Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
The regulator is also planning to widen the ambit of 'deemed fraudulent activities'.
Buying and selling of exchange trade fund (ETF) units worth less than Rs 25 crore will now have to take place compulsorily on the stock exchange platform, according to a new rule which comes into effect on Tuesday. The fresh norm, which comes into being after two deferments, is aimed at boosting liquidity and reducing tracking error. At present, investors directly deal with the asset management companies (AMCs) for purchase and redemption of ETFs - passive schemes that track a particular benchmark such as the Nifty50 index.
The capital market regulator has accused Reliance Petroinvestments of buying shares of Indian Petrochemicals Corp Ltd in early 2007 just before it declared an interim dividend and announced the merger of IPCL with RIL.
Two individuals filed the petition in the high court of Andhra Pradesh
Gupta occasionally runs into his one time friend-turned foe Rajaratnam, also serving an 11-year prison term on insider trading charges in the same facility.
While India's High Commissioner Bisaria is in Islamabad, his Pakistani counterpart Moin-ul-Haq is yet to take charge in New Delhi.
George Soros, who is in the eye of the storm over his remarks against Prime Minister Narendra Modi on the Adani issue, is an Hungarian-born American financier, philanthropist, and activist whose success as an investor made him one of the wealthiest men in the world. He is also known as a powerful and influential supporter of liberal social causes. In a speech at the Munich Security Conference on Thursday, the billionaire philanthropist said he believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government, a statement which was strongly contested by the BJP as an attack on Indian democracy.
Manjummel Boys gets so many things right, applauds Arjun Menon.
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
India will soon meet Iraq and the United Arab Emirates (UAE) to seek a definitive rate of discount on crude oil similar to what Russia has provided so far, sources said. Multiple officials and industry executives said Iraq, which is India's biggest oil supplier, wants to discuss the level of discounts expected by Indian refiners. India's focus on snapping up ever-increasing volumes of Russian crude oil has led to a corresponding decline in imports from the Middle East. Flows from Iraq, Saudi Arabia, and the UAE have suffered as a result.
In Dubai, A Ganesh Nadar encountered high speeds on smooth-as-silk-roads, no bureaucracy, gold, Mr Toad's. And snow!
Life Insurance Corporation of India (LIC) reported weak growth through H1FY24 but it witnessed a boost in embedded value (EV) due to equity-market performance. But concerns regarding its stock include loss of market share as it is outpaced by private sector rivals, sticky operating expenses (reduced slightly year-on-year but up in Q2FY24 versus Q1FY24), and high sensitivity of embedded value to equity volatility. Traders may also factor in the likelihood of another stake sale by the Government of India.
He is expected to be assigned to a medium-security prison in Otisville, New York, about 70 miles from New York City.
Modi, who arrived in Moscow on Wednesday on a two-day visit, held talks with Putin during a restricted meeting in Kremlin to begin the 16th India-Russia Summit.
Bajaj added that doing something like insider trading was height of stupidity.
Market regulator Sebi had imposed a penalty of Rs 50 lakh (Rs 5 million) on V K Kaul -- who was a non-executive independent director of Ranbaxy Laboratories between January 2007 and December 2008 -- and a fine of Rs 10 lakh (Rs 1 million) on his wife Bala Kaul.
The trial of Gupta, one of the most high profile Wall Street executives to be charged with insider trading, began in US District Court, Southern District of New York on Monday amid intense media glare.
Seek advice from Sebi-registered investment advisors whose names are available on Sebi's Web site.
The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
Perhaps because it was a film meant for the theatres, The Big Bull has romance and songs, notes Moumita Bhattacharya.
Rediff.com's Utkarsh Mishra visits the Kashi Vishwanath-Gyanvapi mosque in Varanasi, which is fast being turned into another mandir-masjid dispute.
Besides Birla, a number of top industrial houses in the country are facing some probe or the other, ranging from bribery to illegal mining to insider trading.
The sentencing caps a prosecution, marked by secret wiretaps of Rajaratnam and his associates that shocked the investment world.
John Dowd, Rajaratnam's lawyer, asked the jury why Rajat Gupta, 62, would risk his entire career and reputation for nothing.
Indian American Rajat Gupta, a former director at Goldman Sachs, had violated the firm's code of conduct by disclosing details from a 2008 board meeting to hedge fund manager Raj Rajaratnam, the main accused in the largest hedge fund insider trading case to hit US courts, the company CEO Lloyd Blankfein has testified.
Soma Ravi, an Indian caregiver in Ramat Gan, recounts the last 4 days in Israel and says the Indian embassy has been in constant touch.
This is the first time the Stanford Graduate School of Business has revoked a graduate's degree.
The new norms also seek to ensure that sufficient safeguards are put in place to avoid any misuse of its new powers and the required privacy of individuals is granted while conducting search and seizure operations.
Gupta was convicted in 2012 following a jury trial of passing confidential information about Goldman Sachs to Raj Rajaratnam minutes after he learned about them at the board meetings.
Mathew Martoma helped SAC reap more than $275 million profit.
Sixty-five-year-old Gupta will serve his jail term at a minimum security satellite camp of the Federal Medical Center-Devens in Ayer, Massachusetts.
Russia and Georgia traded accusations on Monday of launching new military strikes on each other as foreign diplomats pressed the two sides for a ceasefire in the armed conflict between the two former Soviet republics over the Georgia's breakaway region of South Ossetia.
In a lengthy-118 page submission to Supreme Court Justice Ruth Bader Ginsburg, Gupta requested to remain free on bail, saying he is not a flight risk and if an appeals court rules in his favour, he will 'likely' be entitled to a new trial.
Indian-American television star Mindy Kaling had Harvard graduates in splits as she delivered her commencement speech.
Navneet Kaur struck twice to help the Indian women's team register a come-from-behind 2-2 draw against hosts Spain.
Smith, who is the US government's third key witness in the case, had pleaded guilty in January.
The US and China have sparred over the origin of the virus for days, with a Chinese official promoting conspiracy theories.
'The unity among Israelis is such that the killing of the many Israelis is like a personal loss.' 'They feel as if they have lost someone from their own family. The whole of Israel is sad.'
