SEBI has rejected Sahara Asset Management Company’s pleato reconsider an order cancelling the portfolio manager licence of the company,
Reason: Not ‘fit and proper’ for this business.
- Keeping Sahara AMC in the mainstream market after considering the antecedents of Subrata Roy Sahara and some other companies of the Sahara group, may cause injusticeto the interests of investors and the safety and integrity of the securities market.
New listing norms for stock exchanges :
- The exchanges would need to take steps for maintaining of 51 percentage of shareholding of Public Category and ensuring that holding of trading members, associates or agents does not exceed 49 per cent.
- Depositories will have to put in place systems for capturing the shareholding data of trading members or their associates and agents and ensure that there is a mechanism for coordination between the depositories towards sharing of information.
- The depositories shall generate an alert when such holding exceeds 2 per centand monitor the same under intimation to Sebi.
- The stock exchanges, both listed and where the securities are listed, and depositories will have to ensure that such mechanism be in place latest by March 31, 2016.
Key points :
- Sahara AMC exercised by:Subrata Roy Sahara
- Whole Time Member: S Raman
- SEBI HQ : Mumbai
- SEBI Chairman: UK Sinha
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