Securities and exchange board of india




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  • SEBI, vide order dated October 13, 2014, imposed a monetary penalty of `25,00,000/- (Rupees Twenty Five Lakh only) under section 15HA of the SEBI Act, 1992 on Mr. Anil Dave for violation of provisions of section 12A (a), (b) and (c) of SEBI Act, 1992 and provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market) Regulations, 2003 for indulging in the synchronized trades with Mr. Vimal Patel and also permitting M/s. Grishma Securities P Ltd (GSPL) to use his account as a conduit for diverting funds to other front entities of GSPL.




  • SEBI, vide order dated October 14, 2014, imposed a monetary penalty of `25,00,000/- (Rupees Twenty five lakh only) on M/s. Glaxo Group Limited under Section 15A(b) of the SEBI Act, 1992 for violation of regulation 8(1) and 8(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.




  • SEBI vide order dated October 31, 2014, imposed a monetary penalty of `25,00,000/- (Rupees Twenty Five Lakh only) on Mr. Vaman Madhav Apte, Mrs. Devaki Laxman Apte, Mr. Vikram Vaman Apte and Mrs. Mithila Vaman Apte in the matter of M/s. Apte Amalgamations Limited, to be paid jointly, for the violation of regulation 11(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 read with Regulation 35 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.




  • SEBI, vide order dated October 10, 2014, imposed a monetary penalty of `20,00,000/- (Rupees Twenty Lakh only) on M/s. Samara Capital Partners Fund I Limited in the matter of M/s. Asian Oilfield Services Limited for failure in making necessary disclosures of its aggregate shareholding to the stock exchanges and the target company under regulation 30(1) and 30(2) read with regulation 30(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011within the specified time period, for the year 2012.




  • SEBI, vide order dated October 1, 2014, imposed a penalty of `15,00,000/- (Rupees Fifteen Lakh only) jointly and severally on all the noticees viz Mr. Bikramjit Ahluwalia, Ms. Sudarshan Walia, Ms. Rohini Walia, Ms. Rachna Uppal, M/s Ahluwalia Builders & Development Group (Private) Limited, M/s Capricon Industrials Ltd., Tidal Securities Pvt. Ltd., Mr. Shobhit Uppal, Mr.Vikas Ahluwalia, Ms. Sudarshan Ahluwalia, Mr. Raj Kumar Ahluwalia, Mr. Santosh Ahluwalia, Mr. Pradeep A. G., Ms. Mukta Ahluwalia, Ms. Rohini S. Ahluwalia, M/s. Ahluwalia Contracts (I) Limited, Mr. MKG Pillai, Ms. Sangeeta Krishna Kumar, Mr. M.P. Vaidya, Ms. Geeta Gopal Krishnan, Ms. Ram Piari, Ms. Pushpa Rani and Ms. Raman Pal in the matter of M/s. Ahlcon Parenterals (India) Ltd. in terms of the provisions of Section 15H (ii) of the Securities and Exchange Board of India Act 1992 for the failure to comply with Regulations 11 (1) read with 14 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.




  • SEBI, vide order dated October 30, 2014, imposed a monetary penalty of `12,00,000/- (Rupees Twelve Lakhs only) on M/s Virtual Global Education Limited on account of non-disclosure to the exchange under the provisions of Regulation 8(3) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 for 12 consecutive financial years from 1997-98 to 2008-09.




  • SEBI, vide order dated October 31, 2014, imposed a monetary penalty of `7,00,000/- (Rupees Seven Lakh only) on M/s. Apte Amalgamations Limited for the violation of regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 read with Regulation 35 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.




  • SEBI, vide order dated October 14, 2014, imposed a penalty of `5,00,000/- (Rupees Five Lakh only ) on M/s. Sunrise Proteins Limited under Section 15A(b) of the SEBI Act, 1992 for violation of regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 by M/s. Sunrise Proteins Limited continued over a period of thirteen years




  • SEBI, vide order dated October 30, 2014, imposed a monetary penalty of `5,00,000 /- (Rupees Five Lakh Only ) on Shri Prem Meiwal in the matter of M/s. Vakrangee Softwares Ltd. for failure to make the necessary disclosures as prescribed under Regulation 13 (4) read with Regulation 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992.




  • SEBI, vide order dated October 27, 2014, imposed a total monetary penalty of `4,50,000/- (Rupees Four lakh fifty thousand only) on M/s Rajlaxmi Industries Limited for violating Regulation 7(3) and Regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.



  • SEBI, vide order dated October 27, 2014, imposed a monetary penalty of `3,00,000/- (Rupees Three lakh only) on M/s. N Kumar Housing & Infrastructure Pvt. Ltd. in the matter of M/s. Indo Pacific Software & Entertainment Ltd. for the violation of Regulations 7(1A) read with 7 (2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.




  • SEBI, vide order dated October 31, 2014, imposed a total monetary penalty of `3,00,000/- (Rupees Three lakh only) [`2,00,000/- (Rupees Two lakh only) for delay in redressal investor grievances within stipulated time and `1,00,000/- (Rupees one lakh only) for delay in obtaining SCORES authentication &non- submission of ATR] in respect of M/s. Alang Marine Ltd.




  • SEBI, vide order dated October 29, 2014, imposed a monetary penalty of `2,50,000/- (Rupees Two lakh and fifty thousand only) on M/s. Premium International Finance Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 21, 2014, imposed a monetary penalty of `2,00,000/- (Rupees Two Lakh only) on Mr. Harish Gangaram Agarwal in the matter of M/s. Mahesh Agricultural Implement and Steel Forgings Limited under Section 15 A(b) of SEBI Act, 1992 for delay of 336 days in complying with the provisions of Regulation 30(2) read with 30(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for the financial year 2011-12.




  • SEBI, vide order dated October 21, 2014, imposed a monetary penalty of `2,00,000/- (Rupees Two Lakh only) on M/s. Tushar Oil Foods limited for failure to obtain SCORES authentication within the timeline stipulated under the SEBI circular CIR/OIAE/2/2011 dated June 3, 2011 regarding commencement of SEBI Complaints Redress System (SCORES).




  • SEBI, vide order dated October 28, 2014, imposed a monetary penalty of `2,00,000/- (Rupees Two lakh only) on M/s. J K Leatherite Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 29, 2014, imposed a monetary penalty of `2,00,000/- (Rupees Two lakh only) on M/s. Reinz Talbros Limited, M/s. H-LON Hosiery Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 31, 2014, imposed a monetary penalty of `2,00,000/- (Rupees Two Lakh only) on M/s. M Apte Kantilal Pvt. Ltd. in the matter of M/s. Apte Amalgamations Limited for the violation of regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 read with Regulation 35 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.




  • SEBI, vide order dated October 31, 2014, imposed a total monetary penalty of `2,00,000 (Rupees Two Lakh only) in respect of M/s. Asian Films Production and Distribution Limited for delay in redressal investor grievances within stipulated time and for delay in obtaining SCORES authentication & delay in submission of Action Taken Report (ATR).



  • SEBI, vide order dated October 31, 2014, imposed a total monetary penalty of `2,00,000 (Rupees Two Lakh only) [`1,00,000/- (Rupees One lakh only) for delay in redressal investor grievances within stipulated time and `1,00,000/(Rupees one lakh only) for delay in obtaining SCORES authentication &delay in submission of Action Taken Report (ATR)] on M/s. Kukar Sons (Indo French) Exports Ltd.




  • SEBI, vide order dated October 28, 2014, imposed a monetary penalty of `1,50,000/- (Rupees One lakh fifty thousand only) on M/s. Lakshya Securities and Credit Holdings Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 28, 2014, imposed a monetary penalty of `1,50,000/- (Rupees One lakh fifty thousand only) on M/s. Majestic Overseas Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 28, 2014, imposed a monetary penalty of `1,50,000/- (Rupees One lakh fifty thousand only) on M/s. Superior Finlease Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 29, 2014, imposed a monetary penalty of `1,50,000/- (Rupees One lakh fifty thousand only) on M/s. Hindustan Ceramics Limited and M/s. Hindustan Financial Management Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 29, 2014, imposed a monetary penalty of `1,50,000/- (Rupees One lakh fifty thousand only) on M/s. Trident India Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 30, 2014, imposed a total monetary penalty of `1,50,000/- (Rupees One Lakh Fifty Thousand only)[ `1,00,000/- (Rupees One Lakh only) under Section 15HB of the SEBI Act, 1992 and a penalty of `50,000/- (Rupees Fifty Thousand only) under Section 15C of the SEBI Act, 1992] in respect of M/s. Ganesh Foundry and Castings Limited for failing to obtain SCORES user id and password within the time limit specified by SEBI and for failing to resolve investor grievance within the specified time limit despite being called upon to do so by SEBI.




  • SEBI, vide order dated October 28, 2014, imposed a monetary penalty of `1,20,000/- (Rupees One lakh twenty thousand only) on M/s. Intecon (India) Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 29, 2014, imposed a monetary penalty of `1,20,000/- (Rupees One lakh twenty thousand only) on M/s. Idea Hotels & Industries Limited for failure to abide by the directives issued by SEBI circular CIR/OIAE/1/2013 dated April 17, 2013 regarding redressal of investor grievances.




  • SEBI, vide order dated October 10, 2014, imposed a monetary penalty of `50,000/- (Rupees Fifty thousand only) on Mr. Amit Raghuvanshi in the matter of M/s Bajaj Finance Limited for violating the provisions of Regulation 13 (4) read with 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992.




  • In exercise of powers conferred under Section 19 read with Section 12(3) of the SEBI Act, 1992 and Regulation 13(4) of the SEBI (Procedure for Holding Enquiry by Enquiring Officer and Imposing Penalty) Regulation, 2002 read with Regulation 28(2) and Regulation 38(2) of the SEBI (Intermediaries) Regulations, 2008 and Regulation 13 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relation to Securities market), 2003, SEBI, vide order dated October 1, 2014, suspended the registration of M/s Rajesh N. Jhaveri for a period of six months in the matter of M/s. Ojas Technochem Products Limited for violating Regulation 4(a) and (b) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relation to Securities market), 1995 and clauses A(1), (2), (3) & (4) of the code of conduct as prescribed for stock brokers in Schedule -II read with Regulation 7 of SEBI (Stock brokers & Sub-brokers), Regulation, 1992.




  • In exercise of the powers conferred under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11, 11A and 11B thereof and regulation 11 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, clause 17.1 of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and regulation 111 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, SEBI, vide order dated October 10, 2014, in the matter of complaints of Mr. Kimsuk Krishna Sinha in respect of M/s DLF Limited and M/s Sudipti Estates Private Limited, restrained the following entities from accessing the securities market and prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, in any manner, whatsoever, for the period of three years:




Name of the Entities

DLF Limited

Mr. K. P. Singh

Mr. Rajiv Singh

Mr. T. C. Goyal

Ms. Pia Singh

Mr. Kameshwar Swarup

Mr. Ramesh Sanka







  • In exercise of the power conferred under section 11, 11(4) and 11B of the SEBI Act 1992 and Regulation 11(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market) Regulations, 2003, SEBI, vide order dated October 13, 2014, prohibited Mr Dilip Pendse from accessing capital market directly or indirectly for the period of two years from October 13, 2014 for executing illegal transactions in the scrips of HFCL, TELCO, Infosys and SSI and thus violating Regulation 2 and 6(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market) Regulations, 1995.




  • SEBI in exercise of the powers conferred under section 19 of the SEBI Act, 1992 and sections 11(1), 11(4), 11A(1)(b) and 11B thereof read with regulations 107 and 111 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, issued the following directions vide order dated October 27, 2014:




  1. M/s. Madurai Rural Development Benefit Fund (India) Limited and M/s. Madurai Rural Development Transformation India Limited are restrained from mobilizing funds through the issue of equity shares, debentures, preference shares or through issuance of any kind of security to the public and/ or invite subscription or deposit, in any manner whatsoever, either directly or indirectly, till further directions.

  2. The Companies and their respective promoters and directors including Mr. Mohammed Yusuff Suresh Batcha, Mr. Gopalarathinam Ramarathinam, Mr. Srinivasan Srikumar, Mr. Vasudevan Balaji, Mr. Kasiviswanathan Venkataraman, Mr. Nagasubramanian Rajalakshmi, Mr. Sudhakaran Lataji, Ms. Mumtaj Begam Baba, Mr. Sithikbasha Mohamed Yusuf and Ms. Lilun Nihar Yousuff are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.

  3. The Companies and their respective promoters and directors including the above named persons shall not dispose off any of the properties or alienate the assets of the Company or dispose off any of their properties or alienate their assets.

  4. The Companies and their respective promoters and directors including the above named persons shall not divert any funds raised from public at large through the allotment of shares, kept in its bank accounts and/or in the custody of the company without prior permission of SEBI, until further orders.

  5. The above named Companies and their respective directors and promoters including Mr. Mohammed Yusuff Suresh Batcha, Mr. Gopalarathinam Ramarathinam, Mr. Srinivasan Srikumar, Mr. Vasudevan Balaji, Mr. Kasiviswanathan Venkataraman, Mr. Nagasubramanian Rajalakshmi, Mr. Sudhakaran Lataji, Ms. Mumtaj Begam Baba, Mr. Sithikbasha Mohamed Yusuf and Ms. Lilun Nihar Yousuff are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.

  6. The above named Companies and their respective promoters and directors including the above named persons shall co-operate with SEBI and shall furnish documents that are in their possession, which may be required by SEBI in the course of its examination. The Companies, its promoters and directors shall provide a full inventory of all their assets and properties;

  7. The Companies and their respective promoters and directors including the above named persons shall, within 21 days from the date of receipt of this Order, provide SEBI with all relevant and necessary information including details of equity shares or other securities issued by it, as sought vide SEBI letters dated July 14, 2014 and August 08, 2014.

In view of the seriousness of the case and rampant and prima facie illegal solicitation of funds from the public by M/s. Madurai Rural Development Benefit Fund (India) Limited and M/s. Madurai Rural Development Transformation India Limited, the copy of the order is forwarded to concerned regulatory authorities. In the light of the same, a copy of this order is furnished to the Ministry of Corporate Affairs, Reserve Bank of India and the Economic Offence Wing, Police Department of State of Tamilnadu, for examining the issues falling under their respective jurisdiction and to take further action, if necessary.




  • SEBI vide order dated October 30, 2014 suspended the registration of M/s. Rajesh N. Jhaveri two months for violating Regulation of 6(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 2003 and section 12 (1) of SEBI Act, 1992 read with Rule 3 of SEBI (Stock brokers and Sub-brokers) Rules, 1992 and SEBI/SMD/policy circular No. 3/98 dated January 16, 1988 read with Clause A (5) of the code of conduct as prescribed for Stock broker in Schedule-II read with Regulation 7 of SEBI (Stock-Brokers and Sub-Brokers) Regulations, 1992.




  • SEBI in exercise of the powers conferred upon by virtue of section 19 of the SEBI Act, 1992 issued following directions under section 11 and 11B of the said Act read with regulations 65 and 73 of SEBI (Collective Investment Schemes) Regulations, 1999 vide order dated October 31, 2014 :-




  1. M/s. G. N. Dairies Ltd. and its present promoters /directors including Mr. Sunil Dutt, Mr. Hardeep Singh Wahla and Mr. Ranjodh Singh to wind up its scheme and refund the money collected by it under the scheme with returns which are due to the investors as per the terms of offer within a period of three months from the date of this order and submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refund, failing which the following actions shall follow:

  1. A reference would be made to the State Government/ local police to register a civil/ criminal case against them for apparent offences of fraud, cheating, criminal breach of trust and misappropriation of public funds, and

  2. Making a reference to the Ministry of Corporate Affairs, to initiate the process of winding up of M/s. G. N. Dairies Ltd.

  3. SEBI shall also initiate attachment and recovery proceedings under section 28A of the SEBI Act, 1992.




  1. M/s. G. N. Dairies Ltd., Mr. Sunil Dutt, Mr. Hardeep Singh Wahla and Mr. Ranjodh Singh are directed to not to access the securities market and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market till all collective investment schemes launched by M/s. G. N. Dairies Ltd. are wound up and all the monies mobilised through it are refunded to the investors.

  2. Ms. Sukhjit Kaur, Mr. Soly Thomas and Mr. Satnam Singh Randhawa are directed to not to access the securities market and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market for a period of one year.



Note: Above information are indicative only. For details, please log on to http://www.sebi.gov.in/sebiweb/home/list/2/9/0/1/Orders



HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS

  1. Basel Committee Releases Progress Report on Basel Implementation

The Basel Committee on Banking Supervision released its seventh Progress Report on Adoption of the Basel Regulatory Framework. The report focuses on the status of domestic rule-making processes to ensure that the Basel standards are transformed into national law or regulation according to the internationally agreed timeframes. It includes the status of adoption of the risk-based capital standards, the standards for global and domestic systemically important banks, the Basel III leverage ratio and the liquidity coverage ratio.

Source: http://www.bis.org/publ/bcbs290.pdf

  1. BIS Releases Working Paper on Private and Government Benchmarks

The Bank for International Settlements' Monetary and Economic Department released a working paper on benchmark tipping in the global bond market. The paper analyzes the turnover of fixed income derivatives in seven currencies to test the hypothesis that market participants increasingly use contracts based on private rather than government rates to hedge and to take positions.

Source: http://www.bis.org/publ/work466.pdf



  1. BIS Releases Report on Central Clearing of OTC Derivatives

The Bank for International Settlements' OTC Derivatives Assessment Team released a report titled “Regulatory Reform of Over-the-Counter Derivatives: An Assessment of Incentives to Clear Centrally.” The report concludes that, given that clearing members account for the bulk of derivatives trading and they have incentives to clear centrally, the G20 objective on OTC derivatives reforms has been mostly achieved.

Source: http://www.bis.org/publ/othp21.pdf



  1. EBA Releases Report on Tier 1 Capital Instruments

The European Banking Authority released a report on the monitoring of Additional Tier 1 (AT1) Instruments of EU Institutions. The Capital Requirements Regulation (CRR) tasks the EBA with monitoring the quality of own funds instruments issued by institutions across the European Union (EU). This review is preliminary and the EBA expects to gather further insight on the basis of future issuances.

Source: http://www.eba.europa.eu/documents/10180/534414/report+AT1.pdf



  1. U.S. Commodity Futures Trading Commission and Australian Securities and Investments Commission Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities

CFTC Chairman Tim Massad and Chairman Greg Medcraft of the Australian Securities and Investments Commission (ASIC) have signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Australia.

Source: http://www.cftc.gov/PressRoom/PressReleases/pr7021-14


  1. FSB Releases Global Shadow Banking Monitoring Report

The Financial Stability Board released its Global Shadow Banking Monitoring Report 2014. The report presents data as of end-2013 from 25 jurisdictions and the euro area as a whole, covering about 80% of global GDP and 90% of global financial system assets. The report finds that shadow banking has grown to $75 trillion.

Source: http://www.financialstabilityboard.org/wpcontent/uploads/r_141030.pdf?page_moved=1

  1. FSB Regional Consultative Group for Europe Holds Meeting

The Financial Stability Board's Regional Consultative Group for Europe held its seventh meeting to discuss, among other topics, building resilient financial institutions, ending too big to fail, transforming shadow banking and making derivatives markets safer. 

Source:http://www.financialstabilityboard.org/search/?sndex=alike&_st=false&c=10&q=the&mp=any&sb=1&format=rss


  1. IOSCO Issues Updated Information Repository on Central Clearing Requirements

The International Organization of Securities Commissions issued an updated Public Information Repository for Central Clearing Requirements, which provides consolidated information on the clearing requirements of different jurisdictions. The repository sets out central clearing requirements on a product-by-product level, and any exemptions from them. The information is updated quarterly.

Source: http://www.iosco.org/news/pdf/IOSCONEWS355.pdf



  1. FCA Releases Draft Consultation on Restricting CoCos Distribution to Retail Investors 

The Financial Conduct Authority released a consultation paper on restrictions on the retail distribution of regulatory capital instruments. The FCA is proposing to place new requirements that would apply when mutual society shares are sold to ordinary retail investors. The FCA is also consulting on plans to make permanent the temporary rules, announced in August 2014, which placed restrictions on the distribution of contingent convertible securities (CoCos).

Source:http://www.fca.org.uk/static/documents/consultation-papers/cp14-23.pdf
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