SEBI fines broker firms for irregularities
Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs50 lakh and Rs10 lakh on Indore-based Coverage and Consultants and Madhya Pradesh Stock Exchange member Sunil Biyani respectively for indulging in market irregularities.

SEBI has put a penalty of Rs50 lakh on Coverage and Consultants, for its failure to furnish details, regarding its role in dealings in shares of Top Telemedia and Top Media Entertainment in 2000. It asked Bhavar Joshi, director of the firm to appear before its investigating officer with details of transactions performed by it during June to December 2000.

Despite this the firm failed to submit it despite repeated summons from SEBI.

The firm has been asked to pay the penalty amount within period of 45 days.

In another order, Sebi has imposed a penalty of Rs10 lakh each on Madhya Pradesh Stock Exchange member Sunil Biyani and Sunil Shares and Stock Broker for their role in manipulation of scrip Kwality Dairy India during 2003.

The market regulator, in an order issued today, found Sunil Biyani and the firm indulging in fraudulent and unfair trade practices, while dealing in KDIL scrip, which went up to Rs11.25 in June 2003 from Rs3.05 in April that year.
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Tata Sons hikes stake in Tata Chem to 15.28 pc
Mumbai: Tata Sons has hiked its stake in its group company Tata Chemicals Ltd by 2.97 per cent stake through open market purchases, taking its total stake in the company to 15.28 per cent.
Tata Sons acquired 64 lakh equity shares aggregating to 2.97 per cent of the total paid up capital of Tata Chemicals during August 30 to September 12.

Recently, Tata Sons had increased its stake in Videsh Sanchar Nigam Ltd by 2 per cent to 7.64 per cent through open market purchases, thus taking the promoter group's consolidated equity stake in VSNL to about 49 per cent.
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Satyam promoters corporatise shareholdings
Mumbai: Satyam Computer Services' promoters have corporatised their shareholdings by transferring their stakes into a holding company. The 8.5 per cent shareholding held by B Rama Raju, B Ramalinga Raju, B Nandini Raju, B Radha Raju, in their individual capacities, has been transferred to a holding company controlled by them, Satyam informed the BSE.

There would no change in the effective shareholding of the core promoters in the company due to this structuring. This structuring was undertaken in order to corporatise the existing shareholding of the core promoters, the company said.

This transfer was executed through a block trade over the stock exchanges. Shares of the company were trading at Rs816.80, up 1.75 per cent at the BSE.
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