The market regulator Sebi today penalised two companies–BTW Industries and GR Magnet–for delaying dematerialisation of securities for several years. While it imposed a penalty of Rs 40 lakh on BTW Industries, GR Magnet was fined Rs 12 lakh for failing to dematerialise its securities. Dematerialising securities means keeping them in electronic form.
Listing means formal admission of a security into a public trading system, usually a stock exchange, often evidenced by a listing agreement between the issuer of the security and the stock exchange. It provides liquidity to the issuer of security for capital and ensures effective monitoring of conduct of issuer and of the trading of the securities in the interest of investors. The issuer wishing to have trading privileges for the securities on a stock exchange satisfies listing requirements prescribed in the relevant statues and in the listing regulations of the concerned stock exchange.
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The finance ministry plans to exempt large unlisted companies from the proposed 25% minimum public holding norm to ensure that it does not discourage them from going public.
Securities and Exchange Board of India [SEBI] has amended the instructions for filling applications for registration of a Foreign Institutional Investor [FII] and sub-account of FII. Applicants are now required to provide additional declarations and undertakings along with the application form for registration of FII / sub-account of FII.
Dual Listing has been in the news in recent times due to the proposed alliance between Asia’s leading telecommunications provider Bharti Airtel and South Africa-based MTN Group that would help create the third largest mobile phone group in the world. This has created a buzz in the world of telecommunications. However, this alliance is dependent upon one important aspect or issue – it is of “Dual Listing”.
For the first time in the history of the stock market, investors who lost out on allotment of shares due to a scam will receive compensation from money recovered from scamsters. Finance Minister Pranab Mukherjee will on Monday hand over the cheques to investors who lost out because scamsters cornered the shares meant for retail investors in initial public offerings (IPO) during 2003-05.
Securities and Exchange Board of India [SEBI] has, on 5 April 2010, directed Stock Exchanges [SE] to amend the Equity Listing Agreement [LA]. The amendments to LA puts in place of earlier decisions of SEBI Board meetings held on 22 September 2009 and 9 November 2009 and are applicable to companies listed on SE in India. The highlights of the amendments to LA are as under:
As part of its review of the existing disclosure requirements and to bring more transparency and efficiency in the governance of listed entities, SEBI has made certain amendments to the Equity Listing Agreement, vide its circular dated 05 April 2010. The key amendments relate to the following:
Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies.
