Amar Singh, general secretary of the Samajwadi Party, has written to the Securities and Exchange Board of India alleging insider trading in the shares of Mukesh Ambani-controlled Reliance Petroleum Ltd, on July 9, 2008, just days before his party voted in favour of the current ruling alliance at the centre.
Gupta's two-year prison term is set to end in March 2016.
The trial of former Indian-American Goldman Sachs director Rajat Gupta began in New York on Monday in what is the most high profile case of insider trading in US history.
Years before he was accused of insider trading, former SAC Capital Advisors portfolio manager Mathew Martoma forged a Harvard transcript, falsified an email, and created a dummy forensic computing company to try to cover his tracks.
In its efforts to make listed firms more responsible towards investors, Sebi may announce new insider trading norms as early as next week.
The central question of this insider trading case is whether the Sri Lankan born billionaire earned $45 million by using leaked confidential information.
It will encourage small investors to turn to equities.
Seth Waxman, lawyer for Gupta, told the 2nd US Circuit Court of Appeals in New York on Tuesday that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence.
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At the last hearing on October 11, SAT had suggested to Sebi to look at considering the RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing.
The Securities and Exchange Board of India has found no insider trading in the shares of erstwhile Global Trust Bank before its merger with Oriental Bank of Commerce.
He was sentenced to nine and five years on charges of conspiracy and two of securities fraud.
Market regulator SEBI is believed to have issued show-cause notice to Reliance Industries and its associate entities following a probe into charges of insider trading in securities of group firm Reliance Petroleum.
Mathew Martoma, a former SAC Capital portfolio manager, faces 20 years in prison for securities fraud and five years for conspiracy
Regulators in the US and some other countries have often used tapped phone conversations to prove insider trading and other charges, including in the famous Rajat Gupta case.
His prison term is set to end on March 2016.
Asks insider to surrender short-time profits to company.
Gupta, 66, is currently serving his prison term.
Between December 2013 and August 2016, Gannamaneni abused his position as a senior software consultant at the investment bank and accessed sensitive, highly-confidential information concerning at least 40 mergers, acquisitions, tender offers
India-born former Goldman Sachs director Rajat Gupta has asked a US appeals court to overturn a court's ruling that he pay a hefty $13.9 million fine in the insider trading case and sought reversing a life ban on him from serving as director of a public company.
In an interview to Newsweek magazine, Rajaratnam, who will serve 11 years in prison, said the US government wanted him to 'wear a wire' and tape his conversations with Gupta, former chief executive officer of McKinsey.
The maximum prison sentence he face is 45 years, but Martoma could be given a lesser prison time under federal sentencing guidelines.
A US judge has ordered disgraced billionaire Raj Rajaratnam to pay over USD 92 million as penalty in the insider trading case filed against him by the US financial regulator, saying the "huge and brazen nature" of his fraud "cries out" for such an unprecedented fine.
The men with guns tend to know little finance, and establishing such a conspiracy then involves leakage of information, which is also dangerous, Ajay Shah points out.
The Supreme Court on Tuesday said Narayanaswami Srinivasan's son-in-law Gurunath Meiyappan's role in the Indian Premier League betting and spot-fixing scandal seems like "insider trading" and agreed to hear a plea to make public the names of cricketers who were mentioned in the Justice Mudgal Committee report.
Ashish Aggarwal of San Francisco and two others have surrendered.
It's not just India's largest company, Reliance Industries that's under scrutiny for insider trading in Reliance Petroleum Ltd in 2007. Anand Jain's investment company, Vinamra Universal Traders Private Ltd, and MoTech Software, then led by Annu Tandon, now a Congress politician and MP, are among a dozen entities facing regulatory action.
SEC charged that Menezes, who retired in 2005 as senior vice chairman of Citigroup, allegedly sold Citigroup stock just before the April 15, 2002 company announcement about significant losses in its Argentine operations.
He will now have to submit to the two-year jail term handed down to him.
Cases of front-running mostly happen when large asset managers and intermediaries are involved in bulk trades as their transaction size is generally big enough to impact the stock price.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
Moves Bombay HC against CIC order issued in 'public interest'
Gupta filed a 70-page petition with the US Court of Appeals for the Second Circuit yesterday seeking 'panel rehearing and rehearing en banc', saying in 'rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points' about the insider trading case against him.
Apollo had made efforts to acquire Cooper Tire at the end of 2012.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
We have millions of newbie investors who are clueless about how to handle sudden and severe adverse market reactions, which arrive from time to time, observes Debashis Basu.
Kirloskar siblings Rahul and Atul on Saturday raised questions over corporate governance of Kirloskar Brothers Ltd, led by their warring brother Sanjay, after having been cleared of insider trading charges labelled against them.
Stop Trading on Congressional Knowledge Act now requires to be passed by the House of Representatives before it is signed into law.
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