Regulations
SEBI slaps Rs1 lakh fine on Bilcare CMD

SEBI said Bilcare CMD Bhandari bought 5.60 lakh shares or 17.6% stake, taking his stake to 22.43% in the company but failed to submit a mandatory report

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said it has imposed a penalty of Rs1 lakh on Bilcare's CMD Mohan H Bhandari for failing to submit a mandatory report regarding his acquisition of company's shares.
 
SEBI slapped a fine of Rs1 lakh on Bilcare Chairman and Managing Director (CMD) Bhandari and said the penalty is "commensurate with the default committed by the Noticee (Bhandari)".
 
The regulator said it had carried a probe into the shares of Bilcare during 1 January -11 December 2003.
 
The investigation had revealed that Bhandari had acquired 5.60 lakh shares representing 17.6% stake. As a result of the acquisition, the shareholding of Bhandari increased to 22.43% on 5 September 2003 from 5.37% on 1 April 2003.
 
As per the norms, an acquirer is required to submit a report about the share acquisition to SEBI within 21 days of the transaction. Thereafter, the person is entitled to exercise 15% or more of the voting rights in the company.
 
However, Bhandari failed to submit the report, SEBI said.
 
The regulator said it also observed that Bhandari was eligible for exemption under the regulations as it was an inter-se transfer amongst promoters. But, he did not claim exemption, requiring him to submit the report, it added.
 

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COMMENTS

Vaibhav Dhoka

4 years ago

SEBI is going to KILL the investor(SMALL) community with its actions which are anti INVESTOR.It has reduced investors entry into mutual fund and stock market with HARASSING regulations.They are Draconian in nature.When it comes to take action on INTERMEDIARIES it is the TIMIDEST authority.

Piyush I Shah

4 years ago

If Decession of 2003 is taken in 2012 by SEBI, just imagine How Fast SEBI actually working in the direction of Investor/Aam Aadmi Interest.

Where as on other hand they come out with various 'Fatvas' like New KYC norms & what Not for common people to be imposed with Immidiate effect.

Surprisingly No action for various company's Price Rigging/Manuplation & companies/Brokers Not following various Norms as per listing & other Aggrements.!

SEBI disposes of case against Alka Securities promoter entity

SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of Alka Securities

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of the case against Mahesh Kothari, one of the promoters of Alka Securities Ltd (ASL), related to his alleged failure in making requisite disclosures about the his shareholding in the company, reports PTI.

 

As per regulations, a person has to disclose to the company and the concerned stock exchange about the sale of more than 2% equity. It is also necessary to show that before such a sale, acquisition of more than 5% of the shares was made by the same entity.

 

The regulator had alleged that Kothari sold 15 lakh shares of ASL on 25 March 2009 aggregating to 3% stake in the company and did not make requisite disclosures within two days of such a sale as required under regulations.

 

However, SEBI said it noted that Kothari had purchased 100 shares of ASL in November 1998 but this did not amount to 5% and that no other details of any acquisition by Kothari is available on records.

 

In its order, SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of ASL, and concluded the "alleged violations as per the Show Cause Notice (SCN) do not stand established against the Noticee (Kothari)".

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SEBI comes out with Rajiv Gandhi Equity Savings Scheme norms

SEBI said as per the notification, eligible securities brought into the demat account under thr RGESS would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has announced the framework for Rajiv Gandhi Equity Savings Scheme (RGESS), an Indian government initiative aimed at attracting small investors into the capital market, reports PTI.

 

"The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market," SEBI said in a circular.

 

Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs50,000 in the stock market and whose gross total annual income is less than or equal to Rs10 lakh.

 

The scheme was notified by the Department of Revenue, Finance Ministry on 23rd November this year.

 

For transactions undertaken by investors through their Rajiv Gandhi Equity Savings Scheme (RGESS) designated demat account, depositories may seek necessary transactional details from stock exchanges for enforcing lock-in (period), among others.

 

"On receipt of such request from depositories, stock exchanges shall provide the details to depositories on an immediate basis. It shall also be ensured that a uniform file structure is used by stock exchanges and depositories for such intimation of transaction details," the circular said.

 

SEBI said as per the notification, eligible securities brought into the demat account would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise.

 

In case there is any specification, the new retail investors shall submit a declaration indicating that such securities are not to be included within the above limit of investment.

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