The possible instances of front running at Quant Mutual Fund have likely pushed the Securities and Exchange Board of India (Sebi) to expedite the implementation of an institutional mechanism framework designed to curb such market abuses. This framework, approved by the Sebi board in April, was slated to take effect six months after its notification. But, recent developments have set the wheels of regulation turning faster.
The Securities and Exchange Board of India (Sebi) has intervened in the matter concerning alleged irregularities by Trafiksol ITS Technologies, which had come out with a Rs 45 crore initial public offering (IPO) last month. In an ex-parte order, the market regulator has said it will undertake a detailed examination into the disclosures made by the small and medium enterprise (SME) company in its draft offer document. BSE had halted the listing of Trafiksol, a software provider for traffic systems, amid complaints around use of the issue proceeds and wrongful disclosures.
The Securities and Exchange Board of India (Sebi) is discussing with mutual funds (MFs) a proposal on introducing new total expense ratio (TER) slabs linked to the total equity and debt assets by replacing the current ones that are linked to assets of an individual scheme. Senior MF executives confirmed that Sebi had held discussions on this matter with AMCs. Such a change is expected to lead to a lower TER cap for bigger asset management companies (AMCs).
According to police, a first information report (FIR) was registered under Sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union minister Nirmala Sitharaman, Enforcement Directorate officials, office-bearers of the Bharatiya Janata Party at state and national level, based on the order of a special court.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
The Gujarat government on Friday gave an undertaking to the high court in Ahmedabad that the role of Bharatiya Janata Party Member of Legislative Assembly Shankar Chaudhary will also be probed in connection with the case of misuse of Prime Minister's National Relief Fund for earthquake relief in 2001.
An MP-MLA court has issued an arrest warrant against Louise Khurshid, wife of former external affairs minister Salman Khurshid in a case involving alleged misuse of government funds.
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.
The Securities and Exchange Board of India (Sebi) has proposed sweeping changes to the rights issue framework to enhance its attractiveness, aiming to make it the preferred route for additional fundraising by listed companies. Among the changes proposed by the market regulator are reducing the timeline to first 20 days and then to just three days, allowing shareholders to renounce their rights entitlement to investors of their choice, and eliminating the requirement to appoint an investment banker or file a draft letter of offer.
Pronouncing 'tankhah' (religious punishment) for Sukhbir Singh Badal and other leaders for the 'mistakes' committed by the Shiromani Akali Dal government in Punjab from 2007 to 2017, the Sikh clergy at the Akal Takht on Monday directed the senior Akali leader to perform as a 'sewadar', and wash dishes and clean shoes at the Golden Temple in Amritsar.
China's National Audit Office said the country's sports authorities have since 1999 misused yuan ($15.8 million) earmarked for the 2008 Olympics.
The Mumbai police have registered a case of cheating against Bharatiya Janata Party leader Kirit Somaiya and his son Neil for alleged misappropriation of over Rs 57 crore funds collected to save aircraft carrier INS Vikrant.
The total default is said to be in excess of Rs 3,000 crore - making this the largest default by a broker.
The life insurance industry does not have a good track record when it comes to passing on tax benefits to policyholders, points out Harsh Roongta.
He asserted that it was time to "throw such forces out" to protect "mati, beti, roti" (land, daughter, bread).
The Supreme Court on Wednesday dismissed a plea seeking probe into the alleged misuse of funds allocated for purchase of computers for judicial officers of courts in Delhi.
Journalist Rana Ayyub rejected allegations on Friday that she "misused" donor funds raised in the wake of the Covid-19 pandemic, saying money-laundering charges levelled against her are "preposterous and wholly mala fide".
BSP legislator says his own party gives election tickets to highest bidder, warns that money politics more dangerous than bahubali politics.
Digital house arrest is a tactic where cybercriminals confine victims to their homes in order to scam them. The offenders generate fear by making audio or video calls, frequently posing as law enforcement officers using AI-generated voices or video technology.
The Securities and Exchange Board of India (Sebi) is considering segregation of settlement for proprietary trades and retail trades to avoid misuse and circumvention by certain brokers, its chairperson Madhabi Puri Buch said recently. Proprietary trading refers to trades done by brokers and other financial institutions using their own capital. "There are some people who are permitting access to their clients through prop accounts for a variety of reasons, including wanting to fund their margins.
The move triggered sharp reaction from the opposition, which has accused the state's BJP government of trying to stifle freedom of expression.
"It is not true that there is 30-40 per cent siphoning," rural development minister C P Joshi told the Rajya Sabha during Question Hour.
'They think quick fixes like internship in the private sector will help. 'In fact, internships have been going on for the last one decade.' 'In 2014-2015 itself, we had a ministry of skill development. None of the programmes have yielded results, still they are continuing with such schemes under some other name.' 'We don't see any seriousness on the part of the government to attack the problem of unemployment.'
The EOW conducted searches at the house of PC Singh, the bishop of the Church of North India Jabalpur Diocese, on Thursday morning following registration of a case of cheating against him.
Lashing out at Abdullah and Mehbooba Mufti, Rashid on Wednesday alleged that they have "destroyed" Kashmir.
'When I asked whether they would choose a government job that offered Rs 30,000 a month or a private job that offered them Rs 3 lakh a month, without exception, everybody said, "I would rather have the government job!"'
Union Minister Kiren Rijiju on Saturday said funds meant for Central projects would be under BJP's scanner to ensure judicious utilisation in Arunachal Pradesh.
The Delhi Lokayukta on Wednesday indicted Chief Minister Sheila Dikshit for allegedly misusing government funds for carrying out an advertisement campaign with a "political purpose" ahead of assembly elections in 2008.
Ayyub is the account holder and deposits totalling Rs 1,77,27,704 have been attached by the ED.
United States' envoy to India Timothy J Roemer on Thursday downplayed Pervez Musharraf's recent admission -- about diverting US funds, meant for fighting terrorism, against India -- claiming it was the former Pakistan President's opinion as a private citizen.In an interview with a television channel, Musharraf had recently stated that the military aid provided by the US to Pakistan, for the war against terror during his tenure, had been used to strengthen defences.
In his letter to Sitharaman, Venugopal said media reports have exposed the alleged "quid-pro-quo between BJP and several firms, which in a strange coincidence donated to it, after the Enforcement Directorate (ED), Income Tax Department (IT) and Central Bureau of Investigation (CBI) and others, raided or searched those enterprises".
The Securities and Exchange Board of India is conducting inspection of stockbrokers, who act as depository participants (DPs) and are also into margin-funding business, as there have been instances of client-account mismanagement.
The Sagara town police in Shivamogga district registered the case on Wednesday based on a complaint by Praveen K V, who alleged that @INCIndia, the official Twitter handle of the Congress, tried to create distrust among masses with its tweet by spreading 'baseless charges.'
Sakshi, Bajrang accuse WFI of using devious means to get suspension lifted, threaten fresh protest
When there is a state government committed to development, it is important that Mumbai has a civic body that, too, shares that goal, Modi said.
The Ministry of Consumer Affairs is conducting an in-depth financial audit of some consumer awareness NGOs that have received financial assistance from it in recent years.
The Broken News 2 is worth watching because of Jaideep and Shriya's fabulous acting, recommends Namrata Thakker.
The agency also alleged that Deshmukh exercised undue influence to pass favourable transfers and postings of the police officials.
Freebies being doled out by the Madhya Pradesh and Rajasthan governments ahead of the assembly polls Friday came under scrutiny by the Supreme Court which sought responses from the two states, the Centre and the Election Commission on a PIL alleging misuse of public money.
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.
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