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25Mar

Sebi bans Reliance Industries, 12 others from equity derivative market for 1 year

Master

MUMBAI: The Securities and Exchange Board of India (Sebi) on Friday barred Reliance Industries Ltd (RIL), the country’s second most valued firm, and 12 other entities from dealing in equity derivatives futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum in 2007.

The capital markets regulator has also directed RIL to disgorge Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of the order.

Sebi has allowed RIL and the other entities to square off or close out their existing open positions. Reacting to the decision, Reliance said it plans to challenge the order in the Securities Appellate Tribunal. “Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions,” a Reliance spokesperson said in an emailed statement.

“We remain confident of fully justifying the veracity of the transactions and vindicating our stand. We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order.”

 

 

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10Feb

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31Jan

Rupee hits 3-week high ahead of Economic Survey, Union Budget

Mustafa Nadeem, CEO, Epic Research said,

“A decline in the US dollar Index aided the positive momentum as the index declined from 103 to 100.5 levels. Technically, USD INR is in sideways momentum and made a flag pattern. On the higher side resistance is seen at 68.4 while support comes at 67.8. A break out in the flag pattern will further provide the momentum in currency market. A lot will depend on government’s policies and the Union Budget in the near term.”

Read more at:

http://economictimes.indiatimes.com/markets/forex/rupee-hits-3-week-high-ahead-of-economic-survey-union-budget/articleshow/56884856.cms

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