All posts tagged: Securities and Exchange Board of India

SEBI cracks down on Rajesh Exports, bars promoter Rajesh Mehta, bars him from stock markets

SEBI cracks down on Rajesh Exports, bars promoter Rajesh Mehta, bars him from stock markets

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Gold refiner and jewellery manufacturer Rajesh Exports Ltd (REL) allegedly inflated its consolidated revenues by more than Rs 15 lakh crore over five years by attributing massive revenues to overseas subsidiaries, despite the subsidiary’s audited standalone financial statements showing only a fraction of those amounts, according to an interim order by Securities and Exchange Board of India (SEBI). Accordingly, SEBI  barred Rajesh Exports’ promoter and CEO Rajesh Mehta from dealing in the company’s securities, alleging large-scale misrepresentation of financial statements and diversion of funds. Rajesh Exports denied any financial irregularities, saying its revenues were correct and that there seemed to be a communication gap. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Tuhin Kanta Pandey, : ‘We believe in optimal regulation, not too much, not too little’ | Business News

Tuhin Kanta Pandey, : ‘We believe in optimal regulation, not too much, not too little’ | Business News

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Securities and Exchange Board of India Chairman Tuhin Kanta Pandey says that strengthening investor protection, curbing finfluencer-driven excesses, regulating derivatives trading and maintaining a consultative, data-driven regulatory approach are vital for market stability. In an interview to Hitesh Vyas and George Mathew a year after taking charge at SEBI, Pandey speaks about market safety, IPO momentum, retail participation and the road ahead for reforms. This entire year has been quite a topsy-turvy year in terms of geopolitical developments and all kinds of uncertainties. Nevertheless, Indian capital markets — the primary market — has remained a very active market. In fact, it is number one in the world in terms of IPOs and number three in terms of value. So far, more than Rs 7 lakh crore has already been raised in debt and equity. We have carried out various kinds of reforms in terms of facilitating the ease of doing business and investments, investor protection and empowerment, strengthening the regulatory framework, fostering market development and also measures taken to strengthen the equity derivatives market. So, …

Camellia flat, ₹26 lakh golf set: 5 red flags SEBI cited in order against BluSmart co-founder | Latest News India

Camellia flat, ₹26 lakh golf set: 5 red flags SEBI cited in order against BluSmart co-founder | Latest News India

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Apr 16, 2025 01:51 PM IST SEBI has barred founders of Gensol Engineering from holding key positions in company, citing alleged defaults on loans used to fund EV purchases for BluSmart. Anmol Singh Jaggi and Puneet Singh Jaggi, the sibling duo who are the promoters of Gensol Engineering Ltd, have been accused of diverting crores of the company’s funds while treating the listed company like a proprietary firm. SEBI Bhavan at BKC Bandra in Mumbai.(PTI) India’s markets regulator Securities and Exchange Board of India (SEBI) on Tuesday barred the founders of Gensol Engineering from holding key managerial positions in the company, citing alleged defaults on loans used to fund electric vehicle purchases for ride-hailing startup BluSmart. Also Read: Faulty bathroom door latches become a $3.4 million problem for Boeing 5 revelations in the Gensol case 1) Company allegedly falsified debt track record documents Credit rating agency ICRA downgraded Gensol’s credit rating after it was found that the company allegedly presented it with falsified debt track record documents, raising “concerns on its corporate governance practices, including …

Govt seeks applications for SEBI chief’s post; Congress takes swipe at ad for it | Latest News India

Govt seeks applications for SEBI chief’s post; Congress takes swipe at ad for it | Latest News India

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The government on Monday invited applications for the Securities and Exchange Board of India (SEBI) chairperson’s post around a month before Madhabi Puri Buch’s three-year term as the securities and commodity market regulatory body head ends on February 28. Buch assumed the charge in March 2022. The economic affairs department under the Union finance ministry issued an advertisement for the new SEBI chief’s appointment. (REUTERS) The SEBI chief came under the spotlight after US-based short-seller Hindenburg Research, which has since announced it was shutting down, accused Buch and her husband, Dhaval Buch, of having a stake in obscure offshore entities used in “the Adani money siphoning scandal”. The allegations sparked a political row with Opposition Congress demanding a parliamentary probe into the charges. The ruling Bharatiya Janata Party (BJP) attacked the Congress, questioning why it was against the Indian companies, whether government or private, and defended the foreign ones. The Adani Group dismissed the charges as “malicious, mischievous and manipulative selections of publicly available information” and the Buchs called them a “character assassination” attempt. On …

Political row erupts as Sebi chief Madhabi Puri Buch skips Public Accounts Committee meeting | Latest News India

Political row erupts as Sebi chief Madhabi Puri Buch skips Public Accounts Committee meeting | Latest News India

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Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch skipped a meeting of Parliament’s public accounts committee (PAC) on Thursday citing “personal exigency”, prompting panel chief and Congress lawmaker KC Venugopal to postpone the sitting. Madhabi Puri Buch. (PTI) Soon after the meeting was deferred, panel members from the Bharatiya Janata Party (BJP) lodged a protest with Lok Sabha Speaker Om Birla, accusing PAC chairperson Venugopal of taking unilateral decisions. “In the first meeting of the committee itself, we decided to have a suo motu subject for review of our regulatory bodies. That is why we called for a review of SEBI this morning… First of all, SEBI chairperson sought an exemption from appearing before the committee which we denied. After that, she confirmed she and her team would be present on this committee. Today at 9.30 am, she [SEBI chief] informed that due to a personal exigency she is not in a position to travel to Delhi. Considering a woman’s request, we thought it better to postpone today’s meeting for another day,” …

PAC meeting postponed after SEBI chief Buch expresses inability to attend | Latest News India

PAC meeting postponed after SEBI chief Buch expresses inability to attend | Latest News India

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Oct 24, 2024 04:05 PM IST After the PAC meeting was postponed, its member and BJP MP Ravi Shankar Prasad accused Venugopal of taking suo motu decisions Parliament’s Public Accounts Committee (PAC) postponed its meeting on Thursday after Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch expressed her inability to attend citing a personal emergency. Ravi Shankar Prasad said Puri should not have been called adding that Venugopal’s words were “suo moto” decided. (Reuters photo) “In the first meeting of the committee itself, we decided to have a suo moto subject for review of our regulatory bodies. That is why we called for a review of SEBI this morning. The committee branch sent the notice to the concerned people. First of all, they sought an exemption, SEBI chairperson sought an exemption from appearing before the committee which we denied. After that, she confirmed she and her team would be present on this committee. …Today morning, at 9:30am, she [SEBI chairperson, Madhabi Puri Buch] informed me that due to a personal exigency she …

SEBI chief’s husband received ₹4.78 crore from Mahindra group: Congress

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Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI). | Photo Credit: REUTERS Alleging a conflict of interest, the Congress on Tuesday (September 10, 2024) alleged that Dhaval Buch, husband of Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), received ₹4.78 crore between 2019 and 2021 from Mahindra and Mahindra (M&M) Limited at a time when the SEBI was adjudicating cases of the same group.  The party said Agora Advisory Private Limited, a consultancy firm in which Ms. Buch had 99% stakes, also received fees from listed companies, including M&M Limited. The Mahindra group, in a filing to the National Stock Exchange, called the charges “false and misleading”. “We maintain the highest standards of corporate governance,” a statement from the Mahindra and Mahindra Group said. Congress president Mallikarjun Kharge, in a post on X, alleged that the SEBI’s institutional integrity as a robust market regulator has been “tarnished” by Prime Minister Narendra Modi to save his “crony friends”. The institutional integrity of SEBI as a robust Market Regulator …

Sebi chief Madhabi Puri Buch’s IIM batchmates slam allegations against her: ‘Clearly false’

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Sep 10, 2024 09:31 AM IST Madhabi Puri Buch’s IIM classmates defended her, asserting that the narrative lacks truth as they emphasized significance of her role for credibility of Sebi. Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch’s IIM–Ahmedabad batchmates dismissed allegations against the market regulator’s chief and said that the narrative around her did not “ring true” to them.  Sebi chairperson Madhabi Puri Buch during the Global Fintech Fest, in Mumbai.(PTI) Madhabi Puri Buch passed out of the top management B-school of the country in 1988. The allegations have implications not just for her personally but for the credibility of an “important democratic institution”, they said in a statement. Her batchmates said that they spoke with “people familiar with the questions” and accessed publicly available documents to verify the claims after which “not surprisingly, we found that the narrative being built around her, while rooted in data apparently sourced from her income tax returns themselves, is clearly false”, they said. This comes after it was reported that Parliament’s public accounts committee …

Hindenburg-Adani row: Mauritius FPIs named in Hindenburg report challenge SEBI norms; Jairam Ramesh reiterates demand for probe

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The logo of Securities and Exchange Board of India (SEBI). | Photo Credit: Reuters Two Mauritius-based foreign portfolio investors (FPIs), who were mentioned in the 2023 report on the Adani Group by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal (SAT), seeking urgent relief from complying with SEBI’s new foreign investor norms before the upcoming September 9 deadline. Also read | Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock Congress general secretary (communications) Jairam Ramesh on Sunday (September 8, 2024) flagged that both the FPIs are alleged to be violating rules that require investors to not be over-invested in a single stock. “These rules are meant to ensure that black money routed through tax havens do not flood back into Indian capital markets. They must be upheld at all costs,” said Mr. Ramesh on X. Two Mauritius-based foreign portfolio investors (FPIs), a part of the revelations in the still-unfolding Modani mega scam, have now petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI’s new foreign investor norms …

Despite higher valuation, optimism and faith leading to investments in India: SEBI Chief | Business News

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Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch on Tuesday said that despite a higher price to earnings (PE) ratio compared to other countries, India is attracting investments because of the faith and trust of global investors into the country. “Yes, at 22.2 (PE multiple), some people say we have an expensive market, but still why is the investment coming (in)? This is a reflection of the optimism and the trust and faith that the world has in India today that we are demanding these kinds of multiples in our markets,” Buch said at the Corporate Governance Summit organized by CII. PE ratio is the ratio of the share price of a stock to its earnings per share (EPS). It is a valuation metric which indicates whether a stock or an index is expensive or cheap. Buch said the Indian stock market’s PE multiple is even higher than the averages of world indices. The Indian market’s PE ratio is higher than most of the major economies, except for Japan. As of April …