SEBI

Capital markets regulator Sebi on Wednesday cancelled the registration of two brokerage firms -- Pinnacle Brocom and Padmakshi Commodities -- for facilitating its clients to trade in illegal paired contracts on the now defunct National Spot Exchange Ltd.
The trading activities of the brokers in paired contracts for its clients on NSEL platform have serious ingredients jeopardising the reputation, belief in competence, fairness, honesty, integrity and character in the securities market, Sebi's Executive Director V S Sundaresan said in two separate orders.
The regulator has asked the brokers to allow its existing clients to transfer their securities or funds held in its custody within 15 days.
In case of failure of any clients to withdraw or transfer their securities or funds within this period, the brokers will transfer the funds and securities of such clients to another broker within a period of the next 15 days there from under advice to the clients.
In September 2009, NSEL ...

sebi

Capital markets regulator Sebi has cancelled the registration of MMTC Ltd as a stock broker for its involvement in illegal "paired contracts" in a case pertaining to now defunct National Spot Exchange Ltd (NSEL).
While cancelling the licence, Sebi directed MMTC to allow its existing clients to withdraw or transfer their securities or funds held by it within 15 days.
In case a client fails to do so, the broker will transfer the funds and securities of such clients to another registered broker in the next 15 days under advice to the said clients, Sebi said in its order on Wednesday.
Going by the order, MMTC is a commodity derivatives broker registered with Sebi, from December 2015 and is currently a member of the Multi Commodity Exchange of India Ltd (MCX).
The broker made an application in September 2019 for surrendering its membership of MCX. However, the surrender application of MMTC is still pending with MCX.
In its order, Sebi said MMTC traded in "paired contracts", which did n

Sebi, Securities and Exchange Board of India

Markets regulator Sebi on Tuesday cancelled the registration of Siddhi Vinayak Commodities for facilitating its clients to trade in illegal paired contracts on the National Spot Exchange Ltd (now defunct).
The act of the noticee (Siddhi Vinayak Commodities) of executing trades in the 'paired contracts', which did not have requisite regulatory approval, raises doubts on the competence of the noticee to act as a registered securities market intermediary, Sebi said in the order.
"I hold that the noticee does not satisfy the 'fit and proper person' criteria under the norms and therefore, the continuance of the noticee as a broker will be detrimental to the interest of the securities market," Sebi's Executive Director Anand R Baiwar said in the order.
Sebi has asked the broker to allow its existing clients to withdraw or transfer their securities or funds held in its custody within 15 days.
In case of failure of any clients to withdraw or transfer their securities or funds within this .

SEBI, SECURITIES AND EXCHANGES BOARD OF INDIA

Sebi on Friday cancelled the registration of Pragya Commodity Brokers for facilitating its clients to trade in illegal "paired contracts" on the National Spot Exchange Ltd (NSEL).
By providing such a facility of taking exposure to 'paired contracts', the broker exposed its clients to the risk involved in trading in a trading product that did not have regulatory approval, Sebi said in the order.
"The noticee (Pragya Commodity Brokers) provided a platform to its clients to access a product which raised serious questions on the ability of the noticee to conduct proper and effective due diligence regarding the product itself.
"I hold that the Noticee does not satisfy the 'fit and proper person' criteria for holding the certificate of registration as a broker in the securities market and hence, the continuance of the Noticee as a broker will be detrimental to the interest of the securities markets," Sebi's Executive Director Pramod Rao said in the order.
Sebi has asked the broker to all

The brokers had appealed to the Securities Appellate Tribunal (SAT) against a previous order by Sebi issued in 2019

Capital markets regulator Sebi on Friday cancelled registration of K R Choksey Commodity Brokers for facilitating its clients to trade on the platform of NSEL in the illegal 'paired contracts'.

63 moons | Photo: Twitter

The SC will hear the case on 27 November. However, the apex court has said that status quo will continue

Jignesh Shah

He said the recovery group at NSEL has managed to establish full money trail of the entire amount of Rs 5,600 crore

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In April 2018, the Maharashtra government had issued several notifications and orders to attach property worth Rs 2,500 crore, including reserves of around Rs 1,800 crore in several bank accounts.

Bombay High Court | File Photo

Frees ODIN software and interest income accrued on investment

The Securities and Exchange Board of India (Sebi) has convened a meeting of leading commodity brokers on the coming Tuesday, to hear them on the alleged violation of various trading laws in the Rs 56-billion National Spot Exchange (NSEL) payment default case.Sebi is yet to pronounce the final order in the case. The meeting is being convened after the brokers lost their case at the high court (HC) here in this regard.To avoid Sebi's stick, companies had sought de-registration of  defunct commodity broking companies on NSEL. Sebi had refused and the HC upheld the stand. The brokers include Anand Rathi Commodities, Motilal Oswal Commodities, India Infoline Commodities, Phillip Commodities and Geofin Comtrade, all prominent names.Sources say these firms do not want to exit commodity broking but wish to do so under a different company banner."The markets regulator wants to give a final opportunity to these brokers, found guilty of mis-selling of paired contracts on the NSEL platform, ...

Brokerages face Sebi fire in NSEL scam

The high court (HC) here has rejected the plea of brokers at the now-defunct National Spot Exchange (NSEL) for de-registration from the markets regulator, the Securities and Exchange Board of India (Sebi).The two-judge bench of B R Gavai and M S Karnik said the brokers' intention was mala fide and in anticipation of stern action against them by Sebi. The regulator has already issued a showcause notice (SCN) to all brokers named in the Rs 56-billion NSEL scam; this was challenged at the HC. To avoid the Sebi action, leading brokerages that had been named in various complaints and chargesheets had applied for de-registration but Sebi rejected these requests.After merger of the Forward Markets Commission (FMC) into Sebi three years earlier, the latter had issued SCNs to leading brokerages such as Motilal Oswal Commodities, Anand Rathi Commodities and India Infoline Commodities, among others, asking why they should not be declared as meeting the 'not fit and proper' category for their ...

Sebi. Photo: Kamlesh Pednekar

The market regulator has asked these brokerages to file a reply, along with documentary evidence within 21 days of the notice

Sebi

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Tech M, which sank 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'

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Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

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As markets anticipate inclusion of the debt in other indexes, including the Bloomberg Global Aggregate, the flows could rise to $50 billion by the end of next year

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According to Ravi Nathani, an independent technical analyst, one should adopt a 'Buy on Dips' strategy for Nifty Private Bank index, while a 'Sell on Rise' strategy in case of the PSU Bank index.

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Former bureaucrat Amit Khare was on Monday given extension as advisor to Prime Minister Narendra Modi, a Personnel Ministry order said.
He was appointed to the post for two years in October 2021.
Khare, a 1985-batch (retired) Indian Administrative Service (IAS) officer of the Jharkhand cadre, had superannuated on September 30, 2021. He last served as the higher education secretary.
The Appointments Committee of the Cabinet (ACC) has approved the extension in Khare's tenure, on contract basis on the usual terms and conditions as are applicable in the case of re-employed officers of secretary-level in the government of India, beyond October 12, 2023 for a period "co-terminus with the term of Prime Minister", the order said.
In another order, the ACC has approved the extension in tenure of Rajesh S Gokhale as secretary, Department of Biotechnology, for a period of two years -- with effect from November 1, 2023.

Amit Khare

NGOs registered under the Foreign Contribution Regulations Act (FCRA) will now have to provide details of moveable and immovable assets created by them using foreign funds.
The need for mandatory declaration of assets by the NGOs by the end of every financial year (March 31) came after the Ministry of Home Affairs (MHA) on Monday issued a gazette notification modifying the rules that govern the NGOs which receive foreign funding.
According to the law, all NGOs receiving foreign contributions have to be registered under the FCRA.
The MHA made the changes in the Foreign Contribution Regulation Rules, 2010, by inserting two clauses -- (ba) details of movable assets created out of foreign contribution (as on March 31 of financial year) and (bb) details of immovable assets created out of foreign contribution (as on March 31 of financial year) -- in Form FC-4.
Form FC-4 is filled by NGOs and associations granted FCRA licences for filing their annual returns.
The MHA also decided to exte

Foreign funds

The Biden administration announced Monday that it is offering a $2 billion loan to Poland, which has been a hub for weapons going into Ukraine, to support the ally's defense modernisation.
The State Department said in a statement that Poland is a stalwart ally of the U.S. whose security is vital to the collective defense of NATO 's eastern flank, and that such funding is reserved for Washington's most important security partners.
The U.S. government is also providing Warsaw up to $60 million for the cost of the loan in Foreign Military Financing (FMF) which would support urgent procurements of defense articles and services from the United States, the State Department said. The $60 million is a loan subsidy meant to ensure that Warsaw can secure favourable terms for the loan.
Poland has been a staunch supporter of Ukraine since Russia's full-scale invasion of the country, handing over large numbers of its own tanks, fighter jets and other equipment. It has also been a hub for most of

poland flag

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

Is inflation hurting FMCG companies' pockets? Can Indian e-gaming survive the tax demand? Is it time to book profit in real estate stocks? Why has the Cauvery dispute flared up again? Answers here

A (then) pan-masala chomping man notorious for putting down management theories, strategic thinking, and all the stuff that agencies thought was going to save them

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Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant.
The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement.
Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions.
This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said.
Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

tata steelwork, tata, tata group

Normal life is likely to be affected, especially in the southern part of the state, with pro-Kannada and farmers' organisations calling for Karnataka Bandh' on Friday to protest the release of Cauvery water to Tamil Nadu.
Kannada Okkuta', an umbrella organisation for Kannada outfits including factions of Karnataka Rakshana Vedike, Kannada Chalavali (Vatal Paksha) and various farmers' bodies have given a call for the statewide dawn-to-dusk shutdown.
There will be a massive protest procession from Town Hall to Freedom Park in the city, in which people from all walks of life are likely to participate, the organisers said.
They have said that the bandh is for the entire Karnataka and that they will try to shut highways, toll gates, rail services, and also airports.
The opposition BJP and JD(S) too have extended their support to the bandh, as also hotels, autorickshaws and hail riders associations in Karnataka.
"Autorickshaw Drivers' Union and Ola Uber Drivers and Owners' Association .

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India's top 75 brands have a combined brand value of $379 billion, a decline of 4 per cent from 2022

Indian Army's Regiment of Artillery is looking to use the expertise of Indian Industry to produce 155 mm/52 calibre Towed Gun System

NSEL case

Sebi cancels registration of 2 firms in NSEL paired contracts case

Market regulator Sebi cancels registration of MMTC as broker in NSEL case

Sebi cancels Siddhi Vinayak Commodities' registration in NSEL case

Sebi calls off Pragya Commodity Brokers' registration in NSEL case

NSEL scam: Sebi bans five major commodity brokers for six months

NSEL case: Sebi cancels registration of K R Choksey Commodity Brokers

NSEL case: SC admits EOW's appeal against 63 Moons Technologies order

I didn't flee, groundwork ready for refund to NSEL claimants: Jignesh Shah

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NSEL case: Bombay HC quashes EOW's move to attach 63moons' properties

Sebi to meet leading commodity brokers next week over Rs 56-bn NSEL case

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