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Shri Injeti Srinivas appointed as Part Time Member of the Securities and Exchange Board of India (SEBI).

Dated 15th December, 2017 | Copy of | Finance Notification Sl.137 In exercise of powers conferred by Sub-Section 3 read with Clause (b), Sub-section (1) of Section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby appoints Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs as Part Time Member of the Securities and Exchange Board of India (SEBI) vice Shri Tapan Ray, former Secretary, Ministry of Corporate Affairs with immediate effect and until further orders. Sd/(Praveen Garg) Jt. Secy. S.O.3720(E) F.No.2/23/2006-RE Issued by: Ministry of Finance (Department of Economic Affairs) (Financial Markets Division) New Delhi   Foot Note:- The Principal notification was published vide S.O.195(E) dated 9.3.1992 and amended vide notifications S.O.761(E) dated 7.10.1993, S.O.719(E) dated 17.10.1996, ...

RBI hikes FPI investment limits in Government Securities

The Dollar Business Bureau The Reserve Bank of India (RBI) on Tuesday increased the investment limits for foreign portfolio investors (FPIs) in central government securities (G-Secs) by Rs.64 billion and in State Development Loans (SDLs) by Rs.58 billion. “The limits for investment by FPIs for the quarter January–March 2018 is increased by Rs.64 billion in Central Government Securities (Central G-Secs) and Rs.58 billion in State Development Loans (SDLs),” RBI said in an announcement (A.P. DIR Series Circular No. 14). “The revised limits are allocated as per the modified framework prescribed in the RBI/2017-18/12 A.P. (Dir Series) Circular No.1 dated July 3, 2017,” it added. The total limit of G-Secs will be Rs.2564 billion, of which Rs.1913 billion for general category FPIs and Rs.651 billion ...

SEBI puts restriction on use of P-Note derivatives

The Dollar Business Bureau Market regulator Securities and Exchange Board of India (SEBI) has banned foreign portfolio investors (FPIs) from issuing the offshore derivative instruments (ODIs) or participatory notes (P-Notes) where underlying is a derivative. Now, the P-Notes or ODIs can only be issued for the hedging purposes, with respect to the held equity shares. In addition, the market regulator has said that the prevailing positions on unhedged P-Notes for derivatives have to be liquidated by December 31, 2020. “The ODI issuing FPIs shall not be allowed to issue ODIs with derivative as underlying, with the exception of those derivative positions that are taken by the ODI-issuing FPI for hedging the equity shares held by it, on a one-to-one basis,” stated a circular issued by ...

CPSE IPOs within five-and-half months of government nod

The Dollar Business Bureau Setting strict timelines for the listing of profitable public sector undertakings (PSUs) on stock exchanges, the government has mandated the launching of IPO (initial public offer) within a period of five-and-half months after the approval from the concerned ministry. Within 2 weeks of the announcement in the Budget for listing of all profitable central public sector enterprises (CPSEs), the Department of Investment and Public Asset Management (DIPAM) has handed out guidelines specifying the procedure and mechanism for listing of CPSEs in a time-bound manner on stock exchanges. All CPSEs with a positive net-worth, having earned net profits back-to-back in previous three years and with no accumulated losses will be eligible for listing via divestment of 25% equity of the government, ...

UB board asks Vijay Mallya to step down after SEBI order

The Dollar Business Bureau After the release of a SEBI order that bars Vijay Mallya from holding the position of directorship in any listed enterprise, he was asked to resign from non-executive chairmanship of United Breweries (UB) by the board of directors. The board unanimously asked the controversial business magnate to step down on February 8, 2017. The board's request was conveyed to Vijay Mallya via email, stating that in the absence of a stay or vacation of the SEBI order, he would have to step down with immediate effect. Also, until a stay of the order is obtained by Mallya, the board has decided not to share with him any privileged information such as the agenda of board meetings. On counts of misappropriation of funds, violation of listing agreement and fraud, six other former United Spirits ...

Tata Global Beverages to sell stake in Zhejiang Tata Tea

The Dollar Business Bureau  Tata Global Beverages Ltd (TGBL) has decided to exit from its Chinese joint-venture Zhejiang Tata Tea Extraction Company Ltd. (ZTTECL). The TGBL board approved the disinvestment decision on Monday, after it held a meeting and "deliberated and accorded an in principal approval" to divest its stake in the JV ZTTECL "at an estimated enterprise value of Rs 33 crore", TGBL said in a statement. This also means that TGBL is finally exiting its China operations. Last August, ex-Tata Chairman Cyrus Mistry had indicated that it will soon be exiting the JV. "We are looking at restructuring the business there. In what way this will be done, that has to be looked into," Mistry said. “The sale is subject to necessary approvals. ...

RBI eases rules for FPIs to transact in securities directly

The Dollar Business Bureau Reserve Bank of India (RBI) has eased rules for foreign portfolio investors (FPIs) for transacting in securities except shares by permitting them to directly trade in such instruments.“With a view to providing flexibility in regard to the manner in which non-convertible debentures/bonds issued by Indian companies can be acquired by FPIs, it has now been decided to allow them to transact in such instruments either directly or in any manner as per the prevalent/approved market practice,” a notification by the RBI reads.SEBI (Securities and Exchange Board of India) registered Foreign Institutional Investors (FIIs), registered FPIs, Qualified Foreign Investors (QFIs) and long-term investors are permitted to buy securities on the basis of repatriation and in accordance with terms and conditions ...

Private deals of PE funds, promoters come under the scanner

The Dollar Business Bureau As a measure against the secret profit sharing agreements signed between private equity funds and promoters of listed firms, SEBI has made it mandatory for the parties involved to take prior approval of the board and public shareholders before getting into any such pact. This was announced during the meeting of the board which underlined the need for such disclosure as it has been found that private equity funds enter into compensation agreements with promoters, directors and key managerial personnel of listed investee companies, based on the performance of such companies. The new guidelines will apply to employees, including key managerial personnel and directors of listed companies, for themselves and on behalf of any other person.  It was also brought to ...