Corporate Briefs

FPJ BureauUpdated: Sunday, June 02, 2019, 09:01 AM IST
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SEBI imposes Rs 14 cr penalty on two IPO scam financiers

MUMBAI: Market regulator Sebi today imposed a penalty of Rs 14 crore on Dushyant Natwarlal Dalal and Puloma Dushyant Dalal, the two financiers for unlawful gains made

during the infamous IPO scam of 2003- 05.

The two had been accused of making unlawful gains of over 4.94 crore by cornering shares of various companies meant for retail individual investors and the penalty is three times of the amount.

The two have been directed to pay up the penalty within 45 days either jointly or individually.

The Dalals had been charged with being financiers to two key operators – Sugandh Estates and Investments Pvt Ltd and Purshottam Budhwani. The key operators had allegedly opened large number of demat accounts in the name of non- existent persons or name lenders and acquired shares of various companies by making applications in fictitious names.

The key operators subsequently transferred these shares through off- market deals to ultimate beneficiaries who had acted as financiers.

The Dalals were charged with being parties to such unlawful act of cornering shares and acting in connivance with others to make unlawful gains at the cost of other individual investors.

Forex reserves reach $ 310.21 bn

MUMBAI: The countryalt39s foreign exchange reserves rose for the second consecutive week, swelling by USD 1.68 billion to USD 310.21 billion. The forex reserves had increased by USD 1.04 billion to 308.53 billion in the previous reporting week. Foreign currency assets, the largest component of the total reserves, increased by USD 1.67 billion to USD 278.87 billion for the week ended May 27, the Reserve Bank said in its weekly data.

IPO norms for life insurers by June- end

NEW DELHI: Insurance sector regulator Irda today said guidelines to allow life insurance companies to raise funds from the capital market will be out by this month- end.

” The exposure draft ( on IPO guideline) has been released. We are waiting for the comments of various stakeholders including public. I expect the comments should be in another weekalt39s time,” Insurance Regulatory and Development Authority of India ( Irda) Chairman J Harinarayan told reporters here. The final guideline will certainly be out before the end of June, he said. Sebi had in October last year given the go- ahead to insurance companies for coming out with IPOs.

Sebi to fast track investor complaints

MUMBAI: Market regulator SEBI said it has operationalised a centralised database to fastrack redressal of investor complaints against listed companies, called SEBI Complaints Redressal System ( SCORES).

Under the new system, companies are required to view the complaints pending against them and submit ATRs ( Action Taken Reports) along with supporting documents electronically in SCORES. SCORES facilitates online movement of complaints to the concerned listed companies by enabling online upload of Action Taken Reports ( ATRs) by these companies.

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