Orient Technologies made a spectacular Dalal Street debut today, much to everyone’s surprise. The BSE data indicated that the shares were listed at a premium of 40%. In the meanwhile, Apple is reportedly cutting 100 positions. In India, banks have called for a one-day walkout. However, there is a lot of excitement surrounding the September 9 GST Council meeting. Follow our dedicated business blog for real-time coverage of industry news, trends, and expert analysis.
Mutual Fund LIVE News: Put an emphasis on discouraging insider trading
In order to prevent insider trading, the new AMFI guidelines also require the monitoring of all entry to investment team areas, biometric access to dealing rooms, and a review of the personal trades made by important AMC employees. In addition, AMCs are required to provide Sebi with thorough reports on questionable trades on a quarterly basis. Additionally, AMCs have been directed to revise employment contracts to include stringent anti-market abuse clauses.
According to CNBC-Tv18, the Association of Mutual Funds in India has mandated stringent oversight in an effort to curb front-running in mutual fund trades. AMCs have been asked to enforce SOPs for prompt action on suspected market abuse, according to the sources cited by CNBC-tv18. It is now necessary for the AMCs to review suspicious alerts. This also applies to communications between employees.
To begin its initial public offering (IPO), food startup Zappfresh, which offers meat to customers online, submitted a Draft Red Herring Prospectus to Sebi. The IPO will comprise a new issue of Rs 59.06 lakh equity shares, according to the official documents. These equity shares will be worth Rs 10 each on the face. The documents indicate that these will not contain an offer-for-sale (OFS) component.
The securities markets regulator Sebi has imposed a two-year ban on 14 entities—including the promoters and related entities of Rana Sugars—and fined them Rs 63 crore for diverting funds. Furthermore, the regulator has banned Inder Pratap Singh Rana, Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana, Sukhjinder Kaur, and Ranjit Singh Rana from holding any director or important managerial positions in other listed companies for a period of two years. According to exchange data, Sukhjinder Kaur, Veer Pratap, and Ranjit Singh are also Rana Sugars Ltd. promoters. Sebi levied individual fines on Rana Sugars, its promoters, and other connected companies, ranging from Rs 3 crore to Rs 7 crore.
According to the outage tracking website Downdetector.com, social media platform X was back online on Tuesday night following an outage that lasted less than an hour. As of 11:46 p.m. ET, Downdetector, a tool for monitoring outages, had received less than 500 reports of outages in the United States from users and other sources. Over 36,500 reports were received at the outage’s peak, which occurred at 11:18 p.m. ET. As of 11:20 p.m. ET, there were less than 100 outage reports in the UK and Canada, down from over 1,600 and over 3,300, respectively. The source of the outage is still unknown.
