Brokerage businesses handle significant client money and hence are supposed to be managed with extreme discipline. Regulations are well laid out in that regard. However, time and again we come across cases that raise doubt on this underlying presumption. Today, SEBI passed an adjudication order against IIFL Securities Limited (IIFL) for some serious violations – … Read more
The Company last month had appointed ICICI veteran, Ms Vishakha Mulye as the CEO. She had taken over from Mr Ajay Srinivasan, who had been it’s Chief since 2007. AB Capital also informed that the change was due to Ajay deciding to step down and look for a different role within the group. The rumour … Read more
In a surprise development, Indostar Capital Finance Limited (ICFL) informed the following – On March 31, 2022, the management had informed Audit Committee of certain control deficiencies observed during the interim statutory audit Observations specifically related to the CV loan portfolio They were in respect of sanctioning of loans to existing customers, loan documentation and … Read more
As per newspaper reports, Enforcement Directorate conducted searches at JSPL’s New Delhi and Gurugram offices. On exchanges’ seeking confirmation about the newspaper reports from the Company, JSPL did confirm that ED had visited the two offices and all the requisite information has been provided. The Company further informed, that it has an exemplary track record … Read more
The order comes months after the National Restaurant Association of India (NRAI) asked the Competition Commission of India (CCI) to investigate the companies for breaching platform neutrality by providing priority to the exclusive contractors. Key points to note – NRAI represents more than 5,00,000 restaurants across India. Other than complaints about platform neutrality, complaint by … Read more
Paytm Payments Bank (PPB) is a joint venture between Paytm founder Vijay Shekhar Sharma and the listed holding company One97 Communications, the parent of Paytm. Sharma owns 51% in the bank in his personal capacity. It had started operations in 2017 and claims to have 60 million bank accounts with 4 lakh users added every … Read more
Brightcom has informed about the subject to the exchanges on February 28, 2022. Key points to note – SEBI had sent a letter to the Company on September 16, 2021, asking it to conduct a forensic audit. “The Securities and Exchange Board of India has reasonable grounds to believe that the disclosure of financial information … Read more
Mr Vishwavir Ahuja, the MD & CEO of RBL bank is stepping down. Though the technical term used is ‘going on leave’, for all practical purposes it’s innings over for him at the bank. Key point to note – Mr Ahuja has been leading RBL for more than a decade and is responsible for it’s … Read more
Hindujas, the promoters of Indusind Bank are planning to increase their stake in IndusInd bank after the recent change in RBI regulations, whereby it allowed promotes to own 26% in the bank (as against 15% earlier). Key points to note – Hindujas currently own 16.54% of IndusInd. At current valuations, Hindujas would need about Rs … Read more