SEBI found that Rotomac Global acquired 40 lakh shares representing 24% stake in FDIL from four entities in October 2009, but failed to make a public announcement
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs5 lakh on Rotomac Global for allegedly failing to make a public announcement regarding its stake buy in Flawless Diamonds India (FDIL), reports PTI.
SEBI had found that Rotomac Global had acquired 40 lakh shares representing 24% stake in FDIL from four entities on 30 and 31 October 2009, but failed to make a public announcement.
“...it is established beyond doubt that the noticee (Rotomac Global) acquired 40 lakh shares i.e. 24% shareholding/voting rights of the FDIL, from aforesaid four entities on 30 and 31 October 2009 and did not make the public announcement...” SEBI said in its order.
As per SEBI norms, no entity can acquire shares which entitle it to exercise 15% or more of the voting rights in a company, unless it makes a public announcement to the company within four working days of the transaction.
Rotomac Global had acquired the shares from Abhishek Jain, Jalak Jain, Manmohan Gems and Sethia Gems.
SEBI also found that the shares so acquired by Rotomac Global were transferred back to these four entities between December 2009 and March 2010.
The entity had informed the regulator that the purchase was made through a pledge agreement with the transferors and it did not acquire voting rights as the said shares were under pledge to it.
It said the shares were pledged for the purpose of providing margin towards its trading in option and futures market and, therefore, it is not liable to make any public announcement.
However, SEBI observed: “The pledgee cannot further transfer/sale the shares unless the pledge is invoked...in the present case, the mandatory procedure for pledge was not followed and apparently by virtue of being not a valid pledge, the shares were further transferred by the noticee to the same entities as is evident from the Demat statements.”
The regulator has also directed Bajaj Allianz to put in place a system so that all claims, papers and documents are properly docketed
New Delhi: Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, the Insurance Regulatory and Development Authority (IRDA) has asked it to “scrupulously adhere” to the norms, reports PTI.
“The competent authority has taken serious note of your company’s violation of regulations... of IRDA (PPI) Regulations, 2002, in the matter,” it said in response to complaint filed by an individual with regard to delay in settlement of motor insurance claim.
IRDA, however, did not impose any monetary penalty.
“While no further charges are pressed for the moment, you are specifically advised to scrupulously adhere to IRDA PPI Regulations, 2002, in all matters regarding claims servicing,” it said in a communication to Tapan Kumar Singhel, CEO, Bajaj Allianz General Insurance Company.
The regulator has also directed Bajaj Allianz to put in place a system so that all claims/papers/documents are properly docketed.
IRDA guidelines require that general insurance claims should be settled in 30 days of the filing of claims by the insured person.
ICICI Pru Shubh Retirement would enable consumers to build a corpus during their working years and receive assured regular pension post retirement
Mumbai: ICICI Prudential Life Insurance has launched a new unit-linked pension product ICICI Pru Shubh Retirement, reports PTI.
The product aims at protecting the customer’s capital while capturing potential superior returns offered by equity as an asset class with funds being invested in a combination of debt and equity, the company said in a statement.
The product would enable consumers to build a corpus during their working years and receive assured regular pension post retirement, company's executive director Puneet Nanda said.
This pension product can be purchased by customers in the age bracket ranging from 35 to 70 years and customers can choose a premium paying term of five or 10 years.