Markets | Sebi suspends 578 brokers from trading

Markets | Sebi suspends 578 brokers from trading
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First Published: Fri, Aug 14 2009. 01 15 AM IST
Updated: Fri, Aug 14 2009. 04 05 PM IST
Mumbai: Markets regulator Securities and Exchange Board of India, or Sebi, on Thursday said it has suspended registration certificates of at least 578 stockbrokers with various exchanges for six months for defaulting on registration fees. The order, effective 1 September, was passed by Sebi’s whole-time member M.S. Sahoo on 10 August. The order is the culmination of a series of summary proceedings initiated against 2,296 brokers in August 2005 to investigate brokers who had failed to pay the fees. The investigations are continuing.
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IndusInd Bank raises $100 million through QIP
Mumbai: IndusInd Bank Ltd on Thursday said it has successfully concluded its first Qualified Institutional Placement (QIP) offering of $100 million. The issue opened 11 August, 2009 and was oversubscribed.
The price has been fixed at Rs87.50 per share of face value of Rs10 each for the offering. The $100 million raised is 13.39 % of the bank’s post-offer equity capital. The total share capital will increase to Rs410 crore while the capital adequacy ratio (CAR) has risen to at least 15%. The bank’s net worth is now at least Rs2,000 crore.
“This QIP offering has made the Bank well capitalised and it will now meet our growth aspirations,” said Romesh Sobti, the bank’s managing director & chief executive officer.
— Staff Writer
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First Published: Fri, Aug 14 2009. 01 15 AM IST