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It has been observed that buy back through open market has failed to achieve its objectives in spirit, due to the following reasons: a) Section 77A(4) of the Companies Act, 1956 specifies that every buy back shall be completed within a period of 12 months. Companies, instead of fixing a definitive period for buyback, usually keep the buyback offer open for the entire period of 12 months.
This circular is issued in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992
SEBI vide circular IMD/FIIC/1/2012 dated January 3, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in the manner prescribed in the said circular. The facility of reinvestment period was not allowed for all new allocations of debt limits to FIIs/sub-accounts after the issuance of the said circular.
SEBI has decided to realign the Base Minimum Capital (BMC) deposit requirements. The stock broker and trading members shall be required to provide BMC deposit based on their profiles i.e. whether trading on proprietary account only, or trading on behalf of clients only, or both including with or without algorithmic trading.
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report.
Top Stories Case Laws Statutes Analysis of Latest News All CL : Chairman of CLB can now transfer any matter pending before a Regional Bench to any other Regional BenchORDER [FILE NO. 10/36/2001-CLB], DATED 07-12-2012 SEBI : Stock Exchanges to implement measures to prevent aberrant orders or uncontrolled tradesCIRCULAR NO. MRD/DP/34/2012, DATED 13-12-2012 SEBI :
It has been decided to prescribe a framework of dynamic trade based price checks to prevent aberrant orders or uncontrolled trades. These measures would be implemented in phases in order to ensure the Indian stock exchanges deploy latest technology while maintaining adequate controls. As an initial measure, it has been decided that stock exchanges shall implement the measures as given below.
(i) making a false or misleading statement, or (ii) concealing or omitting material facts of the scheme, or (iii) concealing the associated risk factors of the scheme, or (iv) not taking reasonable care to ensure suitability of the scheme to the buyer.
The Stock Exchange or the Clearing Corporation, as the case may be, shall, in consultation with SEBI, formulate a policy for annual inspection of their members in various segments and follow up action thereon. The policy shall also cover various kinds of risks posed to the investors and market at large on account of the activities/business conduct of their members.
As announced in the Union Budget 2012-13, the Finance Act 2012 has introduced a new section 80CCG on ‘Deduction in respect of investment made under an equity savings scheme‘ to give tax benefits to new investors who invest up to Rs. 50,000 and whose gross total annual income is less than or equal to Rs. 10 lakhs. SEBI CIRCULAR NO. MRD/DP/32/2012, DATED 6-12-2012
