Regulator Sebi has barred MGH Project India Ltd and its directors from capital markets after finding that the company had illegally raised money from people. The Securities and Exchange Board of India (Sebi) found that the firm had raised Rs 1.35 crore by issuing redeemable preference shares to 2,355 investors during 2011-12 without complying with regulatory provisions applicable to a public issue. The regulator observed that allotment of preference shares by the firm was a public issue (made to more than 50 people), which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.

India’s market regulator has allowed banks, insurers, commodity bourses and public financial institutions (FIs) to invest in subsidiaries of stock exchanges and clearing corporations at international financial services centres (IFSCs) such as the one at Gandhinagar in Gujarat.

Late on Thursday, the Securities and Exchange Board of India (Sebi) said any domestic or foreign bourse can form a subsidiary to provide stock exchange services in an IFSC, provided it holds at least a 51% stake in such a unit.

Expanding the horizon for traders in agri commodity futures, market regulator Sebi has expanded position limits across all spectrums at the client, member and exchange levels.

In a circular dated July 25, Sebi said stakeholders' feedback shows the current numerical value of overall client level position limits for agricultural commodity derivatives is inadequate and not in consonance with the deliverable supply of commodities. After due consultation with various stakeholders on the basis of CDAC (Commodity Derivatives Advisory Committee), the regulator has divided the client-level position limit for agri commodities in three broad category -- sensitive, broad and narrow.

Regulator Sebi will auction 16 properties owned by Sai Prasad Group in September for a total reserve price of over Rs 9 crore in order to recover funds worth thousands of crores raised by the Maharashtra-based group from public through illicit schemes. As part of the recovery proceedings, Sebi on September 4 will e-auction immovable properties of Sai Prasad Properties Ltd, Sai Prasad Foods Ltd and Sai Prasad Corporation Ltd. The properties to go under the hammer include land parcels, office premises, flats and commercial spaces across Maharashtra, Sebi said in an auction notice.

Markets regulator Sebi has notified stricter participatory notes (P-Notes) norms stipulating a fee of USD 1,000 that will be levied on each instrument to check any misuse for channelising black money. The new measures, which follow a slew of other steps taken by Sebi in the recent past, come at a time when the value of foreign investments through participatory notes or offshore derivative instruments (ODIs) has surged to a seven- month high of about Rs 1.81 lakh crore at May-end.

Markets regulator Sebi has asked MCX Biz Solutions and its proprietor Syed Sadaq to return the money collected from investors after finding them guilty of duping investors through false documents. Besides, they have been barred from the securities markets for 10 years. Sebi said the company allegedly solicited money from investors promising huge returns while using fake and forged broker registration documents and a name similar to that of an exchange group. The entity has no relation to the Multi Commodity Exchange (MCX). The entities had also made representations and statements on their website about their activities in securities market in an “entirely untruthful manner”.

The Securities and Exchange Board of India (Sebi) is planning to clamp down on depository receipts (DRs) as part of efforts to check the flow of black money into the stock market.

Sources said Sebi planned to make it mandatory for foreign depositories to reveal details of end-beneficiaries holding DRs issued by Indian companies. The new framework will align know-your-customer (KYC) requirements for DRs with provisions to prevent money laundering.

The Securities and Exchange Board of India (Sebi) on Tuesday asked listed banks to make disclosures if the provisioning and non-performing assets (NPAs) assessed by the RBI had exceeded 15 per cent of their published financials.

“The banks shall disclose to the stock exchanges divergences in the asset classification and provisioning wherever: the additional provisioning requirements assessed by the RBI exceed 15 per cent of the published net profits after tax for the reference period; and/or the additional gross NPAs identified by the RBI exceed 15 per cent of the published incremental gross NPAs for the reference period,” Sebi said in a circular.

A plethora of events, such as hopes of a rate cut by the Reserve Bank of India (RBI), fresh inflows of foreign funds and the onset of the quarterly earnings season, pushed the Indian equity markets to a record high during the week ended Friday.

On July 13, the 30-scrip Sensitive Index (Sensex) of the BSE breached the 32,000 points-mark for the first time and registered a record high of 32,037.38 points on a closing basis. The wider Nifty of the National Stock Exchange (NSE) closed at a new high of 9,891.70 points.

The Ministry of Finance on Monday summoned the Securities and Exchange Board of India (SEBI) to monitor the status of the National Stock Exchange (NSE) after trading on it came to a three-hour halt due to technical glitches. “It is a matter of serious concern for the markets. SEBI is monitoring the situation. The NSE has to submit a report to the SEBI on the glitch,” said an official from the Finance Ministry. Trading on the NSE resumed after a major technical glitch resulted in a three-hour long halt on Monday morning.

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