Author: Legal Parivar

On Friday, the Securities and Exchange Board of India (SEBI) revoked the registration of LFS Broking and banned its Managing Director, Saiyad Jiyajur Rahaman, from working with any registered intermediary for five years due to violations of market regulations. In addition, SEBI canceled LFS Broking’s registrations as a stockbroker, portfolio manager, depository participant, and research analyst. “I note that since Noticee No. 2 (Saiyad Jiyajur Rahaman) has not acted with integrity, honesty, and has not displayed ethical behavior and fairness, he ceases to be a fit and proper person in terms of the Intermediaries Regulations,” stated SEBI’s Whole Time Member…

If you are a taxpayer who has obtained a Tax Deduction and Collection Account Number (TAN) from the National Securities Depository Limited (NSDL), there may come a time when you need to surrender or cancel TAN. Whether you have ceased business operations, consolidated your accounts, or no longer require a TAN for any reason, knowing the correct procedure is crucial. This guide will walk you through the process of surrendering or canceling your TAN online, ensuring a smooth and hassle-free experience. Understanding TAN and the Application Process What is a TAN Application? A TAN application refers to the process of…

The Competition Act, 2002, represents a significant piece of legislation designed to foster and maintain competition in India’s markets. It aims to protect consumer interests, ensure freedom of trade, and create a level playing field for all market participants. Replacing the Monopolies and Restrictive Trade Practices Act, 1969, the Act modernizes India’s approach to competition regulation in line with global best practices. Historical BackgroundIndia’s journey towards competition law began post-independence with the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act). The MRTP Act aimed to curb monopolistic practices, but over time, it became inadequate to address the complexities of…

Shares of IIFL Securities dropped up to 2 percent to Rs 222 apiece on June 27 following reports that market regulator SEBI is investigating market expert Sanjiv Bhasin for his alleged involvement in stock market manipulation. Year-to-date, the stock of this online trading platform has surged over 55 percent, outperforming the benchmark Nifty 50 index, which rose by 9 percent during the same period. According to reports, SEBI is conducting a probe into allegations of market manipulation and front-running against Bhasin. The investigation includes examining his digital devices as part of the evidence gathering process. Front-running is considered unethical, where…

Shares of Winny Immigration and Education Services debuted strongly on the NSE SME platform on June 27, opening at Rs 240 per share, marking a premium of over 71 percent from its issue price of Rs 140. Winny Immigration’s initial public offering (IPO) raised Rs 9.13 crores through a fresh issue of 6.52 lakh shares. The IPO subscription period ran from June 20 to June 24, with allotments finalized on June 25. The IPO was priced at Rs 140 per share, offering investors a chance to participate with a minimum lot size of 1,000 shares, requiring a retail investment of…

RVNL’s share price saw a nearly 2 percent increase in early trade on June 27 following the company’s contract win from Southern Railway. At 09:33 am, RVNL was trading at Rs 416.45, up Rs 7.40, or 1.81 percent, on the BSE. The KRDCL-RVNL joint venture has secured a letter of acceptance (LoA) from Southern Railway for the installation of automatic signalling on the Ernakulam JN (ERS) – Vallattol Nagar (VTK) section of the Thiruvananthapuram Division’s B-Route. The contract, valued at Rs 156.47 crore, allocates 49 percent to RVNL, with the remaining held by KRDCL. The project is scheduled for completion…

Infosys’ CEO Salil Parekh has resolved allegations of breaching insider trading regulations, as confirmed by India’s markets regulator on Thursday. Parekh has agreed to pay a penalty of 2.5 million rupees (approximately $30,000) for inadequacies in ensuring sufficient controls against insider trading, according to the Securities and Exchange Board of India.

Dindigul Farm made a stellar debut on the BSE SME platform today, with its share price opening at ₹102.60, marking a 90% increase from its issue price of ₹54. The subscription period for Dindigul Farm’s IPO ran from June 20 to June 24, with the issue oversubscribed by 202.35 times. Each lot of Dindigul Farm IPO comprised 2,000 shares, priced in the range of ₹51 to ₹54 per equity share with a face value of ₹10. Established in 2010, Dindigul Farm specializes in dairy products such as dairy whitener, skim milk powder, and milk protein concentrates processed from whole and…

KEC International, a prominent player in the infrastructure sector, witnessed a significant uptick in its share price, rising by 5% during the early trade on June 27. This surge followed the announcement of securing new orders totaling Rs 1,025 crore across its Transmission & Distribution (T&D) and Cables businesses. In the Transmission & Distribution segment, KEC International secured multiple key projects across diverse geographical regions. These include a substantial 765 kV GIS Substation project in India, awarded by the Power Grid Corporation of India Limited (PGCIL). Additionally, the company secured a comprehensive 225 kV Composite project involving Transmission lines, Substations,…

India’s securities regulator, the Securities and Exchange Board of India (SEBI), is contemplating relaxing certain disclosure requirements for listed companies, covering areas like related party transactions and disclosures related to major shareholders. This move is outlined in a consultation paper published on Wednesday. SEBI is considering extending the time frame for listed companies to publicly disclose litigations or disputes they are involved in. This consultation paper is part of SEBI’s ongoing efforts over the past year to streamline regulations for companies listed in India’s equity capital markets. Regarding related party transactions, SEBI has proposed exempting public companies from the requirement…