Regulations
SEBI passes Order providing exit to Pune Stock Exchange
Pune Stock Exchange is the thirteenth Stock Exchange to exit under this SEBI policy, says a release from SEBI
 
SEBI (Securities and Exchange Board of India) has passed an Order on 13 April 2015 providing the exit to Pune Stock Exchange Limited (PSE). PSE is the thirteenth Stock Exchange to exit under this SEBI policy, according to a release from SEBI. 
 
It may be recalled that SEBI vide Circular dated 30 May 2012 had issued the Guidelines for the exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges including treatment of assets of de-recognised/non-operational exchanges and a facility of Dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of Investors.
 
The recognition of PSE was last renewed by SEBI for a period of one year commencing on 2 September 2013 and ending on 1 September 2014.  The renewal was, however, subject to the condition  that the  Exchange  can  commence  trading  only  after  complying  with  all  the regulatory  requirements imposed by SEBI and shall comply with such other conditions prescribed by SEBI.
 
PSE  vide  its  letters  dated  21 January 2014  and  23 January 2014  submitted  that  the Governing Board in its meeting held on 13 December 2013 has endorsed the decision of the shareholders of PSE in their Annual General Meeting dated 28 September 2013 to make application for voluntary surrender of recognition and exit of PSE as a stock exchange as per SEBI circular dated 30 May 2012. 
 
SEBI in consultation with PSE on 13 March 2014 appointed M/s. D V Sathe & Co.as the Valuation Agency for verification and valuation of assets and liabilities of PSE.  The Valuation Agency submitted its final report to SEBI on 23 May 2014.
 
From the valuation  report  and  undertakings  of  PSE,  SEBI  observed  that  all  the  known liabilities have been brought out and that there is no other future liability that is known as on date.  SEBI  noted  that   PSE   has  substantially  complied  with  the  conditions  contained  in Exit Circular, 2012 subject to its undertakings. The SEBI Order hence stated, “I, therefore, am of the view that it is a fit case to allow exit to PSE in terms of clause 8 of the Exit Circular, 2012.”
 
SEBI  had  conducted  an investigation  into  the  allegations  levelled  by  Pune  Stock  Exchange Brokers  Forum  in  respect  of  matter  pertaining  to  certain  shareholders  of  PSE.  The documents pertaining to Expression of Interest (EOI) and supporting documents related to demutualisation of PSE were directed to be sealed and kept under custody of the exchange by the inspection authority during the inspection conducted in December 2011. Regulatory action  for
the  alleged  violations/ non-compliances  by  the  concerned  entities  has  been initiated.
 
However, the exit process of the stock exchange is delinked from such regulatory actions. In view of the same, PSE submitted an undertaking dated 16 March 2015, that "the exchange  shall  keep  these  documents  in  proper  form  in  all  conditions  except  condition  beyond  control  & condition arising due to natural calamities and the same shall be made available to SEBI for any future reference or regulatory proceedings, if any".
 
Hence, the SEBI Order stated, “…allow the exit of Pune Stock Exchange Limited as a stock exchange and direct it to:-
(a)  comply with its tax obligations under Income Tax Act, 1961; 
(b)  comply with the undertakings given by it to SEBI; 
(c)  comply with other consequential conditions of Exit Circular, 2012; and 
(d)  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.
 
The SEBI The order shall come into force with immediate effect.
 
In conclusion,  the SEBI Order added, “A copy of this order shall also be forwarded to the Income Tax Authorities, the Ministry of Corporate Affairs and the State Government  of  Maharashtra intimating  the  exit of  Pune  Stock  Exchange  Limited  and for appropriate action at their end as per applicable laws.”
 

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SEBI restrains ERIL Mutual Benefit from going to the public for funds of any kind
ERIL Mutual Benefit India Limited and its promoters/directors, including Biplab Kumar Dey,  Juthika Ghosh and Chandan Sinha Roy, are restrained from mobilizing funds through the issue of equity shares or through any other form of securities, to the public, according to a SEBI Order 
 
SEBI has passed an Ex Parte-Ad-Interim Order on 27 March 2015 on ERIL Mutual Benefit India Limited and its promoters/ directors restraining them from going to the public for funds of any kind.
 
ERIL Mutual Benefit India Limited and its promoters/directors, including Biplab Kumar Dey,  Juthika Ghosh and Chandan Sinha Roy, are restrained from mobilizing funds through the issue of equity shares or through any other form of securities, to the public, according to a SEBI Order
 
SEBI received a reference dated 12 November 2014 from Universal Human Rights Association, which had forwarded an undated complaint from an investor, Bhola Nath Das. The complainant stated that he had invested Rs3,06,000/- in the 'MIS/RD'  of the company Everlight Realcon Infrastructure Limited and requested the assistance of the Association in getting back his invested money. The complainant had enclosed copies of two Deposit Certificates issued by ERIL Mutual Benefit India Limited (ERIL). As per the first Deposit Certificate, it is recorded by the company that the complainant had deposited Rs3,12,000/- (on 16 September 2013) and the maturity amount would be Rs4,82,991/- due on 16 September 2018. The second certificate records that the complainant had deposited Rs1,49,500/- and maturity amount would be Rs2,31,433/- due on 16 September 2018. In view of the above reference and the complaint, SEBI initiated an examination into the affairs of the company related to mobilisation of public funds through issue of securities or schemes and whether the same were in conformity with the applicable securities laws.
 
Based on the investigation, the SEBI Order has noted, “On a consideration of the aforementioned observations, I am of the view that the Company is prima facie engaged in fund mobilising activity from the public, through the offer and issuance of equity shares and has contravened the provisions of sections 56, 60 and 73 of the Companies Act, 1956 read with section 67(3) and the provisions of the ICDR Regulations.”
 
Based on the particulars given in the MCA portal, the SEBI Order made the observation, “I also note that the company was incorporated on 5 April 2013. Within a short span of two months (i.e.,30 June 2013, when it had issued equity shares to more than 50 persons), the company has, allegedly in contravention of the provisions of law, mobilised public funds through offer and issue of equity shares. It is also noted from the MCA portal that the Company had not filed its Annual Accounts.”
 
Hence, the restraining order from SEBI and also a directive not to dispose off any assets held or created with the money collected from the public.
 
The SEBI Order added, “The above directions shall come into force with immediate effect and shall continue to be in force till further directions.”
 
The SEBI Order also asked the promoters to show cause as to why the money collected from the public should not be refunded to them.
 
In conclusion, the SEBI Order stated, “This Order is without prejudice to the right of SEBI to take any other action including prosecution proceedings under section 24 of the SEBI Act and section 621 of the Companies Act, 1956 read with the relevant provisions of the Companies Act, 2013 and adjudication proceedings under the SEBI Act, against ERIL Mutual Benefit India Limited and its promoters/directors including Biplab Kumar Dey, Juthika Ghosh and Chandan Sinha Roy, in accordance with law.”

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Police probe 'contract' to kill RBI governor
Security was tightened for RBI Governor Raghuram Rajan following a death threat purportedly from the Islamic State (IS) terror group, an official said on Thursday.
 
The threat, received via an e-mail on Rajan's official ID, came around three weeks ago after which the Reserve Bank of India (RBI) informed the Mumbai Police crime branch.
 
Rajan is out of India, but police are taking no chance and security was tightened at the iconic RBI headquarters here.
 
Efforts are on by the Cyber Cell to track down the e-mail's origin and its credibility.
 
The sender claimed that he had been given a contract to eliminate Rajan, but was open to negotiations on the issue. This has both perplexed police officers and also made them wonder about the genuineness of the threat.

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COMMENTS

vishal

2 years ago

whether genuine or not the Police should know there are plentiful of contract killers all over the country and efforts should be made to know who has sent this email. With difficulty the country is moving towards progress and eyes are watching us with envy.

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