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SEBI orders Ramalinga Raju, others to disgorge Rs 1,802 crore

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By NewsGram Staff Writer

Chennai: On Thursday, Securities and Exchange Board of India (SEBI) ordered Satyam Computers scam kingpin B Ramalinga Raju and 11 others to surrender the illegal gain of Rs 1,802.81 crore from insider trading.

ramalingaraju2
B Ramalinga Raju source: ndtv

According to the Indian securities market regulator, SEBI, the amount has to be disgorged within 45 days with an additional 12 percent simple interest calculated from January 7, 2009.

SRSR Holdings Pvt Ltd, a front for the Satyam Computers promoter group, has been ordered to repay Rs 1,258.88 crore. The remaining amount of approximately Rs 543.93 crore has to be paid by 11 others including around Rs 26.62 crore to be paid by Ramalinga Raju and Rs 29.54 crore to be paid by B Rama Raju, as per the order issued by SEBI’s whole time member Rajeev Kumar Agarwal.

B Appalanarasamma, B Jhansi Rani, B Rama Raju Jr, B Suryanarayana Raju, B Teja Raju, Chintalapati Holdings Pvt Ltd, Chintalapati Srinivasa Raju and SRSR Holdings are now banned by SEBI from the securities market for a period of seven years.

 

(With inputs from IANS)

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To Review The Existing Framework of MIIs, SEBI Puts Forward Higher Regulatory Requirement

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

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According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).
SEBI Building Mumbai, Wikimedia commons

The Securities and Exchange Board of India (SEBI) on Friday proposed higher regulatory requirement in terms of ownership, governance and certain additional standards of essential accountability “Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees”.

According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.
Representational Image, Pixabay

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

“The committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria of MIIs,” the committee’s report said.

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“However, certain characteristics such as size, concentration, high dependence of investors on their services, market share, etc. make them significantly important.”

Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the committee. (IANS)

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