While censuring BSE for lapses during NMDC's Rs6,000 crore OFS, the market regulator has asked the Exchange to conduct independent review for remedial steps
Market regulator Securities and Exchange Board of India (SEBI) while censuring BSE for lapses during NMDC's Rs6,000 crore offer for share sale (OFS), has asked the Exchange to conduct independent review for remedial steps. In an order, Prashant Saran, whole time member of SEBI also advised the market regulator to conduct a detailed probe into confirmation of bids by Citibank NA.
"BSE is hereby directed to engage one or more independent consultants to review the entire sequence of events in the matter, the process followed, checks in place, systems employed while accepting the OFS bids by BSE. The Consultant should bring out the shortcomings, if any, and suggest remedial measures within a period of three months. BSE shall then fix the responsibility internally, both in terms of processes and personnel, and take appropriate action," SEBI said in its order.
In December 2012, SEBI sought an explanation from the BSE for accepting bids for four crore shares after the cut-off time for trading. The rules governing such shares sales say that stock exchanges have to reconcile all orders and payments in the half an hour after trading time - 3.30pm to 4pm -- and that no orders can be accepted after close of trading hours.
However, SEBI found that the confirmation of bids for NMDC's 4.55 crore shares received from Citibank with available funds was clearly not concluded within the stipulated time of half an hour after post close session.
The Magistrate Court in Muzaffarnagar returned the chargesheet against BJP chief Amit Shah to the police, saying they had not followed rules
In an embarrassment to the UP Police, a court in Muzaffarnagar on Thursday refused to take cognisance of the charge sheet against Bharatiya Janata Party (BJP) President Amit Shah in connection with the alleged hate speech made by him.
The court returned the charge sheet to the police, saying the agency had not followed rules. Additional Chief Judicial Magistrate Sunder Lal said the police had not followed the provisions of 173 CrPc. Police did not seek warrant or attachment proceedings against the accused under the provisions laid down under 173 CrPc, the court added.
Returning the chargesheet to remove errors, the Court said police cannot filed chargesheet under section 188 IPC as it should be filed as a private complaint by the concerned officer, who had imposed prohibitory orders which were violated.
On Wednesday, Shah was chargesheeted by the police for his alleged hate speech during campaigning at Muzaffarnagar for the Lok Sabha elections.
The chargesheet was filed against 49-year-old Shah in the court of Additional Chief Judicial Magistrate Manoj Sidhu.
The charges were filed against Shah under Section 123(3) of Representation of the People Act for allegedly seeking votes on the grounds of religion, race, caste and community and under Section 188 of the IPC relating to disobedience to order promulgated by public servant.
The chargesheet had been filed under various sections of IPC, including 153A (promoting enmity between different groups on grounds of religion, race, place of birth, etc.), 295A (deliberate and malicious acts, intended to outrage religious feelings of any class) and 505 (false statement, rumour, etc. circulated with intent to cause mutiny or offence against the public peace), and Section 123-3 of Representation of People Act (making an appeal to vote on the grounds of religion amounting to corrupt practice).
Police had registered a case against Shah for allegedly violating the model code following a direction from EC, which had also banned him from campaigning in the state on 4th April.
Shah had landed in a major controversy for allegedly saying that the 2014 Lok Sabha polls were an opportunity to seek "revenge for the insult" inflicted during the riots in Muzaffarnagar last year.