The Securities and Exchange Board of India (SEBI) has responded to Hindenburg Research's report alleging that SEBI Chairperson Madhabi Puri Buch and her husband have stakes in offshore entities linked to the Adani Group, raising concerns of potential conflicts of interest. In its statement, SEBI assures investors that it has completed 22 out of 24 investigations into the Adani Group and is close to completing the remaining two. With over 100 summons and communications made, SEBI asserts that it has diligently investigated the matter.
SEBI's Response to Hindenburg Research's Allegations
Background: The Securities and Exchange Board of India (SEBI) is the regulatory authority responsible for overseeing the Indian securities market. Recently, allegations have been raised by Hindenburg Research, a short-selling activist firm, that SEBI Chairperson Madhabi Puri Buch and her husband have stakes in offshore entities linked to the Adani Group, raising concerns of potential conflicts of interest.
SEBI's Response: In response to these allegations, SEBI issued a statement assuring investors that it has conducted thorough investigations into the Adani Group. SEBI stated that it has completed 22 out of 24 investigations and is nearing completion of the remaining two. Over 100 summons and communications have been issued as part of the investigation.
Allegations and SEBI's Responses:
Allegation: SEBI Chairperson Madhabi Puri Buch and her husband have stakes in offshore entities linked to the Adani Group.
SEBI's Response: SEBI has stated that the allegations against its Chairperson are baseless and unsubstantiated. It has emphasized that it has a robust internal framework to ensure objectivity and integrity in its operations.
Allegation: SEBI has been slow in investigating the Adani Group.
SEBI's Response: SEBI has asserted that it has diligently pursued its investigations into the Adani Group, with over 22 investigations completed and two nearing completion.
Allegation: SEBI has not been transparent about its investigations.
SEBI's Response: SEBI has stated that it is committed to transparency and has provided regular updates on its investigation into the Adani Group.
Top 5 FAQs:
1. What is SEBI's role in regulating the Indian securities market? A: SEBI is the regulatory authority responsible for overseeing the Indian securities market, ensuring its fair and efficient functioning.
2. What are the allegations made against SEBI? A: Hindenburg Research has alleged that SEBI Chairperson Madhabi Puri Buch and her husband have stakes in offshore entities linked to the Adani Group, raising concerns of potential conflicts of interest.
3. How has SEBI responded to these allegations? A: SEBI has stated that the allegations against its Chairperson are baseless and that it has conducted thorough investigations into the Adani Group.
4. What is the current status of SEBI's investigations into the Adani Group? A: SEBI has completed 22 investigations and is nearing completion of the remaining two.
5. Has SEBI taken any action against the Adani Group? A: SEBI has not disclosed any specific actions taken against the Adani Group but has stated that it will take appropriate action based on its investigation findings.
Ola Electric founder Bhavish Agarwal and comedian Kunal Kamra clash on social media platform X over the after sales and service quality of the company's electric scooters. Kamra criticized Ola's service network while Agarwal responded by inviting him to help resolve the issues or sit quietly. The disagreement highlights the importance of customer satisfaction and service in the business world.
A Madurai-bound Air India flight from Chennai was forced to make a quick return to the city due to a technical issue. The aircraft safely landed at Chennai airport and passengers were offered alternative arrangements to reach their destination. Air India officials assure that safety is their top priority and offer full refunds and complimentary rescheduling for passengers affected by the unexpected disruption.
Indian pharmaceutical company, Biochemix Health Care Pvt. Ltd. (Novamed), announced a new partnership with Indian Drug Manufacturers, creating new opportunities for their business and expanding their reach in the Indian market. This partnership comes at a time when the healthcare industry is ever-evolving, and such collaborations will pave the way for advancements in medical treatments in India.
JTL Industries announced that its board has approved a proposal to split the company's equity shares, making them more affordable and accessible to small investors. The stock closed 0.42% lower on Thursday, with a market cap of Rs 4,437.98 crore. The division of shares is expected to be completed within two months, with the aim of increasing liquidity in the capital market. This is the second stock split for the company, which has seen a phenomenal rally of 88% in the last two years and a whopping 2773% in the last five years.
Prime Minister Narendra Modi released the 18th installment of PM Kisan Yojana during his visit to Maharashtra, with more than 9.4 crore farmers benefiting from over Rs 20,000 crore. This brings the total amount disbursed through the PM Kisan scheme to nearly Rs 32,000 crore for 1.20 crore farmers in Maharashtra alone. Additionally, the Prime Minister also announced the release of nearly Rs 2,000 crore for Maharashtra's farmers under the Namo Shetkari Mahasanman Nidhi Yojana. Farmers facing issues with the scheme can contact the PM Kisan helpline numbers for assistance, while staying updated on the latest business and stock market news on Zee Business's social media platforms and website.
Nissan Motor India introduces updated version of its compact SUV, the Magnite, in the Indian market with visual and interior enhancements. The prices, starting at Rs. 5.99 lakh, are valid for the first 10,000 customers and deliveries have already begun. The new Magnite features a more prominent front grille, revised bumper, new LED DRLs, new variant names, and refreshed interior design with ambient lighting and two-tone leatherette seats.
The highly anticipated Nissan Magnite facelift is set to launch in India with improved powertrain options and features. The entry-level XE and XL trim levels will not be affected by the changes, allowing for a lower starting price point. Early buyers of the facelifted model may receive delivery just one day after its launch. Additionally, the Magnite Geza Edition, with its turbo-CVT variant, offers a breath of fresh air to the lineup. With an introductory price of Rs 6.5 lakh, the Magnite AMT is India's most affordable automatic SUV, making it a popular choice among budget-conscious buyers.
A couple in Kanpur is accused of scamming people of over Rs 35 crore by promising to use an "Israel-made time machine" to make their skin look younger. The couple ran a therapy center called 'Revival World' and convinced people that the polluted air in the city was causing them to age faster. They charged Rs 90,000 for the "oxygen therapy" which they claimed could make a 60-year-old look like a 25-year-old. The shocking scam came to light after three individuals who were duped by the couple filed complaints with the Kanpur Police.
Despite attempting to absolve themselves of legal responsibility for child safety infractions by merging Twitter into X, Elon Musk's company is still facing a $400,000 fine for failure to comply with an investigation into the proliferation of child sexual abuse material on its platform. The presiding judge rejected X's argument that they had no obligation to respond to the notice, stating that under Nevada law, the merger turned Twitter into a "constituent entity" and transferred all of its liabilities to X. The judge also called out the company's expert witness for providing "superficial" and flawed testimony in an attempt to defend X's actions.
The International Olympic Committee has suffered a major blow as three of its Japanese sponsors – Toyota, Panasonic, and Bridgestone – have decided to not renew their contracts. This is believed to be a result of the controversies surrounding the postponed 2020 Tokyo Games, including fan bans, high costs, and corruption scandals. The IOC will now be looking to secure new sponsorship income from the Middle East and India, as it faces the loss of over $2 billion from these three companies alone.