Faster approval to IPOs will meet global standards: SEBI Chairman
The Dollar Business Bureau Securities and Exchange Board of India (SEBI) Chairman U K Sinha on Tuesday said the primary market with the current number of retailers is crossing the one million mark in at least 2 of the 15 issues. The market has performed really well for several years now. The IPO approval timing has also been reduced and is being considered to be further brought down in line with the global best standards. Inaugurating FICCI's annual Capital Markets Conference 'CAPAM 2016' on the theme 'A Vibrant Capital Market - An Enabler for Investment' in Mumbai, Sinha said the issues related to both were being resolved and more number of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) would be registered. The ...
SEBI strict towards KYC, P-notes regime
The Dollar Business Bureau Taking the proposals kept before the board in meetings, the Securities and Exchange Board of India issued stern KYC and disclosure rules for participatory notes. Offshore Derivatives Instruments issuers will now have to identify and verify the Beneficial Owners in subscriber entities holding threshold more than permissible limits, which is 25% in case of companies and 15% in partnership firms. The issuers have also been asked to verify the people who control the operations, when BO are not in accordance with the above mentioned criteria of threshold, said SEBI. The market regulator, considering the transfers of ODIs, stated that the intermediate transfers during the month will now have to be reported. Earlier, the details of ODI holders had to be reported ...
SEBI initiates auction process for PACL assets
The Dollar Business Bureau Market regulator Securities and Exchange Board of India (SEBI) has initiated a sale process for the attached assets of the PACL group. It has also announced that an e-auction will be held for some of its properties on July 5. The sale has been initiated with an aim to recover funds totaling around Rs.60,000 crore in the PACL case. Two properties of PACL, a residential plot in Nangloi and an office property in the central Connaught Place will be put on e-auction on July 5, at reserve prices of Rs.90 lakh and Rs.29.59 crore respectively. The bidders, who are interested, can inspect the property on June 9. They will have to deposit 10% of the reserve price for confirming the ...
SEBI to soon launch a web for direct MF sales
The Dollar Business Bureau Securities and Exchange Board of India (SEBI) is interested on a platform, where investors can purchase mutual funds directly without any brokers. Concurring to it, the market regulator is planning to bring an online model for trading the financial instruments soon. The financial advisors have been lobbying against the compulsory disclosure of the commissions given by the mutual fund houses. These fund houses also need to disclose to the investors the information on salaries and other payments. According to SEBI Chairman U K Sinha, the SEBI is more concerned about the investors, rather than the mutual fund distributors. The mutual fund is shifting towards direct purchasing in most of the countries. The Independent Financial Advisors (IFAs) do not ...
Sebi to delist 4200 cos, warns erring promoters
PTI In a mammoth clean-up exercise, markets regulator Sebi is planning to push for delisting of over 4,200 listed companies whose shares are not being traded, and promoters refusing to give exit opportunity to investors would face strict penal actions. These include over 1,200 companies whose shares are listed on national bourses BSE and NSE but where trading has been suspended for various non-compliance issues for over seven years. Besides, there are over 3,000 companies listed on various regional stock exchanges that have become defunct, Sebi Chairman U K Sinha said on Wednesday. He also warned of strong action against the auditors who close their eyes to the lapses in the financial accounts of listed firms. "So far, we have had a hands-off ...
RE Investment Trusts an eligible financial instrument under FEMA
The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999. The approval is expected to enable foreign investment inflows into the completed rent yielding real estate projects, which is, as of now, prohibited under the FEMA Regulations, reported a PIB release. The Finance Minister in his Budget 2014-15 Speech proposed the introduction of Real Estate Investment Trusts (REITs), which have been successfully used as an instrument for pooling of investment by several countries for investments in the real estate, with a view to earning income and distributing earnings from its ...
