23 May 2018
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  • Overseas funds set date with Sebi on foreign portfolio investor circular
    May 21, 2018
    Overseas investors plan to meet market regulator Securities and Exchange Board of India (Sebi) this week to seek clarity and highlight lacunae in the recent circular on foreign portfolio investors (FPIs). In the circular, aimed to curb round-tripping, Sebi said the ultimate beneficiary of a fund will be determined by both shareholding and control. FPIs are currently allowed to invest up to 10 per cent in a listed Indian company.
  • Sebi further extends deadline for new FPI limits monitoring system
    May 18, 2018
    Markets regulator Sebi today further extended the deadline till June 1 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies. Securities and Exchange Board of India (Sebi) has extended the last day for the second time after taking into consideration representations from various quarters. Earlier, the deadline was May 18 and prior to that it was May 1.
  • Sebi proposes uniform pricing for debt securities
    May 17, 2018
    To deepen the bond markets, regulator Sebi today proposed a uniform methodology to determine pricing of non-traded and thinly traded non-convertible debt securities. The requirement of such a framework also assumes significance as large number of such investors belong to categories such as mutual funds, insurance companies and pension funds, which have a mandate of daily net asset value (NAV) with an exit facility at any point of time for their investors.
  • New norms to alter shape, dynamics of Indian cos boards: InGovern
    May 15, 2018
    Sebis new corporate governance norms will alter the shape and dynamics of India Incs boards "if not overhaul it altogether" as several big firms will have to appoint woman independent directors and separate the roles of chairman and MD, says proxy advisory firm InGovern. According to a report by InGovern, desire to improve corporate governance should elicit from the companies and not from the regulators. Investors? trust on firms would increase if the companies show efforts to enhance without any nudge from external parties.
  • SEBI asks listed firms to set up a panel to monitor unlisted outfits
    May 12, 2018
    As part of its ongoing efforts to usher in transparency and improve corporate governance, the Securities and Exchange Board of India has directed listed companies with a large number of unlisted subsidiaries to monitor their governance through a dedicated committee comprising members of the Board. This will have an impact on large conglomerates such as Reliance Industries, Aditya Birla Nuvo and Godrej Industries. The decision of setting up a governance committee would lie with the board of directors of the listed entity, the market regulator said in a circular.
  • SEBI mandates secretarial audits for all listed cos
    May 12, 2018
    The Securities and Exchange Board of India has mandated secretarial audits for all listed companies and "material unlisted" subsidiaries of such companies. This has been done under its Listing Obligations and Disclosure Requirements (LODR) regulations with an objective of strengthening group oversight and improving compliance at group level, as recommended by the Uday Kotak committee on corporate governance. It may be noted that the company law since 2014 already provides for such audits for listed and unlisted companies above a threshold.
  • SEBI asks listed firms to split CMD post by 2020
    May 11, 2018
    SEBI has asked listed companies to split the post of Chairman and Managing Director by April 2020. It has also made it compulsory for them to have six independent directors on board, including a women director. The changes, which were first recommended by Kotak Bank chief Uday Kotak-led committee on corporate governance seven months ago, have now been accepted and notified by SEBI. It has also asked the top 100 listed companies to webcast annual general meetings.
  • Sebi order on extending derivative trading: Key takeaways and challenges
    May 07, 2018
    The first good thing about that the entire development is that it brings the equity derivative market in line with the commodity derivative market. Both markets will now have similar trading hours, which will reduce systemic risk in the markets. The second aspect, the extension of trading hours will result in providing a hedging facility to portfolio investors. Today, this facility is denied particularly at a time when global news drives markets. Indian markets are well connected to global developments. Investors across the globe can take advantage if the Indian derivative markets are open for business at a time when the global markets, too, are open.
  • Sebi allows F&O trading till midnight from Oct
    May 05, 2018
    Indian investors may be able to trade in equity derivatives contracts till almost midnight. Markets regulator Sebi on Friday allowed bourses to extend trading hours in the stock futures and options segment to up to 11.55pm from 3.30pm in line with the timings in the commodities derivatives segment. According to Sebi, this has been done to enable integration of trading of various segments of securities market at the level of exchanges. The nod came on the back of Sebi board’s permission for all exchanges to offer trading facilities in stocks as well as commodities.
  • Sebi panel proposes stricter norms for RTAs
    May 05, 2018
    A Securities and Exchange Board of India (Sebi) panel on Friday proposed tighter ownership and governance norms for registrar and transfer agents (RTAs). According to a discussion paper released by Sebi, the panel, headed by former Reserve Bank of India (RBI) deputy governor R. Gandhi, felt that since RTAs manage sensitive investor-related data, there need to be stricter governance rules for them. RTAs maintain detailed records of all investor transactions in mutual funds and shares. They also help investors complete their transactions and receive a record of their account statements.
  • Sebi puts in place new framework to check non-compliance of listing rules
    May 04, 2018
    Sebi has put in place a stronger mechanism to check non-compliance of listing conditions, wherein exchanges will have powers to freeze promoter shareholding and even delist the shares of such defaulting companies. The move is aimed at maintaining consistency and adopting a uniform approach in the matter of levy of fines for non-compliance with certain provisions of the listing regulations.
  • Panel moots changes in RTA ownership rules
    May 01, 2018
    Private equity (PE) funds including General Atlantic, Blackstone and Warburg Pincus may have to rethink their plans to pick up majority stakes in India’s registrar and (share) transfer agents (RTAs). An expert panel appointed by market regulator SEBI has recommended that only those entities that are governed by any of the international regulators under the purview of the International Organization of Securities Commissions (IOSCO) be allowed to own majority stakes in India’s qualified RTAs.
  • Sebi meet on NRI funds puts focus on Mauritius
    May 01, 2018
    Mauritius is back in focus, though in a hush-hush way. Custodians of foreign funds are at a loss whether to classify Mauritius as a ‘highrisk jurisdiction’ — a tricky call that has diplomatic and business repercussions. After imposing new curbs on offshore funds where NRIs are either large investors or act as managers, stock market regulator Securities and Exchange Board of India (Sebi) has verbally asked custodians to draw a list of high-risk jurisdictions. These are countries that could be used for money laundering or round-tripping of funds.
  • Sebi proposed as regulator for spot commodity exchanges for gold, metals
    Apr 23, 2018
    Spot commodity exchanges for gold, metals and even energy products like natural gas could see the light of day under the Securities and Exchange Board of India (Sebi) as the regulator. This has been recommended by a committee on the subject. It was appointed by the finance ministry under NITI Aayog member Ramesh Chand. The panel also suggests the “existing institutional infrastructure of commodity exchanges may also be utilised, to the extent possible, to create a spot exchange for commodities”.
  • Sebi proposes to cut listing time for public issue of debt securities
    Apr 21, 2018
    In a bid to make the bonds market more efficient, Sebi today proposed to drastically cut the timeline for listing of debt securities to six days from 12 days at present. Besides, the Securities and Exchange Board of India (Sebi) has proposed to make ASBA (Application Supported by Blocked Amount) mandatory for all the investors applying in a public issue of debt securities. The mandatory ASBA facility would reduce the time taken for collecting banks to commence clearing of payment instruments, forwarding application forms along with bank schedules to registrar and undertaking of technical rejection test.
  • Sebi strengthens procedures for transfer of securities, dividend payment
    Apr 21, 2018
    Markets regulator Sebi today put in place detailed guidelines to streamline and strengthen procedures with regard to handling and maintenance of records, transfer of securities, and payment of dividend by registrar and share transfer agents. Besides, the norms are applicable for issuer companies and bankers to an issue. The guidelines will broadly deal with areas like payment of dividend, interest and redemption; correction of errors; and compulsory internal audit of RTAs (registrar and share transfer agents), Sebi said in a circular.
  • Sebi hikes FPI investment limit for govt debt, corp bonds in 2 tranches
    Apr 14, 2018
    To boost inflows of foreign funds into Indian capital markets, regulator Sebi has decided to raise the investment limit for foreign portfolio investors (FPIs) in central government securities and corporate bonds in two tranches. It has been decided to enhance limit for investment by FPIs in two tranches from April 12 and October 1. The move is part of an effort by Securities and Exchange Board of India (Sebi) to push inflow from overseas investors in the country's capital markets.
  • Sebi issues norms for issuance of debt securities by REITs, InvITs
    Apr 14, 2018
    Market regulator Sebi on Friday released guidelines for issuance of debt securities by REITs and InvITs, wherein they need a registered debenture trustee, along with financial disclosure to the stock exchanges. The regulator, in December, had allowed these trusts to raise funds by issuing debt securities in order to make them attractive to investors. For issuance of debt securities,"the REIT (Real Estate Investment Trusts) or InvIT (Infrastructure Investment Trusts) shall appoint one or more debenture trustee registered with Sebi," the regulator said in a circular.
  • Sebi issues disclosure norms to govern new mutual fund schemes post-merger
    Apr 13, 2018
    In order to standardise performance disclosure of schemes once they have been merged, markets regulator the Securities and Exchange Board of India (Sebi) on Thursday asked mutual funds to disclose the weighted average performance of the new as well as the old product. There are no specific guidelines at present to govern the depiction of performance of the surviving scheme, pursuant to merger of MF schemes. Further, Sebi has observed that MFs adopt varied practices, such as disclosing the weighted average performance or performance of surviving schemes, while making such disclosures.
  • Sebi amends norms for REITs, InvITs to make them more attractive
    Apr 12, 2018
    In order to make real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) more attractive, the Securities and Exchange Board of India (Sebi) on Wednesday said they will have to provide a mechanism for resolution of disputes with their shareholders and partners in the holding firm.Sebi has also amended REITs and InvITs regulations to facilitate the growth of such trusts.In separate notifications posted on its website, Sebi said: “Shareholders’ agreement or partnership agreement shall provide for an appropriate mechanism for resolution of disputes between the InvIT and the other shareholders or partners in the holdco and/or the SPV (special purpose vehicle).”
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