The Joint Parliamentary Committee, probing the 2001 stock market scam and the UTI fiasco tabled its report in the Parliament.
Debashis Basu lists various reasons why laundering through the stock market thrives.
Department of Company Affairs on Wednesday said it has set up a five-member Task Force to initiate action within six months on the recommendations of the report of the Joint Parliamentary Committee on the stock market scam in 2001.
The participation in IPOs is encouraging but rising bank deposits show that the wounds of previous scams are still green.\n\n\n\n
In a breakthrough in the probe into the Rs 595-crore (Rs 5.95 billion) scam that shook the capital market, the Central Bureau of Investigation arrested the director of DSQ software company Dinesh Dalmia in New Delhi.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Proceedings in both Lok Sabha and Rajya Sabha were disrupted as Opposition members raised slogans demanding a discussion and a Joint Parliamentary Committee (JPC) probe into the fraud-allegation-triggered rout.
Stock market investments are always said to involve risks and people who made big fortunes often made headlines as scamsters, leading to Dalal Street always being looked at with suspicion, but Rakesh Jhunjhunwala was broadly an exception. Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a $5.8 billion fortune and earn the tag of the country's biggest individual investor, leaves behind a relatively cleaner slate, as was seen in the most common description for him -- 'India's own Warren Buffett'. Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes in post-liberalised India was tainted with scam links, the newest 'Big Bull' in the more-regulated market had lesser baggage on this front.
The CBI arrested former National Stock Exchange CEO Chitra Ramkrishna in the co-location scam case on Sunday, officials said. Ramkrishna was arrested in Delhi and taken for medical checkup, they said. She was later lodged in lockup at the CBI headquarters, they said.
Leading stock exchange NSE's board has given its approval to the Central Bureau of Investigation (CBI) to prosecute its former MD and CEO Chitra Ramkrishna in the co-location scam case, sources said on Monday. The CBI was awaiting the go-ahead of the board of National Stock Exchange of India (NSE) to prosecute Ramkrishna following her arrest in March last year. She was arrested in the co-location scam nearly four years after an FIR was registered by the agency in May 2018.
'If I had met Harshad Mehta, I'm sure he would have convinced me into investing in the stock market and I'd have been game.'
Eleven years on, while 80% of scam-hit investors have been fully compensated, more than 50% of the sum is yet to be distributed.
'There is so much talk about Netflix and what they should be doing.' 'In two years, SonyLIV has done what Netflix should be doing.'
The Enforcement Directorate, which has been investigating the Mahadev app-linked money laundering case for more than a year, alleged in the past that its probe has shown involvement of various high-ranking politicians and bureaucrats from Chhattisgarh, where the two main promoters of the app hail from.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
'The Modi government has been taking credit for improvement in respect of the ease of doing business in India.' 'But when I look at the scams I cannot help feeling that it is too easy to do business with banks in India, if one is a Harshad Mehta, Vijay Mallya or Nirav Modi and their tribe,' says former Union home secretary Madhav Godbole.
'His track record in the market has been spotless and untainted.' 'That is why he had such great fan following among investors.'
Market regulators of India and Mauritius inked a crucial agreement, on Thursday, for sharing of information on securities dealings, which would assist Sebi to dig deep into the securities scam of 2000-01 and prevent similar incidents in future.\n\n\n\n
'The real people who should be blamed are the ones who are stealing your money.'
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
Patience can be rewarding. 'Post-listing, sanity often returns to valuations of newly-listed businesses within six to nine months. Buy then.'
The TDP and JD-U will have a lot to answer inside Parliament, day after day, session after session, notes N Sathiya Moorthy.
From hitting the 1,000-mark on July 25, 1990 to reaching the 60,000-mark for the first time on Friday, it has been a historic and memorable journey for the benchmark index Sensex. It has taken a little over 31 years for the Sensex to traverse from 1,000 level to the famed 60,000 level now. Over the years, the frontline index has climbed several record levels. The index had reached the 10,000-mark for the first time on February 6, 2006.
Radhakishan Damani is the only billionaire to see his wealth grow by around 20% during the lockdown.
Life Insurance Corporation (LIC), one of the largest institutional investors in the Indian stock market, has become active on the bourses again. This is after a brief lull last month following the bribe-for-loan scam and questions around its stock market dealings.
According to media reports, CBI conducted raids in prominent finance companires -- LIC Housing Finance and Central Bank of India with regards to a multi crore housing scam.
But analysts advise against dumping, say these could recover if market conditions improve.
Under flak from the opposition for 'diverting' Covid vaccines to private hospitals to make a profit, the Punjab government on Friday asked them to return all stock meant for the 18-44 age group.
Prime Minister Narendra Modi on Thursday slammed the opposition alliance INDIA as a collection of arrogant dynasties who will take India back by two centuries as he exuded confidence that people will bless the "garib ka beta" with a record-breaking mandate in the 2024 Lok Sabha polls.
'The Indian market has all the factors at the moment: Over-valuation, over-confidence, reliance on some source of massive fund flows and massive scams.' 'The trigger for a collapse could also have arrived.' warns Devangshu Datta.
A Delhi court on Monday sent to 14-day judicial custody the former managing director and chief executive officer of National Stock Exchange Chitra Ramkrishna in connection with the co-location scam case.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
'Amitabh Bachchan Sir said some nice and encouraging things about the trailer, the way I directed it and, of course, about Abhishek's performance.'
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