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☆ India regulator proposes curbs on derivative-linked share moves
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed measures to contain extreme price movements in shares on which futures and options trade, including longer trading suspensions and restricting price movements. The group collectively lost more than $100 billion in market value soon after the Hindenburg report was published. If shares are flagged for additional surveillance and monitoring should there be a daily limit for price moves, the regulator said. "From the perspective of market stability, risk management and protecting the interest of investors, it is desirable to have safeguards against such extreme price movements, SEBI said. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India regulator proposes halving IPO listing time
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed halving the time needed to list shares on the nation's stock exchanges from the closure of initial public offerings (IPOs) to three days. The proposed reduction in timelines for listing and trading of shares would benefit issuers and investors, the Securities and Exchange Board of India (SEBI) said in a consultation paper on its website late on Saturday. "Issuers will have faster access to the capital raised, thereby enhancing the ease of doing business, and the investors will have opportunity for having early credit and liquidity of their investments," SEBI said. SEBI invited comments on the proposed change until June 3. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Shares of companies of the coal-to-airports conglomerate, controlled by billionaire Gautam Adani, were up between 1.2% to 7% in late trade on Friday in a largely flat wider market. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. The court on Wednesday granted SEBI additional time until Aug. 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Beside flagship Adani Enterprises (ADEL.NS), other group companies include edible oils business Adani Wilmar (ADAW.NS), Adani Ports (APSE.NS), Adani Green Energy (ADNA.NS), Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Power (ADAN.NS), broadcaster NDTV (NDTV.NS) and cement units ACC Ltd (ACC.NS) and Ambuja Cements (ABUJ.NS). The panel said, citing SEBI, there was evidence of a build-up in short positions on Adani group stocks ahead of the Hindenburg report.

MUMBAI, May 17 (Reuters) - India's Supreme Court on Wednesday granted the country's market regulator additional time till August 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Hindenburg Research had raised several governance concerns around the Adani group, leading to a loss of more than $100 billion in the market capitalisation of companies in the group founded by billionaire Gautam Adani. Following this, the Supreme Court had asked SEBI to probe some of the allegations made and submit a report to a court-appointed panel. Adani group companies are being probed for violation of this law. The Supreme Court directed the market regulator to place on record its findings so far relating to the investigation on violation of public float by the Adani group.

The Securities and Exchange Board of India (SEBI), in a filing, said it has approached 11 overseas regulators for information relating to whether the Adani group has violated any norms regarding its publicly available shares. India's Supreme Court is hearing an appeal from SEBI to give it an additional six months to complete its probe into the Adani group. However, the Supreme Court, in oral arguments, said that it was inclined to give a three-month extension. Oral arguments do not necessarily match the final court order, which will likely be given on Monday. Ahead of that order, SEBI, in its filing, reiterated that the Adani group's transactions highlighted by Hindenburg for violating Indian laws are highly complex and included many sub-transactions across numerous jurisdictions.

☆ India’s SEBI to regulate platforms offering fractional ownership of real estate assets
▼ + stars: | 2023-05-13 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +1 min

NEW DELHI, May 13 (Reuters) - The Securities and Exchange Board of India (SEBI) has proposed regulating all online platform that offer fractional ownership of real estate assets, in a bid to provide protection to small investors. Fractional ownership typically refers to small investment holdings of real estate assets. The minimum investment on these platforms typically range from 100,000 rupees to 250,000 rupees. The underlying real estate assets offered on these platforms are similar to the real estate or property defined under the REIT Regulations, said SEBI in the discussion paper. Globally such fractional ownership has been in existence since 2015 in markets such as the United States and United Arab Emirates.

☆ India working to rein in inflation- finance minister
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 6 (Reuters) - Inflation in India is slightly above the "tolerance limit", and the government is taking steps to control it, Indian Finance Minister Nirmala Sitharaman said on Saturday. "Because we took a very calibrated approach, today we have an inflation which is slightly above the tolerance limit, but which is constantly being worked at so it can be brought down," she said. India's annual retail inflation for March rose at the slowest pace in nearly 15 months and was below the central bank's upper tolerance level for the first time this year, on the back of softer food prices. Reporting by Nidhi Verma and P JayshreeOur Standards: The Thomson Reuters Trust Principles.

MUMBAI, NEW DELHI, April 29 (Reuters) - India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group, according to a court document seen by Reuters. SEBI and the Adani group did not immediately respond to a Reuters request for comment. The Supreme Court asked the regulator to conduct an inquiry into Adani after U.S.-based short-seller Hindenburg Research raised concerns around its governance practices in a January report. In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at verified findings". The regulator said that it had received information from several Adani group entities.

☆ Indian regulator plans to allow mutual funds with performance-based fees
▼ + stars: | 2023-04-21 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

According to the plan, the base fees currently charged for mutual funds would be reduced and additional charges would be based on performance. If introduced, India would be one of a handful of major markets to introduce performance-linked fees for mutual funds. "An option for additional charges could act as an incentive for funds to give better returns," the source said. There is a need for transparency on charges levied by mutual funds, SEBI chairperson Madhabi Puri Buch said on March 28. To curb this, SEBI will only allow funds to charge additional fees if an investor is buying any mutual fund for the first time, the document showed.

☆ India NSE's IPO plan stumbles at market watchdog's door - sources
▼ + stars: | 2023-04-11 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India (SEBI) has formed an internal view that due to the pending cases it won't approve NSE's application made last year for an IPO, the sources said. “Till the legal and regulatory issues are cleared there is no chance that SEBI will approve NSE's IPO plans,” said one of the sources, who is a senior regulatory official. A delayed NSE IPO will test the patience of its core shareholders - banks, insurance companies and foreign funds - who have been waiting for an exit opportunity in rising markets. The regulator's reluctance to approve NSE's IPO has not been previously reported. These include whether certain brokers made unfair gains due to preferential access to NSE’s trading systems and another lapse in NSE’s trading architecture, the source said.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

☆ India markets regulator asks top 100 companies to confirm or deny market rumours from Oct.1
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, March 29 (Reuters) - India's markets regulator on Wednesday asked that the top 100 companies listed on its stock exchanges confirm or deny market rumors that impact share prices, in a bid to bring more transparency and ensure timely disclosure of "material events". The requirement will kick in from Oct.1, 2023 for top 100 companies by market capitalization, and from April 1, 2024 for the top 250, SEBI said in a press release following a board meeting. The regulator said that it intends to put in place quantitative benchmarks to determine whether an event is material but did not immediately say what those metrics would be. The SEBI also said that material events or disclosures emerging from a board of directors meeting must be disclosed to exchanges within 30 minutes. Reporting by Jayshree P. Upadhyay; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Indian market watchdog speeds up action against social media stock tips - sources
▼ + stars: | 2023-03-23 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India's rules say that only advisers registered with it can offer investment advice. Companies potentially facing enforcement action are digital investment platforms which offer financial products and investment advice without appropriate regulatory licences, the sources said. "This is a part of series of enforcement actions that the regulator is taking to tackle unsolicited investment advice being peddled on social media," said the second source cited above. The regulator will consult the market participants on ways to regulate social media financial influencers more broadly. These influencers could be required to make disclosures and disclaimers on their social media platforms before they offer any public advice.

"Indian firms that do not increase their prices and (don't) focus hard on profitability do so at their own peril. The move, while long-sought by overseas law firms, appears to have been somewhat unexpected in its timing. Foreign law firms have yet to announce plans for new offices in India but international firms like Allen & Overy and Herbert Smith Freehills told Reuters they are examining the new rules. Lalit Bhasin, who heads the Society of Indian Law Firms, said there were concerns that a foreign law firm might de facto operate as a full-service firm by hiring local law firms to advise on areas concerning Indian law. "Who is going to monitor whether that foreign law firm is not engaged in practice of Indian laws?"

☆ India's market regulator bars 21 entities in Axis mutual fund front-running case
▼ + stars: | 2023-02-28 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 28 (Reuters) - India's market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual Fund, while issuing show cause orders to a former mutual fund executive and related entities. The Securities and Exchange Board of India (SEBI) directed that 21 entities be barred from the capital markets until further orders. The regulator conducted a probe in a case of front running in trades of Axis MF between September 2021 and March 31, 2022. The regulator alleged that Joshi conceived a 'fraudulent scheme' in 'collusion' with other 'unscrupulous entities' to front run trades of Axis MF. Further front-running trades were executed from trading accounts of the entities and persons indirectly connected to Joshi.

☆ India setting up $4 bln fund to backstop corporate debt market
▼ + stars: | 2023-02-17 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

Feb 17 (Reuters) - India is setting up a fund worth 330 billion rupees ($4 billion) to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures, an SBI Mutual Fund executive told Reuters. During times of stress, the backstop fund could step into the market to buy relatively illiquid investment grade bonds. "This backstop facility fund comes out of Indian market peculiarity that the bonds are investment grade and still illiquid," said Anubhav Shrivastava, partner, Infinity Alternatives, an alternate investment fund (AIF). "The market for secondary corporate bonds is thin which is why we need the buyer and seller of last resort, the backstop fund will do this." The fund is small relative to 39 trillion rupees ($471 billion) Indian corporate bond market, but its size could be increased later, the source said.

☆ Indian market regulator to update finance ministry on Adani probe this week - sources
▼ + stars: | 2023-02-13 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +1 min

MUMBAI, Feb 13 (Reuters) - India's market regulator will update the finance ministry this week on its investigation into the Adani Group's withdrawn $2.5 billion follow-on public issue, two sources familiar with the matter said on Monday. The SEBI board will brief the minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources added. An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added. The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies' share prices was contained. This will be a part of the brief to the finance minister on Wednesday, the sources said.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

☆ Indian market regulator seeks beneficial ownership details of foreign investors -sources
▼ + stars: | 2023-02-06 | by ( Jayshree Pyasi | ) www.reuters.com time to read: 1 min

MUMBAI, Feb 6 (Reuters) - India's market regulator has written to custodian banks to share details of beneficial owners of offshore funds and foreign portfolio investors, according to two sources directly aware of the matter. The regulator has asked custodian banks to reach out to foreign portfolio investors by March and share the details by end of September, the sources said, speaking on condition of anonymity as the matter is confidential. If they do not provide such details, the regulator would deem the foreign funds in-eligible and ask them to liquidate their holdings in the Indian market by March 2024. There are 11,000 foreign funds registered with the Securities and Exchange Board of India (SEBI). Reporting by Jayshree P UpadhyayOur Standards: The Thomson Reuters Trust Principles.

☆ Indian watchdog tells investors markets stable despite Adani rout
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. Mechanisms were in place to address excessive volatility in specific stocks, SEBI said, adding these were automatically triggered under certain conditions of stock price volatility. Reuters earlier reported that SEBI was examining the recent crash in the Adani Group's shares and looking into any possible irregularities. loadingMahindra did not directly mention Adani Group.

☆ India's NSE puts trades in some Adani firms under additional watch
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

The NSE also placed Monarch Networth Capital (MONR.NS), one of the 10 underwriters of Adani Enterprises' (ADEL.NS) botched share sale, under additional surveillance. The Ahmedabad-based brokerage was responsible for "non institutional marketing", according to the Adani share sale document. Last year, Adani Group acquired Ambuja Cements Ltd (ABUJ.NS) and ACC (ACC.NS) from Holcim AG (HOLN.S) to enter the business. Adani Enterprises tumbled 27%, closing at their lowest level since March 2022. Adani Group did not immediately respond to a request for comment on the exchange's latest decision.

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. On Wednesday, a $2.5 billion sale of shares by one of its companies Adani Enterprises ADEL.NS was called off. Adani Group and the stock market regulator the Securities and Exchange Board of India (SEBI) did not respond to a request for comment. Cracking the code of how Hindenburg did the trade could lead to more short sellers taking positions against Indian companies, which have been rare, analysts said. But several bankers familiar with trading in Indian securities said the more profitable piece of the short seller’s bet would likely lie in the derivative trades it had placed.

The Jan. 24 report has triggered an $86 billion erosion in market capitalisation of seven listed Adani Group companies. "To go through this exercise of a share sale and to call it off raises more questions." After the share sale was pulled, yields of dollar-denominated bonds issued by Adani companies rose on Wednesday. Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

☆ Instant View: India's Adani calls off $2.5 bln share sale
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises (ADEL.NS) on Wednesday called off its $2.5 billion share sale, citing market conditions, a week after a U.S. short-seller's critical report unleashed a rout in the wider Adani Group's stocks. COMMENTARYDEVEN CHOKSEY, MANAGING DIRECTOR, KR CHOKSEY SHARES AND SECURITIES"In the given situation, when the entire environment has become negative, it is good that the share sale is withdrawn. GURMEET CHADHA, CHIEF INVESTMENT OFFICER AND MANAGEMENT PARTNER OF COMPLETE CIRCLE WEALTH"It was the right thing to do. It must have been a hard decision but it was the right thing to do. To go through this exercise of a share sale and to call it off raises more questions."

Spokespeople for SEBI and Adani Group did not immediately respond to requests for comment. Among several allegations, Hindenburg accused Adani Group last week of using offshore tax havens and stock manipulation. On Tuesday, Adani Group mustered support from investors for a $2.5 billion share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis. Reuters Graphics[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. The U.S. dollar-denominated bonds of Adani Ports maturing in February 2031 led the losses, falling 3.59 cents to 67.58 cents.

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