SEBI impounds financial assets of 8 entities including Blue Chip Corp

SEBI also directed banks and depositories not to make any debits in the bank accounts, demat accounts, held jointly or severally, by Blue Chip Corp except after confirmation from the concerned stock exchange


Market regulator Securities and Exchange Board of India (SEBI) impounded the financial assets of Blue Chip Corporation, Nitin Rajaram Narke, Pravin B Darawade, Bhavana Chadha, Milestone Investment, Nitin Narke Investment, Blue Cheap Investment and Blue Chip Investment and directed them not to dispose off or alienate any of their assets.
According to the SEBI Order, banks and depositories are directed that no debits shall be made in their bank accounts/demat accounts, held jointly or severally, by these eight entities except after confirmation from the concerned stock exchange.
The SEBI order adds, the eight entities are directed to provide a full inventory of all their assets whether movable or immovable, or any interest or investment or charge in any of such assets, including details of their all their bank and demat accounts immediately but not later than 7 working days from the date of receipt of these directions.
The eight entities are restrained from accessing the securities market, according to the SEBI Order. They are also directed not to mobilise funds from investors in any manner. They are also directed to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. and any unregistered activity in the securities market.
SEBI had investigated the entities for their unregistered activity with respect to investors in the stock market.


SEBI permits Vadodara Stock Exchange to exit

SEBI has asked Vadodara Stock Exchange to change its name and not to use the expression "stock exchange" or any variant of this expression in its name and to avoid any representation of present or past affiliation with the stock exchange


Markets regulator Securities and Exchange Board of India (SEBI) has allowed Vadodara Stock Exchange to exit the stock bourse business. VSEL is the seventeenth Stock Exchange to exit under this policy.


VSEL had complied with the regulator's conditions for exit and is therefore "a fit case to allow exit" from capital markets, and the Exchange had made payment of necessary dues to the regulator, including 10% of the listing fee and the annual regulatory fee, SEBI said in an order.

It said, "From the valuation report and undertaking of the (VSEL), it is observed that all the known liabilities have been brought out and that there is no other future liability that is known as on date".


Allowing the exit to the VSEL, SEBI has asked the bourse to change its name and not to use the expression "stock exchange" or any variant of this expression in its name and to avoid any representation of present or past affiliation with the stock exchange, in all media, among others.

The decision by Sebi comes after VSEL had made a request to the markets regulator to exit as bourse.


SEBI with its circular dated 30 May 2012 had issued the guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges and the treatment of assets of de-recognised/non-operational exchanges. It also provided a facility of Dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of investors.


Bourses that made the exit from the capital market so far include Uttar Pradesh Stock Exchange, Madhya Pradesh Stock Exchange, Madras Stock Exchange, Cochin Stock Exchange, Ludhiana Stock Exchange, Bhubaneswar Stock Exchange, Hyderabad Securities and Enterprise, Coimbatore Stock Exchange and Bangalore Stock Exchange, among others.


Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Gujarat are being intimated about the exit of VSEL, for appropriate action at their end, added the SEBI press release.


One dead as mob caned to avert clash over Tipu
A VHP member fell to death on Tuesday, as police caned and fired tear gas on a mob to avert a clash over the celebration of 18th century Mysuru ruler Tipu Sultan's 265th birth anniversary here, police said.
"The victim (D.S. Kuttappa, 60) succumbed to injuries he sustained after accidentally falling from a retaining wall to the ground 15-20 feet below after he ran away from a trouble spot where a huge mob was caned to disperse to avoid a clash on the Tipu event," Kodagu district superintendent of police Vartika Katiyar told IANS.
Nestled in the southern Western Ghats region, the hilly town of Madikeri is about 270 km from Bengaluru in southwest Karnataka.
Denying initial reports that Kuttappa died in a clash or stone-throwing between protestors and supporters, Katiyar said as almost everybody ran helter-skelter to avoid being caned, the victim too fled from the trouble spot and ran towards a compound wall of a hospital and jumped off without noticing it was on a hilltop.
"He (Kuttappa) did not die in stone pelting or clash as we dispersed the mob to avoid such an incident and prevent the situation going out of control," Katiyar clarified.
Though the victim was rushed to the state-run hospital, he succumbed to head injuries that he sustained in the fall.
"The situation has been brought under control as we have imposed a ban on assembly of more than five people in the town under section 144 of the CrPC," Katiyar added.
Condoling Kuttappa's death, Karnataka Chief Minister Siddaraimaiah told reporters in Bengaluru that there was a deliberate attempt to prevent the state government and the people from celebrating Tipu's birthday (jayanthi).
"Protests against jayanthi is intolerance. The Bihar assembly election results showed there is no place for intolerance in the country," Siddaramaiah said.
Meanwhile, the Bharatiya Janata Party sought a probe into the death of Kuttappa, even as the party boycotted Tipu jayanthi celebrations across the state.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.


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