Posts in category Business Standard
Sebi to auction property of Saradha Group’s property on October 17 (19-09-2023)
Market regulator Sebi has said it will auction the property of the Saradha Group of companies next month at a reserve price of over Rs 3 crore to recover money raised by the firm from the public through illicit schemes.
The property located in West Bengal will go under the hammer, the Securities and Exchange Board of India (Sebi) said in a notice dated September 15.
The regulator said the e-auction will be conducted between 11 am and 1 pm on October 17. The reserve price of the property is pegged at Rs 3.68 crore.
Sebi has engaged Quikr Realty to assist it in the sale of the property and appointed C1 India as the e-auction provider.
The development came after the Calcutta High Court passed an order in June 2022, whereby it directed the regulator to proceed with the auction of properties of the Saradha Group of Companies.
Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Bengal, Assam and Odisha, and raised around Rs 4,000 crore f
Worsening Canada-India diplomatic ties may take a toll on FPI flows (19-09-2023)
Almost 85 per cent of these investments are in listed equity, while the remaining in debt and hybrid instruments
FTX managers sue Sam Bankman’s parents to recover ‘misappropriated funds’ (19-09-2023)
FTX owed customers approximately $8.7 billion when it filed for bankruptcy and about $7 billion in liquid assets have been recovered so far
Retail investors prefer treasury bills over sovereign govt bonds (19-09-2023)
T-Bill returns attractive than bank FDs
Sebi imposes Rs 35 lakh fine on MI Research for flouting regulatory norms (19-09-2023)
Capital markets regulator Sebi has imposed a fine of Rs 35 lakh on MI Research for violating regulatory norms.
MI Research (Proprietor -- Ashish Jain) is a Sebi-registered Investment Adviser.
The order came after Sebi conducted an examination into the business of MI Research with respect to compliance of the entity with IA (Investment Advisers) regulations.
The period of examination was November 2017 to August 2019.
In its order on Monday, Sebi found that MI Research had collected up to Rs 1.95 crore from 748 clients by charging them for services provided as an investment adviser. The quantum of fees charged for its services appears to be unreasonably high.
However, the noticee (MI Research) had failed to comply with the basic requirements of IA rules and also promised assured returns and mis-sold his services to clients and thus, failed to act honestly and in good faith with due skill, care and diligence, and adhered to a high professional standard, appropriate standards of condu
R R Kabel to list on Wed, become 1st to debut within 2 days of IPO closure (19-09-2023)
Wires and cables manufacturer R R Kabel, which concluded its Initial Public Offering (IPO) on Friday, is set to list on Wednesday --becoming the first company to debut on Dalal Street within two days of issue closing.
While Ratnaveer Precision Engineering was the first company to list under the T+3 regime, R R Kabel will become the first company to list in the T+2 timeline -- the second working day after the issue closing on September 15.
Capital markets regulator Sebi in August halved the timeline for listing of shares on stock exchanges after the closure of IPOs to three days (T+3) from six days (T+6).
The new listing timeframe will be voluntary for all public issues opening on or after September 1 and mandatory for all issues after December 1, 2023.
The reduction in timelines for listing and trading of shares will benefit both issuers as well as investors.
Issuers will have faster access to the capital raised, thereby enhancing the ease of doing business while the investors wil
22-year-old calls it his biggest mistake after losing Rs 67 lakh in crypto (19-09-2023)
A 22-year-old Google employee, whose aim was to resign at age 35 with Rs 41 crore savings, lost Rs 67 lakh post investing into crypto. He called it his 'biggest financial mistake'
Hong Kong to tighten regulation of crypto after arrests linked to JPEX (19-09-2023)
Hong Kong's leader said on Tuesday that the territory will tighten regulation of digital assets after police arrested six people following allegations of fraud at an unlicensed cryptocurrency exchange in the city.
The arrests on Monday followed an announcement by Hong Kong's securities watchdog last week that the exchange, JPEX, was unlicensed and did not have authority to operate its cryptocurrency trading platform in the city.
The Securities and Futures Commission said it had received more than 1,400 complaints against JPEX involving more than 1 billion Hong Kong dollars (USD 127.9 million) in losses.
The SFC also said some investors said complained of being unable to withdraw their virtual assets from JPEX accounts or of finding their balances were reduced and altered.
The SFC and police were expected to release details on the case later Tuesday.
Hong Kong's chief executive, John Lee, told reporters Tuesday that the government would step up efforts to educate investors and remi
Financial markets in India closed today on account of Ganesh Chaturthi (19-09-2023)
The markets will resume trading on Wednesday, Sept. 20.
Gold price rises Rs 150 to Rs 60,050, silver falls Rs 200 to Rs 74,500 (19-09-2023)
The price of 22-carat gold went up by Rs 140, with the yellow metal selling at Rs 55,050