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☆ India's markets regulator puts seven Adani companies on notice for violations
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period.

Persons: Gautam Adani, Wilmar Organizations: Adani, World, Accountants, Adani Enterprises, Hindenburg Research, Securities and Exchange Board of India, Energy, Adani Energy Solutions Locations: Mumbai, SEBI

☆ An activist short-seller is making a name for itself by taking on Carl Ichan, Gautam Adani and others
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research. Congress (IYC) staged a protest demanding a probe into the allegations of fraud made against the Adani group in the Hindenburg research report. Controversial practice Breakout Point has tracked 74 Hindenburg short bets it has opened since 2017. watch nowBiggest hits One of Hindenburg's biggest recent campaigns centered on a collection of businesses owned by Indian billionaire Gautam Adani. In January 2023, Hindenburg published a report accusing Adani Group companies of "brazen stock manipulation and accounting fraud."

Persons: Nate Anderson, Anderson, Carl Icahn, Gautam Adani, Ivan Cosovic, Hindenburg, LPP, Gautam Organizations: Hindenburg Research, Washington Post, The Washington Post, Getty, The, CNBC, Indian Youth Congress, Central, Indian Youth Congress Office, Congress, Hindustan Times, GameStop, Hindenburg's, Adani, Securities and Exchange Board of India Locations: The New York, NY, New York, DELHI, India, New Delhi, Gdansk, Russia, Ukraine

☆ Hindenburg's latest short target Temenos rejects allegations as share price tumbles
▼ + stars: | 2024-02-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares in Swiss software company Temenos were down over 6% on Friday afternoon, extending Thursday's losses when they closed over 28% lower. Temenos on Thursday released a statement saying its board of directors "fundamentally refutes" a report by short-seller Hindenburg Research. Temenos shares were down 6.1% at 1:17 p.m. London time, trading around 59.66 Swiss francs ($67.67). In its statement, Temenos said Hindenburg's report "contains factual inaccuracies and analytical errors, together with false and misleading allegations ... Its Adani report, published in early 2023, accused the company of "brazen stock manipulation and accounting fraud scheme over the course of decades."

Persons: Temenos, Hindenburg Research's, Hindenburg, Carl Icahn's Icahn, Adani Organizations: New York Stock Exchange, Hindenburg, CNBC Friday, Investment, Carl Icahn's Icahn Enterprises, Adani, Securities, Exchange Board Locations: London, Temenos, India

☆ Adani Group founder Gautam Adani is once again Asia's richest person
▼ + stars: | 2024-01-05 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Gautam Adani is the richest person in Asia again, according to Bloomberg Billionaires Index's updated figures Friday. The founder and chairman of the Adani Group regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top spot after Hindenburg Research accused the Adani Group of "brazen stock manipulation and accounting fraud" over decades. The report eroded investor confidence and wiped out billions in market value for Adani Group companies. The Adani Group has 10 publicly listed companies, including Adani Port which was 2.8% higher on Asia's Friday afternoon trading session. As of Friday, Adani's net worth stood at $97.6 billion and he was the world's 12th richest person, while Ambani's wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Index.

Persons: Gautam Adani, Index's, Mukesh Ambani, Hindenburg, Ambani's Organizations: Bloomberg, Adani Group, dethroning Reliance, Hindenburg Research, Adani, Securities, Exchange Board of India Locations: Asia

☆ India markets regulator to oversee online platforms offering fraction real estate assets
▼ + stars: | 2023-11-25 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

A man walks past the Securities and Exchange Board of India (SEBI) headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Nov 25 (Reuters) - The board of India's markets regulator on Saturday said it will regulate online platforms offering fractional ownership of real estate assets, and such platforms will be registered under a framework for small and medium real estate investment trusts. In a statement after its quarterly board meeting, the Securities and Exchange Board of India (SEBI) also said that fresh investments by alternative investment funds would be stored electronically from Sept. 2024. But Buch said the rise in equity derivatives trading did not pose any systemic concerns. Concerns regarding SEBI's plan to allow same-day settlement of equity market trades to help retail investors were "exaggerated”, Buch said.

Persons: Francis Mascarenhas, Madhabi Puri Buch, Buch, SEBI, Jayshree, Krishn Kaushik, Alexandra Hudson, Christina Fincher Organizations: Securities and Exchange Board of India, REUTERS, Rights, National Stock Exchange, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ Subrata Roy, ‘bad boy billionaire’ and chief of India’s Sahara Group, dies
▼ + stars: | 2023-11-14 | by ( Rhea Mogul | ) edition.cnn.com time to read: +2 min

CNN —Subrata Roy, the founder of Sahara, once one of India’s largest conglomerates, died on Tuesday, his company said in a statement. Roy died in a Mumbai hospital following “an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes,” the statement said. It was founded by Roy in 1978 and operates in sectors including real estate, banking, manufacturing and media. Considered one of the country’s most flamboyant tycoons, Roy rubbed shoulders with the Indian elite, including Bollywood superstars and high-profile politicians. “Heartbroken to learn about the passing of Sahara Shri Subrata Roy,” former Indian Olympian PV Sindhu wrote on X, formerly known as Twitter.

Persons: CNN — Subrata Roy, Roy, ”, Subrata Roy, Anupam Kher, ” Roy Organizations: CNN, Indian national cricket team, Formula, Securities and Exchange Board of India, India’s, Reuters, Netflix, Bad, Sindhu Locations: Mumbai, Sahara India, London, New York, Sahara, Lucknow

Regulators have so far not mandated any minimum net worth or investor qualifications for those trading stock options, and the stock markets almost always rise each year - both recipes for higher risk-taking and complacency. The "stark" increase in daily options trading turnover raises issues of investor protection, said Ajay Tyagi, former SEBI chief. The platform has seen an uptick in futures and options trading activity, Zerodha said in response to Reuters queries. Siddharth Joshi, a 36-year old from Surat in western India, said he lost 200,000 rupees trading options on Adani Enterprises (ADEL.NS) shares in January. "In options trading, I know my loss is capped but there is an opportunity to make maximum profit," he said.

Persons: Francis Mascarenhas, Mihir Vora, SEBI, Ashish Chauhan, Ajay Tyagi, Kailash, Bhavesh Shah, Shah, Zerodha, Siddharth Joshi, he's, Ira Dugal, Vidya Ranganathan, Raju Gopalakrishnan Organizations: Bombay Stock Exchange, REUTERS, Rights, Securities, Exchange Board of India, Trust Mutual Fund, National Stock Exchange of India Ltd, BSE Ltd, Reuters, Axis Mutual Fund, National Stock Exchange, Adani Enterprises, Thomson Locations: Mumbai, India, Rights MUMBAI, South Korea, Bhavesh, Ahmedabad, Surat

☆ India’s gamified equities are a wake-up call
▼ + stars: | 2023-11-08 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

The result is an acceleration of Indian savings away from gold and real estate into financial products. However, it is also leading to what Ashish Gupta, chief investment officer at Axis Bank’s mutual fund, dubs “the gamification of Indian equities”. A frenzy for index options has driven up volume in the derivatives market to the tune of $4.3 trillion a day. Retail traders made up a higher share of equity derivatives turnover than their institutional counterparts on the National Stock Exchange between 2017 and 2021. Whatever the fix, it’s a reminder that India’s digital leapfrog which other developing countries are urgently trying to replicate has a dark side too.

Persons: Francis Mascarenhas, Ashish Gupta, Gupta, weren’t, Ananth Narayan, SEBI, Nithin Kamath, Zerodha, Lalit Keshre, Una Galani, Thomas Shum Organizations: Bombay Stock Exchange, REUTERS, Rights, Reuters, National Stock Exchange, Tiger, Securities, Exchange Board of India, Thomson Locations: Mumbai, India, U.S

☆ India's top regulators investigating some alternate investment funds -sources
▼ + stars: | 2023-10-17 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsOct 17 (Reuters) - India's markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including "evergreening" of stressed loans, according to three sources with direct knowledge of the matter. The central bank has initiated enquiries into these cases, according to the first and third sources. In other cases under investigation, AIFs have been used to evade caps on foreign investment in certain sectors, the first and third sources said. Priority payouts are when an investment is split into senior and junior tranches based on the risk and priority of payout.

Persons: Francis Mascarenhas, Ananth Narayan, AIFs, Jayshree, Jamie Freed Organizations: Securities and Exchange Board of India, REUTERS, Securities, Exchange Board of India, Reserve Bank of India, AIFs, Thomson Locations: Mumbai, India

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

☆ Japan's Sony says Zee merger to be delayed by a few months
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Zee Entertainment and SONY logos are displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 29 (Reuters) - Japan's Sony Group Corp (6758.T) said on Friday a merger of its Indian unit with Zee Entertainment Enterprises (ZEE.NS), which had an initial deadline of September, would take a few more months to complete. "Based on the current state of preparation, we expect completion within the next few months," Sony said in a statement, without elaborating further. It was delayed due to issues including a legal battle with lenders over loan defaults by a Zee group entity. Zee shares, which have lost about a quarter of their value since the merger was announced in 2021, were up 2.7% on Friday.

Persons: Dado Ruvic, Punit Goenka, Zee, Ashna Teresa Britto, Chris Thomas, Dhanya Ann Thoppil, Sohini Organizations: Zee Entertainment, SONY, REUTERS, Sony Group Corp, Zee Entertainment Enterprises, Sony, Zee, Securities and Exchange Board, India, Finance, Thomson

☆ Adani blasts ‘Soros-funded interests’ after media raise new questions about business empire
▼ + stars: | 2023-09-01 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

The documents were unearthed by the non-profit Organized Crime and Corruption Reporting Project (OCCRP), which counts billionaire George Soros’ Open Society Foundations among its financial backers, and its research was shared with media including The Guardian and the Financial Times. It is also backed by the US State Department, the UK Foreign Office and the Ford Foundation. The Financial Times said people familiar with the structures had claimed “parallel sets of books and a Russian doll of companies and funds” at the investment firm were used to mask the trades. When Hindenburg published its report in late January, it pitched 88 questions to Adani that cast doubt on his conglomerate’s financial health. Speaking to reporters in Mumbai on Thursday, Rahul Gandhi, a prominent lawmaker from India’s main opposition Congress party, urged Modi to investigate the allegations put forward by the Financial Times and The Guardian and criticized his silence on the matter.

Persons: Gautam, “ Soros, George Soros, OCCRP, Narendra Modi, Adani, “, OCCRP’s, Drew Sullivan, Hindenburg, —, ”, SEBI, ” Adani, Modi, Rahul Gandhi, ” Gandhi, Michelle Toh, Rhea Mogul Organizations: London CNN, Adani, Guardian, Financial Times, CNN, Soros, US State Department, Foreign Office, Ford Foundation, Indian, Adani Group, Hindenburg Research, Society Foundations, Securities and Exchange Board of India, ” Reuters, India’s Locations: Adani, Bermuda, Russian, Mauritius, India, Mumbai

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Ling, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, DELHI, Hindenburg Research, Reuters, HINDENBURG, Securities, Exchange Board of India, Guardian, Thomson Locations: Ahmedabad, India, Mauritius, Ahli

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

[1/2] A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoAug 14 (Reuters) - India's market regulator has sought 15 more days to complete its probe into the Adani group's dealings, it said in a filing before the country's Supreme Court. SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. Reporting by Jayshree P Upadhyay in Mumbai; Editing by Savio D'Souza and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, SEBI, Jayshree, Savio D'Souza, Jacqueline Wong Organizations: Securities and Exchange Board of India, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Mumbai, India

☆ Morgan Stanley upgrades India to "overweight", terms it top pick among emerging markets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

The Indian flag flies in front of the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 3 (Reuters) - Morgan Stanley has upgraded its view on Indian markets to "overweight" from "equal weight", citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities. India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday. Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists. "We think returning India to an "overweight" rating and downgrading China to "equal weight" is warranted," analysts said, referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

Persons: Francis Mascarenhas, Morgan Stanley, Larsen, Bharath Rajeswaran, Sonia Cheema Organizations: Securities and Exchange Board of India, REUTERS, Toubro, Maruti Suzuki, Thomson Locations: Mumbai, India, BENGALURU, Asia, China, Bengaluru

☆ India regulator says no proposal to curb retail derivatives trades -statement
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

July 29 (Reuters) - India's market regulator said on Saturday there was no proposal to curb retail participation in equity derivative markets but that it was considering a client risk assessment. Reuters reported on Friday that the Securities and Exchange Board of India (SEBI), seeking to reduce risks for retail investors, would propose linking the amount of equity derivatives they may trade to their wealth. Citing what it said were speculative media reports, SEBI said in a statement, "It is clarified that there is no proposal to curb retail participation in derivative markets". But it said it was examining whether existing requirements for participating in the derivative markets could be extended to include a risk assessment of clients. "SEBI’s focus has always been on adequate risk management, while ensuring ease of doing business and compliance, rather than on placing any curbs on trading," the regulator said.

Persons: SEBI, Jayshree, William Mallard Organizations: Reuters, Securities and Exchange Board of India, Thomson

☆ Exclusive: India regulator seeks curbs to limit retail investors' derivatives risk -sources
▼ + stars: | 2023-07-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

Retail investor participation in the equity derivatives market jumped 500% in the three years through March, according to data from the Securities and Exchange Board of India (SEBI). Once a broker discloses an investor's net worth and income, exchanges could monitor the person's exposure to futures and options contracts across brokerage firms, the other source said. SEBI had proposed a similar framework in 2017 but dropped the idea when brokers cited difficulties in assessing the net worth of their clients. The regulator revived the idea of curbs because of the study showing widespread losses on equity derivatives trades, the sources said. South Korea's financial markets regulator in 2011 introduced entry barriers for retail investors to trade in equity derivatives, including a minimum deposit and compulsory training.

Persons: SEBI, Jayshree, William Mallard Organizations: Securities and Exchange Board of India, Thomson Locations: MUMBAI, India

Speaking at the Adani Enterprises' annual general meeting, Adani said the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices." "While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards," billionaire Adani said. The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. Adani Enterprises shares climbed over 4% on Tuesday, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) rose 4.7% and 5.7%, respectively. He also added that Adani Ports (APSE.NS), in the next 12-24 months, will commission India's largest transshipment hub.

Persons: Gautam Adani, Adani, Chris Thomas, Nallur, Savio D'Souza, Nivedita Organizations: U.S, Adani Enterprises, Securities and Exchange Board, Green Energy, Thomson Locations: BENGALURU, India, Bengaluru

☆ India's Adani confident of governance and disclosure standards, chairman says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +1 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller's scathing report that jolted its stocks. The panel report "confirmed the quality of our group's disclosures and found no instance of any breach," Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises' annual general meeting. "While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India. Adani Enterprises shares climbed over 4% on Tuesday.

Persons: India's, Gautam Adani, Adani, SEBI, Hindenburg Organizations: Adani Defence, Aerospace, Aero, Air Force, Adani Enterprises, Securities and Exchange Board of India, Adani Group Locations: Bengaluru, India

☆ India's Vedanta slips after Foxconn pulls out of semiconductor JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 11 (Reuters) - India's Vedanta (VDAN.NS) fell over 2% on Tuesday, a day after Taiwan's Foxconn (2317.TW) said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate. The companies partnered last year to set up semiconductor and display production plants in Gujarat state. S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval. The Securities and Exchange Board of India (SEBI), the country's market regulator, had imposed a 3 million rupee($36,430.76) fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture. Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Varun Vyas, Dhanya Ann Thoppil, Sonia Cheema Organizations: Reuters, Indian, Securities, Exchange Board of India, Vedanta, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ Adani case threatens watchdog’s rising credibility
▼ + stars: | 2023-07-06 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

In June the Securities and Exchange Board of India, the country’s markets regulator, disciplined two media tycoons for alleged wrongdoing and strengthened disclosure norms for foreign investors. Going all-in on the Adani case would entail working with other law enforcers, such as the Directorate of Enforcement and the Directorate of Revenue Intelligence. Unless Buch’s team pulls out all the stops, the regulator’s toughest test under her leadership so far is a threat to its rising credibility. The markets regulator on June 12 barred Zee Entertainment Enterprises CEO Punit Goenka and Chair Emeritus Subhash Chandra from holding key managerial positions in any listed company. In a separate order dated June 22 Sebi barred Eros group Managing Director Sunil Arjan Lulla and three group entities including Eros International Media from the securities market, citing accounting irregularities.

Persons: Puri, Gautam, Punit Goenka, Subhash Chandra, Breakingviews, Sebi, Sunil Arjan Lulla, Antony Currie, Katrina Hamlin Organizations: Reuters, Securities and Exchange Board of India, Zee Entertainment Enterprises, Eros International, Reuters Graphics Reuters, of Revenue Intelligence, Securities, Exchange Board, India, Eros International Media, Thomson Locations: MUMBAI

In the fiscal year 2022 through 2023, HDFC raised 784.15 billion from the debt market, higher than the 500 billion rupees a year before. It has raised 460.62 billion rupees since April this year. Mutual funds hold around 270 billion rupees of HDFC's bonds as of May 31, data from information service provider Prime Database showed. Rival LIC Housing Finance may be the biggest beneficiary of HDFC exiting the market, fund managers said. Other competitors such as ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance and Shriram Housing Finance could also see an increase in demand for their debt issuances, they said.

Persons: HDFC, Raju Sharma, HFCs, Ajay Manglunia, Laukik Bagwe, Bagwe, IDBI Mutual Fund's Sharma, Dharamraj Dhutia, Dhanya Ann Thoppil Organizations: Housing Development Finance Corp, HDFC Bank, Reuters, IDBI Mutual Fund, Securities and Exchange Board of India, JM Financial, AAA, Mutual, LIC, Finance, ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance, Shriram Housing Finance, Mutual Fund, IDBI Mutual, Thomson Locations: MUMBAI, India, HDFC

☆ Exclusive: Mutual funds may not get holdings waiver post HDFC Bank - HDFC merger - sources
▼ + stars: | 2023-06-14 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India. At least 60 equity mutual fund schemes will see their combined exposure to HDFC Bank and HDFC overshoot the 10% cap as of Wednesday. The matter has been referred to the Association of Mutual Funds in India (AMFI), according to two mutual fund executives. "HDFC Bank and HDFC are fairly liquid stocks and have a lot of demand. Shares of HDFC Bank have risen 6.5% since April 1, 2022, but have still underperormed the broader BSE Bankex, which is up 17%.

Persons: SEBI, Deven Choksey, Jayshree, Varun, Dhanya Ann Thoppil Organizations: HDFC Bank, Reuters, HDFC, State Bank of India, Securities and Exchange Board of India, Association of Mutual Funds, KRChoksey Holdings, Thomson Locations: MUMBAI, India

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