Regulations
GSB Securities settles SEBI charges for Rs28 lakh

"SEBI in its consent order dated 31 October 2012 said that “enquiry proceedings initiated against the applicant (GSB Securities) for the non-compliance of provisions...stand settled and SEBI shall not initiate any enforcement action against the applicant for the same”

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) disposed of a case against GSB Securities after the entity made a payment of Rs28 lakh to settle charges related to violations of broker regulations, reports PTI.
 
SEBI in its consent order dated 31 October 2012 said that “enquiry proceedings initiated against the applicant (GSB Securities) for the non-compliance of provisions...stand settled and SEBI shall not initiate any enforcement action against the applicant for the same.”
 
A probe conducted by SEBI had found that GSB Securities had acted as an unregistered portfolio manager on behalf of two individuals Praveen Daga HUF and Chitra Vishwanath.
 
SEBI had alleged that the broker could not produce letter of authorisation from the two clients.
 
The broker proposed settlement under SEBI’s consent order mechanism on 27 February 2012.
 
Thereafter, a High Powered Advisory Committee (HPAC) considered the consent terms and recommended the case for settlement on payment of Rs28 lakh. The same was approved by a panel of whole time members of SEBI.
 
SEBI noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by GSB Securities is found to be untrue.
 

User

SBI not to cut lending rates

Pratip Chaudhuri, SBI Chairman, said the bank will lose Rs300 crore because of the additional provisioning requirement while gain from the CRR cut is only Rs225 crore

Mumbai: State Bank of India (SBI) has ruled out any cut in its lending rates due to steep hike in the provisioning for restructured standard assets, a senior bank official said, reports PTI.

 

“The 75 bps (0.75%) hike in provisioning has closed the room for any lending rate cuts. Therefore, our asset liability committee, which met yesterday, decided to leave the lending rates unchanged,” an SBI official told PTI.

 

The only measure which may have prompted a look at the rate cut was the 0.25% reduction in the cash reserve ratio by RBI in its second quarter policy announcement on Tuesday.

 

After the credit policy announcement, bank chairman Pratip Chaudhuri had hinted at a rate cut saying the Alco will be meeting in a day or two and the bank will prefer a ‘secular cut’ in the base rate.

 

The RBI, as part of its gradual move towards higher provisioning for standard restructured assets, as mooted by the B Mahapatra committee, has increased the same to 2.75% from 2%. The committee has proposed it to be raised to 5%.

 

Mr Chaudhuri said the bank will lose Rs300 crore because of the additional provisioning requirement while gain from the CRR cut is only Rs225 crore.

 

However, he had said the Rs75 crore shortfall will not deter the bank from cutting rates as it has already budgeted Rs10,000 crore towards provisions for the fiscal and the asset quality is improving.

 

With a base rate of 9.75%—the last cut was in mid-September by 0.25% following the CRR cut in the mid-quarter policy review, SBI’s base rate is one of the most aggressive in the banking system at present.

 

Already the bank has cut lending rates to a low of 10.25% on home loans and 10.50% for auto loans as part of a festive offer valid till the end of December. The offer also includes a 50% reduction in the processing fee.

 

Bankers have been maintaining that changes in the base rate are directly aligned with the movement of their cost of funds and the broader drop in deposit rates observed in the recent past is being seen by many optimists as a pre-cursor to a lower rates regime.

User

New MD & CEO for BSE

Ashishkumar Chauhan appointed as MD & CEO of BSE

 
Ashishkumar Chauhan has been appointed as Managing Director & Chief Executive Officer of BSE Limited. He was working as the interim CEO till date.
 
The selection was done by the Selection committees of BSE in co-ordination with Egon Zender International, a leading international talent search firm and all required approvals from SEBI have been received.
 
Mr Chauhan is working with BSE since 2009, before which he worked as the President and Group Chief Information Officer of Reliance Industries. He joined then as a deputy Chief Executive Officer and was elevated to the position of Interim Chief Executive Officer in May 2012. He has worked in various areas including technology upgradation, has looked at various regulatory issues and has also worked closely with the team to develop innovative products and was ranked amongst the “top CIOs in the world” by several magazines and institutions from 2005 to 2009. 
 
Mr Chauhan completed his B-tech in Mechanical Engineering from IIT Bombay in 1989 and accomplished his PGDBM from IIM Calcutta in 1991.
 
Besides working at BSE, Mr Chauhan is also a member of the Board of Governors of the Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur. In addition to that, he also serves on Central Board of Direct Taxes (CBDT), PNG on Information Technology, Securities and Exchange Board of India (SEBI)’s Primary Market Advisory Committee (PMAC).
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)