. Finding out which company officials, if any, leaked information, will be key to cracking the case.
  • Hedge fund tax rule sought by Sebi would boost demand
    Jan 09, 2018
    India’s market regulator has recommended new tax rules for alternative investment funds, people familiar with the matter said, a move that would boost the country’s fledgling hedge fund industry. The Securities and Exchange Board of India (Sebi) is seeking “unit-based” taxation for products broadly classified as hedge funds as part of its proposals for the union budget due on 1 February, said the people, who asked not to be identified because the matter is confidential.
  • MF schemes must reveal how they fared against total return of benchmark: SEBI
    Jan 05, 2018
    The Securities and Exchange Board of India on Thursday asked mutual fund schemes to compare their performance with the Total Return Index of the benchmark. At present, most mutual fund schemes (other than debt schemes) are benchmarked to the Price Return variant of an Index (PRI), which only captures capital gains of the index constituents. On the other hand, the TRI takes into account all dividends/interest payments that are generated from the basket of constituents that make up the index, in addition to the capital gains.
  • Sebi eases 'scheme of arrangement' rules for listed companies
    Jan 04, 2018
    Markets regulator Sebi on Wednesday relaxed disclosure, promoters' share lock-in and listing related compliance requirements for listed firms undertaking 'schemes of arrangement' such as mergers and demergers, including those involving subsidiaries and their divisions. The move is aimed at expediting the processing of draft schemes.The decision has been taken after Sebi received representations suggesting improvements to the existing regulatory framework, the Securities and Exchange Board of India (Sebi) said in a circular.
  • Sebi issues fresh consultation papers on Investment Advisers
    Jan 03, 2018
    Markets regulator Sebi today proposed new norms for Investment Advisers, under which they will have to segregate their advisory and product distribution businesses.However, mutual fund distributors while distributing the investment product can explain its features to the client.The new proposals would help prevent the conflict of interest between 'advising' and 'selling' of investment products by the same entity or person."There should be clear segregation between the two activities of the entity - providing investment advice and distribution of the investment products/ execution of investment transactions," Sebi said in a discussion paper.
  • Sebi slaps Rs 1-cr fine on HBN Dairies, directors
    Dec 30, 2017
    In a major crackdown, regulator Sebi today slapped a Rs 1 crore penalty on HBN Dairies & Allied Ltd and its directors for mobilising funds from investors through illegal money pooling schemes. The company had illegally mobilised funds amounting to Rs 1,136 crore from gullible investors through schemes involving purchase of cattle to earn huge returns from sale of ghee."The noticees namely the company HBN Dairies and Allied Ltd and its directors launched a CIS (Collective Investment Scheme)... without obtaining certificate of registration from Sebi, thereby contravened the provisions of...CIS Regulations," Sebi said in an order.
  • Bourse boost: Sebi ushers in era of convergence
    Dec 29, 2017
    The Securities and Exchange Board of India (Sebi) on Thursday ushered in the convergence of securities and commodities trading on a single exchange and cleared the listing of security receipts issued by a securitisation and reconstruction company. The decisions were taken at board meeting. However, the regulator deferred decisions on making debt defaults by companies public and the Kotak committee recommendations, both of which it felt required deeper consideration.
  • Reforms push: Sebi allows listing of securities by ARCs
    Dec 29, 2017
    While the Securities and Exchange Board of India’s (SEBI) move to allow security receipts issued by asset reconstruction companies (ARCs) will add liquidity to the securitisation market, the regulator needs to allow more groups of investors to trade in them, industry experts said. Following its board meeting on Thursday, the market regulator said that its board has approved the framework for listing of security receipts (SR), issued by ARCs, under SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 (SDI Regulations).
  • Sebi may cap cross-holding in MFs at 10% to avoid conflict of interest
    Dec 28, 2017
    To avoid the potential conflict of interest, markets regulator Sebi is considering to put a 10 per cent cross-shareholding cap in mutual funds, senior officials said. The new measure may have an impact on the shareholding pattern of UTI Asset Management Company (AMC). State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) and Life Insurance Corporation (LIC) are having their own mutual funds and at the same time, they hold 18.24 per cent stake each in UTI AMC.
  • SEBI may allow listing of security receipts by ARCs
    Dec 27, 2017
    SEBI may allow listing of security receipts (SRs) issued by an asset reconstruction company (ARC) on an exchange platform and approve norms for the same at its upcoming board meeting on Thursday, an official told BusinessLine. Making SRs trade worthy and enhancing capital flows into the securitisation industry top SEBI’s agenda for its last board meeting of the year. ARCs buy distressed assets — bad loans — of banks/financial institutions at a discount and have a key role in the current environment, where public sector banks are reeling under a huge bad-loan burden.
  • Sebi may put 10% cross-shareholding cap in mutual funds
    Dec 27, 2017
    To avoid the potential conflict of interest, markets regulator Sebi is considering to put a 10 per cent cross-shareholding cap in mutual funds, senior officials said. The new measure may have an impact on the shareholding pattern of UTI Asset Management Company (AMC). State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) and Life Insurance Corporation (LIC) are having their own mutual funds and at the same time they hold 18.24 per cent stake each in UTI AMC. The issue would be taken up at the board meeting of Securities and Exchange Board of India (Sebi) tomorrow, they added.
  • Sebi to ease compliance norms
    Dec 27, 2017
    The Securities and Exchange Board of India (Sebi) board will consider proposals to ease compliance norms for insolvent firms — especially with regard to trading, listing and de-listing, and declaring results — at its meeting on Thursday, sources said. These include easing the minimum 25% public shareholding and procedures to de-list a stressed firm if it is part of the resolution plan.
  • Sebi to bourses: Disclose consolidated stake of shareholders
    Dec 20, 2017
    To avoid multiple disclosures, markets regulator Sebi today asked exchanges and depositories to disclose consolidated holding of each shareholder including promoters and public on the basis of the PAN and folio number. This will help in avoiding multiple disclosures of shareholding of the same person, Securities and Exchange Board of India (Sebi) said in a circular. According to Sebi, holding disclosures of promoter and promoter group, public shareholder and others must be accompanied with PAN number (first holder in case of joint holding).
  • SEBI to crack down on illicit Bitcoin schemes, says can't allow gullible investors to be taken for ride
    Dec 18, 2017
    The spurt in value of Bitcoin has drawn regulators' attention, in India and abroad, towards the cryptocurrency and its risks. The latest in the list is Securities and Exchange Board of India (SEBI) which is planning to crack down on fraudulent initial coin offerings (ICO) which have come up in absence of regulations.The market regulator will be protecting the interests of investors who are targeted by cryptocurrency exchanges in absence of regulations, SEBI officials told PTI.
  • Sebi may let mutual funds enter commodity derivatives sector
    Dec 08, 2017
    The Securities and Exchange Board of India (Sebi) has proposed allowing mutual funds and portfolio management services (PMS) firms to invest in commodity derivatives. In a discussion paper issued on Thursday, the capital markets regulator has also sought comments on whether a commodity-specific exchange traded fund (ETF) can be launched. Mint had reported this first on 10 November. The proposal comes on the back of recommendations of the Commodity Derivatives Advisory Committee, which had proposed institutional participation to increase liquidity in commodity derivatives. These are new institutional investor categories in this segment.
  • Onus on rating agencies to reveal loan defaults
    Dec 06, 2017
    In a substantial dilution of its earlier stand that listed companies should make public any loan default within 24 hours of missing the repayment obligation, the Securities and Exchange Board of India (Sebi) is working on a new disclosure framework, which could put the onus on credit rating agencies to recognise payment defaults.The move is meant to ease concerns raised by India Inc and banks about Sebi’s earlier circular, which was withdrawn on October 2, just a day before it was to come into effect.
  • SEBI ratchets up governance standards for mutual funds
    Dec 02, 2017
    Like the record inflows they are receiving, SEBI wants domestic mutual funds to take their governance standards a notch higher too. The regulator has prescribed that directors and auditors of mutual fund companies should rotate every 10 years. As of now there is no such requirement for MFs even while listed companies have to take such measures as part of corporate governance. SEBI said independent directors or independent trustees of MFs can now hold only two consecutive five-year terms.
  • Sebi framing algo trading rules for retail investors
    Nov 30, 2017
    The Securities and Exchange Board of India (Sebi) plans to introduce rules on the participation of retail investors in algorithmic trading, a system widely regarded as giving its sophisticated institutional practitioners an edge. The capital markets regulator is in the process of determining the extent to which individual investors should be allowed to use this automated trading system. Algo trading uses advanced mathematical models and computer programmes to create nimble trading strategies. Decisions are made and executed in fractions of a second at magnitudes a human being couldn’t handle. This advantage over manual methods is a concern for regulators around the world.
  • Sebi creates new category of reporting FPI investment in hybrid securities
    Nov 17, 2017
    Market regulator Sebi has said foreign portfolio investors should report their investment in hybrid securities separately and has asked the depositories to make necessary arrangements for this. Currently, the daily FPI net investment data and the FPI Assets Under Custody (AUC) data are disseminated by the depositories (NSDL and CDSL) for equity and debt markets. At present, FPI investments are classified as either debt or equity depending on the type of the security in which the FPIs transact.
  • SEBI probing into sharing of listed companies info on social media
    Nov 17, 2017
    Markets regulator Sebi will look into the complaints of some individuals allegedly circulating key financial details and other information about listed companies on social media groups before they are made public, an official said. Sebi will also seek clarification from brokerages and listed firms if such individuals are found to be associated with them, the official said on the condition of anonymity.
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