The Enforcement Directorate's (ED's) chargesheet in the National Stock Exchange (NSE) illegal phone-tapping case points to insider trading during the tenures of Chitra Ramkrishna and Ravi Narain as managing director and chief executive officer of the bourse. The federal agency will soon be sharing the details with the Securities and Exchange Board of India (SEBI) for further inquiry, two people aware of the findings told Business Standard. The ED, which filed its prosecution complaint (commonly known as chargesheet), alleged that Narain and Ramkrishna were the "key conspirators" and had assisted iSec Services to generate money to the tune of Rs 24 crore for exchanging crucial information, the people said.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
'Markets are not expensive; they are fairly priced.'
The first sign that shows a government is serious about an issue is when it appoints a high-powered committee to look into matters.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
The bulk of of trading on stock markets is done algorithmically, by computerised clerks working at the behest of human traders.
The regulator is unhappy with the exchange in the market crash case that occurred in 2012.
Nandan Nilekani on how IT modernised India's stock exchanges.
Brokers have asked for a longer session on poll result day and an additional one on May 17
India's third largest software services exporter ended the day 4.41 per cent lower at Rs 492.20 on the BSE after falling 8.41 per cent to Rs 471.55 in intra-day trade.
Sebi had, in February, dropped allegations of fraudulent and unfair trade practices against NSE's former heads Ravi Narain and Chitra Ramakrishna in the co-lo case.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
The gap between the highs and the lows in April for the benchmark S&P BSE Sensex was just 4.1 per cent - the narrowest since July 2021 and nearly half its three-year average. The absence of major positive triggers, sectoral rotation, and cautiousness due to earnings and economic uncertainty have kept a tight leash on the markets, observe experts. Remarkably enough, during the 17 trading sessions in April, the Sensex didn't even log an advance or a decline of more than 1 per cent.
Rallis India Ltd, a Tata group company, is to sell its gelatine business to Sterling Biotech Ltd for Rs 47 crore in an all cash deal.
Even as banks and finance companies are reporting record-high earnings, their weighting in the benchmark National Stock Exchange Nifty50 Index has seen a downward trajectory. Investors expect a stronger performance from other sectors in the new year. Currently, banking, financial services and insurance (BFSI) companies collectively hold a weighting of 34.5 per cent, down from 36.7 per cent at the end of December 2022 and a record high of 40.6 per cent at the end of December 2019. This represents the sector's lowest weighting in the index since December 2021 when it stood at 33.7 per cent.
TV Today Network on Wednesday said it has filed draft red herring prospectus with the Securities and Exchange Board of India for its over Rs 100 crore initial public offering, involving 14.5 million shares.
Last month, the high court had ordered an interim status quo on the $4-billion deal, after a suit from some individual investors alleged insider trading in Ranbaxy's shares by Silverstreet Developers, Sun's wholly owned arm, before the deal was announced on April 6.
Rise in investor sentiment, return of risk appetite aid shares across the board
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
India's first liquefied natural gas importer Petronet LNG Ltd will debut on the stock markets on March 26 when 260 million equity shares will be listed on the Bombay and the National stock exchanges.
Wipro's scrip jumped 2.97 per cent to Rs 468.50 on the NSE.
'Rather than abolishing stamp duty as STT is already levied on all transactions, the government has de-facto imposed a state STT in the guise of stamp duty'
In May 2019, Sebi had penalised the NSE as well as two of its former heads - Narain and Chitra Ramkrishna - for allowing Sampark to provide the dark fibre connectivity to stock brokers, despite not having the authorised licence. Dark fibre refers to an unused optical fibre used for high-speed connectivity.
Rakesh Jhunjhunwala sounded another note of caution on the nature of the latest bull run.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
'Earnings will be the catalyst for markets to march higher from here on out.'
Prime Minister Narendra Modi has held talks with Ukrainian President Volodymyr Zelenskyy and reiterated India's commitment for an early resolution of the conflict in Ukraine and the restoration of peace and stability in the region.
Oil and Natural Gas Corporation is facing as many as 15 complaints from investors, but the grievances pertained to the government's offer to sell 10 per cent equity in the company.
Ashish Chauhan, MD & CEO of BSE, says it is prudent for investors to deal with more than one exchange as a risk management strategy.
Gold burnished its image as the go-to asset class during turbulent times. However, investors seemed to have missed the bus. Net inflows into gold exchange-traded funds (ETFs) plunged to a four-year low of Rs 653 crore in 2022-23 (FY23), even as gold emerged as the top-performing asset class.
From bhikshus of Ashokan 3rd century BC and medieval Sufis to Oxfam, Omidyar and Soros now, non-State actors have any real power only when they work in conjunction with a real State, asserts Shekhar Gupta.
Taking lessons from that, I would think seamless digital payments is something you have to clearly have a roadmap for, the FM said.
Finance Minister P Chidambaram on Friday began his day-long visit to the financial capital by reviewing the operations of Unit Trust of India.
The bank plans to raise unsecured and rated Rupee Innovative Perpetual Debt Instruments, upper Tier or Lower Tier II subordinated debt during the remaining part of 2008-09 and 2009-10, SBI said in a filling to the National Stock Exchange. The fund not exceeding Rs 18,000 crore (Rs 180 billion) would be raised in tranches with a minimum maturity of over 60 months as per the RBI guidelines through structured deals or by private placement, it said.
BSE's, NSE's overnight liquid fund facility can help stock investors maximise returns
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23. Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers. HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Colgate-Palmolive, New York has sold off 10.94 per cent stake in its Indian subsidiary to its Singapore-based unit Colgate Palmolive (Asia) Pte Ltd.
