Regulations
SEBI bars 91 in Moryo Industries price rigging issue

SEBI said its probe found these entities involved in artificially inflating price of Moryo Industries' scrip to Rs225 from Rs93.4 during January 2013 and August 2014

 

Market regulator Securities and Exchange Board of India (SEBI) has barred 91 entities including Moryo Industries, its promoters Mohan Jain and Deepika Mohan Jain, four directors of the company and 84 other preferential allottees from markets.

SEBI said its probe found these entities involved in artificially inflating price of Moryo Industries' scrip to Rs225 from Rs93.4 during January 2013 and August 2014 in two patches. The ex-parte interim order comes into effect immediately pending detailed investigation.

 

Observing substantial trading among themselves by related entities in the Moryo scrip, SEBI analysed the trading frequency, volume generated, buying behaviour and contribution to the price rise. Inter-relationships were ascertained using KYC details, bank statements, off-market transactions among themselves and information available on the Ministry of Corporate Affairs website.

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Government eases norms for licenses for e-rickshaw drivers

The new rules provide that e-rickshaw will be allowed to carry four passengers and 40 kg luggage while e-carts would transport goods up to 310 kg

 

The Indian government on Friday approved relaxation in norms for e-rickshaw drivers, paving the way for the battery-operated vehicles to ply on national capital roads, which were banned by the Delhi High Court on safety concerns.

 

"Cabinet has approved relaxation in norms for driving licences for e-rickshaw drivers," a source said after the Cabinet meeting.

 

"The norms have been relaxed for issuing licences for e-rickshaw drivers. The provision that no person shall be granted a learner's licence to drive a commercial vehicle unless he or she has held a driving licence for light motor vehicle for at least one year has been waived," another source said.

 

E-rickshaw is a legal entity and any driver passing the driving test would now be granted a licence, he added.

 

The government in October had notified the rules for plying of e-rickshaws making driver's licence mandatory for operating them and limiting the maximum speed to 25 km per hour.

 

The government had notified the Central Motor Vehicles (Sixteenth Amendment) Rules, 2014, which paves the way for plying of 'special purpose battery operated vehicles'.

 

The new rules provide that e-rickshaw will be allowed to carry four passengers and 40 kg luggage while e-carts would transport goods up to 310 kg.

 

The Delhi High Court had on 31st July banned plying of e-rickshaws on the roads of the national capital saying 'prima facie they are a hazard to other traffic as well as citizens'.

 

The rules define E-rickshaw as a special purpose battery operated vehicle 'having three wheels and intended to provide last mile connectivity for transport of passengers for hire or reward'.

 

These vehicles are "constructed or adapted to carry not more than four passengers, excluding the driver, and not more than 40 kgs luggage in total; the net power of its motor is not more than 2,000 W and the maximum speed of the vehicle is not more than 25 kilometre per hour".

 

"Every driving licence issued or renewed by a licensing authority to drive an e-rickshaw or e-cart shall be valid for a period of not more than three years from the date of issue, as the case may be, or till the validity of the driving licence, whichever is earlier," the notification has said.

 

Last month Road Transport and Highways Minister Nitin Gadkari had said the government was serious about resumption of battery- operated vehicles on Delhi roads.

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