Market regulator, the Securities and Exchange Board of India (SEBI) has banned vice-chairman and joint managing director, First Global, Shankar Sharma from dealing in securities for one year on allegation of manipulation of shares of some companies in 2001, leading to decline in credibility of stock exchange and erosion of investor's confidence.

The regulator found him guilty of fictitious trades during early 2001, which caused substantial variations in share prices of Zee Telefilms, Wipro, Satyam, MTNL, SBI and Infosys Technologies. He allegedly gave false orders for purchase and sale of securities without intimating actual owners of securities.

The shareholders of Pyramid Saimira has reason to smile as the Securities and Exchange Board of India (Sebi) has directed the company to make an open offer at a minimum price of Rs 250 to acquire additional 20 per cent shares of company from the public. Its shares are currently trading at Rs 75.40 from around Rs 38 on December 1.

SEBI has asked promoter CMD to make offer within 14 days. The Company Secretary of Chenni-based PSTL, Kanhu Charan confirmed a letter from SEBI.

The Securities and Exchange Board of India (Sebi) has increased the MF borrowing limit to 40 per cent without any publicity. Earlier, the borrowing limit was 20 per cent of net assets of the schemes. The move would prove beneficial for mutual fund industry which is under huge pressure due to global financial crisis. Mutual funds suffered a huge loss in their assets under management (AUM) during the year.

The Securities and Exchange Board of India (SEBI) is thinking of further tightening the norms related to Fixed Maturity Plans (FMPs). The Mutual Fund Advisory committee of SEBI discussed the matter on Friday, to amend norms of asset-liability. The board discussed the compulsory alignment of portfolio with scheme tenure, accountability of trustees and segregation of funds for corporate and retail investors. The regulator has the opinion that amendment in norms is necessary in the wake of the ongoing recessionary waves. However, investors can lose interest in case of further tightening of norms. Investors believe that tax advantage can make FMPs more profitable.

The Securities & Exchange Board of India (SEBI) is all set to allow exchange trading in corporate bonds. The step is aimed to help infrastructure to raise low-cost funds which would have long repayment period. It would help to bring transparency in the corporate bond market and attract investors to invest in long-term bonds.

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