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Circular No. CIR/MIRSD/6/2011, 1. SEBI (Underwriters) Regulations, 1993 {hereinafter referred to as “the said Regulations”}, have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as “the said amendment”), a copy of which is available on SEBI website www.sebi.qov.in 2. With the said amendment, the requirement of taking prior approval by the underwriters from SEBI for change in status or constitution has been dispensed with. However, the underwriters are required to take prior approval from SEBI for change in control.3. Pursuant to the aforesaid notification, all underwriters shall report the following change(s) to SEBI on a half-yearly basis within 15 days of expiry of the half-year, commencing from the half-year ended September 30, 2011.
Relaxing provisions for change in names by companies, regulator SEBI today said any listed firm seeking to undertake such an exercise can do so provided that the amount invested in new projects associated with change of profile is at least 50 per cent of their assets. As per the earlier rule, at least 50 per cent of the total revenue of such firms was required to have been from activities associated with the any company”s new name for a period of one year preceding the change.
SEBI vide circular no MRD/DoP/SE/Cir-38/2004 dated October 28, 2004 had issued comprehensive guidelines for regulation of Investor Protection Fund (IPF)/ Customer Protection Fund (CPF) required to be maintained by Stock Exchanges. Further vide circular No. MRD/DoP/SE/Cir-21/2006 dated December 14, 2006, SEBI issued a clarification to Clause 24 of the Annexure to Circular dated October 28, 2004, specifying that in case of defaulting brokers with multiple memberships, the residual amount after satisfying claims of SEBI, the concerned stock exchange, and all other exchanges, would be credited to the IPF/CPF of the concerned exchange.
CIR/MIRSD/4/2011 It has been felt that there need to be common rating symbols and definitions (i) for easy understanding of the rating symbols and their meanings by the investors, and (ii) to achieve high standards of integrity and fairness in ratings.
CIR/IMD/FII&C/7/2011 – 15.06.2011 If an ODI (e.g. on MSCI India Index) is hedged with multiple types of Indian securities and left partly unhedged, it may be split in separate rows with each row for each Indian security and a blank column for the unhedged portion. The outstanding value of ODIs shall be summation of all such rows. b. The current methodology of reporting F&O positions will be continued. The outstanding value of ODIs shall continue to be represented in notional terms. c. The ODI issuers shall link hedges to the extent that such a link can be made. d. The FIIs shall work out the linkages for all outstanding ODI positions as on September 30, 2011. This report shall be uploaded to SEBI by the entities in March 2012 along with the upload of the first six months’ lag transaction reports.
While receiving funds from the clients through pre-funded instruments, such as, Pay Order, Demand Draft, Banker’s cheque, etc., it is observed that the stock brokers are unable to maintain an audit trail of the funds so received, as the details of the name of the client and bank account-number are not mentioned on such instruments. This may result in flow of third party funds / unidentified money, which is not in accordance with the provisions of the aforesaid circular and also affects the integrity of the securities market.
CIRCULAR CIR/CFD/DIL/3/2011 a. SEBI has vide its circular dated June 3, 2011 issued in consultation with RBI provides restrictions on redemption of Indian Depository Receipts (IDRs) to their corresponding underlying equity shares. The SEBI Circular restricts the ability of IDR holders to freely redeem their IDRs into the underlying equity shares even after the expiry of the statutory lock-in period of one year.
CIRCULAR No. . CIR/MIRSD/2/2011 – Requirement of members of the stock exchanges and sub-brokers to obtain prior approval from SEBI for change in status or constitution has been done away with. However, the members of the stock exchanges would be required to take prior approval from SEBI for change in control.
CIRCULAR No. -CIR/OIAE/2/2011 All complaints pertaining to companies will be electronically sent through SCORES at http://scores.gov.in/Admin. The companies are required to view the complaints pending against them and submit ATRs alongwith supporting documents electronically in SCORES. Failure on the part of the company to update the ATR in SCORES will be treated as non redressal of investor complaints by the company. Submission of physical ATR will not be accepted for complaints lodged in SCORES. For complaints forwarded to companies on or before 20/05/2011, physical ATRs should be submitted.
Stock exchange regulator said late on Thursday it has decided to permit stock exchanges to introduce one or more liquidity enhancement schemes (LES) in the equity derivatives segments. The scheme can be introduced for securities where the average trading volume for the last 60 trading days on the stock exchange is less than 0.1 percent of the market capitalisation of company concerned, the Securities and Exchange Board of India said in a statement. CIRCULAR No. CIR/DNPD/5/2011