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☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ India markets regulator to oversee online platforms offering fraction real estate assets
▼ + stars: | 2023-11-25 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

A man walks past the Securities and Exchange Board of India (SEBI) headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Nov 25 (Reuters) - The board of India's markets regulator on Saturday said it will regulate online platforms offering fractional ownership of real estate assets, and such platforms will be registered under a framework for small and medium real estate investment trusts. In a statement after its quarterly board meeting, the Securities and Exchange Board of India (SEBI) also said that fresh investments by alternative investment funds would be stored electronically from Sept. 2024. But Buch said the rise in equity derivatives trading did not pose any systemic concerns. Concerns regarding SEBI's plan to allow same-day settlement of equity market trades to help retail investors were "exaggerated”, Buch said.

Persons: Francis Mascarenhas, Madhabi Puri Buch, Buch, SEBI, Jayshree, Krishn Kaushik, Alexandra Hudson, Christina Fincher Organizations: Securities and Exchange Board of India, REUTERS, Rights, National Stock Exchange, Thomson Locations: Mumbai, India, Rights MUMBAI

Regulators have so far not mandated any minimum net worth or investor qualifications for those trading stock options, and the stock markets almost always rise each year - both recipes for higher risk-taking and complacency. The "stark" increase in daily options trading turnover raises issues of investor protection, said Ajay Tyagi, former SEBI chief. The platform has seen an uptick in futures and options trading activity, Zerodha said in response to Reuters queries. Siddharth Joshi, a 36-year old from Surat in western India, said he lost 200,000 rupees trading options on Adani Enterprises (ADEL.NS) shares in January. "In options trading, I know my loss is capped but there is an opportunity to make maximum profit," he said.

Persons: Francis Mascarenhas, Mihir Vora, SEBI, Ashish Chauhan, Ajay Tyagi, Kailash, Bhavesh Shah, Shah, Zerodha, Siddharth Joshi, he's, Ira Dugal, Vidya Ranganathan, Raju Gopalakrishnan Organizations: Bombay Stock Exchange, REUTERS, Rights, Securities, Exchange Board of India, Trust Mutual Fund, National Stock Exchange of India Ltd, BSE Ltd, Reuters, Axis Mutual Fund, National Stock Exchange, Adani Enterprises, Thomson Locations: Mumbai, India, Rights MUMBAI, South Korea, Bhavesh, Ahmedabad, Surat

☆ India's top regulators investigating some alternate investment funds -sources
▼ + stars: | 2023-10-17 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsOct 17 (Reuters) - India's markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including "evergreening" of stressed loans, according to three sources with direct knowledge of the matter. The central bank has initiated enquiries into these cases, according to the first and third sources. In other cases under investigation, AIFs have been used to evade caps on foreign investment in certain sectors, the first and third sources said. Priority payouts are when an investment is split into senior and junior tranches based on the risk and priority of payout.

Persons: Francis Mascarenhas, Ananth Narayan, AIFs, Jayshree, Jamie Freed Organizations: Securities and Exchange Board of India, REUTERS, Securities, Exchange Board of India, Reserve Bank of India, AIFs, Thomson Locations: Mumbai, India

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

☆ India court orders Jet Airways founder to remain in custody until Sept. 11
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Sept 2 (Reuters) - An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, the agency said in a press statement. The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS). The losses to a consortium of nine lenders is much larger, at 59.6 billion Indian rupees ($720.78 million), ED said. The bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender. Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash.

Persons: Naresh Goyal, Goyal, Goyal hasn't, ED, Jayshree, Aditya, Tomasz Janowski, Ros Russell Organizations: Jet Airways, . Jet Airways, Canara Bank, Goyal, Thomson Locations: India, Dubai, Ireland, British Virgin

☆ India court orders Jet Airways founder to remain in custody till Sept. 11
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, India, November 29, 2017. REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsSept 2 (Reuters) - An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, according to two people familiar with the matter. Enforcement Directorate which investigates financial crimes in India had arrested Goyal late on Friday night. Jet Airways did not immediately respond to a request for comment. The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS).

Persons: Naresh Goyal, Danish Siddiqui, Goyal, Jayshree, Aditya, Tomasz Janowski Organizations: Jet Airways, REUTERS, Danish, Canara Bank, Goyal, Thomson Locations: Mumbai, India

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

ESA & NASA/Solar Orbiter/EUI team/Handout via REUTERS File Photo Acquire Licensing RightsBENGALURU, Sept 2 (Reuters) - Following quickly on the success of India's moon landing, the country's space agency launched a rocket on Saturday to study the sun in its first solar mission. The rocket left a trail of smoke and fire as scientists clapped, a live broadcast on the Indian Space Research Organisation's (ISRO) website showed. While Russia had a more powerful rocket, India's Chandrayaan-3 out-endured the Luna-25 to execute a textbook landing. Prime Minister Modi is pushing for India's space missions to play a larger role on a world stage dominated by the United States and China. Satellites in low earth orbit are the main focus of global private players, which makes the Aditya-L1 mission a very important project," he said.

Persons: clapped, Luna, Modi, Sankar Subramanian, Somak Raychaudhury, Rama Rao Nidamanuri, Nivedita, Jayshree, William Mallard Organizations: Solar Orbiter, ESA, NASA, Solar, Rights, Indian Space Research, Elon, SpaceX, Indian Institute of Space Science, Technology, ISRO, Thomson Locations: India, Russia, United States, China, Bengaluru

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

[1/2] A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoAug 14 (Reuters) - India's market regulator has sought 15 more days to complete its probe into the Adani group's dealings, it said in a filing before the country's Supreme Court. SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action. 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. Reporting by Jayshree P Upadhyay in Mumbai; Editing by Savio D'Souza and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, SEBI, Jayshree, Savio D'Souza, Jacqueline Wong Organizations: Securities and Exchange Board of India, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Mumbai, India

☆ India regulator says no proposal to curb retail derivatives trades -statement
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

July 29 (Reuters) - India's market regulator said on Saturday there was no proposal to curb retail participation in equity derivative markets but that it was considering a client risk assessment. Reuters reported on Friday that the Securities and Exchange Board of India (SEBI), seeking to reduce risks for retail investors, would propose linking the amount of equity derivatives they may trade to their wealth. Citing what it said were speculative media reports, SEBI said in a statement, "It is clarified that there is no proposal to curb retail participation in derivative markets". But it said it was examining whether existing requirements for participating in the derivative markets could be extended to include a risk assessment of clients. "SEBI’s focus has always been on adequate risk management, while ensuring ease of doing business and compliance, rather than on placing any curbs on trading," the regulator said.

Persons: SEBI, Jayshree, William Mallard Organizations: Reuters, Securities and Exchange Board of India, Thomson

☆ Exclusive: India regulator seeks curbs to limit retail investors' derivatives risk -sources
▼ + stars: | 2023-07-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

Retail investor participation in the equity derivatives market jumped 500% in the three years through March, according to data from the Securities and Exchange Board of India (SEBI). Once a broker discloses an investor's net worth and income, exchanges could monitor the person's exposure to futures and options contracts across brokerage firms, the other source said. SEBI had proposed a similar framework in 2017 but dropped the idea when brokers cited difficulties in assessing the net worth of their clients. The regulator revived the idea of curbs because of the study showing widespread losses on equity derivatives trades, the sources said. South Korea's financial markets regulator in 2011 introduced entry barriers for retail investors to trade in equity derivatives, including a minimum deposit and compulsory training.

Persons: SEBI, Jayshree, William Mallard Organizations: Securities and Exchange Board of India, Thomson Locations: MUMBAI, India

☆ Exclusive: Mutual funds may not get holdings waiver post HDFC Bank - HDFC merger - sources
▼ + stars: | 2023-06-14 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India. At least 60 equity mutual fund schemes will see their combined exposure to HDFC Bank and HDFC overshoot the 10% cap as of Wednesday. The matter has been referred to the Association of Mutual Funds in India (AMFI), according to two mutual fund executives. "HDFC Bank and HDFC are fairly liquid stocks and have a lot of demand. Shares of HDFC Bank have risen 6.5% since April 1, 2022, but have still underperormed the broader BSE Bankex, which is up 17%.

Persons: SEBI, Deven Choksey, Jayshree, Varun, Dhanya Ann Thoppil Organizations: HDFC Bank, Reuters, HDFC, State Bank of India, Securities and Exchange Board of India, Association of Mutual Funds, KRChoksey Holdings, Thomson Locations: MUMBAI, India

☆ 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.

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.

☆ 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.

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