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Brokers’ association in India the Association of National Exchanges Members of India (ANMI) have sought relaxation in rules governing short allocation penalty from the market regulator. ANMI has written a letter to the Securities and Exchange Board of India (SEBI), BSE, NSE and the clearing corporations with regards to this. &nbsp;

In the letter, the association has put a demand seeking relaxation on the penalty on issues related to short allocation done between 1 August and 15 August. It has demanded that the brokers must be refunded the penalty amount. Apart from this, the timing of final file allocation must be increased from 8 pm to 12 pm next day.

&nbsp;The brokers argue that they should not bear the brunt of technical faults and confusion. The association has said that the brokers have not been getting information regarding the final margin in the stipulated time period. This led to problems in margin calculation.

The brokers have further said that technical issues in the system have also resulted in difference in the margins from the final margins on many occasions.

For e.g. if the margin requirement to any client was said to be Rs 1 lakh in the morning, surprisingly went up.

Under these circumstances, brokers should not be held responsible.

All this has resulted in confusion as to how much the margin should be taken from the investors. Brokers are also not in agreement with the arrangement of giving information with respect to different segments.

According to them, if there is a situation of default, it will not be on the basis of segments but will be on overall basis.

In view of this, brokers must be allowed to send a combined ledger instead of sending it on the basis of segments. The clearing corporation could segregate them, the association has argued.

ANMI has said that a survey was conducted among the broker members of the association. At least 204 brokers participated in the exercise and problems faced by them were highlighted as a result of this.

The problems have been appraised to SEBI, exchanges and clearing corporations.

According to ANMI, out of the 204 brokers who participated, 29 brokers have said that a penalty of Rs 36.23 cr has been levied on them.

The SEBI rules were implemented in May this year where the brokers were asked to inform the clearing corporation about the fund of clients. The rules prescribed penalty in the even of non compliance from 1 August.

The objective of the new margin rules was to ensure that the brokers do not misuse the funds of their clients for other clients for themselves.

Earlier, the rule was full margin could be kept for buying shares. The rule was introduced so that the clearing corporation could limit the trade that a client could do so that the brokers and clients do not take undue risks.

Previously, it was the broker who decided the limit of the trade.

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Brokers’ association in India the ANMI&nbsp;have sought relaxation in rules governing short allocation penalty from the market regulator. ANMI has written a letter to the SEBI, BSE, NSE and the clearing corporations with regards to this


Penalty worth crores levied on brokers; what are they appealing to market regulator SEBI?

Market Regulator Securities and Exchange Board of India (SEBI) is working on a plan to remove an anomaly in the listing of Initial Public Offering (IPO) of issues which are worth Rs 250 cr or less. The anomaly is regarding significant difference in the listing price of stocks on the two exchanges – BSE and NSE.

Zee Business has learnt from its top sources that SEBI is working on a solution to remove this problem. Brajesh Kumar reports.&nbsp; &nbsp;

The regulator may consider equilibrium prices on the two exchanges in the pre-opening session and do an average to arrive at the price. &nbsp;This will ensure that there is no difference in the price of a stock on the two exchanges. Currently there is a 5 per cent circuit filter on the equilibrium price. Also intraday trading is not allowed for 10 days. This creates a situation where there is a price difference from the issue price of a IPO stock at the two exchanges.

&nbsp;The similar problem of price discovery was witnessed this year in case of listing of Veranda Learning Solutions IPO in April. The company share was issued at a price of Rs 137 per share in the IPO. However, on NSE, the equilibrium price was at Rs 125 in the one-hour pre-opening session. Meanwhile, on the BSE the equilibrium price was Rs 157. So the price difference in the equilibrium price was Rs 32 in a share that was issued at a price of Rs 137. There was a significant difference in the closing price of the stock on the listing day as well.

On NSE, the Veranda Learning Solutions ended at Rs 160 while on the BSE it ended at Rs 131.

Usually there is a price difference of some paise on the two exchanges for any stock. But in this issue there was a significant price difference. &nbsp;

Realising this problem in the system, SEBI is working to remove it. A meeting of SEBI’s Secondary Market Advisory Committee also took place to deliberate on this issue. It was decided that the price on two exchanges will be averaged to arrive at the right price.

&nbsp;In IPOs over Rs 250 cr, the circuit filter is 20 per cent. In these cases, there is high possibility of prices getting adjusted if there is a listing difference. In stocks where the circuit filter is 5 per cent, it is difficult to achieve a similar price on a stock on the two exchanges .

See Zee Business Tweet Video Here:

<blockquote class="twitter-tweet">
250 करोड़ रुपए या उससे कम के IPO में लिस्टिंग के नए नियम ! 
 
छोटे IPO की लिस्टिंग प्राइस में अंतर घटेगा ? 
 
दोनों एक्सचेंजों के भाव का औसत निकालकर होगी लिस्टिंग ? 
 
जानिए पूरी डिटेल्स ब्रजेश कुमार मिश्रा से <a href="https://twitter.com/hashtag/IPO?src=hash&amp;ref_src=twsrc%5Etfw">#IPO</a> | <a href="https://twitter.com/hashtag/listing?src=hash&amp;ref_src=twsrc%5Etfw">#listing</a> | <a href="https://twitter.com/hashtag/sharemarket?src=hash&amp;ref_src=twsrc%5Etfw">#sharemarket</a> | <a href="https://twitter.com/BrajeshKMZee?ref_src=twsrc%5Etfw">@BrajeshKMZee</a> <a href="https://t.co/pdao0kAKVi">pic.twitter.com/pdao0kAKVi</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1561644372755873792?ref_src=twsrc%5Etfw">August 22, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;The move is in the wake of making the price discovery system more robust. A greater price difference is taken advantage of on many occasions.

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The anomaly is regarding significant difference in the listing price of stocks on the two exchanges – BSE and NSE


EXCLUSIVE - SEBI mulls over rectifying this listing anomaly in IPOs worth Rs 250 cr or less - details

Settlement scheme for BSE illiquid stocks has been announced. There will be an opportunity for settlement between 22 August and 21 November 2022. All cases on any forum will be resolved through this settlement scheme.

The Securities Appellate Tribunal (SAT), in May this year asked the Securities and Exchange Board of India (SEBI) to bring a settlement scheme.

The cases before SAT, AO, RO will be resolved.

The condition is that an appeals needs to be filed against the orders.

The conditions of settlements will be published on SEBI and BSE websites.

Zee Business had on 19 July played the news for the first time.

Once again a settlement scheme will be launched for illiquid stocks on BSE.

SEBI is mulling over bringing a settlement scheme for illiquid options

SEBI is likely to bring this settlement scheme next month.

In the new settlement scheme, the settlement amount is likely to be kept low in order to settle cases in case of maximum entities.

It will be a big relief for SEBI and entities if majority of cases are settled under SEBI.

SEBI brought this scheme in 2021 but only 1100 entities could take advantage of it.

SEBI had found nearly 14400 entities indulging in abuse of illiquid options.

The scheme was unsuccessful last time because of high settlement amount

In the new settlement scheme, the settlement amount is likely to be kept low in order to settle cases in case of maximum entities


Exclusive: SEBI mulls over bringing a settlement scheme for illiquid stocks on BSE; may bring it next month

The National Company Law Tribunal (NCLT) on Friday approved the demerger of Piramal Enterprises’ (PEL) Pharma business and the simplification of the company’s corporate structure. The Order now paves the way towards the creation of two separate listed entities viz. Piramal Enterprises Limited (NBFC) and Piramal Pharma Limited.&nbsp;&nbsp;

The Board had approved the demerger of the Pharma business and the simplification of the corporate structure in October 2021. Subsequently, in connection with the composite scheme of arrangement, the Company has obtained consent from RBI, SEBI, Stock Exchanges, and clearances from our creditors and equity shareholders. In July 2022, PEL also received the RBI approval for the NBFC license for PEL.&nbsp;&nbsp;

The demerged entities will have greater focus and ability to pursue accelerated growth, resulting in likely improvement in their performance in coming years. In consideration of the demerger, shareholders of PEL will get 4 (four) shares of PPL for every 1 (one) share in PEL, in addition to their existing holding in PEL.&nbsp;&nbsp;

Chairperson of Piramal Enterprises Ltd, Ajay Pirama,l&nbsp;said, “The approval from the Honourable NCLT on the demerger of our Pharma business and the simplification of the corporate structure is a significant milestone. We are on track to achieve the completion of the demerger and separate listing of Piramal Pharma by the third quarter of the current financial year.&nbsp; The demerger creates one of India’s largest listed diversified NBFCs, with a loan book of nearly $9 Billion. It will have a significant presence across both retail and wholesale financing, leveraging technology at its core. The pharma company will be a large listed entity in the pharmaceutical sector with revenues of nearly $1 Billion. It offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network of over 100 countries.”&nbsp;

&nbsp;&nbsp;

The National Company Law Tribunal (NCLT) on Friday approved the demerger of Piramal Enterprises’ (PEL) Pharma business and the simplification of the company’s corporate structure.&nbsp;


Piramal Enterprises demerger gets NCLT approval; what it means for the two entities   

Securities and Exchange Board of India (SEBI) has constituted a committee to increase foreign investments in the capital markets. The market regulator has constituted an advisory committee called the on ‘FPI Advisory Committee’ or FAC to ease ways for foreign investors to invest in the Indian markets by reviewing the existing processes and recommend new ones. Zee Business’ Brajesh Kumar reports. &nbsp;&nbsp;

The SEBI’s decision to constitute a committe is with a view to simlify investment processes in the Indian capital markets and also suggest new ways to attract investments.

Apart from this, the committe will also look at increasing participation in the domestic bond markets.

The committee will suggest ways to bring changes in the existing rules to attract investments, enhance transparency by suggesting ways to amend the current rules. It will also give its recommendations on issues related to custodians.

The committee comprises of CEOs of the Exchange and Clearing Corporation, depositories, legal experts, consultancy firms and representatives of foreign banks.

The chairman of this committe is the former Chief Economic Advisor (CEA) KV Subramanian. The movement of the markets has been for long dependent upon the Foreign Portfolio Investors (FPIs). Though, over the past few years, the reliance has reduced to some extent.

However, the FPS still hold a significant role in deciding the movement of the stock markets.

- SEBI constitutes a 15 member committee call FAC

- The committee also comprises members from the Reserve Bank of India (RBI)

In order to provide recommendations and advise SEBI on policy matters relating to Foreign Portfolio Investors (‘FPIs’), SEBI has constituted a Standing Committee for facilitation of FPI investments. The members of the committee are:

i. Shri K. V. Subramanian, Former Chief Economic Adviser to the Government of India – Chairman

ii. Shri Harun R Khan, Deputy Governor (Retired), RBI

iii. Shri R. Subramanian, Executive Director, RBI

iv. Shri Madhav Kalyan, CEO, JP Morgan Chase Bank, N.A.

v. Shri Hitendra Dave, CEO, HSBC Bank Ltd.

vi. Mr. Martin Graham, Managing Director, Global Public Policy Group of iShares (BlackRock).

vii. Shri Bobby Parikh, Managing Partner, Bobby Parikh Associates

viii. Shri Rushabh Maniar, Partner, AZB &amp; Partners

ix. Prof. (Dr) Nigam S. Nuggehalli, Registrar, National Law School of India University, Bengaluru

x. Shri Rajesh Gandhi, Partner, Deloitte Haskins &amp; sells LLP

xi. Shri Shashwat Alok, Assistant Professor, Indian School of Business

xii. Shri Ashishkumar Chauhan, MD &amp; CEO, National Stock Exchange of India Ltd.

xiii. Ms. Padmaja Chunduru, MD &amp; CEO, National Securities Depository Ltd. (NSDL)

xiv. Shri Nehal Vora, Member, MD &amp; CEO, Central Depository Services India Ltd. (CDSL)

xv. Shri Vikram Kothari, Managing Director, National Securities Clearing Corporation Ltd. (NSCCL)

Committee will suggest ways to bring changes in the existing rules to attract investments, enhance transparency by suggesting ways to amend the current rules. It will also give its recommendations on issues related to custodians


SEBI constitutes 15-member committee to attract foreign investment; former CEA KV Subramanian appointed Chairman

Many times investors privy to the inside information of a company are able to make huge profits by sale or purchase of shares or manage to avet big loses. However, it is illegal to do transactions based on inside information as per the rules of Securities and Exchange Board of India (SEBI).&nbsp;

Likewise, investors who are privy to the confidential information can increase their profits or reduce their losses even in the mutual funds. This is because a good news can increase the Net Asset Value (NAV) while a bad news can bring it down.&nbsp;

In view of this SEBI is mulling over bring regulations governing insider trading in the mutual funds.&nbsp;

Till now, the rules governing insider trading for securities does not cover mutual fund units. The market regulator is planning to bring the regulations after instances of insider trading in mutal funds have started coming to its notice.

SEBI has issued a consultation paper on this. The stakeholder feedback has been sought by 29 July.

In the discussion paper, the feedback has been sought on the implementation of the insider trading rules for open ended and closed ended schemes.

As per the SEBI discussion paper, now in the definition of trading, sale and purchase of mutual fund units, redeeming, switching will be included.&nbsp;

Meanwhile, under the insider trading rules of the mutual funds, all people connected with works related to the mutual fund and all those who are privy to inside information of any mutual fund will be considered as an insider.&nbsp;

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The discussion paper also gives clarity on which unpublished confidential information will be treated as an inside information. For e.g. if any body has information on changing of purpose of investment of a mutual fund scheme or if he has information on the changes in the accounting policy, then it will be treated as an unpublished confidential insider information.&nbsp;

Apart from this, default in any securities; significant changes in the valuation of assets; information on closure of any scheme or redemption will also be treated as insider information.&nbsp;

Stakeholder feedback is sought on the SEBI consultation paper.

Currently, the rules mandate that people with inside information about mutual funds are not allowed to do trading and there are other conditions too. But SEBI is now planning to make it wider.&nbsp;

Many times investors privy to the inside information of a company are able to make huge profits by sale or purchase of shares or manage to avet big loses. However, it is illegal to do transactions based on inside information as per the rules of SEBI


SEBI issues consultation paper on insider trading for mutual funds; seeks feedback to tighten rules 

There is a Securities and Exchange Board of India (SEBI) action on promoters who indulge in jacking up share prices by sending SMSs. The order has come against promoters of Supreme Tax Mart. The promoters have been indulging in practice of sending SMSs in bulk asking investors to buy the company shares.&nbsp; Zee Business' Brajesh Kumar brings this report.

Kumar said that&nbsp;Supreme Tax Mart is the company where an action has been taken. It falls under the category of penny stocks. The promoters of this company made deals with various companies to send 2-6 cr mesages to investors, SEBI found in its investigation.&nbsp;

At the time when SEBI found this, the stock was trading around Rs 3 and the traget of Rs 5 was given and it was said that the target will go up further.

This was happening despite company facing financial problems. It was seen that the volume of the stocks also went up significantly around this time.&nbsp;&nbsp;&nbsp; &nbsp;

- SEBI in its investigation found that the accused have benefited by Rs 14 cr&nbsp;

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- The market regulator has ordered the company to deposit all the money earned by the company through this illegal means.

- The investigation found 11 people indulging in this activity and has banned them from operating for six years.&nbsp;&nbsp;

- SEBI conducted an investigation on the trades for the period between July-October 2016.&nbsp;

- The accused asked investors to buy there share and then sold these shares themselves.&nbsp;

- The company sent 4.14 cr SMSs to ensure prices go up.&nbsp;&nbsp;

- The number of investors went up during the period SMSs were sent.

- According to SEBI the promoter group company sent the SMSs.

Zee Business Managing Editor Anil Singhvi said that actions have been taken previously by the market regulator.

The company has been facing financial problems and despite that trading volumes of stocks went up.

There is a SEBI&nbsp;action on promoters who indulge in jacking up share prices by sending SMSs. The order has come against promoters of Supreme Tax Mart. The promoters have been indulging in practice of sending SMSs in bulk asking investors to buy the company shares


SEBI takes action against Supreme Tax Mart promoters indulging in jacking up stock prices

Securities and Exchange Board of India (SEBI) has allowed investment in Infrastructure Investment Trust&nbsp;(InvITs) through UPI mode. The market regulator has also allowed for blocking of investment amount through UPI in Real Estate Investment Trust (REITs).&nbsp; 
 
- Investors will be able to block investment up to Rs 5 lakh via the UPI mode in their applications 
- The regulator has asked to begin this facility from 1 August. The blocked investment amount will be debited from the accounts only after the application is approved.

- Under the UPI facility, the amount is blocked in the accounts which significantly reduces chances of any misuse of the amount. 
- InvITs, REITs are investment instruments where the investors have the option to buy units in any projects.&nbsp;&nbsp;

The capital markets regulator has&nbsp;provided an additional payment option of UPI or unified payments interface mechanism to retail investors to apply in the public issue of REITs and InvITs.

The new framework, aimed at further streamlining the process, will be applicable to public issue of units of Infrastructure Investment Trust (InvIT) and real estate investment trust (REIT), which opens from August 1, the Securities and Exchange Board of India (Sebi) said in two separate circulars.

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The capital markets regulator in January 2019 laid down the process for payment for applications in the public issue of units of these new investment instruments through the facility of Applications Supported by Blocked Amount (ASBA).

Separately, the regulator has decided to reduce the time taken for allotment and listing of units of privately placed InvIT after the closure of the issue to six working days as against the present requirement of 30 working days.

The move is part of Sebi's effort to streamline the process of allotment and listing of units.

REITs and InvITs are relatively new investment instruments in the Indian context but are extremely popular in the global markets.

While a REIT comprises a portfolio of commercial real assets, a major portion of which is already leased out, InvITs comprise a portfolio of infrastructure assets, such as highways and power transmission assets.

After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of REITs and InvITs with a facility to block funds through UPI mechanism for application value up to Rs 5 lakh, Sebi said.

The regulator has asked all the entities involved in the process to coordinate with one another to ensure completion of the listing of securities and commencement of trading by T+ 6 (trading plus six) working days.

Further, the merchant banker needs to ensure that the process of additional payment mechanism through UPI is disclosed in the offer document and all the newspapers where the issue advertisement is disclosed.

The details of the investor -- PAN and client ID -- entered on the stock exchange platform at the time of bidding, will be validated by the stock exchange/s with the depositories on a real-time basis.

The regulator asked stock exchanges to update demand data on working days on their websites, which will include all the UPI (accepted/pending) and ASBA bids.

The working day for this purpose will be the working day of the stock exchange on which units of REIT and InvIT are proposed to be listed.

The details of commission and processing fees payable to each intermediary and the timelines for payment need to be disclosed in the offer document.

Inputs from PTI

Capital markets regulator has&nbsp;provided an additional payment option of UPI or unified payments interface mechanism to retail investors to apply in the public issue of REITs and InvITs&nbsp;for application value up to Rs 5 lakh


Sebi allows UPI payment option to invest in public issues of REITs, InvITs with effect from 1 August

A discussion on price limit of shares on re-trading in the event of freak trades has began.&nbsp;Freak trades are erroneous trade where the price hits an abnormal level deviating from the current market price in F&amp;O contracts. Zee Business has learnt through its top sources that market regulator Securities and Exchange Board of India (SEBI) and exchanges are mulling over implemetation of trade execution range again. Brajesh Kumar reports.

A discussion has begun on whether trade execution range (TER) should be brought back. It is also being considered if the trade execution range should be made dynamic instead of a prior practice where it was fixed. The discussion is ongoing on this issue between SEBI, exchanges and other stakeholders, Kumar added.

This is being contemplated to ensure that traders do not face problems while executing trades and freak trades in large transactions are avoided. While creating a range for dynamic trade execution, important parameters in the formula must take in view volatility in prices, price and liquidity.

The trigger for reconsideration of&nbsp; trade execution range was a freak trade that happened in Nifty options on 2 June. According to estimates, a trader&nbsp;incurred loses of nearly Rs 200 cr

If dynamic trade execution range is implemented, trades will be executed with a certain range from the current price. Any level beyound this range will automatically be not executed. This will reduce possibilities of freak trades.&nbsp;&nbsp;&nbsp;

NSE, last year in November decided to end the practice of trade execution range after facing issues with it. Many trades were unable to get executed because of it on many occasions.&nbsp;&nbsp;&nbsp;&nbsp;

The brokers had then complained and urged to bring a system based on demand and supply. This would ensure that brokers execute trades understanding their risks.&nbsp;

However, there is no unanimity among the share-broking community over this issue. Many share brokers have suggested that they get freedom to execute trades.&nbsp;This is because brokers can cover their risks through insurance.

Most share brokers are of the view that freak trades have the potential to spoil the overall mood of the markets like it happened in 2012. There must be some solution regarding this.

Trade Execution Range was started by the NSE in 2014. THere have been changes in this from time-to-time.

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Watch Zee Business Tweet Video Below:

<blockquote class="twitter-tweet">
बाजार से जुड़ी अहम खबर.. 
 
फ्रीक ट्रेड से बचने के लिए नया ट्रेड एक्सिक्यूशन रेंज, SEBI और एक्सचेंजेज के बीच फिर से मुद्दे पर बातचीत..2 जून को निफ्टी ऑप्शंस में फ्रीक ट्रेड होने के बाद से चिंता... 
 
जानिए पूरी खबर हैं ब्रजेश कुमार से...<a href="https://twitter.com/SEBI_India?ref_src=twsrc%5Etfw">@SEBI_India</a> <a href="https://twitter.com/BrajeshKMZee?ref_src=twsrc%5Etfw">@BrajeshKMZee</a> <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> <a href="https://t.co/CB6q4hj21B">pic.twitter.com/CB6q4hj21B</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1539896882788724736?ref_src=twsrc%5Etfw">June 23, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Why was Trade Execution Range discontinued&nbsp;

- Traders found their trades getting stuck in the execution range&nbsp;

- Problems were faced at the time of market opening and during market volatility&nbsp;

- Many times the current price was beyong the trade execution range&nbsp;

- The exchange had to manually increase or decrease the range&nbsp;

- The thought was that let demand-supply decide the price&nbsp; &nbsp;

What happened on 2 June

-12.5 lakh units wassold at 15 paise, Rs 200&nbsp;Cr&nbsp;loss&nbsp;&nbsp;

- Doubts were if by mistake instead of 16500, 14500 call was sold

How is TER is calculated?

-Market opening - underlying price + theoritical price based on MIBOR-based interest rate&nbsp; &nbsp;

- Current market price - sample average price of trade executed in last 1 minute

<iframe width="100%" height="350" src=https://www.zeebiz.com/hindi/india/video-stock-market-strategy-anil-singhvi-reveals-strategy-for-nifty-bank-nifty-day-trading-guide-for-friday-86597/embed 
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Freak trades are erroneous trade where the price hits an abnormal level deviating from the current market price in F&amp;O contracts


Exclusive: SEBI, exchanges in discussion over bringing back trade execution range; know what is triggering the move

Hit by the upheavels in stock markets, traders may see another set back in the form of higher margin trade funding. Zee Business' has learnt through its top sources that broking firms have increased interest&nbsp;on margin trade funding.&nbsp;Brajesh Kumar reports. On an average, NBFCs, which charged 12 per cent interest on margin funding are now charging 15-20 per cent interest.&nbsp; &nbsp;&nbsp;

The reason being given is that the banks have implemented 50 per cent margin rules in the intraday funding. Moreover, the interest rate hike by the Reserve Bank of India (RBI) is also being cited as the top reason for this change.

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The brokers are claiming that they are getting monet from the markets at 9-10 per cent interest rates. Higher interest&nbsp; is also being taken as a result of uncertainities in the stock markets.

Even those broking firms whose parent companies are banks have increased interest rates by 2-3 per cent.

However, the increase is lower comparitively to the increase effected by the NBFCs.

As per the experts, the increase in interest rates may lead to an increase in margin trade funding. And the traders are worried about the hike in interest rates as the stock markets are already facing a lot of volatility. &nbsp;&nbsp;

The RBI in April had imposed penalty on a private bank and had said that this bank had not taken adequate margin when the rules prescribed for 50 per cent margin. The central bank in first week of May tightened the norms of broker funding rules. Prior to this, banks in violation to the margin rules lended brokers.

Hit by the upheavels in stock markets, traders may see another set back in the form of higher margin trade funding. Zee Business' has learnt through its top sources that broking firms have increased interest&nbsp;on margin trade funding


Higher cost of margin trade funding a setback for brokers; leaves them worried amid volatility in stock markets

In order to increase transparency, market regulator Securities and Exchange Board of India (SEBI) has asked stock brokers to tag all the untagged demat accounts by June-end.

In a circular issued on Monday, the market watchdog has directed the stock brokers to tag all the demat accounts in different categories. The above move is with a view to know for what purpose has a demat account been open by the stock brokers.

SEBI has given the brokers time till 30 June to implement the tagging of demat accounts.

If the accounts remain untagged from 1 July, any fresh buying from thse accounts will not be allowed.

However, the shares will get credited as a result of corporate action. The account holders whose accounts remain untagged will also not be able to sell the shares from their accounts.

The exchanges and depositories will have to submit their compliance reports on 1 July and 1 August.

As per the SEBI norms, there are five types of demat accounts that are opened.

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Sebi tightens rules on demat accounts.

<ol>
	<li>The proker will now have to categorise demat accounts and tell its purpose.</li>
	<li>The tagging of demat accounts must be completed by 30 June. &nbsp;</li>
	<li>Shares could not be added in untagged demat accounts from 1 July.</li>
	<li>No impact on addition of shares in connection with the corporate action.</li>
	<li>From 1 August, shares could not be sold from untagged accounts.</li>
	<li>Exchanges, and depositories must submit their compliance reports by 1 July and 1 August.</li>
	<li>Currently, demat accounts opened fall under 5 categories.</li>
</ol>

5 categories in which demat accounts are opened

- Proprietary Account – for self trading&nbsp; 
- Pool Account – for settlements.&nbsp;&nbsp; 
- Client unpaid securities – for client’s unpaid shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
- Client securities margin pledge – pledging client shares for margins&nbsp;&nbsp; 
- Client securities under margin funding – funded securities for margin securities

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In a circular issued on Monday, the market watchdog has directed the stock brokers to tag all the demat accounts in different categories. The above move is with a view to know for what purpose has a demat account been open by the stock brokers


All demat accounts maintained by stock brokers must be tagged by June-end, says SEBI circular; no buying, selling from untagged accounts from 1 July

Indian competition watchdog the Competition Commission of India (CCI) has ordered investigation against online ticketing platform Bookmyshow for alleged anti-competitive practices.

It has asked the Director General (DG) of&nbsp;Investigation to submit its investigation report in 60 days.

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The CCI has ordered the investigation against Bookmyshow's exclusive agreement with theatres.&nbsp;

The investigation is to determin if there is a nexus between Bookmyshow and multiplexes.&nbsp;

The allegation is hefty fee sharing on agreement of 100 per cent ticket quota.&nbsp;

The competition regulator on a prima facie look, doubts that the exclusive agreement with theatres amounts to the voilation of competition rules.&nbsp;

The allegation is that, customers have been incurring additional burden of at least Rs 19-25 per ticket as Bookmyshow&nbsp;is a dominant player in the online ticketing segment&nbsp;

The investigation has been ordered after an online ticket booking platform approached the CCI to order investigation against Bookmyshow alleging unfair practices.

Indian competition watchdog the Competition Commission of India (CCI) has ordered investigation against online ticketing platform Bookmyshow for alleged anti-competitive practices


CCI orders probe against Bookmyshow for alleged unfair competition practices; seeks report from DG Investigation in 60 days

Buying shares at a cheap price and selling it at a significantly high price, is the wish that every investor holds. Market regulator Securities and Exchange Board of India (SEBI) is working on a policy to improve the 'Best Price Execution' mechanism. In very large transactions, where a single exchange is unable to meet it, there is a thought to merge the order books of two exchanges. Zee Business' Brajesh Kumar has this exclusive report.&nbsp;

Kumar said that brokers have been pointing out that there are times when stocks are available at cheaper prices at one exchange but there are not enough share available to execute the entire order. To deal with this, SEBI is working on a plan where brokers will be able to buy stocks at lower prices available on any of the exchanges first in whatever quantity they are available. The remaining shares could be brought from the other exchange.

This arrangement will be beneficial for investors, he added.&nbsp; &nbsp;

The regulator is likely to come out with the rules by the end of this month. A decision has to be taken by that time and the board is broadly agreed upon the proposal. But the final rules will be made after that, a source told Zee Business.

However, another market analyst said on the condition of anonymity that 'the idea of ​​a regulator is good but it will be costly for the brokers as there will be major changes in software etc.'

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Another expert on the market is of the opinion that it might be good for some people. But sometimes those who see value in the stock are not bothered much by the small price difference. Similarly, if someone is in need of quick money by selling shares, then perhaps it will be more important for him/her to complete the deal early and not to get the best price.

Many times, a large quantity of shares are found on an exchange but the best price is not available.&nbsp;

While it also happens, that shares are available cheaply from other exchanges, but they are not available in the quantity the investor wants.

However, it has always been the intention of the regulator that if an investor can get a better price for his share, then he/she should definitely get it. And the brokers should give the best price and opportunity.

SEBI has been working for several years to review the existing system of best price execution. But till now the matter had not progressed on this. Now the final rules are expected to come soon after the recommendations of the Working Group come in the stipulated time frame.

Theoretically, best price execution focuses on the price of the share, the cost of purchasing the share, the speed of the transaction, the size of the settlement and the likelihood of the transaction being completed. But sometimes, due to practical difficulties, the best price execution may not yield as much benefit as it is likely to.

How to Understand the Benefits of Best Price Execution 
For example - Buy 10,000 shares 
Price on Exchange A Rs 112.25 
Rate on Exchange B Rs 112.50 
Cost on exchange A Rs 11,22,500 
Cost on exchange B Rs 11,25,000 
Saving Rs 2500

Market regulator Securities and Exchange Board of India (SEBI) is working on a policy to improve the 'Best Price Execution' mechanism. In very large transactions, where a single exchange is unable to meet it, there is a thought to merge the order books of two exchanges. Zee Business' Brajesh Kumar has this exclusive report.&nbsp;


Zee Business Exclusive: SEBI working on rules to offer best price for stocks to investors; may come out with norms by June end 

The Securities Appellate Tribunal (SAT) has ordered former Fortis promoter Malvinder Mohan Singh to deposit 50 per cent of the penalty amount withing six weeks. The order came in a plea filed by him before the appellate tribunal. The appellate tribunal said that if Singh deposits the amount then the market regulator SEBI (Scurities and Exchange Board of india) will not collect the remaining amount till the SEBI case is not heard in its entirety.&nbsp;

&nbsp;On 19 April, SEBI had slapped a penalty of Rs 5 cr on Singh. It had also imposed a penalty of Rs 2.5 cr Malav Holding, a company owned by him.&nbsp;On Monday, SAT gave an interim order on the SEBI penalty&nbsp;and said that Singh must deposit 50 per cent amont within six weeks. The amount must be eposited in a separate account.

Singh's lawer in his arguments before the SAT had said that SEBI had not given a break-up of the penalty amount. The lawyer further said that the penalty amount could not be more than rs 1 cr as per Section 15HB of Sebi Act and hence the penalty amount is in excess.&nbsp;

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The appelllate tribunal has also asked another accused Gagandeep Singh Bedi in the same case to deposit Rs 25 lakh. Sebi had imposed a penalty of Rs 2.5 cr on Bedi as well.&nbsp;&nbsp;

Bedi was the Chief Financial Officer of Fortis Healthcare between 2014 and 2018. He said that SEBI's allegation of financial irregularities via inter-corpoarte deposits and sending them outside has been there since 2011. They were being rolled-over.&nbsp;

Bedi's side argued that as the CFO, he had objected to this in 2016.&nbsp; &nbsp;

Meanwhile, SEBI had said that there were lapses in Bedi's role as CFO and was only following promoters' instructions.&nbsp;

SAT has also directed SEBI to file its reply on this in 6 months.&nbsp;&nbsp;

The matter will come up for hearing on 1 August.

SEBI had also impose restiction on Singh and his brother Shivinder Singh for 3 years in relation to market related activities.

SAT) has ordered former Fortis promoter Malvinder Mohan Singh to deposit 50 per cent of the penalty amount withing six weeks. The order came in a plea filed by him before the appellate tribunal


SAT asks former Fortis promoter Malvinder Singh to deposit 50% of SEBI's penalty amount in 6 week's 

Indian Currency or Banknote Picture: The Reserve Bank of India (RBI) on Monday announced that there will be no change in the existing currency notes. The bank clarified that it is not contemplating any change in currency and banknotes by replacing the face of Mahatma Gandhi with the face of others.

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"There are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others. It may be noted that there is no such proposal in the Reserve Bank," said RBI in a release.

<img alt="image" src="https://i.ibb.co/5rtZqj8/image.png" />

Till now only the picture of Mahatma Gandhi has been printed on currency or banknotes. But recently there was news that the photo of Rabindra Nath Tagore and former President of India APJ Abdul Kalam can also be seen on Indian currency or notes. But these reports have been rejected by the Reserve Bank of India. The bank said that there is no such proposal.

The bank clarified that it is not contemplating any change in currency and banknotes by replacing the face of Mahatma Gandhi with the face of others.


Brajesh Kumar