News Updates
SEBI Imposes Penalties On Reliance Infrastructure, Reliance Power, And Five Others For Non-Submission Of NDS
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has imposed penalties on seven entities for failing to submit No Default Statements (NDS) to credit rating agencies (CRAs). The entities include major corporations such as Reliance Infrastructure, Reliance Power, and Incredible Realcon. SEBI imposed fines on the...
SEBI Imposes Penalties Totaling Rs 35 Lakh On OP Jindal Group Company Hexa Tradex Ltd and Associated Entities For Regulatory Violations
The Securities and Exchange Board of India (SEBI) has imposed penalties amounting to Rs 35 lakh on OP Jindal group company Hexa Tradex Ltd (HTL) and its affiliated entities for multiple breaches of regulatory norms. The penalties were levied following SEBI's investigation into allegations of non-compliance with delisting regulations and other disclosure obligations. The...
Financial Intelligence Unit Penalizes Binance $2.25 Million For Anti-Money Laundering Violations
The Financial Intelligence Unit of India (FIU-IND) has imposed a penalty on Binance, the world's largest cryptocurrency exchange, for violations of anti-money laundering (AML) regulations. The fine amounts to Rs 18.82 crore ($2.25 million) against the offshore cryptocurrency exchange. According to the FIU-IND, Binance failed to comply with the statutory obligations outlined under...
PwD Chief Commissioner Directs Radisson Blu To Ensure Accessible Payment Device For Persons With Disabilities In Their Hotels
The Chief Commissioner for Persons with Disabilities (Divyangjan) Court, comprising Rajesh Aggarwal (Chief Commissioner), directed Radisson Blu to ensure accessible payment devices for people with disabilities in their hotels. Additionally, the Court directed the Reserve Bank of India and the Ministry of Consumer Affairs, Food and Public Distribution to ensure the use of accessible...
Bengaluru Court Remands Suraj Revanna To Police Custody In Alleged Sexual Abuse Case Filed By Man
A city court in Bengaluru on Monday sent Janata Dal (S) MLC Suraj Revanna, who has been arrested in connection with a case of alleged sexual abuse of a man, to police custody till July 1. Magistrate KN Shivakumar sent Revanna to the custody of the Karnataka Police Criminal Investigation Department (CID) after earlier remanding him to judicial custody in connection with the case.Notably,...
SEBI Extends Pre-Open Call Auction Session To 60 Minutes To Curb IPO Pricing Manipulation
The Securities and Exchange Board of India (Sebi) has introduced modifications to the call auction session conducted during the pre-open period on stock exchanges. Effective from the 90th day after the issuance of the circular dated June 20, 2024, the new framework extends the duration of the pre-open call auction session to 60 minutes, commencing at 9:00 a.m. This session is crucial...
RBI Revokes License Of City Co-operative Bank, Orders Immediate Winding Up
The Reserve Bank of India (RBI) has cancelled the licence of the City Co-operative Bank Limited, Mumbai, Maharashtra. This decision, as communicated by the RBI, stem from the bank's failure to meet essential financial criteria outlined under the Banking Regulation Act, 1949. The bank was found deficient in adequate capital and sustainable earning prospects, essential components to...
8.6 Lakh Cases Resolved In Second National Lok Adalat 2024 In Gujarat, Award Sums Upto Rs 1341.7 Crores
The second National Lok Adalat for 2024 was organised on June 22nd across Gujarat under the aegis of the National Legal Service Authority (NALSA).The Chief Justice of the Gujarat High Court and Patron-in-Chief of the Gujarat State Legal Service Authority, Justice Sunita Agarwal, along with Senior Most Judge of the Gujarat High Court, Justice Biren A. Vaishnav, provided detailed guidance to...
Chhattisgarh HC Chief Justice Inaugurates 3-Day Advance Training Programme For Legal Aid Defense Counsels
Today, the Chhattisgarh High Court's Chief Justice Ramesh Sinha inaugurated a three-day advanced training program for Legal Aid Defense Counsels, emphasizing the critical role of continuous professional development in ensuring effective legal representation for the underprivileged.Underscoring the crucial role of defense counsels in upholding the right to a fair trial and ensuring justice for...
SEBI Closes Unitech Stock Manipulation Probe, Cites Insufficient Evidence Against Chandra Brothers
The Securities and Exchange Board of India (SEBI) has closed investigation into allegations of stock manipulation against Sanjay Chandra and Ajay Chandra, the former promoters of Unitech Ltd. The investigation, which spanned several years, aimed to determine if the Chandra brothers engaged in fraudulent practices by routing funds through overseas accounts to manipulate the stock...
Failure To Disclose Acquisitions: SEBI Imposes Penalty On Advik Capital Ltd's Promoter-Directors
The Securities and Exchange Board of India (SEBI) recently imposed penalties on promoter-directors of Advik Capital Ltd, Vikas Garg, Seema Garg, and Sukriti Garg, amounting to a total of Rs 13 lakh. This decision came in response to their failure to comply with disclosure requirements related to share acquisitions in the company. SEBI highlighted that the noticees acquired a...
India's Legal-Aid System Is World-Unique For Providing Lawyers To Both Sides In Disputes: Supreme Court Judge Justice Sanjeev Khanna
Hailing India's Legal System as world unique, Senior Supreme Court Judge Justice Sanjeev Khanna has said that no where in the world, such a robust system exists where to prosecute a case and to defend the same, lawyers on government expense are provided to both the litigating parties.Justice Khanna made these comments in his address at State Conference of District Legal Services...