Latest news with #Jain
Mint
8 hours ago
- Business
- Mint
Jane Street deposits ₹4,843 cr ‘unlawful gains'. But its path back to trading is not easy
Jane Street has met a key requirement to resume operations in Indian markets by depositing over ₹4,843 crore to comply with the regulator's interim order against alleged market manipulation. Yet, the firm's immediate return to trading isn't certain amid multiple regulatory hurdles and unprecedented scrutiny. The quantitative trading firm has fulfilled the primary condition outlined in paragraph 62.1 of the Securities and Exchange Board of India's (Sebi's) interim order, directing it to deposit 'unlawful gains" from alleged index manipulation in an escrow account with a lien marked in Sebi's favour. 'As per the order's own terms, specifically clause 62.11, this action should pave the way for the temporary ban on their market access to be lifted," said Abhiraj Arora, partner at Saraf & Partners. However, he cautioned, 'The investigation is still ongoing, and Sebi has put specific, forward-looking restrictions in place." Read more: Jane Street hires Khaitan in index manipulation case Jane Street will continue to contest the regulator's order, according to a person familiar with the matter. Jane Street and Sebi did not respond to Mint's emailed queries till press time. Clause 62.11 explicitly states that the directions stipulated in the interim order under paragraphs 62.2 to 62.10, which include the ban on trading, shall 'cease to apply upon compliance with directions in clause 62.1". This means that once the escrow deposit is verified, the trading ban imposed restraining Jane Street Group from accessing the securities market should automatically be lifted. 'Typically, the exchanges make a press release informing about the compliance of the Sebi directions with regard to the deposit of unlawful gains, and subsequently, the ban is lifted," said Akshaya Bhansali, partner at Mindspright Legal. 'The whole process is completed in a day so that the entity does not suffer from its continuing ban post-compliance." Citing the interim order, Asish Philip, partner at LKS law firm, 'on payment of deposit, all other restrictions will be waived". Jane Street 'requested for relaxation of conditions and Sebi is examining the same", he said. However, Rohit Jain, managing partner at Singhania & Co., said, 'Lifting of the trading restrictions was automatic but not instantaneous. Sebi must first verify and confirm the compliance." The regulator certifies this compliance and communicates it to stock exchanges and intermediaries, who then restore market access for Jane Street, according to Jain. 'There is no fixed timeline prescribed, but this process typically takes a few days to weeks, depending on administrative and verification procedures." Read more: Jane Street's troubles may have only just begun. Sebi is now checking Sensex options. Moreover, according to Jain, the deposit only serves as a safeguard so the suspected funds don't leave the Indian jurisdiction or get dissipated while the investigation continues. Scrutiny persists The quant firm will continue to be under scrutiny. The Sebi order includes clause 62.13, which directs stock exchanges to monitor future dealings and positions of JS Group on an ongoing basis to ensure that these entities do not directly or indirectly indulge in manipulative activity. Such directions 'are one of a kind and not a general practice by Sebi", calling it a departure from standard regulatory protocol, according to Bhansali. Arora said the specific instruction to the stock exchanges to 'closely monitor" Jane Street is a 'heightened supervisory measure. This isn't just business-as-usual monitoring; it's a clear signal that the regulator remains deeply concerned and has put the entity on a short leash." Since it was an interim measure and not a final verdict, the order preserves Sebi's right to continue its investigation and take further action, he said. Special treatment Bhansali said Sebi appears to be giving special treatment to the matter. Trading restrictions and de-freezing of the bank accounts, in compliance with Sebi's own interim order, would have been listed automatically once Jane Street complied with the deposit of the 'unlawful gain", she said. 'However, the Sebi press release states that the request of Jane Street to lift the restrictions is under examination. This is not in line with the direction in the ex-parte ad-interim order," Bhansali said. 'Any delay in lifting the restrictions by Sebi will give an upper hand to Jane Street and will make it difficult for Sebi to answer before the Securities Appellate Tribunal." Read more: Andy Mukherjee: Jane Street's secret sauce for Indian markets should be tested out
Indian Express
9 hours ago
- General
- Indian Express
UP: Noon, Pili revived under ‘1 district-1 river' programme
THE state government on Tuesday said two rivers — Noon in Kanpur and Pili in Jaunpur district— have got a new lease of life as part of its 'One District-One River' campaign. According to the government, both the rivers were buried beneath encroachments and layers of silt, and are now flowing again as live streams. Once a lifeline for Bilhaur, Shivrajpur and Chobepur, Noon in Kanpur, was selected for revival as a model project under the One District – One River initiative. Kanpur Nagar's Chief Development Officer, Diksha Jain, said the Noon river was mapped using aerial drone surveys and satellite imagery. She said, 'The survey revealed that the river was heavily encroached in several areas, choked with water hyacinth, and filled with silt. In February, a formal river revival campaign was launched. Most of the work, such as desilting and cleaning, was carried out under MGNREGA, ensuring both environmental restoration and employment generation. 'Industrial effluents from nearby factories were stopped by issuing strict notices, and private companies as well as local industries came forward to support the initiative. The results have been truly encouraging—a river once written off has now regained a substantial flow,' said Jain. Instead of using machines, the work was carried out manually by over 6,000 workers from 58 Gram Panchayats, covering 23 km of the river,' an official said, adding the approach preserved the ecological sensitivity of the project and also generated employment, creating over 23,000 man-days and utilising a budget of Rs 57 lakh. In similar efforts, Pili Nadi, a tributary of the Gomti river in Jaunpur district, has also been revived. Saplings have been planted along its banks to maintain ecological balance and provide long-term benefits to farmers by enhancing soil fertility and water availability. Jaunpur District Magistrate Dr Dinesh Chandra Singh said that under the One District, One River initiative, the restoration of Pili Nadi has emerged as a model public movement. The 61.2 km-long river, with 43 km flowing through Jaunpur, originates from Dehuna village in Badlapur tehsil and meanders through villages such as Bhalua, Khanpur, Bahur, Sirikna, and Rampur before merging into the Gomti River near Belwan. 'From a cultural perspective, Pili Nadi holds a deep connection with Jaunpur's identity. As part of the revival campaign held from June 11 to July 2, a 25-km stretch of the river was rejuvenated through community participation and awareness. A key highlight of the campaign was the restoration of the ancient Shiva temple in Deoria village, located on the river's banks. This renovation is timed ahead of the auspicious month of Sawan,' said Jaunpur DM. In line with CM Adityanath's 'Ek Ped Maa Ke Naam campaign', 11,000 saplings have already been planted along both sides of the river, with a target of 51,000 to be completed by August 15.
Hindustan Times
13 hours ago
- Business
- Hindustan Times
India's rebel franchise golf league likely to start in January
New Delhi: The inaugural edition of the rebel Indian Golf Premier League (IGPL) will take place next January in a six-team, home and away format, league director Manav Jain announced on Tuesday. The league will be played across four weeks and will involve 60 golfers -- 10 in each team. The launch of the Indian Golf Premier League. (IGPL) The franchises are expected to be based in Delhi, Chandigarh, Ahmedabad, Bengaluru, Kolkata, and Mumbai, although a formal announcement is expected in October- November. Each franchise will have an icon player. Indian stalwarts Shiv Kapoor, Gaganjeet Bhullar, Jyoti Randhawa, Jeev Milkha Singh and SSP Chawrasia are expected to don the role. 'We will have a home and away concept for the first three weeks, which will eventually lead to the grand finale week,' Jain said. The players will be picked from a 'strategic auction' that will be held later this year,. The league will be played in a no cut, three-day stroke play format. 'There will be no financial exchange to get the players. For the first three years, all the players have been contracted by us and they are part of the package that we offer to the franchise owners. The franchises will have notional money to build the best team,' Jain said. The auction pool will comprise golfers drawn from the IGPL Tour, Indian Golf Union (IGU) and Women's Golf Association of India (WGAI). The IGPL Tour, a proposed entity parallel to the official Professional Golf Tour of India (PGTI), is expected to take off in September. Spread across six cities and 10 weeks, it will also be held in a three-day, no-cut format. PGTI president Kapil Dev wrote to all its members last month warning of disciplinary action if they participate in the rebel tour. Jain hoped IGPL and PGTI could co-exist. 'There is enough room for two tours to survive. Unfortunately we could not come to any agreement with the PGTI. We waited to work with the PGTI for almost 15 months and once we could not come to an agreement, we had to make good on our promises to our own investors, our own partner ecosystem. We had to pivot and we decided to create the tour in this form,' he said. 'Every week, we will have six invitations that can be extended to anybody who is wishing to play.'
Time of India
14 hours ago
- Science
- Time of India
2 mobile science vans launched
Bhubaneswar: The Regional Science Centre (RSC) launched two mobile science exhibition (MSE) vans to promote scientific learning among students in remote areas of the state on World Youth Skills Day on Tuesday. Initally, the vans will move in Keonjhar and Nuapada districts for the first month. It aims at nurturing curiosity, innovation, and skill-based learning through interactive science demonstrations, bringing hands-on science to the doorsteps of students with limited access to such facilities. The exhibition vans are themed 'Electricity and Magnetism' and another on 'Measurement', each carrying 20 working science models. The measurement van includes exhibits on sound, light, and other fundamental measurements, while the electricity and magnetism van covers key concepts with interactive displays and hands-on models. "World Youth Skills Day is a powerful reminder of the importance of equipping our students with future-ready skills. Through these mobile science exhibitions, we aim to reach the unreached and ignite scientific curiosity among rural youth," said Kapil Jain, head of RSC, Bhubaneswar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo Several schools have been consulted and the vans will move accordingly, he said. 'Each van has a dedicated team comprising one scientific demonstrator, one technician, and a driver, making it a six-member mobile outreach unit," said Jain In addition to the van launch, students participated in an 'activity-based demonstration' on the topic 'Nano World', conducted by SKS Parashar, professor of Physics, KIIT University. He showcased fascinating properties of nano materials through real-time experiments and interactive sessions at RSC campus. Around 100 students from local schools participated in the day-long programme, which concluded with the distribution of certificates to all participants.
Time of India
14 hours ago
- Automotive
- Time of India
When Rs 12 beats Rs 175: Bengaluru founder snubs costly auto prices, uses cheaper option to protest ‘stupid fares'
Swapnil Jain , co-founder of Ather Energy , did not expect a normal Monday morning commute to kick up such noise. He had both his vehicles parked at the office, so when he needed to get back, he tried the usual option. 'For various reasons, both my vehicles were parked at the office and I had no ride. Tried booking an auto because it is only 4 kms, but the price was ₹175. Heck with it, just decided to take a bus to office at ₹12,' he posted on X. And that was that. Or so he thought. 'Protesting stupid auto prices' Calling it what it was, Jain wrote, 'This is me protesting against the stupid auto prices.' — swapniljain89 (@swapniljain89) Live Events The phrase struck a chord. In Bengaluru, short auto rides turning costly is nothing new. Jain's public refusal felt relatable for many. His ₹12 bus ticket said more than a rant ever could. UPI payment, no loose change There was more to this than the fare. Jain pointed out that BMTC's UPI option makes life easier. No awkward wait for coins. No hunting for change in the pocket. He also gave a nod to Switch Mobility's electric buses . Comfortable enough, he said. A slight lag in acceleration did not bother him much. He figured it was down to shifting passenger weight. Bengaluru joins in The post caught on. Others began to chip in with their own stories. One user wrote, 'BMTC has been my primary mode for the last 1 year. Other than the sudden acceleration or braking, no complaints. No issue with frequency (500D), and no last-mile connectivity issues either.' Someone else shared, 'Use the Namma BMTC app for live tracking. It's not perfect, but it works. Pair it with UPI and you're sorted.' Another liked Jain's small stand, saying, 'I like how you don't waste money on simple things. It's not just about saving ₹100- ₹150, it's about staying grounded in the roots we come from.' Of course, not everyone clapped along. One user poked fun at Jain's scooters. 'Same way we don't want to waste money on your scooters that stop when there's a pillion rider. You call that derating? Hilarious!' the user said. Someone found fault with the buses too. 'Why can't the floor be flat? Too many steps inside, feels like climbing into an auditorium,' read another reply. Others dropped tips. 'You can get daily passes through the Tummoc app too. Also, airport buses on the BMTC app are really accurate.' Under it all, this was not only about a short bus ride. Jain's post pulled out an old complaint Bengaluru commuters share quietly every day. Auto fares that feel random. The relief when the bus turns up on time. Small fixes like paying through an app. 'Needed a rick in the rain, guess who's charging Rs 175 for 3 km? Rapido!' another user added, showing this is not one man's story. Swapnil Jain's choice to spend twelve rupees instead of one seventy-five will not overhaul Bengaluru's transport overnight. But it has pushed a simple idea back into the open. Sometimes a bus ride is worth more than it costs. And a small protest can make people pause and think before hailing the next pricey rick.
