Regulations
Bourses may consider shifting shares of nine companies to normal trading: SEBI

SEBI said the stock exchanges may consider to shift the scrips of nine companies from TFTS to a normal rolling settlement as these companies have established connectivity with both depositories - NSDL and CDSL

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said the stock exchanges may consider shifting securities of as many as nine companies to normal trading category from restricted segment, reports PTI.

 

The scrips which could now be shifted to rolling settlement include Lifeline Drugs & Pharma, Dera Paints & Chemicals, Ravindra Energy, Count N Denier (India) Ltd, Monotype India, Golechha Global Finance, Shree Manufacturing Company, Midwest Gold and Delta Leasing And Finance, SEBI said in a circular.

 

In 'trade-to-trade' segment, no speculative trading is allowed and delivery of shares and payment of the consideration amount are mandatory.

 

In addition, SEBI also advised the stock exchanges to report to it about the action taken in this regard in the monthly/quarterly development report.

 

SEBI said the stock exchanges may consider to shift the scrips of these (nine) companies from the Trade for Trade Settlement (TFTS) to a normal Rolling Settlement as these firms have established connectivity with both depositories - NSDL and CDSL.

 

The shifting is subject to that 50% of non-promoter holdings in these companies should be in demat or electronic form.

 

"The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: at least 50% of other than promoter holdings are in dematerialised mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement," SEBI said.

 

For this purpose, the listed companies require to obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange, the regulator said.

 

In case, an issuer company does not have a separate RTA, it may obtain a certificate in this regard from a practising company Secretary/Chartered Accountant and submit the same to the stock exchange, it added.

 

"There are no other grounds/reasons for continuation of the trading in TFTS," SEBI said.

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SEBI slaps Rs10 lakh fine on Alka Securities promoter

SEBI imposed a fine of Rs10 lakh on Mahendra Pandey one of the promoters of Alka Securities for alleged violation of disclosure norms

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs10 lakh on one of the promoters of Alka Securities Ltd (ASL), Mahendra Pandey, for alleged violation of disclosure norms, reports PTI.

 

The order comes about a year after the Securities Appellate Tribunal (SAT) had set aside SEBI's penalty against Pandey related to non-compliance with the disclosure norms.

 

At the time, SAT had directed SEBI to proceed afresh in the case on the ground that the findings of adjudicating officer did not clarify if Pandey was an officer of the ASL.

 

As per norms, a disclosure has to be made by a person who is a director or officer of a listed company.

 

In its latest order, SEBI imposed a fine of Rs10 lakh on Pandey confirming that he is a promoter of ASL and also appointed "Principal Officer" to take care of the company's compliance matters.

 

"Since, the noticee is the promoter and Principal Officer of a SEBI registered intermediary, he is vested with a higher responsibility to make timely disclosures and adhere to the various rules and regulations under the securities laws," SEBI said in its order.

 

SEBI said it is evident that there was a change in the shareholding of Pandey as he sold more than 25,000 shares of ASL on three occasions and also bought more than 25,000 shares of the company on four occasions.

 

As per regulators norms he was required to make the necessary disclosures regarding the change in shareholding pattern to the company and the stock exchange which he failed to do, SEBI said.

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Videocon approaches SEBI for Rs700 crore IPO of its D2H unit

The IPO would comprise at least 25% of equity capital giving a valuation of Rs2,800 crore to Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand

Mumbai: Bharat Business Channel, satellite TV arm of Videocon Group, has filed its papers with market regulator Securities and Exchange Board of India (SEBI) to raise Rs700 crore through an initial public offering (IPO), reports PTI.

 

The company is also considering to raise Rs50 crore through a pre-IPO placement of its shares to institutional investors, it said in its draft prospectus made public by SEBI.

 

The issue would comprise at least 25% of equity capital giving a valuation of Rs2,800 crore to Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand.

 

Other players in the business include Tata Sky, Dish TV, Sun Direct and Airtel Digital TV.

 

While the company has not disclosed the total number of shares to be sold in IPO, the pre-IPO placement could be of one crore shares.

 

"Our Company is considering a pre-IPO placement of up to one crore equity shares aggregating up to Rs500 million with certain investors...If the Pre-IPO placement is completed, the Issue size will be reduced to the extent of such Pre-IPO placement, subject to the issue size constituting at least 25% of the post-issue paid-up equity share capital of our company," the filing showed.

 

The company is planning to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."

 

IDBI Capital Market Services Ltd, SBI Capital Markets Ltd, Yes Bank, Enam Securities and UBS Securities India would act as a book running lead managers to the issue.

 

The shares are proposed to be listed on the BSE.

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