examining relation between Tata Sons & Disclosure of price...

9/10/2018 Disclosure of price-sensitive info: Sebi examining relation between Tata Sons & companies - The Economic Times

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By , ET Bureau | Updated: Nov 08, 2016, 06.40 AM IST

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A Tata Group spokesperson, replying

to an ET questionnaire, said the group

has a view on the subject and it will

convey it to Sebi.

Disclosure of price-sensitive info: Sebiexamining relation between Tata Sons &companies

MUMBAI: The Securities and Exchange Board of India(Sebi) is doing a preliminary examination of thearrangement between Tata Sons and group companies tounderstand whether it is in consonance with currentinsider-trading regulations. Sebi is also examining whether price-sensitive informationwas disclosed to Tata Sons directors and Tata Trustsnominees before it was approved by the boards ofoperating companies.

“We are taking note of the events unfolding at Tata companies and examining whetherthere has been any securities law violations,” said a senior Sebi official. He declined toelaborate further but added that the regulator will make up its mind in the next few days. A Tata Group spokesperson, replying to an ET questionnaire, said the group has a view onthe subject and it will convey it to Sebi. He declined to elaborate. Sebi insider-trading rules stipulate that price-sensitive information be shared only on aneedto-know basis and that executives who don’t have to decide on the matter should notbe informed before the board decision. This need-to-know list includes only boardmembers, not outsiders including relatives of the promoter family. Cyrus Mistry said that the CEO of Tata Power had made presentations to Tata Sons boardon the utility major’s proposed acquisition of Welspun Renewables and that key TataTrusts trustees were part of the discussions.

The former chairman in a mail to the Tata Sons board on October 25 also said that Trusts'directors (Nitin Nohria and Vijay Singh) left a Tata Sons board meeting in progress,keeping the board waiting for almost an hour, to obtain instructions from Ratan Tata. 'SUPERBOARD’' STRUCTURE GOES AGAINST THE RULES

Reena Zachariah

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“Such a work pattern has also created the added risk of contravening insider-trading rules,”Mistry had said. After the mail became public, it was, for the first time, also revealed thatstrategic decisions like acquisitions and capex initiatives undertaken by Tata entitiesrequired the approval of the Tata Sons board with majority votes from the Tata Trusts-nominated directors. Article 121 of Articles of Association (AoA) of Tata Sons states that certain strategicdecisions of operating companies have to be ratified by the Tata Sons board. For theresolution to pass, it required an “affirmative vote” of a majority of directors nominated byTata Trusts on the Tata Sons board. This (majority vote by Tata Trusts nominated directors)was incorporated in 2014. Corporate governance experts and lawyers were sharply critical of this practice. A formerSebi chairman said this (rules of engagement) is against the spirit of Sebi’s insider-tradingrules and the Companies Act. The Tata Group has 29 publicly listed companies. “As aresult of the AoA, all Tata companies, in effect have a superboard which is not accountableto the shareholders of individual companies, who face the risk of losing value in theprocess,” said Rajiv Kumar, senior fellow, Centre for Policy Research. The ‘superboard’ structure goes against the rules that requires boards of every listedcompany to be independent and autonomous and take standalone decisions keeping thebest interest of the company. Section 166 of the Companies Act states that a director of acompany shall act in good faith to promote the objects of the company for the benefit of itsmembers as a whole and in the best interests of the company. “Although the directors are appointed by the shareholders of the company, their primaryduty is to the company and they are legally bound to act in the best interests of thecompany and not in the best interests of its majority shareholders,” said Sandeep Parekh,founder of Finsec Law Advisors and who was an executive director of Sebi. Cyrus Mistrywas the first chairman of Tata Sons in the history of the 148-year-old Tata Group who wasnot a chairman of Tata Trusts, mainly Sir Dorabji Tata Trust and Sir Ratan Tata Trust, whichholds 66% of Tata Sons. He didn’t have absolute power like his predecessor Ratan Tata,who was the chairman of both. REGULATION 3 Regulation 3 of the insider-trading rules specifies that unpublished price-sensitiveinformation should be shared strictly on a need-toknow basis and not communicated toothers who are not involved in the transaction irrespective of their position in the companyor their relationship with promoters and senior management. This rule was buttressed by Sebi in its October 3 order which pulled up PiramalEnterprises and its main promoters, Ajay and Swati Piramal, for disclosing unpublishedprice-sensitive information to their son Anand Piramal about a transaction. Anand,although a part of the promoter group, was neither a director nor an employee of thecompany. The Tata issue here is a little different. One of the reasons behind Mistry’s ouster wassupposed to be his reluctance to communicate early on to the Tata Sons board about TataPower’s decision to buy the renewable energy business of Welspun Renewables. TataSons was peeved that the communication was made to them after the approval of the dealby the Tata Power board and the signing of the shareholders agreement. They alsowanted a say in the decision as Tata Sons is a major shareholder in Tata Power. Theyadmitted, however, that Tata Sons board was informed about the decision to buy WelspunPower. Whether this requirement violates Sebi’s insider-trading rules remains to be seen Some

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Whether this requirement violates Sebi s insider-trading rules remains to be seen. Somecorporate lawyers, including Parekh of Finsec Advisors, think it does. “Sebi’s rules areclear that no insider should communicate, provide or allow access to unpublished price-sensitive information relating to a company to any person including other insiders,” saidSuhail Nathani, managing partner, Economic Laws Practice. “Confidential information pertaining to the deal revealed by the officials of Tata Power tothe board of Tata Sons violates provisions of the Companies Act as well as Sebi’s insider-trading regulations,” said Parekh.

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By , , ET Bureau | Apr 23, 2018, 07.17 AM IST

According to the Sebi note, after a

certain number of failed log-in

attempts, the customer’s account

should be ‘locked’ till fresh

authentication is completed.

gvia mobile applications

MUMBAI: Securities and Exchange Board of India (Sebi)has proposed biometric authentication for traders andinvestors when they access mobile applications to buy andsell stocks. Aimed at improving cyber security, this is part of a long listof recommended dos and don’ts compiled by the marketsregulator in a note recently shared with stock exchangesand brokers. “The draft note says that in case of applications installedon mobile devices such as smartphones and tablets, a

cryptographically secure biometric twofactor authentication mechanism may be used,” aperson familiar with the subject told ET. The proposal, if implemented, would require retail investors use touch ID-enabledsmartphones for trading and sharing biometric features like fingerprint or eye-scan toaccess their trading and demat accounts. Offered as an option to accountholders by someof the private sector banks, the mechanism involves the handheld device carrying out onestep of the authentication instead of the service provider. According to the Sebi note, after a certain number of failed log-in attempts, the customer’saccount should be ‘locked’ till fresh authentication is completed by sending an email or arandom one-time password to the customer. The paper asks brokers to ensure that no person by virtue of rank or position has any rightto access confidential data, applications, system resources or facilities. Further, theyshould formulate an internet access policy to monitor and regulate the use of internet andinternet-based services such as social media sites and cloud-based internet storage siteswithin a broker’s critical IT infrastructure.

Concerns for Small Brokers “For algorithmic trading facilities, adequate measures should be taken to isolate andsecure the perimeter and connectivity to the servers running algo trading applications,”said the note. Also, employees and outsources staff (such as employees of vendors or service providers)who may have authorised access to a broker’s critical system should be subject tostringent monitoring, says one of the recommenddations. “Sebi has sought comments from different people and will have to examine thepreparedness of brokers before implementing it. We have done categorisation. Theproposals will be implemented in phases,” said a regulatory official.

Sugata Ghosh Reena Zachariah

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Some of the recommendations in the draft note can be onerous for small brokers whooperate on waferthin margins and low-cost structure. “For instance, one of the suggestions is that off-the-shelf products being used for corebusiness functionality, such as back office applications, should bear Indian commoncriteria for evaluation assurance level 4. Any technology person will admit this is a verydemanding requirement as there are only one or two labs from where such certificationcan be obtained. The telecom department had attempted this in the past,” said abrokerage official. According to an industry person, keeping in mind smaller brokers who can’t afford the cost,the regulator may explore the possibility of one of the stock exchanges managing thesecurity setup for these entities. While the Sebi draft paper is a compilation of suggestions from an expert committee, it hasbeen circulated at a time when two well-known brokers serving retail and high networthinvestors faced cyber-attacks. One of the intermediaries informed clients about the breach involving unauthorised access



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gto customer information; in the other case, a virus found its way into a few back officeservers and PCs, and even though there was no data breach or trading interruption, thebrokerage concerned had to run some of the back office processes manually for a day ortwo till those servers were brought back online after a clean-up. The attack on stockbrokers follows malware attacks on some of the Indian banks andcredit card data bases over the past few years.

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Top NSE companies will have to take 336women on board

Rica Bhattacharyya

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Corporate governance experts see this

as a positive development in ensuring

gender diversity.

MUMBAI: Nearly 33% of the top 1,000 listed companies onthe National Stock Exchange will have to appoint a womanindependent director to meet new norms, following thedecision by the Securities and Exchange Board of India(Sebi) to accept the Uday Kotak committee’srecommendation on the matter. Prime Database data, shared exclusively with ET, showthat 336 of the top 1,000 NSE-listed entities by marketcapitalisation will have to appoint a woman independentdirector by April 1, 2020, while 155 of the top 500 will have

to do so by April 1, 2019. Corporate governance experts see this as a positive development in ensuring genderdiversity. “It is an important step forward to improve gender balance at the board level. Thisis likely to open up at least 100 more board positions for independent women directors inthe next 12 months,” said Arun Duggal, chairman of ICRA. “We now start to advocate for 2-2020, i.e., at least two women directors from 2020,” addedDuggal, cofounder of the Women on Corporate Boards mentorship programme, which hasproduced about 100 boardready women. Women from this programme are serving onabout 150 board positions.

In October, the Uday Kotak-led Sebi panel on corporate governance had recommendedthe inclusion of at least one “independent” woman director at all listed companies. OnWednesday, Sebi accepted many of its recommendations, some with modifications, whilerejecting others.

Sebi, in compliance with the Companies Act 2013, had previously made at least onewoman on a board compulsory from October 2014. Many companies picked a woman fromthe promoter family to meet the requirement. That’s led to a growing view that such adirector should be independent, so that observing the rule doesn’t become mere lipservice. “This will encourage companies to bring at least two women directors on boards ofcompanies. It can make the board atmosphere so much more positive,” said ShaileshHaribhakti, chairman of audit and accounting firm Haribhakti & Co. Corporate governanceexperts said there are enough qualified women to join boards, rejecting contentions to thecontrary.

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NSE Companies Sebi Kotak Panel Women Companies Act 2013

Also Read

‘ENOUGH BOARD-READY WOMEN' Naina Lal Kidwai, the chairman of the India Advisory Board of Advent International PrivateEquity, said: “Every guy who gets on to a board for the first time is also a first-timer. Butthat question is never asked.” There are enough board-ready women at senior levels incorporates but not enough companies are approaching them, said Kidwai. “Indian promoters are being extremely lazy in finding women for boards,” former Sebichairman M Damodaran said at a panel discussion on the issue at the ET Women’s Forumearlier in March. “In a country which has our kind of population, where we are talking aboutthe power of half a billion people, finding a few hundred women to be on boards can neverbe difficult.” There is a need to widen the search pool. Kidwai said senior professional women in toproles such as head of legal, HR, marketing, etc, who are ready to join boards, should belooked at.

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No independent woman director at 40% of NSE companies

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By , ET Bureau | Mar 18, 2018, 11.02 PM IST

RCom didn’t respond to an email

seeking comment until press time

Sunday.

-0.30 (-1.73%)…

Reliance Communications moves SupremeCourt for asset sale relief

MUMBAI: Reliance Communications has approached theSupreme Court seeking to remove a legal hurdle whichthreatens to stall its efforts to complete the sale of wirelessassets to Reliance Jio Infocomm and repay part of its Rs45,000 crore debt before the end of March. RCom moved the Supreme Court last week, after theBombay High Court dismissed its appeal against anarbitration tribunal ruling to bar the sale or transfer of itsassets without prior permission, people familiar with the

matter. While the company faces othercases and curbs on transactions of someassets, the arbitration tribunal’s order affectsthe entire Rs 25,000 crore deal with Jio thatis crucial for it to avoid landing in the

bankruptcy court. RCom didn’t respond to an email seeking comment until press time Sunday. The petition in the Supreme Court is a last ditch effort by RCom, as the company and twoof its units, Reliance Infratel and Reliance Telecom, race against time to complete the dealbefore the end of the fiscal year. It needs the money to repay 35 lenders, failing which theycould take it to the National Company Law Tribunal (NCLT) under the Insolvency &Bankruptcy Code. The Anil Ambani-led telco in late December struck a deal to sell most of its spectrum, fibre,towers and switching nodes to Jio, promoted by Anil’s elder brother Mukesh. But Swedish telecom equipment maker Ericsson, which is claiming Rs 1,012 crore ofarrears from RCom, got an arbitration tribunal order preventing the transfer of the telco’sassets till further orders. RCom approached the Bombay High Court against the tribunal’sorder, but its appeal was dismissed over a week ago.

RCom's stance in the case is that secured creditors, such as banks, rank above unsecuredvendors like equipment supplier like Ericsson in any debt resolution plan. After the highcourt dismissed its appeal, the company said it would take “necessary actions in the bestinterest of all the stakeholders”. The telecom company is in the midst of several other legal battles that have thrown aspanner in its efforts to sell assets. It is expected to shortly appeal at the NationalCompany Law Appellate Tribunal against an NCLT stay order on the sale of its towers andoptic fibre assets. The NCLT last week restrained Reliance Infratel from selling its towers and fibre to Jio forabout Rs 8,000 crore till further order. That order came on a petition by HSBC DaisyInvestments and some other minority shareholders — together holding just over 4% in thetower company — that their consent was not sought for the asset sale and, if allowed, itwould be an “oppression of a minority shareholder under section 397 and 398” as Reliance

Devina Sengupta

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Reliance Communications Bombay High Court Anil Ambani Ericsson

National Company Law Tribunal

would be an oppression of a minority shareholder under section 397 and 398 as RelianceInfratel would become defunct. RCom also faces a spate of other lawsuits on recovery of arrears. Last month, AmericanTower Company moved the Delhi High Court against the telco and subsidiary RelianceTelecom to get security for recovery of Rs 100.63 crore of dues. It claimed that carrier hadnot made payments for services provided to it from July to December last year. Last week,communications solutions provider Avaya India also moved the NCLT for recovery of Rs7.5 crore.

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By , , ET Bureau | Mar 12, 2018, 07.09 AM IST

SEBI seeks to cut retail F&O bets

MUMBAI: Investors may soon have to tailor their bets inequity derivatives to their income. The Securities and Exchange Board of India (Sebi) isplanning to link the extent of investors' exposure to futures

Rajesh Mascarenhas Reena Zachariah

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Any product sold to an investor should

be suitable to him,” said one of them.

and options to what they earn, said three people familiarwith the development. The move is aimed at preventingindividuals from taking unaffordable positions in riskyinstruments but market participants fret about the impact ofsuch a move on derivatives volumes.

The capital market regulator wants to introduce the concept of product suitability forinvestors in India as prevalent in other developed markets, said one of the three peoplecited above. ‘SEBI TARGETING MANIPULATORS’ Any product sold to an investor should be suitable to him,” said one of them. “If it is notsuitable, why should an investor invest in it?” Derivatives, once described as weapons ofmass destruction by investor Warren Buffett, are considered a risky investment by some. Sebi has come across several instances of investors taking on exposure to derivatives inexcess of their declared income or share portfolios. Investors can bet on Nifty or stockfutures by making an initial deposit that’s a fraction of the value. Gains can be steep but socan losses if bets go wrong. In theory, losses for futures traders and options sellers areunlimited. “Sebi is targeting manipulators, not investors,” said one of the persons, who was part ofthe deliberations. Proprietary trades and individual investors contribute 43% and 26%,respectively, to the total volume of the equity derivatives trade in India. Options dominatetrading in the derivatives segment, accounting for 83.61% of the total.

Sebi data show about 14% of individual investors who contributed about 2.5% to the totalturnover of the equity derivatives segment didn’t trade in the cash segment. More than halfthe derivatives trading by individuals is contributed by those who have more than Rs 1crore exposure in the cash market. “Large number of individual investors are active in derivatives segment,” Sebi said in adiscussion paper in July last year. “Going by their trading pattern in cash segment, it isobserved that these investors may or may not have adequate financial capability towithstand risks posed by complex derivatives instruments. In the absence of productsuitability framework, this may not be in the interest of securities market.” RISKY BETS The ratio of turnover in equity derivatives to equity cash market in India is as high as 16%,second only to South Korea. The ratio is in single digits in most other markets--Hong Kongis at 7.23% and Euronext and Australia at around 2%. Retail investors in India bet on anotional value of $800 billion of stock futures in 2016, more than the value of stock futurestraded in all of Europe, Hong Kong and Singapore combined. Globally, market regulators are implementing parameters such as education as filters forinvestor suitability in risky instruments. However, such criteria are difficult to implement inIndia, Sebi feels. "We have a disclosure-based regime, one of which is KYC (know your customer). Basedon that disclosure, Sebi feels that an investor’s exposure should be proportionate to hiscapacity," said one of the people cited above. Income alone may not be the best criteria tojudge the suitability of an investor wanting to trade in derivatives, said critics of theproposal.

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