Budget 2018-19

  Sebi on Wednesday imposed a total fine of Rs 50 lakh on three entities and two individuals Markets regulator Sebi on Wednesday imposed a total fine of Rs 50 lakh on three entities and two individuals and also restrained them from accessing securities markets for one year for indulging in fraudulent trading in the scrip of Asian Granito India Ltd. The entities are Pasha Finance Pvt,  Pat Financial Consultant Pvt Ltd  and Hridaynath Consultancy Pvt Ltd, while the individuals facing the penalty are Minal Bharat Patel and Ruchit Bharat Patel. They are facing a fine of Rs 10 lakh each for violating the Prohibition of Fraudulent and Unfair Trade Practices norms. Sebi in its investigation noted that they are repeatedly executing synchronised trades and created a misleading appearance of trading in the scrip without any intention of change in ownership of the security. “The Noticees have indulged into synchronised trading by repeatedly placing orders among themselves at the sam...

  The company has settled the matter “without admitting or denying any violation on its part,” by paying a settlement charge of Rs 2.1 crore, according to a Sebi order InterGlobe Aviation, the parent of the country’s largest airline IndiGo, has settled with Sebi a case of alleged corporate governance lapses and listing norms violations that were raised by the company’s co-promoter Rakesh Gangwal. The company has settled the matter “without admitting or denying any violation on its part,” by paying a settlement charge of Rs 2.1 crore, according to a Sebi order passed on Tuesday. The order comes more than a year after InterGlobe Aviation’s co-promoter Gangwal alleged corporate governance lapses at the company. Gangwal and co-promoter Rahul Bhatia have differences over certain corporate governance matters. Bhatia camp had rejected the allegations. Gangwal had written to Sebi in July 2019 seeking its intervention to address certain issues. As per the 10-page order, Sebi had received se...

  Sebi has also barred Biyani, four others from dealing in shares of Future Retail for two years The Securities and Exchange Board of India (Sebi) on Wedn­esday barred Future Group founder Kishore Biyani from the capital markets for a period of one year for alleged breach of insider trading regulations. The regulator directed Biyani and three other entities to disgorge more than Rs 20 crore made wrongfully by dealing in shares while in possession of unpublished price sensitive information (UPSI). The matter dates back to 2017, when company Biyani and other ‘insiders’ traded in shares of Future Retail during the period of UPSI, pertaining to a scheme of arrangement involving its home retail businesses. Sebi has also imposed a ban on Biyani and four other entities from dealing in shares of Future Retail for a period of two years. “I find that violations committed by the noticees are serious in nature and calls for regulatory directions for debarment from the securities market and for...

  The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August Market regulator SEBI gave a go-ahead on Wednesday to Future Group’s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal. The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August. ALSO READ:  Delhi HC rules Amazon’s attempt to control Future violative of FEMA FDI The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter. It has also held that SEBI’s go-ahead on the draft scheme of arrangement would...