S Raman appointed whole-time Sebi member
Former CMD of Canara Bank S Raman took charge as a whole-time member of the Securities and Exchange Board of India (Sebi) in Mumbai on Friday. He will serve the position for five years or till attainment of 65 years of age, whichever is earlier, said the market regulator in a press release. This would come as a welcome relief for Sebi, which has been facing a staff crunch at the highest level. Against the sanctioned strength of three members, Sebi is currently managing with only two — Rajeev Agarwal and Prashant Saran. Raman served as the CMD of Canara Bank between September 2010 and September 2012. He also served as an executive director with Union Bank of India between October 2008 and August 2010. The banker who started his career with Bank of India in 1974 has handled varied portfolios, including, corporate credit, international banking, treasury and transaction banking. He also had two overseas stints during his association with BOI, at Jersey (UK) from 1983 to 1987 and as CEO of their US operations from June 2005 to October 2008.
Sebi slaps R1.5-crore fine on an individual for IPO fraud
Sebi on Friday imposed a penalty of R1.50 crore on one Purshottam Budhwani for his alleged role in fraudulent trading practices in IPOs of 13 firms, including Yes Bank and Suzlon Energy between 2003 and 2005. Budhwani was also allegedly involved in manipulative activities related to IPOs of IL&FS, IDFC, Shoppers Stop, MSP Steel and Power, SPL Industries, Provogue, Tata Consultancy Services, Gateway Distriparks, Gokuldas Exports, Nectar Lifesciences and Sasken Communication Technologies. Sebi said Budhwani acted as key operator in concert with certain other entities and was involved in the scheme of cornering of shares in the IPOs. “...the noticee had indulged in fraudulent and manipulative activities and employed deceptive device and scheme to corner the shares reserved for retail individual investors in the aforesaid 13 IPOs with the intention to defraud retail individual investors,” Sebi said in its order. A Sebi probe in shares of certain companies during their