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.


Real estate sector showing optimism in urban India
A sudden decline in home loan rates as a result of base rate cut by the RBI has boosted the sentiment in the Indian real estate sector, says Liases Foras in a research note
The performance of the Indian real estate sector during the second quarter as been encouraging and reflects an air of optimism. While price levels kept users’ curiosity intact, lower interest rates lead to increased number of inquiries. “Even as the performance of Q2 FY 2015-16 showed decline on a quarterly basis, the overall buoyancy in the market is palpable. The developments at the macro level seem promising and it is likely that the year will end on a positive note for the residential realty sector,” says Liases Foras in a research note.
According to the firm, during the second quarter, sales across eight major cities in India improved by 17% to 67.9 million sq ft from 57.8 million sq ft in Q2 2014-15. 
Decline in commodity prices has favoured the developers by bringing down their cost of construction. This arrested unwarranted rise in price levels and kept the end user’s interest intact, points out Liases Foras. In second quarter of FY15-16, the weighted average price of all the major cities in India stood at Rs6,491 per sq ft, with the rise of a meagre 1% both annually and quarterly.
 The movement in prices in select cities is given in the table below:
According to Liases Foras, a sudden decline in home loan rates as a result of base rate cut by the Reserve Bank of India (RBI) came as a pleasant surprise and boosted overall sentiment in the Indian real estate sector. Following the rate cut, some of the leading banks and housing finance companies reduced interest rates on home loans by nearly 25 basis points.
The sales performance in the major cities in the real estate sector is given in the table below:
All eight cities cumulatively clocked highest sales in the cost range of Rs50 lakh-Rs1 crore, with the sales of 22.4 million sq ft (33%), followed by cost range of Rs25 lakh-Rs50 lakh.
Increased number of inquiries at the onset of the biggest festive season in the country is accentuating the performance of the sector. Attractive offers, discounts and freebies have definitely led to an increase in inquiries, which is instrumental in improving the conversion rates. However, when viewed from a quarterly basis, the performance has been tepid with Ahmedabad, Kolkata, MMR and Pune on the downside. Hyderabad and Pune witnessed a rise in more than 12% sequential rise in unsold stock, the research note says.




5 months ago

This is long overdue. I was debited with renewal fee on a cancelled Standard Chartered Gold Card when I had shifted to Nairobi from Bangalore. Interest was added on it. The debt collector came and badgered my father who, without consulting me, settled. On my return, the Bank began t badger me again. I took the documents and threatened to take them to court. They gave me a letter confirming that I owed them nothing. Years later, I was refused a Credit Card by HSBC with whom I had banked for decades. Luckily, as a former banker, I used my contacts to get a copy of my credit report. I took it to Standard Chartered and told them that if they do not issue a letter to HSBC forthwith, I shall take them to court. They delivered. But think of the stress and trauma for my father who was in his eighties at the time, and the humiliation for me. What happens to somebody without the contacts to get a copy of the credit report to threaten the puisine Bank that behaves like a an Indian High Court that will set aside the Indian Penal Code to favour the sum of the Earth?

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