Insurance
Shriram Life Insurance launches 'money back term plan'

Shriram Life Insurance's Money Back Term plan offers to pay a lump sum payment in case of death of the life assured during the policy term while on survival, all basic premiums paid during the policy term would be returned

 
Chennai: Private insurer Shriram Life Insurance Company has launched a new 'money back term plan', a 'non-linked, non-participating' assurance life cover, reports PTI.
 
"The minimum annualised premium is kept as low as Rs3,000 in line with our philosophy of bringing financial products within the means of the customers," Shriram Life CEO Manoj Jain said in a release.
 
The New Money Back Term plan offers to pay a lump sum payment in case of death of the life assured during the policy term while on survival, all basic premiums paid during the policy term would be returned.
 

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SEBI disposes of enquiry proceedings against Adroit Financial

SEBI had alleged that Adroit Financial Services along with another broker had entered into a number of cross deals, structured deals and synchronised deals which resulted into "creation of false market" for Shamken Multifab shares

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of the matter against Adroit Financial Services after the entity made a payment of Rs10 lakh to settle charges related to fraudulent trade practices in shares of Shamken Multifab Ltd, reports PTI.
 
In an order dated 1st November, SEBI said that "this consent order disposes of the aforesaid enquiry proceedings initiated against Adroit Financial Services Ltd".
 
A probe by SEBI into the scrip of Shamken Multifab Ltd found an increase in price and volume of its shares during 23rd February to 20th July 2000.
 
SEBI noticed that Adroit Financial Services along with another broker were having major concentration in trading.
 
The regulator alleged that Adroit Financial Services along with another broker had entered into a number of cross deals, structured deals and synchronised deals which resulted into "creation of false market".
 
Pending proceedings, Adroit Financial Services under SEBI's consent order mechanism offered to make a payment of Rs10 lakh as settlement charges.
 
Thereafter, a High Powered Advisory Committee (HPAC) considered the consent terms and recommended the case for settlement on payment of the said amount. The same was approved by SEBI.
 
In a separate consent order, the regulator dismissed the matter against Keynote Corporate Services after the entity made a payment of Rs 5 lakh to settle charges for allegedly failing to abide by norms for merchant bankers in the public issue of Consortex Karl Doelitzsch (India) Ltd.
 
SEBI in its order dated October 31 said that " this consent order disposes of the proceedings initiated against Keynote Corporate Services Ltd...It is clarified that the settlement in this order shall extend only to the charges levelled against the applicant in the said SCNs (Show Cause Notices)".
 
The matter relates to an enquiry by SEBI in the public issue of Consortex Karl Doelitzsch (India) Ltd.
 
SEBI alleged that Keynote Corporate Services as a lead manager, failed to render high standards of service, by not verifying the records/contents of the certificate of the auditor independently and "thus failed to exercise due diligence, proper care and independent professional judgement in the public issue of Consortex Karl Doelitzsch (India) Ltd".
 

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SEBI declines to revoke ban on Grishma, its directors and CEO

Preliminary investigations by SEBI revealed that Grishma Securities had diverted substantial part of Tijaria Polypipes' IPO proceeds, 'through layered transactions', to certain entities who had allegedly provided an exit to the retail allottees and QIBs

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has declined to revoke a ban restraining Grishma Securities, its directors and chief executive (CEO) from the capital market with regard to alleged irregularities in Tijaria Polypipes' initial public offering (IPO), reports PTI.
 
In its order, SEBI declined to revoke the ban against the stock broker Grishma Securities and its directors -- Ketan C Shah, Chandrika H Gandhi, Chhabil C Shah -- and its CEO Mihir Ghelani.
 
"The submissions of Grishma, its directors and CEO do not give any plausible reasoning/explanation for their actions, at this stage," SEBI said.
 
According to the market regulator, no intervention is called for in either vacating the interim directions or modifying it, with respect to Grishma Securities, its directors and CEO.
 
In an interim order last year, SEBI had barred Grishma Securities from buying, selling or dealing in any securities, till further directions.
 
The IPO of Tijaria Polypipes was open from  27-29 September 2011.
 
SEBI had initiated a probe into the fall in price of Tijaria Polypipes' shares on the first day of its listing, 14 October 2011.
 
Preliminary investigations revealed that the company had diverted substantial part of the IPO proceeds, 'through layered transactions', to certain entities who had allegedly provided an exit to the retail allottees/Qualified Institutional Buyers (QIBs).
 
One of the entities Jivraj Zala had traded through Grishma Securities in the shares of Tijaria Polypipes on the listing day.
 
SEBI alleged that Grishma Securities had allowed Zala to take huge exposure in the shares of Tijaria Polypies at BSE and NSE, which was not "commensurate with his income". It was also prima facie observed that Grishma had manipulated the client ledger of Zala to give an impression that funds were available in his client account on the day of his trading.
 
SEBI in its order today said investigation in the matter has been completed and appropriate action would be initiated against Grishma, its directors and the CEO.
 

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