Hindenburg Research has released a new report alleging that SEBI chairperson Madhabi Puri Buch and her husband have investments in the same offshore funds used by Vinod Adani, the brother of Gautam Adani. This has prompted calls for a joint parliamentary committee (JPC) investigation into the Adani Group. The report follows last year’s accusations by Hindenburg regarding the Adani Group’s alleged stock market manipulation and insider trading.
India’s market regulator, SEBI, has proposed new rules for index derivatives aimed at curbing speculative trading. These measures include revising the minimum contract size, requiring upfront collection of option premiums, and rationalizing strike prices. The move comes after concerns were raised about rising retail investor participation in derivative trading, particularly in light of the recent increase in securities transaction tax (STT) on futures and options trade.
Shares of Suzlon Energy have been on a roll, but the company has received a warning letter from the NSE for failing to comply with disclosure rules regarding an analyst call. The NSE highlighted the company’s late submission of the disclosure notice, violating SEBI’s LODR regulations. Suzlon Energy’s shares have continued to rise despite the warning.
Leading health insurer Niva Bupa is set to go public, filing a draft prospectus to raise Rs 3,000 crore ($360 million) through an IPO. The offering includes a fresh issue of Rs 800 crore and an offer for sale of up to Rs 2,200 crore by existing shareholders, including Bupa Singapore Holdings and Fettle Tone LLP. This makes Niva Bupa the second stand-alone health insurer to list on Indian stock exchanges.
Ola Electric, led by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This marks a significant milestone as it represents the first IPO by an electric vehicle startup in India. The public issue will involve a fresh issuance of Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares.
The Securities and Exchange Board of India (SEBI) has announced a relaxation of Know Your Customer (KYC) norms, aiming to simplify the existing risk management framework and enhance ease of transactions. The revised norms have been implemented in response to feedback received from stakeholders in the securities market.
The Securities Exchange Board of India (SEBI) has announced an extension of cross margin benefits to offset positions having different expiry dates. Effective three months from its issuance date, July 23, 2024, the circular aims to protect investor interests and regulate the securities market. Cross margining allows traders to use excess margin in one account to fulfill maintenance margin requirements in another, increasing liquidity and reducing settlement costs.
The Congress party has reiterated its demand for a joint parliamentary committee (JPC) to investigate allegations of rule violations by the Adani Group, claiming that SEBI has found evidence of offshore funds invested in the group violating disclosure rules and exceeding investment limits. Congress alleges that Prime Minister Modi’s close relationship with Adani cannot conceal the latter’s alleged illegalities.
A Pune woman fell victim to an online share trading fraud after being lured by an Instagram advertisement and the offer of a ‘trial seed fund’ of Rs 10,000. She ended up losing a staggering Rs 3 crore from her life savings. The fraudsters manipulated her into making 30 transactions to 12 fraudulent bank accounts totalling Rs 3.04 crore, before she realized that she was being cheated. The woman reported the incident to the Cyber crime police station of Pune city last week. The police have registered a First Information Report (FIR) and are investigating the case. Similar cases of online share trading fraud have been reported in Pune and Pimpri Chinchwad in recent months. Fraudsters are using a variety of baits, including trading tips, virtual lectures, mobile applications, and enticing promises of exorbitant returns. SEBI has issued an advisory cautioning against fraudsters posing as SEBI-registered entities and exploiting social media platforms to peddle fraudulent trading schemes.
The Securities Exchange Board of India (SEBI) has approved the initial public offerings (IPOs) of co-working space provider Awfis Space Solutions Ltd. and online travel distribution platform TBO Tek Ltd. Awfis aims to raise Rs. 160 crore through a fresh issue and an offer for sale (OFS) of over 10 million equity shares, while TBO Tek plans to garner Rs. 400 crore via a fresh issuance and an OFS of 1.56 crore shares.
