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BUSINESS
MCX keen to set up a bullion exchange at IFSC in Gujarat’s Gift City; regulator not as enthusiastic
IFSCA, the newly appointed regulator, is looking at having a consortium set up a bullion exchange rather than permitting individual/multiple exchanges
BUSINESS
Deep discounts by Amazon, Flipkart destroying business, will stage street protests if govt does not act: Trader’s body
The trader association’s members will shut shop and take to the streets if the government does not act against Amazon and Flipkart for what he says are violations of trading practices by the e-commerce platforms, says CAIT National Secretary General Praveen Khandelwal.
BUSINESS
HDFC Securities trading platform stops working; issue resolved now, says company
Traders of HDFC Securities have been complaining about not being able to trade on the platform.
BUSINESS
SEBI considering strengthening settlement norms
Captial markets regulator wants to ensure that accounts of all clients be made nil once in 30 or 90 days in the books of the stockbrokers, depending upon the preference of clients. It has already sought the feedback from various stakeholders.
POLITICS
Joe Biden gets satta market’s vote in US presidential election; Mahagatbandhan, NDA in photo finish in Bihar
Bookmaker says bets worth Rs 2,000 crore have already been placed on the US election, mostly from Punjab, Gujarat and Maharashtra. In Bihar, the honours are expected to be even between the RJD-led mahagatbandhan and the BJP. Nitish Kumar’s JD (U), however, is seen losing out despite being the BJP’s ally in the NDA
BUSINESS
Revenue Department unearths Rs 8,200-crore tax evasion, illiquid options trading scam on BSE
I-T Department, SEBI also involved in the probe. Syndicate of share brokers and entry operators said to be behind these dealings. I-T Dept searches 22 brokerage houses in major cities. West Bengal said to be the hub. Department submits an initial report to SEBI for further investigations
BUSINESS
For the third time in a decade, Sebi seeks views on extending currency trading hours
The market regulator wants currency trading timing extended to curb the outflow of foreign exchange to the Dubai and Singapore markets.
TRENDS
Like A Boss I L&T’s Subrahmanyam on the company he admires most, the secret to success and the importance of collaborative management
Larsen and Toubro managing director SN Subrahmanyam on his management style, the books that have influenced him and advice on running companies.
BUSINESS
CBDT warns officers against political intervention in transfer postings
The Central Board of Direct Taxes (CBDT) has warned Indian Revenue Service (IRS) officers not to use political or other outside influence for transfer postings
BUSINESS
How global online trading platforms and commodity exchanges are being used to launder money
After the crackdown on long-term capital gains and illiquid options trading, these exchanges have become the new conduits for individuals and entities looking to cook their books or turn black money into white.
BUSINESS
More trouble for Franklin Templeton as audit report finds several wrongdoings by key management personnel
Several officials redeemed personal investments just before the company wound up six debt schemes on April 23, 2020. Choksi & Choksi’s forensic audit says that the fund favoured several firms by not exercising the put option, disregarding a management committee advice.
BUSINESS
MCA extends deadline for holding AGMs from September 30 to December 31; 12 lakh firms may benefit
Many smaller companies would have found it tough to meet the September 30 deadline as they would not have audited accounts owing to COVID-19 disruptions. Every year, companies hold their annual general meetings towards the end of September.
BUSINESS
ICICI Bank-Videocon case: ED arrests Deepak Kochhar on charges of money laundering
On January 31, the ED lodged a case of money laundering against Chanda and Deepak Kochhar, Videocon CMD Venugopal Dhoot and others.
BUSINESS
Over a period of time, we would do away with most sales offices and staff: Nirmal Jain of IIFL
The Founder-Chairman of IIFL Group tells Moneycontrol in an exclusive interview, that, over the next 2-3 quarters, all group businesses will go fully digital. He also spoke about the various plans of the Group’s three listed companies -- IIFL Finance, IIFL Securities and IIFL Wealth.
BUSINESS
NSE extends deadline for imposition of penalty on brokers for non-collection of margins till September 15
The earlier deadline was September 1. A circular by the exchange attributes move to the system congestion caused by the shift to the new pledge/repledge mechanism.
BUSINESS
MCA to inspect Yes Bank’s books in first investigation against the bank in Rs 5,050-crore scam
Though the ED and CBI are investigating the scam, their probe revolves around the bank’s co-founder Rana Kapoor, his family and associates. A bank’s book is usually inspected by the RBI.
BUSINESS
SEBI says no more extension of deadline, new ‘pledge and re-pledge system’ to come into effect tomorrow
Market regulator’s decision comes after meeting with Market Infrastructure Institutions. CDSL, NSDL say fully geared to move into the new system. SEBI had extended the deadline three times earlier.
BUSINESS
SEBI to meet brokers, exchanges, depositories on margin pledging system today
The regulator had set a September 1 deadline to move over to the new ‘pledge and re-pledge system’. However, brokers and institutions are not ready. Sources say even mapping of lakhs of client data still pending.
BUSINESS
ED moves SC against Bombay HC order granting bail to Wadhawan brothers in Yes Bank case
ED files Special Leave Petition on August 27. Despite the HC bail, Wadhawans are still behind bars as they are in the custody of the CBI in the same case
BUSINESS
Sebi may ease measures taken to control market volatility
Volatility has eased, with the index measuring market volatility dropping down to its normal level.
BUSINESS
Two years on, MCXCCL plans to approach Ministry of Corporate Affairs to fix violation in MD Narendra Ahlawat’s appointment
The Companies Act required the clearing corporation to seek shareholder approval for the appointment at its very next AGM or EGM, but it had failed to do so. The appointment was subsequently approved by shareholders. But the violation still stands.
BUSINESS
Yes Bank case: How the Bombay High Court’s interpretation of chargesheet deadline meant bail for DHFL’s Wadhawan brothers
The High Court went by its own precedent, set last month, which said the 60 days for submission of a chargesheet begin from the day an arrested accused is produced for remand. The earlier norm was to exclude the day remand was ordered. The Supreme Court, too, has ruled that the date of remand has to be excluded.
BUSINESS
Major win for MCA and PNB as US court recognises bank's claim over proceeds of Nirav Modi asset sales in America
Punjab National Bank received the first tranche of the payment a few days ago
BUSINESS
Sebi calls for one-year action plan from NCDEX
Regulator convenes board meeting of exchange to convey its displeasure. NCDEX has been on a downward slide, with trading volume declining since January 2018, and many brokerages stopping trading on the exchange.
