Read more about Security concerns must be addressed in virtual board meetings: Sebi chief on Business Standard. Sebi chairman Ajay Tyagi on Thursday said confidentiality and security concerns of virtual board meets need to be addressed
Markets regulator Sebi on Thursday cancelled the registration of Kolar Sharex Pvt Ltd as stock broker for violating market norms. In a separate order, Sebi said it has also cancelled the registration certificate of Rajkumar C. Basantani as stock broker, who, apart from being a director of Kolar Sharex, was also a trading member of the National Stock Exchange (NSE).
Sebi noted that Kolar Sharex was having membership of BSE and Inter Connected Stock Exchange (ICSE) before it was expelled from the exchanges in October 2014 pursuant to a decision of the disciplinary action committee (DAC) of the BSE, which had noted various irregularities by Kolar Sharex.
Finance Minister Nirmala Sitharaman on Wednesday appreciated the measures taken by Sebi, especially to deal with the COVID situation, and emphasised the need for timely implementation of announcements related to the capital market made in the Union Budget 2021-22. The minister addressed the board of Sebi in the national capital on Wednesday for the first time after the presentation of the Budget on February 1.
Sebi Chairman Ajay Tyagi made a presentation on current market trends and challenges, measures taken in the wake of the pandemic, capital raising during this financial year and implementation road map for Sebi-related budget announcements, and corporate bond market development, the regulator said in a release.
Sun Pharmaceutical Industries along with seven of its executives including Dilip Shanghvi (managing director) and Sudhir Valia (director) has settled a pending dispute with the Securities and Exchange Board of India (Sebi) by agreeing to pay a cumulative penalty of Rs 2.92 crore.
Sun Pharma has agreed to pay Rs 56 lakh, while Shanghvi will pay Rs 62.3 lakh, and Valia Rs 37.4 lakh. Other individuals have agreed to pay between Rs 18.5 lakh and Rs 37.4 lakh. The matter pertains to violation of related party norms and allegations of fund diversion. Two whistle-blowers had alleged that Sun Pharma and its wholly owned subsidiary Sun Pharmaceutical Laboratories had been diverting funds through Aditya Medisales, its sole distributor in India. It was further alleged that the diversion continued for several years but Sun Pharma had declared Aditya Medisales as a related party only in 2017-18.