Jane Street case: Market manipulation will not be tolerated, says Sebi Chairman Tuhin K Pandey
On Thursday, the Securities and Exchange Board of India (Sebi) ordered the impounding of Rs 4,843.57 crore in alleged unlawful gains made by Jane Street through manipulative trading. The markets regulator also prohibited the firm from engaging in any securities transactions until the recovery of the alleged illegal gains is completed and stated that 'JS Group is not a good faith actor that can be, or deserves to be, trusted'.
'Market manipulation will not be tolerated,' Pandey told reporters when asked if Sebi was looking into the model of foreign portfolio investors (FPIs) that are setting up office locally after the Jane Street case. He was talking on the sidelines of the 77th Foundation Day celebration of the Bombay Chartered Accountants' Society (BCAS).
To a question on if there was a need to increase monitoring of exchanges, custodian and brokers, Pandey said the surveillance was there.
'We have effectively increased surveillance, both at the exchange level as well at the Sebi level. This (Jane Street) is basically a surveillance issue and we are keeping track of (it) more closely.
While delivering the speech on the topic, 'Corporate governance, in letter and spirit – role and responsibility of professionals', Pandey said in today's business landscape, corporate governance was not a matter of choice — it is an imperative.
'It forms the bridge between a company's performance and the trust it earns from its stakeholders. Sound governance practices are central to sustaining investor confidence, ensuring board independence, and enabling effective oversight in listed companies,' the Sebi chairman said.
He said the markets regulator has taken a slew of measures to strengthen corporate governance in listed companies.
'A significant milestone was the introduction of Clause 49 of the Equity Listing Agreement in the year 2000, which brought formal governance standards into the Indian capital market landscape,' he said.
Sebi has adopted a hybrid approach towards the corporate governance framework, combining both rule-based and principle-based elements.
Speaking on transparency, he said a well-functioning capital market thrives on transparency, trust, and equal access to information.
Pandey said chartered accountants serve as the financial custodians of corporate India. They are stewards of trust — trust that investors, regulators, lenders, and the public place in the financial statements of companies.
'Transparency in disclosing related-party transactions, managing conflicts of interest, and presenting material developments in a timely manner are all non-negotiable responsibilities you (chartered accountants) are entrusted with — and rightly so,' Pandey said.
He said that chartered accountants often serve as a bridge between company management, auditors and regulators – ensuring that the principles of fairness, independence, and accountability are upheld in both spirit and practice.
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Indian Express
16 minutes ago
- Indian Express
Solving Crime: When a Bengaluru cop acted as auto driver to rescue Kannada movie financier's son from kidnappers
In one of the most daring police operations in Bengaluru, a quick-thinking inspector's split-second decision to disguise himself as an autorickshaw driver led to the dramatic rescue of a kidnapped teenager and the capture of his abductors in 2001. The swift operation was not just lauded by the public but also by the legendary Kannada film actor Dr Rajkumar. The case concerns the kidnap of the son of a movie financier's son. But what followed was a nail-biting operation where a police inspector had to don the role of an autorickshaw driver and engage in a gunfight to bring the criminals to justice. On 3 June, 2001, close to 4 pm, then DCP (West) Nissar Ahmed asked many of the police inspectors to come to the Upparpet police station immediately, recalled S K Umesh, then a police inspector. When the police inspectors arrived, a middle-aged man, Gulabchand Pagariya, was in the DCP's chamber. Unknown men had kidnaped his son Prashanth Pagariya, 15, demanding Rs 10 lakh ransom. Gulab Pagariya was a well-known financier at the time, providing loans to businessmen, movie producers, and others. Coming from an affluent family and living in a palace-like mansion in Rajajinagar, Gulab Pagariya was also a well-connected man. He was also a family friend to Dr Rajkumar and other prominent politicians and celebrities. According to a police officer, Prashanth had just completed Class 10 at Baldwin School. Around 1 pm, his mother, Premalatha, received a call informing her that her son had been kidnapped. The kidnappers demanded a ransom of Rs 10 lakh for his release and threatened to kill him if she contacted the police. They warned that any delay would result in the gruesome dismemberment of her son's body. Premalatha was shocked and informed her husband, who decided to contact the police. A retired police officer involved in the investigation remembered that Premalatha was strongly opposed to police intervention because she feared that her son could be harmed. A team of police and technical experts arrived at Pagariya's residence and installed devices that could record calls and track the caller's location. By then, the police had determined that one call originated from K M Doddi in the Mandya district. By evening, Premalatha received another call on her landline. A police officer recalled that during this call, the caller threatened Premalatha, saying that he would send her son's right hand to her because she had informed the police. The caller instructed her to bring Rs 10 lakh to the ISKCON temple in Rajajinagar and insisted that she come alone. Umesh recalled that by then, Premalatha was furious with the police. 'What she did not like about the police was that we were buying time and her anxiety grew every minute. She was crying and was also arguing with the police. I came outside of the house and was standing outside,' he said. In the next few minutes, Umesh heard Premalatha shouting that she would go to the ISKCON temple in an autorickshaw and bring her son back. 'I saw an autorickshaw parked a few meters away from her house and I immediately went to it. I didn't speak much, but I took away his khaki uniform and took his autorickshaw. Fortunately, I came near the gate as Premalatha stepped out with the suitcase carrying Rs 10 lakh cash,' he said. Premalatha, who got into the autorickshaw, asked the driver to take her near the ISKCON temple. But on the way, she also scolded the driver, Umesh in disguise, for not driving properly and even asked if he was drunk. 'This was my first experience as an autorickshaw driver. It was not easy to drive the three-wheeler. I was yet to get it under control and got scolded by her,' recalled Umesh. Upon reaching near the temple, Premalatha asked Umesh to wait inside the auto. 'I was just watching the public movement on the road, and the other police personnel who were aware of it had cordoned the area, but were not visible. I saw one autorickshaw going back and forth on the same road twice, and it was a confirmation for me that the abductors were in the vehicle,' he added. After some time, the autorickshaw in which the abductors were present stopped the vehicle a few meters away from where Umesh had stopped. Umesh stepped out, and then one of them called him, believing he was an autorickshaw driver. 'One of them called me and said, 'Hey Driver, tell that woman that the people she is waiting for have come',' said Umesh. Umesh said he realised this was the moment. 'I took out my revolver and asked all of them to get down, including the driver. That autorickshaw driver knew nothing about this kidnapping episode. Then, the people inside the autorickshaw jumped out and tried to flee. I had no choice but to open fire at their legs. It was only after the first bullet sound that Premalatha and the police came to know that the action had begun.' The police inquired about the whereabouts of Prashanth, and one of the suspects, who had been shot at, informed them that they were in a Maruti van on a service road, approximately one kilometre from the ISKCON temple. The police teams quickly responded to the location, successfully rescuing Prashanth and apprehending the other suspects. On June 4, 2001, the Bengaluru city police announced the arrest of Ramakrishna, 28, R Ramesh, 27, and Gopi, 23. Ramakrishna and Ramesh sustained gunshot wounds to their legs. Later, the police arrested another suspect named Shiva, along with others allegedly involved in the crime. Ramakrishna worked as a gym instructor, Ramesh was employed at a garage, while Gopi and Shiva were employees at Anjali Garments in the city. The investigations revealed that the idea to kidnap Prashanth originated in the gym. A police officer stated, 'At that time, Bengaluru was grappling with several abduction cases. Many incidents did not even come to light because the ransom demands were met. In this particular case, Ramakrishna, a gym instructor at Royal Multi Gym in Rajajinagar, decided to make a quick profit. The gym was located close to Prashanth's residence, and Prashanth frequently visited the gym, where he had formed a friendship with Ramakrishna.' After forming a team, Ramakrishna decided to kidnap Prashanth and also bought a new SIM card. However, due to their misfortune, the SIM card had not been activated. On June 3, 2001, when Prashanth was returning home on a two-wheeler, Ramakrishna allegedly stopped him and asked a financial favour from his father, stating it was an emergency. He asked Prashanth to join him in his car to meet Gulabchand, said the police. But Prashanth got to know that it was a meticulous plan to kidnap him only after getting into the van. Umesh said, 'In the van, Ramakrishna and others assaulted him and told him that associates of his gang also kidnapped his sister and if he failed to cooperate, she would be killed. They took him to K M Doddi near the Mandya district and from there made him call home from an STD booth.' 'We came to know about this call location quickly as the STD booth employee suspected that there was something wrong. He dialled back the number (to Premalatha) and informed them that the call originated from KM Doddi. So, a team was also dispatched. But later, everything transpired in Bengaluru and at the footsteps of Lord Krishna,' Umesh said. The swift police operation became a sensation in the city. In fact, Dr Rajkumar invited the police officers to his residence and distributed sweets. 'He was thrilled to know how the operation unfolded and asked me many questions. He became more curious after I told him that I acted like an autorickshaw driver and then attacked them,' said Umesh. The Upparpet police later filed a chargesheet against the accused. In 2007, a Bengaluru court convicted all the accused and sentenced them for life. Umesh said that all of them still continue to be in jail. 'Their greed to make a quick buck by kidnapping sent them to prison,' he added.
Time of India
23 minutes ago
- Time of India
ICAI CA September 2025 registration begins for Foundation, Intermediate, Final exams: Check direct link to apply here
The Institute of Chartered Accountants of India (ICAI) has officially opened the registration window for the September 2025 Chartered Accountancy (CA) examinations. Starting July 5, candidates aiming to appear for the Foundation, Intermediate, or Final exams can apply via ICAI's Self Service Portal (SSP). The application deadline without a late fee is July 18, while forms submitted between July 19 and 21 will attract a late fee of ₹600. With a compressed timeline and fixed dates for each level, aspirants are advised to complete their applications promptly and begin their final phase of preparation. The September session is an opportunity for students who missed earlier attempts or are aiming for year-end placements or article training. ICAI CA registration deadlines The registration window opened on July 5, 2025, and the last date to submit the form without a late fee is July 18, 2025. Students who miss this deadline can still apply until July 21, by paying a late fee of Rs. 600. ICAI has made it clear that no extensions will be granted beyond this point, reinforcing the importance of timely submission. Admit cards and centre details will be announced later on the official ICAI portal. ICA CA September 2025 exam schedule for all levels Check examination schedule for CA September exams below: Final Course: Group I – September 3, 6, and 8; Group II – September 10, 12, and 14 Intermediate Course: Group I – September 4, 7, and 9; Group II – September 11, 13, and 15 Foundation Course: Exams will be held on September 16, 19, 20, and 22 All exams will be conducted in offline mode across designated centres in India and abroad. Candidates are encouraged to cross-check their exam group preferences before final submission. How to apply on ICAI portal Candidates must apply through the official ICAI Self Service Portal . Here is how: First-time users need to register and create login credentials. After logging in, students must fill in personal and academic details, upload scanned documents and recent photographs Then, complete the fee payment process Download the acknowledgement slip Applications are considered successfully submitted only after receiving the acknowledgment receipt. Students are also advised to keep a printed copy of the application form for future reference. Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Time of India
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Arms from Myanmar: Smuggling racket in Manipur busted; 4 held as probe intensifies
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