Read more about Sebi makes voting on resolutions floated by invested firms a must for MFs on Business Standard. Starting April 2021, MFs will have to vote on key resolutions such as M&A, corporate revamp, and stock option plans
Franklin Templeton Mutual Fund (MF), which shut its six schemes in April 2020, is facing the heat from the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi). According to sources, while the ED has registered a money-laundering case against the fund house and eight others, the market regulator has issued a show-cause notice and summons to the company and its key personnel who redeemed their investments days or weeks before the closure announcement. “Sebi has started adjudication proceedings into alleged breach of Fraudulent and Unfair Trade Practices (FUTP) regulations after an audit finding revealed that several individuals and entities linked to the fund house redeemed their holdings in excess of Rs 50 crore.
Read more about Sebi cancels Sahara India Financial Corp s registration as sub-broker on Business Standard. The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations
Sebi plans ‘dual approval’ for independent directors
The regulator suggested that nomination and remuneration committees can use the services of external agencies to shortlist candidates.
Synopsis
The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors (ID).
MUMBAI: The Securities and Exchange Board of India has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure.
The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors (ID). This requires the majority of all shareholders as well as the majority of minority