TI Holdings to pay for Sebi norm violation
Mumbai: TI Holding (Netherlands) BV, which had increased its holdings in
Bundy India, a target for acquisition, from 70.62 per cent to 73.99 per cent, has agreed
to voluntarily pay Rs 5 lakh to the Securities and Exchange Board of India for technical
breach of Sebi's regulations. When a report was
filed with Sebi, it was observed that TI Holdings had previously increased its stake in
the target company from 56.6 per cent to 70.62 per cent through a preferential allotment
made in 1997. The AGM notice then did not contain specific disclosures, and Sebi had not
been informed by the acquirer.
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No need for alarm on
margins collection: Sebi
Mumbai: The Securities and Exchange Board of India says adequate margins
are being collected and stockbrokers are not being allowed to trade beyond certain limits.
As such, there is no need for undue concern on this account.
A senior Sebi officials said "There is no question of
alarm since the margins are being collected properly. Never before in history have such
large amounts of margins been collected. We are certainly keeping a watch over the market
because as regulators, we are supposed to do so."
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