MARKET ABUSE
Sebi asks stock brokers to put in place system for surveillance of trading activities
In the midst of a strong bull market, Sebi has introduced new guidelines for stock brokers aimed at preventing and detecting fraud and market abuse. These guidelines, outlined in Chapter IVA of the Broker Regulations, mandate surveillance systems for trading activities, internal controls, obligations for brokers and their employees, escalation procedures, reporting mechanisms, and the implementation of a whistle-blower policy.
Getting ready to end the 3-year exile: 5 stocks from diagnostics sector with upside potential of up to 53%
There are some businesses, where only a black swan event leads to sharp growth in profit. Otherwise the underlying nature is such that they don't have any sudden spike in their profits. But there is constant growth. The constant growth could be because of many reasons. It may be because of the fact that penetration of that good or service is very low and over a period of time as it improves, both top and bottom line keep moving upward. It could be because of the movement of business from the unorganized sector to the organized sector. Or due the fact that the “need” of that good or service is such that spending on it cannot be postponed. In the case of diagnostic business, it is all the three, or rather four. The fact is that in 2020, a black swan took place which led to the sudden spike in FY 2021 numbers, but then back to normal growth curve. Now for three years, there has been a painful process of partial normalization of valuation and end of price wars. Has the time come for extreme long term investors to bring them back on watchlist ?
Sebi notifies institutional mechanism for brokers to prevent mkt abuse
Brokers must biannually report suspicious activities to stock exchanges. Sebi's amended PFUTP rules, effective from June 27, aim to prevent manipulative trade practices.
Hedge fund’s secret Adani short revealed in blow-by-blow account
A short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
Trader sends abusive responses to Sebi regarding insider trading, fined Rs 20 lakh
Though Rajat Mishra said he would be available for video call anytime in response to the summons dated March 7, he failed to appear through the call before the investigating authority from Common Investor Service Centre, Lucknow.
Sebi issues financial disincentives guidelines for bourses, other MIIs for surveillance lapses
Sebi on Thursday came out with a framework on "financial disincentives" for stock exchanges and other market infrastructure institutions for their lapses in detecting abnormal or suspicious trading activities to safeguard the interest of retail investors.
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Tribunal rules $17 billion UK adtech lawsuit against Google can go ahead
The lawsuit, which seeks damages on behalf of publishers of websites and apps based in the United Kingdom, is the latest case to focus on the search giant's business practices.
Pro-TMC academics urge President Droupadi Murmu to look into comments by PM Modi about black money
The Educationists' Forum, a platform of former vice-chancellors of state universities and senior professors, said that Modi had commented at a public meeting in Karimnagar in Telangana that two big corporate houses in the country were involved in hoarding, using and distributing black money.
CCI chief flags 'opacity of algorithms', potential 'data dominance' concerns in digital markets
Competition Commission of India (CCI) chief Ravneet Kaur highlighted the opacity of algorithms in assessing their impact on competition, emphasizing the need for competition law to evolve in digital markets. The CCI is closely monitoring digital markets to combat anti-competitive practices. Kaur also announced a forthcoming market study on Artificial Intelligence during the 15th annual day event.
Sahara Group on 'Scam 2010 - The Subrata Roy Saga': An abusive and grossly condemnable act
Sahara Group criticises 'Scam 2010 - The Subrata Roy Saga' series by Hansal Mehta on Sony LIV, contemplating legal action for defamatory portrayal. The series delves into financial scandals involving Subrata Roy, with disputes pending before SEBI and the Supreme Court. Produced by Applause Entertainment in association with Studio Next.
SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think
In a significant development within India’s crypto landscape, the Securities and Exchange Board of India (SEBI) has recommended several regulators oversee crypto trade nationwide.
CCI unable to prove market dominance, Google tells NCLAT
Google argued before the National Company Law Appellate Tribunal (NCLAT) that the Competition Commission of India (CCI) order, which imposed a penalty of Rs 936 crore on the company, was vague and excessive. The company contended that the regulator failed to provide evidence that Google's policies had harmed competition.
Google contends its app store doesn't abuse dominance
Google defended its Google Play Store at the National Company Law Appellate Tribunal, asserting it didn't engage in anti-competitive behavior or misuse its dominance. The counsel for Alphabet Inc argued the store provided users and developers with options and played a vital role without qualifying as a gatekeeper under Indian regulations.
Will reducing the size of investments in NCDs to Rs 10K attract more retail investors? Feroze Azeez answers
Feroze Azeez discusses the high spreads in the debt market, SEBI's focus on management responsibility, the importance of robust processes in AMCs, and the benefits of reducing NCD investment size for retail investors. Azeez says: "If it is Rs 10,000, you can buy maybe five different corporates 20,000 each in the form of two debentures. So, I personally welcome this move from a perspective not just making it affordable, making it diversified becomes a very-very important collateral benefit of this move."
Sebi tightens front-running regulations for AMCs to check market abuse
Asset Management Companies are required to put in place a structured institutional mechanism for identification and deterrence of potential market abuse. While Sebi will specify the broad framework of the institutional mechanism, industry body Association of Mutual Funds in India (Amfi) will have to detail on standards for such an institutional mechanism.
No jobs, no future: In Canada, drugs are Indian students’ last resort
The grim reality of hefty education loans and joblessness in the land they once hoped would offer prosperity has ensnared numerous Indian students in Canada in a vicious cycle of cocaine, marijuana and liquor as a coping mechanism for unemployment-induced stress
Italy regulator launches probe into Booking.com for potential abuse of dominant position
The watchdog said that the website's handling of the hotels that are part of its Preferred Partner Programme "seems likely to hinder effective competition in the market, at least nationwide, for online hotel brokerage and reservation services".
Behind the OnlyFans porn boom: allegations of rape, abuse and betrayal
OnlyFans says it is building "the safest social media platform in the world." But a Reuters investigation identified 128 cases in which women and men complained to U.S. law enforcement agencies that sexual content featuring them ended up on OnlyFans without their permission - and was often sold for profit - between January 2019 and November 2023.
Govt notifies settlement, commitment provisions under competition law
According to Vaibhav Choukse, Partner and Head of Competition Law at JSA Advocates and Solicitors, these provisions will enhance CCI's regulatory process, including swifter market corrections, especially in fast-changing digital markets
Prem Watsa clears air over charges by Muddy Waters, flaunts good show
Prem Watsa, the Indian-Canadian billionaire, staunchly defends Fairfax Financial Holdings against accusations from Muddy Waters, asserting its investor returns over 38 years. Despite likening Fairfax to Berkshire Hathaway, Watsa rejects comparisons, emphasizing the firm's unique achievements. Amidst allegations of accounting misconduct, Fairfax's Indian investments totaling $7 billion face scrutiny, impacting listed subsidiaries like Thomas Cook and CSB Bank, while Fairfax prepares to address concerns in an upcoming conference.
Competition regulator bolstering tools to plug abuse in digital markets: Chairperson Ravneet Kaur
The Competition Commission of India (CCI) is taking steps to ensure fair trade practices in digital markets and prevent abuse of market dominance by a few platforms, according to CCI Chairperson Ravneet Kaur. Kaur emphasized the importance of sharing experiences to maintain competitiveness in digital markets and highlighted the role of competition authorities in addressing these issues.
Russian court rejects Apple appeal against abuse of dominant market position: report
Russia's federal anti-monopoly service (FAS) fined Apple in January over what it said was the US company's abuse of its dominant market position.
EU starts early-stage probe into Nvidia-dominated AI chip market's abuses: report
This follows a similar move by French authorities, who have been interviewing market players on Nvidia's key role in AI chips, its price policy, the shortage of chips and its impact on prices, the report added.
Google in last ditch effort to overturn $2.6 billion EU antitrust fine
Google turned to the Court of Justice of the European Union (CJEU) after the General Court in 2021 threw out its challenge to the fine levied by EU antitrust chief Margrethe Vestager in 2017.
Are AI partners a threat to women's rights?
Chatbot apps like Replika, Character.AI and Soulmate are part of the fast-growing generative AI companion market, where users customise everything about their virtual partners, from appearance and personality to sexual desires.
Sebi gives more time for comments on proposal on mechanism for AMCs to detect market abuse
The markets regulator, in its consultation paper issued last month, proposed that AMCs should put in place robust surveillance systems and internal control procedures, to deter possible misconduct by employees or other entities which may have information relating to fund management or investments of mutual fund schemes.
Sebi proposes institutional mechanism for AMCs for deterrence of possible mkt abuse, fraudulent transaction
India's Securities and Exchange Board is calling for asset management companies to set up surveillance and internal control systems as part of measures against market abuse and fraudulent transactions. Among the proposals put forward by the regulator, AMCs were urged to customise their surveillance systems and internal controls. Sebi also wants senior managers to be responsible for making sure a system is in place to detect potential misconduct. The regulator's move follows two instances in which front-run deals saw Axis AMC and Life Insurance Corporation of India fall foul of Sebi.
Italy probes Apple over app market dominance
At issue is Apple's App Tracking Transparency policy that compels third-party developers to secure an opt-in from iPhone users to track their usage for advertising and other purposes.
Italy wrestles with antitrust loophole that could save Amazon a packet
The European Commission is closely following the matter, which has potential implications for a record €1.1-billion ($1.2 billion) fine in Italy that the US ecommerce company is challenging before local administrative courts.
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