Maha: Mumbai court issues NBW against Mehul Choksi
diamond merchant and key accused in Punjab National Bank scam case Mehul Choksi, who is currently in the custody of Belgium police and facing extradition proceedings made by the Indian government, a lawyer said on Wednesday.
He said that the NBW was issued in the Canara Bank-led consortium loan fraud case involving about Rs 55 crore.
Additional Chief Judicial Magistrate (Esplanade Court) R B Thakur issued an order recently on a plea moved by the Central Bureau of Investigation (CBI) seeking a warrant against Choksi.
"Issue standing non-bailable warrant against accused number two Mehul Chinubhai Choksi,' the additional CJM said in its order.
The court directed CBI to file a report on execution of the warrant issued on or beore June two.
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Economic Times
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The Hindu
an hour ago
- The Hindu
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Street oversmart With a spurt in online trading apps, which charge low commissions, during COVID-19 in 2020, many, including the youth, began accessing financial markets. The entry of new investors at this time drove a bull rally that lasted about four years before the slump to current levels began in September 2024. Bodies like the Association of Mutual Funds in India (AMFI) say that increasing financial literacy and awareness is the reason behind the proliferation. The awareness of financial instruments, however, does not translate into an understanding of markets. In its 2024 report, SEBI said that 43% of the people who had lost money were below the age of 30, and 93% of the people in this age group lost money trading in derivatives. Akshay Chinchalkar is the head of research at Axis Securities and actively writes on the professional-networking platform LinkedIn about market trends. He feels that there is too much information out there, which makes it difficult to separate the knowledge from the noise. 'It makes us ponder whether the sheer volume of analysis directly leads to consistent, profitable F&O trading for everyone,' he says. The Association of National Exchanges Members of India said in early August that it's studying ways of helping people move away from derivative trading. One of the suggestions they made was to increase the barriers to entry, so that uninformed or undercapitalised traders don't lose on a gamble. Markets like South Korea and Singapore have such barriers, the association said at a media briefing. SEBI has taken certain measures to control the enthusiasm, like doing away with weekly expiries of derivative contracts for all indices except the main Nifty 50 and the 30-stock Sensex, expecting that this would reduce speculatory trading. This means that contracts need to be held for longer periods in all other indices. However, a SEBI study showed that 91% of individual traders continued to lose money even after reforms. This was down from 93% before the Jane Street episode.
