SEBI - Initial Private Opinion

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Tuesday, September 15, 2009 12:24 PM

SEBI proposals on financial disclosures - viva short term

SEBI's advisory committee on disclosures and accounting standards has come out with several recommendations for improvement of disclosures standards of listed companies. One of the proposals is to increase the frequency of the disclosure of the balance...
Posted by Sandeep Parekh | 4 comment(s)
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Wednesday, August 19, 2009 12:42 PM

Are American Depository Receipts shares?

Today's Economic Times reports RBI is considering American Depository Receipts (ADRs) as 'quasi equity' not carrying voting rights and therefore not be considered as FDI. This view perpetuates the deeply flawed view taken by SEBI as well,...
Posted by Sandeep Parekh | 1 comment(s)
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Tuesday, August 04, 2009 11:22 AM

Is RBI running an illegal exchange?

In a somewhat cryptic Board agenda note of SEBI, the securities regulator seems to be suggesting that the RBI is running an illegal exchange under the Securities Contracts (Regulation) Act 1956" 4.6 The stock exchange under the law is a body corporate...
Posted by Sandeep Parekh | with no comments
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Thursday, July 02, 2009 11:30 AM

SEBI - industry representation in SEBI

In a welcome change, SEBI has appointed someone from the market as an executive director. See SEBI Press Release here: "Shri K.N. Vaidyanathan takes charge as Executive Director, SEBI Shri Kavasseri Narayanan Vaidyanathan took charge as Executive...
Posted by Sandeep Parekh | 1 comment(s)
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Tuesday, June 23, 2009 5:15 AM

SEBI fees - another round of fee cuts

This is the third time in less than two years that SEBI has cut its fees - that it charges from intermediaries. The fee cuts are a result of a ballooning SEBI fund - a fund well in excess of what SEBI needs to operate for a decade or more even if it stops...
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Friday, June 19, 2009 11:24 AM

Superior voting rights - outlawed

In yesterday's Board meeting SEBI has come out with a prohibition on issuing superior voting rights. This is the correct thing to do and is an internationally accepted practice. The Board decision as reflected in the PR says: "(iv) Issue of shares...
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Friday, June 12, 2009 2:24 PM

Delisting Regulations - good news for investors

SEBI has come out with new delisting regulations which provide for: a) Voluntary delisting of a listed company by a reverse book building process. b) An easier voluntary delisting for very small and illiquid companies. c) A very easy delisting from defunct...
Posted by Sandeep Parekh | 3 comment(s)
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Thursday, June 04, 2009 5:05 PM

US SEC's reputation in tatters

In a rather shocking news last month (based on an investigation begun in 2008), three officers of the enforcement department (division) of the US market regulator, SEC, appeared to have committed insider trading on stocks which were being investigated...
Posted by Sandeep Parekh | 8 comment(s)
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Saturday, May 23, 2009 12:09 PM

Stock exchange - market halt: sensible

Mint carried an opinion piece on the use of market halts every time the stock market moves up by a large percentage as is common in India, US and many other jurisdictions. The argument is that such market halts shift liquidity and trades to offshore markets...
Posted by Sandeep Parekh | 3 comment(s)
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Wednesday, March 25, 2009 11:04 AM

SEBI Board - suppression of key findings

A newsreport today titled " Sebi hushes up bench’s orders on Bhave's cases " in the Times of India, is a news which is likely to dwarf the Satyam news in its repercussions. In a clear damnation of the rest of the Board, two members of SEBI...
Posted by Sandeep Parekh | 2 comment(s)
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Sunday, March 22, 2009 8:41 PM

RTI application on SEBI transparency

Recall my previous posts about seeking information on SEBI agenda items and minutes, its denial and my appeal before the SEBI appellate authority for 'Right to Information'. Well it got decided against me. It states the following: a) "the...
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Monday, March 16, 2009 4:30 AM

SEBI and SEC funding

The corporate counsel blog reports about the damage done to the US securities regulator SEC by poor funding by the government when it needed it most. In stark contrast the Indian securities regulator faces the criticism that it is sitting on too much...
Posted by Sandeep Parekh | 1 comment(s)
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Friday, March 13, 2009 10:15 PM

Reduced disclosures for rights issues - SEBI discussion paper

SEBI has put out a " Discussion paper on rationalisation of disclosure norms for Rights Issues ". In brief, the paper seeks to reduce the disclosures by companies seeking to come out with a rights issue based on the recommendations of the disclosure...
Posted by Sandeep Parekh | 2 comment(s)
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Wednesday, February 25, 2009 9:21 PM

Art funds - illegal offerings - another Satyam?

Today's Mint reports on the first page about art funds indulging in all forms of illegal activities including inflating the price of art objects, tax evasion, money laundering, faking bills, price rigging, tax haven related party transaction, and...
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Tuesday, February 24, 2009 2:30 PM

Shankar Sharma - politically damned by SEBI?

Shankar Sharma contacted me last week in light of last week's order by SEBI against him. He has flooded me with documents and papers by email and courier. Unfortunately, because of my class schedule and other commitments, I have not been able to go...
Posted by Sandeep Parekh | 3 comment(s)
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