SEBI

In its annual report for 2020-21, the capital market regulator said that it completed investigation of 140 cases during the year. "During 2020-21, 94 new cases were taken up for investigation and 140 cases were completed in comparison to 161 new cases taken up and 170 cases completed in 2019-20," it said. The SEBI noted that after completion of investigation, enforcement action is initiated.

In its meeting on Friday, the SEBI board decided that the lock-in of promoters shareholding to the extent of minimum promoters contribution (20 per cent of post issue capital) shall be for a period of 18 months from the date of allotment in IPO/FPO instead of existing three years, if the object of the issue involves only offer for sale and if the object of the issue involves only raising of funds for other than for capital expenditure for a project.

Policybazaar joins a growing number of Indian startups looking to raise funds from the capital markets to support the country's booming digital economy. The IPO will be undertaken by PB Fintech Ltd, the parent of Policybazaar. The issue comprises fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders and promoters.

Kundra, Shetty and Viaan have been fined for a three-year delay in the disclosure of an allotment of preferential shares. In 2015, Viaan Industries had made a preferential allotment of 500,000 equity shares. Of this 128,800 equity shares each were allotted to Kundra (referred to as Ripu Sudan Kundra) and Shetty, the promoters of the company.

"Going forward, the capital markets are going to play a bigger role in funding the economic growth," he said. Addressing the 18th Annual Capital Markets Conference, organised by FICCI, Tyagi said that going forward the focus area for the SEBI will be on strengthening the robustness of capital markets. The SEBI chief said that the regulator has been active in the efforts to strengthen the market.

The SEBI said that it is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI), requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the Covid-19 pandemic.

Noting that along with robust growth, it is heartening to note that Indian markets are entering a new era with several new age tech companies preferring to list domestically, SEBI Chairman Ajay Tyagi said: "Recent filings and public offerings reflect the maturity of our market to accept the business model of new age tech companies, which aren't amenable to valuation through conventional metrics of profitability."

In a written response to a question in the Lok Sabha on the opening day of Monsoon Session, Minister of State for Finance, Pankaj Chaudhary, said that SEBI is investigating some Adani group companies with regard to compliance with SEBI regulations while the Directorate of Revenue Intelligence (DRI) is also probing certain entities under the laws administered by it.

In the draft red herring prospectus, the company said that it will issue fresh shares worth Rs 8,300 crore and the existing shareholdrs will sell stake worth up to Rs 8,300 crore through offers for sale (OFS). Paytm's founder Vijay Shekhar Sharma, Alibaba.com Singapore, Antfin (Netherlands), Elevation Capital, Saif Partners, SVF Panther (Cayman) and BH International Holdings will sell stake in the OFS.

She questioned the basis for relating the Mazumdar Shaw Medical Foundation to Biocon in the judgement. "SEBI bars Allegro Capital, its CEO over insider trading in Biocon shares - Crazy logic. What does MSMF have to do with Biocon? The officer concerned needs to explain her convoluted hypothesis. SEBI needs to act rationally in insider trading judgements," Shaw said in a tweet.