OFFSHORE BETTING
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
High taxes, selective bans drive 30% growth in illegal online gambling in India, says study
The illegal betting market, already thriving in India, is expected to grow by 30% in the coming years, as per a new study. Inadequate legal frameworks, selective banning, and high taxation on legitimate online gaming platforms seem to be key factors contributing to this trend.
ED searches offices linked to Fairplay app over 'financial fraud'
The Enforcement Directorate (ED) Thursday said it conducted searches on multiple locations in connection with its probe on an offshore illegal betting application, Fairplay. The said app was allegedly involved in illegal broadcasting of cricket matches, including the Indian Premier League (IPL) and various online betting activities including results of recently concluded Lok Sabha polls.
Operators of illegal betting apps moving from Dubai to Sri Lanka
As Dubai's scrutiny intensifies on the online gambling empire Mahadev, illegal betting operators are relocating to Sri Lanka. Offshore call centers and offices, crucial for these betting apps, are being established there. Staff running multiple betting websites are now operating discreetly from Sri Lankan villas, drawn by the country's cheaper costs and less rigorous enforcement compared to Dubai.
Dollar set for weekly gain as rate cut bets ebb
The dollar is on track for its largest weekly gain in a month and a half, supported by strong U.S. economic data and a hawkish stance in Federal Reserve minutes.
If Modi is re-elected, these sectors will get his most attention
Prime Minister Narendra Modi has pledged to propel India to become the world's third-largest economy if re-elected for a third term. His ambitious 100-day agenda post-election includes prioritizing manufacturing, new-age technology, infrastructure development, and clean energy sectors. The government aims to implement reforms to boost economic growth and attract foreign investment.
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HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
Muthoot Finance raises $650 million via offshore dollar bonds
The non-banking financial company raised the funds through bonds maturing in three years and nine months at a coupon rate – or rate of interest – of 7.125%. The funds will be used for onward lending and other activities that are allowed under the Reserve Bank of India’s external commercial borrowing guidelines.
Denied tickets, betting sites still vie for seats in poll arena
Offshore betting apps in India allow users to bet on elections using rupees. Criminals use mule accounts for money laundering, evading taxes. Gaming experts noted a smaller scale of betting in the 2019 general elections.
Asia shares rally on Fed cut bets; yen pares gains
Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.
AIGF estimates USD 2.5 bn GST loss from offshore illegal, betting firms
AIGF's Roland Landers urges swift action against offshore illegal betting, causing a USD 2.5 billion annual loss. Concerns include user harm, lack of GST, IPL ads. Urges prompt SRO implementation for distinguishing legitimate platforms.
A $43 billion fund with its high-stakes bets is gambling with Europe’s climate goal
The European Union's Innovation Fund, a 40 billion euros ($43 billion) investment initiative, has experiened early setbacks. These challenges raise concerns about achieving the EU's 2040 climate targets. Despite setbacks, the fund continues to allocate funding to innovative clean technologies, prioritizing investments with potential despite inherent risks.
Springer Nature bets on India for talent, seeks to capture growing research market
"For the last 10-15 years we have seen tremendous growth in China, we think that India will be the next," said Frank Vrancken Peeters, chief executive officer and member of the management board, Springer Nature Group, in an interview to ET.
MIB advises social media influencers to avoid promoting betting ads
In an advisory issued on Thursday, the ministry advised online ad intermediaries not to publish such content targeting an Indian audience and social media intermediaries to educate their users against publishing such content.
Centre cautions social media influencers against promoting offshore betting platforms
The ministry of information and broadcasting, in an advisory, said that these advertisements have significant financial and socio-economic implications of online betting and gambling on consumers, particularly the youth.
Chhattisgarh EOW registers FIR against ex-CM Baghel, others in Mahadev betting app case
Chhattisgarh's Economic Offences Wing (EOW) initiated a case against ex-Chief Minister Bhupesh Baghel and others in the alleged Mahadev online betting scam, based on a report submitted by the Enforcement Directorate (ED). Baghel and app promoters face charges including criminal conspiracy and cheating. The ED alleges involvement of high-ranking officials, projecting proceeds of crime at about Rs 6,000 crore.
Binny Bansal raises bets on investments; 9% avg salary hike for IT industry
Happy Monday! Flipkart cofounder Binny Bansal is doubling down on his investments in new ventures, including his own startup OppDoor. This and more in today’s ETtech Morning Dispatch.
Binny Bansal eyes big game again post Flipkart exit
Flipkart cofounder Binny Bansal exited the Flipkart board in January, but he’s been busy making investments and giving shape to his new startup as well as portfolio companies
Play for the bigger themes and bet on India, says Samir Arora
Samir Arora of Helios Capital discusses valuation, investment strategies, and risk management in the Indian market. He emphasizes the missed opportunity in the pharma sector and the underperformance of the consumer sector. He said willing to buy consumer stocks at 40-50 PE if the companies are growing 25-30% per annum for the next few years at least. That is the only thing we will buy in consumer even if the valuations are high. That is why we have Zomato and Varun Beverages .
Rich face crypto dilemma: To bet or not via foreign route
Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund --- a feature that most think is a kosher trade. However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies.
China tightens trading restrictions for domestic and offshore investors
In a statement Monday, the China Securities Regulatory Commission said it recently discovered multiple cases of stock market manipulation and “malicious short selling.” The regulator vowed to act quickly to stop illegal behavior that hinders stable stock market operations and hurts investors.
Dollar scales fresh peaks as Fed cut bets recede
The dollar rose to an eight-week high against its major peers on Monday as traders clawed back bets for aggressive rate cuts by the Federal Reserve this year in view of a still-resilient U.S. economy.
Cryptocurrency comeback: Indian exchanges shine amid offshore challenges
What started out as a crypto freeze is showing signs of thaw. But can volumes regain levels they once saw? And can platforms like Binance make a comeback in India? ET decodes the latest developments and what they mean for the Indian market.
Investors bet via options that India's rupee will rise
The rupee, on Monday, climbed to 82.7800 to the U.S. dollar, its highest in more than four months. It has gained 0.4% so far in January, while other major Asian currencies have fallen 1% to 1.5%.
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today’s ETtech Morning Dispatch
India's government blocked 174 betting and gambling sites
The Indian government has blocked 581 applications, including 174 betting and gambling app, Pankaj Chaudhury, the minister of state for finance, told the parliament on Monday. Some prominent platforms operating illegally include Parimatch, Fairplay, 1XBET, Lotus365, Dafabet, and Betwaysatta.
Offshore betting ads concerning, says ASCI amid increased scrutiny on betting apps
The Advertising Standards Council of India (ASCI) has expressed concerns over the advertising of betting apps featuring well-known celebrities, as scrutiny on such apps and their links to celebrities widens. ASCI emphasized that betting is illegal in many parts of India, making its advertising impermissible. The council highlighted the issue of offshore betting ads, featuring prominent Indian celebrities and being shown to Indian audiences, as a matter of concern.
Centre planning to raise odds against illegal betting companies
The government found as many as 114 illegal betting and gambling platforms operating in India through domain farming, people aware of the details told ET.
Online gaming companies to collect 28% on full bet value, offshore platforms to be GST registered from Oct 1
The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect.
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