ITV

Tag: Securities and Exchange Board of India

  • Adani declares victory over Hindenburg storm as profits soar in letter to shareholders

    Adani declares victory over Hindenburg storm as profits soar in letter to shareholders

    MUMBAI: Gautam Adani has emerged from his regulatory bunker swinging, declaring the Hindenburg Research controversy a “defining inflection point” that strengthened rather than weakened his sprawling business empire.

    In a defiant letter to shareholders, the Indian billionaire framed last week’s Securities and Exchange Board of India (Sebi)  clearance as complete vindication, proclaiming “truth has prevailed” after nearly two years of scrutiny following the short-seller’s damning January 2023 report.

    The Adani Group chairman marshalled impressive financial firepower to support his narrative of resilience. Portfolio EBITDA rocketed from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25—a staggering 57 per cent absolute growth representing a two-year compound annual growth rate of 25 per cent.

    Asset expansion proved equally dramatic, with gross block swelling from Rs 4,12,318 crore to Rs 6,09,133 crore over the same period. That Rs two lakh crore addition marks a 48 per cent surge whilst the group battled accusations of accounting manipulation and stock price inflation.

    Adani positioned his conglomerate’s infrastructure achievements as proof of substance over speculation. The group commissioned India’s first container trans shipment port at Vizhinjam, added six gigawatts of renewable capacity including the world’s largest single-location renewable project at Khavda, and completed what it claims is the world’s largest copper smelter.

    The rhetoric veered between wounded pride and renewed ambition. Hindenburg’s assault wasn’t merely corporate criticism, Adani argued, but “a direct challenge to the audacity of Indian enterprises to dream on a global scale.” The implication: attacking Adani amounted to attacking India itself.

    Looking forward, the chairman promised to “further strengthen governance standards,” “accelerate innovation and sustainability,” and “double down on nation building”—language that suggests the controversy has hardly dented his expansionist appetites.

    The letter’s tone reflects broader themes in Indian corporate culture, where business leaders frequently cast commercial success in nationalist terms. For Adani, surviving Hindenburg’s onslaught becomes not just corporate vindication but validation of India’s global ambitions.

    Whether Sebi’s clearance truly closes the book on governance questions remains to be seen. But Adani’s defiant missive makes clear he views the storm as survived rather than merely weathered, with ambitious expansion plans intact.

  • Eros finds some relief with Rs 13 lakh profit in rocky first half

    Eros finds some relief with Rs 13 lakh profit in rocky first half

    MUMBAI: Loss to gloss? Eros Media scrapes into the black, thanks to a property sale. From a cinematic cliffhanger to a financial plot twist, Eros International Media has posted a modest standalone profit of Rs 13 lakh for the half year ended 30 September 2024 thanks almost entirely to a Rs 2,303 lakh gain from selling office premises. But behind the positive headline figure lies a tangled script of unpaid dues, regulatory heat, and an eroded net worth.

    As per the company’s unaudited results approved on 31 July 2025, total income stood at Rs 5,390 lakh for the April–September period, of which only Rs 3,079 lakh came from actual operations. The remaining Rs 2,311 lakh largely stemmed from the one-time property deal, bumping up the bottom line just enough to dodge a red mark. For context, Eros had reported a loss of Rs 9,970 lakh in the same period last year and a full-year loss of Rs 47,973 lakh in FY24.

    Despite this slim profit, Eros continues to operate under significant financial strain. Its net worth remains negative at Rs (48,572) lakh, and liabilities exceed assets. The company is staring at long-overdue receivables of Rs 14,893 lakh from Eros Worldwide FZE, its former parent, apart from another Rs 7,303 lakh from Eros UK and Rs 3,183 lakh from Eros USA. A provision of Rs 25,150 lakh has been made towards these in FY24.

    Moreover, the company is entangled in a regulatory saga. The Securities and Exchange Board of India (SEBI) issued an ex-parte order in June 2023 and later a confirmatory order in October 2023, citing irregularities including suspect content advances. These advances Rs 5,253 lakh (net of impairment) out of a whopping Rs 1,07,201 lakh remain under SEBI scrutiny. The watchdog has since issued a show-cause notice, and the next Securities Appellate Tribunal (SAT) hearing is slated for 22 September 2025.

    Adding to the drama, the Enforcement Directorate conducted a search at Eros’ Mumbai office earlier this year under the Foreign Exchange Management Act, with proceedings still pending.

    Eros’ auditors, Haribhakti & Co LLP, have flagged a “material uncertainty” over its ability to continue as a going concern. While the company says it’s pursuing overdue collections, restructuring loans, and exploring long-term monetisation of its film and music library, the road ahead is anything but smooth.

    Despite the small profit reprieve, this may not be the interval, let alone the climax. Eros still needs a major plot twist to turn the tide. For now, it’s banking more on nostalgia and asset sales than a strong box office-style comeback.

  • 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.
     

  • Roles and Responsibilities of an Authorised Person

    Roles and Responsibilities of an Authorised Person

    In the financial markets, an authorised person plays an important role in bridging the gap between stockbrokers and investors. This person is registered under the guidelines of market regulators such as the Securities and Exchange Board of India (SEBI). An authorised person facilitates trade and improves the market reach by extending the broker’s presence to various geographical locations. In this article, we will discuss the important roles and responsibilities of an authorised person and the factors that influence their earnings. 

    Who is an Authorised Person? 

    An authorised person is an entity or an individual who is authorised by a stockbroker to act on their behalf in facilitating trade and other services for investors. The role of an authorised person is to build a business book of the stockbrokers by bringing in new investors and helping existing clients in reinvestment.  

    Key Roles and Responsibilities of an Authorised Person 

    The primary role of an authorised person is serving clients and aiding the operations of the stockbroker. The following are the key roles and responsibilities of an authorised person:  

    1. Client Acquisition and Support 

    An authorised person undertakes activities of identifying prospective investors and presenting them with opportunities on the stock exchange. They guide their clients on how to open trading and Demat accounts in union with an associated broker. An authorised person provides advisory services for clients to help in making informed decisions in investments. 

    2. Trade Execution 

    An authorised person facilitates the performance of buy and sell orders on behalf of clients. They also ensure timely and accurate trade placement to avoid differences. An authorised person stays updated on the latest market trends, policy changes, and technological advancements to serve clients better. 

    3. Market Education and Awareness 

    Authorised persons educate clients about market trends, investment strategies, and regulatory changes. They conduct workshops or webinars to improve financial literacy among investors. The authorised person provides clear information about brokerage fees, charges, and terms of service to clients. 

    4. Compliance and Reporting 

    They ensure adherence to the guidelines set by SEBI and stock exchanges. Their main role is also to maintain proper records of transactions, agreements, and client interactions. An authorised person submits periodic reports to brokers, ensuring transparency in operations. The major responsibility of an authorised person is to follow the rules and regulations laid down by SEBI and stock exchanges and avoid indulging in any fraudulent or unethical practices. 

    5. Ensuring Financial Integrity 

    They avoid unauthorised transactions and ensure funds are handled responsibly. Verify that sufficient funds or securities are available before placing orders. They protect client data and ensure that sensitive information is not misused. 

    6. Conflict Resolution and Customer Handling 

    An authorised person plays an important role in addressing and resolving client complaints. They act as a bridge between clients and the stockbroker, ensuring prompt responses to queries and issues. They mediate conflicts related to trades, account discrepancies, or other concerns, ensuring client satisfaction and maintaining trust. Additionally, they ensure that client feedback is communicated to the broker for service improvements.

    Factors Influencing the Earnings of an Authorised Person 

    Several factors may influence the monthly earnings of an authorised person. They include: 

    Industry and Sector 

    The earnings of an authorised person can vary widely depending on the industry they are in. For example, an authorised person working in the stockbroking industry might have different earnings compared to one working in the banking or insurance industry.  

    Qualifications and Certifications   

    The earning potential of an individual can be enhanced based on the qualifications or certificates they have like Chartered Accountancy (CA), Certified Financial Planner (CFP), or licenses from regulatory bodies such as the SEBI (Securities and Exchange Board of India)  

    Experience and Expertise 

    To determine the earnings of an authorised person, experience plays a significant role. An individual with years of experience may have higher earnings than a newcomer. Additionally, expertise in a particular niche or specialisation can also impact earnings. 

    Location 

    The location also influences the earnings of an individual. For instance, an authorised person who is working in a metropolitan city may have higher earnings compared to the one working in smaller towns or cities. 

    Conclusion 

    The role of an Authorised Person is indispensable in bridging the gap between investors and stockbrokers. By combining regulatory compliance with client-centric services, they contribute significantly to the efficiency and integrity of financial markets. In today’s digital age, many authorised persons use online trading app to provide seamless services to clients, offering real-time market updates, easy trade execution, and portfolio management on the go. These apps enhance accessibility and transparency, making it easier for investors to stay connected to the stock market.

  • TRAI implements new measures to eliminate spam calls and SMS

    TRAI implements new measures to eliminate spam calls and SMS

    New Delhi – In a mission towards curbing the menace of spam calls and SMS, the Telecom Regulatory Authority of India (TRAI) has implemented a series of robust measures. These initiatives are aimed at safeguarding consumer interests and also ensuring accountability among service providers and telemarketers.

    TRAI’s directive issued on 13 August 2024, stated its no-tolerance policy toward entities engaging in promotional calls and messages that violate regulations. The mandate includes disconnection of telecom resources, blacklisting of violators for up to two years, and a prohibition on new resource allocation during the blacklisting period.

    These decisive actions have already shown promising results. Access providers, acting on TRAI’s directive, have significantly reduced the number of complaints against spam calls. In August 2024, 1.89 lakh complaints were registered. This figure dropped by 13 per cent to 1.63 lakh in September and further declined by 20 per cent to 1.51 lakh in October.

    To ensure transparency and traceability in messaging, TRAI issued a directive on 20 August 2024, requiring a clear trail of all messages from senders to recipients. This measure, set to take effect on 1 November 2024, ensures that accountability is embedded into the messaging ecosystem.

    Recognising the need for a smooth transition, TRAI extended the implementation deadline to 30 November 2024. This extension provides additional time for Principal Entities (PEs) and Telemarketers (TMs) to align with technical and operational requirements. Access providers have swiftly implemented the necessary technical solutions, laying the groundwork for a seamless transition.

    TRAI has actively engaged stakeholders through webinars aimed at raising awareness about these measures. On 12 November 2024, the first webinar, conducted in collaboration with Reliance Jio Infocomm Ltd., witnessed participation from over 1,000 representatives, including those from entities regulated by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI).

    The second webinar, held on 19 November 2024, in association with Vodafone Idea Ltd., saw participation from over 800 representatives, including officials from central and state government departments. Building on this momentum, a third webinar is scheduled for 25 November 2024, in partnership with Tata Teleservices Ltd. This event is expected to engage stakeholders from diverse sectors, including consumer affairs, fintech, and technology organisations such as Nasscom and the Fintech Association for Consumer Empowerment (FACE).

    The collaborative efforts of TRAI and access providers have already driven remarkable progress. Over 13,000 Principal Entities have registered their communication chains with access providers, with many more registrations underway. Access providers are also issuing warning notices to entities that have yet to comply, emphasising the urgency of completing these declarations.

    As the 30 November deadline approaches, all principal entities and telemarketers are urged to prioritise compliance. Failure to adhere to the defined telemarketer chain will result in message rejections, reinforcing TRAI’s resolve to uphold consumer rights and regulatory standards.

  • Post SAT order impact – Media & entertainment – Win-win for Z-Sony

    Post SAT order impact – Media & entertainment – Win-win for Z-Sony

    Mumbai: The Securities Appellate Tribunal (SAT) passed an order on 30 October 2023 allowing Mr. Punit Goenka to become CEO and MD of the merged company, Zee Entertainment-Sony (Z-Sony). Based on our assessment of the detailed order (Zee SAT order) and channel checks with legal experts, we believe the SAT order is a positive for Goenka, as it states he can continue as MD and CEO, as there no strong evidence yet to support the allegations of money siphoning against him; further, his counsel has provided adequate evidence and documents to substantiate it.

    Post this order, there is a high likelihood the Securities and Exchange Board of India (SEBI) will appeal against the order in the Supreme Court to get a stay; however, Z-Sony merged co. can be formed with Goenka as its head in the interim. The SAT order also states the investigation in this case will continue; as per our assessment, the outcome could take 12-18 months; Goenka could obtain necessary legal recourse in case the outcome is against him in the medium term; if it is favourable, he will continue as usual.

    This underscores our view that there is no likelihood of Sony backing out from the merger, and Goenka getting relief could lead to expedited timelines for the merged entity to be formed with him at the helm, as it may not require changes in the term sheet or any shareholder and Board approval. Further, appeals made by Axis Finance and IDBI Bank will have no impact on the merger, and the NCLT approval is without any conditions. We believe the merged entity record date could be announced in the last week of November or in the first week of December, which means the merged firm could be listed in January 2024 (post six weeks of delisting). We maintain BUY with a Sep’24 TP of Rs 340.

    SAT order removes overhang on merger: Goenka to be reinstated as CEO of merged entity

    The SAT order is a significant victory for Goenka. Nevertheless, it is expected that SEBI will persist with its investigation, as the allegations against Zee Entertainment appear to hold merit. However, Sony will have to appoint Goenka as CEO of the merged company; further, this will not lead to change in the merged entity board and merger timelines. It is highly likely that SEBI will file a statutory appeal against the SAT order in the Supreme Court in the next 60 days. If this were to take place, the earliest date for a hearing would be scheduled for the first week of January 2024. Therefore, we believe there is no likelihood of Sony backing out of the merger as there are no legal constraints preventing it from proceeding. Further, the cases before the National Company Law Appellate Tribunal (NCLAT) against Zee will continue and will have no impact on the merger.

    SEBI to continue with the investigation without a timeframe

    As per the order, SAT has acknowledged the allegations of fund diversion have yet to be proven, and both Zee Entertainment (Z IN) and Goenka have presented satisfactory explanations supported by documentation, effectively fulfilling the burden of proof. Additionally, SAT also says it has noted factual inaccuracies in the order issued by whole-time members regarding specific companies that were classified as Essel Group companies when in fact they were not, but at this moment it is not fair to punish Goenka because the merger of Zee-Sony has been allowed. Nevertheless, SAT has granted SEBI the authority to proceed with its inquiry into the alleged fund diversion of Rs 42.1bn by Subhash Chandra and Goenka, without establishing a specific timeframe for the investigation. Z and Goenka have been instructed to cooperate with the investigation.

    Merged entity likely to be listed between December 2023 and March 2024

    We expect the merged entity to get listed anytime between December 2023 and March 2024.  This will depend on how Sony wants to take it forward. The RoC (Registrar of Companies) filing has been done and processes required for the merger could end in the next four weeks. The investigation timeline could vary between 12 and 18 months post the merged entity is formed. In case allegations are not proven, things will continue as usual. However, in case allegations are proven, Goenka may have to step down or find legal recourse. Post the merged entity is formed with Goenka as CEO, our checks with legal experts indicate that Sony may also support Goenka in legal proceedings against SEBI, which also provides comfort.

    We retain our positive stance on Z-Sony merged company

    In the newly configured merged entity Board, five out of nine directors would represent Sony, with the Chairman also hailing from Sony. This shift in Board composition is anticipated to lead to an enhancement in corporate governance at Z along with a change in management dynamic favouring Sony. We retain our positive stance, led by:

    1) synergistic benefits

    2) MNC control (superior corporate governance practices)

    3) positive impact of consolidation in the TV industry

    4) Scaling up of the OTT business.

    The credit of this article goes to Elara Capital SVP Karan Taurani

  • Trai further extends deadline for comments on consultation paper related to cross-media ownership

    Trai further extends deadline for comments on consultation paper related to cross-media ownership

    Mumbai: The Telecom Regulatory Authority of India (Trai) has once again extended the deadline for comments and counter comments on the consultation paper related to issues of media ownership. The new dates to submit comments are 28 June and 5 July, respectively.

    The consultation paper issued on 12 April seeks the views of the stakeholders on the need, nature and levels of safeguards with issues relating to media ownership, particularly cross-media ownership and vertical integration in the broadcasting sector.

    The regulatory authority had received a reference from the ministry of information and broadcasting (MIB) seeking reconsideration of its 2014 recommendations and issuance of a fresh set of recommendations in the light of the emerging changes in the media & entertainment industry, particularly with the advent of new digital technologies such as over-the-top (OTT) platforms.

    An industry analysis by KPMG shows that the media industry is undergoing a declining trend in terms of revenue generation from print, TV and radio while digital media is seeing a significant surge in revenue. Digital media revenues have grown from Rs 3,200 crore in 2014 to an estimated Rs 21,800 crore in 2021.

    Furthermore, Broadcast Audience Research Council (Barc) India’s TV Universe study highlights the changing TV distribution sector and the market share of cable, pay direct-to-home (DTH), free DTH and terrestrial. The data shows that the cable TV market share has declined from 63 million to 40 million while the share of pay DTH has increased from 23 million to 38 million between 2016 to 2021 (estimation). Free DTH has also doubled its market share from 12 million to 22 million (estimation) during the same period, as per the study.

    [[{“fid”:”1079179″,”view_mode”:”default”,”fields”:{“format”:”default”,”alignment”:””,”field_file_image_alt_text[und][0][value]”:false,”field_file_image_title_text[und][0][value]”:false},”type”:”media”,”field_deltas”:{“1”:{“format”:”default”,”alignment”:””,”field_file_image_alt_text[und][0][value]”:false,”field_file_image_title_text[und][0][value]”:false}},”attributes”:{“height”:”308″,”width”:”700″,”class”:”media-element file-default”,”data-delta”:”1″}}]]

    “The M&E industry has undergone a drastic change owing to technological developments, particularly those related to Intellectual property (IP) technology and increased use of packet-switched digital communications which have made converged services possible,” said Trai.

    The telecom networks can now provide access to the internet and broadcast content in addition to telecommunication services. “The technological convergence has manifested itself in changed consumer choices which, in turn, reflect the evolving dynamics of the M&E Sector,” remarked Trai.

    In its consultation paper, Trai has asked stakeholders if there is a need to monitor cross-media ownership and control & whether there should be a common mechanism to monitor ownership of print, television, radio and other internet-based news media. Currently, regulatory agencies such as the Competition Commission of India (CCI) and Securities and Exchange Board of India (SEBI) monitor and regulate mergers, acquisitions and takeovers. Trai asks stakeholders whether there is a need to monitor takeovers and acquisitions of media companies, especially news media companies & which government agency/ministry should be entrusted with data collection, regulation and monitoring.

  • NDTV gets additional time in SEBI case

    NDTV gets additional time in SEBI case

    MUMBAI: Prannoy Roy and family-controlled NDTV India can heave a sigh of relief. The channel had got a notice by the market regulator Securities and Exchange Board of India (SEBI) in June 2016 for alleged violation of takeover norms with respect to timely disclosure of some share transactions of its promoters.

    With regards to their petition to the Delhi High Court, the date of the hearing which was 29 November 2016 has been adjourned to 17 January 2017. The change in date was announced on the BSE today.

    “The company and its promoters have, on 13 June 2016, received Show Cause Notices (SCNs) issued by Sebi with regard to certain non-compliance related to delay/non-filing of disclosures in the previous years under Sebi Takeover Regulations,” NDTV said in a regulatory filing to BSE.

    The company further said it is “of the opinion that the alleged non-compliance referred in SCN are technical/ procedural in nature,” and it is seeking legal advice to take appropriate action in the said matter.

    NDTV was recently directed by the government to go off air for 24 hours from 9 November 2016 as a penalty for breaching telecast norms related to security issues. The channel was accused of airing images and revealing information regarding defence locations while covering the Pathankot terrorist attack a few months back.

    In an another development, the News Broadcasting Standards Authority (NBSA), the self-regulatory body of news channels under the News Broadcasters’ Association ( NBA) late last month asked NDTV, the English news channel, to air an apology for showing an incorrect map of India. The letter from NBA to NDTV stated the complaint was studied and the channel was directed to run an apology (full screen) prior to 9 pm on 5 November.

  • NDTV gets additional time in SEBI case

    NDTV gets additional time in SEBI case

    MUMBAI: Prannoy Roy and family-controlled NDTV India can heave a sigh of relief. The channel had got a notice by the market regulator Securities and Exchange Board of India (SEBI) in June 2016 for alleged violation of takeover norms with respect to timely disclosure of some share transactions of its promoters.

    With regards to their petition to the Delhi High Court, the date of the hearing which was 29 November 2016 has been adjourned to 17 January 2017. The change in date was announced on the BSE today.

    “The company and its promoters have, on 13 June 2016, received Show Cause Notices (SCNs) issued by Sebi with regard to certain non-compliance related to delay/non-filing of disclosures in the previous years under Sebi Takeover Regulations,” NDTV said in a regulatory filing to BSE.

    The company further said it is “of the opinion that the alleged non-compliance referred in SCN are technical/ procedural in nature,” and it is seeking legal advice to take appropriate action in the said matter.

    NDTV was recently directed by the government to go off air for 24 hours from 9 November 2016 as a penalty for breaching telecast norms related to security issues. The channel was accused of airing images and revealing information regarding defence locations while covering the Pathankot terrorist attack a few months back.

    In an another development, the News Broadcasting Standards Authority (NBSA), the self-regulatory body of news channels under the News Broadcasters’ Association ( NBA) late last month asked NDTV, the English news channel, to air an apology for showing an incorrect map of India. The letter from NBA to NDTV stated the complaint was studied and the channel was directed to run an apology (full screen) prior to 9 pm on 5 November.