Stock market regulator Securities and Exchange Board of India (Sebi) in its order has stated that Malvinder and Shivinder Singh were the ultimate beneficiaries of the `2,315-crore funds diversion done in a fraudulent manner in Religare Enterprises (REL) and Religare Finvest (RFL).

The 24-page ex-parte order passed on Thursday by G Mahalingam, Wholetime Member, Sebi, says that this is a remedial measure, pending further investigation.

Companies that have failed to comply with the Securities and Exchange Board of India’s (Sebi’s) 10 per cent cross-shareholding norm for asset management companies (AMCs) may now face the consequences. Sources said the market regulator might issue strictures against the firms as well as principal shareholders who have missed the March 12 deadline for reducing the stake to 10 per cent.

Globally, total commodity asset under management has crossed USD 300 billion and India’s contribution to this is anything but negligible. In most parts of the world commodity derivative indices are traded by institutional investors, however, India is just getting started.

Despite the fact that commodity derivative markets have been functioning now for decades, most retail investors have maintained arms-length from this asset class.

Markets watchdog Sebi has levied a penalty of Rs 25 lakh on Indus Portfolio for carrying out reversal of trades in the illiquid stock options segment on the BSE.

Sebi conducted a probe between April 2014 and September 2015 after observing large-scale reversal of trades in the stock options segment on the bourse which led to the creation of artificial volume.

With an aim to bolster its information-gathering mechanism and fast-track its probe, market regulator Sebi has sought direct powers to grant immunity in select cases and to impose lesser penalty if the accused agrees to provide assistance against other wrongdoers.

The Securities and Exchange Board of India (Sebi) tightened the valuation methodology for liquid mutual funds (MFs) and did away with the open offer exemption given to those seeking to acquire assets undergoing insolvency resolution.

To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn’t have to do so for securities that had less than 60-day maturity.

Capital markets watchdog Sebi wants the Government to do away with the practice of its board having a nominee from the Reserve Bank of India, or alternatively provide for a cross-representation of the two regulators on each other’s boards.

Officials said the Securities and Exchange Board of India (Sebi) first proposed to the Ministry of Finance to amend the relevant provisions in the Sebi Act to discontinue RBI’s representation on its board, as it already has adequate presence of the Government nominees and in its over 25 years of existence the regulator has evolved as an “effective and one of the best in the world”.

Cracking its whip on brokers, markets regulator the Securities and Exchange Board of India (Sebi) on Wednesday declared Phillip Commodities India (formerly MF Global SIFY Securities India Ltd) “not fit and proper” in the Rs 5,600 crore National Spot Exchange (NSEL) payment default case.

Phillip Commodities India is the fifth broker that Sebi has declared “not fit and proper”.

Mumbai: After Motilal Oswal and IIFL's commodity derivatives trading arms, the Securities and Exchange Board of India (Sebi) on Tuesday declared Geofin Comrtrade Ltd and Anand Rathi Commodities Ltd as not 'fit and proper' to do commodity derivatives trading.

The firms will need to transition the commodity trading business to other unrelated entities within 45 days.

Fortis Healthcare Ltd. petitioned India’s market regulator to arrest its founders after the Singh brothers failed to repay 4 billion rupees ($56 million) that the watchdog had found they had fraudulently taken out. The company earlier this month had requested the Securities and Exchange Board of India to use its legal authority to recover the money from Malvinder and Shivinder Singh, said Fortis spokesman.

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