Connect with us

Top News

Sebi amends takeover regulations, buyback norms (Lead)

Published

on

Mumbai, June 21 (IANS) Capital markets regulator Securities and Exchanges Board Of India (Sebi) on Thursday approved changes in takeover regulations to extend the time limit for upward revision of open offer price before the start of the tendering period.

According to the regulator, the amendments are aimed at simplifying the language, removing redundant provisions and inconsistencies and update references to Companies Act, 2013.

“It has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period,” Sebi said in a statement.

The Board of the regulator also approved revision of the buyback period of securities.

Under the new regulations, “the buyback period has been defined as the period between board of directors resolution/date of declaration of results for special resolution authorizing the buyback of shares and the date on which payment consideration is made to the shareholders,” the statement said.

Sebi also approved the Issue of Capital and Disclosure Requirements Regulations (ICDR Regulations) 2018 in the meeting on Thursday.

The changes in the ICDR Regulations includes the reduction of the time to announce the price band of an IPO to two days from the earlier five-day limit.

Also, companies would have to make financial disclosures for three years as against the norm of five years currently, it said.

The regulator has also made changes to the threshold for submission of draft letter of offer to Sebi for rights issues.

“Threshold for submission of draft letter of offer to Sebi in case of rights issues to be increased to Rs 10 crore as against the earlier prescribed Rs 50 lakhs,” as per the statement.

Besides, the shareholding of foreign holding will be harmonised to 15 per cent in the Market Infrastructure Institutions (MIIs), Chairman Ajay Tyagi said.

“Eligible domestic and foreign entities, may be permitted to hold up to 15 per cent shareholding in case of Depository and Clearing Corporation, as is the case for Stock Exchanges; Additionally, multilateral and bilateral financial institutions, as notified by the government, have also been recommended to hold up to 15 per cent in an MII,” the statement said.

In this connection, Tyagi said that Sebi has not accepted the recommendations of the committee headed by former Reserve Bank of India Deputy Governor R. Gandhi on the review of regulations and relevant circulars pertaining to MIIs.

“We will have enhanced monitoring and supervision of such intermediaries and we will come out with required circulars,” he said.

“Concept of ‘sponsor’ has been removed in case of depository, with existing sponsor entities being allowed up to five years to reduce their respective shareholding. They can hold upto 15 per cent,” the statement added.

Another change introduced was the decision to discontinue with the category of “Sub-Brokers as Market Intermediaries”.

“No fresh registration shall be granted as Sub-Brokers. Registered Sub-Brokers shall migrate to Authorised Persons or Trading Members as the case may be and Sub-Brokers, who do not choose to migrate, shall be deemed to have surrendered their registration as Sub-Broker,” said the statement.

Talking about the National Stock Exchange (NSE) co-location scam of last year, the Chairman said action had been initiated against persons involved in the case, which will be made public in a few days.

–IANS
rrb-bc/qd/vm

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending