Posts in category Business Standard
Front-running case: Sebi bans 7 cos from securities market for up to 3 yrs (31-01-2024)
Sebi on Wednesday barred seven entities from the securities market for up to three years and directed to disgorge 'unlawful profit' of Rs 35 lakh made by them in a case of front-running the trades of Sanctum Wealth Management (now known as Sanctum Wealth).
Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients.
In its order, Sebi has prohibited Kishan Vishram Nanda from the securities market for three years and six entities related to him for one year. Additionally, the regulator imposed a fine of Rs 5 lakh on Nanda.
Besides, these seven entities have been directed to disgorge a sum of Rs 34,84,605 along with an interest of 12 per cent per annum.
The present matter came out from an alert generated by Sebi's surveillance system indicating the suspected front-running of trades of Sanctum Wealth by certain connected entities.
After this,
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Highest in 12 months; Most among EM peers; Rising bond yields trigger risk off bets
SME listings to undergo changes, AIBI to review eligibility, framework (31-01-2024)
Industry body forms committee to review networth threshold
IT products distributor Rashi Peripherals to open Rs 600 cr-IPO on Feb 7 (31-01-2024)
Rashi Peripherals, an information and communications technology products distributor, is set to float its Rs 600 crore-Initial Public Offering (IPO) on February 7.
The issue will conclude on February 9 and the bidding for anchor investors will open for a day on February 6, according to the Red Herring Prospectus (RHP).
The public issue is a completely fresh issue of equity shares to the tune of Rs 600 crore with no offer-for-sale component.
Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes.
Mumbai-based Rashi Peripherals Ltd caters to brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and Lenovo India.
The company aims to expand its geographic presence in non-metro cities, which includes tier I and tier II cities and other rural geographies which are becoming centres of consumption for ICT products such as personal computers, ..
Sebi bans individual from securities markets for unregistered PMS business (31-01-2024)
Markets regulator Sebi has restrained an individual from the securities markets for a period of two years for providing unregistered portfolio management services.
The regulator also directed Sanbun Investments, its proprietor Nishaan Singh (Noticee) to cease and desist from acting as or holding himself out to be a portfolio manager.
Sebi directed the noticee to refund Rs 16.19 crore received from clients and/or investors as fees or consideration or, in respect of their unregistered portfolio management activities within a period of three months, Sebi said in its order on Tuesday.
The order came after Sebi received a complaint in October 2022 against Sanbun Investments, which is the sole proprietorship concern of Nishaan Singh.
Pursuant to the receipt of the complaint, the regulator conducted an investigation to ascertain the veracity of the complaint and whether there had been any violation of PMS (Portfolio Managers) regulations.
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BLS E-Services IPO gets subscribed 42.74 times on day two of bidding (31-01-2024)
The Initial Public Offer (IPO) of BLS E-Services got subscribed 42.74 times on the second day of subscription on Wednesday.
The IPO received bids for 58,56,83,352 shares against 1,37,02,904 shares on offer, as per data available with the NSE.
The category for Retail Individual Investors (RIIs) attracted 125.26 times subscription, while the non-institutional investors part got subscribed 94.05 times and the portion for Qualified Institutional Buyers (QIBs) fetched 2.68 times subscription.
The initial public offering of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday.
The company's IPO has a fresh issue of up to 2,30,30,000 equity shares.
Its price range is Rs 129-135 a share.
BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors.
The company is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass-r
Apeejay Surrendra Park Hotels IPO: Price band fixed at Rs 147-155 (31-01-2024)
The company, through its IPO, aims at raising Rs 920 crore comprising Rs 600 crore through a fresh share sale and Rs 320 crore through an offer for sale, it said
Nova Agritech shares jump nearly 43.39% to Rs 58.79 in debut trade (31-01-2024)
The stock listed at Rs 56, up 36.58 per cent from the issue price on the BSE. It later jumped 43.39 per cent to Rs 58.79
Rupee rises 6 paise to close at 83.04 against US dollar on strong sentiment (31-01-2024)
The rupee appreciated 6 paise to 83.04 (provisional) against the US dollar on Wednesday, supported by a firm trend in domestic equities.
Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1, traders said, adding that a strengthening American currency in the overseas market also capped the sharp gain in the local unit.
At the interbank foreign exchange market, the local unit opened at 83.11 against the greenback. The unit hit an intraday low of 83.12 and a high of 83.01.
The local unit finally settled at 83.04 (provisional) against the dollar, higher by 6 paise from its previous close.
"The Indian rupee gained on Wednesday on positive domestic markets and expectations of fresh FII inflows.
"We expect the rupee to trade with a slight negative bias on the strong Dollar on expectations that the US Federal Reserve will keep its monetary policy unchanged and declining odds of a rate cut in March 2024," Anuj Choudhary Research Analyst
Amara Raja jumps 7% to nearly 3-yr high; Exide Ind up 5% on heavy volumes (31-01-2024)
Amara Raja Energy hit a nearly three-year high of Rs 900 with a 7 per cent gain on the back of an over two-fold jump in average trading volumes