Tribunal quashes Sebi order against NSDL in IPO scam

Sep 03 2013, 08:18 IST
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SummaryThe Securities Appellate Tribunal (SAT) has quashed an order against top depository NSDL that was passed by market regulator Sebi in December 2008, but implemented only in July 2011 after being dismissed initially as ‘null and void’.

The Securities Appellate Tribunal (SAT) has quashed an order against top depository NSDL that was passed by market regulator Sebi in December 2008, but implemented only in July 2011 after being dismissed initially as ‘null and void’. SAT had passed a similar order last month after hearing another appeal filed by the National Securities Depository (NSDL) against another Sebi order in the same case. In its latest order, dated August 30, 2013, SAT observed that the facts in the earlier appeal filed by NSDL were similar to facts in the present case, and therefore it directed that the Sebi order in the present appeal be also “quashed and set aside”. The two Sebi orders, passed on December 4, 2008, had asked NSDL to conduct an independent inquiry to fix individual responsibility for failure at NSDL in the wake of IPO and demat scams between 2002-2006.

NSE allows seven ETFs to trade in SLB segment

Leading bourse NSE has allowed seven exchange traded funds (ETFs), including Goldman Sachs Banking ETF and Kotak Nifty ETF, to trade in the Securities Lending and Borrowing (SLB) segment from Tuesday. The move comes after Sebi announced last year that ‘liquid’ index, ETFs — track indices to trade in the short selling market — would be eligible for trading in the SLB segment. Among other ETFs that would be available for trading in SLB segment includes IIFL Nifty ETF, Nifty Goldman Sachs ETF, Nifty JR Goldman Sachs ETF, Most Shares M50 ETF and Most Shares N100 ETF. “... these Index ETFs shall be made available for trading in the SLB scheme with effect from September 3, 2013,” NSE said.

Sebi asked to strengthen supervision of entities

Lauding Sebi’s ‘well developed’ regulatory and supervisory regime, global body for securities

regulators IOSCO has asked the Indian watchdog to further strengthen its supervision of various market entities including fund managers. In its detailed assessment report on Indian securities markets, IOSCO has also suggested that Sebi strengthen the stress-testing procedures of the central counterparties (CCPs) and to improve the liquidity risk management.

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