Tag: SEBI
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IPO Scam: Another SEBI Order Set Aside
In an order passed on May 2, 2008, the Securities Appellate Tribunal (SAT) set aside the order of SEBI that directed 10 entities (including Karvy Stock Broking Limited) to disgorge a sum of Rs. 115.82 crores. The Hindu Business Line has a background to the case: “The scam related to certain entities cornering IPO shares
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Direct Market Access to Institutional Investors
SEBI yesterday issued a circular to the BSE and NSE with a view to granting direct market access to institutional clients through the brokers’ infrastructure. The rationale for the move is described in the circular as follows: “Direct Market Access (DMA) is a facility which allows brokers to offer clients direct access to the exchange
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Price Manipulation in Stocks: Evidentiary Problems
SEBI last week passed an order in relation to an investigation involving the promoters of Zee Telefilms Limited. This was under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 1995 (the SEBI (PFUTP) Regulations). SEBI alleged that the promoters of Zee Telefilms Limited (now Zee Entertainment Enterprises Limited) provided
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Immediate agenda for reform before SEBI
When a new chairman takes charge at the Securities and Exchange Board of India (“SEBI”) the media tends to be full of what the new chairman ought to be doing. Here are some action items that SEBI ought to address as a matter of priority:- a) The SEBI (Foreign Institutional Investors) Regulations, 1996 (“FII Regulations”),
