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Time of India
14 minutes ago
- Time of India
Jane Street ban: US trading firm barred by SEBI from accessing India's securities market; case relates to alleged index manipulation
SEBI issued an interim directive stating that Jane Street would be banned from participating in the country's securities market. (AI image) US trading firm Jane Street has been barred by Indian market regulator, the Securities and Exchange Board of India (SEBI), from domestic markets. The ban follows an investigation into suspected manipulation through equity derivatives positions. SEBI issued an interim directive on July 3 on its official website, stating that Jane Street would be banned from participating in the country's securities market. 'Entities are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly," the SEBI notice said with reference to Jane Street order. The regulatory body has also decided to recover 48.4 billion rupees ($566.71 million) from Jane Street, which SEBI claims were obtained through alleged improper practices, according to a Reuters report. In response to the SEBI ban, Jane Street denied the charges. "Jane Street disputes the findings of the SEBI interim order and will further engage with the regulator. Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world," the firm responded via email according to the Reuters report. SEBI's regulatory action comes at a time when several international trading companies, including Citadel Securities, IMC Trading, Millennium, and Optiver, are expanding their operations in India's flourishing derivatives markets. The regulatory body confirmed that it would continue to keep an eye on Jane Street's activities on current positions whilst its investigation remains ongoing. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
18 minutes ago
- Time of India
TCS innovation centre to drive AI transformation for 60 Singapore SMEs, start-ups
Up to 60 Singapore SMEs and start-ups will receive an AI boost from India's largest IT services provider TCS ) with its launch of a high-powered innovation centre in the city new facility, located within TCS Asia Pacific's office at Changi Business Park, will allow the firm's customers and partners, including up to 50 small and medium-sized enterprises and 10 start-ups in the next 12 months, to work with its experts to co-develop, prototype and scale AI solutions for real-world business Mumbai-headquartered TCS also plans to hire up to 50 fresh graduates from local universities in roles such as data science and cyber security to support the centre's operations. The company has 6,600 employees in plans to expand the facility in the first half of SMEs typically do not have access to top consulting talent for tech, but the new centre will be able to help bridge that gap, The Straits Times quoted Punit Agarwal, TCS Singapore country head, as saying on Thursday."The innovation centre will partner with local and global corporations to advance their digital transformation -- by connecting businesses including start-ups, academia, and government agencies, the centre will drive cross-sector innovation and collaboration," he established its operations in Singapore in 1985. The firm, which specialises in IT services, consulting and business solutions, has a presence in 55 countries worldwide.
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Business Standard
43 minutes ago
- Business Standard
Latest LIVE: PM Modi arrives to grand reception in Trinidad & Tobago, meets Indian diaspora
Prime Minister Narendra Modi began his first official visit to Trinidad and Tobago on Thursday (local time), where he was accorded a ceremonial Guard of Honour at Piarco International Airport. He was received by Prime Minister Kamla Persad-Bissessar, along with 38 ministers and four Members of Parliament from the Caribbean nation. This marks Modi's first visit to Trinidad and Tobago as Prime Minister, and the first bilateral visit by an Indian Prime Minister to the country since 1999. The visit is taking place at the invitation of Prime Minister Kamla Persad-Bissessar. During his two-day visit from July 3 to 4, Modi is scheduled to meet President Christine Carla Kangaloo and Prime Minister Persad-Bissessar to further strengthen bilateral ties. Torrential rains have once again disrupted life across Himachal Pradesh, leaving more than 37 people dead and causing property damage worth over ₹400 crore, according to the State Disaster Management Authority. The India Meteorological Department (IMD) has issued a rain alert for the state until July 7, as monsoon showers continue to lash several regions. Officials from the Himachal Pradesh State Disaster Management Authority and the Revenue Department said the state has recorded losses exceeding ₹400 crore due to relentless rainfall. Rescue, relief, and search operations are in full swing, particularly in Mandi district, which remains the worst affected. Several roads in the region are blocked, and essential services have been disrupted. The Securities and Exchange Board of India (Sebi) has barred US-based trading firm Jane Street from accessing Indian securities markets for alleged manipulation. In an interim order, Sebi also directed the high-frequency trading firm to disgorge ₹4,844 crore in 'unlawful' gains. The ban will remain in effect until the firm complies with the order to surrender the alleged illegal profits. Sebi's investigation found that Jane Street was responsible for a substantial share of net buying in the 12 Bank Nifty component stocks and their futures. This 'burst of buying' was aimed at influencing the prices of these securities, enabling the firm to take significantly larger and more profitable positions in the highly liquid index options segment.
