SEBI

Though the SEBI regulation on the compensation package for AMC employees came in April, the regulator has now clarified that all junior employees below the age of 35 years will have to invest a portion of their salary in schemes which they manage in a phased manner. Other employees will be required to invest 20 per cent of their monthly compensation in MF schemes they manage from the current year itself.

The portfolio managers will ensure that that all such associated persons who are distributors of the Portfolio Management Services as on the date of this notification obtain the certification by passing the Portfolio Management Services (PMS) Distributors Certification Examination within two years from the date of the notification.

In a circular, the regulator has also directed entities incuding exchanges to ensure accept only operative PAN (those linked with Aadhaar number) by the client while opening new accounts post September 30, 2021. The directive comes on the back of the notification of Central Board of Direct Taxes (CBDT) issued in February.

Zerodha Founder and CEO, Nithin Kamath said in a tweet on Wednesday: "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part. The company had applied for an AMC (Mutual fund) license in February last year.

The capital market regulator has also imposed a penalty of Rs 50 lakh on the the AMC, along with asking the company to refund a part of the investment management and advisory fees collected from the unitholders of the six FMP schemes. The refund would be equivalent to the percentage of exposure to the Zero Coupon Non-Convertible Debentures.

At the beginning of the hearing, Solicitor General Tushar Mehta, representing SEBI, requested a bench headed by Chief Justice N.V. Ramana to adjourn the matter for next Friday and the other side has also given consent for it. Justice Ramana said: "But, do not take coercive steps" Mehta said yes, there is an order. Justice Ramana queried, "What is the stage of the appeal?"

In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him. The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.

Following the approval, it will now set up an asset management company. It has received the in-principle approval from the capital market regulator through a letter dated August 23, 2021, Bajaj Finserv said in a regulatory filing. "Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI regulations and other applicable laws," it said.

The Capital markets regulator has kept the proposed Rs 4,500-crore initial share-sale of edible oil major Adani Wilmar Ltd (AWL) in "abeyance". Without disclosing the reason, Sebi said "issuance of observations kept in abeyance" with regard to the Adani Wilmar IPO, according to an update in the SEBI website as on August 13. While the regulator has not given reasons, reports have suggested that Adani Wilmar IPO was put on hold.

The website of the capital market regulator showed that the Rs 4,500 crore issue has been "kept in abeyance". As per the SEBI (Issuance of Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020, issued by the SEBI on February 5, 2020, the regulator is obligated to keep issuance of observations in abeyance for a period of 30 days or 45 days or 90 days or more, as the case may be.