Breaking: SEBI Bars NDTV Promoters from Holding Office or Accessing the Securities Market for two years
An order by the Securities & Exchange Board of India (SEBI) today could see major changes in the management structure of NDTV Ltd. The market regulator, acting on a complaint filed by Quantum Securities Pvt Ltd., in 2016-17 has acted against NDTV’s famous promoters  Prannoy Roy and Radhika Roy as well as their investment company RRPR Holding Pvt Ltd.,
 
The detailed order ends with the following directions:
i. RRPR Holdings Pvt. Ltd., Prannoy Roy and Radhika Roy are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly buying, selling or otherwise dealing in securities, directly  indirectly,  or  being  associated  with  the  securities  market  in  any  manner, whatsoever, for a period  of two years. It is also clarified that during the said period  of  restraint/prohibition,  the  existing  holding,  including  units  of  mutual shall remain frozen. Prannoy and Radhika Roy are also restrained from holding or occupying position as director or any key managerial personnel in NDTV for two years, or any other listed company for a period of one year.
 
The detailed order can be accessed here:
 
It is likely that NDTV’s promoters will contest the order. Moneylife has written about this case in 2013 when Sanjay Dutt of Quantam Securities first made the allegations against NDTV (Allegations of NDTV’s Many Shenanigans). In in 2015, we asked Who Really Owns NDTV? 
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COMMENTS

Aditya G

2 days ago

Why would they contest it? Consent order mechanism is there, no? It's the easiest way out. Just pay and wipe the slate clean.

RBI slaps Rs2 crore penalty on Kotak Mahindra Bank for not sharing promoter shareholding details
The Reserve Bank of India (RBI) on Friday imposed a penalty of Rs 2 crore on Kotak Mahindra Bank for not complying with the central bank's directions to furnish details of its promoter shareholding.
 
The bank was directed by RBI to furnish information about details of the shareholding held by its promoters and to submit details of the proposed course of action or strategy of the bank for complying with the permitted timeline for dilution of promoter shareholding.
 
"The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 20 million on Kotak Mahindra Bank Limited for noncompliance with the directions issued to the bank by RBI in exercise of its powers under sections 27(2) and 35A of the Banking Regulation Act, 1949 (the Act) to furnish information specified therein," said the RBI statement.
 
The bank was also directed to convey its commitment to achieve the dilution in promoter shareholding as per the timelines stipulated, but, the bank failed to comply with the said directions and a show cause notice was issued to the bank
 
"After considering the reply received from the bank, submissions made by the bank during personal hearing and the documents submitted by it, RBI came to the conclusion that the bank had failed to comply with the directions issued by RBI and decided to impose monetary penalty on the bank," it said.
 
The apex bank, however, noted that the action is based on the "deficiencies in regulatory compliance" and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank.
 
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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BSE and ICCL Implement SEBI's Interoperability Framework for Clearing
Asia's oldest exchange BSE and its subsidiary Indian Clearing Corp Ltd (ICCL) have gone live with the interoperability framework for clearing multiple trades. On Monday, ICCL received and cleared several trades from BSE and Metropolitan Stock Exchange of India Ltd (MSE).
 
Ashishkumar Chauhan, managing director and chief executive (MD & CEO) of BSE, said, "We thank SEBI for conceptualising the world class interoperability framework. It will reduce the requirement for funds as well as reduce risk on the overall system when all the stock exchanges and clearing corporations become interoperable making Indian stock market more robust."
 
Last year in November, market regulator SEBI had issued broad guidelines for operationalizing the interoperable framework among clearing corporations. 
 
Devika Shah, MD&CEO of ICCL feels that interoperability will bring down cost of clearing substantially for members with netting benefits, bring efficiency in margins, collateral, clearing and settlement, while bringing down the systemic risk.
 
To ensure that the transition to interoperability is seamless and non-disruptive, it was jointly decided by all stock exchanges and clearing corporations that members can choose a functional date for going live with Interoperability on any Monday from 3rd June till 1 July 2019.
 

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