Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: cpt :: VAT Audit :: TDS
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

SEBI fines Enam Rs 25 lakh for discrepancy in YES Bank IPO
January, 01st 2011

Capital market regulator the Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 25 lakh on local investment bank Enam Securities saying the firm failed to exercise due diligence and did not ensure adequate disclosures in the public offer of YES Bank.

The regulator, while examining the role of Enam Securities as a merchant banker, carried out an inspection of its books and other documents from August 16-30 , 2005 and observed that Enam Securities had failed to disclose that Rabobank was a promoter of YES Bank in its initial public offer (IPO) prospectus.

Enam, however, argued that a person defined as a promoter or co-promoter by a financial institution or by the Reserve Bank of India (RBI) or the government may not necessarily be a promoter by Sebi guidelines.

The regulator felt that varying stands relating to disclosures on promoters is not maintainable.

This stand of the noticee (Enam Securities ) amounts to contradiction. On the onehand,Rabobankhasbeenconsidered as a co-promoter of YES Bank for obtaining banking licence while on the other hand, in the IPO prospectus filed with Sebi, the same entity has not been shown as a promoter entity, said the Sebi order.

These are very important disclosures and the same should have been brought out clearly in the prospectus which would have enabled investors to take an informed investment decision.

Sebi also alleged that Enam did not properly monitor the flow of applications in the YES Bank IPO and shares were allotted to applicants having non-existing depository participant IDs and other irregularities.

The registrar to the issue and the post-issue lead manager both failed to notice and report the same to the regulator. However, Enam contendedthatitwasnotresponsibleforperforming the act of the registrar. It may be noted that the noticee (Enam Secs) is under an obligation to report the omission made by the registrar to Sebi, Sebi said.

As post-issue merchant banker, the noticee was expected to weed out fictitious , multiple and benami applications and to follow up with various agencies..

The regulator also alleged that Enam Securities as post-issue lead manager of Bharti Shipyard had failed to redress investor grievances within the stipulated period. It noticed that out of the total 859 complaints pertaining to the issue, even after eight months from the date of allotment, 35 investor complaints were still pending.

Enam told the regulator that 35 complaints could not be addressed because of certain legal and other constraints such as incomplete information, and not on account of lack of effort from its side. The submission of the noticee is taken into account and the benefit of the same is given, Sebi said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions