ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Sebi relaxes restrictions on over 250 entities

Sebi had in June last year barred four companies and 250 related entities from the securities market for making Rs 614 crore illegal gains through suspected money-laundering and tax evasion activities.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Sebi relaxes restrictions on over 250 entities
Bombay Stock Exchange. File Photo: IANS

Sebi has eased curbs on over 250 entities against whom the regulator had taken action in three different cases of alleged misuse of stock market platform for tax evasion and suspected money laundering activities.

The entities, which were barred from the securities market in three different cases, have now been allowed certain relaxations, including permission, to deal in government securities and invest in ETFs (exchange-traded funds).

Besides, they can enter delivery-based transactions in cash segment in NSE Nifty 500 index as well as S&P BSE 500 shares and subscribe to mutual funds.

Among others, these entities can tender shares lying in their demat accounts in any open offer/delisting offer under the relevant Sebi regulations.

Sebi had in June last year barred four companies and 250 related entities from the securities market for making Rs 614 crore illegal gains through suspected money-laundering and tax evasion activities.

The companies were Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.

Now, the watchdog has eased restrictions on 107 of them.

In the matter related to First Financial Services, Sebi had barred the company and 151 other entities in December 2015. The action was initiated for alleged tax evasion.

Out of the 151 entities, 133 have been given relaxations.

With regard to the case involving Kamalakshi Finance Corp (now known as Gromo Trade & Consultancy Ltd), the watchdog has eased curbs on 19 entities.

Through an interim order passed in December 2014, Sebi had barred Kamalakshi Finance Corporation and 32 other entities from the securities market till further directions.

"I deem it appropriate to make further relaxations so as to address the issues of the personal and business exigencies or other liquidity problems," Sebi Whole-time Member Rajeev Kumar Agarwal said in three separate but similarly-worded orders passed today.

As per the latest orders, the entities for whom relaxations have been extended can sell the securities lying in their demat accounts as on the date of interim orders. This will exclude shares of the companies which are suspended from trading by the stock exchanges concerned.

Besides, sale proceeds lying in the escrow account can be used for certain purposes.

Sebi said that up to 25% of the value of the portfolio as on the date of the interim order or the amount in excess of the profit made/loss incurred or value of shares purchased to give exit, whichever is higher, may be utilised for business purposes and/or for meeting any other exigencies or addressing liquidity problems etc. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Securities and Exchange Board of India (Sebi)tax evasionStock MarketSensexMarkets
Written By: PTI
Updated: Thu, Aug 25, 2016
10:23 pm
New Delhi, PTI
RELATED NEWS
Sebi returns Go Digit General Insurance IPO papers; Co to refile documents in due course Sebi returns Go Digit General Insurance IPO papers; Co to refile documents in due course
Hindenburg report fallout: Sebi tightens scrutiny of Adani Group Hindenburg report fallout: Sebi tightens scrutiny of Adani Group
Sebi penalises PMIA, its directors for violating market norms Sebi penalises PMIA, its directors for violating market norms
Videocon-ICICI Bank loan case: SAT asks SEBI to provide certain documents to Chanda Kochhar Videocon-ICICI Bank loan case: SAT asks SEBI to provide certain documents to Chanda Kochhar
SEBI tweaks Offer for Sale rules to provide more flexibility to promoters and large shareholders – know details here! SEBI tweaks Offer for Sale rules to provide more flexibility to promoters and large shareholders – know details here!

LATEST NEWS

IND Vs Aus 1st test live streaming: How to watch India Vs Australia 9-13 Feb Cricket match live streaming on TV and Mobile

NHPC Q3 Results 2023: net profit falls 12.59% to Rs 776 crore in December quarter

Zomato shares spurt 10% ahead of Q3 results; brokerages see up to 75% upside potential

TD Power Systems net profit up nearly 3% to Rs 20 crore in Q3

Aero India 2023 - Check Dates, Schedule, Timing, Venue, Ticket prices, How to buy and Participants details

Trains cancelled list today, February 8: 316 Express, Mail trains cancelled by Indian Railways; 34 diverted

LinkedIn crosses 100 million members milestone in India

Aditya Birla Fashion and Retail shares decline nearly 2% after Q3 results

Apple iPhone 14 Models Price Cut: iPhone 14 Pro available at 10.6% discount - Check latest price

Shree Cement Q3 Results: Profit falls short of analysts' estimates, margin plummets 590 bps

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV