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SEBI alters consent mechanism norms

SEBI chairman UK Sinha was answering media queries on what action will be taken against Reliance and Sahara Groups for their alleged market misconduct

Mumbai: Market regulator SEBI said it has framed a new set of guidelines for consent order mechanism and warned that any corporate house, however big it may be, caught for serious misconducts will be severely dealt with as the market is not a "casino".

 

"We have come out with a new set of guidelines for the consent mechanism and if any corporates or individuals, however powerful they may be, are found going against that policy, stern action will be taken against them," Securities and Exchange Board of India (SEBI) Chairman U K Sinha told reporters.

 

He was answering media queries on what action will be taken against Reliance and Sahara Groups for their alleged market misconduct.

 

However, Sinha did not name any of these companies, nor did he reveal the changes in the new consent mechanism, but said if any corporate or individual flouts the regulatory norms stern action will be taken against them as per the law.

 

Consent mechanism refers to settlement of a case dealing with alleged flouting of securities laws without the individual or company involved admitting or denying guilt. The alleged party gets absolved of the charges by paying a mutually agreed penalty to the SEBI.

 

"We are taking all possible measures to ensure that nobody is able to avoid the rules of the game, especially on a continuous basis, to harm the interests of the individual and institutional investors," he warned.

 

"The SEBI is continuously taking measures to improve retail investors' confidence in the equity markets ... the market is not a casino where one can do anything and get away with it," Sinha said.

User

COMMENTS

Vinay Joshi

4 years ago

Ms.Sucheta / MDT,

Good that you've put it up.

U.K Sinha, in his ASSOCHAM speech was vociferous of disciplinary measures against listed co's. [Later on the kerb interview he has stated as reported by you.]

Well i'm referring to insider trading charges against RIL. [RIL-CAG-JPC oil exploration diff issue. It's a scam.]

RIL's consent plea rejected, moved for 11B proceedings.
Is it a ploy? SEBI can absolve RIL of all it's wrongdoings under 11B!?
Why the matter is languishing for last five years?
[since 2007.]Still the matter can be moved back to 'consent mechanism!]

RIL has appealed in SAT challenging SEBI's new consent order norms. Again there's lacuna in new consent order norms - advisory committee or panel members can settle such defaults thro' consent if deemed fit & necessary!

SAT hearing scheduled on 11th may not take place as two [of three] members are retiring.If RIL prefers appeal in Bombay HC for interim relief, the matter will again be delayed, dragged.

Will SEBI [rather will it] invoke the provisions of sec 15G & 11B, penalties & debarring RIL from participating in capital market? Has SEBI the gumption or for that matter Mr.U.K Sinha?
Or even the FinMin or the Cabinet?

State forward a question Mr.U.K Sinha should answer!?

It will end up with 15G not 11B debarring!?
This will & can enable other aggrieved entities to file a PIL.

No one can touch the high & mighty RIL! Instead of 3x penalty of 1.5K+Cr, 500+Cr consent paid [RIL willing from day 1], another 500Cr official political donations thereby saving 500+ & no debarring or blemished.

Can any other entity have such privileges? We will await the outcome, if any!

Is RIL not in contravention of listing norms? Does the listing norms allow 'insider trading'?

Mr.U.K Sinha & SEBi should state specifically that RIL is not in contravention of listing norms - which amounts to that listed co's can indulge in 'insider trading' as per BSE/NSE norms & no 11B [SEBI] debarment can take place. Were BSE/NSE sleeping then?

Bye, t/c all,

Regards,

REPLY

Vinay Joshi

In Reply to Vinay Joshi 4 years ago

Ms.Sucheta /MDT,

Further to my above post, Sahara is no matter for consideration. Mr.U.K Sinha knows it very well.

SC has rejected Sahara's review petition & as per SEBI ruling asked them to deposit 24KCR by Feb. [intermittent installments ends.] 5.2KCR+10KCR BG quashed by the apex court, upholding SEBI's final order.

The above is self explanatory.

Bye, t/c all,

Regards,

President gives assent to money laundering, banking bills

The banking bill will pave the way for corporate houses to enter the banking sector which is a key reform legislation pending for long

New Delhi: The three financial sectors reforms laws, Prevention of Money Laundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012 have become law of the land with President Pranab Mukherjee giving assent to them, reports PTI.

 

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 also got the President's assent, an official statement said.

 

The Prevention of Money Laundering (Amendment) Bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament in the Winter Session.

 

The Bill had sought to remove existing limit of Rs5 lakh as fine under the Act. It proposes to make provision for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that offence of money laundering has taken place, and property in question is involved in money-laundering.

 

The banking bill will pave the way for corporate houses to enter the banking sector which is a key reform legislation pending for long.

 

The Banking Bill was approved by Parliament after the government dropped the controversial clause concerning allowing banks to trade in commodity futures.

 

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 aimed at strengthening the provision for bad debts by banks and financial institutions.

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