Busting a major 'front running' case in the stock market, Sebi on Friday ordered impounding of unlawful gains worth nearly Rs 15 crore (Rs 150 million) from brokerage firm Sharekhan and 15 other entities.
Infosys was the top gainer in the Sensex pack, jumping over 4 per cent, followed by Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank. On the other hand, HCL Tech, M&M, Dr Reddy's, Asian Paints, Bajaj Auto and Bharti Airtel were among the laggards.
With the Securities and Exchange Board of India allowing the extension of trading time by two-and-a-half hours, stock brokerage companies fear loss in productivity. However, they expect a rise in volumes simultaneously, at virtually no big rise in costs.
Sources said many individual investors were interested in applying for the NFO, due to additional benefits being offered such as upfront discounts and loyalty bonuses.
About Rs 2,000 crore of realty money has flown into stocks in the National Capital Region in the months after demonetisation.
French banking major BNP Paribas is planning to sell its domestic retail broking unit, Sharekhan, according to news reports on Tuesday. The reports even named leading financial institutions as possible suitors. "We would not be able to comment on the mentioned queries at this time," said a company spokesperson in response to a query from Business Standard seeking clarification on the news item.
Why did model Viveka Bababjee die? A week after Viveka's suicide by hanging from a ceiling fan at her suburban Bandra residence, the mystery of her suicide not just hounds her family and friends, but also the Mumbai police which is investigating the case.
A little over 80 per cent of the orders placed on domestic stock markets are generated by algorithms. Samie Modak reports on the whats and whys of algos.
The acquirer would need to place an order before tendering period.
HCL Tech was the top gainer in the Sensex pack, rising over 2 per cent, followed by Infosys, Reliance Industries, Tech Mahindra, Bajaj Auto and M&M. On the other hand, IndusInd Bank, Kotak Bank Bank, Power Grid, Sun Pharma and Asian Paints were among the laggards.
Asia Securities Industry & Financial Markets Association (Asifma) has raised concerns about the Securities and Exchange Board of India (Sebi) proposal to introduce a T+0 settlement cycle. The industry association of top foreign portfolio investors (FPIs) has stated that this move could give rise to several issues, including the bifurcation of the market, liquidity fragmentation, and deterioration of market quality. In a discussion paper floated last month, Sebi has proposed a separate same-day settlement cycle that will run parallel to the existing T+1 cycle, where trades are settled the next day.
Stock broker Ketan Parekh, alleged mastermind of the securities scam of the 1990s, has moved the Supreme Court seeking permission to travel abroad for the treatment of his daughter.
Stock broker Ketan Parekh, arrested in connection with Rs 120 crore (Rs 1.2 billion) scam at Calcutta Stock Exchange, has filed a special leave petition with Supreme Court for bail, his lawyers said on Thursday.\n\n
In a relief to the family of late stock broker late Harshad Mehta, the Supreme Court has stayed the sale of the nine residential flats owned by him at Worli in Mumbai.
Applying for a loan? Check if you've paid your telephone bill or insurance premium first. Soon, your loan proposals will not depend only on your credit card and debt payment record with banks but also on whether you've paid your phone bill, insurance premium and stock broker dues on time.
The CBI filed the charge sheets against Parekh, Darmesh Doshi, Jatin S, Kirti Parekh, Kartik Parekh (all directors of companies held by Ketan) and chairman of Singapore-based Brentfield Holdings T L Chandran.
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
The mish mash plot involving several caricature-like characters is a dud. Go only if you have nothing better to do.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Tainted stock broker Ketan Parekh and 8 of his associates received a blow, when the Supreme Court dismissed their appeals against a Sebi order banning them from trading for 14 years.
Debashis Basu lists various reasons why laundering through the stock market thrives.
The Central Bureau of Investigation on Monday produced former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna before a Delhi court in connection with the NSE co-location case. The probe agency produced the accused before special Special Judge Sanjeev Aggarwal and sought 14-day custodial interrogation in the case. The CBI arrested the accused on Sunday after her anticipatory bail application was dismissed by the court on Saturday. The CBI had recently questioned Ramkrishna in the matter.
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
The restrictions under section 144 of the Code of Criminal Procedure are in place since lockdown began.
A person availing the services of a bank for 'commercial purpose' is not a consumer under the Consumer Protection Act, the Supreme Court has said. The apex court stated that to come within the ambit of the consumer, a person will have to establish that the services were availed exclusively for earning his livelihood by means of self employment. A bench of Justices L Nageswara Rao and B R Gavai said there cannot be any straitjacket formula and such a question will have to be decided in the facts of each case, depending upon the evidence placed on record.
Most of the action in the markets now lie in the midcaps and smallcaps
Public sector banks have raked in more profits in the three months ended June on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters. In the June quarter, Bank of Maharashtra (BoM) and State Bank of India (SBI) were in the lowest quartile as far as Gross Non Performing Assets (NPAs) and net NPAs were concerned, according to an analysis of the quarterly financial numbers published by the public sector lenders. Cumulatively, all the 12 public sector banks reported a profit of about Rs 15,306 crore in the three months ended June, registering an annual growth of 9.2 per cent. However, leading public sector lenders -- SBI and PNB -- posted lower profits in the June quarter.
In the high profile co-location case, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the NSE for failing to provide a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system. In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain. Alleged lapses in high-frequency trading offered through NSE's co-location facility came under the scanner of the watchdog after a complaint was filed in 2015.
Without giving specific details, Sebi said that SBI was being probed for 'alleged violation of regulations' contained in as many as 11 sections, sub-sections and clauses, including those related to the Code of Conduct, of the Securities and Exchange Board of India (Debenture Trustees) Regulations.
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