Latest news with #PSUs
Economic Times
10 hours ago
- Business
- Economic Times
Sebi proposes 5-point AI rulebook for securities market. Check details
Securities and Exchange Board of India (Sebi) is considering preparing guidelines for the responsible usage of Artificial Intelligence or Machine Learning in securities markets. The market regulator on Friday released a consultation paper seeking public feedback on five broad-based guiding principles that could be part of the regulatory framework. ADVERTISEMENT With AI/ML use growing across exchanges, brokers, and mutual funds, Sebi aims to strike a balance between innovation and regulation. The proposed framework covers governance, data security, bias prevention, investor protection, and risk controls. The last date to send comments/suggestions is July 11. Earlier, Sebi constituted a working group to study Indian, global best practices in AI/ML, mandating it to prepare guidelines for the usage of AI/ML applications. The working group was also tasked with providing recommendations to address concerns and issues related to the use of AI/ML applications. Also Read: Sebi eases delisting norms for PSUs with over 90% government holding Market participants must set up internal teams with the technical expertise to monitor AI/ML models, document model development, and handle exceptions. Senior management will be held accountable for the entire AI lifecycle, including oversight of third-party vendors. ADVERTISEMENT If AI/ML tools directly impact investors—like in algo trading or advisory services—firms must clearly disclose their use, including model purpose, risks, accuracy, and limitations. Language must be simple and proposes rigorous model testing in simulated environments before live deployment, and ongoing monitoring thereafter. Firms must retain data logs and documentation for a minimum of five years to ensure explainability and traceability. ADVERTISEMENT To prevent discrimination, Sebi suggests using diverse, high-quality datasets and training staff to identify bias. Companies must follow strong data governance, privacy, and cybersecurity protocols. ADVERTISEMENT Also Read: Sebi board meeting: Regulator approves PSU delisting, IPO reforms, dematerialisation of Securities. 10 key takeawaysSebi has suggested a lighter regulatory approach for internal-use models (e.g., surveillance), while models affecting clients would face stricter controls. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
10 hours ago
- Business
- Time of India
Sebi proposes 5-point AI rulebook for securities market. Check details
Sebi has released a consultation paper proposing a 5-point regulatory framework for the responsible use of AI and ML in India's securities markets. The guidelines focus on governance, transparency, fairness, data security, and risk controls, aiming to balance innovation with investor protection. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Here are 5 guiding principles: 1) Model governance 2) Mandatory disclosure 3) Robust testing & monitoring norms 4) Fairness and bias 5) Data security Securities and Exchange Board of India (Sebi) is considering preparing guidelines for the responsible usage of Artificial Intelligence or Machine Learning in securities markets. The market regulator on Friday released a consultation paper seeking public feedback on five broad-based guiding principles that could be part of the regulatory AI/ML use growing across exchanges, brokers, and mutual funds, Sebi aims to strike a balance between innovation and regulation. The proposed framework covers governance, data security, bias prevention, investor protection, and risk last date to send comments/suggestions is July Sebi constituted a working group to study Indian, global best practices in AI/ML, mandating it to prepare guidelines for the usage of AI/ML applications. The working group was also tasked with providing recommendations to address concerns and issues related to the use of AI/ML Read: Sebi eases delisting norms for PSUs with over 90% government holding Market participants must set up internal teams with the technical expertise to monitor AI/ML models, document model development, and handle exceptions. Senior management will be held accountable for the entire AI lifecycle, including oversight of third-party AI/ML tools directly impact investors—like in algo trading or advisory services—firms must clearly disclose their use, including model purpose, risks, accuracy, and limitations. Language must be simple and proposes rigorous model testing in simulated environments before live deployment, and ongoing monitoring thereafter. Firms must retain data logs and documentation for a minimum of five years to ensure explainability and prevent discrimination, Sebi suggests using diverse, high-quality datasets and training staff to identify must follow strong data governance, privacy, and cybersecurity Read: Sebi board meeting: Regulator approves PSU delisting, IPO reforms, dematerialisation of Securities. 10 key takeaways Sebi has suggested a lighter regulatory approach for internal-use models (e.g., surveillance), while models affecting clients would face stricter controls.
Indian Express
11 hours ago
- General
- Indian Express
UPSC CSE Result: How will Pratibha Setu help not-recommended candidates shine beyond UPSC?
The Union Public Service Commission (UPSC) has recently introduced the Pratibha Setu feature, aimed at opening up new opportunities for civil services aspirants who reach the final interview stage but do not make it to the final merit list. UPSC CSE Results 2024: Women ahead in civil services exam; know toppers The initiative, launched as part of the Civil Services Examination (CSE) 2023 result process, enables verified employers — ranging from government ministries and public sector undertakings (PSUs) to autonomous bodies and private organisations — to access the profiles of such non-recommended yet qualified candidates. The initiative is designed to facilitate alternate career pathways by connecting these aspirants with organisations seeking top-tier talent. While Pratibha Setu may appear new, it is a rebranded and upgraded version of the Public Disclosure Scheme (PDS), which has been in operation since August 2018. The scheme was originally launched following a decision by the Department of Personnel and Training (DoPT), under which UPSC began publicly sharing the biodata of non-recommended but willing candidates. These were individuals who had cleared the written stages and appeared for the personality test in various UPSC examinations but were not recommended in the final selection. The earliest such disclosure under the PDS was done for the Combined Medical Services Examination 2017. UPSC Civil Services 2024: How much topper Shakti Dubey score? Comparison with last year's rankers Over time, the scheme expanded to include candidates from multiple examinations such as the Civil Services, Indian Forest Service, Engineering Services, Central Armed Police Forces (ACs), Combined Geo-Scientist, CDS, IES/ISS, and Combined Medical Services Examinations. Pratibha Setu serves as a structured digital platform through which over 10,000 non-recommended candidates, who have successfully cleared all stages of the UPSC examinations but did not secure a final spot, can be considered for other professional opportunities. These individuals represent a pool of highly skilled, rigorously tested talent who have already demonstrated competence across UPSC's demanding selection stages. To facilitate this, the Commission now provides Login IDs to registered organisations which can be government or private, enabling them to access the talent pool for potential hiring. Private companies can register themselves using their Corporate Identification Number (CIN), which is verified via the Ministry of Corporate Affairs (MCA) portal. The new portal includes a simplified dashboard with features such as wish-listing, shortlisting, and a selection/rejection interface, allowing employers to navigate the process seamlessly. Each candidate's biodata, including educational background and contact information, is made available in soft copy format to help in the selection process. The transformation of PDS into Pratibha Setu makes the platform more accessible and tech-enabled. It aims to build a 'bridge for hiring aspirants', as its name suggests—Professional Resource And Talent Integration – Bridge for Hiring Aspirants. UPSC CSE 2024 Toppers: After failing in his first attempt, Delhi's Aakash Garg gets AIR 5 The portal is being showcased as a first-of-its-kind initiative that allows various organisations to tap into the exceptional talent emerging from India's most competitive examinations. In doing so, Pratibha Setu not only offers a second gateway for UPSC aspirants but also helps ensure that their years of preparation and demonstrated capabilities do not go unnoticed. It is important to note that some examinations are excluded from this scheme. These include the National Defence Academy and Naval Academy (NDA and NA) Examination and Limited Departmental Competitive Examinations (LDCEs) such as CBI(DSP) LDCE, CISF AC(EXE) LDCE, and S.O./Steno (GE-B/GD-I) LDCE.
The Print
2 days ago
- Business
- The Print
Sebi to introduce special measures to facilitate voluntary delisting of certain PSUs
Under current rules, delisting is successful if promoter shareholding reaches 90 per cent. Moreover, the floor price for delisting is calculated using several pricing metrics such as 60-day average price and highest price in the last 26 weeks. Among the measures include relaxations from requirement of two-third threshold for approving delisting by public shareholders and in the mode of computation of floor price. Mumbai, Jun 18 (PTI) Markets regulator Sebi on Wednesday decided to introduce special measures to facilitate voluntary delisting of public sector undertakings, where the government owns 90 per cent or more of shares. These rules can make delisting costly for PSUs due to high market prices despite low book values or weak financials. 'In certain Public Sector Undertakings (PSUs) with minimal public float, the shares are traded frequently at prices which are not commensurate with operations, net worth, profitability and other financial parameters of the company. If such PSUs are to undertake delisting, the current norm of 60 days' volume weighted average market price makes it financially burdensome to delist such companies,' Sebi said after the conclusion of its board meeting. In view of these drawbacks and to facilitate delisting of such PSUs, the board approved amendment to Sebi (Delisting of Equity Shares) norms for introduction of a special measures for PSUs (other than banks, non-banking financial companies (NBFCs) and insurance companies). Those under the ambit of any financial sector regulator are to undertake voluntary delisting through fixed price delisting process when the shareholding of the Government of India as a promoter equals or exceeds 90 per cent. Further, these PSUs can delist without meeting minimum public shareholding norms. Moreover, delisting can happen at a fixed price — at least 15 per cent premium over the floor price — regardless of trading frequency. The regulator decided to abolish the requirement for two-thirds public shareholder approval in cases where the promoter plus PSU holding is already 90 per cent. Regarding handling unclaimed money, Sebi said that such money should be transferred to the stock exchange for 7 years and then moved to the Investor Education and Protection Fund (IEPF) or the regulator's IPEF. Further, investors can claim the amount during this period. PTI AA SP HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
2 days ago
- Business
- Time of India
Captains of Startup Inc to Retain Esops Post-IPO
The board of India's capital markets regulator on Wednesday cleared a raft of measures to enable ease of doing business, including allowing startup founders to continue holding employee stock options (Esops) even after listing, extending co-investment opportunities to alternative investment funds, and permitting voluntary delisting of public sector companies. Currently, rules require founders to be classified as promoters at the time of filing of initial public offering (IPO) documents. However, once listed as promoters, they are ineligible to hold or be granted share-based benefits. If they hold Esops at the time of filing of offer documents, they are required to liquidate such benefits before the IPO. 'This provision has been found to be impacting founders,' Sebi chairman Tuhin Kanta Pandey said. They are 'classified as promoters at time of filing of DRHP (draft red herring prospectus),' Pandey said. The regulator said the new rule would facilitate founders who received such benefits at least one year prior to the filing of DRHP with Sebi, to continue to hold such benefits. It also eased norms for foreign funds investing in government securities. This comes at a time when several global index providers have included local sovereign debt in their respective bond indices, such as JP Morgan Global EM Bond Index, Bloomberg EM Local Currency Government Index and FTSE Russell Emerging Markets Government Bond Index. Sebi has harmonised KYC (know your client) requirements with the central bank norms. Meanwhile, Sebi also clarified that no new Esops could be issued to promoters after the company is listed. The regulator has also approved tweaking of rules on offer for sale. It said equity shares received upon conversion of fully paid-up compulsorily convertible securities received pursuant to an approved scheme would be exempted from the requirement of a minimum public holding period of one year. At present, this exemption is allowed only for equity shares acquired pursuant to an approved scheme. 'This will assist the companies contemplating reverse flipping,' the Sebi chief said. The Sebi board also approved the proposal to allow public sector companies (PSUs) to voluntarily delist from stock exchanges through a separate carve-out mechanism—provided the government holds more than 90% stake. There are five listed PSUs where government holding equals or exceeds 90%. This new rule would not be applicable to banks, non-banking financial companies and insurance companies. Currently, delisting is considered successful if the promoter's shareholding, along with shares tendered by public shareholders, reaches 90%. Under the proposed mechanism, PSUs could go private through a fixed-price delisting process, irrespective of whether their shares are frequently or infrequently traded. However, the fixed delisting price would need to be at least 15% premium over the floor price. The regulator has also relaxed the requirement of securing approval from two-thirds of public shareholders for delisting proposals. The Sebi board also approved the proposal to permit AIFs and investors to co-invest in unlisted companies through AIFs. The new norms will allow both higher fund flows and limit regulations, experts said.
