A probe by SEBI revealed Balwinder Singh had indulged in executing wash trade/self trades/fictitious trades in the scrip of the company from 1 August 2010 to 31 August 2011
The Securities and Exchange Board of India (SEBI) on Monday imposed a penalty of Rs10 lakh on an individual for alleged fraudulent dealings in shares of Ind-Swift Laboratories.
The market watchdog slapped a fine of Rs10 lakh on one Balwinder Singh and said that the penalty is “commensurate with the violations committed by him”.
“...It is established beyond doubt that the noticee had indulged into wash trade/self-trades/fictitious trades which are manipulative/unfair/fraudulent in nature,” SEBI said in an order.
A probe by SEBI into the alleged irregularities in the trading in shares of Ind-Swift Laboratories revealed Singh had indulged in executing wash trade/self trades/fictitious trades in the scrip of the company from 1 August 2010 to 31 August 2011.
These trades, the regulator, said were in violation of the norms on prohibition of fraudulent and unfair trade practices.
The regulator said that Singh is the proprietor of Gogia Investments, a registered sub-broker of Kotak Securities at NSE and BSE.
According to SEBI, Singh had traded in the scrip of Ind-Swift Laboratories through three different brokers including Kotak Securities at both BSE and NSE.
The internet service provider licence holders who hold BWA spectrum, if they wish to provide mobile services using that spectrum, then an additional fee of Rs1,658 crore will be levied for migration to Unified Licences,” Telecom Commission chairman and telecom secretary R Chandrashekhar said
Inter-ministerial body, Telecom Commission (TC), on Monday approved provision for companies holding internet services licences with spectrum to provide phone call service by paying additional fee of Rs1,658 crore each.
“The Commission broadly endorsed recommendation of the DoT (Department of Telecommunications) committee with regard to Unified Licensing regime... The ISP (internet service provider) licence holders who hold BWA spectrum if they wish to provide using that spectrum then an additional fee of Rs1,658 crore will be levied for migration to Unified Licences (UL),” TC chairman and telecom secretary R Chandrashekhar told reporters.
The framework for new licences will be ready by end of this financial year, he added.
In 2010, six private players—RJI, formerly Infotel Broadband, Bharti Airtel, Aircel, Qualcomm, Tikona Digital and Augere—had won BWA spectrum.
Bharti Airtel and Aircel have unified access services licence under which they are allowed to provide phone call services both on fixed as well as landline. Other companies were given Internet Service Provider (ISP) licence that has restrictions on providing phone call services across networks.
The additional amount of Rs1,658 crore was charged from telecom players till 2008 for providing mobile telephony.
The licence issued to mobile telephony operators for Rs1,658 crore had 4.4 Mhz spectrum bundled with it but government has announced providing no spectrum with UL. The current value of the quantum of spectrum allocated under old licences has increased around seven times.
“UL does not include any spectrum. Grant of UL including migration to UL does not include any spectrum,” Mr Chandrashekhar said.
The TC, however, deferred decision on bringing telecom tower companies, called IP-1, under licences.
“Issue of IP-1 operators under UL regime was deferred and it was decided that this required further study of certain aspects,” Mr Chandrashekhar said.
Companies like Bharti Infratel, GTL Infrastructure and Indus Towers are involved in IP-1 business. The DoT committee had recommended bringing IP-1 companies under licence regime.
Telecom regulator TRAI has recommended a charge of 8% licence fee to IP-1 companies once they are brought under licences.
For companies who wish to continue to “provide limited services like only internet services under cafeteria approach they can do so with a lower entry fee which will be same as present,” the telecom secretary said.
The TC also endorsed around Rs3,000 crore support for mobile services in the left-wing extremist affected areas through Universal Service Obligation Fund for a period of five years.
“This proposal will have to be finally approved by the Cabinet,” Mr Chandrashekhar added.
With this, the total market borrowing by the government in the current fiscal would come down to Rs5.58 lakh crore from Rs5.70 lakh crore as envisaged in the 2012-13 Budget
The government has called off Rs12,000 crore bond auctions, lowering its market borrowing programme for the current financial year in its bid to contain the fiscal deficit at 5.3%.
With this, the total market borrowing by the government in the current fiscal would come down to Rs5.58 lakh crore from Rs5.70 lakh crore as envisaged in the 2012-13 Budget.
“On review of the government’s cash position and funding requirement, it has been decided, in consultation with Reserve Bank of India (RBI), to reduce the government market borrowing through dated securities by Rs12,000 crore for the current financial year,” the finance ministry said in a statement.
The government has already borrowed Rs3.7 lakh crore in the first half ending 30th September, which is 65% of the total planned borrowing.
The front-loading of borrowing was done as part of its strategy to make available capital to the private sector in the last six months of 2012-13.
Finance minister P Chidambaram had in November 2012 raised the fiscal deficit projection for the current financial year to 5.3%, from 5.1% estimated in Budget.
The government has already asked the ministries to curtail their non-plan expenditure and avoid spending rush in the January-March quarter.
Its cash position has improved with flow of over Rs14,000 crore through disinvestments alone in February. Until now the government has collected around Rs 21,500 crore from PSU stake sales as against a fiscal target of Rs30,000 crore.
Chidambaram plans to bring down fiscal deficit to 4.8% of GDP in 2013-14 fiscal.