Mumbai, November 18
Concerned over large-scale discrepancies in mandatory disclosures by listed firms, SEBI today tightened its regulations in this regard and asked bourses to put in place a stronger mechanism with additional manpower to monitor adequacy and accuracy of such disclosures.

The companies would also have to provide the details of their promoters, directors and/or key management personnel who would be held responsible for ensuring compliance with the disclosure norms, while stock exchanges have been asked to publish these details on their websites in case of defaults.

SEBI has also asked the stock exchanges to set up a separate monitoring cell with identified personnel to ensure compliance with the new norms.

The stock exchanges, which act as front-line regulator for listed companies, have also been asked to "keep themselves informed of the updates in various media, including print and mass media, with respect to a listed company." The bourses will scrutinise the disclosures and ensure that no important information has been omitted by the company.

It has been often found that key business developments first appear in media and later in company's regulatory filings.

Issuing detailed guidelines on corporate disclosures, which are governed by Listing Agreement signed by the listed firms with the stock exchanges, SEBI said the stock exchanges would take appropriate actions, including levying of fine on the companies, in case of non-compliance.

The bourses would also submit to SEBI an "Exception Report" in addition to the existing reporting requirements, with the details of companies which do not respond to the clarifications sought by them and/or where the response submitted by the company is not satisfactory.

While provisions in existing regulations also require listed companies to file disclosure reports with stock exchanges about every key information and developments, the new norms have been put in place for more effective implementation and compliance at the end of stock exchanges as well as the companies.

"Concerns have been raised that even though listed companies make disclosures to stock exchanges within the time frame stipulated under the Listing Agreement; the contents of the disclosures made by such companies are not adequate and accurate. Therefore, investors are unable to take informed investment decisions based on such disclosures," SEBI said.

Hundreds of companies have been found to have failed in making adequate and accurate disclosures even in routine filings like financial results, shareholding patterns and corporate governance reports. — PTI

New Delhi, November 18
Reflecting its commitment to help Afghanistan stand on its feet, New Delhi is hosting a three-day international conference on ‘Doing Business with Afghanistan’ and an exhibition of Afghan products which got under way today.

“We have an open arms approach to Afghanistan, our destinies are inter-linked,” External Affairs Minister Salman Khurshid said while inaugurating the event today. He said India, which has invested $2 billion in Afghanistan, has no exit policy with regard to Afghanistan and would stay there as long as it was needed.

Afghanistan Finance Minister Hazrat Omar Zakhilwal dismissed ‘doomsday predictions’ about his country’s future after the withdrawal by international troops in 2014 as totally flawed.

“Afghanistan in 2014 and beyond will be more stable, unified and prosperous,” he said, adding one should not compare his country with what it was 10 years ago.

The three-day event includes a high-level interactive ministerial segment, panel discussions on sector-specific issues covering mining, energy, agriculture and food processing, infrastructure, logistics and select services.

Organised by industry body Ficci with the support of both the Indian and Afghan governments, the conference is being attended by ministers, senior government officials, business leaders and academicians.

Representatives of international development and financial institutions and global business associations from 19 countries, are attending the conference. Alongside the conference, an exhibition of made-in-Afghanistan products and structured business-to-business meetings is also being held.

New Delhi, November 18
PowerGrid Corporation has filed papers with the RoC for its follow-on public offer through which it hopes to raise over Rs 5,700 crore.

"Power Grid Corporation has filed the red herring prospectus with the Registrar of Companies (RoC) in connection with the follow-on public offer (FPO) of 787,053,309 equity shares of Rs 10 each of the company constituting 17% of its existing paid-up capital," the company said in a regulatory filing to stock exchanges.

The follow-on public offer constitutes fresh issue of 601,864,295 equity shares or 13 per cent of existing paid-up capital and simultaneous disinvestment by government of 185,189,014 equity shares or 4% of existing paid-up capital.

The company is expected to raise over Rs 5,700 crore as per current market valuations. — PTI

New Delhi, November 18
In another senior-level exit at Infosys, Stephen R Pratt, the firm's Head of Utilities and Resources for North America, has quit the firm.

Infosys Americas Regional Head (Energy and Services) Alexandre Elvis Rodrigues will replace him.

Pratt, who joined the firm in 2004, has left the company to start his own entrepreneurial venture.

"Infosys North America Head of Utilities and Resources Stephen (Steve) R Pratt has decided to leave the company. His last day with Infosys will be January 31, 2014," Infosys said.

Pratt has been an integral part of Infosys since 2004 and has played a key role in strengthening its consulting practice, it added.

"Infosys Americas Regional Head (Energy and Services) Alexandre Elvis Rodrigues will take over from Pratt," the Bangalore-based company said.

According to a person in know of the development, Pratt has left Infosys to start his own entrepreneurial venture in management transformation.

Infosys — India's second largest software services exporter — has been witnessing an exodus of its senior-level executives in the past few months.

Earlier in September, Infosys' Head BPO sales Australia Kartik Jayaraman and BPO Head Latin America Humberto Andrade quit the company.

In August, Ashok Vemuri who was heading the company's operations in the Americas put in his papers. Infosys’ vice-president and financial services head for the Americas Sudhir Chaturvedi also resigned in the same month. — PTI

New Delhi, November 18
Buoyed by global cues, the BSE Sensex today surged 451.32 points -- its biggest jump in a month -- as markets across the world resumed their risk on trade, as fears of an early taper in the US receded and China announced new economic reforms. Equities passed on their optimism to currencies also and the rupee ended firmer by 70 paisa to close at 62.41 to the dollar.

The vexed question of the tapering of the monetary stimulus by the US Federal Reserve has been moving emerging markets up and down in the last few months. The liquidity created by the quantitative easing in the US is the prime driver of markets and other asset classes. Markets go down when the fear of the taper or liquidity drying up surfaces and go up when it recedes.

Harsha Upadhyaya, Chief Investment Officer (Equity), Kotak Mutual Fund said, “While quantitative easing (QE) is an eventuality, recent comments from incoming US Federal Reserve Chairperson indicating that the stimulus needs to continue longer has receded fears of an early taper in light of stronger than anticipated data last week. This has once again led to positive sentiments in the markets, especially emerging markets.”

In the Indian markets also, this factor is crucial as the foreign funds or FIIs are the main driver of market movement in the absence of any substantive local participation. The rally today was broad based led by capital goods and banks. HDFC Bank and Larsen & Toubro led gainers on the Sensex which included ITC and Reliance Industries.

Asian markets like Hong Kong and Shanghai traded higher after China's government said it would carry out broad economic reforms.

Leading FII, Macquarie said the market had more steam left. “The market has consolidated well and with positive quarterly results and a re-assuring statement from US Fed, are now well positioned to gain. State elections and RBI monetary policy are big events due in December, but it’s too early to get nervous,” a report said.

Jet promoter company sells 7.89% stake
Mumbai: Tail Winds, a promoter entity of Jet Airways, on Monday offloaded 7.89% stake for over Rs 211 crore in the open market, as Naresh Goyal-led Indian carrier gears up to complete the 24% stake sale to Etihad. Tail Winds sold 68,15,843 shares at an average price of Rs 310.15 apiece. — PTI

NTPC scraps Rs 700-cr order with Italian firm
New Delhi: NTPC has terminated its Rs 700 cr contract with the Italian firm Ansaldo, a group company of Finmeccanica, parent company of AgustaWestland, which is facing probe in the Rs 3,600-crore helicopter deal with India, for sourcing turbines for its plant at Dadri. As per sources, NTPC doesn’t want to get into any controversy and has therefore decided to annul the contract. — PTI

Google, HP halt sales of Chromebook 11
New York: Google and PC maker Hewlett-Packard have paused sales of Chromebook 11 due to reports of some chargers getting damaged due to overheating. — PTI