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Securities and Exchange Board of India (SEBI) Prepares Market Plans for Budget 2017

The Securities and Exchange Board of India (SEBI) is likely to prepare the market for the Budget 2017 day which is scheduled to be revealed on February 1, 2017. The two closed sources including a senior official said that SEBI is taking charge to carry out stricter market rules on Budget to conflict possible unpredictability.

The Union Budget is expected to be revealed on February 1. As we know, Stock Markets will become unstable on Budget day. From the Past seven years, we saw the Sensex’s budget day close change less than 2% of the previous day. For example, Pranab Mukherjee’s 2019-10 Budget showed Sensex closed 5.83% lower or Yashwant Sinha’s 2000-01 budgets when it fell 5.12%.

SEBI wants to Ban Market tips via Sms and Emails

To diminish possible liquidity risks arising out of any possible large-scale recovery in mutual funds on Budget Day, SeEBI is talking with Reserve Bank of India (RBI) to set up a special liquidity window. The information was said by the two persons mentioned above.

The First Person said, “We just prepare ourselves for any news that may have an effect on the market on the budget day. The main problem is about risk management why because if the market falls, defaults may occur.”

Sebi is suggesting to shift margin trades to square-off mode at 80-85% of their eligible limit rather than 90-95% at present. Margin orders placed during the Budget day are adjusted either at the end of the day or once the trading entity reaches a fixed eligible limit during the trading hours as a containment measure.

SEBI to allow mutual funds purchases via digital wallet

Sanjay Sinha, founder of Citrus Advisors and a veteran fund manager, said SEBI should be careful in commanding strict rules for margin trades and putting norms.

Supreme Court asks Sahara to pay Rs. 600 crore by 6th February

The Supreme Court announced Sahara Group Chief Subrata Roy to deposit Rs. 600 crore more in SEBI-Sahara refund account by 6th February. On Thursday, the court ordered to pay the amount or go to jail. The Sahara group engaged in a long legal battle with Securities and Exchange Board of India (SEBI) to refund over Rs. 24,000 crores to investors.

“You have been given a lot of time. You must make the scheduled payment by February 6 to stay out of jail,” the top court told Sahara counsels.

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Subrata Roy 68, who is currently out of jail on parole which granted to him, following his mother’s death in May 2016. Roy and other two directors were sent to Tihar jail in New Delhi on 4th March 2014. The court initially ordered Sahara to deposit Rs. 1000 crore with market regulator SEBI, and later it is settled for Rs. 600 crore.

On 25th October, the court extended the Subrata Roy parole till 28th November after the company deposited Rs. 200 crore of repayment of investors. Roy, directly accused in the case of about non-refund of nearly Rs. 20,000 crores to the investors.

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Meanwhile, the regulator SEBI kept as many as five parcels of the company land for e-auction, in a bid to increase money through the sale of Sahara assets. Earlier, 13 properties put on the block in the month of October. And before that, around 58 properties auctioned in July with a collective reserve amount of nearly Rs 5,000 crore.

SEBI wants to Ban Market tips via Sms and Emails

The Securities Exchange Bureau of India (SEBI) makes a ban on Short Messaging Service (SMS) and Emails for circulating tips on Stock market which does not seem to make much impact.

An internal analysis which was made by SEBI shows the circulation tips via mobile messaging application has increased up to 15 to 20 percent over the past few years. The rise in such instance has lead to making the regulatory action against bulk messages.

“After the order, the intent was to curb the menace of this market malpractice, but such instances have increased. There is a need to review the strategy to tackle those,” said an official.

SEBI to allow mutual funds purchases via digital wallet

The messages are sent to the investors with intra-day tips and inducing claims that invite the prospective investor to make an investment. Right now there are many unauthorized companies which make false advice on stocks and provide free recommendations to investors.

The circular said, “Restriction on providing trading tips via bulk SMS, email, etc. and restriction on soliciting investors by offering schemes/competitions/games/leagues/etc. Related to securities market and covering these activities under the advertisement code as well as under SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.”

Once the Securities Exchange Bureau of India takes an action, these unofficial consultants need to shut their companies, or they may face legal action. Earlier in August, the SEBI has issued a warning to the investors to not to involve in schemes, leagues, competitions and games related to security markets.

Companies such as Indian Trading League which was endorsed by Cricketer Kapil Dev and Stock Race are running contests and offers gifts which worth Rs. 10 lakh to the investors for participation. On the other hand, Stock Race also gives Mercedes-Benz cars, Harley Davidson bikes, Apple products and gold coins.

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In the month of August, SEBI cautioned investors about online platforms through private placement companies. “Only recognized stock exchanges provide a platform where equity and other securities issued by companies are listed and traded by the provisions of the SCRA,” it added.

Once the SEBI’s new regulation was implemented in a place such as games, contests which are especially gamble that would be banned in India.

ICICI Prudential Life Insurance IPO Opens Today: Things You Should Know

ICICI Prudential Life Insurance IPO: India’s second biggest Initial Public Offering (IPO) has been announced by the Indian multinational banking and financial services company Industrial Credit and Investment Corporation of India (ICICI).

Starting from September 19th, 2016 the open bidding will take place for three days to raise funds worth Rs.6,057 crores. The IPO ends on September 21st, 2016.

The price of each share will range between Rs.300 and Rs.334. The top price shares are already allocated to the 40-odd anchor investors in India and abroad. The worth of Rs.4.89 crore shares aggregates to Rs. 1,635.33 crores.

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Apart from this 10% of the IPO declared shares are reserved for ICICI shareholders who count to 1,81,34,105 equity shares.

A Total of 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company is being announced for open bidding. This offer would constitute 12.63% of the company’s post-offer paid-up equity share capital.

The announcement is the second biggest IPO announcement after the Central government’s Coal India IPO announced in the year 2010. That is the first largest IPO which raised the funds of Rs.15,000 crores.

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After getting approval from SEBI (Securities and Exchange Board of India) on July 18th, 2016, the ICICI Prudential Life Insurance Company has got the regulators permission on September 2nd, 2016 for announcing IPO.

Bank of America Merrill Lynch, a corporate and investment banking division of Bank of America and ICICI Securities are the book running lead managers and global coordinators to this issue.

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Both international and domestic institutions as long-term investors have responded tremendously in the anchor book. GIC ( the investment arm of Government of Singapore) is the largest applicant as a foreign institution whereas UTI MF was the largest bidder domestically.

Morgan Stanley, Nomura, Government of Singapore, UTI MF, Russell Investment, GMO Emerging, SBI MF, Tata MF, HDFC Standard Life, Reliance, Birla Sun Life, Kotak Mahindra, IDFC,National Pension Service Managed By Oaktree Capital Management L P, Goldman Sachs, and The Boeing Company Employee Retirement Plans Master Trust are some of the anchor investing companies.

More than 132 million shares are available for subscription in the offer for the anchor investors, and 57,122,434 shares will be available for retail investors for a subscription.

SEBI to allow mutual funds purchases via digital wallet

Will cashless and hassle free transactions rule the world of mutual funds? Maybe yes, SEBI (Securities and Exchange Board of India) is holding talks with RBI (Reserve Bank of India) to allow the use of e-wallet/ digital wallet for purchasing mutual funds. Both the capital markets regulator and financial giant are yet to frame the regulations for digital wallet use.

Drawbacks in the current system:

According to the RBI norms, customers can use online e-wallet without KYC for transactions up to 10,000 INR and transactions above 10,000-1 lakh; KYC is mandatory. E-wallet is not applicable for purchases above 1 lakh. But all mutual fund transactions need KYC as a mandatory requirement.

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The reason why SEBI wants the involvement of digital wallet is to promote all the investors to take up the hassle less and paper free KYC procedures. This can be done using the digital wallet, in case the RBI allows. This can help to meet two demands that SEBI presently have

  • Increase mutual fund investments
  • Reduce money laundering via cashless transaction.

Current developments:

SEBI is all set to sell the mutual funds through online marketplaces like Flipkart and Amazon.in. According to the person familiar with the developments, the number of customers visiting the e-commerce portals is increasing on daily basis. Hence, the above step will be justifiable.

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Advantages of digital wallet:

The use of the digital wallet for mutual fund purchase not only promotes cashless transactions but also helps in curbing the black money circulation. The money stagnant in the digital wallet is currently not earning any interest rates, but if the investment is allowed, customers can benefit from the lucrative returns. The simple transaction procedures can attract people in all the fields to invest in mutual funds and the financial markets.

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