All posts tagged: Securities

Mahadev betting app case: ED seizes securities, bonds, worth ₹573 cr | Latest News India

Mahadev betting app case: ED seizes securities, bonds, worth ₹573 cr | Latest News India

Published by Parlour News

New Delhi, The Enforcement Directorate Monday said it has seized securities, bonds and demat accounts worth ₹573 crore after it conducted a fresh round of searches in the Mahadev online betting app-linked money laundering case last week. ₹573 cr” title=”Mahadev betting app case: ED seizes securities, bonds, worth ₹573 cr” /> ₹573 cr” title=”Mahadev betting app case: ED seizes securities, bonds, worth ₹573 cr” />Mahadev betting app case: ED seizes securities, bonds, worth ₹573 cr The federal probe agency, in a statement, said it has found that the “proceeds of crime” generated by the betting platform and its linked syndicates were moved out of the country and later invested in the Indian stock markets in the name of foreign portfolio investments . The searches were conducted on April 16 at premises in Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai and Odisha’s Sambalpur. “The search action has resulted in the seizure of cash worth ₹3.29 crore, freezing of securities, bonds and demat accounts worth more than ₹573 crore besides seizure of various incriminating documents and electronic records,” …

US SEC Rejects Memecoins as Securities, Warns of Fraudulent Tokens

US SEC Rejects Memecoins as Securities, Warns of Fraudulent Tokens

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The Securities and Exchange Commission (SEC) is gradually shaping crypto regulations in the US following Donald Trump’s return to the White House. This week, the SEC clarified that memecoins do not qualify as securities, meaning investors are not required to register their transactions under the Securities Act of 1933. The announcement comes amid a surge in meme tokens flooding the crypto market in recent years. Memecoins are crypto tokens inspired by trending memes, characters, or events. Their creators attract investors by leveraging viral popularity, but these tokens often rely on hype and speculation rather than intrinsic value, making them highly volatile and risky investments. A statement by SEC’s Division of Corporate Finance said, “memecoins typically are purchased for entertainment, social interaction, and cultural purposes, and their value is driven primarily by market demand and speculation. Memecoins also typically have limited or no use or functionality. In this regard, meme coins are akin to collectibles.” SEC Explains Why Memecoins are Not Securities In the US, financial instruments like stocks, cash notes, and bonds are classified as …

Sebi Bans 8 Entities From Securities Market

Sebi Bans 8 Entities From Securities Market

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New Delhi: Regulator Sebi on Monday barred eight entities from the securities market and impounded illegal gains of Rs 4.82 crore made from their alleged front-running activities. Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made public. The findings came after the Securities and Exchange Board of India (Sebi) conducted an investigation in respect of the alleged front-running of the trades of Gagandeep Consultancy Private Limited (big client) by certain entities. The focus of the investigation was to ascertain the violation of provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules by the entities and the period of investigation was from September 2018 to September 2023. In its interim order, Sebi found that Ashish Kirti Kothari, his family members, and his HUF (Hindu Undivided Family) are accused of front-running trades of the big client. During the course of the investigation, the regulator observed that the big client was placing its orders through …

Multi-state dabba trading racket busted

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A Special Investigation Team (SIT) under the Gandhinagar Range of Gujarat Police busted an alleged national-level dabba-trading racket with transactions amounting to Rs 27.81 crore, officers said. Dabba trading implies an illegal and unregulated form of trading in securities. The police investigated the matter following 37 complaints and several FIRs from other states. As many as 54 persons were said to be involved in the racket. The police action led to the arrest of 32 accused in the last couple of weeks while 22 are still on the run. The victims are believed to be from Gujarat, Rajasthan, Punjab, Haryana, Maharashtra, and Andhra Pradesh. A statement from the office of DIG Gandhinagar Range on Friday said that organised gangs in Vadnagar, Visnagar, Kheralu and Satlasana areas of Mehsana targeted people who wanted to invest in the stock market and enticed them into depositing their money with the accused with promises of tips on earning profit.Earlier this month, an SIT under Deputy SP DT Gohil was constituted to probe the allegations. Modus Operandi For a long …

Madhabi Buch traded in listed securities while in possession of unpublished price sensitive info: Congress

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Upping the ante over the conflict-of-interest row involving SEBI Chairperson Madhabi Buch, the Congress on Saturday (September 14, 2024) claimed that she traded in listed securities while in possession of unpublished price-sensitive information and has been investing in Chinese firms at a time when India is facing geopolitical tensions with China. Congress general secretary Jairam Ramesh pointed to “fresh conflict of interest allegations” against Mr. Buch, claiming that she, as a whole-time member and later as the SEBI chairperson, traded in listed securities worth ₹36.9 crore. The Congress attack comes a day after Mr. Buch said that she had made all necessary disclosures and complied with recusal guidelines in dealing with companies such as Mahindra Group that hired her husband, as she rejected allegations of impropriety as “false, malicious and motivated”. Mr. Buch and her husband Dhaval Buch in a joint statement – the second since U.S.-based short seller Hindenburg Research charged her of not being motivated enough to act on allegations against the Adani group due to conflict of interest – also addressed issues …

Goldman Sachs (India) Securities Pvt Ltd leases more than 73000 sq ft office space for more than ₹2 crore per month

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Goldman Sachs (India) Securities Pvt Ltd has leased more than 73000 sq ft of office space for more than ₹2 crore per month for 10 years in K Raheja Pvt Ltd’s Acentia project in Worli, Mumbai, documents accessed by FloorTap.com showed. ₹2 crore per month for 10 years in K Raheja Pvt Ltd’s Acentia project in Worli, Mumbai (Representational photo)(Reuters)” title=”Goldman Sachs (India) Securities Pvt Ltd has leased more than 73000 sq ft of office space for more than ₹2 crore per month for 10 years in K Raheja Pvt Ltd’s Acentia project in Worli, Mumbai (Representational photo)(Reuters)” /> ₹2 crore per month for 10 years in K Raheja Pvt Ltd’s Acentia project in Worli, Mumbai (Representational photo)(Reuters)” title=”Goldman Sachs (India) Securities Pvt Ltd has leased more than 73000 sq ft of office space for more than ₹2 crore per month for 10 years in K Raheja Pvt Ltd’s Acentia project in Worli, Mumbai (Representational photo)(Reuters)” />Goldman Sachs (India) Securities Pvt Ltd has leased more than 73000 sq ft of office space for more than …

Robinhood’s crypto arm receives SEC warning over alleged securities violations

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Robinhood’s cryptocurrency division could soon be in trouble with the Securities and Exchange Commission. In an 8-K filing submitted on Saturday, Robinhood revealed that it received a Wells notice from the SEC’s staff recommending the agency take action against the trading platform for alleged securities violations. Robinhood says it received the Wells notice after cooperating with the SEC’s requests for investigative subpoenas about its crypto listings, custody of cryptocurrencies, and the platform’s operations. A Well notice is a letter from the SEC that warns a company of a potential enforcement action. The SEC’s response could include an injunction, a cease-and-desist order, disgorgement, limits on activities, and / or civil penalties. “We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer, said in a statement. Robinhood says it already made the “difficult choice” to delist …

Coinbase Crypto Exchange, US SEC Lock Horns in US Court Over Digital Assets as Securities

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A federal judge in Manhattan on Wednesday grilled Coinbase and the US securities regulator about their divergent views on whether and when digital assets are securities, in a case closely watched by the cryptocurrency industry. Coinbase has asked the court to dismiss the Securities and Exchange Commission’s lawsuit alleging the largest US crypto exchange is flouting its rules. Judge Katherine Polk Failla on Wednesday heard arguments from both sides, focusing her questions on the legal precedent defining securities, and the attributes of several crypto tokens traded on Coinbase and elsewhere that the regulator has deemed investment contracts. Failla did not decide the matter from the bench, noting she was still weighing some questions after the more than four-hour hearing. The judge’s ruling is likely to have implications for digital assets by helping to clarify the SEC’s jurisdiction over the sector. The case is one of a slew the SEC has brought against the crypto sector. The agency focused initially on companies selling digital tokens, but under the leadership of chair Gary Gensler has targeted firms …

US securities regulator approves bitcoin ETFs in watershed for crypto market

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The U.S. securities regulator on Wednesday approved the first U.S-listed exchange traded funds (ETFs) to track bitcoin, its Chair Gary Gensler said, in a watershed for the world’s largest cryptocurrency and the broader crypto industry. Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023.(Reuters) The agency approved applications, including from BlackRock, Ark Investments and 21Shares, Fidelity, Invesco, and VanEck, among others, according to a notice on its website. Some products are expected to begin trading as early as Thursday. Wrap up the year gone by & gear up for 2024 with HT! Click here The products – a decade in the making – would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world’s largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals. Standard Chartered analysts this week said the ETFs could draw $50 billion to $100 billion this year alone, driving the price of bitcoin as high as $100,000. Other analysts have said …