Latest news with #Sebi
Mint
6 hours ago
- Business
- Mint
Sebi announces market ban on LS Industries and others over alleged stock manipulation, fraud; probe extended till Nov 15
India's market regulator, the Securities and Exchange Board of India (Sebi) on Friday confirmed the suspension of LS Industries, its promoter, and four other individuals from participating in the securities markets until the results of an investigation into allegations of fraudulent practices and stock price manipulation. The promoter of LS Industries Profound Finance, Jahangir Panikkaveettil Perumbarambathu, and Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI public shareholder of LS Industries, have also been prohibited from the markets. The timeline to complete the probe regarding this matter has been extended to November 15, and these entities are directed to cooperate for the same, Sebi said. In February 2025, the market regulator passed an interim order barring LS Industries, Profound Finance and four others from the securities markets over allegations of fraudulent activities and stock price manipulation. Sebi had also instructed Perumbarambathu to impound unlawful gains of ₹ 1.14 crore from the sale of shares as part of the fraudulent scheme. The matter concerns LS Industries and its key associates, who were involved in artificially inflating the company's share price despite negligible revenue and financial instability. Sebi, in its interim order, noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and the first three quarters of FY25, indicating that the company had not conducted any business during this period. The share price of LSIL rose more than 10 times from ₹ 22.50 to a high of ₹ 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about ₹ 22,700 crore despite poor financial performance. The sudden price movement in the shares without any substantial changes in fundamentals, the transfer of shares to Perumbarambathu, and the suspicious trading patterns have come under scrutiny. 'In view of the sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to JPP and the suspicious trading patterns of certain entities, it prima facie appeared that the Noticees were part of a manipulative scheme designed to defraud investors,' Sebi said.
Time of India
8 hours ago
- Business
- Time of India
Hospitality IPO: Travel and hospitality companies prepare for IPO amid rising domestic tourism
ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT New Delhi|Mumbai: About half a dozen travel and hospitality companies are preparing to go public buoyed by favourable demand-supply dynamics, rising domestic tourism, and bullish macroeconomic fundamentals. Those in the queue include Oyo, Pride Hotels Group, and boutique brand LaRiSa Hotels & Resorts. Lemon Tree Hotels plans to list unit Fleur Hotels in the next two years, Patanjali Keswani, chairman and MD, told ET. Last year, Keswani had said that the chain will be debt-free when the listing reported on Thursday that hospitality chain Oyo approached five investment banks for a meeting with key shareholder SoftBank in London next month that could determine the company's way forward for an initial public offering (IPO). Also, Pride Hotels Group, which has a presence in Delhi's Aerocity area, and recently expanded its footprint in Gujarat, through new signings in Gandhinagar and Surat, has begun initial groundwork for an IPO, said people familiar with the company declined to comment. Pride Hotels Group has over 60 hotels comprising over 5,500 keys across hospitality chain LaRiSa Hotels & Resorts is also aiming to go public, director Randhir Narayan told ET. The chain operates about 32 hotels comprising around 1,100 brands include LaRiSa Resorts, AM Hotel Kollection and 8fold by LaRiSa. The chain also does third-party hotel property management through its AM Hotel Kollection brand."The business is profitable, cash flow is there, and every month, we are trying to bring to the market a rebranded or a conversion hotel from our portfolio," said Narayan. "The plan is to (launch the) IPO and our timeframe is as soon as possible. We are hopeful that sometime this year it should come to fruition."Brookfield Asset Management-owned The Leela Palaces, Hotels and Resorts, which concluded its IPO on May 28, will get listed on June April, Prestige Hospitality Ventures Ltd, a wholly-owned unit of property developer Prestige Estates Projects Ltd, filed a draft prospectus with the Securities and Exchange Board of India (Sebi) to raise up to Rs 2,700 crore through an IPO, while Travel Food Services, with a strong presence in India's airport food and lounge sector, secured Sebi nod in April for a Rs 2,000 crore November, Brigade Hotel Ventures, a wholly-owned unit of Brigade Enterprises, submitted a draft prospectus to Sebi for a Rs 900-crore IPO. The company aims to cut debt with the share sale proceeds besides considering inorganic growth are also enthused by promising returns of already-listed hotel stocks in the past year."With India's tourism industry booming, there is likely to be a strong demand for hospitality stocks among domestic investors. The sector is benefiting from rising travel, increasing disposable incomes, and a post-pandemic resurgence in both leisure and business travel," said Dharmesh Mehta, MD and CEO, DAM Capital. "Moreover, listed hotel stocks are currently trading at reasonable valuations, making the sector attractive from a pricing perspective. As a result, hotel companies coming to the market with sensible valuations should be able to attract healthy investor interest in the primary market," he such as Ventive Hospitality and Samhi Hotels have risen more than 18% and nearly 52% respectively from their IPO price."Indian hotel companies are tapping public markets to fuel their next phase of growth, reduce debt, and scale operations," said Amrendra Singh, head of equity capital markets at SBI Capital.
Time of India
9 hours ago
- Business
- Time of India
Travel and hospitality companies prepare for IPO amid rising domestic tourism
New Delhi|Mumbai: About half a dozen travel and hospitality companies are preparing to go public buoyed by favourable demand-supply dynamics, rising domestic tourism, and bullish macroeconomic fundamentals. Those in the queue include Oyo, Pride Hotels Group, and boutique brand LaRiSa Hotels & Resorts. Lemon Tree Hotels plans to list unit Fleur Hotels in the next two years, Patanjali Keswani, chairman and MD, told ET. Last year, Keswani had said that the chain will be debt-free when the listing happens. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo ET reported on Thursday that hospitality chain Oyo approached five investment banks for a meeting with key shareholder SoftBank in London next month that could determine the company's way forward for an initial public offering (IPO). Also, Pride Hotels Group, which has a presence in Delhi's Aerocity area, and recently expanded its footprint in Gujarat, through new signings in Gandhinagar and Surat, has begun initial groundwork for an IPO, said people familiar with the matter. The company declined to comment. Pride Hotels Group has over 60 hotels comprising over 5,500 keys across India. Boutique hospitality chain LaRiSa Hotels & Resorts is also aiming to go public, director Randhir Narayan told ET. The chain operates about 32 hotels comprising around 1,100 rooms. Live Events Agencies DRHPs Underway Its brands include LaRiSa Resorts, AM Hotel Kollection and 8fold by LaRiSa. The chain also does third-party hotel property management through its AM Hotel Kollection brand. "The business is profitable, cash flow is there, and every month, we are trying to bring to the market a rebranded or a conversion hotel from our portfolio," said Narayan. "The plan is to (launch the) IPO and our timeframe is as soon as possible. We are hopeful that sometime this year it should come to fruition." Brookfield Asset Management-owned The Leela Palaces, Hotels and Resorts, which concluded its IPO on May 28, will get listed on June 2. In April, Prestige Hospitality Ventures Ltd, a wholly-owned unit of property developer Prestige Estates Projects Ltd, filed a draft prospectus with the Securities and Exchange Board of India (Sebi) to raise up to Rs 2,700 crore through an IPO, while Travel Food Services, with a strong presence in India's airport food and lounge sector, secured Sebi nod in April for a Rs 2,000 crore IPO. Last November, Brigade Hotel Ventures, a wholly-owned unit of Brigade Enterprises, submitted a draft prospectus to Sebi for a Rs 900-crore IPO. The company aims to cut debt with the share sale proceeds besides considering inorganic growth opportunities. STRONG DEMAND Companies are also enthused by promising returns of already-listed hotel stocks in the past year. "With India's tourism industry booming, there is likely to be a strong demand for hospitality stocks among domestic investors. The sector is benefiting from rising travel, increasing disposable incomes, and a post-pandemic resurgence in both leisure and business travel," said Dharmesh Mehta, MD and CEO, DAM Capital. "Moreover, listed hotel stocks are currently trading at reasonable valuations, making the sector attractive from a pricing perspective. As a result, hotel companies coming to the market with sensible valuations should be able to attract healthy investor interest in the primary market," he added. Companies such as Ventive Hospitality and Samhi Hotels have risen more than 18% and nearly 52% respectively from their IPO price. "Indian hotel companies are tapping public markets to fuel their next phase of growth, reduce debt, and scale operations," said Amrendra Singh, head of equity capital markets at SBI Capital.
Hans India
10 hours ago
- Business
- Hans India
Sebi issues guidelines to strengthen riskmonitoring
New Delhi: Markets regulator Sebi on Thursday came out with a series of measures to strengthen risk monitoring in equity derivatives, including the intra-day monitoring of market-wide position on single stock derivatives. As part of the new measures, exchanges will conduct intraday monitoring of Market-Wide Position Limit (MWPL) utilisation at a minimum of four random intervals during the trading day, Sebi said in its circular. Additionally, the regulator has introduced new eligibility criteria for derivatives on non-benchmark indices and revised individual entity-level position limits based on the updated MWPL framework. These measures will be implemented in a phased manner beginning October 1, the Securities and Exchange Board of India (Sebi) said. The regulator noted that the derivatives market enables efficient price discovery, improved market liquidity and permits investors to manage risk. Stock exchanges and Clearing Corporations (CCs) together provide the platform and products for trading in the derivatives market, while ensuring online real-time risk management, adequate surveillance, as well as smooth settlement of trades.
Time of India
10 hours ago
- Business
- Time of India
Pump & dump: Sebi bans actor Warsi, wife
Photo/Agencies MUMBAI: Sebi on Friday banned 59 entities, including actor Arshad Warsi , his wife Maria Goretti, from the market for up to 5 years. The move is related to misleading videos on YouTube channels - like Moneywise, The Advisor and Profit Yatra - luring investors to buy TV channel Sadhna Broadcast's shares. The markets regulator fined the couple Rs 10 lakh, and they will have to disgorge illegal gains worth Rs 92 lakh from the stock price manipulation. Warsi and his wife Goretti played a role in promoting the stock of Sadhna (now Crystal Business System) through videos on YouTube, which were uploaded by one of the masterminds of the scheme. In its 109-page order, Sebi whole-time member Ashwani Bhatia stated that the way the whole incident played out painted "a disturbing picture regarding the increasing use of social media platforms, which have immense reach and influence in the digital age, as tools for market manipulation". Sebi ordered disgorgement of illegal gains totalling about Rs 58 crore and imposed fines of up to Rs 5 crore on the entities. The overall conduct of the people involved in the scheme revealed a classic pump-and-dump scheme, the report said. "The price was systematically pushed upward through collusive trading, followed by aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Retail investors, misled by this staged market activity, were left holding the shares at distorted valuations once the manipulators, including the promoters, exited," the report said. Sebi found that three individuals, Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, were the masterminds. Subhash Aggarwal, a director with Skyline Financial Services, the registrar & transfer agent of Sadhna Broadcast, was the middleman. These individuals "were the central characters who planned and executed the manipulative scheme", Sebi said. Modus Operandi: First, the entities executed trades among themselves to steadily inflate the price of the scrip and create a false appearance of market interest. Second, misleading promotional videos were disseminated across YouTube channels operated by Manish Mishra. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
