"Following preliminary investigations, FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. FSA will be liaising closely with SEC in this review," FSA said in a statement today. No further details were provided.
US market regulator Securities and Exchange Commission has charged Countrywide Financial founder Angelo Mozilo and two former executives with securities fraud. Mozilo, who is the former chief executive of financial services entity Countrywide along with David Sambol and Eric Sieracki, have been charged with fraud for misleading investors about the significant credit risk taken by the company.
The appointments committee of the Cabinet headed by Prime Minister Narendra Modi cleared Bhalla's appointment as OSD in the ministry with immediate effect.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
To be sure that you are committing your money to the right person, you must ask these questions to your financial planner. There is no point in cribbing after you have committed your money! Is there?
The move indicates that Morgan Stanley would keep a watch on its risk-taking ability a year after the global financial meltdown.
The 1984-batch IRS officer was otherwise to remain in office till November 18, 2023, according to the notification issued by the government.
In a section entitled 'Sikh Extremism' the review goes into detail of how members of the British Sikh community expressed their growing concern over a small but extremely vocal group "hijacking" the Sikh faith to push a subversive pro-Khalistan narrative.
While Google has market capitalisation of almost $753 billion and Facebook commands one of $515 billion, it is the wealth of user data they have that one fears
Anyone endangering sovereignty or integrity of India may get a maximum punishment of life imprisonment while those involved in mob lynching and rape of minor may be given the maximum punishment of death sentence.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover, over alleged financial irregularities and cancelled ESOPs vested with her. Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter said. Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known/friendly parties, they added.
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
Corporate affairs ministry note for ministerial group says can't keep banking, telecom out of CCI purview as RBI, Trai enable but not regulate competition
Terming as "serious" the promise of "irrational freebies" made by political parties during elections, the Supreme Court on Tuesday wondered why the Centre was hesitant about taking a stand on the issue.
Responding to what is widely felt by the political establishment in Europe to be the "destabilising" role played by credit ratings agencies in the ongoing euro zone crisis, the European Commission unveiled measures to curb their power.
Banerjee slammed the opposition for a "malicious campaign" launched against her, asserting that she does not support corruption.
'This move rendered the chiefs of important investigative agencies to the status of daily wage earners. It undermined the autonomy and independence of the agencies.'
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
'It will be important strategically and geographically because there is no port in India which is as close to the international shipping route as Vizhinjam.'
"If there is a valid degree of Modi, why Gujarat University is not showing it," Kejriwal asked.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
These simple changes can add a significant thrust to your overall money management over time.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Imagine ten pallbearers and that one of them stumbles badly, and you get the picture of the risk inherent in slicing risk.
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
E-commerce major Amazon on Wednesday said it will acquire Prione Business Services - its joint venture firm with Catamaran, subject to requisite regulatory approvals. Prione Business Services was formed in 2014 and was coming up for renewal on May 19, 2022. In August this year, Amazon and NR Narayana Murthy's Catamaran announced that they will not continue their JV beyond May 2022. The two parties had not disclosed the reason behind the decision.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
Quick commerce startups hope to race towards better days. Can they crack the execution code?
Tata Group-owned AirAsia India, which is in the process of being merged with Air India Express, has taken short-term loans worth Rs 630 crore during the last six months to deal with cash crunch. AirAsia India has been making losses since its first commercial flight on June 12, 2014. Its net loss increased by 42 per cent to Rs 2,178 crore in FY22.
"It went up to 20-odd per cent in 2019 and to 25 per cent a year later. "That's when we decided to pull the plug; it was not sustainable for our business," says Chadha. Madison & Pike, instead, turned to Mumbai-based start-up Thrive, which provides third-party delivery services to restaurants at a much lower commission - three to five per cent.
While we seem to want soldiers on short-term engagement, warfare itself is getting more technical and needs skilled manpower. The world has seen the dismal performance of armies that rely on short tour of duty soldiers or have outsourced war to 'contractors' in Afghanistan and now in Ukraine, points out Colonel Anil A Athale (retd).
The mandates which Pakistan has failed include action against all United Nations-designated terrorists like Jaish-e-Mohammed chief Azhar, Lashker-e-Tayiba founder Hafiz Saeed and the outfit's operational commander Zakiur Rehman Lakhvi.
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