Rights panel to hear Rourkela girl drowning case
NHRC will hear the case following a complaint by human rights activist Saarat Jena, who described the incident as a murder due to systemic negligence involving the contractor and senior officials associated with the housing project. Deputy secretary in the home department has instructed the collector and district magistrate of Sundargarh to attend the NHRC's camp sitting.
Sarun, the only daughter of Mumbai-based mason Rohit Badaik, fell into the tank while playing in the Gopabandhu Nagar housing complex, a project executed by the Rourkela Development Authority.
Her body was discovered after a three-hour search. The family had recently moved to the colony from Bidyut Basti. The incident sparked outrage among residents, who demanded accountability from civic authorities and the contractor.
Protesters, including human rights activists, have called for a high-level inquiry and Rs 50 lakh compensation for the bereaved family. They have also requested assistance for the parents to adopt another child, as Sarun's mother is unable to conceive again. The protesters initially refused to release the body for post-mortem until their demands were met.
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Business Standard
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What is Jane Street? Jane Street is a global quantitative trading firm that uses mathematical models and algorithms to trade rapidly and across markets. With operations in more than 45 countries and over 3,000 employees, it is one of the largest players on Wall Street. In 2023, the firm reportedly accounted for more than 10.4 per cent of North America's equity trading volume, up from 7.6 per cent in 2022, according to a report by the Financial Times. In India, the firm traded heavily in both the cash market, where investors buy and sell actual shares, and the derivatives market, where traders use instruments like options and futures to bet on future price movements. What is an arbitrage trading strategy? Arbitrage is a legal trading strategy that takes advantage of price differences in different markets. This means that if a stock is trading at slightly different prices across two exchanges, a trader can buy low in one market and sell high in another. In India, arbitrage often occurs between the cash market and derivatives market, where traders can simultaneously buy and sell related assets to lock in small, low-risk profits. Arbitrage is legal in India as long as these trades are based on existing inefficiencies and do not attempt to create false price movements. Arbitrage may even be beneficial as it can help align prices, thereby improving market efficiency, as former Sebi primary market board member V Raghunathan told CNBC. What is market manipulation? Market manipulation is illegal. It involves deliberately distorting prices or creating a misleading impression of market activity. This could include tactics like artificially inflating demand, moving prices without a valid economic reason, or placing trades solely to influence market outcomes. Difference between arbitrage and market manipulation The difference between arbitrage and manipulation lies in intent and impact. Arbitrage works within the natural functioning of markets, while manipulation seeks to interfere with it. The latter can often harm other investors in the process. What are Sebi's accusations against Jane Street? According to Sebi, Jane Street used multiple entities to carry out a coordinated trading strategy in the Bank Nifty index. The market regulator alleges that one entity bought large volumes of banking stocks in the early morning, which pushed up the index price. At the same time, another entity took positions in the derivatives market anticipating a fall in the index. Near the close of the trading day, particularly on expiry days when derivative contracts are settled, Jane Street is alleged to have sold off the earlier stock purchases in large volumes, pushing the index lower. This price drop, Sebi claims, boosted the profitability of the firm's bets on falling prices. This practice is known as 'marking the close', which is considered manipulative if it involves intentionally influencing prices during the final minutes of trading. Sebi argues that Jane Street's actions created an artificial and misleading appearance of market activity, which in turn caused retail investors to trade at distorted levels and suffer losses. Jane Street's response to Sebi allegation Jane Street has denied any manipulation, describing its actions as basic index arbitrage. The firm has not commented publicly but has indicated it intends to challenge the regulator's order. On July 14, Jane Street deposited ₹4,844 crore into an escrow account, a step that Sebi said was required while reviewing the firm's request to resume trading in Indian markets. Broader market reaction and regulatory concerns The episode has unsettled parts of the institutional investor community. 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Search operation to track down terrorists resumes in J&K's Kishtwar
The joint operation by the police and the army was launched on Sunday afternoon in Khankoo forest in Cherji area between Dachhan and Nagseni, officials said Press Trust of India Jammu Security forces on Monday resumed a search operation to track down a group of terrorists hiding in a dense forest in Kishtwar district of Jammu and Kashmir, officials said. The joint operation by the police and the army was launched on Sunday afternoon in Khankoo forest in Cherji area between Dachhan and Nagseni, they said. It triggered a brief encounter with the terrorists believed to be affiliated with the proscribed Hizbul Mujahideen outfit and included two top-ranking ultras carrying a reward of Rs 30 lakhs each, officials said. After the gunfight, reinforcements were rushed to the scene and a massive search operation was launched to neutralise the fleeing terrorists, officials said, adding that the operation was called off late Sunday. It resumed on Monday morning with security forces deploying drones and sniffer dogs to relentlessly chase the trail to hunt down the terrorists, they said. The officials said security forces have already plugged the escape routes and expanded the operation to nearby areas, but thick foliage and challenging topography pose a challenge to the search parties. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
