The logo of the Securities and Exchange Board of India (SEBI) is seen on the facade of its headquarters in Mumbai.
| Photo Credit: REUTERS

Six entities, including Samir Kothari and Jitendra N. Kewalramani, has settled with Sebi in a case pertaining to the suspected front-running of trades by paying ₹3.49 crore towards settlement charges.

The other entities that settled the matter with the Securities and Exchange Board of India (Sebi) are Kuntal Goel, Jitendra N. Kewalramani HUF, Dipika J Kewalramani and Pallavi Shailesh Nayak, Sebi said in the order on Thursday (December 19, 2024).

Also read: SEBI board approves amendment to MF rules

Apart from the settlement amount, Sebi’s committee placed other conditions to settle the case.

These included disgorgement of unlawful gain totalling ₹2.06 crore along with 12 per cent interest per annum from the date of the impugned transaction to the date of filing of the settlement application for disgorgement to be paid by Samir Kothari, Kuntal Goel and Jitendra N Kewalramani.

Also, the six entities will voluntarily debarred themselves from the securities markets for six months.

The order came after Sebi received four separate settlement applications from the applicants in March 2024, proposing to settle the instant proceedings through a settlement order “without admitting or denying the allegations”.

“It is hereby ordered that the proceedings initiated against the applicants, vide show cause notice dated January 24, 2024, is disposed of,” Sebi’s Chief General Manager Santosh Shukla said in the settlement order.

Sebi probe

Sebi conducted an investigation to ascertain whether there was any violation of the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules by certain entities during the period from January 2021 to October 2022.

Pursuant to the investigation, a common show cause notice dated January 24, 2024, was issued to certain entities, including the applicants.

The SCN alleged that the applicants and other noticees were consistently placing orders ahead of Bharat Kanaiyalal Sheth Family Trust, Ravi Kanaiyalal Sheth Family Trust and Arjun Discretionary Trust (collectively referred to as the Big Clients) in the equity (cash) segment of NSE and were squaring off the same.

Further, Jitendra, who was the authorised person of Angel One was, directly or indirectly, in possession of the details of the impending orders to be placed by the big clients.

Accordingly, during the investigation period front running trades were allegedly executed by him in his own trading account and the trading accounts of certain entities, including the applicants (except Kuntal Goel and Samir Kothari), who were all related/associated to him during the probe period.

Sebi also alleged that Jitendra was connected to Kothari through an employer-employee relationship, while Kuntal, who possessed the information of the impending trades of the big client is connected to Samir Kothari by way of frequent calls leading to Jitendra having access to the non-public-information-of-the-impending orders of the big clients.

The rest of the notices/ applicants were, directly or indirectly, in possession of the details of the impending orders to be placed on behalf of the big clients, through Jitendra, who then placed orders in clients’ accounts to generate abnormal profits.

Therefore, the regulator alleged that the noticees have contravened the PFUTP norms.

Thereafter, the applicants filed revised settlement terms which were approved by Sebi’s High Powered Advisory Committee (HPAC).

Apart from remitting the disgorgement amount, individually, Jitendra N Kewalramani paid ₹64.29 lakh, while Kuntal paid ₹55.90 lakh, and ₹57.20 lakh each paid by Kothari, Jitendra N. Kewalramani HUF, Dipika J Kewalramani and Pallavi Shailesh Nayak.

Traders said the rupee recovered from lower levels in the latter half of the day on the softening of the U.S. dollar index and a potential intervention by the RBI. File Photo: Venkatachalapathy C.

The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the U.S. dollar on Friday (December 20, 2024), on softening of the U.S. dollar index and a potential intervention by the Reserve Bank of India (RBI).

Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand. The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025.

The Federal Reserve cut rates by 25 basis points on Wednesday (December 18, 2024), but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.

At the interbank foreign exchange, the rupee opened at 85.07 against the greenback. During the day it witnessed an intraday high of 84.95 and a low of 85.12 before ending the session at 85.03 (provisional) against dollar, higher by 10 paise over its previous close.

On Thursday (December 19, 2024), the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the U.S. dollar.

Traders said the rupee recovered from lower levels in the latter half of the day on the softening of the U.S. dollar index and a potential intervention by the Reserve Bank of India (RBI). A decline in crude oil prices also supported the rupee at lower levels.

“We expect the rupee to trade with a negative bias on weak domestic markets and overall strength in the U.S. dollar amid a hawkish Fed and improved U.S. economy,” Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan, said.

Choudhary further added that FII outflows may also weigh on the rupee. However, any intervention by the RBI or any further correction in crude oil prices may support the rupee at lower levels.

“Traders may take cues from core PCE price index, personal spending and revised consumer sentiment data from the U.S. USD-INR spot price is expected to trade in a range of 84.80 to 85.15,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.14% at 108.26.

Brent crude, the global oil benchmark, fell 0.99% to $72.16 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex closed 1,176.46 points, or 1.49%, down at 78,041.59 points, while Nifty settled down 340.10 points, or 1.42% to 23,611.60 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday (December 19, 2024), as they offloaded shares worth ₹4,224.92 crore, according to exchange data.

From the 30 blue-chip Sensex pack, JSW Steel, Nestle and Titan were the gainers. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty plunged about 1.5% on Friday (December 20, 2024), taking their downtrend to the fifth straight session, owing to risk aversion in the global markets after the hawkish stance of the U.S. Federal Reserve.

The 30-share BSE benchmark tumbled 1,176.46 points or 1.49% to settle at 78,041.59. During the day, it slumped 1,343.46 points or 1.69% to 77,874.59. The NSE Nifty tanked 364.20 points or 1.52% to 23,587.50.

From the 30 blue-chip Sensex pack, Tech Mahindra, IndusInd Bank, Axis Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, State Bank of India, Tata Consultancy Services, UltraTech Cement and Reliance Industries were the biggest laggards. In contrast, JSW Steel, Nestle and Titan were the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. Equity markets in Europe were trading in the negative territory. Wall Street ended on a mixed note on Thursday (December 19, 2024.)

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,224.92 crore on Thursday (December 19, 2024), according to exchange data. Global oil benchmark Brent crude declined 0.96% to $72.18 a barrel.

Falling for the fourth day running, the 30-share BSE benchmark tanked 964.15 points or 1.20% to settle at 79,218.05 on Thursday (December 19, 2024). The Nifty tumbled 247.15 points or 1.02% to sink below the 24,000 mark at 23,951.70.

India’s equity benchmarks are likely to open higher on Monday (December 23, 2024), tracking gains in its regional peers on the back of benign U.S. inflation data.

The GIFT Nifty futures were trading at 23,809.5 as of 08:03 a.m, indicating the benchmark Nifty 50 will open above Friday’s close of 23,587.5. Other Asian shares rallied after data on Friday showed personal consumption expenditures (PCE) price index rose 0.1% in November after an unrevised 0.2% gain in October. The MSCI Asia ex-Japan index was up 1.1%.

While the inflation reading has powered Asian markets, the scaling back of Fed rate cut projections for 2025 remains a concern for emerging markets such as India. The Federal Reserve had cut interest rates as expected last week, but scaled back its forecast to two rate reductions in 2025 from four, citing stubbornly high inflation.

This intensified foreign outflows from Indian equities, with the Nifty logging its worst week since June 2022 with a 4.8% drop.

Fed funds futures implied an about 50% chance of a rate cut in March and in May, though they only have two quarter-point cuts to 3.75-4.0% priced in for all of 2025, compared to prior expectations that rates would bottom out at 3.0% a few months ago.

Foreign institutional investors sold domestic shares worth 35.98 billion rupees ($423.3 million) on Friday, taking their total weekly outflows to $1.86 billion.

“The latest correction in Indian markets has cooled off valuations in large-caps,” said Motilal Oswal Wealth Management.

Stocks to watch

India’s competition watchdog approves Ultratech Cement’s acquisition of India Cements. Drug maker Aurobindo Pharma’s unit gets approval for oncology biosmilar Bevqolva from UK’s drug regulator. Steel stocks like Tata Steel, JSW Steel will be in focus after India’s Directorate General of Trade Remedies (DGTR) initiates safeguard probe on imports of non-alloy and alloy steel flat products.

For representative purposes.
| Photo Credit: Getty Images

The story so far: The Union Government, on December 6, notified the Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024 which empower some enforcement and security agencies to intercept phone messages under certain conditions. These rules supersede Rule 419A of the Indian Telegraph Rules, 1951.

What do the new rules state?

The new rules authorise the Union Home Secretary and the Secretary to the State government in-charge of the Home Department as the competent authority to order the interception of any message or class of messages. An officer not below the rank of a Joint Secretary to the Union Government, may also issue such order of interception in ‘unavoidable circumstances’ (without defining such circumstances). The Central Government may also authorise any law enforcement or security agency to intercept messages for reasons specified under Section 20(2) of the Telecommunications Act, 2023.

‘In remote areas or for operational reasons’, the head or the second senior most officer of the authorised agency at the central level, and head or the second senior most officer of the authorised agency (not below the rank of IG Police) at the State level may also issue an order of interception, but the officer will have to submit such an order to the competent authority within three working days of the date of its issuance. If such order is not confirmed by the competent authority within seven working days from the date of issue, such interception shall henceforth cease. The rules also mandate the destruction of records relating to interception every six months by the authorised agency and review committee (unless required for functional requirements or court directions).

How are the new rules different?

First, the condition of interception by authorised agencies only in ‘emergent cases’, has been relaxed. Interception by authorised agencies is now possible if it is not feasible for the competent authority to issue orders in ‘remote areas or for operational reasons’. Second, under Rule 419A, there was no limit for the number of IGP rank officers at the State level who could be authorised for interception. But now, in addition to the head of the authorised agency, only (one) the second senior most officer can be authorised for interception. Third, in case the interception order by an authorised agency is not confirmed within seven days, any messages intercepted shall not be used for any purpose, including as evidence in court.

The Indian Telegraph Act of 1885 had provided the Union Government to make rules for ‘the precautions to be taken for preventing the improper interception or disclosure of messages’, but no such safeguards were framed for a long time. The safeguards and procedure of interception under Rule 419A were notified only in March, 2007, consequent to the directions issued by the Supreme Court in People’s Union for Civil Liberties (PUCL) versus. Union of India and Another in 1996. The Supreme Court, in this case, not only elaborated the terms ‘public emergency or in the interest of the public safety’, but also held that the right to privacy cannot be curtailed arbitrarily without laying down safeguards which are just, fair and reasonable.

What are concerns about new rules?

While the pre-requisite of ‘emergent cases’ for interception by authorised agencies has been relaxed without additional checks, the rules are criticised for not fixing any accountability for the wilful misuse of powers of interception by authorised agencies. The rules are silent about punitive actions if any authorised agency abuses the powers of interception for a period up to seven days, before its confirmation by the competent authority.

R.K. Vij is a former Indian Police Service officer.

Railway Minister Ashwini Vaishnaw presenting Ati Vishisth Rail Seva Puraskar Award to Vijayawada Senior Divisional Commercial Manager V. Rambabu in New Delhi on Saturday.

Senior Divisional Commercial Manager (Sr. DCM) Vavilapalli Rambabu, working in Vijayawada division of South Central Railway (SCR), received the ‘prestigious Ati Vishisth Rail Seva Puraskar’ award. 

Railway Minister Ashwini Vaishnaw presented the award to Mr. Rambabu at a function held at Pragathi Maidhan at New Delhi on Saturday, the SCR officials said in a release on Sunday.

The Sr. DCM helped rescue nearly 4,000 passengers stranded in the recent floods at Kondapalli and Rayanapadu railway stations. All the passengers were sent to Chennai, Visakhapatnam, Tirupati and other destinations by arranging special trains.

The award recipient also played a key role in increasing the revenue of Vijayawada division, Railway officials said.

BJP MP from Nizamabad Dharmapuri Arvind called on Chief Minister A. Revanth Reddy on Sunday along with Jagtial MLA Sanjay Kumar. Khairatabad DCC president Rohin Reddy was also present. Sources said it was a courtesy call and the MP discussed some developmental works in his Parliament constituency. The CM and Mr. Arvind spent five minutes separately later.

People taking a ride on the tethered hot air balloon at Padmapuram Gardens in Araku Valley, 150 kilometres from Visakhapatnam, recently.
| Photo Credit: K.R. DEEPAK

The decades-old Padmapuram Gardens, one of the most sought after hotspots for the tourists in Araku Valley, is undergoing massive renovation works as part of its facelift by the Integrated Tribal Development Agency (ITDA) in Alluri Sitharama Raju district.

With a budget of ₹1.5 crore, the entire gardens is being renovated to give a new look. Three types of works, horticulture, civil and electrification, have been going on simultaneously at the park. The park with one of the finest flower collection is also being refurbished along with the landscaping works.

As of now, the park does not have good illumination and visitors are forced to leave by the evening. The authorities are arranging proper illumination so that visitors can stay till the night. Around 3km length of new roads are being laid inside the park which also includes walking track. This apart, new archs and selfie points are also being arranged.

In last year, the ITDA had provided cottage facility, also called as tree houses, in the park. They have been evoking good response from the tourists. Two months ago, tethered hot air balloon rides were also started in the park by an agency.

“It is one of the finest and biggest gardens in North Andhra. If properly developed, it can match Botanical Gardens in Ooty. So we have planning to give it a facelift and the works have been going on very well,” said Integrated Tribal Development Agency (ITDA) Project Officer V. Abhishek. He has also said that they are planning to complete the works by coming Sankranti.

Manager of Padmapuram Gardens Bonjubabu said that during winters, which is the tourist season in Araku Valley, the gardens receive around 10,000 footfall on weekends. On regular days, the number of tourists will be around 1,000 to 2,000, he said.

The NEET PG counselling process in Telangana has hit a roadblock, leaving over 8,000 medical aspirants in a state of uncertainty. While the All India Quota (AIQ) counselling has successfully completed two rounds, the state-level counselling, conducted by Kaloji Narayana Rao University of Health Sciences (KNRUHS), is yet to release its merit list.

Under normal circumstances, AIQ and state counselling processes run concurrently, enabling students to make well-informed choices. However, the delay by KNRUHS has disrupted this synchronisation, creating a precarious situation for students. Despite registering for state counselling weeks ago, aspirants remain unaware of their rankings, causing widespread distress.

“This delay has left many students in a difficult situation. Some are holding AIQ Round two seats but face uncertainty about their eligibility for counselling. The resignation deadline for AIQ Round two is December 26, and students are unsure whether to retain their AIQ seats or resign to participate in state counselling,” said Dr. Siva Rama Krishna, a representative of the Telangana Local PG Students Association.

The association has raised serious concerns about the impact of the delay. According to Dr. Vamshi, another representative, “Without even conducting a single round of state counselling, the government is jeopardising students’ future. Moreover, the AIQ counselling fees of ₹25,000 paid by the students are at risk of being wasted due to this mismanagement. Many students are also facing immense mental stress due to the uncertainty about where to join. The Telangana government and KNRUHS must release the state merit list immediately and ensure the counselling process moves forward without further delays,” he said.

The association has appealed to the National Medical Commission (NMC) to extend the resignation deadline for AIQ Round two and delay the commencement of AIQ Round three. They argue that this would give Telangana sufficient time to complete its state merit list and conduct the first round of counselling.

नई दिल्ली. मेटा के ओनरशिप वाले पर्सनल मैसेजिंग ऐप वाट्सऐप (WhatsApp) ने अपने यूजर्स के लिए चार नए फीचर्स रोलआउट किए हैं. इन फीचर्स का उद्देश्य यूजर्स के लिए वीडियो और ऑडियो कॉलिंग अनुभव को बेहतर बनाना है. यह अपडेट न केवल मोबाइल यूजर्स बल्कि डेस्कटॉप यूजर्स के लिए भी जारी किए गए हैं. WhatsApp ने एक ब्लॉग पोस्ट के माध्यम से इन नए फीचर्स की जानकारी दी है.

कंपनी ने यह भी साझा किया है कि प्लेटफॉर्म से अब तक करीब 200 करोड़ कॉल्स की जा चुकी हैं. आइए जानते हैं इन शानदार फीचर्स के बारे में विस्तार से…

1. ग्रुप कॉल में सीक्रेट सरप्राइज का फीचर
वाट्सऐप ने ग्रुप कॉलिंग के लिए एक खास फीचर पेश किया है. अब यूजर ग्रुप कॉल में सीक्रेट सरप्राइज देने के लिए सेलेक्टेड लोगों को चुपके से जोड़ सकते हैं. इस तरह आप किसी खास मौके पर किसी को वाट्सऐप काॅल पर कनेक्ट कर सरप्राइज दे सकते हैं. यह फीचर तब उपयोगी होगा जब आप किसी के लिए सरप्राइज पार्टी या गिफ्ट प्लान कर रहे हों.

2. वीडियो कॉलिंग में नाइट मोड और नए इफेक्ट्स
वाट्सऐप ने वीडियो कॉलिंग के लिए नाइट मोड और कई नए इफेक्ट्स जोड़े हैं, जो कॉलिंग अनुभव को बेहतरीन बनाएंगे. नाइट मोड की मदद से यूजर कम रोशनी में भी बेहतर वीडियो क्वालिटी का अनुभव कर सकेंगे. वीडियो कॉलिंग में पपी ईयर, माइक्रोफोन, और अंडरवाटर जैसे इफेक्ट्स भी जोड़े गए हैं. 1:1 और ग्रुप कॉलिंग में हायर रेजोल्यूशन वीडियो क्वालिटी की सुविधा दी जा रही है, जिससे वीडियो कॉल के दौरान शानदार पिक्चर क्वालिटी मिलेगी.

3. डेस्कटॉप कॉलिंग फीचर्स में सुधार
डेस्कटॉप यूजर्स के लिए भी वाट्सऐप कॉलिंग अनुभव को आसान बनाने के लिए कुछ नए बदलाव किए हैं. अब डेस्कटॉप यूजर्स सीधे नंबर डायल कर काॅल लगा सकते हैं. ऐप के कॉल टैब पर क्लिक करके कॉलिंग शुरू की जा सकेगी. इसके साथ ही, कॉल लिंक क्रिएट करने की सुविधा भी उपलब्ध होगी.

4. टाइपिंग इंडिकेटर में सुधार
चैटिंग अनुभव को और बेहतर बनाने के लिए वाट्सऐप ने नया टाइपिंग इंडिकेटर फीचर जोड़ा है. यह फीचर रियल-टाइम चैटिंग को और अधिक सहज बनाएगा. अब यूजर्स देख पाएंगे कि चैट में कौन टाइप कर रहा है. ग्रुप चैट्स में, मैसेज टाइप करने वाले यूजर्स की प्रोफाइल पिक्चर भी दिखाई देगी, जिससे सही मैसेज पर रिप्लाई करना आसान होगा. मौजूदा टाइपिंग विजुअल्स को इस नए फीचर से रिप्लेस कर दिया जाएगा.

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