Latest SEBI circulars, notices and announcements from Stockinvest.in
PR No. 199/2008
Insurance cover for Mutual Fund products to continue Insurance Regulatory and Development Authority (IRDA) has, today, advised the Life Insurance Council to review and put on hold the decision to discontinue offer of group covers on Mutual Fund products. Life Insurance Council had earlier decided to discontinue the offer of group life insurance cover on Mutual Fund products with effect from October 1, 2008. Mumbai September 30, 2008
Source: SEBI Date: 2008-10-03
PR No.198/2008
Rejection of exemption application of M/s. Futuristic Garments (P) Ltd. for the proposed acquisition of shares in M/s. Surya Pharmaceuticals Ltd. Dr. T C Nair, Whole Time Member, SEBI, has passed an order dated September 24, 2008, rejecting the application of M/s. Futuristic Garments (P) Ltd. seeking exemption from applicability of Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 35.15% to 51% pursuant to the proposed acquisition of 45,10,000 equity shares (directly and indirectly) so as to reach 51% as per the requirement of IDBI. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer. The full text of the order is available on the website www.sebi.gov.in Mumbai September 30, 2008
Source: SEBI Date: 2008-10-03
PR No.196/2008
Order against DGP Securities Ltd. in the matters of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd. and Jagsonpal Pharmaceuticals Ltd. Dr. T.C.Nair, Whole Time Member, SEBI has passed an order dated September 25, 2008, suspending the certificate of registration of the broker DGP Securities Ltd. for a period of one month for its dealings in the scrips of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd., and Jagsonpal Pharmaceuticals Ltd. The broker had assisted its client in creation of artificial volumes in the shares of the aforesaid scrips. Further, it had also failed to exercise due skill and care as a stock broker. Thus, it violated regulation 4(b) and 4(c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 and clauses A (1) to (4) of the Code of Conduct for Brokers as specified in Schedule II of the SEBI (Stock Broker and Sub Brokers) Regulations, 1992 read with Regulation 7 of SEBI (Stock Broker and Sub Brokers) Regulations, 1992. The order shall come into force after 21 days from the date of the order. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
PR No.195/2008
Order against Prerak Capital Services Pvt. Ltd., Member, ASE Dr. T.C. Nair, Whole Time Member, SEBI, has passed an order dated September 25, 2008 against Prerak Capital Services Pvt. Ltd., Member, Ahmedabad Stock Exchange Ltd. (ASE), imposing a penalty of suspension of the Certificate of Registration of the broker for a period of five days. The order was passed against the broker for its dealings in the scrip of Adani Exports Ltd. (now known as Adani Enterprises Ltd.). The order shall come into effect on expiry of 21 days from the date of the order. The full text of the order is available on the website www.sebi.gov.in Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
PR No.197/2008
Public Issue of 20 Microns Ltd. - Status of Applications Supported by Blocked Amount (ASBA) ASBA, the new mode of payment for retail individual investors, was first used in the public issue of 20 Microns Limited, which opened on September 8, 2008 and closed on September 11, 2008. The issue size of 20 Microns Limited was Rs.23.93 crores. The issue was oversubscribed 4 times overall, with the retail category being oversubscribed 11.13 times. Out of the total subscription money of Rs.78.65 crores received in the retail category, allotment was made to the extent of Rs.8.75 crores, while the refundable money amounted to Rs.69.90 crores (i.e., approx. 89% of the total subscription money received). The amount refundable to ASBA investors was Rs.5.05 crores, which, in accordance with the ASBA process, did not move out of the bank accounts of ASBA investors at any point of time. At the time of receipt of application, the bank accounts of Non-ASBA investors were debited to the extent of 100% of the application money. However, in case of ASBA investors, there was no such debit to the bank accounts, as the bank accounts were only blocked to the extent of 100% of the application money. Consequently, after finalisation of the basis of allotment, only 11% of the application money was released by the bank for the purpose of allotment. The balance 89% remained in the bank accounts of ASBA investors, which were unblocked on September 26, 2008. Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
Latest information on stock markets from Stockinvest.in
PR No. 199/2008
Insurance cover for Mutual Fund products to continue Insurance Regulatory and Development Authority (IRDA) has, today, advised the Life Insurance Council to review and put on hold the decision to discontinue offer of group covers on Mutual Fund products. Life Insurance Council had earlier decided to discontinue the offer of group life insurance cover on Mutual Fund products with effect from October 1, 2008. Mumbai September 30, 2008
Source: SEBI Date: 2008-10-03
PR No.198/2008
Rejection of exemption application of M/s. Futuristic Garments (P) Ltd. for the proposed acquisition of shares in M/s. Surya Pharmaceuticals Ltd. Dr. T C Nair, Whole Time Member, SEBI, has passed an order dated September 24, 2008, rejecting the application of M/s. Futuristic Garments (P) Ltd. seeking exemption from applicability of Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 35.15% to 51% pursuant to the proposed acquisition of 45,10,000 equity shares (directly and indirectly) so as to reach 51% as per the requirement of IDBI. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer. The full text of the order is available on the website www.sebi.gov.in Mumbai September 30, 2008
Source: SEBI Date: 2008-10-03
PR No.196/2008
Order against DGP Securities Ltd. in the matters of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd. and Jagsonpal Pharmaceuticals Ltd. Dr. T.C.Nair, Whole Time Member, SEBI has passed an order dated September 25, 2008, suspending the certificate of registration of the broker DGP Securities Ltd. for a period of one month for its dealings in the scrips of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd., and Jagsonpal Pharmaceuticals Ltd. The broker had assisted its client in creation of artificial volumes in the shares of the aforesaid scrips. Further, it had also failed to exercise due skill and care as a stock broker. Thus, it violated regulation 4(b) and 4(c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 and clauses A (1) to (4) of the Code of Conduct for Brokers as specified in Schedule II of the SEBI (Stock Broker and Sub Brokers) Regulations, 1992 read with Regulation 7 of SEBI (Stock Broker and Sub Brokers) Regulations, 1992. The order shall come into force after 21 days from the date of the order. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
PR No.195/2008
Order against Prerak Capital Services Pvt. Ltd., Member, ASE Dr. T.C. Nair, Whole Time Member, SEBI, has passed an order dated September 25, 2008 against Prerak Capital Services Pvt. Ltd., Member, Ahmedabad Stock Exchange Ltd. (ASE), imposing a penalty of suspension of the Certificate of Registration of the broker for a period of five days. The order was passed against the broker for its dealings in the scrip of Adani Exports Ltd. (now known as Adani Enterprises Ltd.). The order shall come into effect on expiry of 21 days from the date of the order. The full text of the order is available on the website www.sebi.gov.in Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
PR No.197/2008
Public Issue of 20 Microns Ltd. - Status of Applications Supported by Blocked Amount (ASBA) ASBA, the new mode of payment for retail individual investors, was first used in the public issue of 20 Microns Limited, which opened on September 8, 2008 and closed on September 11, 2008. The issue size of 20 Microns Limited was Rs.23.93 crores. The issue was oversubscribed 4 times overall, with the retail category being oversubscribed 11.13 times. Out of the total subscription money of Rs.78.65 crores received in the retail category, allotment was made to the extent of Rs.8.75 crores, while the refundable money amounted to Rs.69.90 crores (i.e., approx. 89% of the total subscription money received). The amount refundable to ASBA investors was Rs.5.05 crores, which, in accordance with the ASBA process, did not move out of the bank accounts of ASBA investors at any point of time. At the time of receipt of application, the bank accounts of Non-ASBA investors were debited to the extent of 100% of the application money. However, in case of ASBA investors, there was no such debit to the bank accounts, as the bank accounts were only blocked to the extent of 100% of the application money. Consequently, after finalisation of the basis of allotment, only 11% of the application money was released by the bank for the purpose of allotment. The balance 89% remained in the bank accounts of ASBA investors, which were unblocked on September 26, 2008. Mumbai September 29, 2008
Source: SEBI Date: 2008-10-03
Latest information on stock markets from Stockinvest.in
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