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Adani Group shares under pressure; Adani Ent falls 5%, Adani Ports down 3%

Adani Group shares under pressure; Adani Ent falls 5%, Adani Ports down 3%

Tuesday, January 10, 2023

Shares of Gautam Adani Group companies were under pressure on Tuesday, falling up to 5 percent on the BSE, as the benchmark index fell over 1 percent, as Adani Group is likely to file the red herring prospectus (RHP) with market regulator Sebi for its big-bang Rs 20,000 crores further public offering ( FPO) later this month, multiple industry sources with knowledge of the matter told Moneycontrol. The move is seen as a step towards fulfilling the ambitious expansion plans of the port to power diversified conglomerate which has seen group stocks sizzle on the bourses in the past few years. Among individual stocks, the Group's flagship company -- Adani Enterprises – slipped 5 percent to Rs 3,854.20 on the BSE in the intra-day trade today. With today's fall, the stock has corrected 13 percent from its record high level of Rs 4,189.10, touched on December 21, 2022. Read more

IDBI Bank up 8% on Sebi nod to reclassify govt post sale-stake as 'public'

IDBI Bank up 8% on Sebi nod to reclassify govt post sale-stake as 'public'

Friday, January 6, 2023

Shares of IDBI Bank were up 8 percent at Rs 59.7 on the BSE in Friday’s intra-day trades in an otherwise subdued market after capital market regulator Securities and Exchange Board of India (Sebi) acceded to the central government’s request to reclassify its shareholding in the Bank after its disinvestment as “public holding”.The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender, which will be reduced to 15 percent after divestment. The government is looking to sell its 30.48% stake in IDBI Bank, while state-backed LIC will offload its 30.24% share in the lender. Also, the government must specify its intention to reclassify its shareholding in the bank as “public holding” in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. Read more

Separation of roles of Chairperson and MD made voluntary by SEBI

Separation of roles of Chairperson and MD made voluntary by SEBI

Tuesday, February 15, 2022

The Securities and Exchange Board of India today(15th Feb.2022) changed the requirement for listed companies to separate roles of Chairperson and MD/CEO to voluntary from mandatory. The decision was taken at a Sebi board meet today. Sebi had earlier asked listed entities to split the roles of Chairperson and MD before the April 2022 deadline. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020, onwards. However, based on industry representations, an additional time period of two years was given for compliance. The norms were part of the series of recommendations given by the Sebi-appointed Uday Kotak committee on corporate governance. Read more

Poonawalla Fincorp hits lower circuit after MD Abhay Bhutada steps down

Poonawalla Fincorp hits lower circuit after MD Abhay Bhutada steps down

Friday, September 17, 2021

Shares of Poonawalla Fincorp Ltd were locked in the lower circuit for the second straight day, down 5 per cent at Rs 163.55 on the BSE on Friday, after resignation of Abhay Bhutada, managing director (MD) of the company. Abhay Bhutada resigned with immediate effect from 16th September 2021 from the non-banking finance company (NBFC) a day after the Securities and Exchange Board of India (Sebi) barred him from dealing in securities for allegedly using price sensitive information in trading in the shares of Magma Fincorp before it was acquired by the Poonawalla Group.Seven people, apart from Bhutada, have been barred from trading and their bank accounts have been impounded to the tune of Rs 13.8 crore. In its 46-page interim order, Sebi noted that in February 2021 its surveillance system generated insider trading alerts related to Magma Fincorp’s shares. Sebi had also ordered impounding of the bank accounts of these eight entities. Read more

Bajaj Finserv gets Sebi nod to set up mutual fund

Bajaj Finserv gets Sebi nod to set up mutual fund

Tuesday, August 24, 2021

Shares of Bajaj Finserv hit a new high of Rs 16,582, up 8 per cent on the BSE in the intra-day trade on Tuesday, after the company said it has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC).“Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws," Bajaj Finserv said in an exchange filing. The market-capitalisation (m-cap) of Bajaj Finserv is now more than Rs 2.6 lakh crore, while that of Bajaj Finance breached the Rs 4.2-lakh crore mark. Bajaj Finserv is focused on lending, asset management, wealth management and insurance services. Read more

Sebi asks for ultimate beneficial owners' information in Adani firms

Sebi asks for ultimate beneficial owners' information in Adani firms

Wednesday, July 28, 2021

SEBI has written to the custodians of foreign portfolio investors (FPIs) owning shares in six Adani Group firms, seeking information on their ultimate beneficial owners (UBO). These funds include Albula Investment Fund, Cresta Fund, and APMS Investment Fund. A bulk of India investments of these firms is concentrated in Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, Adani Power, Adani Transmission, and Adani Total Gas. Regulatory sources said the capital markets regulator is looking into the holding structure of these foreign-based funds to ensure there is compliance with Sebi regulations. Read more

Adani shares fall up to 5% as it faces Sebi, DRI probe over compliance

Adani shares fall up to 5% as it faces Sebi, DRI probe over compliance

Monday, July 19, 2021

Shares of Adani Group stocks fell up to 5 percent in intraday trade on July 19 after Minister of State for Finance Pankaj Chaudhary said in Parliament today that the directorate of revenue intelligence and SEBI (Securities and Exchange Board of India) are probing some entities of the Adani group about compliance with the SEBI regulations. It was not immediately clear when the investigation was launched. The minister did not name which companies were involved. He also alleged that the Enforcement Directorate is not probing companies holding FPIs based on day-to-day trading of shares. A month ago, Adani Group had quashed reports about the National Securities Depository Ltd (NSDL) freezing three foreign portfolio investors (FPIs) related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story". Read more

Paytm files draft paper for ₹16,600 crore IPO with SEBI

Paytm files draft paper for ₹16,600 crore IPO with SEBI

Friday, July 16, 2021

Paytm, digital payments and financial services firm has filed a draft red herring prospectus (DRHP) with market regulator SEBI, to launch Rs 16,600-crore IPO.The Paytm IPO would comprise a fresh issue of shares worth Rs 8,300 crore ($1.1 billion) and an equally large secondary share sale, the Noida-based fintech startup has told the Securities and Exchange Board of India (Sebi). On Monday, Paytm received the approval of its shareholders to raise capital through IPO, which is billed to be the country's biggest public offer of ₹16,000. "Shareholders have approved all the proposals at the extraordinary general meeting. The shareholders have approved the proposal to raise capital and the fresh issue of shares of up to ₹12,000 crore during the IPO. The secondary raise will bring the total to ₹16,600 crore," news agency PTI reported, citing a source. Read more

SEBI considering institutional investor-only IPOs to shield small investors from presumably risky issues

SEBI considering institutional investor-only IPOs to shield small investors from presumably risky issues

Thursday, May 27, 2021

SEBI is considering the concept of institutional investor-only initial public offerings (IPOs) to shield small investors from presumably risky issues by new-age technology and e-commerce firms. Regulatory and investment banking sources said the regulator is deliberating whether more steps are required to safeguard investors before it allows loss-making companies, such as food delivery company Zomato, to tap the public market. Banning direct retail participation and mandatory “safety net” are some of the concepts being discussed, according to the sources. Domestic IPOs, typically, have two broad equal quotas for institutional and non-institutional investors. The non-institutional portion is further split 70:30 between retail (those investing up to Rs 2 lakh) and high net-worth individuals (those investing more than Rs 2 lakh). Read more

RIL gets Sebi approval to hive off O2C business into independent subsidiary

RIL gets Sebi approval to hive off O2C business into independent subsidiary

Tuesday, February 23, 2021

Reliance Industries Limited (RIL), which has proposed hiving off its oil to chemicals (O2C) business into an independent subsidiary, today(23rd Feb.2021) said it had received approval from the Securities and Exchange Board of India (Sebi) and stock exchanges to create this subsidiary. The company now requires the approval of equity shareholders and creditors, regulatory authorities, and the income-tax authority, besides the National Company Law Tribunals (CLTs) in Mumbai and Ahmedabad. RIL said the approval process had commenced and was expected to be completed by the second quarter of the 2021-22 financial year. Read more

No merit in relaxing 10% cap on single stock investment: Ajay Tyagi, chairman, Sebi

No merit in relaxing 10% cap on single stock investment: Ajay Tyagi, chairman, Sebi

Wednesday, October 21, 2020

SEBI sees no merit in increasing the 10 percent investment cap on a single stock for actively-managed mutual fund (MF) schemes. “The 10 percent cap is meant for diversification cap. Just because some scrip is outperforming doesn’t mean you raise the ceiling. That will be self re-enforcing that scrip has moved up and you are allowing higher investment in the same scrip. That doesn’t sound very logical. For the sake of diversification, the 10 percent ceiling is something which stays,” said Ajay Tyagi, chairman, Sebi while addressing the media at a market summit organised by industry body CII.

Factors that contributed for the market correction today

Factors that contributed for the market correction today

Monday, August 31, 2020

After an initial short rally today morning that took the S&P BSE Sensex to day’s high of 40,010.17, the markets lost ground as trade progressed. The S&P BSE Sensex lost over 1,200 points in intra-day trade to hit a low of 38,714.43 as trade progressed. At around 2:45pm, the 30-share index was trading nearly 1,050 points, or 2.7 percent, lower at 38,465 levels. It, however, recouped some losses and closed 839 points, or 2.1 percent, lower at 38,628 levels. Major factors that led to the market fall today are: Read more

Franklin Templeton issues unconditional apology to Sebi

Franklin Templeton issues unconditional apology to Sebi

Friday, May 8, 2020

Franklin Templeton Today (8th May 2020) issued an “unconditional apology” to market regulator Sebi over its global chief comments that regulatory tightening contributed to winding up of schemes. The fund house said the remarks made by Jenny Johnson, president, and CEO, Franklin Templeton during their quarterly earnings call were quoted “out of context” by media outlets. During an analysts call on 6th May 2020, Jenny Johnson, president, and CEO, Franklin Templeton had said “Unfortunately, Sebi came out with new guidelines saying that any investments in unlisted instruments in funds can’t have more than 10 percent in a fund, and you can’t trade them. So that orphaned about a third of our fund there.” Read more

Trading curbs to contain market volatility extended till May end

Trading curbs to contain market volatility extended till May end

Tuesday, April 21, 2020

SEBI on 20th April said the measures aimed at containing the wild swings in stock prices would continue till the end of next month. On March 20, SEBI had imposed temporary restrictions on short-selling, increased margin requirements, and hiked penalties on violators. Sebi had then said the measures were for a period for one month. However, they will remain in place till May 28, the regulator has said. The measures announced by Sebi had coincided with a sharp recovery in the market. Since March 23, the Indian markets have gained 22 percent. Prior to the rebound, the benchmark indices had dropped nearly 40 percent from their January peaks.

Fear of wealthy Chinese investors raiding the Indian stock market -is it real?

Fear of wealthy Chinese investors raiding the Indian stock market -is it real?

Wednesday, April 15, 2020

A fear of wealthy Chinese investors raiding the Indian stock market seems to be in rise. Securities & Exchange Board of India (Sebi) has asked custodian banks to disclose details of the ultimate beneficial owners’ of foreign portfolio investors (FPIs) based in China and Hong Kong. The UBO is the last natural person owning a fund or entities controlling a fund above a certain level. Sebi’s direction to custodians is an immediate reaction to the People’s Bank of China buying a little above 1% in HDFC considered as one of the blue-chip stocks. "Following the sharp fall in stocks, there is an anxiety among many corporates and parts of the government about Indian companies and assets facing takeover threats from Chinese investors – either private or directly or indirectly with support from the Chinese government. Probably, it’s an overreaction. But the paranoia is understandable with advanced countries like Australia creating hurdles for Chinese investors,” experts opined.

SEBI crackdown on excessive volatility by imposing restrictions

SEBI crackdown on excessive volatility by imposing restrictions

Monday, March 23, 2020

The SEBI has decided to crack down on excessive volatility by imposing several measures, which will impact traders as well as institutional investors. In particular, speculators in stock futures will have to cut down exposures as the market-wide position limit (MWPL) has been reduced to 50 percent in phases, from the existing 95 percent, for specific F&O stocks. Margins have also been hiked in the cash segment for both F&O and non F&O stocks, while institutions will have to restrict their F&O positions in the index derivatives segment to stay within a new criteria of cash and cash equivalents on the long side and value of stock holdings on the short side. This measure will also impact volume in specific F&O counters where offsetting will be required, we may actually see a situation where prices swing more on lower volumes, due to reduction of the liquidity. Read more

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