There has been a rise in the number of cases of stock market manipulation and price rigging, according to the Securities and Exchange Board of India (Sebi).
A special SEBI court convicted two directors and their five firms, linked to late stockbroker Harshad Mehta, for failing to provide information during a 1998 investigation into the manipulation of shares belonging to BPL and Videocon.
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He alleged that besides Modi and Shah, Finance Minister Nirmala Sitharaman had also commented on the stock markets ahead of elections, which has never happened in the past.
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A software engineer earning a high salary allegedly abandoned his career to run a fake online trading racket, duping investors of nearly Rs 100 crore.
Delhi Police have uncovered a racket involving the illegal diversion and sale of government-supplied medicines intended for free distribution in hospitals, seizing drugs worth Rs 70 lakh and arresting five individuals.
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SEBI alleges Jane Street placed bets on the stock market falling and then acted in a way to make the market actually fall so it could win its bet.
The strategy was straightforward - aggressively buy select Bank Nifty index stocks in the morning and sell them just as forcefully later in the day, triggering a sharp drop in share prices.
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.
HDFC Bank is engaging external legal firms, both domestic and international, to investigate the circumstances surrounding former part-time chairman Atanu Chakraborty's resignation.
Among Sensex firms, HCL Tech, ICICI Bank, Titan, Trent, Kotak Mahindra Bank, Hindustan Unilever, Mahindra & Mahindra and HDFC Bank were the major laggards. However, Adani Ports, Bharti Airtel, SBI, NTPC and Sun Pharma were among the gainers.
Leading stock exchange BSE on Monday cautioned investors to remain vigilant against deepfake video of its CEO giving stock recommendations and investment advice on social media platforms. The exchange emphasised that the video is unauthorised and fraudulent, and its officials are not permitted to provide any stock tips.
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The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
Jane Street could do what they did because of the most fundamental flaw in the Indian stock market: a fragmented, fractured, fissured, fistula-ed liquidity stream, points out Shankar Sharma.
The Securities and Exchange Board of India (Sebi) on Thursday debarred Ketan Parekh, the stock market operator involved in the stock market scam of 2000, Singapore-based trader Rohit Salgaocar, and one other individual from the securities market for alleged front-running of trades of a United States (US)-based foreign portfolio investor (FPI). The FPI manages around $2.5 trillion worth of funds globally.
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Such tip-offs can be provided through phone using the toll-free number or via email and they will be kept confidential, while anonymous complaints can also be submitted for further probe by the relevant departments of the exchange.
Markets regulator Sebi on Monday announced that it has allowed Jane Street, the US-based proprietary trading firm accused of market manipulation, to resume trading after the company deposited the mandated Rs 4,843.57 crore in an escrow account. The move comes after Jane Street complied with Sebi's directive, issued in the interim order dated July 3, to deposit the amount in an escrow account.
From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Tech, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Consultancy Services, Reliance Industries, Axis Bank and Larsen & Toubro were among the major gainers. However, Trent, Tata Steel, Tech Mahindra and Maruti were among the laggards.
Stocks of brokerages and market infrastructure institutions (MIIs) witnessed selling pressure after the Securities and Exchange Board of India's (Sebi's) crackdown on proprietary trading firm Jane Street. The weakness was attributed to concerns that debarment of the US firm - a prominent player in the futures and options (F&O) segment - will lead to a further decline in volumes, which are already down over 30 per cent from the peak.
More than 900 entities have been banned from the capital markets by Sebi
Sebi found a typical pattern in trading of shares of these companies.
'The investigation is at a very critical stage. We are not going to give every single document.'
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
In a pump and dump operation, fraudsters artificially inflate the price of a stock by spreading misleading or false information, creating a frenzy among unsuspecting retail investors.
Sebi has put in place a strong deterrence to check any misuse of participatory notes.
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
In a big boost to tycoon Gautam Adani, markets regulator Sebi on Thursday cleared the billionaire and his group of stock manipulation allegations made by US short-seller Hindenburg Research, saying fund transfer between group companies did not fall foul of any regulation.
Markets regulator Sebi has barred US-based Jane Street Group from the securities markets and directed the group to disgorge unlawful gains of Rs 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi).
Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India's chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.
Sebi aims to stay proactive as HFT and quant firms like Citadel Securities, Optiver, Millennium, and IMC Trading are expanding rapidly in India, which is home to the world's largest derivatives market by contracts traded.
The Bombay High Court discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case of alleged violations of market regulations involving nearly Rs 388 crore. The Serious Fraud Investigation Office (SFIO) had initiated the case in 2012 against Adani Enterprises Limited (AEL) and its promoters, accusing them of criminal conspiracy and cheating. The HC's single bench of Justice R N Laddha quashed the sessions court order and discharged the duo from the case.
The Securities and Exchange Board of India (Sebi) has proposed stricter eligibility criteria for adding and retaining stocks in the futures and options (F&O) segment, which accounts for the bulk of the trading volumes. The proposal-which comes six years after the securities regulator last revised the stock selection framework---is much awaited by the market players as the derivatives stock list has largely remained stagnant for the last two years.
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
