Illiquid stock options: Sebi imposes Rs 17 lakh fine on 2 entities for fraudulent trade
Posted on 31st July 2019 |
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| Markets regulator Sebi Tuesday imposed a total fine of Rs 17 lakh on two entities for executing fraudulent trades in the illiquid stock options segment on the BSE. The two entities, Dippy Investments Pvt Ltd, Dhan Stock and Share Brokers Pvt Ltd were fined Rs 12 lakh and Rs 5 lakh, respectively as per Sebi’s separate orders. After observing large-scale reversal of trades in the BSE’s stock options segment, the regulator conducted an investigation in the trading activity in illiquid stock options on the exchange from April 2014 to September 2015. The investigation showed that the two were among the various entities that executed non-genuine trades in the stock options segment by reversing trades with same entities on the same day with wide variations in price. “It is clear that by indulging in such execution of non-genuine trades, Noticee created a misleading impression of trading in said stock option contracts in a fraudulent manner, and thereby, it violated… PFUTP Regulations,” Sebi said for two entities in separate but similarly-worded orders. Subsequently, Sebi imposed a penalty on two entities. In a separate order, Sebi imposed a fine of Rs 8 lakh on stock broker, Marwadi Shares and Finance Ltd for failing to settle clients’ account. “The Noticee (Marwadi Shares) failed to settle the said clients’ funds as per law” and thereby violated the Stock Brokers and Sub-Brokers Regulations, the regulator said. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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