Can institutional investors restrain earnings management activities in weak investor protection countries? The role of foreign and domestic institutional investors UGUR LEL* This draft: February 2013 Abstract This paper investigates the role that institutional investors play in restraining earnings management activities of firms under varying investor protection environments. Distinguishing between foreign and domestic institutional ownership in a sample of about 190‚000 firm-year observations
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set up by Government of India in 1988‚ it acquired statutory form in 1992 with SEBI Act 1992 Functions and Responsibilities SEBI has to be responsive to the needs of three groups‚which constitute the market: the issuers of securities the investors the market intermediaries. SEBI has three functions rolled into one body quasi-legislative‚ quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity‚ it conducts investigation and enforcement action in its executive
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Company Cases ➢ Comp L J: Company Law Journal ➢ FAQ: Frequently Asked Questions ➢ Ltd: Limited ➢ PA: Public Announcement ➢ PAC: Persons Acting in Concert. ➢ QB: Queens Bench ➢ Reg: Regulation ➢ Rs.: Rupees ➢ SEBI: Security and Exchange Board of India ➢ Sec: Section ➢ Spl.: Special ➢ UK: United Kingdom ➢ v: Versus Research Methodology This is to specify that the research methodology adopted throughout the project is doctrinal. Materials
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secondary market. The SEBI extends its oversight to 23 stock exchanges in the country and directs its efforts towards encouraging them to become more effective and efficient selfregulatory organisations. The measures taken by the SEBI in 1999-2000 in the secondary market are discussed below. Depositories and paperless trading and other related issues Dematerialisation of securities is one of the major steps for improving and modernizing market and enhancing the level of investor protection through elimination
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PUBLIC OFFER OF SECURITIES—AN ANALYSIS T.V. GANESHAN CS Introduction Section 67 of the Companies Act‚ 1956 contains the provisions wherein when an offer of shares or debentures to investors shall be construed as having been made to the public‚ meaning "public offering". According to the provisions‚ any offer of shares or debentures made to 50 persons or more will be considered a public offering‚ which will in turn require listing of the said shares or debentures on a recognised Stock Exchange
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competitive basis in public issues No provision. Contained in Chapter XIV and Omitted. Chapter XI A. Permitted. Omitted. (a) For Indian and multilateral (a) Omitted. development financial institutions‚ Indian mutual funds‚ foreign institutional investors and scheduled banks. (b) For shareholders of the (b) For shareholders (other than 6 7. promoters) in respect of listed promoting companies in promoting companies‚ in case the case of a new of a new issuer and listed group company and shareholders
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Anchor Investors Anchor investor is the investor who comes first to participate in any issue of securities by a Company. Any subscription by an anchor investor establishes a higher level of confidence in other investors. The general psychology is unless the company has one investor to invest‚ nobody wants to invest. The moment you have one investor‚ other would feel assured that others are amenable to invest and that builds a trusts about the company proposing to issue securities. Generally‚ an
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two members nominated by Central Government. About SEBI ESTABLISHMENT OF SEBI The Securities and Exchange Board of India was established on April 12‚ 1992 in accordance with the provisions of the Securities and Exchange Board of India Act‚ 1992. PREAMBLE The Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as "...to protect the interests of investors in securities and to promote the development of‚ and
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by Harshad Mehta (Mehta) Analysts unanimously felt that if more powers had been given to SEBI‚ the scam would not have happened. As a result‚ the Government of India (GoI) brought in a separate legislation by the name of ’SEBI Act 1992’ and conferred statutory powers to it. Since then‚ SEBI had introduced several stock market reforms. These reforms significantly transformed the face of Indian stock markets. SEBI introduced on-line trading and demat5 of shares which did away with the age-old paper-based
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range of financial services. A modern broking house in India may well be a corporate entity that offers a wide range of products‚ relies on research for advice‚ uses modern technology‚ has large distribution network connecting the country‚ provides investor education and awareness and is compliance focused. These developments have resulted in a huge spurt in business as also growing market share of the large sized brokerage houses that led to surge in enterprise value‚ thus becoming objects of interest
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