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SEBI : SEBI issues an updated Master Circular for stock brokers, consolidating and rescinding previous circulars issued up to August 9, 2...
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Please refer to our letter No.SE/3050 dated April 09, 1992 advising you, inter alia, to inform the PSUs which approach your Exchange for listing of their shares to send a set of disclosure documents to SEBI and to your Exchange, particularly the relevant information required in the abridged prospectus (“Memorandum” under Section 56(3) of the Companies Act, 1956). In this connection.
Please ensure immediate compliance to the above instructions as they are in the context of requirements of the ensuing Parliament session.
These guidelines will apply to all issues of capital made by companies hereafter. However, those companies holding consents from the controller of Capital Issues granted prior to the promulgation of the Ordinance may proceed with the issues on the terms and conditions contained therein, subject to the requirement that the guidelines now issued by SEBI would also apply to such issues to the extent they are not inconsistent with the terms of the CCI consents.
In respect of further issues, if there are no promoters, the “promoters contribution” will mean contribution by directors, friends, relatives, associates and contribution from them shall not be less than 25% or 20% of the total issue of equity capital as the case may be, with lock-in period of five years.
Please refer to the circular F.No.4/16/SE/19 dated August 19, 1991 on the above subject issued by the Stock Exchange Division, Ministry of Finance directing the Stock Exchanges to implement certain measures in the interest of long term growth of the Stock market and for ensuring investor protection.
You would be aware about the recent revelations about the alleged involvement of a few member brokers of the stock exchanges in the reported unauthorised practices adopted in the market for Government Securities which in turn enabled them to influence trading in and prices of shares in the stock exchanges.
Please refer to our letter dated February 4, 1991 enclosing a copy of directive issued by the Ministry of Finance F. No. 14/3/SE/85 dated November 14, 1985 regarding review of the existing system of Bye-laws and Regulations of Stock Exchanges relating to trading in securities and you were requested to ensure implementation of the instructions issued by the directive.
Please refer to directive F. No. 4/16/SE/91 dated August 19, 1991 issued by the Stock Exchange Division, Department of Economic Affairs, Ministry of Finance, advising all the Stock Exchanges to take certain measures in the interest of long-term growth of Stock market and for ensuring investor protection and send report on the implementation of the decisions conveyed therein to SEBI.
As you are aware SEBI has been, inter-alia, vested with the responsibilities relating to development and regulation of securities market and investor protection and advise Government on these matters. In order to perform these functions effectively, it is necessary that SEBI is kept apprised of various developments at the Stock Exchanges.
Please refer to our D.O. letter dated September 7, 1990 requesting you to send us information/data on the business done/major developments on the Stock Exchange on a daily basis in the format enclosed therewith. In this connection, it is observed that the information from several Stock Exchanges is not received on a regular basis and in some cases it is not in the prescribed format. The format for daily reporting has been simplified and a copy of the revised format is enclosed.