Cabinet approves MoU between SEBI and FSC 

  The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance. The MoU is likely to promote further development of economic links and cooperation between the two regulators and aims at creating conditions for an effective development of securities markets in the two countries. It would also contribute towards strengthening the information sharing framework between the two signatories. It is expected to add value to overseas mutual cooperation and regulation activities of SEBI and FSC, Gibraltar. ****** AKT/VBA/SH (Release ID :171621)

Report of the SEBI Committee on Corporate Governance : ICSI

  5th October, 2017 Dear Professional Colleagues, Subject: Report of the SEBI Committee on Corporate Governance The Institute of Company Secretaries of India set its foot into its Golden Jubilee Year on 4th October, 2017 in the august presence of Shri Narendra Modi, Hon’ble Prime Minister of India. The celebration was marked by his appreciation of the role of ICSI recommendations in strengthening the corporate governance framework of the nation. Another feather was added today in the cap of the Institute when the report of SEBI Committee on Corporate Governance was submitted to SEBI. The SEBI Committee on corporate governance was constituted on June 2, 2017 under the Chairmanship of Mr. Uday Kotak with the aim of improving standards of corporate governance of listed companies in India. ICSI represented in

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Listed firms get a breather as Sebi defers order on loan default intimation

  Markets regulator Sebi has put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions. In a circular, the Securities and Exchange Board of India (Sebi) said it has decided to defer implementation of its earlier directive “until further notice”. Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss. The move came against the backdrop of the government and the Reserve Bank of India stepping up efforts to tackle the menace of bad loans amounting to over Rs 8 lakh crore. “Corporates in India are even today primarily reliant on loans from the

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Loan default: Listed companies get breather from Sebi

  The Securities and Exchange Board of India (Sebi) has put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions, a circular of the markets regulator has said. Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss. The move came against the backdrop of the government and the Reserve Bank of India (RBI) stepping up efforts to tackle the menace of bad loans amounting to over Rs 8 lakh crore. “Corporates in India are even today primarily reliant on loans from the banking sector. Many banks are presently under considerable stress on account

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GDR manipulation: Sebi bars 19 companies from securities markets

  Cracking the whip, Sebi on Tuesday barred 19 domestic and foreign entities from securities markets for manipulation in issuances of global depository receipts and warned several others including FIIs. The regulator has imposed a ten-year ban on K Sera Sera and Asahi Infrastructure and Projects, which figured among the six companies whose GDR issuances were manipulated, while at least 26 entities including European American Investment Bank AG (Euram) have been warned that all their future dealings in Indian markets should be strictly as per regulations. Sebi has been probing misuse of GDRs (Global Depository Receipts) for routing black money back to India for which role of more than 50 individuals and companies was under scanner. The modus-operandi typically involves creating an intricate web of entities in offshore locations for

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Sebi to detoxify derivatives market; brokers say NSE data overstated

  As Sebi looks to detoxify the ‘high-turnover, high-risk derivatives trading’, brokers have petitioned the regulator that the NSE data showing 15-times higher volumes than cash market is “grossly overstated” and this segment is rather burdened with high taxes. The capital market regulator is currently in the process of overhauling its rules for derivatives trading amid concerns over the suitability of these ‘complex and risky’ products for individual investors. Sebi had initiated a public consultation in July for framing the new rules, while noted that the trading turnover in these products has seen a sharp surge of over ten-fold over the past decade and the ratio of trades in equity derivatives to that of equity cash market has risen to over 15-times. Replying to the consultation call, the Association of

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Idea-Vodafone deal gets conditional go-ahead from Sebi, bourses

  Sebi and exchanges have given a conditional go-ahead to the $23 billion merger deal between Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and NCLT. The multi-layered deal was announced in March and recently got clearance from the fair trade regulator CCI. In their ‘no-objection’ letters on “draft composite scheme of amalgamation and arrangement among Vodafone Mobile Services, Vodafone India and Idea Cellular and their respective shareholders and creditors”, BSE and NSE said that all the conditions put forth by the regulator need to be placed before the NCLT while seeking its approval. The “no-objection” as per Sebi’s regulations will enable the companies to file the draft scheme with the National Company Law

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Sebi may extend trading hours for derivatives market

  In a bid to bring back some of the lost zing, the markets regulator, the Securities and Exchange Board of India (Sebi), is looking to extend the trading hours for the derivatives market. Sources said Sebi was considering if trading in index futures could be kept open even after the cash market closed. The move will provide investors the tool to price in news flow that comes after market hours. Currently, a lot of foreign investors use global platforms such as the Singapore Stock Exchange (SGX) and the Chicago Mercantile Exchange (CME) — which offer almost round-the-clock trading on some Indian contracts — for trading or hedging their underlying exposure to Indian stocks. “Extending derivatives market timing would be a great idea. Our market should be open whenever customers

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Disclose Loan default within one working day: SEBI to listed Companies

Securities and Exchange Board of India  Circular No.: CIR/CFD/CMD/93/2017 Dated: August 4, 2017 To All Listed entities All Recognised Stock Exchanges Dear Sir / Madam, Sub: Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount on loans from banks / financial institutions, debt securities, etc. 1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) currently require disclosure of material events / information by listed entities to stock exchanges. Specific disclosures are required under the SEBI LODR Regulations in certain matters such as delay / default in payment of interest / principal on debt securities, including listed Non-Convertible Debentures, listed Non-Convertible Redeemable Preference Shares, Foreign Currency Convertible Bonds (FCCBs) etc. Similar disclosures are presently not stipulated with respect to loans from banks and financial institutions.

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SEBI: Online Filing System for Alternative Investment Funds

  Securities and Exchange Board of India Circular No.: SEBI/HO/IMD/DF1/CIR/P/2017/87 Date: July 31, 2017 All Registered Alternative Investment Funds All custodians of Category III Alternative Investment Funds Dear Sir/Madam, Sub: Online Filing System for Alternative Investment Funds. 1. In a constant endeavor to facilitate ease of operations in terms of applying for registration, reporting and various compliances under SEBI (Alternative Investment Funds) Regulations, 2012 (hereinafter referred to as ‘AIF Regulations’), SEBI has introduced an online system for filings related to Alternative Investment Funds (AIF). The online system can be used for application for registration, reporting and filing in terms of the provisions of AIF Regulations and circulars issued thereunder. 2. All applicants desirous of seeking registration as an AIF are now required to submit their applications online only, through SEBI Intermediary Portal

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