Sebi probing allegations of fraud, irregularities at MSEI: Minister to LS
.jpg)
Capital market regulator Securities and Exchange Board of India (Sebi) is probing allegations of fraud and irregularities at Metropolitan Stock Exchange of India (MSEI).
The probe has been initiated after complaints from two whistleblowers who have highlighted issues relating to governance, mismanagement and the siphoning of funds at the exchange.
The issue came to light after Minister of State for Finance P Radhakrishnan's written reply in the Lok Sabha.
In their complaints, the whistleblowers have levelled allegations against officials of the exchange, including Udai Kumar, MD and CEO of the exchange. Allegations have also been levelled against brokers.
In their complaints, the whistleblowers have levelled allegations against officials of the exchange, including Udai Kumar, MD and CEO of the exchange. Allegations have also been levelled against brokers.
"Based on the recommendations of the Committee of PIDs, to take suitable action against the entities/persons found to be involved in the malpractices," he added.
MSEI has engaged the services of forensic auditor for the purpose of examination, including on assessing the actual magnitude of fraud. Allegations against brokers are separately looked into.
Kumar has been directed to go on an indefinite leave to ensure fair and uninterrupted examination of the charges levelled in the complaints of the whistleblowers.
MSEI, formerly known as MCX-SX, was founded by the Multi Commodity Exchange (MCX) and Financial Technology India (FTIL). Following the National Spot Exchange (NSEL) fraud, the exchange had to undergo a change in shareholding and manegement.
The current shareholders of MSEI include State Bank of India, Union Bank of India, Bank of Baroda and Punjab National Bank. These banks put together hold 12.7 per cent.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
