Adopting a key non-legislative recommendation of the Financial Sector Legislative Reforms Commission (FSLRC) panel for overhaul of financial sector regulatory framework, the Securities and Exchange Board of India (Sebi) is launching a public consultation for framing rules to allow reclassification of promoters at listed firms looking to become public shareholders.

The new norms can have a significant impact on the way some merger and acquisition deals are structured, as also in cases involving corporate restructuring that take place due to disputes among members of business families or after settlements between rival corporates.

Several firms listed on the Delhi Stock Exchange (DSE) and thousands of investors in these have been caught off-guard by the Securities and Exchange Board of India (Sebi) move to withdraw its recognition. Many of these firms, which had initiated the process of migrating to other bourses such as the BSE, are now in no-man’s land for no fault of theirs, say company executives and merchant bankers. Corporate actions planned by DSE-listed companies such as open offers have been suspended.

Last week, Sebi withdrew its recognition, citing irregularities in DSE’s demutualisation programme seven years ago. Of 2,500 companies listed on DSE, about 1,700 are not listed on any other bourse, leaving investors in these stranded. Some prominent companies listed on DSE are Delhi Flour Mills, the makers of Shakti Bhog atta, Bajaj Electricals and Bajaj Leasing & Finance. The Birla Cotton and Weaving Mills, belonging to the KK Birla family and industrial refrigeration entity Frick India are others.

Capital market regulator Securities and Exchange Board of India (SEBI) is concerned with rampant 'dabba trading' and has assured strong action to address the issue, said, U K Sinha, chairman, SEBI here on Tuesday. He said this on the sidelines of conference for SME funding in Rajkot.

Securites and Exchange Board of India (Sebi) on Friday 'reprimanded' HSBC Securities and Capital Markets Pvt Ltd for failing to make adequate disclosures related to an open offer for shares of Global Offshore Services' made in 2008.

Besides HSBC Securities, which acted as the merchant banker, the capital market watchdog also reprimanded India Star (Mauritius) Ltd which had made the open offer. However, Sebi ruled that "a direction in the nature of ordering the acquirer to make another public offer is not warranted".

The board of Securities and Exchange Board of India (Sebi) on Wednesday cleared big-bang market reforms, including a move to replace the two-decade-old insider-trading rules with the new prohibition of insider trading (PIT) regulations, and amending the existing delisting regulations.

The Securities and Exchange Board of India (Sebi) is learnt to be working on facilitating settlement of enforcement proceedings even before formal showcause notices are issued.

According to people privy to the matter, the regulator is considering a mechanism through which it would send its basic findings to the entity under scrutiny, by way of a basic notice, before issuing a formal enforcement showcause notice. The basic notice will ask if the entity wishes to settle the proceedings through the consent mechanism.

The Securities and Exchange Board of India (Sebi) is working on rules to govern how and when promoters will be allowed to reclassify themselves as public shareholders.

The move follows instances of promoters reclassifying themselves to meet the minimum public shareholding (MPS) norms. A discussion paper for public comment is likely to be issued soon, multiple sources have said.

DLF, the country’s largest real estate company, plans to launch Real Estate Investment Trusts (Reits) in the next financial year. The aim is to monetise its commercial properties and it is in discussion for partnerships.

Its net debt grew by Rs 817 crore during the second quarter of this financial year to Rs 19,944 crore. It also plans to raise Rs 3,600 crore through an issue of securities backed by commercial assets, to replace costlier debt.

Realty major DLF has deposited Rs 50 crore with the Supreme Court and will pay the balance by November 25 to comply with its direction to deposit Rs 630 crore fine slapped by fair trade regulator CCI.

In August, the Supreme Court had said that the total amount should be deposited within 3 months with its Registry, pending the outcome of the appeal filed by the DLF against the May 19 order of Competition Appellate Tribunal's upholding the penalty imposed by CCI.

The Securities and Exchange Board of India (Sebi) may soon require persons acting in concert to disclose their Permanent Account Numbers. The move is part of new transparency standards to be included in the listing regulations.

Sources in the know also indicate that board will also discuss regulations for uniform disclosure of share holding pattern and annual results to prevent selective leakage of price sensitive information.

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