SEBI to Auction Properties of Asurre Agrowtech on 30th Aug
The Securities and Exchange Board of India (SEBI) will auction 18 properties of Asurre Agrowtech at a reserve price of nearly Rs21 crore in a bid to recover money of investors put in an illegal investment scheme of the company.
 
In a notice on Thursday, the securities market regulator invited bids from the intending bidders along with an amount equivalent of 10% of the reserve price as Earnest Money Deposit (EMD).
 
The online auction will take place on 30th August . The notice said that auction will commence at the highest price, not below reserve price offered by the intending bidder in the bid form and subsequent bidders can improve their bids in multiples of 'Bid Increase Amount'.
 
The properties put up for sale are land parcels in Tamil Nadu.
 
Last November, SEBI had asked investors of Asurre Agrowtech to submit their claims for refund of money invested by them in the companies' illegal investment schemes. The capital markets watchdog had asked investors to submit their refund applications by 29 February 2020.
 
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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    SEBI extends compliance timelines for depositories, brokers
    The Securities and Exchange Board of India (SEBI) on Wednesday extended the timelines of several regulatory compliance norms for brokers, depositories and share transfer agents till September 30 in view of the pandemic.
     
    Now depository participants can submit their yearly internal audit report (IAR) for half year ended March 31, 2020 by the end of September.
     
    SEBI has eased the compliance requirement with regard to processing of demat request forms by issuer or registrar of share transfer agents (RTA) and depository participants (DP).
     
    In general, processing of demat request forms by issuer or RTA needs to be done within 15 days, while the same for depository participants is within seven days. Now, with the latest decision, the period from March 23 till September 30 shall be excluded for computing the existing timelines for compliance.
     
    Further, among other relaxations and extensions, the timeline for systems audit on an annual basis for the financial year ended March 31 has also been extended till September 30.
     
    Sonam Chandwani, Managing Partner at KS Legal & Associates said: "With businesses taking a massive blow on account of the pandemic, adhering to regulatory filing and disclosure compliance norms in a timely manner poses a grave challenge."
     
    She was of the view that the timeline extensions are likely to accord much-needed relief to companies and their stakeholders.
     
    Further, the securities market regulator has also extended the timeline for submission of financial results for the quarter ended June, till September 15.
     
    As per the norms, the original deadline for submitting the financial results for the period ending June was August 14.
     
    Welcoming the relief for listed companies, Chandwani said: "The host of complications that the ongoing situation has roped in has made furnishing of financial results in the short period post the closure of this quarter a task arduous enough to be achieved by most listed entities despite the necessity under law."
     
    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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    SEBI Move on DMA Will Hit Stock Brokers
    In a move that may hit brokers, stock market regulator Sebi is considering a revamped direct market access (DMA) facility under which investors can trade directly on the exchanges without going through a stock broker.
     
    Under the new norms, whoever wants to trade directly need not enter into a separate 'broker-client agreement' and it would be replaced by a simpler 'terms and conditions' document.
     
    The broker, however, would have to specifically authorise clients or investment managers acting on behalf of the clients for providing DMA facility, after fulfilling Know Your Client (KYC) requirements and carrying out necessary due diligence.
     
    The broker would have to maintain proper records of such due diligence procedures, SEBI said in a circular.
     
    Currently, the DMA facility is available only for the institutional clients.
     
    Nithin Kamath, founder and CEO, Zerodha said in a tweet, "DMA has always been available for institutions, but through a broker. Can this be offered to retail without broker? Yeah, but retail investors use a broker for the platform (UI, UX, different order types, reporting, etc) on which they trade, DMA is not suitable."
     
    "The biggest task for a broker is handling customer queries, complaints, etc. The industry has tens of thousands of employees for this. Can exchanges take over this and also act as a regulator to regulate itself when it comes to customer grievances? Maybe not", Mr Kamath said.
     
    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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    COMMENTS

    suketu

    4 months ago

    Problem with brokers is their Z grade advise/jorjabardasti to buy "bhangar cap" shares.This step wl be big advantage to stop nonsense broker advise.

    maheep74sharma

    4 months ago

    Then it is going to help only HNI clients only not for ordinary investor like me.

    renukaviru

    4 months ago

    The possibility of a minimum qualifying quantity/amount should be the basis.

    REPLY

    m.prabhu.shankar

    In Reply to renukaviru 4 months ago

    In our country whatever services we provide to our citizens, we should make sure we provide to all and not based on their financial status. These kind of enablers help grow the country easily rather than always providing high quality services only to the rich and a few prefered customers.

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