MUMBAI: Sebi on Thursday barred two companies, Chakra Infrastructure and Krutibibha Corp, as well as their directors from the securities market for illegally raising more than Rs 14 crore from investors.

In two separate orders, the Securities and Exchange Board of India (Sebi) has restrained these entities from the capital market and from soliciting funds from public till further directions.

The Securities and Exchange Board of India (Sebi) has sought clarification from the merchant banker of Zee Media Corp on the firm’s proposed Rs 200-crore rights issue.

Without disclosing the details, Sebi has said “clarifications (are) awaited from lead manager” for the proposed rights issue.

As many as three firms, including State Bank of Travancore and Zee Media Corp, approached market regulator Securities and Exchange Board of India (SEBI) in January to raise nearly Rs.700 crore through rights issue.

Apart from these two firms, Everlon Synthetics has also filed draft papers with SEBI to mop up funds by issuing equity shares to existing shareholders.

The Securities and Exchange Board of India (Sebi) through a board of directors meeting on Thursday, eased its recently introduced delisting regulations.

The regulator had asked acquirers to garner shares from 25 of every 100 shareholders in a company, irrespective of the amount of stake they held. It has now said this would not be applicable if it can be shown that all shareholders were contacted.

The Securities and Exchange Board of India (Sebi) plans a discussion paper on additional measures for algorithmic trading. A note on the conversion of bank loans into equity was also likely, said Sebi Chairman UK Sinha.

Speaking at an Association of Mutual Funds in India meeting, he said Sebi had taken a number of steps on algo trading. “We are likely to take more. We are trying to evaluate what measures to take and what will be their impact. As and when we decide, and it won’t be too long in the future, we will take more measures,” he said.

The capital markets regulator, the Securities and Exchange Board of India (Sebi), is to have a meeting of its board of directors on Thursday.

On agenda in streamlining the rules for raising foreign capital through issue of partly-paid shares, besides decisions on the regulator;s annual Budget.

During a hearing of its appeal against a Securities and Exchange Board of India (Sebi) order banning it from the capital markets for three years, at the Securities and Appellate Tribunal (SAT), real estate major DLF on Monday said only one of the complaints Sebi had received against it was related to disclosures.

Janak Dwarkadas, senior advocate and counsel for DLF, was countering the regulator’s earlier claim that the action had been taken after receiving multiple complaints against the company. SAT adjourned hearing of the appeal to Tuesday.

The Securities and Exchange Board of India (Sebi) wishes to empanel experts who can opine on valuation of shares during takeovers or other company schemes which may require an open offer to minority shareholders. This is the first time the regulator is looking to put in place an independent panel of those knowledgeable, to assist in arriving at a fair price, say market participants.

The Securities and Exchange Board of India (Sebi) on Thursday notified the Prohibition of Insider Trading (PIT) Regulations, 2015to replace a two-decade framework.

In addition to broadening the definitions of unpublished price-sensitive information (USPI), insider and connected persons, the legal perspective suggests graver consequences for company officials involved in selective exchange of information.

In a discussion paper — ‘Revisiting capital raising process’ — issued on Thursday, the market regulator suggested a timeline reduction would be possible if cheque payments are done away with.

“...The post issue timelines will reduce from T+12 days to T+6 days. Once the process gets stabilised, timelines can be further curtailed to T+3/2 days. Further, on account of reduction in printing of application forms, the overall cost of public issues will also come down,” said the Securities and Exchange Board of India (Sebi).

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