Capital markets regulator Sebi has slapped a fine of Rs 50 lakh on promoter and former MD of Eros International Media Sunil Arjan Lulla in a case related to the violation of regulatory norms.
In June 2023, Sebi passed an interim order, wherein the regulator prohibited five entities, including Eros International and its Managing Director (MD) Sunil Lulla from securities markets in a case on the possible diversion of funds based on prima facie findings.
The regulator also barred Sunil Lulla from holding the position of a director or a key managerial personnel in any listed company, including Eros or its subsidiaries or any Sebi-registered intermediary until further orders.
Thereafter, Sunil Lulla appealed before the Securities Appellate Tribunal (SAT) against Sebi’s interim order. However, the tribunal upheld the order of the regulator in August 2023.
In October 2023, the regulator confirmed the ban against them.
The markets watchdog observed that Sunil Lulla had failed to comply wi
Posts in category Business Standard
Sebi slaps Rs 50 lakh fine on Lulla for violating mkt norms in Eros matter (03-11-2024)
36% companies in Nifty 50 miss estimates in Sep quarter, shows data (03-11-2024)
Profits remain flat; modest earnings growth is driven by BFSI cos, says Motilal report
Gold expected to give 15-18% returns in Samvat 2081, say analysts (03-11-2024)
Gold is expected to deliver a stellar 15-18 per cent return in Samvat 2081, driven by positive economic factors and safe-haven demand, analysts said.
Samvat 2081 marks an important period for Indian investors as it signals the start of a new financial year in the Hindu calendar, coinciding with the auspicious festival of Diwali.
Gold and silver have delivered a robust performance in Samvat 2080, and the outlook remains positive for Samvat 2081, though investors may see moderate gains amid possible shifts in global market factors, they added.
“The outlook for gold in Samvat 2081 remains positive. We expect a base performance of 10 per cent with potential for 15-18 per cent gains if the import duty cut continues to drive buying momentum.
“However, any hike in import duties could push gold’s performance beyond 15 per cent. A stable interest rate environment could also support a gradual upward trend,” Jateen Trivedi, Vice President of Research for Commodities and Currency at LKP …
US polls, Fed rate, FIIs trading key market movers this week: Analysts (03-11-2024)
The November 5 US presidential elections, Federal Reserve interest rate decision, trading activity of foreign investors, and the upcoming quarterly earnings from domestic firms are the major triggers that would influence sentiments in the equity market this week, analysts said.
In an eventful week ahead, a host of macroeconomic data announcements and global trends would also drive the markets, experts said.
“The upcoming week is poised to be eventful on the global front. The US presidential election on November 5 is a key focus, and the US FOMC (Federal Open Market Committee) meeting will be crucial. Geopolitical tensions and oil price movements will remain key variables as well,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Domestically, the final phase of Q2 earnings will be critical, while foreign institutional investor (FII) behaviour will remain under close watch, Meena added.
“The outlook for the market will be guided by the US presidential election and majo
Sebi proposes Rs 1 cr minimum investment, demat form for securitisation (03-11-2024)
Markets regulator Sebi has proposed a minimum ticket size or investment threshold of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities.
The proposal also introduced limitations on the number of investors in private placements, allowing securitized debt instruments (SDIs) issued privately to be offered to a maximum of 200 investors. If this limit is exceeded, the issuance must be classified as a public issue.
Public offers should remain open for a minimum of three days and a maximum of 10 days, with advertisement requirements aligned with Sebi’s regulations for non-convertible securities.
Additionally, the regulator has suggested that all securitized debt instruments should be issued and transferred exclusively in demat form.
SDIs are financial products created by pooling together various types of debt — such as loans, mortgages, or receivables — and then selling them as securities to investors. This process, known as …
FPIs withdraw record Rs 94,000 cr from Indian equities in October (03-11-2024)
Foreign investors pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.
Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020.
The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024.
Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed.
Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in Indian equities, Himanshu Srivastava, Associate Director,
Mcap of 6 of top 10 most valued firms up Rs 1 trn; State Bank, ICICI on top (03-11-2024)
The combined market valuation of 6 of the top-10 most-valued firms surged Rs 1,07,366.05 crore last week, with State Bank of India and ICICI Bank becoming the biggest gainers.
Leading stock exchanges BSE and NSE conducted a one-hour special ‘Muhurat Trading’ session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.
Last week, the BSE benchmark climbed 321.83 points, or 0.40 per cent.
While Reliance Industries, ICICI Bank, State Bank of India, ITC, Hindustan Unilever, and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion from their market valuation.
The valuation of State Bank of India jumped Rs 36,100.09 crore to Rs 7,32,755.93 crore.
ICICI Bank added Rs 25,775.58 crore to Rs 9,10,686.85 crore in its market valuation.
LIC’s valuation surged Rs 16,887.74 crore to Rs 5,88,509.41 crore and that of Reliance Industries soared Rs 15,393.45 crore to Rs 18,12,12
Gold trades at Rs 80,400; silver remains steady at Rs 97,000 post Diwali (03-11-2024)
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai and Hyderabad at Rs 80,400
UPL, promoter Jaidev Shroff pay Rs 20.2 cr to settle case with Sebi (02-11-2024)
Agrochemical company UPL (formerly United Phosphorus Ltd) and its promoter and Chairperson Jaidev Rajnikant Shroff have settled a case related to an alleged violation of regulatory norms with capital markets regulator Sebi after paying Rs 20.2 crore towards settlement charges.
The settlement order came after the applicants — UPL and Jaidev Rajnikant Shroff — proposed to settle the instant proceeding through a settlement order “without admitting or denying the findings of fact and conclusions of law”.
“In terms of the settlement regulations, it is hereby ordered that the instant proceeding initiated against the applicants, vide show cause notice dated February 28, 2024, is disposed of,” Sebi’s Chief General Manager Anitha Anoop said in the order on October 30.
Pursuant to receipt of an emailed query from a media outlet, Sebi undertook a suo-moto investigation in the affairs of certain companies, including UPL (Applicant No. 1) and its promoters to ascertain whether there was any ..
CARE Ratings reaffirms Utkarsh SFB’s LT rating at ‘A+’ with ‘stable’ outlook (02-11-2024)
Utkarsh Small Finance Bank said that CARE Ratings has reaffirmed the bank’s long-term rating at ‘CARE A+’ with ‘stable’ outlook.