The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
As a multi-agency probe into the NSE case gathers pace, the grant of preferential server and data access to select brokers and their suspected misuse are being investigated threadbare to unveil all quid pro quo arrangements in a highly-sophisticated scheme that worked like a cricket betting scandal, officials said on Monday. While the bourse has said it has taken several steps over the years to strengthen its technology infrastructure, including as per regulatory orders, the officials said certain fresh disclosures call for a detailed probe into whether a select group of individuals in high positions had banded together to make illicit gains by facilitating the preferential trading slots, beginning over a decade ago. Even a split-second faster access is said to result in huge gains for a trader.
Sebi pointed out instances of misleading the investors by reporting incorrect data on investor complaints, instances of inappropriate utilisation of funds meant for investor education, such as spending on programmes meant for financial advisors, charging of expenses to the said funds for stationery items such as notebooks, planners and calendars, and charging of expenses without adequate records.
A complex holding structure and unrelated businesses clubbed under one roof could have been the reasons that prompted investors to shun the stock, experts say. These are likely to impact the company's ability to raise funds, too, they add.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
The appeals came against orders of the Central Information Commissioner in various cases.
General Asad Durrani's disclosures could leave considerable egg on the face of those currently wielding the stick in Pakistan, notes Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
The information about senior army officers facing allegations of corruption is "voluminous" and its disclosure would not serve any "public interest", the force has said.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Market regulator Sebi has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market.
Sukumar Mukhopadhyay, former member, Central Board of Excise and Customs, and Govindrao Adik, MP and General Secretary, NCP, debate the pros and cons of offering amnesty to tax evaders.
A parliamentary panel's suggestion that CEOs' salaries should be capped has not found favour with industry chambers and leaders, who said the matter should be left to corporates and their shareholders.
Move aimed at boosting retail investor participation in disinvestment.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
The company said, due internal processes as applicable for sanctions of loans of such nature and value were followed
The Reserve Bank of India has submitted a list of big loan defaulters in a sealed cover to the Supreme Court with a submission that disclosing their names may have "adverse impact" for business and may "accentuate failure of business".
The search engine giant Google Inc may face probe from German and American US agencies following its disclosure that it had recorded messages sent over unsecured wireless networks.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Sore points: Sikka's salary, high severance pay to executives, poor disclosures.
A committee appointed by financial regulators has recommended an overhaul of regulatory norms governing credit rating agencies (CRAs) and sought a host of disclosures from them to make the system more transparent.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
The takeover battle for Fame India further heated up with financial services provider Religare Securities on Monday hiking its stake to 5.82 per cent in the multiplex chain operator on behalf of some its clients.
The regulator said if the variable pay is up to 200 per cent of the fixed pay, at least 50 per cent of it should be in non-cash, and if the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
The quarterly reports filed by listed companies with the Securities and Exchange Board of India can be obtained and scrutinised by the ministry to find out discrepancies and take appropriate actions, sources said. Since the disclosure of the Satyam scam, the ministry of corporate affairs has been trying to develop an early warning system so that it can take advance action to prevent large-scale corporate frauds.
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
The markets regulator, Securities and Exchange Board of India (Sebi), recently introduced fresh guidelines to determine the place of a mutual fund (MF) on its riskometer tool.
The company would hold a press conference in Hyderabad on Thursday to outline an action plan to address key concerns of various stakeholders, including customers, investors, employees and business partners.
Even when large businesses said they were flying blind in mid-2020, the markets rallied and an incredible business boom followed. This is not to say that the markets will continue to rally and there is nothing to worry about, observes Debashis Basu.
The committee on financial sector reforms headed by Raghuram Rajan has recommended that provident funds and insurance companies should be allowed to invest abroad, a move that will require legislative changes.The panel's draft report has also called for the introduction of "true auctions" in securities, reduction in the auction and trading period, unified disclosure norms for multiple securities, use of call options for opening and closing price on exchanges.
Sellers downloading their monthly financial reports were served with those of other vendors, leading to a breach of competitive businesses data.
The government has given a go-ahead to State Bank of India and other financial institutions to take over capital-starved Yes Bank, and an announcement is likely to be made soon, highly places sources said on Thursday. The board of SBI, the country's largest lender, is meeting in Mumbai on Thursday, but it could not be immediately ascertained whether the takeover of Yes Bank is on the agenda. Yes Bank, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.
