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Indian Express
36 minutes ago
- Indian Express
Jane Street case: Market manipulation will not be tolerated, says Sebi Chairman Tuhin K Pandey
In light of the alleged manipulative trading practices by Jane Street, a US-based global proprietary trading firm, in the domestic capital market, Sebi Chairman Tuhin Kanta Pandey on Saturday warned that any form of market manipulation will not be tolerated. 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.
Time of India
42 minutes ago
- Time of India
Varun Kumar named 40th accused in AP liquor scam; SIT moves to bring hhm back from US
Vijayawada: In a significant development in the alleged liquor scam case, the Special Investigation Team (SIT) has filed a memo in the ACB Court in Vijayawada, naming Purushottam Varun Kumar as the 40th accused. Varun Kumar, a close associate of prime accused Raj Kasireddy, is believed to have played a key role in the financial fraud. Investigators revealed that he fled the country in July or August last year and is currently residing in the United States. Lookout notices have already been issued. According to sources, Varun Kumar is originally from Secunderabad and holds an engineering degree. Before his alleged involvement, he worked at a coffee shop in Hyderabad, earning a monthly salary of Rs 32,000. His entry into the scam began when a non-resident Indian doctor from Andhra Pradesh introduced him to Raj Kasireddy's network. He was subsequently appointed Andhra Pradesh operations head of a private distillery based in Puducherry. Authorities found that Varun's name was used to siphon off hundreds of crores of rupees. The SIT's investigation uncovered that Raj Kasireddy allegedly coerced the directors and executives of a Tamil Nadu-based company into handing over control of their associate distillery. Following this, Varun was installed as the AP operations head, and a bank account was opened in his name with cheque-signing powers of up to Rs 10 crore. Despite lacking basic infrastructure for liquor production, the distillery received massive supply orders from the Andhra Pradesh State Beverages Corporation Limited (APSBCL). From June 2020 to March 2024, APSBCL transferred a staggering Rs 459 crore to the company's account—an amount the SIT flagged as highly irregular. Investigators found that the funds were rapidly diverted to several other accounts, many linked to suspicious or fictitious companies. With substantial evidence now in hand, the SIT has formally added Varun Kumar as an accused. Authorities are working to bring him back to India to extract further details and expose deeper layers of the scam.
India.com
44 minutes ago
- India.com
Mukesh Ambani and Nita Ambani's wedding gift to son Anant Ambani, daughter-in-law Radhika Merchant is a Rs 640 crore..., it is in...
New Delhi: Mukesh Ambani, the richest person in Asia and his wife Nita Ambani love to do things at the most lavish level and in most extravagant style. This is how they surprised their daughter-in-law Radhika Merchant, wife of their younger son Anant Ambani. What is the surprise? Nita Ambani and Mukesh Ambani have gifted their daughter-in-law, Radhika Merchant a villa in Dubai, UAE. And as expected from the Ambani's, this villa is beyond ordinary, in fact beyond luxury and expensive too. This extravagant villa is super luxurious and costs Rs 640 crores. It is located in the upscale Palm Jumeirah area. This is a beach-side residential property that is among the most expensive properties in Dubai. What are the features of the villa? Radhika Merchant's Dubai villa has lavish interiors with exclusive access to a 70-meter private beach to ensure luxury and privacy. It has 10 luxurious bedrooms decorated with Italian marble and delicate artwork that reflects a blend of elegance and sophistication. The dining room is sprawling with a majestic dining table, making it perfect for hosting extravagant gatherings that are synonymous with the Ambani family. It includes a state-of-the-art pool for most relaxed and indulging dips. What are other gifts? A luxury Bentley car worth Rs. 4.5 Crore: When Anant Ambani got engaged to Radhika Merchant, Mukesh Ambani gifted them a super expensive Bentley Continental GTC Speed car worth Rs. 4.5 crore. Pearl and diamond choker: At a family cocktail party hosted for Mukesh Ambani's niece, Radhika Merchant turned heads with a stunning pearl and diamond choker around her neck.
