Investor Issues
SEBI restrains Pawan Bansal from associating himself with an intermediary for stocks
Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations, according to a SEBI Order
 
Pawan Bansal, managing director and key management person of Altius Finserv, is restrained from associating himself  with any intermediary (or holding any controlling shareholding in any intermediary) till he is freed by the Competent Court, of the charges alleged in the FIR (FIR no. RC-AC1-2014-A0005) registered against him, by the CBI (Central Bureau of Investigation) on 1 August 2014, according to a SEBI Order. SEBI (Securities and Exchange Board of India) is the market regulator.
 
SEBI shall not consider any application of Altius Finserv Private Limited, for a Certificate of Registration to act as an intermediary in any capacity, until he is freed by the Competent Court, according to the SEBI Order.
 
The SEBI Order observed that Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations.  Altius Finserv Private Limited has failed to comply with the provisions of Clause 28 of the Code of Conduct contained in Schedule III read with Regulation 13 of the Merchant Bankers Regulations.

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SEBI directs Roofers Infra-Projects not to mobilise funds from investors
The company was engaged in fund mobilising activity through the issue of Non-Convertible Redeemable Debentures to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, according to a SEBI Order
 
In an interim order-cum-show cause notice, market regulator SEBI (Securities and Exchange Board of India) directed Roofers Infra-Projects not mobilise funds from investors. Further, the company, its promoters/ directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, till further orders.
 
The company and its promoters/ directors have further been directed not to dispose of any of the properties or alienate or encumber any of the assets of the Company without prior permission from SEBI. They are not to divert any funds raised from the public, which are kept in bank accounts and in the custody of the company, according to the SEBI Order.
 
The Debenture Trustees, viz. Roofers Debenture Trust (represented by its Trustees, viz. Kanai Lal Bhattacharya and Biman Kumar Tat) and Diamond Debenture Trust (represented by its Trustee, viz. Biman Kumar Tat) are prohibited from continuing with the present assignment as debenture trustees in respect of the Offer of Non-Convertible Secured Redeemable Debentures of the company and also from taking up any new assignment or involvement in any new issue of debentures, according to the SEBI Order.
 
All directors, promoters and the company itself are prohibited from accessing the securities market, the SEBI Order ruled.
 
The company was engaged in fund mobilising activity through the issue of Non-Convertible Redeemable Debentures to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, the SEBI Order pointed out.

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Authorised banks to stay open until 8 p.m. on Thursday
New Delhi : All designated branches of 'agency banks' will remain open till 8 p.m. on Thursday to help people pay their taxes on the last day of the financial year 2015-16, the Reserve Bank of India said.
 
'Agency banks' are banks authorised to carry out government transactions, such as collection of taxes.
 
The 'agency banks' will keep the counters of their designated branches conducting government business open till 8 p.m. on Thursday. All electronic transactions will continue till midnight. 
 
Real Time Gross Settlement and National Electronic Funds Transfer will also remain operational for extended hours.
 
State-owned IDBI Bank too will remain open for extra hours despite a section of its employees being on strike. 
 
Thursday is the last day of the strike called by two of IDBI Bank trade unions in protest the reported moves by the central government to bring down its equity in the bank to less than 50 percent.
 
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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