Markets regulator Sebi will look into alleged fund diversion and corporate governance lapses at various listed firms and their promoters, including those linked to Vijay Mallya, named in the leaked 'Paradise Papers'.

While some entities linked to Mallya are already being probed by Sebi and other agencies, any fresh disclosure in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) would be thoroughly looked into, senior officials said.

Markets regulator Sebi has sought clarifications from merchant bankers of 10 firms, including Lemon Tree Hotels and CMS Info Systems, regarding their proposed initial public offers (IPOs). Together, these companies are estimated to raise more than Rs 6,000 crore, according to merchant banking sources. The other companies are ACME Solar Holding, H G Infra Engineering, Apollo Micro Systems, Prince Pipes and Fittings, Newgen Software Technologies, Seven Island Shipping, Karda Constructions and Amber Enterprises, according to the latest update by Sebi. Without disclosing details of clarifications sought, Sebi has said “clarifications (are) awaited from lead manager(s)” for the proposed public issues.

Market regulator Securities and Exchange Board of India (Sebi) on Thursday revised the framework for 'block deals' by providing two separate trading windows of 15 minutes each and increasing the minimum order size to Rs 10 crore.

The move is aimed at ensuring confidentiality of the large trades and stable prices for such transactions. The block deal window is provided for buyers and sellers to execute trades for a large number of shares. Such deals are usually negotiated before their execution.

Capital markets regulator Sebi on Monday disposed of proceedings against Prannoy Roy, Radhika Roy and RRPR Holdings Pvt Ltd in a case related to alleged delay in disclosure about their aggregate shareholding in NDTV.

The three are among the promoters of NDTV, and the case relates to their alleged delay in disclosing their aggregate shareholding and voting rights in the company after the end of the 2011-12 fiscal year. Under Sebi norms, promoter entities are required to make disclosures regarding the aggregate shareholding and voting rights as of March 31 within seven working days from the end of each financial year to stock exchanges concerned.

MUMBAI: Markets regulator Sebi has launched an investigation into a scam which involves unscrupulous agents who are making a killing by fraudulently transferring shares from the account of a deceased holder, which are in physical form and have not been claimed by the nominee or the legal heir, into illegal accounts.

These agents use unlawful means to get hold of shares unclaimed by legal heir of the deceased, convert them into demat (shares into electronic form) mode to sell in the market, transfer the funds into bank accounts set up for the purpose, and make cash withdrawals. It is suspected that the fraud is being carried out by the agents in connivance with employees of share transfer agencies, companies, banks and some government offices, sources said.

Regulator Sebi has banned Grass Root Finance & Investment Company (India) Ltd and 13 others from the capital markets for raising funds without complying with the public issue norms.

A probe by Sebi found that the company had issued equity shares to 9,321 people between 1995-96 and 2006-07 and raised Rs 6.80 crore through such issuance.

The Securities and Exchange Board of India constituted a committee on Monday to review the norms for market infrastructure institutions such as stock exchanges, depositories and clearing corporations. The committee will be headed by former Reserve Bank of India deputy governor R. Gandhi.

Sebi’s move comes after it proposed a review of regulations related to ownership and governance of market infrastructure institutions earlier this year.

Securities and Exchange Board of India (SEBI), the country's market regulator, filed a contempt petition against Sahara's Subrato Roy and other senior executives for allegedly obstructing the auction of its prized Aamby Valley.

Representing SEBI, advocate Pratap Venugopal, mentioned the matter before a bench led by the Chief Justice of India Dipak Misra and submitted that the approximately Rs 37,000 crore project "had adopted subterfuge methods to avoid auction of the property."

Sebi has ordered forensic audit of the financials of Tatia Global Venture and Nu Tek India, which were among the list of 331 suspected companies on whom trading curbs were imposed in August. Even as it has called for forensic audit, the regulator has lifted the trading restrictions imposed on them. Tatia Global Venture Ltd (TGVL) and Nu Tek India Ltd (NTIL) were in the list of 331 suspected shell companies that was provided by the corporate affairs ministry to Sebi. In recent weeks, the regulator has revoked the curbs on many such firms.

New Delhi: To improve corporate governance at listed companies, a high-profile Sebi panel has recommended payments made by such entities to related parties for usage of brand and royalty should need approval from majority of non- promoter shareholders.

In case, where royalty payout levels exceed 5% of consolidated revenues, the panel headed by eminent banker Uday Kotak suggested the terms of conditions of such royalty must require shareholders’ approval.

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