Public accounting needs to reclaim its pre-eminence as a profession and as a calling.
According to Sebi, the modus operandi of these companies involved preferential allotment of shares to related or connected entities.
The official also expressed concerns on the time taken by judicial system in India in establishing a case in an economic offence of this magnitude.
The regulator said that for each day of non-compliance beginning July 1, 2015, there will be additional penalty of Rs 1,000 per day.
So far, both BSE and NSE have evinced interest in setting up international exchange within the IFSC in Gujarat.
Those in violation of the norm are bluechip public sector firms that include ONGC, NTPC Ltd, GAIL India Ltd, Bharat Electronics Ltd and BPCL.
Sebi has also invited industry’s view to hold such share sales only on a Saturday.
New focus by Sebi and government on easing problems faced by start-ups was long overdue.
This rush has come about despite Sebi extending the deadline by six months.
The regulator said retail investors would be restricted from investing in such companies, given the risks involved.
One in six are from family, 119 firms comply in March; 313 yet to meet requirement.
India’s first IFSC is being set up at GIFT City near Ahmedabad in Gujarat.
Conversion of debt into equity promises relief to a stressed system. Banks must use flexibility with care.
Move expected to capture trading worth about Rs1,334 cr per day.
Sebi has asked all listed companies to mandatorily appoint at least one woman director on their boards by the end of this month…