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Tag: SEBI

  • Rakesh Rajput bids adieu to Havells after 21 years

    Rakesh Rajput bids adieu to Havells after 21 years

    MUMBAI: Havells India Ltd has announced the resignation of Rakesh Rajput as executive vice president for sales & marketing of the cable division effective 11 March 2025. Rajput, who has been a key pillar of the organisation for over two decades, is stepping down for personal reasons, bringing an emotional close to his illustrious 21-year tenure.

    In his resignation letter, Rajput expressed gratitude to Anil Rai Gupta, chairman & MD of Havells, and the late Qimat Rai Gupta, acknowledging their trust and support in shaping his career. “This was a difficult decision, but the memories and experiences I have gathered at Havells will always stay with me,” he wrote, reflecting on his journey with the company.

    Havells, one of India’s top electrical goods companies, has yet to announce a successor for the EVP role. The company’s leadership transition comes at a time when it continues to expand its market presence in the consumer and industrial segments.

    Rajput’s departure marks a significant shift in Havells’ senior management, as the company navigates a dynamic business landscape. Industry insiders anticipate an announcement regarding the next phase of leadership soon. This resignation was formally communicated to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in compliance with SEBI’s listing obligations.

  • Equentis replaces endorsements with expertise in new campaign

    Equentis replaces endorsements with expertise in new campaign

    MUMBAI : Equentis is redefining trust in financial advisory with its IamEquentis campaign. Instead of relying on celebrities or influencers, the firm is turning to its greatest asset its employees. In response to SEBI’s ban on external endorsements, Equentis is using this moment to showcase the true experts the people who drive its success.

    With a digital-first approach, the campaign leverages linkedIn & other social media platforms to highlight employee expertise through video narratives & knowledge-sharing content. By replacing external endorsements with real industry professionals, Equentis aims to build stronger investor relationships & reinforce its credibility.

    “This restriction made us rethink trust-building. Our employees, CXOs, & leadership are our strongest advocates, not celebrities,” said Equentis CMO Alok Arya.

    The initiative, conceived & executed entirely in-house, has driven investor engagement & business growth, positioning Equentis as more than just a service provider a trusted financial partner.

  • Zee Media financial resolutions put to e-voting by shareholders

    Zee Media financial resolutions put to e-voting by shareholders

    MUMBAI:  It’s got clout in the right places. Now the Subhash Chandra-founded Zee Media is beefing itself financially. At  a recent board meeting, Zee Media announced two significant financial resolutions aimed at enhancing its capital structure and investor participation.

    The company has put the resolutions to vote by its shareholders through postal ballot or e-voting from 23 January 2025.

    The company has approved the issuance of securities amounting to a maximum of Rs 400 crore, or its equivalent in foreign currencies. This move is in compliance with the Companies Act of 2013 and applicable regulations including those of the Securities and Exchange Board of India (SEBI). The board is authorised to raise funds through equity shares, preference shares, and other eligible securities via several methods such as private placements and qualified institutional placements. The issuance may be conducted in multiple tranches and will not exceed the specified limit.

    Additionally, the board has been empowered to determine the terms of issuance, including pricing, timing, and the class of investors targeted for the securities.

    Zee Media also resolved to increase the aggregate limit for investments by foreign portfolio investors (FPIs) to 49 per cent of the paid-up equity share capital, on a fully diluted basis. This increase is part of a broader strategy to attract foreign investments and enhance liquidity in the company’s shares, while adhering to the Foreign Exchange Management Act (FEMA) regulations.

    The board will be responsible for executing necessary acts, deeds, and documents to implement this resolution and ensure compliance with all regulatory requirements.

    These resolutions signify Zee Media’s commitment to strengthen its financial framework while potentially boosting growth through increased foreign investments and capital raise initiatives.
     

  • Stockmarket rumour verification: Esha Media says its media tool reduces company response time to Sebi’s questions

    Stockmarket rumour verification: Esha Media says its media tool reduces company response time to Sebi’s questions

    MUMBAI: This one is for communications folks or agencies and compliance executives in the top 250 companies (by market capitalisation)  listed on the stock exchanges.

    There are times when sudden sharp movements in share price  of listed companies can drive managements into a tizzy. An interested group can suddenly either ramp up or pull down a company’s share price by spreading  a rumour and the herd mentality can lead to a run on the stock.

    It is at this time that  the stock exchange  authorities can wag a finger in the company’s face and question its management about the drastic changes in transaction volumes or the spikes in the share price. This questioning can definitely  get the management scurrying all over to get at the source of  the stories and the gossip around the stock. And as per stock exchange laws they have to respond within 24 hours (more of that a little later.)

    It is at this stage where its broadcast media intelligence tool called Clipbyte can come handy, say the BSE-listed  media monitoring agency Esha Media Research. The tool allows companies to facilitate rumour verification and respond to the exchange with concrete details and thus safeguard their brand and comprehending investor sentiment.

    It may be recalled that since  1 June last year when rumour verification rules were made applicable, there  have been  around 170 instances or more as per stock exchange disclosures when these norms were triggered. These norms, which  were so far applicable to the top 100 companies, have been extended to the next 150 companies who will have to keep a close watch on material price movement of their stocks from 1 December 2024 onwards.  The first circular from Sebi was issued in January 2024 and the next in May 2024. 

    While companies need to have a robust in-house framework on leakages of unpublished price sensitive information, Clipbyte’s  monitoring services helps keep a  company’s compliance team prepared and equipped with data and insights to navigate the dynamic media landscape with complete nuggets of the coverage on the subject, says an Esha Media press release.. 

    “Our system detects and evaluates the impact of rumors, helping you track and  differentiate between market noise, significant events and its impact on price by providing real-time data, alerts, and insights, keeping you informed of any significant changes as they happen,” said  Esha Media Research founder Raman Iyer.

    Esha’s stock market vigilance service also offers conversation impact analysis. Companies can  track the influence of market conversations on stock prices.Its research time helps  analyse social media and  broadcast news outlets to help you understand the potential impact on price. 

    Additionally, real-time market updates received minute by minute from market open to close allow the platform to provide real-time data, alerts, and insights, keeping companies informed of any significant changes as they happen.

    In this fast paced corporate world, media monitoring services offer a competitive edge and prevent public relations disasters by keeping managements informed and responding quickly before issue emerge and escalate beyond repair, Iyer said. 

    As per Sebi  norms, a company has to confirm, deny or clarify the rumour within 24 hours once any material price movement occurs based on gossip that appears in mainstream  media.  

    With that kind of a deadline, any tool that can bring down response time should be in the consideration set, believes Iyer.

    True, Raman, but hopefully the corporate managements are listening and believing too. 

  • Sebi probe against Zeel, Chandra & Goenka to continue; fresh show cause notice to be issued

    Sebi probe against Zeel, Chandra & Goenka to continue; fresh show cause notice to be issued

    MUMBAI: The regulatory investigation against  the father-son duo of Subhash Chandra and Punit Goenka seems to be never ending.

    Securities watchdog the Securities Exchange Board of India (Sebi) on 2 January said that it will be filing a fresh show cause notice (SCN) against the two and will continue its investigation into listing guidelines violations by Chandra and Zee Entertainment Enterprises Ltd (Zeel). This was spelt out in the  adjudication order issued by adjudicating officer (AO) Amit Kapoor on 2 January 2025.  

    In the order Kapoor stated  “that the contents of the SCN dated 6 July 2022 issued by the AO will also be incorporated in the SCN to be issued in the instant matter.”

    Zeel and its promoters are under Sebi investigation for not following Listing Obligations & Disclosure Requirements (LODR) 2015. The regulator had issued a show cause notice against them on 6 July 2022. 

    Both Zeel and Punit Goenka had filed settlement claims to settle the adjudication proceedings. Sebi normally allows entities against whom investigations have been initiated to apply for settlement by paying a certain fee or complying with the rules that the watchdog lays out. 

    Their application was rejected by a panel of whole time Sebi members who also instructed it to continue with the investigation.

    Kapoor’s  adjudication order  states that once the investigation into the instant matter is complete, the competent authority should proceed against Zeel, Chandra, and Goenka under section 11B of the Sebi Act 1992. (Section 11B gives Sebi the powers to levy penalties. Penalties can vary from Rs 1 lakh to Rs 1 crore or to Rs 25 crore or 10 years in prison or both depending under which section of the Sebi Act or Securities Contracts (Regulation) Act, 1956 they are being levied) 

    Kapoor’s order further states that the allegations contained in the SCN  of 6 July 2022 are to be subsumed with the findings of the further investigation carried out by Sebi in the instant matter. 

    “Accordingly, the contents of the SCN dated July 06, 2022 issued by the AO including the examination report and all the relied upon documents will be treated as integral part of the further investigation report by Sebi in the matter of Zeel. The contents of the SCN dated 6 July 2022 issued by  the AO to Zeel, Chandra and Goenka  will also be incorporated in the SCN to be issued in the instant matter. The instant AO proceedings would be dropped against the three, ” he further states in his order. 

  • Indian real estate investment trust association appoints Alok Aggarwal as chairman

    Indian real estate investment trust association appoints Alok Aggarwal as chairman

    MUMBAI: Real estate investment trusts (Reits) – though in their nascent stage in India — have been getting increasing traction in the urban development ecosystem. The Indian Reits Association (IRA)  – set up in 2023 under the guidance of the Securities Exchange Board of India (Sebi) – has increasingly been making its presence felt on the financial and real estate landscape. 

    Today, the IRA  announced the appointment of Brookfield India Real Estate Trust managing director & CEO Alok Aggarwal as its chairman. The IRA is a non-profit trade organization that supports the growth and development of the India Reits  sector. Its founding members include Brookfield India Real Estate Trust, Embassy Office Parks Reit, Mindspace Business Parks Reit, and Nexus Select Trust.

    “Alok Aggarwal’s extensive experience in the real estate sector, especially Reits, and proven leadership will help IRA immensely,” said the IRA in a press release. “Under his guidance, we aim to work closely with Sebi to support industry growth, protect investor interests, and uphold high regulatory standards. The association remains committed to fostering best practices in India’s Reit  sector.”

    Added Alok Aggarwal:  “Reits have established a strong foothold in the Indian capital market and are poised for significant growth. I look forward to collaborating with industry leaders and stakeholders to drive innovation, improve transparency, and create value for investors. Together, we can contribute to the sustainable growth and long-term resilience of Reits in India.”

    Aggarwal is an alumnus of IIT Delhi, where he earned his engineering degree, and ISB Hyderabad, where he completed his MBA. His academic background has contributed to a successful career spanning over three decades in the real estate industry.

    In his professional journey,  Aggarwal has held leadership roles at prominent organizations such as Sun Apollo Capital Partners, Milestone Capital Advisors, DLF Universal and Mahindra Gesco Developers. 

    At Brookfield India Real Estate Trust, he is a leading member of the team that established India’s first 100 per cent institutionally-managed office Reit. He has been instrumental in driving operational excellence, fostering innovation, enhancing tenant relationships, and integrating ESG practices across the portfolio.

  • ‘NSE: Enabling a Billion Dreams’ set to premiere on HistoryTV18

    ‘NSE: Enabling a Billion Dreams’ set to premiere on HistoryTV18

    Mumbai: HistoryTV18 is set to premiere an exclusive, hour-long documentary that offers an unprecedented look into the National Stock Exchange’s (NSE) remarkable journey over the past 30 years. Titled NSE: Enabling a Billion Dreams, the documentary will air on 3 November at 7:05 PM on HistoryTV18, providing viewers with a detailed exploration of the NSE’s evolution from its inception in 1992, start of operations in 1994 to becoming one of the largest and most influential stock exchanges in the world.

    India’s stock markets have undergone a significant transformation over the decades, evolving from traditional open-outcry trading floors to sophisticated electronic platforms. The establishment of the NSE marked a watershed moment in this evolution, setting new standards for transparency and efficiency in the capital markets. NSE was incorporated on November 27, 1992. It started operations for the debt segment in June 1994 and in the equity segment on Diwali day on November 3, 1994. NSE has now completed 30 years of operations.

    Since its launch, the NSE has revolutionised India’s capital markets by introducing electronic trading and fostering fairness, efficiency and transparency. Today, it NSE stands as the world’s largest stock exchange in terms of number of orders and number of trades for any exchange. On many days NSE handles more than 50% of all trades across all exchanges in the world put together. NSE is also the largest derivatives exchange by the number of contracts traded and 3rd largest globally in cash market trades. The NSE has contributed to India’s market capitalisation soaring to over Rs. 440 lakh crore (i.e. $ 5.24 trillion) from about Rs 4 lakh crore 30 years ago, growing about 110 times and, underscoring its impact on the global financial stage.

    The documentary highlights the NSE’s innovative strides in transforming India’s capital markets, showcasing how the exchange introduced electronic trading, brought transparency, and democratised market access, reshaping the nation’s economic trajectory. With over 10.5 crore investors having over 20 crore accounts registered with the Exchange, the NSE has significantly broadened investor participation, making stock markets accessible to people across the country.

    “At HistoryTV18, our mission is to bring impactful stories that resonate with our viewers,” said Network 18 and MD A+E Networks | TV 18 CEO – broadcast, Avinash Kaul. “Our documentary NSE: Enabling a Billion Dreams highlights the NSE’s role in transforming India’s financial landscape. By chronicling 30 years of the NSE’s journey, we aim to show how it democratized wealth creation, fostered innovation, and empowered millions to contribute to India’s economic growth. We hope to inspire viewers to understand how such institutions shape our country’s future.”

    The film examines technological milestones such as the introduction of NEAT (National Exchange for Automated Trading), setting up of Clearing Corporation giving settlement guarantee, the dematerialisation of shares, which eliminated physical trading barriers, reduced settlement times from weeks to just one day, and enhanced market efficiency. The NSE’s implementation of T+1 settlement cycles places India among the few markets globally to achieve such rapid transaction settlements, boosting investor confidence and market liquidity.

    Featuring insights from industry stalwarts and experts, the documentary offers exclusive perspectives from leaders across the financial and technological spectrum. Viewers will hear from NSE’s MD and CEO Ashishkumar Chauhan who was a part of the founding team at NSE. Viewers will also hear and visionaries like Uday Kotak, Raamdeo Agrawal of Motilal Oswal Financial Services, former SEBI chairman U.K. Sinha, and former NSE and RBI board member Y.H. Malegam. Other contributors include Ghazal and Varun Alagh, S. Ramadorai, Vineet Nayar, and seasoned journalists Lata Venkatesh and Shereen Bhan. The documentary is further enriched with contributions from academic experts like Dr. Tadashi Endo and market experts like Deven Choksey.

    “We are pleased to collaborate with HistoryTV18 on this documentary that encapsulates our 30-year journey,” said NSE MD & CEO Ashishkumar Chauhan. “In these 30 years, NSE has more than fulfilled its vision of creating a vibrant and growth-oriented stock market ecosystem to channelise savings of Indian households into productive capital in the most cost-effective, fair, efficient, transparent and orderly ways and help in wealth creation and job creation. By sharing our story, we hope to highlight the collective efforts that have shaped India’s financial ecosystem. It is our hope that this film will inspire future generations to engage actively with India’s financial markets, driving inclusive growth and contributing to the country’s continued prosperity.”

    NSE: Enabling a Billion Dreams premieres on 3 November at 7:05 PM on HistoryTV18. The film will also be broadcast across multiple platforms, including CNBC TV18, CNBC Awaaz, CNBC Bajar, CNN News18, and will be available for streaming on moneycontrol.com and HistoryTV18’s YouTube channel, ensuring it reaches a wide and diverse audience. Subsequently, many re-runs of the same will be done on these channels. Regional language versions will also be run on various regional channels of Network 18 Group several times.

  • Zee’s Independent Investigation Committee finds no material irregularities

    Zee’s Independent Investigation Committee finds no material irregularities

    Mumbai: The Independent Investigation Committee (IIC) constituted by the board of directors of Zee Entertainment Enterprises (Zee) submitted its report to the board of the company.

    The committee, chaired by High Court of Allahabad’s former judge Justice Dr Satish Chandra, comprises Zee’s two independent directors – Audit Committee chairman and the Institute of Chartered Accountants of India former president Uttam Prakash Agarwal and Nomination and Remuneration Committee chairman, lawyer, author, and academic practitioner in HR and organisation development Dr. P.V Ramana Murthy. The committee conducted a thorough review of all allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI.

    Since its inception, the committee invested substantial time to delve deeper into the areas of concern highlighted by regulatory agencies to curb the spread of misinformation. The committee sought advice from reputed external audit firms, taxation, and regulatory experts to ensure a comprehensive review.

    Key points from the report include:

    . The committee noted that the company provided complete support and shared detailed responses with SEBI.

    .  The company has implemented necessary remedial measures in respect of past issues already reviewed by SEBI.

    .  The company and board have provided evidence that appropriate and timely actions were taken to address SEBI’s concerns.

    . The transactions under investigation did not adversely affect the company or its shareholders and were part of normal business operations. No material irregularities were reported.

    . No further corrective or legal measures are required.

    Dr Chandra commented, “We conducted a detailed review of all allegations, and necessary submissions have been made to the Board. The efforts of the Committee members, along with external advisors, enabled a comprehensive evaluation. We have not found anything adverse in the Company’s operations.”

    The board has advised Zee to settle any pending adjudication proceedings with SEBI in a time-bound manner and focus on enhancing performance and profitability in line with the strategic growth plan implemented by the MD & CEO.

    On 27 February 2024, the board of Zee instituted the IIC to address allegations raised by regulatory authorities in the interest of shareholders and stakeholders.

  • Subhash Chandra accuses Sebi chairperson Buch of derailing Zee-Sony merger

    Subhash Chandra accuses Sebi chairperson Buch of derailing Zee-Sony merger

    MUMBAI: Subhash Chandra is on the war path. The founder  & chairman emeritus of Zee Entertainment Enterprises, held a press conference late last evening wherein he openly lambasted the Securities & Exchange Board of India  (Sebi) chairperson Madhabhi Puri Buch.

    Chandra is being probed by the market regulator for alleged fund diversion of over Rs 2,000 crore from the media behemoth.

    The 73-year old Chandra alleged that Buch is one of the negative forces who has been acting against his group all along and it is her interference in the regulatory clearance of Zee’s merger with Sony that caused it to fail.

    Said he: “Sebi has not been acting in the interest of investors of Zee Entertainment. Zee Sony merger was progressing well and they had got Sebi/ stock exchange approval. Despite the same, Sebi instructed BSE/NSE to intervene in NCLT proceedings and scuttle the merger by spooking Sony. Ultimately the merger was terminated by Sony which resulted in erosion of huge wealth of minority shareholders.”

    He further leveled charges of corruption against Buch, saying that her income, along with her husband was Rs 1 crore, which shot up to Rs 40-50 crore per annum after she assumed her position at Sebi.

    ”This  needs to be investigated by media and investigating agencies, including analysis of the settled/compounded cases and the consultation fees paid by such corporates and received by Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers,” he alleged.

    He added that he had been approached by a middleman – Manjit Singh – in January 2024 who professed to represent Buch and offered to rid Zee of its regulatory problems with Sebi in exchange for a price which would run into three digits.  

    “I dismissed it then but now with the Hindenburg and ICICI bank revelations against Madhabi Puri Buch and her connected persons, it seems that the person who approached me may have been right. May be this was the modus operandi in various cases, which have got settled/adjudicated through compounding with light touch,” highlighted Chandra. “It was (ICICI’s) Chanda Kochhar and her husband; and Madhabi Puri Buch and her husband; working in tandem, hence Madhabi Puri Buch was paid hefty sums of money by ICICI while she was the whole-time member at Sebi.”

    The goateed entrepreneur said he had lost faith in the securities watchdog and would not cooperate with it in his personal capacity. “I urge Zee Entertainment to also stop co-operating with Sebi any further; since it is a biased investigation being carried out; with a pre-conceived mindset of its chairperson,” he said in conclusion.

    Meanwhile,  the ICICI group has refuted the allegations made by the Congress (I) that Buch continued to receive a salary from the bank after her retirement. 

    It said in a statement on X: “ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from 31 October  2013. During her employment with the ICICI group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies…All the payments made to Ms. Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits.”

    A senior Sebi official termed the allegations  against Buch as “malicious and opportunistic” to business daily, Business Standard.

     

  • TRAI convenes meeting of Joint Committee of Regulators (JCoR)

    TRAI convenes meeting of Joint Committee of Regulators (JCoR)

    Mumbai – TRAI convened a meeting of the Joint Committee of Regulators (JCoR) on 27 August 2024, at its headquarters in New Delhi. Members  of the JCoR from IRDAl, PFRDA, RBI, SEBI, MoCA, MeitY, and TIAI attended the meeting. Additionally, DoT and MHA representatives joined as special guests. The JCoR serves as a collaborative platform to examine regulatory implications in the digital age and work collaboratively on regulatory frameworks.

    In his address, TRAI chairman Anil Kumar Lahoti stressed the need for a joint effort to tackle the problem of spam messages and calls. He urged the regulators to discuss and enable implementation of (i) whitelisting of URLs, APKs, O’IT links and call back numbers to be sent in SMS, (ii) migration of existing telemarketers making promotional calls to 140 series on DLT platform, and (iii) declaration of entire chain of telemarketers engaged by them for PE-TM chain binding.

    The meeting explored potential collaborative efforts and strategies to address UCC and fraud through telecom resources. The key issues discussed are as given below-

    “Role of Entities in Whitelisting of URLs, APKs, OTF links, and call back numbers in the content templates and ensuring the traceability of all the messages from senders to recipients – Many instances of misuse of headers and templates have been observed. Fraud takes place through the transmission of malicious links using the variable parts of the messages. In case of misuse of headers and content templates, it is difficult to find the entity that pushed the traffic. Therefore, mandatory whitelisting of URLs, APKs, O’Vl’ links, or call back numbers, and declaration of the entire chain of telemarketers engaged by them for PE-TM chain binding as per the timelines fixed by TRAI’s latest Directions needs to be enforced.

    “Addressing the issue of entities using PRI/ SIP channels for making unsolicited calls – Many business entities make commercial voice calls using SIP/ PRI lines with hundreds of indicators in violation of TRAI’s regulations. These entities should be migrated to the designated 140 series for making promotional calls. Also, there is an urgent need to take firm action, without further delay, on spammers who are using PRI/ SIP/ bulk connections for making promotional voice calls! Robo calls! Pre-recorded calls. 

    “Leveraging the DCA system established by digital service providers to obtain digital consent from consumers – DCA system will be of great value to the entities, not only for messaging services, but also for voice calls. It permits the delivery of messages and calls to the recipients despite their DND preference. The technical infrastructure for DCA is now in place. Regulators were requested to ask the entities under their jurisdiction to start using this facility in a time bound manner.

    “Use of 160 series by the Entities for making service and transactional calls for easy identification by the consumers – 160 series has been allocated exclusively for Service and Transactional Calls. A Pilot Study was commissioned by TRAT and RBI to determine the technical feasibility of various options, the outcome of the same was discussed. Enhancing information exchange among regulators to control frauds using telecom resources – Emphasis was given to exchange information available with various regulators on their platforms and for its effective utilisation to control frauds.

    By addressing these issues collectively, the JCoR aims to protect consumers from the harms of spam and fraud while ensuring a more secure and efficient telecom ecosystem.