Cracking its whip on brokers, markets regulator the Securities and Exchange Board of India (Sebi) on Wednesday declared Phillip Commodities India (formerly MF Global SIFY Securities India Ltd) “not fit and proper” in the Rs 5,600 crore National Spot Exchange (NSEL) payment default case.

Phillip Commodities India is the fifth broker that Sebi has declared “not fit and proper”.

Mumbai: After Motilal Oswal and IIFL's commodity derivatives trading arms, the Securities and Exchange Board of India (Sebi) on Tuesday declared Geofin Comrtrade Ltd and Anand Rathi Commodities Ltd as not 'fit and proper' to do commodity derivatives trading.

The firms will need to transition the commodity trading business to other unrelated entities within 45 days.

Fortis Healthcare Ltd. petitioned India’s market regulator to arrest its founders after the Singh brothers failed to repay 4 billion rupees ($56 million) that the watchdog had found they had fraudulently taken out. The company earlier this month had requested the Securities and Exchange Board of India to use its legal authority to recover the money from Malvinder and Shivinder Singh, said Fortis spokesman.

At a time when many stocks are experiencing extreme bouts of volatility due to various factors, including negative news flow, the Securities and Exchange Board of India (SEBI) and the stock exchanges have increased the vigil on such stocks by introducing measures to minimise the probability of fraudulent activities.

The Securities and Exchange Board of India (Sebi) on Friday tightened the criteria for moving derivatives stocks to physical settlement.

The move follows a sharp swing in stocks belonging to frontline groups, amid concerns surrounding high share pledging in recent weeks. In a circular, Sebi said a stock will be moved to physical settlement from the new expiry cycle if any of the conditions are met.

Capital markets watchdog Sebi and stock exchanges have stepped up their live surveillance of intra-day trading in select stocks in the wake of increased volatility seen in these scrips; and any manipulator would face strict regulatory action.

Sources said the Securities and Exchange Board of India (Sebi) has asked the exchanges to beef up their vigil for any possible manipulation in stocks that are witnessing huge volatility and to report any irregularity urgently to the regulator for further action.

The Supreme Court on Thursday asked Sahara group chief Subrata Roy to be personally present before it on February 28 to explain why he had failed to pay his entire dues worth Rs25,781 crore excluding interest, despite being given “several opportunities and indulgence.”

As on date, Sahara has deposited around Rs20,000 crore in the Sebi-Sahara account, which includes principal Rs15,160 crore and Rs4,800 crore interest and is liable to pay a further Rs10,621 crore, according to Sebi.

Sebi has proposed a new set of framework for REITs and InvITs in order to provide flexibility to the issuers in terms of fund raising and increasing the access of these investment vehicles to investors. Under the proposal, minimum allotment and trading lot for publicly issued REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be reduced.

Markets regulator Sebi Monday slapped a fine of Rs 3.40 crore on Exelon Infrastructure and 27 other entities, including promoters and directors, for indulging in fraudulent trading and violating insider trading norms.

Of the total penalty, the firm has been fined Rs 1.19 crore and the 27 entities have been penalised in the range of Rs 1 lakh to Rs 25 lakh.

The central government has decided to frame a rule that would mandate regulators and other autonomous bodies to transfer surplus funds to the exchequer, said two government sources privy to the development. The new guideline is expected to come in a month.

The move would make the Securities and Exchange Board of India (Sebi) and a dozen other regulators, such as the Insurance Regulatory and Development Authority of India (Irdai) and the Pension Fund Regulatory and Development Authority (PFRDA), to shell out a significant portion of their reserves into the Consolidated Fund of India.

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