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SEBI Notices |
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PR No.107/2008
Grant of exemption to Shri Harsh Khilachand & others in the matter of proposed acquisition of equity shares of Kesar Enterprises Ltd. (Target Company)
Dr. T.C.Nair, Whole Time Member, SEBI, has passed order dated May 14, 2008, granting exemption to Shri Harsh R Kilachand, Smt. Madhavi H Kilachand, Shri Rohan H Kilachand and Ms. Rohita H Khilachand from making an open offer in terms of Regulation 11(1) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, with regard to proposed increase in their voting rights from 16.76% to 24.54% pursuant to preferential allotment of equity shares of Kesar Enterprises Ltd. (Target Company).
Pursuant to the said increase in voting rights, there would not be any change in control of the Target Company.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirers from making an open offer.
The full text of the above order is available on the website: www.sebi.gov.in
Mumbai
May 16, 2008
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Source: SEBI Date: 2008-05-16 |
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PR No.105/2008
Censure on Mayor Saluja Securities Ltd., Member, DSE
Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated May 14, 2008, imposing a minor penalty of ‘Censure’ on Mayor Saluja Securities Ltd. (SEBI Reg. No. INB050988431), Member of the Delhi Stock Exchange Association Ltd.
The full text of the above order is available on the website: www.sebi.gov.in
Mumbai
May 14, 2008
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Source: SEBI Date: 2008-05-16 |
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PR No.106/2008
Certificate of Registration of Anil Dhawan & Co.,
Member, DSE, suspended
Dr. T.C. Nair, Whole Time Member, SEBI has passed an order dated May 14, 2008, suspending the certificate of registration of Anil Dhawan & Co. (SEBI Reg. No. INB050080215), Member of the Delhi Stock Exchange Association Ltd. for a period of seven days. The order shall come into force immediately on the expiry of twenty one days from the date of the order.
The full text of the above order is available on the website www.sebi.gov.in
Mumbai
May 14, 2008
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Source: SEBI Date: 2008-05-16 |
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PR No.104/2008
SEBI BOARD MEETING
The SEBI Board held its meeting in Mumbai today and decided as follows:
Easing of payment process in public / rights issue:
The Board approved, in principle, the concept of marking lien on bank account as an alternative mode of payment in public / rights issues. The concept will enable the application money to remain in the bank account of the applicant till such time the allotment is finalized and thus eliminate the refund process. The modalities in this regard would be worked out separately.
Minimum networth requirement for Portfolio Managers enhanced:
The Board decided to enhance the minimum net worth requirement for registration as a portfolio manager from the existing Rs. 50 lakh to Rs. 2 crore and to give effect to the requirement of maintaining continuous networth separately for portfolio management activities. The existing portfolio managers, whose networth is less than Rs.2 crore will have to increase it to at least Rs. One crore within a period of six months and thereafter to the prescribed networth of Rs. 2 crore in the next six months from the date of notification of amendment to the SEBI (Portfolio Managers) Regulations, 1993.
It was also decided that Portfolio Managers should not float a scheme or pool the resources of the client in a way which is akin to mutual fund activity. Accordingly, Portfolio Managers will not be permitted to float a scheme or pool the resources of the clients. They would be required to keep assets of each client separately and not in a pooled manner. A time frame of 6-months from the date of notification has been given to convert their operations managed on pooled basis to individual basis. The necessary amendments would be made to the Regulations.
SEBI (Issue and Listing of Debt Securities) Regulations, 2008:
In its meeting held on January 30, 2008 the Board had approved the draft SEBI (Issue and Listing of Debt Securities) Regulations, 2008. After taking into consideration public comments received, the Board today approved certain amendments to the draft Regulations. The final notification will be issued in due course.
Mumbai
May 13, 2008
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Source: SEBI Date: 2008-05-16 |
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PR No.103/2008
Consent order in the matter of M/s. Kausar India Limited
A Panel consisting of Shri C.B.Bhave, Chairman and Dr. T. C. Nair, Whole Time Member has passed consent order dated April 21,2008, on the application of consent for non compliance of Regulation 7 (3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997 submitted by M/s. Kausar India Limited, in accordance with SEBI Guidelines dated April 20, 2007 for consent orders. The applicant has remitted a sum of Rs.50,000/- (Rupees fifty thousand only) towards the terms of consent in the matter.
The full text of the order is available on the website: www.sebi.gov.in
Mumbai
May 02, 2008
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Source: SEBI Date: 2008-05-05 |
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PR No.101/2008
SEBI NOTIFICATION ON REAL ESTATE MUTUAL FUND SCHEMES (REMFs)
SEBI, vide Notification dated April 16, 2008 has amended SEBI (Mutual Funds) Regulations, 1996 to permit mutual funds to launch REMFs.
The salient features of REMFs are as under:
v Existing Mutual Funds are eligible to launch real estate mutual funds if they have adequate number of experienced key personnel / directors.
v Sponsors seeking to set up new Mutual Funds, for launching only real estate mutual fund schemes, shall be carrying on business in real estate for a period not less than five years. They shall also fulfill all other eligibility criteria applicable for sponsoring a MF.
v Every real estate mutual fund scheme shall be close-ended and its units shall be listed on a recognized stock exchange.
v Net asset value (NAV) of the scheme shall be declared daily.
v At least 35% of the net assets of the scheme shall be invested directly in real estate assets. Balance may be invested in mortgage backed securities, securities of companies engaged in dealing in real estate assets or in undertaking real estate development projects and other securities. Taken together, investments in real estate assets, real estate related securities (including mortgage backed securities) shall not be less than 75% of the net assets of the scheme.
v Each asset shall be valued by two valuers, who are accredited by a credit rating agency, every 90 days from date of purchase. Lower of the two values shall be taken for the computation of NAV
v Caps will be imposed on investments in a single city, single project, securities issued by sponsor/associate companies etc.
v Unless otherwise stated, the investment restrictions specified in the Seventh Schedule shall apply.
v No mutual fund shall transfer real estate assets amongst its schemes.
v No mutual fund shall invest in any real estate asset which was owned by the sponsor or the asset management company or any of its associates during the period of last five years or in which the sponsor or the asset management company or any of its associates hold tenancy or lease rights.
v A real estate mutual fund scheme shall not undertake lending or housing finance activities.
v The amended regulations have also specified accounting and valuation norms pertaining to Real Estate Mutual Fund schemes.
The amended regulations are available on SEBI website at www.sebi.gov.in under the category 'Legal Framework - Regulations'
Mumbai
April 25, 2008
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Source: SEBI Date: 2008-04-29 |
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PR No.100/2008
Consent Order in the matter of M/s. Ballarpur Industries Ltd.
A Panel consisting of Shri C.B.Bhave, Chairman and Dr. T. C. Nair, Whole Time Member has passed consent order dated April 17, 2008, on an application submitted by Shri Raajeev Kasat, in the matter of M/s. Ballarpur Industries Ltd., in accordance with SEBI Guidelines dated April 20, 2007 for consent orders. The applicant has remitted a sum of Rs.1,00,000/- (Rupees One Lac only) towards the terms of consent in the matter.
The full text of the order is available on the website: www.sebi.gov.in
Mumbai
April 22, 2008
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Source: SEBI Date: 2008-04-22 |
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PR No. 99 /2008
SEBI ALLOWS MUTUAL FUNDs TO GO FOR NET SETTLEMENT OF GOVERNMENT SECURITIES TRANSACTIONS
In its efforts to further develop the debt market, SEBI has now decided to allow mutual funds to sell government securities contracted for purchase in DVP III mode for government securities market in accordance with the guidelines issued by Reserve Bank of India in this regard.
Under the DVP III mode of settlement, it is possible to sell government securities, already contracted for purchase without taking delivery provided the transaction is guaranteed by an approved central counterparty namely Clearing Corporation of India Ltd (CCIL). Presently, mutual funds cannot sell such securities contracted for purchase as they are required under SEBI Regulations to take the actual physical delivery of securities. This decision taken at the SEBI Board meeting held on April 16, 2008 at Mumbai will put mutual funds at par with other market participants like Banks, Primary Dealers and Insurance Companies as they can now go in for the net settlement of government securities transactions.
The Board also approved the participation of mutual funds in ‘when-issued’ (WI) market.
Necessary amendments to SEBI (Mutual Funds) Regulations, 1996 will follow.
Mumbai
April 16, 2008
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Source: SEBI Date: 2008-04-17 |
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PR No.98/2008
Consent Order in the matter of M/s. Avinash Information Technology Ltd.
A panel consisting of Chairman, Shri C.B. Bhave and Whole Time Member, Dr. T.C. Nair has passed consent order dated 08/04/2008, on an application submitted by Shri Nilesh J. Patel, in the matter of M/s. Avinash Information Technology Ltd., in accordance with SEBI Guidelines dated 20th April, 2007 for consent orders. The applicant has remitted a sum of Rs.50,000/- towards the terms of consent in the matter.
The full text of the order is available on www.sebi.gov.in
Mumbai
April 11, 2008
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Source: SEBI Date: 2008-04-11 |
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PR No.97/2008
Order in the matter of acquisition of shares of Jagatjit Industries Ltd. (target company)
Dr. T. C. Nair, Whole Time Member, SEBI has passed an Order dated April 8, 2008 stating that the legality of the allotment or lack of it of the Differential Voting Rights shares (DVR shares) pursuant to which there was an increase in the shareholding of L. P. Jaiswal & Sons Pvt. Ltd. and Mr Karamjit Jaiswal (the acquirers) from 15% to 57.74% of the voting rights and that of acquirer along with PACs increased to 62.0% of the voting rights, is one of the issues that is yet to be determined by the Competent Authority. Central Government may be the competent authority to determine whether the issuance of the DVR shares, as has been done in the instant case, is legal or otherwise.
Under the facts and circumstances of this case, the public announcement made by the acquirers in terms of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 in the matter shall not be proceeded with till the legality of the DVR shares so allotted is determined by the Competent Authority.
The full text of the Order is available on the website www.sebi.gov.in
Mumbai
April 11, 2008
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Source: SEBI Date: 2008-04-11 |
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PR No.96/2008
Reconstitution of the Governing Board of
Uttar Pradesh Stock Exchange Association Limited
SEBI had superseded the Governing Board of Uttar Pradesh Stock Exchange Association Limited, vide order dated July 12, 2002, and appointed Shri M. N. Sabharwal, IPS (Retd.) as the Administrator of the Exchange to exercise and perform all the powers and duties of the Governing Board. Subsequently, Shri K. D. Gupta – IRS (Retd.) was appointed as the Administrator.
The exchange has successfully completed its demutualisation process. On a review of the functioning of the exchange and taking into account the developments in the functioning and administration of the exchange during the tenure of the Administrators, it has been decided to restore the administration of the exchange to the Board of the exchange, reconstituted in accordance with the composition prescribed by SEBI. The reconstituted Board of the Uttar Pradesh Stock Exchange Association Limited, comprising three Public Interest Directors, three Trading Member Directors, six Shareholder Directors and one Executive Director, held its first meeting on March 31, 2008. Shri K. D. Gupta, IRS (Retd.), Public Interest Director has been unanimously elected as the Chairman of the Board.
Mumbai
April 9, 2008
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Source: SEBI Date: 2008-04-09 |
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PR No.95/2008
Changes to Clause 49 of the Listing Agreement
SEBI, vide its circular dated April 8, 2008 made modifications to existing Clause 49 of the Listing Agreement by including certain provisions. These provisions are:
Mandatory provisions:
1. If the non-executive Chairman is a promoter or is related to promoters or persons occupying management positions at the board level or at one level below the board, at least one-half of the board of the company should consist of independent directors.
2. Disclosures of relationships between directors inter-se shall be made in specified documents/filings.
3. The gap between resignation / removal of an independent director and appointment of another independent director in his place shall not exceed 180 days.
4. The minimum age for independent directors shall be 21 years.
Non-mandatory provision:
The company shall ensure that the person who is being appointed as an independent director has the requisite qualifications and experience which would be of use to the company and which, in the opinion of the company, would enable him to contribute effectively to the company in his capacity as an independent director.
The full text of the revised circular is available on the SEBI website: www.sebi.gov.in
Mumbai
April 8, 2008
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Source: SEBI Date: 2008-04-08 |
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PR No.94/2008
Order against M/s. Bellary Steels and Alloys Ltd. and Others
Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated March 28, 2008 against M/s. Bellary Steels and Alloys Ltd. (BSAL) and its Directors viz., S/Shri S Madhav, S Parvati, and Ram Narain Pandey, M/s. S.N. Finance Ltd. and its Directors, viz., S/Shri G H Patil, V R Gundannavar, P S Murali and S Harikrishna, M/s. Kodiganti Investments Ltd. and its Directors, viz., S/Shri R Ranganathan and K C Kondaiah, M/s. Panchaloha Hotels Pvt. Ltd. and its Directors viz., S/Shri S Madhav and Parvathi S Madhav and Smt. K. Meenakshi, wife of Shri K C Kondaiah in the matter of Bellary Steels and Alloys Ltd., restraining the above mentioned entities from accessing the securities market and further prohibiting them from associating with securities market to buy, sell or deal in securities either directly or indirectly for a period of five (5) years. It has also been directed that the period of debarment already undergone by the above said entities vide the ex-parte interim order dated February 01, 2006 shall be set off.
Further, BSAL has been directed to take steps in co-ordination with NSDL and its Share Transfer Agent (STA) M/s. Karvy Computershare Pvt. Ltd. to rectify its register of members in accordance with the provisions of the Companies Act after canceling the duplicate shares of BSAL lying in the demat account of M/s. Panchaloha. BSAL has also been directed that | |
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