Former SEBI and LIC Chairman joins Accelerator Group’s Advisory Board

September 22nd, 2009 MUMBAI - The Securities and Exchange Board of India (SEBI) Tuesday revised its takeover norms, making it mandatory for holders of global depository receipts (GDR) or American depository shares (ADS) with voting rights to make an open offer if they acquired 15 percent shares of a public company. Under the existing SEBI takeover code, an entity or individual could not hold more than 15 percent shares in a listed company without making an open offer to acquire an additional 20 percent of that company's shares.

July 25th, 2009 KOLKATA - Market regulator Securities and Exchange Board of India (SEBI) is planning to allow interest rate futures by next month, a senior official said here Saturday. "We are currently working on interest rate futures and the product should be introduced by August-end," M.S.

July 17th, 2009 NEW DELHI - Commerce and Industry Minister Anand Sharma will succeed Aditya Birla group chief Kumar Mangalam Birla as chairman of the Board of Trade, an advisory body on export-import related issues, the Directorate General of Foreign Trade (DGFT) said Friday. "The commerce and industry minister will be the chairman of the Board of Trade," said DGFT in a notification.

June 19th, 2009 MUMBAI - The Indian capital markets watchdog has unveiled a slew of measures to woo investors to the equities markets. Primary among the reforms announced by the Securities and Exchange Board of India (SEBI) Thursday night was the approval of an "anchor investor", which allows the investor to subscribe up to 30 percent of the quota for institutional investors in an initial public offering (IPO).

June 19th, 2009 NEW DELHI - The government Friday approved the proposed amendment to the Securities and Exchange Board of India (SEBI) Act, 1992, to raise the upper age limit of Securities Appellate Tribunal members from 62 to 65. According to the Section 15 of the SEBI Act, the current upper age limit of a tribunal member is 62 years.

June 15th, 2009 NEW DELHI - Companies that have incurred losses for three consecutive years and have negative net worth can be delisted, the government and the securities market regulator announced Monday. Companies can also be delisted if the trading of their scrip has been suspended for more than six months, the finance ministry said in a statement.

April 22nd, 2009 CHENNAI - Audit firm PricewaterhouseCoopers (PwC) India Wednesday named three members of its proposed advisory board, which will help the local executives rebuild the company's tarnished image after the Satyam scam. PwC, which for several years inspected the books of the fraud-hit Satyam Computer Services, said in a statement that three retired bureaucrats - former cabinet secretary Naresh Chandra, former comptroller and auditor general V.K.

April 20th, 2009 NEW DELHI - The market regulator Monday barred Gujarat Heavy Chemicals Ltd (GHCL) from dealing in the securities market, saying it had inflated its shareholding in its quarterly filings to exchanges. Securities and Exchange Board of India (SEBI) also directed GHCL chairman Sanjay Dalmiya, managing director Ravi Shanker Jalan and company secretary Bhuwneshwar Mishra not to buy, sell or deal in the securities market until further orders, the regulator said in a statement.

April 20th, 2009 NEW DELHI - The market regulator Monday barred Gujarat Heavy Chemicals Ltd (GHCL) from dealing in the securities market, saying it had inflated its shareholding in its quarterly filings to exchanges. Securities and Exchange Board of India (SEBI) also directed GHCL chairman Sanjay Dalmiya, managing director Ravi Shanker Jalan and company secretary Bhuwneshwar Mishra not to buy, sell or deal in the securities market until further orders, the regulator said in a statement.

March 24th, 2009 HYDERABAD - Scam-hit Satyam Computer Services Ltd has informed the Securities Exchange Board of India (SEBI) on its bidding process under the market regulator's amended takeover regulations for selecting an investor to buy majority stake in the company, the IT bellwether said late Tuesday. 'A letter relating to the process followed by the company pursuant to regulation 29A of the SEBI takeover regulations to select an investor and the in-principle exemptions/relaxations granted by SEBI from applicable regulations and guidelines has been submitted,' the company said in a statement.

February 4th, 2009 MUMBAI - The financial market regulator Thursday said corporate India had to be more transparent with shareholders and ensure corporate governance in the post-Satyam scenario. 'Two actions which are being regarded by SEBI are: to require all listed companies to obtain peer audit done, and in case of pledging of promoter shareholding, to make this price sensitive information available to all other shareholders,' said Securities and Exchange Board of India (SEBI) chairman C.B.

February 1st, 2009 MUMBAI - India's markets watchdog Monday decided to amend its norms on open offers to acquire companies, even as it made it mandatory for all listed companies to declare their dividends on per share basis, as against percentages. The board of Securities and Exchange Board of India (SEBI) also decided that the price band for initial public offers (IPO) can be announced two days before they hit the capital markets, against specifying the same in the prospectus two-three weeks ahead.

January 8th, 2009 HYDERABAD - Market watchdog Securities and Exchange Board of India (Sebi) Friday served Satyam's disgraced chief B. Ramalinga Raju with summons, asking him to appear for hearing in connection with a Rs.70-billion accounting fraud.

December 22nd, 2008 CHENNAI - The Securities and Exchange Board of India (Sebi) will investigate the origin of the 'issue open offer' advisory, dated Dec 19, sent under its letterhead to Pyramid Saimira Theatre, the market regulator said Tuesday. It also categorically stated that it has not issued any letter to Pyramid Saimira chairman P.S.

December 22nd, 2008 CHENNAI - Entertainment firm Pyramid Saimira Theatre will lodge a criminal complaint with the police to investigate the origin of the letter purportedly sent by the market regulator asking the firm's promoter to make an open offer at Rs.250 per share, saying it was forged. Addressing the media here Tuesday, Pyramid chairman P.S.