Tag: SEBI

Yes Bank, 6 others settle case with Sebi; pay Rs 1.65 crore, BFSI News, ET BFSI

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NEW DELHI: Private sector lender Yes Bank and six persons on Tuesday settled with Sebi a case pertaining to alleged selective disclosure of asset quality, after paying Rs 1.65 crore towards settlement amount.

Apart from the bank, the six persons who settled the case are — Ashish Agrawal, Niranjan Banodkar, Sanjay Nambiar, Devamalya Dey, Rajat Monga and Shivanand Shettigar.

The order comes after the entities approached Sebi to settle the proceedings initiated against them “without admitting or denying the findings of fact and conclusions of law”, through a settlement order. In a settlement order on Tuesday, Sebi said,” the instant adjudication proceedings initiated against applicants vide SCN (show cause notice) dated October 26, 2020 are disposed of”.

The regulator conducted an investigation in the affairs of Yes Bank during February 2019 to ascertain the possible violation of provisions of Sebi Act and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).

Pursuant to the investigation, Sebi observed certain violations were allegedly committed by the bank and the six persons and issued show cause notice to them in this regard in October 2020.

In the show cause notice, it was alleged that Yes Bank made a selective disclosure on February 13, 2019, highlighting “nil” divergence which had significant positive impact on the price movement and had not disclosed other issues mentioned in the Risk Assessment Report (RAR) as observed by RBI such as lapses and regulatory breaches in various areas of its functioning.

It was alleged that announcement made by Yes Bank to exchanges were “incomplete as only selective disclosures highlighting nil divergence in bank’s asset classification and provision from RBI norms were disclosed as per the RAR of RBI.”

“However, other lapses and regulatory breaches in various areas as identified in the RAR were not disclosed,” the order noted.

The announcement resulted in misleading the investors as the price of the scrip increased by around 30 per cent and volume of trading the scrip also increased substantially the next trading day i.e. February 14, 2019.

It was alleged that the bank and six persons, who were involved in the decision making process to make the information public, have violated the provisions of PFUTP norms.

The six persons were either a member of the Reputational Risk Management Committee (RRMC) or part of the decision making process in relation to the disclosures made on February 13, 2019. Pending adjudication proceedings, the applicants proposed to settle the proceedings initiated against them and filed settlement applications.

Thereafter, Sebi’s committee recommended that the case may be settled upon payment of Rs 1.65 crore by applicants on jointly and several liability basis and accordingly they remitted the amount. Consequently, the Securities and Exchange Board of India (Sebi) settled the case.



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It’s Sebi vs FPIs, brokers on T+1, BFSI News, ET BFSI

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MUMBAI: Markets regulator Sebi and the brokers on Dalal Street are currently in a face-off relating to trading processes in the stock market. Sebi’s insistence on continuing with a very high margin requirement for all types of cash trades, called peak margin, has been met with strong resistance from the broking community.

As the issue relating to margin was being discussed between the regulator and the brokers, Sebi decided to move to the shorter T+1 settlement cycle from January 1, 2022.

On the second issue, although it will be optional when it begins next year, foreign investors have joined hands with brokers, saying that post-trade procedural time lags may lead to hurdles in shifting to a shorter settlement cycle. With no solution in sight, the issue has reached the finance ministry and may even land in court, industry sources said.

Sources within the regulatory body said that both the decisions were taken to make the Indian market a safer and better place. For one, the peak margin requirement will not impact investors who are buying to hold for the long term.

“Trading may become a bit costly for the day-traders,” a source said. In addition, the regulatory move to slowly shift to a T+1 settlement cycle will be beneficial to traders who buy with the aim of making some profit within a day or two.

Under the current system of T+2 settlement, a buyer gets the shares that he bought in his demat account on the third working day, including the day of trade.

Similarly, the seller receives the money for shares sold on the third working day. Under the proposed T+1 settlement cycle, the shares and money will come to the investor’s account the next working day.

The regulator believes that moving to a T+1 settlement cycle is perfectly in tune with Prime Minister Narendra Modi’s ‘Ease of Doing Business’ initiative.

Foreign funds are opposing the move to a shorter settlement cycle since they have to tweak their settlement processes that involve their own people, the custodians in India, depositories, clearing corporations and banks, to meet the needs.

On the other hand, the regulator believes that since T+1 cycle will initially be optional for stocks that exchanges select, if the trading volumes in those stocks do not match up to the current T+2 cycle, the bourses will automatically revert to the longer settlement cycle.

Over the last few months, ANMI, one of the pan-India brokers’ bodies, made several representations to Sebi. These were against introductions of peak margin and T+1 settlement cycle. ANMI had pointed out that introduction of peak margin may increase market risks, defeating its objective of reducing the same.

The brokers’ body also said that if T+1 cycle is introduced, it would increase working capital requirement for brokers, extend working hours for banks and depositories, and increase settlement risks due to failure in matching trades by FPIs.

Veterans of the market, however, say that discount brokers stand to gain the most from the proposed changes, since these brokerages are relatively new, their operations are fully automated and digitised.

“The current situation presents a unique case: The regulator and some brokers, riding technological advancements in the financial space, are trying to move ahead. On the other hand, foreign funds who use state-of-the-art technologies for trading, want to continue to use legacy technology when it comes to settlement of trades,” said a market observer.



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Know how Banks and Financials performed throughout the week, BFSI News, ET BFSI

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Domestic benchmark indices witnessed some exhaustion this week, after a healthy rally seen in the past weeks, with the BSE Sensex gaining around 9% last month.

Developments around the US economy, revival of activity in Europe amid rising Covid-19 infections, improving economic data, positive earnings expectations and healthy pick up in daily inoculations were considered to be key market driving factors this week.

Last Friday, the BSE Sensex vaulted above the 58,000-mark, while the Nifty50 touched 17,300 points as investors cheered recovery in the economy.

Monday Closing bell: Market continues winning streak; banks and financials underperform

The Nifty50 had a gap up opening, but couldn’t build upon the early gains. The index traded in a narrow range throughout the day and consolidated its gains. During the second half, markets continued to trade on a positive note on the back of strong global cues and domestic economic activity. The Sensex was up 0.29% at 58,296.91, and the Nifty was up 0.31% at 17,377.80.

Bank Nifty closed with losses, ending 0.5% lower at 36,592 points, while Nifty Financial Services closed 0.3% lower at 18,077 points. Shares of IndusInd Bank fell 1.13% as the top laggard, followed by Kotak Mahindra Bank, and HDFC Bank.

Tuesday Closing bell: Market ends in red, banks, financials continue to lose

The Nifty50 had a cautious start on Tuesday, around levels of 17,400. All sectoral indices opened in the green, except for Nifty Bank. Domestic indices reached fresh all-time highs but failed to hold gains and ended the day with marginal losses. The Sensex closed at 58279.48 points, down 0.03%, while Nifty closed at 17362.10, down 0.09%.

Bank Nifty ended the 0.34% lower at 36,468 while Nifty Financial Services closed at 18,102 gaining 0.15%. Axis bank was among the top Nifty Losers while HDFC and IndusInd Bank were among the top gainers.

Wednesday Closing bell : Indices tad down; banks, financials among top gainers

Domestic equity indices rebounded from lows in the dying hour of trade to end flat with a negative bias, with mid and smallcaps outperforming the benchmarks. The Sensex and Nifty both ended flat, down 0.05% each at 58,250.26 points and 17,353.50 points, respectively.

Among sectors, Nifty Bank, private bank, PSU bank and financial services rose about a percent each. Bank Nifty gained 0.82% to end at 36,768, while Nifty Financial Services gained 0.57% closing at 18,207. Kotak Mahindra Bank jumped 3.5% to be the top index gainer.

Thursday Closing bell: Market closes on positive note; banks, financials underperform

Domestic indices started Thursday’s session on a flat note amid selling pressure seen in financial stocks. Sensex and Nifty both closed with a gain of 0.09%, higher at 58,305.07 and 17,369.25 respectively.

Nifty Bank ended in red at 36,683 down 0.23%, while Nifty Financial services closed at 18,160, down -0.26%. Kotak Bank and Bajaj Finserv were among top blue-chip performers. HDFC Bank, IndusInd Bank and SBI were among the volume toppers. Meanwhile, SBI Life, Axis Bank, Federal bank and Chola Invest were among the top losers.

Industry Key Takeaways

Tamilnad Mercantile Bank files IPO papers with SEBI
Private-sector lender Tamilnad Mercantile Bank has filed preliminary papers with Securities and Exchange Board of India to mop-up funds through an initial share-sale. The initial public offering (IPO) comprises fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).

LIC Housing Finance partners with India Post Payments Bank
India Post Payments Bank (IPPB) and LIC Housing Finance on Tuesday announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. LIC Housing Finance was quoting at Rs 416.10, up Rs 11.35, or 2.80% on the BSE.

India’s fintech market to triple to ₹6.2 lakh cr by 2025: MoS Finance Karad
The government’s various initiatives have led to fast growth in the fintech sector, which is likely to triple to ₹6,20,700 crore in value terms by 2025, minister of state for Finance Bhagwat K Karad said on Wednesday.

Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87% in March 2020, as compared to the global average of 64%.

Paytm Money launches investment advisory marketplace on platform
Paytm Money, the wealth management division of digital payments major Paytm, on Tuesday said it is creating a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.

Paytm Money has partnered with investment startup WealthDesk to offer investment portfolios called ‘WealthBaskets’. A ‘WealthBasket’ is a custom portfolio of stocks and exchange traded funds (ETFs) created by SEBI-registered investment professionals.

India to post strong GDP growth in coming quarters: S&P
India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated, S&P Global Ratings said on Wednesday.

The economy is expected to clock 9.5 percent growth in the current fiscal year, followed by 7% expansion in the next year, it said, adding high nominal GDP growth would be important for ensuring fiscal consolidation going forward

Kotak Mahindra Bank slashes home loan rates by 15bps to 6.5%
Kotak Mahindra Bank announced today that it has reduced home loan rates by 15 base points, from Friday till November 8.

The bank is offering this rate in view of the upcoming festive period. The rate of 6.5% will be prevalent for both fresh home loans and balance transfers, and will be available across all loan amounts and is linked to a borrower’s credit profile.

UCO Bank shares spike 16% after RBI lifts PCA restrictions
UCO Bank shares received strong buying demand, rising as much as 15.9 percent on September 9 after the Reserve Bank of India lifted Prompt Corrective Action (PCA) restrictions on the bank.

“The performance of the UCO Bank was reviewed by the Board for Financial Supervision under the RBI. As per published results for the year ended March 31, 2021, the bank is not in breach of the PCA parameters,” said the RBI in its press release published on September 8.



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Tamilnad Mercantile Bank files IPO papers with Sebi

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Private-sector lender Tamilnad Mercantile Bank has filed preliminary papers with capital markets regulator Sebi to mop-up funds through an initial share-sale.

The initial public offering (IPO) comprises fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).

The offer-for-sale consists of sale of up to 5,000 equity shares each by D Prem Palanivel and Priya Rajan, up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy and up to 500 equity shares each by M Malliga Rani and Subramanian Venkiteshwaran Iyer.

Augmenting tier-1 capital

The Tuticorin-based bank proposes to utilise the net proceeds from the fresh issue towards augmenting its tier–I capital base to meet its future capital requirements.

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSME), agricultural and retail customers.

As of June 30, 2021, the bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres.

As of June 30, 2021, it had a customer base of around 4.93 million of which 70 per cent comprised customers who were associated with the bank for more than five years.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the public issue.

The equity shares are proposed to be listed on the BSE and the NSE.

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Tamilnad Mercantile Bank Limited files its DRHP with SEBI, BFSI News, ET BFSI

Banking & Finance

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Tamilnad Mercantile Bank Limited, one of the oldest banks in the country, filed its DRHP with SEBI. The Initial Public Offer (IPO) consists of up to 15,840,000 equity shares of face value of rs10 each (“Equity Shares”) of Tamilnad Mercantile Bank Limited comprising a fresh issue of 15,827,495 equity shares.

The Company proposes to utilise the Net Proceeds towards augmenting its Tier–I capital base to meet its future capital requirements. The Book Running Lead Managers to the offer are Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.

The offer comprises up to 12,505 equity shares, consisting an offer for sale of up to 5,000 equity shares D. Prem Palanivel, up to 5,000 equity shares by Priya Rajan , up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy , up to 500 equity shares by M. Malliga Rani and up to 500 equity shares Subramanian Venkiteshwaran Iyer (collectively, the “Selling Shareholders”).

The offer will constitute 10.00% of the post-offer paid-up equity share capital

TMB offers a wide range of banking and financial services primarily to MSMEs, agricultural and retail customers. As of June 30, 2021, the Bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Their overall customer base is approximately 4.93 million as of June 30, 2021.



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Tamilnad Mercantile Bank files papers with SEBI for IPO

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C The Tuticorin(TamilNadu)-based Tamilnad Mercantile Bank Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) to raise funds through an initial public offering.

The proposed IPO will comprise a fresh issue of equity worth up to 15.84 million shares and an offer for sale (OFS) of up to 12,505 shares by its existing promoters and shareholders.

About 75 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), 15 per cent is for allocation to non-institutional investors (NIIs), and the remaining 10 per cent will be available for retail investors.

Proceeds from the IPO will be used for augmenting the lender’s tier I capital base.

The company had said that it was planning to raise more than .₹1,000 crore with an IPO.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers for the IPO. Link Intime India is the registrar for the issue.

For FY21, the bank’s net profit stood at ₹603 crore as compared to ₹408 crore in FY20. Its gross non-performing assets (NPAs) were at 3.44% against 3.62% a year ago. Net NPA stood at 1.98% versus 1.8% last year. Its CASA ratio increased to 28.52% from 25.85%.

Total advances stood at ₹31,541 crore in FY21 from ₹28,236 crore FY20. Total deposits stood at ₹40,970 crore (₹36,825 crore). Its total business was at ₹72,511 crore, up 11 per cent from ₹65,061 crore in FY20.

It had 4.18 million customers in Tamil Nadu, which accounted for about 85 per cent of its total customer base. The bank also has a presence in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

As of June 2021, TMB had 509 branches, of which 106 were in rural, 247 in semi-urban, 80 in urban and 76 in big cities.

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Delay in legislation on crypto boosts lobbying, BFSI News, ET BFSI

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NEW DELHI: The delay in the government finalising the legislation on cryptocurrency has prompted intense lobbying, with agencies worried over the risks emanating from an unregulated segment with extreme price volatility, posing a threat to investors, many of whom do not understand the instrument.

Besides, there are concerns over the instrument being used for money laundering and terror funding, an issue that has been flagged by other agencies across the globe, sources told TOI.

While the Supreme Court had lifted the ban imposed by the RBI, the government had listed a bill on cryptocurrency to be introduced during the Budget session of Parliament but with the session cut short, the legislation could not make it.

During the monsoon session, the government remained silent on the future of the proposed bill with finance minister Nirmala Sitharaman recently saying that it has been sent for clearance by the Union Cabinet before it can be introduced in Parliament. The next session is at least two months away.

But crypto exchanges have used the interim period to launch a massive lobbying initiative with several governments and regulatory agencies, raising concerns. The exchanges have argued that a ban on digital currency transactions will result in job losses.

While there are fears that a ban will lead to investors getting locked into the instrument, sources indicated that a three-six month window will be provided for investors to exit.

Several officials have junked the argument that crypto currencies are an asset class. Besides, there are worries over the legal basis for the presence of some of the exchanges, which remain outside the jurisdiction of either Sebi or the RBI. “There has to be global coordination to combat the challenge posed by cryptocurrencies. They are not a currency as only the sovereign can issue currency. There is a grave danger in allowing these instruments,” said a source.



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How to be an accredited investor

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Have you ever wished that as an individual investor in India, you had access to some of the exciting high-risk high-return products that your global cousins dabble in? Have you been hoping that you could participate in hedge funds, angel investments or unlisted securities without betting too much on one product? Do you think you are capable of researching investment options on your own without a verbose offer document?

If you replied ‘yes’ to any of these questions and also have many zeros to your net worth, then you may like to sign up under SEBI’s new ‘accredited investor’ framework, notified last week, to expand your horizons.

Who can apply

Any investor meeting certain minimum net worth and income criteria can get himself or herself certified by notified agencies to earn the moniker of ‘accredited investor’.

SEBI’s new rules say that to apply to be an accredited investor, an individual needs to meet one of three conditions. One, you must have an annual income of over ₹2 crore. Two, you can have net worth of at least ₹7.5 crore – of which at least ₹3.75 crore is in the form of financial assets. Three, you can have an annual income of ₹1 crore and a net worth of ₹5 crore, out of which at least half is in financial assets.

To calculate this net worth, your primary residence or the home you live in, will be excluded from the calculation. Your other real estate assets will be considered. If you jointly hold investments with your parents or children, at least one of you should independently meet these conditions. You and your spouse can, however, combine your incomes/net worth to meet this bar.

You can apply for accreditation for one year or two years. If you need the certificate to be valid for one year, you need to have met the above conditions for the last financial year. To get two-year validity, you should have met these conditions continuously for the last three years.

What if you haven’t amassed the above net worth or income yet, but are a qualified chartered accountant, RIA, CFP or CFA? In that case, these regulations don’t allow you to be ‘accredited’ though you may have sufficient knowledge to evaluate sophisticated products. In developed markets such as US, the accredited investor definition has recently been expanded to include folks with professional or advisory qualifications, even if they don’t meet net worth or income criteria. But SEBI has not taken that road yet.

How to apply

You will have to apply with the required documents to the stock exchanges or depositories authorised by SEBI to function as ‘accreditation agencies’.

The documents you need to submit are copies of your PAN card and Aadhar or passport and your income tax returns for the last one or three years, depending on whether you seek accreditation for 1 or 2 years. A practicing CA needs to certify your net worth as of March 31 of the previous 1 or 3 years as required. You will also need to submit proof of valuation of your assets, by way of a demat account statement or ready reckoner rate applicable to real estate.

You need to sign a declaration that you are not a wilful defaulter, a fugitive economic offender or debarred from securities markets and if an NRI, not barred from accessing Indian markets. The accreditation agency will verify these and also that you are ‘fit and proper’ to participate in markets, before issuing a certificate. When you invest, you will have to additionally submit a consent letter saying that you have the necessary knowledge to understand a product’s features and risks.

What can you do

The intent of this framework is to allow folks with a sufficient financial cushion and risk-taking ability to participate in riskier investments, without SEBI or other regulators looking over their shoulder.

To start with, SEBI has relaxed minimum ticket size norms and diluted disclosure requirements for some products. As per the new rules, if you’re an accredited investor, you can invest less than the minimum ticket size of Rs 1 crore in Alternative Investment Funds (AIFs) and less than the ₹50 lakh norm in Portfolio Management Schemes (PMS).

The AIF universe in India today spans over 700 funds over three categories. Category I AIFs include venture capital and angel funds, social impact and SME funds. Category II includes real estate, private equity, distressed debt and venture debt funds. Category III spans hedge funds following long-short, arbitrage and derivative strategies. On PMS, a lower ticket size can allow you to spread your bets over multiple styles and managers instead of concentrating on just one or two.

If you are willing to commit larger sums, the AIFs or PMS’ you invest in may be allowed to take on more concentration risks. For instance, PMS managers have been allowed to roll out ‘large-value’ funds for accredited investors willing to invest ₹10 crore each, to invest wholly in unlisted securities. Accredited investors willing to bet ₹70 crore at one go, will gain access to large-value AIFs that take concentrated exposures of upto 50 per cent in their investee companies. Such funds need not file a placement document with SEBI. Expect this bouquet of products to expand as SEBI builds on this new idea.

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Sebi confirms directions against former CNBC Awaaz anchor, his family members, BFSI News, ET BFSI

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NEW DELHI: Markets regulator Sebi has confirmed earlier directions passed against former CNBC Awaaz anchor Hemant Ghai, his wife and mother, that barred them from the capital markets for indulging in fraudulent trading practices.

In an order passed late on Thursday, Sebi said the findings in the order are “prima facie” and that a detailed investigation in the matter is in progress.

In its interim order passed in January, Sebi had noted that Hemant Ghai had advance information about the recommendations to be made on the ”Stock 20-20” show, co-hosted by him, and he directly or indirectly used it to his advantage.

The show featured recommendations on certain stocks to be bought and sold during the day.

His wife Jaya Hemant Ghai and mother Shyam Mohini Ghai had undertaken a large number of buy-today-sell-tomorrow (BTST) trades during January 2019-May 2020, in synchronization with the recommendations made in the show, Sebi observed.

They generated the proceeds of Rs 2,95,18,680 by carrying out fraudulent trading in respect of recommended stocks.

The individuals were restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever till further directions.

Besides, Hemant had been directed to cease and desist from undertaking any activity related to giving investment advice or publishing of research reports related to the securities market, till further directions.

In addition, the capital markets watchdog had directed in the interim order to impound the proceeds of Rs 2.95 crore generated by fraudulent trades.

Their conduct was in violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.

“The prima facie findings in the interim order dated January 13, 2021, that Mr. Hemant Ghai, Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai have prima facie indulged in unfair trade practice and have prima facie employed a fraudulent scheme to execute the impugned trades, resulting in the prima facie contravention of the provisions of Section 12A (b) of SEBI Act and …. of PFUTP Regulations, stand confirmed,” Sebi said.

Considering their submissions, Sebi said that the submissions /explanations “cannot be accepted.”

Thursday’s order came as Sebi considered if the directions issued against the individuals through the interim order need to be confirmed, revoked or modified during the pendency of investigation in the matter, in light of the findings of the interim order and the individuals’ submission.

Following Sebi’s interim order of January 2021, the Network18 Group had terminated Ghai with immediate effect.

CNBC Awaaz is the Hindi business channel of the Network18 Group.



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Sebi moves SC, BFSI News, ET BFSI

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MUMBAI: PNB Housing has informed the stock exchanges that markets regulator Sebi has approached the Supreme Court against a split order by the Securities Appellate Tribunal (SAT).

Sebi is pushing the housing finance firm to relook at a deal to sell a Rs 4,000-crore stake to private equity investors led by Carlyle on the grounds that valuation norms have not been followed.

“It has been brought to our notice that Sebi has filed an appeal (no. CA5052 of 2021) to the Supreme Court of India against the order of SAT. The company is examining the appeal filed by Sebi,” PNB Housing Finance said in a notice to the stock exchanges.

On August 9, SAT delivered a split verdict over PNB Housing’s share allocation to Carlyle Group. This followed an interim order where SAT had restricted PNB Housing from disclosing the results of shareholder votes on the deal.

Sebi had asked the housing finance companies to call off the voting. However, following an appeal by the company, SAT allowed the general body to vote on the proposal.

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