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Cos 'bound' to abide by disclosures, says Sebi

Market regulator Sebi said on Thursday that a company is "legally bound" to abide by the disclosures made in its prospectus for allotment of shares to investors. "A prospectus is a document with legal validity and the company is legally bound to abide by the disclosures made therein," Sebi said. This was in response to a query that sought regulator's opinion regarding lock-in requirements for alloted shares as stated in the company's prospectus. According to Sebi, the disclosure in the prospectus on allotment of shares, has enforceability as in case of a contract.

Outflows rise to $2 bn amid subdued sales: Man Group

Man Group, the world's biggest publicly traded hedge-fund manager, said outflows increased 57% in the third quarter amid an environment for sales chief executive officer Peter Clarke called "subdued". Clients pulled a net $2.2 billion from the firm, up from $1.4 billion in the second quarter, the London-based firm said in a statement on Thursday. Customers redeemed $5.2 billion from Man Group's investment funds, compared with $3 billion of sales. The stock fell as much as 8.1 percent in London trading, the biggest intraday drop in five months.

MCA finds inaccuracies in cos' financial disclosures

The ministry of corporate affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL. Concerned over the inaccuracies, that were noticed during a random scrutiny, the ministry has flagged the issue with representative bodies of chartered accountants, cost accountants and company secretaries. To ensure better transparency, the companies are now required to furnish financial statements in the eXtensible Business Reporting Language (XBRL) format, replacing the PDF format.

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