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Sebi halts operations of three online platforms selling unlisted bonds; orders probe
Economic Times
·
8m ago
Medial
The Securities and Exchange Board of India (Sebi) has ordered three online platforms, Altgraaf, Tap Invest, and Stable Investments, to halt their unlisted bond sales services due to concerns of fraud and non-compliance with regulatory norms. Sebi discovered that these platforms were facilitating the public sale of privately placed securities, bypassing the required regulations. They were also found to be giving the impression of regulatory compliance to their customers. Sebi will be conducting further investigations into the matter.
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Related News
Exclusive: BluSmart crisis likely to draw Sebi heat on unlisted bond market
Economic Times
·
3m ago
Medial
The BluSmart Mobility crisis, involving the sale of over Rs 100 crore in unlisted, unsecured bonds, has prompted potential regulatory scrutiny from SEBI over the unlisted bond market. The market predominantly facilitated by fintech platforms faces accusations of mis-selling high-risk products to investors. SEBI is expected to tighten norms and increase oversight, possibly imposing fines. This scrutiny aims to protect retail investors by limiting their exposure to such high-risk securities.
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Sebi warns public against unregistered platforms offering unlisted debt securities
Economic Times
·
8m ago
Medial
Investors are being warned against using unregistered online platforms that offer unlisted debt securities, according to India's markets regulator, SEBI. These platforms lack regulatory oversight, investor protection mechanisms, and grievance redress systems. SEBI notes that offering unlisted securities to more than 200 investors violates regulations. The regulator has issued an interim order against some of these platforms and urges investors to use only registered online bond platforms operated by authorized stockbrokers. Disputes arising from transactions on unregistered platforms will not be covered by SEBI or exchange grievance mechanisms.
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BluSmart bond holders may invoke immediate repayment provisions
Economic Times
·
3m ago
Medial
Investors in BluSmart Mobility's bonds are invoking 'Event of Default' provisions due to governance issues at the electric cab service. The company raised over Rs 100 crore through non-convertible debentures but delayed payments and potential defaults are worrying investors. Creditor concerns that BluSmart's fleet isn't proper collateral exacerbate the situation. With allegations of fund misuse and whistleblower complaints against affiliate Gensol Engineering, investors question the platforms selling these unlisted bonds despite existing red flags.
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Stable Money secures online bond platform licence from Sebi
Economic Times
·
1y ago
Medial
Bengaluru-based startup Stable Money has obtained a license from the Securities and Exchange Board of India (Sebi) to operate an online platform for selling company bonds. The Matrix Partners-backed company, previously focused on fixed deposits, aims to diversify investment options by introducing corporate bonds to its portfolio. The license enables Stable Money to offer a broader range of investment opportunities and allows retail investors access to the bond market. The startup had raised $5 million in its first equity funding round in August 2021.
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SEBI Bars 3 ‘Unregistered’ Online Platforms From Selling NCDs
Inc42
·
8m ago
Medial
SEBI is conducting an investigation to determine if three unregistered online platforms violated regulations by offering services without a license. The market regulator expressed concerns about the potential risks to the public if unauthorized platforms are allowed to operate without any oversight. According to SEBI rules, all Online-Based Portfolio Management Services (OBPPs) must be registered as stock brokers in the debt segment of recognized stock exchanges.
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Credit rating firms seek govt intervention over regulatory void on ₹1 L cr unlisted debt
Economic Times
·
1m ago
Medial
Credit rating firms in India are seeking the intervention of the corporate affairs and finance ministries due to regulatory ambiguities over rating unlisted securities worth over ₹1 lakh crore. The confusion arises because the Securities and Exchange Board of India (SEBI) regulates only listed securities, leaving a gap for unlisted debts, including company fixed deposits. Rating agencies need clarity on whether they can apply existing SEBI rules to unlisted securities.
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10,000 drivers stranded after BluSmart halts operations, seek dues
Inshorts
·
3m ago
Medial
Over 10,000 drivers are reportedly left without income or clarity about their employment status after ride-hailing startup BluSmart suspended its operations. Many drivers are waiting for their pending payments and weekly incentives, the Gig Workers Association (GigWA) said. BluSmart halted operations amid an ongoing SEBI probe into its key EV partner Gensol Engineering.
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BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues
Economic Times
·
3m ago
Medial
High net-worth individuals (HNIs) and retail investors face uncertainty over BluSmart Mobility bonds, sold via fintech platforms like Yubi, Centricity, and Klub, as BluSmart halts operations and struggles with cash flow issues. The electric cab-hailing company’s failure to secure $50 million in funding and an ongoing investigation by Sebi into Gensol Engineering compound repayment concerns for bondholders, who fear repayment delays and defaults despite reassurances from BluSmart's founder.
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Mystery 'Big Client' in SEBI's Ketan Parekh probe points to Tiger Global
YourStory
·
7m ago
Medial
The Securities and Exchange Board of India's (SEBI) investigation revealed that Tiger Global was the largest institutional investor selling PB Fintech shares on a day when traders allegedly had prior knowledge of a significant sale. SEBI claims former stockbroker Ketan Parekh's network profited from this information leaked by consultant Rohit Salgaocar. Tiger Global's funds sold 12.7 million shares on November 11, 2022, but there is no evidence linking them to any wrongdoing.
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Direct commerce grew to 15% of ecommerce market from 2-3% in 5 years, says Shiprocket CEO
Economic Times
·
1y ago
Medial
Direct commerce in India, which involves selling products online directly through brand websites and apps, has grown to account for 15% of the country's ecommerce market, according to Shiprocket CEO Saahil Goel. This is a significant increase from the 2-3% share it held five years ago. Shiprocket's report on online selling by micro, small, and medium enterprises (MSMEs) also revealed that a majority of orders (around 71%) originate from non-metro areas. The report further highlighted that the personal care category accounted for 27% of total orders in Q1 2024, followed by apparel and footwear at 20%. The share of discounted orders has also increased to 68%, indicating the reliance on promotional activities.
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