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Market regulator Sebi slaps Rs 12 lakh fine on NSE Data And Analytics

Market regulator Sebi slaps Rs 12 lakh fine on NSE Data And Analytics

by | Sep 30, 2024 | Share Market


2 min read Last Updated : Sep 30 2024 | 8:30 PM IST


Markets regulator Sebi on Monday imposed a penalty of Rs 12 lakh on NSE Data And Analytics Ltd for its failure to segregate IT infrastructures and manpower between itself and its parent firm National Stock Exchange (NSE).


It has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order.

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In its order, Sebi noted irregularities with respect to the backup of records and details of the Business Continuity Plan/Disaster Recovery policy, delay in sending acknowledgement letters to investors, irregularities with respect to system audit reports and cyber security audit framework and failure to validate KYC records.

 


Additionally, Sebi said, “There was no segregation of any IT infrastructures (server, network, data centres and IT security), along with the IT manpower, responsible for handling server management, network, data centres and IT security between the noticee (NSE Data And Analytics) and its parent organisation (NSE)”.


NSE Data And Analytics stated that it had taken various corrective steps.


Sebi conducted an inspection of NSE Data And Analytics Ltd, a KYC Registration Agency (KRA) on September 6-7, 2023, to ascertain possible violation of regulatory norms. The period covered in the inspection was from April 1, 2022, to July 31, 2023.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 30 2024 | 8:30 PM IST



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Afcons Infrastructure likely to opt for Rs 4,000 cr pre-IPO placement

Afcons Infrastructure likely to opt for Rs 4,000 cr pre-IPO placement

by | Sep 30, 2024 | Share Market


3 min read Last Updated : Sep 30 2024 | 10:46 PM IST


Afcons Infrastructure, part of Shapoorji Pallonji (SP) Group, plans to conduct a pre-listing sale of Rs 4,000 crore, according to sources. This move will attract esteemed investors, enhancing the company’s credibility and potentially scaling down the initial public offering (IPO) size ahead of its planned launch in October. Notably, this IPO will coincide with several other major listings, including those of Hyundai India, Swiggy, and NTPC Green Energy.


“The pre-IPO placement is almost finalised. The participants have established a solid valuation floor for the IPO. The pre-IPO deal is worth close to $500 million,” said a banker involved in the deal. He added that a large domestic mutual fund and a global sovereign fund will be among the allottees.

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The company declined to comment on the matter.


Pre-IPO placements occur after filing the offer document. The amount raised through this route results in a reduction of the IPO size to that extent.


Afcons’ Rs 7,000-8,000 crore IPO is expected to enter the market during the second half of October. This offering is crucial for promoter Goswami Infratech (GIPL), a firm within SP Group, to fulfil its commitments to bondholders.


“Afcons is seeing strong demand from institutional investors. Some of these larger investors wanted a bigger allocation, which is not feasible at the time of the IPO, except during the anchor book to some extent,” the banker added.


Afcons’ IPO includes a fresh fundraise of Rs 1,250 crore, which it plans to use to repay debt, purchase construction equipment, and meet its working capital requirements. Sources indicate that Afcons plans to upsize its issue size due to demand for its shares. The remainder of the offering consists of a secondary share sale by GIPL, which will use the proceeds to repay bondholders.


GIPL has pledged Afcons shares to its lenders. The company has amended the pledge agreement to allow for the release of shares if it opts for pre-IPO sales, according to a source.


“As of the date of this draft red herring prospectus (DRHP), an aggregate of 330.9 million equity shares held by our promoters, including GIPL, Shapoorji Pallonji, and Floreat Investments, representing 97.11 per cent of our share capital, remain pledged in favour of certain lenders and a debenture trustee. Of these, 75 million pledged equity shares held by GIPL have been released prior to the filing of the DRHP towards the minimum promoter contribution, pursuant to and subject to the terms and conditions set out in the consent… Further, the pledge on the remaining equity shares of the company, held by GIPL, which will be included in the offer for sale, will be released five business days prior to the filing of the updated DRHP with the Securities and Exchange Board of India,” Afcons states as one of the ‘risk factors’ in its DRHP.


Afcons will be the second IPO from SP Group after Sterling and Wilson Renewable Energy in 2019.

First Published: Sep 30 2024 | 8:29 PM IST



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Sebi levies Rs 10 lakh fine on Anand Rathi for flouting stock brokers rules

Sebi levies Rs 10 lakh fine on Anand Rathi for flouting stock brokers rules

by | Sep 30, 2024 | Share Market


In its order, the regulator observed that in 55 instances, there was a short collection of margin/ MTM amounting to Rs 33.16 lakh. | Photo: Shutterstock

3 min read Last Updated : Sep 30 2024 | 8:05 PM IST


Capital markets regulator Sebi on Monday imposed a fine of Rs 10 lakh on brokerage firm Anand Rathi Share and Stock Broker for flouting stock brokers’ rules and other norms.


The order came after the Securities and Exchange Board of India (Sebi) conducted a comprehensive inspection of Anand Rathi Share and Stock Broker Ltd (noticee), a Sebi-registered stock broker of BSE, NSE, MCX and NCDEX, for the period from April 2022 to October 2023.

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Based on the findings of the inspection, the regulator found certain alleged non-compliances of Stock Brokers regulations and circulars issued by Sebi, NSE and BSE.

 


In its order, the regulator observed that in 55 instances, there was a short collection of margin/ MTM amounting to Rs 33.16 lakh.


However, Anand Rathi submitted that there was no margin shortfall, and they are adequately collecting margins from the clients and adhering to the regulatory guidelines.


Further, no supporting documents are submitted by the brokerage firm, therefore, the contention of the noticee is not tenable.


Accordingly, Anand Rathi Share and Stock Broker contravened the stock broker rules, the regulator said.


During an inspection on verification of margin collection and reporting, it was observed that the noticee has passed a penalty for a short collection of upfront margins from clients.


However, no supporting documents were provided by Anand Rathi, thereby violating the Code of Conduct of Stock Brokers regulations.


The markets watchdog also identified that a total number of 10 technical glitches occurred between April 2022 and October 2023, which were not reported to the Multi Commodity Exchange (MCX) by the brokerage house.


As per stock brokers’ rules, brokers will have to inform about the technical glitch to the stock exchanges immediately but not later than 1 hour from the time of occurrence of the disruption.


Anand Rathi was under a statutory obligation to abide by and comply with the provisions of the circulars/directions issued by Sebi and stock exchanges, which it failed to do during the inspection period, the regulator added.


In a separate order, the regulator slapped a penalty of Rs 2 lakh on brokerage house Nirmal Bang Securities for violating stock brokers’ regulations.


The order came after the markets watchdog conducted an inspection in respect of Nirmal Bang Securities Pvt Ltd, a Sebi-registered stock broker.


The thematic inspection of books of account and other documents of Nirmal Bang Securities in the matter of verification of authorised persons was conducted by Sebi officials for the period from April 2022 to May 2023.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 30 2024 | 8:05 PM IST



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Piramal Pharma to invest M to expand its Lexington, Kentucky facility

Piramal Pharma to invest $80M to expand its Lexington, Kentucky facility

by | Sep 30, 2024 | Share Market


Last Updated : Sep 30 2024 | 7:04 PM IST

Piramal Pharma Solutions (PPS), a leading global Contract Development and Manufacturing Organization (CDMO) and part of Piramal Pharma has unveiled an $80M investment plan to expand its Lexington, Kentucky facility.

The site specializes in sterile compounding, liquid filling, and lyophilization for sterile injectable drug products, playing a vital role in Piramal Pharma Solutions integrated antibody‐drug conjugate development and manufacturing program, ADCelerate. The investment, financed by bank loans and internal accruals, aims to enhance the site’s existing capacity and capabilities to meet the demands of a rapidly growing market.

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With this expansion, Piramal Pharma will strengthen its position as an efficient and reliable global partner for biologic manufacturing, leveraging deep scientific expertise and extensive experience managing complex technical projects.

 

The expansion will equip the Lexington site with an additional 24,000 square feet of manufacturing space, a new laboratory, and state‐of‐the‐art machinery to scale clients’ products effectively. Key additions include a new filling line, two commercial‐size lyophilizers, a special capping machine, and an external vial washer.

Currently, the Lexington site can manufacture 104 product batches per year (utilization at peak levels). Upon completion of the expansion in Q1 of 2027, this capacity will increase to over 240 annual batches.

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First Published: Sep 30 2024 | 6:48 PM IST



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Hyundai to Swiggy: Sebi nod for IPOs paves way for bumper festival season

Hyundai to Swiggy: Sebi nod for IPOs paves way for bumper festival season

by | Sep 30, 2024 | Share Market


2 min read Last Updated : Sep 30 2024 | 10:47 PM IST


The Securities and Exchange Board of India (Sebi) has given green light to several mega initial public offerings (IPOs) last week, paving the way for bumper launches during the ongoing festival season.  


According to the update on Sebi’s website, Hyundai Motor India, which will be the country’s largest IPO of nearly ~25,000 crore, received the observation letter from the market regulator on September 24.

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The regulator also gave the final observations on the offer documents of Vishal Mega Mart and Swiggy.


Both the companies have opted for the pre-filings or confidential filings route. They will have to make their draft red herring prospectus (DRHP) public before they can launch IPOs.

 


The food delivery aggregator has already filed its updated DRHP. According to the updated DRHP, the company has planned a ~3,750-crore fresh issue along with an offer for sale.


Supermarket player Vishal Mega Mart had in July opted for the confidential filing, making it among the few players apart from Oyo, Swiggy and Tata Play to go through this route where a pre-filing is made.


According to sources, the company aims to mobilise $1 billion (around ~8,400) through the issue.


Mamata Machinery and Acme Solar Holdings received green light from Sebi on September 27. Acme IPO’s size is around ~3,000 crore, with a combination of fresh equity and secondary share sale.


Packaging equipment manufacturer Mamata Machinery’s IPO is entirely a secondary share sale of 7.3 million equity shares.


Four of the five IPOs approved last week saw their applications being processed within the three-month timeline.


Meanwhile, Sebi returned the IPO application of Innovision, a firm which provides skilled workforce for blue-collar profiles.


The firm had filed documents to raise ~315 crore from fresh issuance of shares and has an offer for sale of 1.1 million shares. 

First Published: Sep 30 2024 | 6:44 PM IST



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Piramal Pharma to invest M to expand its Lexington, Kentucky facility

Board of Ipca Laboratories approves consolidation of USA generic formulations biz

by | Sep 30, 2024 | Share Market


Last Updated : Sep 30 2024 | 7:04 PM IST

At meeting held on 30 September 2024

The Board of Ipca Laboratories at its meeting held on 30 September 2024 has approved entering into the following agreements by Bayshore Pharmaceuticals LLC, USA (Bayshore) (wholly-owned step down subsidiary) with Unichem Laboratories (Unichem India) (subsidiary company) and Unichem Pharmaceuticals (USA) Inc (Unichem USA) (wholly owned subsidiary of Unichem India), so as to integrate and consolidate all the Ipca Group’s USA generic formulations business
under one entity:

a) Sale of all rights, title and interest in the product approvals and all goodwill associated with nine (9) ANDAs owned by Bayshore for US Dollar Two Million Six Hundred Fifty Thousand ($2,650,000) through asset sale agreement subject to necessary consents/ approvals to Unichem India; and

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b) Sale of all generic formulations marketing / distribution business of Bayshore in the US market as a going concern through slump sale/transfer of entire business (debt free) and all goodwill associated with the business through business sale agreement for US Dollar
Ten Millions ($10,000,000) to Unichem USA.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Sep 30 2024 | 6:44 PM IST



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