Market (Page 28)


The Securities and Exchange Board of India (Sebi) on Friday imposed a penalty of Rs 10 lakh each on Life Insurance Corporation of India (LIC), State Bank of India (SBI) and (BoB) for failing to reduce their stake in UTI Mutual Fund (MF) below 10 per cent within the stipulated time.


The regulator passed separate orders against the three state-owned firms for non-compliance of Regulation 7B of MF Regulations. Under the said regulation, no sponsor of an MF is allowed to hold more than 10 per cent of any other mutual fund or a trustee firm.



LIC, and BoB are the sponsors of MF, MF and Baroda MF. At the same time, they hold over 18 per cent stake in both and UTI Trustee Company. According to the order, all the three


regulator the Securities and Exchange Board of India has lifted its trading ban on five entities, including Ruchi Global and Ruchi Soya Industries, in a case related to alleged manipulation in castor seeds trading.


National Steel & Agro Industries, Secunderabad Oils, and UKS Oils are the other entities on whom the ban has been lifted. Through two interim orders passed in March 2016 and May 2016, had barred the five entities, among others, from the securities for alleged fraudulent and manipulative trading in castor seeds on leading commodity bourse NCDEX.



Later in March 2017, the directions issued against them were confirmed. In an order passed on Wednesday, revoked the direction issued against the five entities with immediate effect.



In the show-cause notice it was alleged that by taking open interest (OI) positions in excess


India’s long-established tea industry is struggling.


Heavy rains and the absence of tea pickers because of lockdowns have hammered production and sent local prices spiraling to records, while top buyers are turning to Kenya where the market has dropped, said Azam Monem, director at Mcleod Russel India, one of the country’s biggest growers.



Output in the world’s second-largest producer is set to shrink to the smallest in five years, falling 13 per cent to about 1.21 billion kilograms, while exports will drop 16 per cent to about 210 million kilograms, a six-year low, according to Monem.


The tea industry is going through a tough time, Monem said in an interview. Domestic production is falling after excessive rain in June and July and because lockdowns kept workers away from the plantations, while importers in the UK, Egypt, and the


and Special Economic Zone (APSEZ) on Tuesday said its board has approved a proposal to raise up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs). The fund will be raised in one or more tranches.


“The Board has given its in-principle approval for issuance of Non-Convertible Debentures for an aggregate amount not exceeding Rs 3,000 crores in one or more tranches on private placement basis,” APSEZ said in a regulatory filing to the BSE.



The debentures to be issued will be listed on BSE Limited and/ or National Stock Exchange of India Limited, it added.


The company said its board has also given its consent for exploring and evaluating the proposal to create a platform, which will hold rail infra assets and investments in rail entities.


In a massive crackdown against front-runners, market regulator Securities and Exchange Board of India (Sebi) imposed a stock market ban on more than two dozen individuals. also ordered impounding of their bank accounts to an extent of the alleged illicit gains made by these individuals.


The market regulator passed a 55-page interim order in the matter of front running trading activity by dealers of Between December 2019 and April 2020, Sebi’s internal alert system generated front running alerts.



Front running is a term used to describe a broker, or any other entity, carrying out trades based on foreknowledge of a big transaction to be placed, typically by an institutional investor.


In this case, some dealers and their connected entities are suspected of front-running trades of Tata Absolute Return Fund, a scheme of Tata Alternative Investment Fund

The price of Shankar 6, the benchmark cotton, is around Rs 15,800 per bale. Soybean, at the benchmark Indore market, is trading at Rs 3,869 per quintal…