New Delhi, Sept. 17 (PTI) Market regulator Sebi will update its board tomorrow on action being taken against suspected shell companies allegedly abetting the routing of illicit funds through stock markets. Those under the scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.

Besides, the board would consider other proposals including expediting settlement proceedings and streamlining its internal mechanism to better decide on whether they need soft or hard enforcement actions.

Markets regulator Sebi today imposed a penalty of Rs 4 lakh on ACI Infocom for failing to redress the two investor complaints within the prescribed time frame. The two grievances pertained to non-receipt of the shares of the firm by the complainants following a stock-split. After the stock split, the complainants were entitled to receive 1,000 shares each. However, they did not get the share certificates after splitting and complained to Sebi.

While the first complaint was forwarded to ACI Infocom through Sebi Complaints Redressal System (SCORES) in June 2013, the second one was sent to it in December 2013.

The Securities & Exchange Board of India (Sebi) is considering lifting a decade-old ban on the futures trading of two pulse varieties – tur and urad, sources told FE. With fears of inflationary pressure in pulses having been abated due to a bumper harvest in 2016-17 and the government inventory brimming with around two million tonne of pulses stocks, the regulator is weighing the possibility of lifting the ban, sources said. The review of the ban has started but a final decision on allowing such futures could be taken after factoring in production estimates as areas under pulses are down by almost 4% from a year earlier, the sources said.

Mumbai: India's market regulator, the Securities and Exchange Board of India (Sebi), has decided to retain the power to take a final call on the definition of 'control' in mergers and acquisitions after the government advised it not to change the current regulation.

In 2016, Sebi had proposed to adopt the so-called bright-line tests for acquiring control under the takeover code. The regulator had proposed to provide a list of illustrative rights below the control definition which would state that following rights either individually or collectively won't tantamount to control.

Mumbai: The Securities and Exchange Board of India (Sebi) has directed angel investor networks and start-up funding platforms to warn every company and investor through a disclaimer that crowdfunding platforms are neither stock exchanges nor authorized by the capital markets regulator to solicit investments. The disclaimer must also state that the securities traded on these platforms are not traded on any regulated exchange.

The directive, in a July-end letter, comes against the backdrop of an increase in crowdfunding activity in the start-up space and the absence of any law to govern it.

Stepping up its crackdown on suspected shell companies, market regulator Sebi has ordered forensic audit of two listed firms -- Kavit Industries and GV Films -- even as it eased some trading curbs on their shares.

In case of GV Films, the regulator said the "balance sheet is disproportionate to the profit and loss of the company" which warrants an independent audit of its asset and liability, even as "there appears to be no prima facie evidence of misuse of the books of the company".

Mumbai: A Securities and Exchange Board of India (Sebi) panel on corporate governance is considering whether an auditor should be barred from scrutinizing the books of listed companies if an audit is ineffective and fails to spot financial discrepancies.

It’s the first time the regulator is considering an active monitoring of the role of auditors, currently governed by the Institute of Chartered Accountants of India (ICAI). The debate on the role and responsibility of auditors started again after some listed banks reported bad loans that diverged widely from the assessment of the Reserve Bank of India (RBI).

The Advisory Committee on Mutual Funds appointed by the Securities and Exchange Board of India (Sebi), which is scheduled to meet on Friday, is planning to list a slew of recommendations before the regulator. Senior officials in the mutual fund industry say that the committee might recommend measures such as the merger of schemes, adoption of total return index (TRI) and an increasing amount of investor awareness campaign for Association of Mutual Funds in India (Amfi).

Securities market regulator Sebi has cautioned the youth against falling for any scheme promising abnormal returns, especially ponzi ones.

"Instead of going through allurement, investors are advised to go through terms and conditions of the scheme carefully before investing," Sebi DGM Surya Kant Sharma said today while delivering his keynote address at a seminar in Amar Nath Girls Degree college in Mathura.

Investors of Infosys’ American Depository Receipts (ADR) have written to Indian markets regulator Securities and Exchange Board of India (Sebi), complaining about the role of founders in criticising the decisions taken by the board of directors. The ADR holders alleged that this unwarranted criticism had caused them significant losses.

Shares of Infosys fell 9.6 per cent in the domestic market on Friday and another 5.4 per cent on Monday, while the ADR was down 7.2 per cent on Friday and was trading 2.5 per cent lower on Monday at 7:45 PM IST.

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