NATIONAL STOCK EXCHANGE CEO CHITRA RAMKRISHNA
India's wealth will increase 1,000% in next 50 years: NSE MD
NSE CEO Ashishkumar Chauhan expressed confidence at a convocation ceremony near Ahmedabad that India's wealth could surge tenfold in the next 50 years due to its youthful population and technological advancements. He acknowledged India's current socio-economic challenges but urged young graduates to innovate and drive change.
Dish TV shareholders reject director appointments once again
Dish TV shareholders rejected the appointment of Mukesh Chand and Manish Khandelwal as independent directors but approved the appointment of CEO Manoj Dobhal as a whole-time director. Chand and Khandelwal vacated their positions, leading to the immediate appointment of Garima Bharadwaj and Azeezuddin Mohammad as independent directors.
What’s fueling the shift in Indian investor behaviour?
India added $1 trillion to the stock market in less than six months, reaching a $5 trillion market cap. Retail investors, with a surge in Demat accounts, play a key role in enhancing market stability and resilience.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Retail investors' participation in F&O trading surges due to quick profit potential: Experts
Finance minister Nirmala Sitharaman and chief economic advisor V Anantha Nageswaran have recently flagged the growing risk of F&O trading for retail investors. In November 2023, Sebi chief Madhabi Puri Buch also cautioned investors against heavy bets on F&O
Baroda BNP Paribas Mutual Fund launches Baroda BNP Paribas Nifty Bank ETF
Baroda BNP Paribas Mutual Fund launches Baroda BNP Paribas Nifty Bank ETF, tracking the Nifty Bank Total Returns Index. With a minimum investment of Rs 5,000, it offers exposure to the Indian banking sector for long-term capital appreciation.
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Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
Sebi rejects NSE proposal to extend trading hours as brokers protest
Sebi rejects NSE's proposal to extend trading hours for index derivatives. NSE CEO indicates shelving due to lack of broker feedback.
Centuries-old artworks saved from Copenhagen's stock exchange blaze
As the blaze ripped through the 400-year-old Copenhagen landmark on Tuesday, passersby jumped off their bicycles to help firefighters, conservators and soldiers retrieve valuable paintings.
I have never ever been so bullish about the next 10 years: Hemendra Kothari
Hemendra M Kothari, Chairman, DSP Asset Managers and Sundararaman Ramamurthy, MD & CEO, BSE, walk down the memory lane to celebrate world's fastest stock exchange, BSE. "Stock exchange, whether it is Bombay Stock Exchange or National Stock Exchange, it definitely gives a lot of interest to the world. In 1984, I started talking about getting foreign investors and two years it took me to get first approval to create a country fund."
Is the idea of one nation, one exchange feasible? Ashish Chauhan answers
Ashish Chauhan, MD & CEO of NSE, elaborates on market dynamics, including the efficient incorporation of global events in pricing mechanisms. He discusses the potential for extended trading hours, highlighting ongoing industry discussions and the need for consensus. Chauhan points out that many countries in the world have a single exchange like Japan which used to have many exchanges, which have now become one.
SC directs ex-NSE MD to pay Rs 12.5 lakh in penalty
Challenging the sectoral tribunal's December 14 order that confirmed the penalty of ₹25 lakh on her, Ramakrishna argued that the imposition of penalty and vicarious liability on her on account of a 'moral responsibility' for the acts and omissions of NSE was wholly unsustainable and ultra vires the Sebi and other laws.
Chitra Ramakrishna vs Sebi: SC asks NSE's ex-MD to pay Rs 25 lakh penalty
The Supreme Court on Monday asked Chitra Ramkrishna, the former managing director and chief executive officer of the National Stock Exchange of India, to deposit half of the Rs 25 lakh penalty amount that was confirmed by the Securities Appellate Tribunal in the dark fibre and leased line connectivity case.
NSE Co-lo Scam: Delhi HC seeks Government, CBI response on Chitra Ramkrishna's fresh plea
Ramkrishna, who headed the NSE between 2013 and 2016, has been charged with illegal gratification through abuse of position and criminal conspiracy, among other offences. The irregularities in the case had purportedly taken place between 2010 and 2014. In April 2022, the CBI framed charges against Ramkrishna under sections of 13(1)(d) and 13(2) of the Prevention of Corruption Act, and 120(b) of the Indian Penal Code.
NSE Co-location scam: SC seeks response from NSE, former MDs
The case relates to co-location scam, wherein some brokers had gained unfair advantage by securing fast access to NSE’s systems, data and trading facilities at the cost of the broader market.
Supreme Court rejects ED plea against bail to NSE’s former CEO Chitra Ramkrishna
The high court had in February rejected the agency’s allegations of corruption and criminal conspiracy against her in a money laundering case related to the alleged illegal phone tapping of NSE employees.
SAT partly sets aside Sebi's disgorgement order against NSE in dark-fibre case
The tribunal has quashed Sebi’s direction barring NSE’s former CEO Chitra Ramkrishna from holding any position in stock exchanges or listed companies for three years and three other former officials
Sebi sends notice to NSE on alleged misuse of trading software
The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to the National Stock Exchange (NSE) regarding allegations that certain high-frequency traders manipulated its software to execute many orders undetected and displace other users from the system. The TAP software scandal was detected in 2013, but the authority caught up to it during an investigation into the co-location scam by income tax authorities four years later, leading to SEBI's recent intervention.
SC refuses to interfere with HC verdict granting bail to ex-Mumbai top cop in NSE phone tapping case
The high court had said while tapping phone lines without consent was prima facie a breach of privacy, the scheduled offences under the under the Prevention of Money Laundering Act (PMLA) are not made out and the ED has "not substantiated" that Pandey "derived or obtained any property" from a criminal activity.
Supreme Court asks SEBI to refund Rs 300 cr to NSE
India's Supreme Court on Monday directed the market regulator to refund 3 billion rupees ($36.3 million) to the National Stock Exchange of India in a case involving alleged lapses in the bourse's systems. The top court also refused to stay a tribunal order, which had set aside the regulator's ruling against NSE, the lawyers added.
SC refuses to interfere with HC order granting bail to NSE's ex-MD Ramkrishna
Ramkrishna was arrested by the Central Bureau of Investigation (CBI) in March last year in connection with the alleged NSE co-location scam a day after her anticipatory bail application was dismissed by a trial court. Subsequently, she was arrested by the Enforcement Directorate (ED) in a money laundering case related to alleged illegal phone tapping of NSE employees.
NSE board gives sanction to CBI to prosecute Chitra Ramkrishna
Leading stock exchange NSE's board has given its approval to the Central Bureau of Investigation (CBI) to prosecute its former MD and CEO Chitra Ramkrishna in the co-location scam case, sources said on Monday.
NSE phone tapping case: Delhi HC grants bail to former NSE MD & CEO Chitra Ramkrishna
Delhi High Court on Thursday granted bail to former NSE CEO Chitra Ramkrishna in the money laundering case related to alleged illegal phone tapping and snooping on National Stock Exchange employees.
Colocation case: NSE gets relief from tribunal
National Stock Exchange (NSE) on Monday got relief from the tribunal in colocation case, news agency Reuters reported citing sources. NSE will pay Rs 1 billion in penalties to India's market regulator SEBI for lapses, the report said
NSE phone tapping case: Chitra Ramkrishna mastermind behind conspiracy, ED tells HC while opposing bail
Ramkrishna was appointed as Joint MD NSE in 2009 and served until March 31, 2013. On April 1, 2013, she was promoted to MD and CEO. Her time at NSE came to an end in December 2016. Ramkrishna, who is represented by senior advocate Rebecca John, has asked for bail on the grounds that no scheduled offence has been charged against her and that the allegations do not fall within the purview of the PMLA.
Delhi Court grants statutory bail to former NSE CEO & MD Chitra Ramkrishna, Anand Subramanian in phone tapping case
Delhi High Court on Wednesday granted statutory bail to former National Stock Exchange CEO Chitra Ramkrishna and Operating Officer Anand Subramanian in a money laundering case related to the alleged illegal phone tapping and snooping of NSE employees.
Delhi Court sends former NSE CEO Ravi Narain to two-day remand in money-laundering case
Narain was arrested by the Enforcement Directorate in an illegal 'phone tapping' case related to the exchange's co-location scam on September 6. Earlier today, he was produced before a special Prevention of Money Laundering Act (PMLA) court.
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