Mukesh Ambani-controlled Reliance Industries Limited (RIL), which has proposed hiving off its oil to chemicals (O2C) business into an independent subsidiary, on Tuesday said it had received an approval from the Securities and Exchange Board of India (Sebi) and stock exchanges to create this subsidiary. The company now requires the approval of equity shareholders and creditors, regulatory authorities, and the income-tax authority, besides the National Company Law Tribunals (NCLTs) in Mumbai and Ahmedabad. RIL said the approval process had commenced and was expected to be completed by the second quarter of the 2021-22 financial year. In a presentation to investors on Tuesday, RIL said that the creation of this subsidiary would facilitate value creation through strategic partnerships and attract dedicated pools of investor capital. The ongoing talks with Aramco for a stake sale in RIL were also mentioned in this presentation. When finalised, the deal is expected to be one of the la
Regulatory authorities barred intra-day trading of stocks often to curb speculation in the last financial year. Instances of stocks being transferred to the trade-for-trade segment rose 12-25 per cent across exchanges during the year, reveals data from the Securities and Exchange Board of India’s (Sebi’s) recently released annual report for the financial year 2019-20 (FY20). The trade-for-trade segment doesn’t allow shares to be bought and sold on the same day. The number of times it happened rose from 257 to 289 on the National Stock Exchange (NSE), 435 to 539 on the BSE and from 246 to 292 on the Metropolitan Stock Exchange of India (MSEI).
63 Moons says SAT reserves judgement on its challenge to Sebi order
63 Moons was earlier known as Financial Technologies (India) Ltd (FTIL)
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63 Moons Technologies on Monday said Securities Appellate Tribunal (SAT) has reserved the judgement on the firm s challenge to Sebi s order which disallowed it from providing Straight Through Processing gate services.
The Securities Appellate Tribunal(SAT) on Monday heard the 63 moons technologies limited challenge to Securities and Exchange Board of India (SEBI) order disallowing the Company fromproviding STP Gate Services and has reserved the judgment. While passing the order theTribunal has kept the SEBI Order in abeyance.
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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.