Regulations
SEBI imposes Rs2 lakh fine on trader for defying order

SEBI imposed the penalty on Piyush Kanungo, one of the accused in the Pyramid Saimira case, who has already been banned from trading in stocks of any company

 

New Delhi: Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs2 lakh on Piyush M Kanungo, who has already been banned from any share transaction in the Pyramid Saimira case, for trading in stocks of a company, reports PTI.

"After taking into consideration all the facts and circumstances of the case ... a penalty of Rs2 lakh under section 15 HB of SEBI Act, on the Noticee (Kanungo)," a SEBI order stated.

Earlier in 2009, SEBI in Pyramid Saimira Theatre case had directed some persons including Kanungo not to buy, sell or deal in the securities market including in initial public offerings (IPOs), even indirectly.

"However, Kanungo placed a sell order in the scrip of RPL for 500 shares in the cash segment of National Stock Exchange (NSE)," the order said.

NSE brought Kanungo's sell order into the notice of SEBI, which subsequently appointed an adjudicating officer to inquire into the matter.

A show-cause notice was sent to Kanungo and in a hearing on 1st June, he said the trade was not done intentionally but by mistake.

"The noticee (Kanungo) did not comply with the SEBI order which shows his total disregard to the direction of the regulator...This non-compliance cannot be taken lightly," the order said.

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SEBI makes e-voting mandatory for top 500 listed companies

The decision for e-voting facility would be implemented in a phased manner, beginning with top 500 listed companies at BSE and NSE based on market capitalisation

 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Tuesday decided to make it mandatory for top 500 listed companies to facilitate e-voting, making it easier for shareholders to participate in key decisions without being physically present in the meetings, reports PTI.

"In line with the budget proposal...to make it mandatory for top-listed companies to provide for electronic voting facilities, it has been decided to implement the said proposal by making electronic voting mandatory...in respect of those businesses to be transacted through postal ballot," SEBI said in a statement after its board meeting here.

It said the decision would be implemented in a phased manner, beginning with top 500 listed companies at BSE and NSE based on market capitalisation. Listed companies may choose any one of the agency which is currently providing the e-voting platform.

Besides, SEBI said that in order to enhance the quality of financial reporting done by listed entities it would create a Qualified Audit Report Review Committee (QARC) represented by accounting regulator Institute of Chartered Accountants of India (ICAI) and stock exchanges.

The committee would process qualified annual audit reports filed by the listed entities with stock exchanges and reports where accounting irregularities have been pointed out by Financial Reporting Review Board of the Institute of Chartered Accountants of India (ICAI-FRRB).

"Cases wherein the qualifications are significant and explanation given by company is unsatisfactory would be referred to the ICAI-FRRB.

"If ICAI-FRRB opines that the qualification is justified, SEBI may mandate a restatement of the accounts of the entity and require the entity to inform the same to the shareholders by making the announcement to stock exchanges," it said.

Further, the regulator said it has modified the minimum subscription requirements for infrastructure companies coming out with IPOs.

"The minimum subscription shall not be less than 90% of the offer, subject to allotment of minimum 25% or 10%, as the case may be, of the securities offered to the public," SEBI said.

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Vijaya Bank opens 171 ultra small branches in a single day

Chairman and managing director HS Upendra Kamath inaugurated 100 branches in FI villages of Mandya district in Karnataka

 

Bangalore: Vijaya Bank has announced opening of 171 ultra small branches in a single day under the Financial Inclusion (FI) villages initiative in different parts of the country, reports PTI.

Chairman and managing director HS Upendra Kamath inaugurated 100 such branches in FI villages of Mandya district in Karnataka.

Other 71 branches were opened on the same day by the Pune, Udupi, Chandigarh, Mangalore, Shimoga, Vijayawada, Bangalore, Bhopal, Chennai, Coimbatore, Delhi, Hassan, Hubli, Hyderabad, Kolkata and Kozhikode regions of the Bank.

With this Vijaya Bank has opened a total of 191 ultra small branches in the country.

The bank has also set up three financial literacy and credit counselling centres in the lead districts of the bank—Mandya, Dharwad and Haveri. Financial inclusion resource centres were also set up in these districts to spread financial literacy.

It has provided four mobile vans to the lead districts of Mandya, Dharwad and Haveri as well as to Udupi district in Karnataka for conducting financial literacy campaigns in the villages.

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