The Financial Industry Regulatory Authority has fined Citigroup $650,000 for violation of disclosure and supervisory norms involving a stock borrow programme.
2nd time within a few days RIL has hit the forex debt market.
Billionaire Mukesh Ambani's Reliance Industries Ltd has sold its stake in the shale gas asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said on Thursday.
Citigroup, apart from grappling with the write-offs and losses in its consumer banking business in the US, will also have to get its act right in other markets as well, particularly, India and Mexico.
Foreign money has been pouring into India's fast-growing e-commerce sector, with investors ranging from Japan's Softbank Corp to Singapore's Temasek Holdings.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
According to a study by the brokerage division of global financial services major Citigroup, promoter holding went up to 58 per cent in the BSE-500 companies in the second quarter this fiscal from 54 per cent in the previous three-month period. In contrast, FIIs, mutual funds, banks, insurance companies and retail investors cut down their holdings.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
Markets extended gains led by financials and capital goods shares coupled with a rebound in IT shares.
Coffee Day Enterprises Ltd is backed by KKR & Co.
Wrist bands range from leather and stainless steel to sports models in hues from pink to blue.
Satya Nadella is the highest-paid CEO in the US. So how do the other Indian-American executives fare?
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