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SEBI Board Meeting Updates: SEBI Chief Madhabi Puri Buch has assured that there is no situation like Silicon Valley Bank in India. However, he refused to speak anything regarding the Adani-Hindenburg case. When Madhabi Puri Buch was asked a question about the Adani-Hindenburg case, she said that the matter is before the court, so she will not say anything about it.
The stock market regulator SEBI has been on target after the Hindenburg Research report came out. After the SEBI board meeting, the SEBI chief said that if you look at the order of the Supreme Court, they have asked us to give an update. That’s why it is appropriate to say anything on the matter at this time. He said that in the Adani case, we are following the order of the Supreme Court. After SEBI’s board meeting, Madhabi Puri Buch said that one of the issues that SEBI is looking into is the letter of the law versus the spirit of the law. We want to take this forward in the coming year and we are talking about what the regulator needs to do about it.
Madhabi Puri Buch said that a facility like ASBA will be launched in the secondary market as well. Investors invest in IPO under the rule of ASBA, in which the amount to be invested is blocked in the account and interest is also received on it. Madhabi Puri Buch said that the framework has been approved to create an institutional mechanism to prevent and detect fraud or market abuse by stock brokers. SEBI has allowed private equity funds to become sponsors of mutual fund schemes.
Earlier, SEBI has banned six firms including Banheim Stock Broking and Ninja Securities from the capital market for their involvement in front running business. Others banned by SEBI include Kaushal Chandrana, Manish Mehta, Kashmira Mehta and Sumtilal Mehta. SEBI has taken action against them for being involved in front running in the share trading of Anvil Wealth Management. Along with this, Rs 2.23 crore earned by wrong way has also been confiscated.
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