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Sebi disposes of proceedings against Bharti Airtel, Sunil Mittal, 2 others

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NEW DELHI:Markets regulator Sebi on Thursday disposed of proceedings against four entities including Bharti Telecom Ltd and Sunil Bharti Mittal, in a matter related to alleged violation of insider trading norms while dealing in Bharti Airtel’s scrip.

The order follows an investigation conducted by Sebi in respect of trading of certain entities in the scrip of Bharti Airtel Ltd to ascertain alleged violation of the Prohibition of Insider Trading (PIT) norms.

During the period of investigation, Sunil Bharti Mittal was chairman of Bharti Airtel, Gopal Vittal was its director, Rohit Krishan Pal was the compliance officer and Bharti Telecom was the promoter.

On October 2017, Bharti Airtel in a regulatory filing announced the proposed acquisition of the consumer mobile business of Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd.

The information pertained to the acquisition was alleged to be an unpublished price-sensitive information (UPSI).

It was alleged that a transaction took place between Bharti Telecom and Gopal Vittal during the UPSI period as Vittal had sold 1.21 lakh shares of the company to Bharti Telecom on August 10, 2017 by way of a block deal.

As per the code of conduct of the firm, a pre-clearance of trades was needed from the compliance officer since the number of shares involved in the trade exceeded 50,000 scrips, to be approved in consultation with the company’s chairman.

The showcause notice levelled allegation that the compliance officer, Rohit Krishan Puri, and Bharti Airtel Chairman Sunil Bharti Mittal, by giving pre-clearance to trades to Vittal during the UPSI period violated the provisions of code of conduct under PIT regulations.

However, Sebi concluded that the information regarding the proposed acquisition was a publicly available information and the same cannot be treated as UPSI.

The information had actually become public first on July 7, 2017, and thereafter it continued to remain in circulation in public domain. Further, the application for pre-clearance of the trade was made on August 7, 2017, which was well after the UPSI period i.e. June 3, 2017, to July 7, 2017.

“The trade done by the Noticees 1 and 2 on August 10, 2017, do not fall under the UPSI period,” Sebi said.

Noticee 1 and 2 refer to Gopal Vittal and Bharti Telecom, respectively.

Vittal, being in possession of UPSI, which is a positive development, should have been holding the shares and sell the same subsequent to publication of the said information. However, he sold the share much before the alleged UPSI was made public by the company, Sebi said.

It added that therefore, the trading pattern of Gopal Vittal at the time of selling of shares to Bharti Telecom does not confirm with the UPSI, as he does not seem to have made any kind of profit or avoided any loss out of the sale of shares.

The continuous acquisition of shares of Bharti Airtel by Bharti Telecom in the past three years and no corresponding sale of shares subsequent to the publication of the price-sensitive information, do not fit in the trading pattern of an entity that would try to gain benefit out of an UPSI, it added.

Regarding Rohit Krishan Puri, Sebi noted that the pre-clearance was sought fromhim by Vittal along with the declaration that he was not in possession of UPSI.

As an additional measure of caution, Puri also discussed the same with Sunil Bharti Mittal before granting pre-clearance.

Sebi noted that “enough precautions” had been taken by him.

“Further, it is seen that no responsibility is mentioned of the chairman of a company under…model code of conduct. Therefore, Noticee 4 cannot be held liable for the violation … of model code of conduct,” Sebi said regarding Sunil Bharti Mittal.

Therefore, Sebi disposed of the charges leveled against Bharti Telecom, Sunil Bharti Mittal, Gopal Vittal and Rohit Krishan Puri.

Source: IANS

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63 moons to provide next-gen tech to Italian firm; eyes pan-European markets

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NEW DELHI: 63 moons technologies, formerly known as Financial Technologies, on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets.

In addition, 63 moons said it will evaluate global giants in cloud computing services like Amazon’s AWS, Microsoft’s Azure and Google cloud for deploying the technology, the provider of technology solutions to financial markets said in a regulatory filing to the BSE.

63 moons provides next-generation technology ventures and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.

The announcement comes a day after 63 moons said that it will not provide technology support to Multi Commodity Exchange (MCX) after September 30.

As per the filing, Spuma SRL will leverage 63 moons’ expertise on real-time mission critical solutions, using the latest technology suite.

The company will be offering a SaaS (Software-as-a-Service) model with earnings by way of share in revenue by transaction charges and services earned by the digital ecosystem, which is its innovative model for high-growth IP monetization similar to Indian exchanges.

The company said it “would back and boost Italy-based Spuma SRL, with its next generation technology capabilities and solutions to create a digital market ecosystem for revitalised goods in the pan-Europe multi-million euro project and offering efficient and high value procurement and exchange proficiencies of revitalised goods”.

Spuma SRL will be offering these services initially from Italy, followed by extending to all the European Union countries and users of the platform.

63 moons would be offering technology support for the production, installation, and maintenance of the software application for the entire project, while the remaining operational functions will be carried out by Spuma SRL.

Source: Press Trust of India

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Realme DIZO partners OEL to make smartwatches, audio wearables in India

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NEW DELHI: Smart devices maker Realme DIZO has partnered with electronic manufacturing services company Optiemus Electronics Limited to manufacture smartwatches and audio wearables in India.

DIZO is a global technology brand and already has its presence in several other countries. However, India is the most important market for the brand, the company said in a statement.

“We have been talking about local manufacturing since the beginning and today, this dream is realised too and we are very excited about the future. Our alliance with Optiemus Electronics Limited (OEL) only supports our commitment towards India and Indian consumers.

“We are positive that through this partnership, we will be able to bridge the gap of making more futuristic AIoT (Artificial intelligence of things) and lifestyle products for the growing consumer needs,” DIZO India CEO Abhilash Panda said.

The brand has already started manufacturing some of its products, including DIZO Watch D, here in India and will eventually move to production of the other DIZO products – existing and upcoming ones in phases.

“From selling out products within minutes of the first sale to touching 1 million consumer base in just 5 months of inception to being rated as one of the top five smartwatch brands and fastest growing brands in audio wearables, our journey has been nothing less than a dream come true,” Panda said.

Since its inception, DIZO has launched over 30 products, including smartwatches, earbuds, neckbands, beard trimmers, hair dryers, feature phones and smartphone accessories.

In terms of product categories, DIZO will focus on entering into smart entertainment, smart home, smart care, and accessories for its consumers, the statement said.

Source: Press Trust of India

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Singtel arm sells 1.59% stake in Bharti Airtel for Rs 7,261 crore

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NEW DELHI: Pastel Ltd, an entity of Singtel, on Thursday divested 1.59 per cent stake in Bharti Airtel for Rs 7,261 crore through an open market transaction.

The stake has been picked by Bharti Airtel’s promoter Bharti Telecom Ltd, as per block deal data with the National Stock Exchange (NSE).

According to the data, Pastel offloaded 9,40,00,000 shares, amounting to 1.59 per cent stake in the company.

The shares were disposed of at an average price of Rs 772.5 apiece, taking the transaction value to Rs 7,261.50 crore.

Pastel Ltd is a unit of Singapore Telecommunications Ltd (Singtel).

Post this transaction, Pastel’s shareholding in Bharti Airtel will decrease to 10.62 per cent from 12.21 per cent.

At the end of the June quarter, Pastel held 13.84 per cent stake in the firm, shareholding data with the bourse showed.

Bharti Group Chairman Sunil Bharti Mittal’s family and Singtel are co-investors in Bharti Telecom Ltd (BTL).

In early September, Singtel entities had jointly sold a 1.76 per cent stake in Bharti Airtel for about Rs 7,128 crore, while its co-promoter Bharti Telecom Ltd bought 1.63 per cent stake from Pastel for Rs 6,602 crore.

Last month, Singtel announced that its affiliates have entered into an agreement to transfer approximately 3.33 per cent stake to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars (SGD), leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent, respectively.

Bharti Telecom at present holds 35.85 per cent stake in the country’s second-largest telecom service provider Bharti Airtel.

Source: Press Trust of India

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