Omaxe promoters to sell shares to meet Sebi norm
Realty firm Omaxe on Wednesday said its promoters would sell over 1.52 crore shares worth about R220 crore on September 27 through stock exchanges to dilute their stake in order to meet market regulator Sebis norms on minimum public shareholding. In a filing to the BSE, Omaxe said promoter companies Constellation Capital, Kautilya Monetary Services and S A Finvest would sell up to 75 lakh, 12.5 lakh and 65 lakh equity shares of the realty firm through Offer For Sale (OFS) route. Total shares offered through OFS stand at 1,52,50,000, representing 8.79% of the total paid-up equity share capital of the company as on date.
NSE gets 50% of retail clients from smaller cities
Indicating broader participation of investors in the capital markets, entities from smaller cities now make up for half of the total retail clients trading on the countrys largest bourse National Stock Exchange(NSE). As per latest data compiled by NSE for fiscal 2012-13, 50% of the total number of retail clients trading on the exchanges cash market platform come from the cities other than the Tier I and II categories. Besides, 43.7% of the total turnover of trades carried out by retail investors in the cash segment during the fiscal came from cities other than the Tier I and II categories, NSE data shows. Tier 1 includes major metro cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Kolkata while Tier 2 cities include Ahmedabad, Jaipur, Kanpur, Lucknow, Nagpur, Pune and Surat.
SAT sets aside fines imposed on two brokers
The Securities Appellate Tribunal (SAT) on Wednesday set aside orders of capital market regulator Sebi, which had slapped R13-lakh in fines on R R Chokhani Stock Brokers and Finquest Securities on charges of violating stock broker norms. Sebi, in April this year, imposed a penalty of R8 lakh on Finquest Securities for violating code of conduct related to stock brokers.
Tata MF starts nationwide quiz competition
As part of its investor education initiative, Tata MF has launched Simply FQ, an inter-collegiate nationwide quiz competition. The competition is being held across centres such as Mumbai, Delhi, Kolkata and Bangalore. The winner will walk home with a prize money of R3 lakh, while the runner-up and second runner-up stand to get R1.5 lakh and R75,000, respectively.