The Securities and Exchange Board of India (SEBI) has taken action against Gensol Engineering and its promoters, the Jaggi brothers, after receiving a complaint in June 2024 alleging fraudulent activities. The regulator has barred the promoters from holding any directorial or managerial positions in the company and has ordered an audit of its accounts. This decision will also have a negative impact on the Jaggi's other venture, the electric ride-hailing service BluSmart, as they are co-founders of the company. The funding crisis for BluSmart is likely to worsen as finding new investors becomes increasingly difficult with cases against the Jaggi brothers.
Gensol Engineering Ltd, a renewable energy company, has faced a steep decline in its shares after being hit with a ban by the Securities and Exchange Board of India (Sebi). The regulator has accused Gensol and its promoters of diverting funds raised for electric vehicle procurement into personal expenses and transactions with related entities. This has led to a loss of trust among investors and raises concerns about potential fraudulent activities within the company.
In a dramatic turn of events, Maharashtra Food and Civil Supplies Minister Dhananjay Munde submitted his resignation following the viral photos of the Beed sarpanch murder case and his close aide's involvement. Beed district is on high alert with demands for immediate action against the accused and criticism towards the government's delayed response. Meanwhile, the Maharashtra budget session enters its second day with tensions rising in the assembly over the suspension of Samajwadi Party MLA Abu Azmi. The Bombay High Court has granted a four-week stay on a special court's directive to file an FIR against former Sebi chairperson Madhabi Puri Buch and others involved in alleged stock market fraud and regulatory violations.
The Mumbai court has ordered the launch of an FIR against former SEBI Chairperson Madhabi Puri Buch and others over allegations of financial fraud, regulatory violations, and corruption. The accused are being charged in connection with an alleged fraudulent listing of a company on the stock exchange, which was done with the help of regulatory officials. However, SEBI has stated that they will challenge the court order and maintain their commitment to regulatory compliance. This development has caused shock and concern in the entertainment world as the actions of regulatory authorities have come under question.
The Securities and Exchange Board of India (SEBI) will be taking legal action to challenge a Mumbai court's order which allowed the registration of an FIR against former SEBI chairperson Madhabi Puri Buch and other officials. The court's order comes after an application was filed by a legal news reporter, alleging financial fraud, regulatory violations, and corruption in a company's stock exchange listing. SEBI remains committed to ensuring regulatory compliance and will be initiating appropriate legal steps to challenge the order.
The Securities and Exchange Board of India (SEBI) has announced its plans to challenge a special Anti-Corruption (ACB) court's decision to direct an FIR against former chairperson Madhabi Puri Buch and other officials. The court's order was based on a petition that the board claims is "frivolous" and did not allow them to present their side. This decision highlights the ongoing battle between SEBI and the court system as they continue to navigate allegations of stock market fraud.
Recently, the Competition Commission of India (CCI) has proposed changes to the penalty recovery process, which has sparked public feedback. Tech giant Meta has also appealed against a CCI penalty and will be having a hearing at the NCLAT on January 16th. In addition, the RBI has tightened penalties for payment system violations, while the CCI studies competition in the renewable energy market among BRICS countries. Sebi has also released new guidelines for waiver procedures for penalty interest, but India's digital data protection rules do not impose any penalties. The telecom industry is also facing challenges in recovering investments due to subscriber complaints, and the CCI is seeking more information on a quick commerce complaint. However, the CCI has stated that they are unlikely to probe alleged bribery allegations against the Adani group.
The Securities and Exchange Board of India (Sebi) has approved 'light-touch' rules for passive mutual funds, which will make it easier for funds to be launched and traded on stock exchanges. This move will give mutual fund firms more flexibility and boost competition in the industry. Sebi has also proposed raising the investment limit for angel funds to Rs 50 crore and introduced new rules for insider trading in mutual funds, which will be effective from Nov 1, 2024. In addition, the ED has seized foreign assets belonging to Axis Mutual Fund in a front running case, while Sebi has also introduced new valuation regulations for mutual funds.
Hindustan Unilever Limited (HUL) has recently separated its ice cream business, with a valuation exercise already completed. However, the move has faced complications as a panel formed by HUL to evaluate the prospects of this business has discovered that softy ice cream mix is subject to an 18% GST. In addition, a video showing tampering of Amul ice cream has resurfaced, causing concerns for GCMMF. These developments, along with HUL's earnings and FII outflows, have contributed to a fall in the markets for the fourth day in a row. Despite this, there is a silver lining as the Sensex has rebounded, with FMCG seeing growth and Adani Energy receiving a SEBI notice for its shareholding categorization.
Adani Group is under scrutiny for alleged violations of disclosure norms concerning a US bribery case and the subsequent cancellation of major deals by Kenya. While the conglomerate has denied any involvement in the case, stock exchanges have sought explanations and experts believe that the Securities and Exchange Board of India (SEBI) may launch an investigation. The allegations, which include a criminal indictment and a civil complaint, could have significant consequences for Adani Group's reputation and access to international markets.