Sebi penalty of R20 lakh each on 3 entities upheld
The Securities Appellate Tribunal (SAT) on Tuesday upheld Sebi?s penalty of R20 lakh each on three entities for indulging in self trade in shares of Gulshan Polyols and allowed market regulator to recover the fine with interest if they failed to pay up within four weeks. Sebi), in December 2011, had slapped a fine of R20 lakh each on three entities ?Hemant Sheth, Shree Radhe and its proprietor Bhavesh Pabari ? on charges of indulging in self, reversal and synchronised trade that caused artificial rise in both share price and traded volume of Gulshan Polyols. Market regulator had examined Gulshan Polyols scrips for the period starting January 12, 2006, till December 29, 2006. In an order, the Tribunal on Tuesday directed the entities to pay the penalty of R20 lakh each imposed by Sebi within four weeks.
NSE launches corporate bond information platform
As part of its attempts to attract more investors to the corporate bond segment, the National Stock Exchange (NSE) on Tuesday launched a new platform to provide comprehensive information on nearly 1,500 corporate bonds. Speaking at the occasion, Sebi chairman U K Sinha said that the regulator will announce new measures to boost liquidity in the debt segment in the next few days. ?We in Sebi are trying to provide more liquidity in the market and one or two important measures are in the pipeline to improve the liquidity and trading mechanism. We will announce the measures in a couple of days,? said Sinha. Meanwhile, the information database will include data on listed corporate bonds such as coupon type, coupon rate, coupon frequency, face value, allotment date, listing date, maturity date and credit rating from multiple agencies.
MFIs receive R998-crore debt funding in Q1
Micro finance institutions (MFIs) across the country have received a R998-crore debt funding during the first quarter of the current financial year, said a study released here. While 79% of this amount was funded by banks, the rest of the amount was received from other financial institutions. In its sixth issue of MicroMeter report, Microfinance Institutions Network (MFIN) on the status of the Indian microfinance industry, as of June 2013, said the funding reflected the growing confidence of investors whose aggregate gross loan portfolio of (GLP) had grown by 17% to R21,332 crore in the quarter under consideration over the same period last year. ?As institutions that primarily provide micro credit to low income households, it is heartening to see that the GLP growth has been fairly broad based with 70%of the MFIs showing an increase in GLP over Q1 of FY 12-13. Significant increase in lending has been approved in states such as West Bengal, Tamil Nadu, Kerala, Bihar, Assam and Uttar Pradesh?, Alok Prasad, MFIN chief executive officer, said in a release.
NRI deposit inflows slow down to $6.66 billion
Inflows from non-resident deposits slowed to $6.66 billion during April-July, from $7.41 billion a year ago, data from the Reserve Bank of India showed. The outstanding NRI deposits were $73 billion as of July end. The slowdown in the NRI deposit inflows was mainly due to lower flows into non-resident rupee (NRE-RA) accounts that saw an inflow of $6.4 billion. Foreign currency non-resident (FCNR) deposits wherein customers hold deposits in foreign currency saw an inflow of $220 million compared with an outflow of $625 million a year ago. Bankers expect the FCNR inflows to grow because of the RBI?s swap facility.