Question
Before SEBI came into existence, which of the following
was the regulatory authority for capital markets?Solution
- Before SEBI came into existence, Controller of Capital Issues was the regulatory authority.
- it derived authority from the Capital Issues (Control) Act, 1947.
- In 1988 the SEBI was established as the regulator of capital markets in India under the Government of India.
- SEBI imposed penalties totalling Rs 40 lakh on four entities for failing to comply with the provisions of the Companies Act and public issue norms.
- The regulator also imposed a fine of Rs 10 lakh each on HPC Biosciences Limited, Tarun Chauhan, Madhu Anand and Arun Kumar Gupta.
- SEBI carried out an inspection of Guiness Corporate Advisors in August 2014 and notified certain violations relating to file prospectus and application for listing in respect of the allotments made by HPC Biosciences from December 2012 to January 2013.
- The regulator also levied a fine of Rs 5 lakh on Ashish Pandey for violation of market norms in the matter of Ricoh India Ltd, who was CFO and company secretary of FDSL in 2017-18.
- SEBI had appointed Pipara & Co as the forensic auditor with respect to the financial statements of Ricoh and Fourth Dimensional Solutions Ltd (FDSL) for the FY March 2014 to March 2018.
- The regulator also levied a fine of Rs 5 lakh on Darshann Kayan over non-genuine trades in illiquid stock options on BSE.
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