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Shriram Mutual Fund Vs. the Chairman, Sebi and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2003)46SCL571SAT

..... the respondent no.1 (sebi) appointed respondent no.2 (the adjudicating officer) to inquire into and adjudge alleged contravention of section 15 d(b) and section 15e of the securities and exchange board of india act, 1992 (the sebi act) by shriram mutual fund and shriram asset management co. ..... the charge against the appellants was that they had conducted business through brokers associated with them, in excess of the limits prescribed under regulation 25(7)(a) of the securities and exchange board of india (mutual funds) regulations, 1996 (the regulations) in 12 cases, during the period from june 1998 to september 1999. ..... shri sura reddy, the learned representative appearing for both the adjudicating officer and the securities and exchange board of india (sebi) had reiterated the views of the adjudicating officer on the objective of the said regulation. ..... , that it is a requirement of the regulation that not more than 5% or more of the aggregate purchase and sale of securities business be given to any broker associated with the sponsor, that the appellants admittedly purchased/sold more than 5% through the brokers associated with the sponsor in contravention of the provisions of regulation 25(7)(a), that any mutual fund carrying on its business in contravention of the terms and conditions and provisions of the said regulation is liable to penalty as provided under section 15d(b) of the act. .....

The Chairman, Sebi Vs. Shriram Mutual Fund and anr.

Court : Supreme Court of India

Reported in : AIR2006SC2287; III(2006)BC392(SC); [2006]131CompCas591(SC); (2006)5CompLJ30(SC); 2006(3)CTC569; 2006(6)SCALE154; (2006)5SCC361; [2006]68SCL216(SC)

..... the securities and exchange board of india (hereinafter referred to as 'the sebi') is the appellant in the present appeal under section 15z of the securities and exchange board of india act, 1992. ..... the appellant board has been established by the parliament under the securities and exchange board of india act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market and for matter connected therewith or incidental thereto. ..... the appellant board, a body corporate, has been established under the securities and exchange board of india act, 1992 by the central government, inter alia, to protect the interest of the investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith. ..... the respondent failed to comply with the terms and conditions attached to the certificate of registration which are statutory in nature, as prescribed by regulation 15 (d)(b) of the securities and exchange board of india act, 1992.3. ..... he drew our specific attention to regulation 25 (7)(a) of the securities and exchange board of india (mutual funds) regulations, 1996 and sections 15d(b), 15e, 15-i, 15j, and 12b of the sebi act, 1992 which are extracted hereunder:25. ..... aggrieved by the order dated 21.08.2003, the chairman, sebi filed the above statutory appeal under section 15z of the act of 1992 as amended by the securities and exchange board of india (amendment) act, 2002.6. .....

Desmond Anthony D'Souza Vs. SBi Mutual Fund

Court : Mumbai

..... under section 12 of the securities and exchange board of india act, 1992 and regulation 3 of the sebi (mutual funds) regulations, 1996, every mutual fund is required to be registered with sebi, which regulates the market in securities before funds can be collected from investors. ..... under article 226 of the constitution, seeking the following reliefs: (i) an order setting aside a scheme of merger of the one india fund floated by the state bank of india (sbi) with the sbi magnum equity fund; (ii) a direction to the management of the sbi mutual fund to call a meeting of all investors, seeking their views on whether the swap ratio is fair and why no dividend was declared for more than five years; (iii) an independent audit into the affairs of the ..... in the order of the court: (i) the extent of mobilization of funds for the 'one india fund' since its inception; (ii) an assessment by the respondent of the reasons why the fund did not result in returns; (iii) the internal oversight machinery, if any, that is provided by the respondent in respect of the decisions taken by the fund manager in regard to investments; (iv) the rationale for the proposed merger of the 'one india fund' with 'magnum equity fund'; and (v) the basis on which the swap ratio for ..... as the affidavit filed by sebi states that before the court, a mutual fund in india comprises of four constituents: (i) sponsor; (ii) board of trustees or trustee company; (iii) the asset management company (amc); and (iv) the custodian. .....

SaurIn T. Parikh, Proprietor of Shah Investment Vs. Stock Exchange and ...

Court : Mumbai

Reported in : 2006(2)BomCR736; [2006]132CompCas910(Bom); 2006(3)MhLj480; [2006]70SCL31(Bom)

..... he further submits that sebi has issued a circular dated 28th october 2004 under the power available under section 11(1) of the securities and exchange board of india act, 1992 and a mechanism is created under these guildelines. ..... mr.mody has pointed out that the release of the fund from the investor protection fund was discretionary and it was essentially meant for a benefit of the small investors. ..... mr.mody appears for the bombay stock exchange, which is respondent no.1 as well as investor protection fund, which is respondent no.2. ..... under rule 7(e) of these rules, it is provided that the trustees shall have an absolute discretion as regards the mode and method of assessing the nature of claims and under rule 8 it is specifically provided that the fund shall be under no legal obligation to collect the debts of a default member and/or to make payments from the fund. ..... the petitioner's case is that therefore the petitioner is entitled to the amounts held due and they be released from the investor protection fund. ..... we do not consider the sebi guidelines as creating a mandatory requirement for the investor protection fund. ..... he has drawn our attention to the rules of the trust governing this investor protection fund. ..... mr.divan, learned counsel appearing for the petitioner, submits that in view of the guidelines framed by sebi, the amount had to be released from the investor protection fund. .....

Bharat Petroleum Corporation Vs. Stock Holding Corporation of

Court : Company Law Board CLB

Reported in : (1995)82CompCas539

..... even in the securities and exchange board of india act, 1992, under which the securities and exchange board of india has issued guidelines for mutual funds, there is no provision to indicate that the later act supersedes the provisions of section 153 of the companies act, 1956. ..... as a matter of fact section 32 of the securities and exchange board of india act states "the provision of this act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force". ..... he further submitted that as a custodian of a particular mutual fund, the respondent is vested with a special character and legal status which must be taken cognizance of by and under all relevant provisions of law including the companies act.he also submitted that since special regulations have been formulated they would override the provisions of the companies act so far as they are inconsistent with the regulations formulated by the securities and exchange board of india. ..... dhond, learned counsel appearing for the shcil, submitted that the provisions of the companies act are of general nature whereas the activities of mutual funds are regulated through the special regulations formulated for this purpose by the securities and exchange board of india. .....

Kwality Ice Creams (India) Ltd. Vs. Securities and Exchange Board of

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... mutual funds are regulated by respondent 1 in exercise of the powers conferred on it by section 11 (2) (c) of the securities and exchange board of india act, 1992 (sebi act). ..... section 11b of the said act empowers the securities and exchange board of india (sebi) to issue appropriate directions to mutual fund(s) in the interest of investors.to regulate the working of mutual funds, securities and exchange board of india (mutual fund) regulations has been notified by the respondent.the regulation which originally notified in 1993 was repealed and a new set of regulation viz. ..... securities & exchange board of india (mutual fund) regulations, 1996 (the regulations) was brought in its place with effect from 1.10.1996. ..... deposits for a period of not less than seven years with the state bank of india established under the state bank of india act, 1955 (23 of 1955) or any subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), or any nationalised bank, that is to say, any corresponding new bank, constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970) or any co.operative society engaged in carrying on the business of banking (including a co.operative land mortgage .....

Union of India (Uoi) and ors. Vs. Dharamendra Textile Processors and o ...

Court : Supreme Court of India

Reported in : 2008(133)ECC247; 2008(159)LC247(SC); 2008(231)ELT3(SC); [2008]306ITR277(SC); JT2008(11)SC255; 2008(13)SCALE233; (2009)11VatReporter63; (2008)18VST180(SC); 2008AIRSCW8038

..... of the securities and exchange board of india (mutual funds) regulations, 1996 and sections 15-d(b), 15e, 15i, 15j and 12-b of the sebi act, 1992 which are ..... company shall not through any broker associated with the sponsor, purchase or sell securities, which is average of 5% or more of the aggregate purchases and sale of securities made by the mutual fund in all its schemes: provided that for the purpose of this sub- regulation, aggregate purchase and sale of security shall exclude sale and distribution of units issued by the mutual fund: provided further that the aforesaid limit of 5% shall apply for a ..... (7) where an independent processor does not produce or manufacture the processed textile fabrics specified in sub-rule (1) during any continuous period of not less than fifteen days and wishes to claim abatement under sub- section (3) of section 3a of the act, the abatement shall be allowed by an order passed by the joint commissioner of central excise of such amount as may be specified in such order, subject to fulfillment of the following conditions, namely ..... times the value of such goods, or five thousand rupees, whichever is greater(2) where a manufacturer does not produce the ingots and billets of non- alloy steel during any continuous period of not less than seven days and wishes to claim abatement under sub-section (3) of section 3a of the central excise act, 1944, the abatement will be allowed by an order passed by the commissioner of central excise of such amount as may .....

A.K.Muthuswamy Vs. Securities Exchange Board of India

Court : Chennai

..... the petitioner therefore filed a complaint under section 11 aa of the securities and exchange board of indian act, 1992 for investigation, vide order dated 31st january, 2011, the petitioner's complaint was rejected, on the ground that the art fund did not fall within the jurisdiction of the securities and exchange board. ..... it is contended that the writ is not maintainable; firstly on the ground that the art fund does not fall within the jurisdiction of the security and exchange board of india, as the scheme is operated by a trust;secondly, that the petitioner has no right to file the second complaint, as the first complaint was rejected by the respondent no.1 which has attained finality;thirdly, that there is no power to review ..... prayer: writ petition filed under article 226 of the constitution of india praying to issue a writ of mandamus, directing the first respondent to dispose of the complaint of the petitioner dated 18.1.2011 read with the email dated 18.2.2011 in accordance with the provisions of sections 11aa and 12 (1b) of the securities and exchange board of india, 1992 read with the securities and exchange board of india (collective investment schemes), regulations 1999 and the securities and exchange board of india advisory/message for investors dated 13.02.2008 and on merits and in accordance with law and pass such further or other orders.o r d e r:1. .....

Alka Synthetics Ltd. Vs. Securities and Exchange Board of India and or ...

Court : Gujarat

Reported in : [1995]95CompCas663(Guj)

..... it also recorded that that the investigation has been completed, necessary action is being taken against the persons involved in the price manipulation under sections 11b and 24 of the securities and exchange board of india act, 1992, for violation of the regulations of 1995, and the trading in ril was allowed to continue from january 29, 1996. ..... in its reply, the facts about the issuance of direction of the securities and exchange board of india on october 30, 1995, the transactions 9 having been ultimately settled by way of closing out at the price referred to above, and collection of the difference in transaction price and the closing up price from the short sellers by the stock exchange, the passing of the order of transferring the same amount to the investors protection fund and the absence of affording an opportunity of hearing to the petitioners have not been disputed. ..... in both the cases that the impugned orders of retaining the amount of difference between the purchase price and the market price recovered from the short sellers on closing up of the transactions to be invested in the investors protection fund which may be used at the direction of the securities and exchange board of india in future affects the members of the stock exchange inasmuch as the stock exchange becomes directly responsible for making such payments recovered by it on closing up of the transactions or settle the transactions by auction .....

Kinetic Engineering Ltd. Vs. Unit Trust of India and ors.

Court : Company Law Board CLB

Reported in : (1995)84CompCas811

..... the third set of guidelines known as the securities and exchange board of india (mutual funds) regulations, 1993, were issued by the securities and exchange board of india on january 20, 1993, in exercise of the powers conferred by clause (c), sub-section (2) of section 11 read with section 30 of the securities and exchange board of india act, 1992. ..... accordingly, even though we have concluded that the unit trust of india is engaged in the business of mutual fund, for reasons elaborated above, we hold that the securities and exchange board of india regulations/government guidelines, relating to mutual funds are not applicable to the unit trust of india and, therefore, the impugned transfers do not fall within the provisions of section 22a(3)(b) of the securities contracts (regulation) act, 1956, and as such we do not confirm the decision of the board of directors to refuse registration of transfers in respect of the shares covered in these references .....