News Updates
SEBI Fines Rs 3.75 Crore On Former Kwality Ltd. Executives For Financial Misrepresentation
The Securities and Exchange Board of India (SEBI) has imposed a fine against former senior management of Kwality Ltd for their involvement in misstating financial figures between FY 2017 and FY 2019. SEBI has imposed fines totalling Rs 3.75 crore on Sanjay Dhingra, the former Chairman and Managing Director; Sidhant Gupta, former Executive Director and non-executive Director; and Satish Kumar Gupta, former Chief Financial Officer (CFO). Sanjay Dhingra and Sidhant Gupta have been fined Rs...
RBI Imposes Penalty For Rs 29.60 lakh On HSBC Bank For Non-Compliance With Card Operations Regulations
The Reserve Bank of India (RBI) recently announced the imposition of a monetary penalty amounting to Rs 29.60 lakh on HSBC Bank stating non-compliance with regulatory directives concerning credit card, debit card, and rupee denominated co-branded prepaid card operations. According to the RBI's statement released on June 28, HSBC Bank failed to adhere to specific directions outlined in the "Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022". ...
SEBI Bars Proprietor Of GN Traders for Illegal Investment Advisory Services
The Securities and Exchange Board of India (SEBI) has imposed issued an order against Kashif Siddique, the proprietor of GN Traders, for his involvement in illegal investment advisory services. SEBI has barred Siddique from operating in the securities market for two years and imposed a fine of Rs 11 lakh. Additionally, he has been directed to refund Rs 1.40 crore, which he collected as fees from his clients. SEBI's order stated that he received amounts as investment advisory fees...
Rajya Sabha MP P Wilson Writes To Union Law Minister Arjun Ram Meghwal To Stop Implementation Of New Criminal Laws
Senior Advocate and Rajya Sabha MP P Wilson has written to Union Law and Justice Minister Arjun Ram Meghwal to stop the implementation of Bharatiya Nagarik Suraksha Sanhita, Bharatiya Nyaya Sanhita, and Bharatiya Sakshya Adhiniyam until extensive consultation is undertaken with all stakeholders and to reconsider the necessity of enacting the new criminal laws. Wilson said that all stakeholders including State Governments, Judges, Police Authorities, the Bar Council of India, State Bar...
SEBI Imposes Two-Year Market Ban On 4W Wealth Management And Directors, Orders Refund Of Rs12.83 Crore For Illegal Investment Advisory Services
The Securities and Exchange Board of India (SEBI) has ordered a two-year market ban against 4W Wealth Management Pvt Ltd, along with the firm's directors, Bhavesh P Bhensdadia, Rinkalkumar Mohanbhai Chopda, Vivek Laxmanbhai Patel, Nileshbhai Chandubhai Patel, and Parth Kanubhai Patel. The order also involved a mandate to refund Rs12.83 crore collected as fees from investors, due to illegal investment advisory operations and misleading investor activities. In September 2023, SEBI issued ...
NEET-UG Malpractices Case | Gujarat Court Remands 4 Accused To 4-Day CBI Custody
Today, a special CBI court in Gujarat's Godhra District remanded four accused to four days of Central Bureau of Investigation (CBI) custody in connection with malpractices at NEET-UG held at Jalaram School in Godhra's Parvadi village. The people sent to CBI's custody by Principal District Judge of Panchmahal, C K Chauhan are Jay Jalaram School's principal, Purushottam Sharma, teacher Tushar Bhatt, and middlemen Vibhor Anand and Arif Vohra. According to the allegations against them,...
Role Of Judges Is To Serve People, Not Be Revered As 'Deities' In The 'Temple Of Justice': CJI DY Chandrachud
Chief Justice of India (CJI) DY Chandrachud, during the inaugural session of the two-day East Zone II Regional Conference of the National Judicial Academy in Kolkata, emphasized the dangers of equating judges with gods. He stressed that the role of judges is to serve public interest, not to be revered as deities.CJI Chandrachud expressed his discomfort with the notion of the court as a "temple of justice," which implies that judges occupy a deity-like position. He remarked, “Too very often, we...
SEBI Approves Norms To Regulate 'Finfluencers' Amid Rising Concerns
The Securities and Exchange Board of India (SEBI) has approved norms for regulating unregistered financial influencers, commonly referred to as 'finfluencers.' This decision comes amid growing concerns over the potential risks associated with these influencers, who often provide financial advice and recommendations without proper regulation. In a recent board meeting, SEBI approved a...
Level-Playing Field Opens Up Legal Profession To Those Without Connects: CJI DY Chandrachud At 200-Yr Celebrations Of Calcutta HC Bar Library Club
Chief Justice of India Justice (Dr) DY Chandrachud on Friday, spoke at the bicentenary celebrations of the Bar Library Club of Calcutta High Court. Flanked by Supreme Court Judges, Justices BR Gavai and Dipankar Datta, the CJI spoke as a part of a panel also comprising Chief Justice of the Calcutta High Court TS Sivagnanam.CJI Chandrachud began his speech by acknowledging the contribution...
Infosys CEO Salil Parekh Settles Insider Trading Charges with SEBI, Pays Rs 25 Lakh for Inadequate Controls
Infosys' CEO Salil Parekh has settled charges of violating provisions of insider trading. IT services giant Infosys' CEO Salil Parekh has agreed to pay Rs 25 lakh for failing to have adequate controls to prevent insider trading. SEBI's investigation revealed that certain information classified as Unpublished Price Sensitive Information (UPSI) were not appropriately handled by...
Karnataka CID Files Chargesheet Against Former CM BS Yediyurappa In POCSO Case
The Karnataka CID on Thursday filed a chargesheet against former Chief Minister B Y Yediyurappa in connection with a POCSO case registered against him.Special Public Prosecutor Ashok Naik said the chargesheet had been filed before the Special POCSO court. The chargesheet is filed under provisions of POCSO and the Indian Penal Code against four accused including Yediyurappa. As per the...
CBIC Clarification On Amount Of Premium For Taxable Life Insurance Policies Is Not Included In Taxable Value
The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value.The Board has received the representations from the trade and field formations seeking clarification on the issue as to whether the amount of...