The directors of the Surya Vinayak Industries Limited, Sanjay Jain and Rajiv Jain, were today arrested by Enforcement Directorate and produced before Additional Sessions Judge Rakesh Pandit, who sent them to ED custody till August 25.
Ajay Tyagi said that a report on corporate governance will be released by September-end; SEBI probe on shell companies will continue
Brokerages are under scanner of the Securities and Exchange Board of India (SEBI) and Income Tax Department for helping shell companies to launder money by compromising the KYC norms.
Brokers and exchanges will meet today to discuss the issue, following which they will meet SEBI officials next week to put forth their suggestions about introducing PMS in the commodity market
PACL was found by SEBI to have collected over Rs 49,100 crore through illegal collective investment schemes.
The regulator is of the view that this is a case of misconduct and therefore falls under the Code of Conduct for regulated entities.
The special resolution proposes to authorise board to raise Rs 2,000 crore via the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures/bonds, in one or more series/tranches, aggregating through private placement, in domestic market, NHPC said in a BSE filing today.
In recent months, a raft of dreaded ransomware attacks like WannaCry and Petya have impacted the computer systems worldwide
This comes following a net inflow of over Rs 62,000 crore in last six months from February-July 2017.
A total of 2,328 cases have been filed with SEBI till date, 2,059 of which have been probed by the capital markets regulator already.
There is a suspicion that inactive LLPs are being used for tax evasion and money laundering.
The SEBI board, in its meeting on September 18, is likely to have a detailed discussion on the developments related to suspected shell companies listed on the bourses.
In a 38-page order dated August 16, Sebi said the practices adopted by the 22 entities are "serious in nature which have the cascading adverse effect towards the investors/ shareholders" and have inflicted a fraud on them.
Investment banking firms CLSA and JM Financial are likely to be the bankers to the issue
On Independence Day, Prime Minister Narendra Modi mentioned India's battle against black money and said that more than 1.75 lakh shell companies have been de-registered so far.
The I-T department came across the fresh names while probing the money trail of the market operators.
The relaxation will be subject to certain conditions, including shareholders' approval of the stake acquisition by way of special resolution.
Shah was appointed in 2013 as per the regulatory framework of erstwhile Forward Markets Commission (FMC) for three years till 2016. Later, his tenure was extended for an year till August 20, 2017.
The regulator is currently probing alleged lapses in high-frequency trading offered through NSE's co-location facility, while the role of some of the former top officials is also under the scanner.
Two sources privy to the developments stated that SEBI will set a cap of 25 percent stake for crowdfunding investors: report
Sebi, on August 7, had asked stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.
The basis on which the Ministry of Corporate Affairs short-listed 331 companies from the larger list is not known yet.
The tribunal dismissed his plea against the SEBI order that barred him from holding any board position at listed companies, including as the chairman of his group firm United Breweries Ltd (UBL).
Markets regulator Sebi had asked the stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.
The funds have been raised mainly for expansion of business plans, repayment of debt and to support working capital requirements.