Board Meeting Outcome for Board Meeting Outcome For Outcome Of Board Meeting Held On 03.07.2025
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Business Standard
4 minutes ago
- Business Standard
Sebi bans DHFL's Kapil Wadhawan, Dheeraj Wadhawan from securities market
Markets regulator Sebi on Tuesday barred Dewan Housing Finance Ltd's former CMD Kapil Wadhawan, ex-director Dheeraj Wadhawan, and four others from the securities markets for up to five years for committing financial irregularities, diverting funds, and fabricating books. The others who have been prohibited by Sebi are -- Rakesh Wadhawan, who was non-executive chairman, Sarang Wadhawan, a former non-executive director, Harshil Mehta, joint managing director & CEO, and Santosh Sharma, a former CFO. Sebi also fined the six individuals Rs 120 crore. Kapil Wadhawan and Dheeraj Wadhawan have each been restrained from the securities markets for five years, while Rakesh Wadhawan and Sarang Wadhawan face a four-year ban, and Harshil Mehta and Santosh Sharma have been prohibited for three years, according to the Sebi order. During these periods, they cannot access the securities market, deal in securities in any manner, or hold any role such as director or key managerial personnel in listed companies, registered intermediaries, or public companies intending to raise funds from the market. Kapil Wadhawan and Dheeraj Wadhawan have each been fined Rs 27 crore, while Rakesh Wadhawan and Sarang Wadhawan face penalties of Rs 20.75 crore each. Harshil Mehta has been fined Rs 11.75 crore, and Santosh Sharma faces a total penalty of Rs 12.75 crore. In its 181-page order, Sebi noted that since 2006, DHFL, along with its promoters, directors, and key managerial personnel, have engaged and participated in an "egregiously fraudulent scheme" to divert funds to "Bandra Book Entities" (BBEs) linked to the promoters. By March 31, 2019, DHFL's loans to BBEs stood at Rs 14,040.50 crore. The BBEs were directly or indirectly connected to Kapil, Dheeraj Rakesh and Sarang, it added. As per the order, promoters issued huge unsecured loans to these entities despite their lack of assets or business, bypassing all due diligence, and falsely recording them as retail housing loans. The regulator found that the fraud operated in several steps. First, large unsecured loans were extended to these BBEs even though they had no net worth, assets, or cash flows to justify such exposure. Second, all standard loan appraisal processes were deliberately bypassed. Third, these weak intercorporate loans to related parties were misrepresented as retail housing loans, creating a false impression of the company's financial health for investors and other stakeholders. "To effect this elaborate deception, a fake virtual branch ('Bandra branch') and previously closed retail loan accounts were employed, alongside three different accounting software, camouflaging the BBE loans as retail housing loans. In the initial years, well over 30 per cent of all loans of DHFL were to these BBEs," Sebi noted. Despite the BBEs not making interest or principal payments, DHFL booked fictitious interest income, which allowed it to show increasing profits instead of losses between FY 2007-08 and FY 2015-16. These misleading financials misled shareholders and distorted DHFL's share price. According to Sebi, the main orchestrators of the fraudulent scheme were Kapil Wadhawan and his brother Dheeraj Wadhawan. Rakesh and Sarang Wadhawan were also involved through their roles on DHFL's board. The investigation found that loans worth Rs 5,662.44 crore were disbursed to 39 BBEs, of which 40 per cent was subsequently routed to 48 other entities connected to the promoters. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
13 minutes ago
- Time of India
Sebi's focus on reducing D-St compliance burden
MUMBAI: In its efforts to make investing in India easier for investors of all types, markets regulator Sebi is aiming to make IPO filing through a template , optimising existing regulations for all investors including foreign funds, it said in its annual report for FY25. Tired of too many ads? go ad free now Investor education, including about cyber frauds related to the securities market, is also one of Sebi's focus areas, its chairman Tuhin Kanta Pandey said in the annual report "It is recognised that excessive or overlapping regulatory requirements can lead to increased compliance cost for intermediaries and create operational rigidities. To address this, the focus will be on identifying and removing regulatory redundancies, simplifying procedural requirements, and leveraging technology to ease the compliance burden," the report said. Another priority area for Sebi in the current year is "rationalising and simplifying the regulatory framework for foreign portfolio investors (FPIs) with the objective of enhancing the ease of operations and encouraging long-term foreign capital flows". The Sebi chief believes that the four pillars that would carry forward this journey of evolution of India's securities market are trust, transparency, teamwork and technology. "In India's journey to Viksit Bharat 2047, its securities market is a beacon of opportunity, innovation and trust. At the heart of this progress lies an extraordinary collaboration between Sebi, market infrastructure institutions (MIIs), market participants and most importantly, the ever-growing base of empowered investors," he said. The report highlighted the steps it took to safeguard retail investors from trading excessively and taking higher risks in trading options on the day of the expiry. "To address this issue of overtrading in index options on expiry day Sebi has implemented measures such as rationalisation of weekly index derivative products and increasing the contract size of index derivatives," it said.
Economic Times
an hour ago
- Economic Times
Sebi rejects Anil Ambani, Rana Kapoor settlement pleas in Yes Bank case
Sebi has turned down settlement requests from Anil Ambani, his family, and Rana Kapoor. The case involves investments between Reliance Nippon and Yes Bank. Investigations revealed Ambani influenced investment decisions. Sebi might settle with Nippon Life India Asset Management and some officials. Legal action will proceed against Ambani and others. The Enforcement Directorate is also investigating the matter. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The Securities and Exchange Board of India (Sebi) has rejected the settlement applications filed by Reliance Group chairman Anil Ambani, his family member, and former Yes Bank CEO Rana Kapoor over alleged wrongdoing linked to investments by Reliance Nippon Life India Asset Management and the lender, said two people close to the case relates to a quid pro quo deal by erstwhile Reliance Nippon Life India Asset Management (now Nippon Life India Asset Management) involving Yes Bank's additional tier-1 (AT-1) bonds, which in turn subscribed to the non-convertible debentures of the AMC's then sponsor, the Reliance Group. The group has since exited the mutual fund investigations found that Ambani had influenced investment decisions made by Reliance Nippon Life India Asset Management, one source regulator, however, is likely to settle charges against Nippon Life India Asset Management, its current CEO Sundeep Sikka and two other senior officials for alleged losses caused to investors, they the rejection of the settlement application, Sebi will now proceed with legal action against these queries sent to Reliance Group, Nippon Life India Asset Management and Sebi did not elicit any response till press investors, including Reliance Nippon Life India Asset Management, and individuals had invested over ₹8,400 crore in Yes Bank's AT-1 bonds , which were perpetual bonds without maturity dates. These securities were written down to zero in March 2020 as part of the lender's restructuring, resulting in losses for AT-1 bondholders had approached various courts, claiming the securities were sold Nippon Life India Asset Management had one of the largest exposures to Yes Bank's AT-1 was CEO of Reliance Nippon Life India Asset Management when the fund house invested in Yes Bank's AT-1 bonds. Reliance Capital sold its entire stake in the mutual fund to partner Nippon Life India Asset Management, with the Japanese firm retaining the team led by regulator has also shared its investigation report with the Enforcement Directorate, a source month, the investigative agency searched locations linked to the Reliance Group. The probe relates to alleged illegal diversion of ₹3,000 crore loans taken from Yes Bank.
