sebi act

The circular states that audit envisaged under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 shall include an internal audit to be conducted on a half yearly basis by Chartered Accountants, Company Secretaries or Cost and Management Accountants who are in practice and who do not have any conflict of interest with the CRA. Full Article

The tribunal has set a wrong precedent by arrogating to itself the power vested in it, said Sebi. The tribunal had directed the Bombay Stock Exchange (BSE) to grant in-principle approval to the issue, allotment and listing of shares issued by a market participant to its promoters on a preferential basis. It was, however, rejected by BSE. Full Article

It is clarified that for the half-year October 2009 - March 2010, the CRA shall receive the report of the internal audit by May 31, 2010. Its Board of Directors shall consider the report and take appropriate measures to rectify the deficiencies and the CRA shall send the Action Taken Report to SEBI by July 31, 2010. Full Article

SUMMARY OF CASE LAW Mere allegations contained in a line or two against the directors without specifying the violative act committed by any of the directors would not suffice to make the directors offenders so as to summon them for the offences under SEBI Act; mere bald averments in the complaint do not make the [...] Full Article

SEBI, vide Master Circular No. ISD/AML/CIR-1/2008 dated December 19, 2008, issued consolidated requirements/obligations to be fulfilled by all registered intermediaries with regard to AML/CFT. In addition to the obligations contained in the Master Circular, following are the additional requirements to be fulfilled or the clarifications with regard to existing requirements: Full Article

Market regulator SEBI on Friday said it is not obliged to obtain information from stock exchanges for sharing it with the public under the Right to Information Act. ”SEBI Act gives powers to SEBI to obtain information for certain purposes and not for obtaining such information from the exchange for the sole purpose of providing the same to the appellant,” [...] Full Article

GENERAL MANAGER, INVESTMENT MANAGEMENT DEPARTMENT IMD/PMS/2/2009/11/05, May 11, 2009 All Registered Portfolio Managers Dear Sirs, Sub: Compliance with Regulation 16(8) of SEBI (Portfolio Managers) Regulations, 1993. In consideration of the requests received from portfolio managers, SEBI, vide Circular No. IMD/CIR No.1/155740/2009 dated: February 27, 2009 had extended the deadline and permitted portfolio managers to comply with the requirements of sub-regulation(8) [.. Full Article

The Securities and Exchange Board of India (Sebi) won a crucial judgment in the Supreme Court against the Securities Appellate Tribunal (SAT), which has many a time set aside its orders. The SC on Tuesday held that the tribunal cannot set aside orders passed by Sebi under section 12(1) of the Sebi Act. The section [...] Full Article