The Securities and Exchange Board of India (Sebi) has initiated penalty proceedings against real estate major DLF and its promoters. According to sources, the markets regulator is examining the role of over 40 entities in the matter of inadequate disclosures during the company’s initial public offering (IPO) 2007.

These proceedings are on under the Sebi Act sections pertaining to penalty for fraudulent and unfair trade practices (FUTP) and where there is no provision of a separate penalty.

Despite a 35 per cent rally in the equity market, India Inc has managed to raise only less than Rs 900 crore, lowest in more than a decade, through four initial public offerings (IPOs) in 2014. This was the main topic of discussion at the Primary Market Advisory Committee (PMAC), a Sebi (Securities and Exchange Board of India) expert panel, meeting held on December 1, sources said.

At the meeting, the capital market regulator sought feedback from industry players on why there are few companies coming forward with IPO plans, despite encouraging investor appetite.

The flow of price-sensitive information between a company and research analysts could tantamount to insider trading under new regulations approved by the markets regulator, the Securities and Exchange Board of India (Sebi). This is the first time contents of research reports published by brokerage houses could be checked for violation of insider trading norms.

The move is aimed at cracking down on market participants' non-discriminatory access to price-sensitive information. Last month, Sebi had approved new regulations on insider trading, recommended by a panel headed by N K Sodhi, former chief justice of the Karnataka High Court.

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.

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