Indian-American Anil Kumar, a former director of consulting firm McKinsey, has pleaded guilty to fraud charges in the largest insider trading case in the Untied States' history, admitting that he got $1 million for giving secret information to its alleged ringleader Raj Rajaratnam.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
Insider trading -- dealing in securities with prior access to unpublished price-sensitive information -- has been attracting regulatory attention worldwide.
The capital markets watchdog had set up an expert panel in March to suggest new measures to regulate insider trading.
Market regulator scours platforms to establish link between traders and those who share info.
The Securities Appellate Tribunal on Friday set aside market regulator -- Securities and Exchange Board of India -- order banning Samir Arora, former fund manager with Alliance Capital Management, clearing him of insider trading charges.
Martoma, 40, was sentenced in federal court last month by US District Judge Paul Gardephe for his role as the "central figure" in the most lucrative insider trading scheme ever charged involving $275 million in illegal profits and avoided losses.
Silverstreet Developers LLP, which had no holding in Ranbaxy at the end of September 2013, had bought shares of the Gurgaon-based firm aggregating 1.41 per cent stake by end of December 2013. As on March 31, 2014, its holding stood at 1.64 per cent.
Thiruvananthapuram-born Dr Zachariah P Zachariah, a prominent cardiologist in Fort Lauderdale, Florida, has been exonerated of all charges in a long-standing US Securities and Exchange Commission insider trading case.
The initial findings, when corroborated with the charges made by the CBI, indicate towards a lage-scale front-running deals or shares being purchased or sold in these companies on the basis of prior knowledge about investment decisions being made by large institutional investors, a senior Sebi official said.
The Securities and Exchange Board of India (Sebi) on Monday approved the introduction of a new asset class, designed to offer greater flexibility to fund managers and target investors with a higher risk appetite. The markets regulator also cleared the liberalised Mutual Funds Lite (MF Lite) framework, aimed at fund houses that solely launch passively managed schemes. In another significant move, the board reduced the timeframe for rights issues from the current 317 working days to just 23.
The US federal prosecutors have come up with fresh charges against Sri Lanka-born billionaire Raj Rajaratnam based on new information they received from co-defendants who pleaded guilty in what has been described as the largest insider trading scam in the United States' history.
Gupta was convicted of passing confidential information.
The US market regulator has charged three individuals, including an investment banker with UBS, for running an insider trading ring.
Former beauty queen Danielle Chiesi will now be behind the bars.
There are some who play by the book and there are some who don't. Stock markets are no different.
New insider trading norms will help to nab market manipulators
Insider trading -- a punishable offence in the United States -- which increases stock market volatility, is relatively high in India, China, Russia, Venezuela and Mexico, according to a study done for the International Monetary Fund.
In a 99-page sentencing memorandum submitted in federal court on Thursday, Gupta's lawyer Gary Naftalis requested that the 'court impose a sentence of probation with the condition that Gupta perform a rigorous full-time program of community service.'
The drive against insider trading comes after SEBI last year received enhanced investigation powers from parliament, including the ability to monitor call records.
Strengthening of rules governing insider trading is among the key proposals in the agenda set by Sebi for 2018-19, along with making improvement to the Prohibition of Insider Trading Regulations (PIT) and Prohibition of Fraudulent and Unfair Trade Practices regulations.
Gupta is scheduled to be released from prison in March, 2016.
The much-awaited trial of Raj Rajaratnam, founder of erstwhile Galleon Group, who has been indicted by Federal authorities in the biggest insider trading case on the Wall Street, began on Tuesday in Manhattan Federal Court.
Gupta was convicted of passing confidential information.
Market regulator Sebi will further look into trading of shares of Reliance Petroleum Ltd (RPL), which is now part of Reliance Industries, for alleged insider trading during November 2007, Parliament was informed.
Sunil Bhalla, a senior executive with Polycom, along with three others was named in fresh charges filed by the US Securities and Exchange Commission on Monday.
Sources said a final order could be made soon in this case by Sebi, which has rejected twice RIL's request for settling the case by paying a consent fee -- an out-of-court settlement like resolution reached through negotiations between the two parties.
Federal prosecutors said they will file fresh charges against Sri Lankan-born hedge fund operator Raj Rajaratnam alleging he made at least $36 million from the biggest insider trading case in US history, double what was previously thought.
Securities and Exchange Board of India has let off Reliance Industries Ltd and its chairman and managing director Mukesh Ambani and his brother Anil, who is vice-chairman and MD, from charges of insider trading
The matter dates back to 2007, when RIL, prior to the merger of Reliance Petroleum with itself, allegedly short-sold 4.1 per cent stake in RPL to prevent a slump in the stock.
Sebi's plea for such powers has been endorsed by the finance ministry.
The ruling came as a consent order from Sebi following an investigation on insider trading in the shares of Wockhardt between September 1, 1998 and December 31, 1999. A Wockhardt spokesperson declined to comment.
Sebi first began looking into the matter last month.
The Central Information Commission has directed the Securities and Exchange Board of India to make public names of entities which were allegedly involved in the insider trading of shares of Reliance Petroleum in 2007.
The insider trading is considered one of the most lucrative one involving $276 million.
"The defaults falling in the category of fraudulent and unfair trade practices, which in the opinion of Sebi are very serious and have caused substantial losses to the investors, shall also not be consented," the market regulator, which released a new framework for passing consent orders, said.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal saidin a written reply. Bansal was replying to a query by Amar Singh (Samajwadi Party) on whether the government had taken any action against thepromoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd.
The six are Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel. The six, who were arrested 2008, are due to be sentenced on Friday.
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