SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of Alka Securities
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of the case against Mahesh Kothari, one of the promoters of Alka Securities Ltd (ASL), related to his alleged failure in making requisite disclosures about the his shareholding in the company, reports PTI.
As per regulations, a person has to disclose to the company and the concerned stock exchange about the sale of more than 2% equity. It is also necessary to show that before such a sale, acquisition of more than 5% of the shares was made by the same entity.
The regulator had alleged that Kothari sold 15 lakh shares of ASL on 25 March 2009 aggregating to 3% stake in the company and did not make requisite disclosures within two days of such a sale as required under regulations.
However, SEBI said it noted that Kothari had purchased 100 shares of ASL in November 1998 but this did not amount to 5% and that no other details of any acquisition by Kothari is available on records.
In its order, SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of ASL, and concluded the "alleged violations as per the Show Cause Notice (SCN) do not stand established against the Noticee (Kothari)".
SEBI said as per the notification, eligible securities brought into the demat account under thr RGESS would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has announced the framework for Rajiv Gandhi Equity Savings Scheme (RGESS), an Indian government initiative aimed at attracting small investors into the capital market, reports PTI.
"The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market," SEBI said in a circular.
Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs50,000 in the stock market and whose gross total annual income is less than or equal to Rs10 lakh.
The scheme was notified by the Department of Revenue, Finance Ministry on 23rd November this year.
For transactions undertaken by investors through their Rajiv Gandhi Equity Savings Scheme (RGESS) designated demat account, depositories may seek necessary transactional details from stock exchanges for enforcing lock-in (period), among others.
"On receipt of such request from depositories, stock exchanges shall provide the details to depositories on an immediate basis. It shall also be ensured that a uniform file structure is used by stock exchanges and depositories for such intimation of transaction details," the circular said.
SEBI said as per the notification, eligible securities brought into the demat account would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise.
In case there is any specification, the new retail investors shall submit a declaration indicating that such securities are not to be included within the above limit of investment.
Infosys would help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India
Kolkata: IT company Infosys is planning to roll out in about two years, its Rs700-crore project that would help India Post transform its banking and insurance operations cross 1.5 lakh post offices in the country, reports PTI.
Infosys would implement and manage its flagship Finacle Core Banking and McCamish Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India, including a large base of insurance customers.
"We are expecting to roll out the project for India Post in 18-24 months. We will roll it out for 150,000 branches across 22 circles. It will change the way India Post operates at present," Infosys Vice-President and Head (India Business) Raghupathi N Cavale told reporters here.
Speaking on the sidelines of 'INFOCOM 2012', he said the company is keen on developing similar projects for retail, health and education sectors.
"We are looking at mobility as a very strong theme," Cavale said.
As per an agreement between Infosys and India Post, the two would embark on a transformational initiative, which encompassed financial services system integration.
The project, estimated at Rs700 crore, aimed to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, according to an earlier statement by Infosys.
This was part of the 'India Post 2012' modernisation programme that aimed at bringing transparency, agility, flexibility and scalability to India Post's operations.
Infosys would be also instal 1,000 ATMs for India Post as part of this programme and implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.