Markets regulator Securities and Exchange Board of India (Sebi) is examining allegations of front-running and other irregularities against a host of domestic fund managers across the asset management industry, said people in the know. Developments at Axis Mutual Fund have prompted the regulator to speed up probe to ensure that there is no drop in confidence in the Rs 39-trillion mutual fund (MF) industry. "We have received complaints against a few fund managers and are looking into possible violations, including those related to code of conduct," said a regulatory source, refusing to divulge names of fund houses as things are at a preliminary stage.
'My husband is no longer an Indian citizen. 'In 2017, he ceased to be an Indian citizen.' 'The safest place on earth for him is Antigua'
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
The bank also issued 234 LoUs worth Rs 1,880 crore to another group of companies promoted by Mehul Choksi in 2015 and 2016
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
Even in this electronic age cheques are still the preferred mode of payment and banking transactions. Naturally, cheque frauds are rising too. But you can easily prevent them.
The 49-year-old jeweller, fighting extradition in the estimated $2-billion Punjab National Bank (PNB) scam case, will appear via videolink from Wandsworth Prison in south-west London for the latest hearing in the case, during which District Judge Samuel Goozee will hear his defence team's arguments against the admissibility of certain evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in order to establish a prima facie case against the accused.
CEA offers three compelling arguments in his case for privatisation of government-owned banks.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
Fugitive diamond merchant Nirav Modi, wanted in India in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case. The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.
Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
Before inserting your card, always check for any signs of tampering on the ATM machine, warns Aditya Shankar.
Karnataka, which implemented the e-stamping system in Bangalore on Friday to prevent fraudulent practices in stamp paper-based transactions and registrations, plans to extend it across the state in a phased manner. The system, launched in association with Stock Holding Corporation of India Ltd (SHCIL), has been designed to prevent paper and process-related fraudulent practices in registration.
Going through these steps are by no stretch of imagination fun things to do, but if you do indeed lose your wallet, these steps may come in handy and reduce your stress.
Nirav Modi, wanted in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant. The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29.
Global payment system company Visa International on Friday said all Visa debit cards issued in India will be protected against any monetary losses, liabilities or claims due to fraudulent use of the card in case it was lost, stolen or misplaced.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
Telecom regulator TRAI on Tuesday suspended the newly-implemented norms for commercial text messages for one week, following major disruptions in SMS and OTP deliveries for banking, payment, and other transactions.
The acquiring banks have to pay the amount paid by the bank without doubt within three working days of the issuing bank raising the claim, failing which the RBI would be constrained to compensate the issuing bank by debiting the account of the acquiring bank maintained with the bank.
A UK judge presiding over the extradition proceedings of Nirav Modi on Tuesday ruled that the evidence submitted by the Indian authorities to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible. District Judge Samuel Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) at Westminster Magistrates' Court in London and concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. He then adjourned the case for a two-day hearing on January 7 and 8 next year, when he will hear the final submissions in the case before he hands down his judgment a few weeks later.
If at all it was some great strategy, the delay has only helped the person they eventually arrested.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Hussain, the agency said, has been 'arrested in connection with ongoing PMLA investigation into his role in money laundering and funding of anti-CAA protests and organising riots in north-east Delhi during February, 2020'.
"I have earlier appeared for the inquiry five times. The Anti-Corruption Bureau (ACB) had filed a C-summary report in a Pune Court that there is no truth in the allegations and the case be closed," he said.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
The CBI also carried out searches at the residence and office of controversial arms dealer Sanjay Bhandari in connection with the deal
The central probe agency had filed a money laundering case to probe the deal and is carrying out the action to collect evidence under the Prevention of Money Laundering Act (PMLA), officials said.
The RBI on Tuesday announced start of year-long public awareness and consumer protection campaign.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Wilful defaulters will not be allowed to take up board positions in any company.
Beware, it's not just criminals who want your data!
Apart from SBI, UPI 2.0 partner banks are HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides.
Indian superstar Amitabh Bachchan is apparently desperate to become a farmer.
Considered one of the most prolific traders in London's financial circles, Rajesh Gill, 37, studied at Harvard and the London School of Economics and used to make over 100 transactions a day, The Daily Telegraph reported on Thursday.
The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank, known as 'letters of undertaking'.
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