Capital markets regulator Sebi on Wednesday debarred two individuals from the securities markets for one year and slapped a fine of Rs 2 lakh on them for carrying out unregistered investment advisory activities.
The regulator also directed the noticees (P Krishnakumar and Jagadeesan S) to refund all the money, within three months, collected from any investors/complainants, as fees in respect of their unregistered investment advisory activities.
The order came after Sebi conducted an examination on the receipt of a complaint against www.ymforecast.com managed by P Krishnakumar and Jagadeesan S, and prima facie found that they were carrying out unregistered investment advisory activities.
Subsequently, a show cause notice was issued to the noticees on September 4.
In its 22-page order, Sebi found that the noticees were acting as an investment adviser without holding the certificate of registration from the markets watchdog.
Therefore, the noticees were in violation of the provisions
Posts in category Business Standard
Sebi bans two people for 1 year over unregistered investment advisories (22-11-2023)
Tata Steel board approves allotment of 75.8 mn shares to TSLP shareholders (22-11-2023)
The Tata Steel board has approved the allotment of 7.58 crore shares to eligible shareholders of Tata Steel Long Products Limited.
These equity shares are proposed to be listed and traded on BSE Limited and the National Stock Exchange (NSE), Tata Steel said in a regulatory filing on Wednesday.
Tata Steel’s board has approved the allotment of 7,58,00,309 shares to eligible shareholders of Tata Steel Long Products and the record date has been fixed as November 17.
According to the filing, the share exchange ratio will be 67:10, which means that 67 shares of Tata Steel will be allotted for every 10 shares of Tata Steel Long Products.
The scheme of amalgamation was approved and sanctioned by the NCLT-Mumbai Bench vide order dated October 20, 2023, and the NCLT-Cuttack vide order dated October 18, 2023.
These equity shares so allotted shall rank pari-passu with the existing shares of Tata Steel.
The above allotment, Tata Steel said, includes “14,430 fully paid-up equity shares of Tata
Demat accounts on Central Depository Services platform crosses 100 mn mark (22-11-2023)
Central Depository Services on Wednesday said the number of demat accounts on its platform has crossed the 10-crore mark.
Central Depository Services (India) Ltd, or CDSL, began operations in 1999 and facilitates holding and transacting in securities in the electronic form and settlement of trades on stock exchanges.
In a statement, the depository announced “the crossing of another milestone as more than 10 crore demat accounts were registered with CDSL”.
CDSL is the largest depository in the country in terms of active Demat accounts and allows investors to deposit securities by opening an account in electronic form (dematerialised).
Investors make a beeline as five IPOs hit market; most oversubscribed (22-11-2023)
Some believe the secondary market performance could be subdued in the immediate term as the five IPOs are expected to block liquidity until mid next week
Holdcos rally ahead of easing of delisting norms, investors lap up shares (22-11-2023)
Sebi board meeting on Saturday may introduce a separate framework for delisting norms for holdcos
Pen maker Flair Writing IPO fully subscribed on first day of offer (22-11-2023)
The initial share sale offering of pen maker Flair Writing Industries was fully subscribed on the first day of bidding on Wednesday, ending the trade with 2.17 times subscription.
The Initial Public Offer (IPO) received bids for 3,13,20,310 shares against 1,44,13,188 shares on offer, according to data available with the NSE.
The part for Retail Individual Investors (RIIs) attracted 2.86 times subscription while the quota for non-institutional investors got subscribed 2.78 times. The category for Qualified Institutional Buyers (QIBs) received 53 per cent subscription.
Flair Writing’s IPO has a fresh issue of equity shares aggregating up to Rs 292 crore and an Offer for Sale (OFS) of equity shares worth up to Rs 301 crore by promoters and promoter group entities.
At present, promoters and promoter group entities own 100 per cent stake in the company.
The issue has a price band of Rs 288-304 a share.
Flair Writing Industries Ltd on Tuesday said it has mopped up Rs 178 crore from anc
Stocks set to hit new highs in 2024 by over 10% as economy hums: Poll (22-11-2023)
The benchmark BSE Sensex index touched an all-time high of 67,927.23 in September, recording the longest streak of gains in 16 years
Domestic brokerage Prabhudas Lilladher sets 12-month Nifty target 22,584 (22-11-2023)
“Nifty is not in a bubble zone as it is trading at a 17.2 per cent discount to the 10-year average which provides comfort,” said Amnish Aggarwal, head of research at Prabhudas Lilladher
CRISIL upgrades outlook on Tata Power to ‘positive’ on profitability view (22-11-2023)
Tata Power on Wednesday said Crisil Ratings has upgraded its outlook on the company to ‘positive’ on expectation of an improvement in operating profitability this fiscal.
The ratings agency had earlier assigned a ‘stable’ outlook on the company, Tata Power said in a regulatory filing.
“CRISIL Ratings Limited has upgraded its outlook on the company (Tata Power) from AA/Stable Outlook to AA/Positive Outlook,” it said.
The revision in outlook reflects the possibility of better-than-expected business risk profile, if the improvement in operating profitability in fiscal 2024, across power generation and distribution business, sustains along with a continuing healthy financial performance with consolidated net leverage (ratio of net debt to EBIDTA) remaining within rating threshold, it said.
The increase in operating profitability of Tata Power since fiscal 2023, is mainly on account of better profitability of its Mundra Ultra Mega Power Project (Mundra plant), improved efficiency in Odi
Billionaire Gautam Singhania’s separation erases $180 mn at Raymonds (22-11-2023)
The stock has tumbled 12 per cent since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member