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Economic Times
10 minutes ago
- Economic Times
Sebi automates process of invocation, sale of pledged securities
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel To facilitate ease of doing business and safeguard the investors' interest, markets regulator Sebi on Tuesday decided to automate the process of invocation and sale of pledged comes after Sebi noted that after invoking pledged securities, brokers often don't sell them, resulting in accumulation in broker brokers face operational issues when clients sell pledged securities, requiring multiple steps like unpledge and delivery, sometimes using physical or digital instructions or POA."With a view to facilitate ease of doing business as well as to safeguard the interest of investors, it has been decided to make the invocation and sale as a combined automated process," Sebi said in a client-initiated sales, when clients sell pledged securities, depositories will now allow a single instruction to release the pledge and block the securities for early pay-in directly from the client's demat account. This process will eliminate the need for manual instructions or the use of Power of Attorney (POA).In the case of broker-initiated invocation, when brokers invoke securities due to non-payment, the shares, excluding unlisted mutual funds, will be automatically blocked for early pay-in from the client's demat a transaction trail will be maintained in the broker's pledge accounts to ensure transparency and unlisted mutual funds, Sebi has introduced a new 'invocation cum redemption' mechanism. This feature helps brokers to invoke and redeem mutual fund units automatically from their pledge accounts, simplifying operations and reducing cases involving frozen or blocked client accounts, the invoked securities will be transferred to the broker's demat account. To prevent unnecessary accumulation, brokers are required to sell these securities on the same day under their proprietary framework will come into effect on September 5, while depositories are required to issue detailed operational guidelines by July Sebi had mandated brokers to accept securities as collateral only through margin pledges in the depository system.
Time of India
23 minutes ago
- Time of India
Man accidentally becomes a multimillionaire from forgotten $4,500 investment after decades of stock growth
The Power of Time and Tech Booms From a Humble Reaction to Hidden Millions You Might Also Like: Broke bank FD to invest in stocks? Bollywood memes explode as Nifty crashes Giving Back Without Giving Up In a twist of fate that could rival a Hollywood script, a 62-year-old Boston man accidentally found himself nearly $4 million richer—all because he forgot about a modest stock investment made almost four decades ago. The man, a salesman who prefers to remain anonymous, initially invested $4,500 in 3,000 shares of a little-known tech company in 1987, acting on a tip from a cousin. That company? EMC Corporation, a firm that would later revolutionize the world of data storage and merge with Dell to become Dell to Boston Global, he stashed the paperwork in a box, sold 2,000 of those shares in the '90s to pay for his children's college tuition, and never gave the rest another thought. Or so he he went on living a relatively modest life, the tech world—and EMC—was evolving at lightning speed. Unknown to him, the remaining 1,000 shares quietly multiplied over the years through six stock splits. By the time someone finally tracked him down, those humble leftovers had transformed into a whopping 48,000 moment of revelation came in October 2000, when the Massachusetts State Treasurer's office contacted him. According to state law, stock accounts with no activity are eventually handed over to the Abandoned Property Division. It was through his sister that officials finally located him. By then, that original $4,500 had grown to nearly $4 million—nearly $7.5 million when adjusted for inflation in 2025.'I'm no accounting genius,' he told the Associated Press with characteristic modesty. Yet, even he couldn't deny the magnitude of this unexpected windfall. 'Besides my marriage to my wife and the birth of my children, this is definitely the biggest thing that has happened to me,' he said, overwhelmed by the turn of a scene fit for a movie, the man showed up to claim his fortune in full disguise: sunglasses, baseball cap, and a parka, hoping to avoid attention. But the real magic wasn't in the drama—it was in the rare reminder that patience, forgetfulness, and a dash of fate can sometimes be more powerful than any financial his new multimillionaire status, the man isn't planning a lavish lifestyle overhaul. He says he intends to keep working, support his family, and donate to charity. His story is a testament to both the unpredictability of life and the awe-inspiring power of long-term the next time you consider clearing out that dusty drawer or attic box, think twice. You might just be sitting on a fortune.
Indian Express
an hour ago
- Indian Express
Chandigarh woman loses Rs 11 lakh to online job fraud, 2 arrested
The cybercrime cell of the Chandigarh Police Friday arrested two men for allegedly swindling Rs 11 lakh from a woman in an online job fraud. The accused have been identified as Sunny and Vijay Kumar, both residents of Singha Devi, Naya Gaon, Mohali. The FIR dated April 19 originated from a complaint filed by Snigdha Reddy, a resident of Sector 11-B, Chandigarh, who was allegedly cheated while seeking part-time employment online. She received a message via WhatsApp offering easy online tasks, such as liking videos and was subsequently added to a Telegram group where she was promised significant returns on advance payments, as per the complaint. Initially, the complainant invested Rs 1,000 and received Rs 1,300 in return, which created a false sense of trust, according to the police. She was then gradually manipulated into transferring larger sums under the pretext of earning higher profits, they said. Ultimately, she allegedly lost Rs 10,99,520 in the scam. During the investigation, financial and digital forensic tools were employed to trace the fraudulent transactions. The police found that Rs 50,000 was transferred to Sunny's bank account. He confessed to opening the account on commission, having been lured by another accused. Vijay Kumar, on the other hand, allegedly played a key role in introducing Sunny to the wider network behind the scam. During questioning, both accused admitted their involvement and disclosed the name of another prime suspect, who is currently absconding. Efforts are underway to apprehend him, the police said. The police have preserved all relevant digital and financial evidence, and further arrests and recoveries are expected as the investigation progresses.
