Category: PTI

Filatex Fashions Ltd to issue foreign currency convertible bonds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Filatex Fashions Ltd has informed the exchange that its board has approved raising of funds through issuance of Foreign Currency Convertible Bonds (FCCBs) not exceeding $100 mn on private placement basis.’

Also, the board has approved expansion and strengthening of the existing business in the manufacture of premium quality socks by capacity enhancement/ further modernization/ and expansion into production of other garments and allied products.

Filatex Fashions is a supplier of socks of various sizes and designs to reputed companies and brands like Maxwell (VIP Group), Fila India, Adidas, Park Avenue, Tommy Hilfiger, Metro etc. Filatex has also been producing socks for the license holders like Walt Disney, Warner Brothers, Planet, Mickey Mouse, Simpsons and 32 other licentiates.

Other brands include Bella, etc.

The company is also major supplier to E-commerce giants like Amazon, Flipkart, Snapdeal, Shop clue etc. The company not only delivers quality products to above brands, but also have its own brand “Tuscany” ; “Smartman” which are getting good traction from consumers in India.

The company has also produced for other reputed brands like Mark & (Spence), Hugo Boss, Giovanni, Primavera and many top labels of the European fashion world

The company is on expansion spree and is looking for both organic and inorganic growth opportunities, more particularly in other developing countries including Indian subcontinent and Africa.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vikas Lifecare collaborates with Stockholm University, Swedish Companies and IIT (BHU) Varanasi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vikas Lifecare Limited has announced its collaboration with three world class institutions to share the research inputs and work on developing various viable materials like cellulose, lignin and silica from rice husk.

In this agro-circle project, the New Delhi based company has shook hands with Indian Institute of Technology (BHU)-Varanasi and Sweden’s Stockholm University.

Other than this, the company has also partnered with renowned Swedish companies namely- Lignflow Technologies AB and Lixea Computer for the same purpose.

The main aim of the agro-circle project is to establish innovative value chain concepts for production of circular materials from agro-industrial side-streams, the company said in a media release.

“In addition to avoiding pollution arising from burning of crop residues directly on the fields, which is the biggest cause of poor air quality in northern part of India in winter season, this project will aim developing techniques to produce new bio-based materials from the natural polymers extracted from these farm waste materials,” it added.

Sweden based Lixea Compular aims at establishing the production process for cellulose from agricultural rice residue using Lixea’s Dendritic Process.

On the other hand, Lignflow Technologies, AB along with IIT (BHU)-Varanasi aims to patronize the production of lignin. Vikas Lifecare shall act as instrumental in developing a technology to produce nano silica from rice husk.

Stockholm University & Indian Institute of Technology (BHU)-Varanasi will contribute via characterization of lignocellulose fractions. In addition, IIT-Varanasi, Stockholm University and Bio-Nano will design new bio-based functionalized cellulosic fibres.

Commenting on the development, Managing Director of Vikas Lifecare Dr. SK Dhawan said, “The objective of this collaboration is to develop a circular economy is to achieve sustainability through production, recovery, reuse and sending back the product to its original form at the end of life, resulting in zero or negligible waste.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Deploying technology to help SME apparel manufacturers scale quickly: Fashinza

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After two years of the pandemic, the festive season this year is expected to be bigger than ever before. Geo-political tensions and inflationary pressures aside, customer sentiment is buoyant and sales across categories, especially garments and apparels, are expected to be big. But in the couple of years gone by, the pandemic pummeled the garment exports sector real hard.

Many SME apparel manufacturers had to shut shop or take on debt to stay afloat. In the face of uncertainty, some apparel manufacturers embraced technology and worked at turning challenges into opportunities. New-age fashion supply chain helped such SMEs stay afloat and prosper.

Traditionally, Indian SME apparel manufacturers are not well-equipped with the knowledge, infrastructure and funds required to expand operations and grow their business. Also, working capital is a big issue. Even if they get orders from different brands, they don’t have running capital. Payment delays are common and there is no easy banking finance support. Other challenges include technical upgradation, know-how for better productivity and better quality. Also planning and visibility of order management is lacking.

Upgrading quickly on all the above parameters is not an easy tasks and can take years. But what does work well is a partnership with a nimble tech partner. Fashinza, a SaaS platform and a fashion supply chain marketplace, partners with SMEs, helping them quickly upgrade and move up the value chain. During the pandemic Fashinza helped apparel SME manufacturers keep their order books full. Using technology and a sophisticated network of suppliers, Fashinza ensures that it provides work to SMEs, which also helps Fashinza grow.

According to Abhishek Sharma, COO and Co-founder, Fashinza, SMEs face multiple challengers when it comes to scaling their business. He says, “We provide a very versatile manufacturing execution system to SMEs for better transparency over their manufacturing process, which helps them to achieve better quality with increased production efficiency. We also provide PO financing to SMEs, who struggle to manage their working capital.”

Abhishek Sharma added, “Fashinza’s platform directly connects brands and suppliers over their chat option in which both sides can comment, add media or chat with each other. For the compliances, our quality and technical team supports the SMEs. We’ve partnered with various logistics companies for competitive pricing and support for our SMEs for both sample and bulk shipments. Deliveries and GRN complexities are managed with our support.”

Fashinza is building the reach of Indian SMEs to global fashion brands through different channels. From order-query management, design and catalogue support, vendor verification and vendor management, simplified digital tools to manage sampling, orders, approvals and every other time and action plans for every order. It is a win-win situation for both Fashinza and for SMEs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold or fractional ownership: What can be the best bet this festive season?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Conventional wisdom dictates that investments are made upon careful analysis and empirical research. Some investment instruments in India comprise a solid emotional core. Case in point – gold and real estate both retain immense emotional appeal but have remained prudent choices for Indians as secure assets that appreciate over time.

2022 has been a challenging year. As the world economy was limping back to normalcy after a Covid-19 battering, Russia’s military invasion of Ukraine plunged global supply chains into another crisis. The decade, thus far, has been a tumultuous one economically for India’s salaried population and small business owners as they struggle to stem the dip in their savings.

As the festive season approaches, which is the better investment option? A closer analysis of some crucial parameters below illustrates several distinct advantages real estate offers on account of new-age accessible instruments like Fractional Ownership of pre-leased commercial real estate (CRE).

Rate of Returns

Gold is a safety net, enjoys liquidity and can be exchanged with another piece of gold or cash at any point in life. Real estate is also a stable investment option and Fractional Ownership in CRE, as a new age investment instrument, also offers higher returns than residential properties.

The rental yield of a commercial property, at around 8 percent-10 percent per annum, is higher than the yield from a residential property. So, an investment of Rs 25 lakh in fractional ownership can potentially deliver Rs 2.25 lakh per year in rental income alone. The compounding returns over a period lead to a steady wealth expansion, and regular rentals improve monthly liquidity.

Inflation

Gold has historically been a hedge against inflation, and it continues to be part of most investment portfolios to mitigate financial risks during inflation and economic, social and geopolitical crises.

As retail inflation stays around the 6-8 percent mark, accessible instruments like fractional ownership, unlike many other traditional instruments, offer 9 percent returns and a solid second income that can help beat the rise in inflation.

According to industry reports, data centres and warehouses, a growing segment within commercial real estate, can offer far greater returns over the next 3-5 years. They require large land parcels with ready infrastructure and give higher returns of 10-14 percent.

Experts add that the smart move will be to diversify their portfolio using higher-yielding assets like commercial real estate.

Earning Steady Income

Though gold enjoys low volatility and has a high preference in Indian households as an auspicious commodity, it lacks the numerous benefits associated with real estate. A distinct advantage real estate enjoys as an asset class is the ability to generate income at regular intervals through rent.

Fractional ownership is also changing the traditional notion of rental income. By making the CRE market more accessible to retail investors, fractional ownership is also changing the idea that the commercial sector is only for high net-worth and institutional investors.

It has solved one of the biggest problems in commercial property, i.e. high capital investment, encouraging small investors to enter the market and making it a viable investment format for new-age investors.

Growth

While it is a personal choice for every individual to invest in gold or real estate, it has been witnessed that in the longer term, real estate, especially fractional ownership in real estate, is a greater investment option.

The author, Shiv Parekh, is the founder of hBits. The views expressed are personal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Simplifying your insurance claim settlement: What you need to know?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ultimate aim of any insurance policy is to help consumers with a smooth claim settlement process. No insurance policy can serve its purpose, until and unless it provides proper claim settlement to consumers. Though the industry has been progressing with the integration of technology, claim settlement still remains a key challenge, both for insurance companies as well as for Insurtech integrators. The traditional branch led model, even today poses a serious question around claim settlement.

Claim settlement is one of the key reasons which pushes consumers back from buying insurance. The Covid scenario has specifically highlighted the importance of claim settlements for consumers. While the industry is working collaboratively to solve the issues related to claim settlements and make it a faster and smoother process; consumers should also be aware of a few tips and tricks, so that they can make claim settlements hassle free for themselves.

All documents and information should be submitted properly

All necessary information like past medical history, family history, details of important assets, necessary bills, copies of insurance cards and other relevant documents should be submitted while filing for claims. Without proper support of documents, claims cannot be validated. Majority of the challenges are faced by consumers, due to non-clarity on the documents that are submitted.

Consumers should gather all the requisite documents in a proper file, so that everything can be submitted in one go, when there is the need. It is more important that consumers are aware of what kind of documents need to be submitted, they should get a clarity from the TPA department or their respective insurance companies. Insurance advisors can be a perfect guide to help consumers understand the dos and don’ts of document submission.

Understanding all the policy terms and conditions

Insurance policy documents are lengthy and detailed, whether one purchases a policy online or offline. Many consumers choose to read the terms and conditions superficially; and realise their mistake during the claim settlement process. It is during claim settlements, when they get to know that they have missed out on certain valid points.

Knowing the claim settlement ratio

Claim settlement ratio is the amount of claims that an insurance provider settles in a year, out of the total claims. It acts as a credibility parameter, crucial for consumers to understand if the company is financially stable enough to settle their claims. Higher the claim settlement ratio, the insurance company is considered to be more credible.

Opting for cashless service

People often get involved in numerous formalities like fee payment, deposits and managing lengthy paperwork during hospitalization. The best way is to opt for cashless claim settlement during those times. This makes the overall claim settlement process easier, quicker, and seamless. It is important that consumers keep proper records of all treatment related documents during the hospital stay, which are to be provided to the TPA department/s of hospitals. Proper documentation makes the cashless claim settlement process even more seamless.

Settling claims has never been an easy process; however, technology today is helping make claim settlement seamless and quicker for consumers. Thus, taking the route of InsurTech aggregators or distributors can be one of the best ways for smoother claim settlement process. The digitally enabled insurance advisors, in InsurTech companies, help consumers with the best suitable insurance policy, as they are not biased towards one insurance company. They not only help consumers with the choice of multiple insurance policies but guide them through the best policy as per their needs and requirements and financial capabilities.

The author, Indraneel Chatterjee, is Co-founder at RenewBuy

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stressed about house interiors this festive season? Here’s how you can do it with just a click

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Festivals are synonymous with sweets, decorations, getting the interiors of the house done, whitewash, etc. It might sound simple but it isn’t. Finding a proper interior designer can be a task, especially if you are not familiar with the industry.

To make lives easier, MapMyHouse has come to the rescue. It will help people to connect with the best architects, landscape artists and interior designers in the industry all across the country.

CEO of MapMyHouse, Harkaran Boparai while explaining the concept said, “We will help people in connecting with interior designers, landscape artists and architects. MapMyHouse will help in finding professionals in their preferred city and will facilitate the professionals in getting Pan India projects.”

MapMyHouse has some of the best architectural firms on board which will make it easy for the people to select the suitable one from the database for their respective work. Not just that, MMH also has talented and experienced interior designers in addition to the start-ups in the field to facilitate the clients.

Other such apps include Homelane and Architizer are also in the market. Technology is transforming architecture each day. From 3D printing to touch-screen drafting boards, innovative ideas have always grabbed the spotlight in recent years.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ENSO Group’s Vaibhav Maloo opens up on growth of young businesses and startups

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Surpassing the danger of risks that businesses offer is what makes a person businessman. Assessing all that comes in the way and considering the demands of the market along with the employees has to be on the list. India is known for its youths and the capacity of manpower that can be drawn in a positive way to lead the country.

The name of Vaibhav Maloo- The Managing director of the ENSO group comes talking about the enterprises.

He achieved – Youth Icon of the year (2021), Indian Achievers’ Award for Business Leadership (2021) Indian Achievers’ Forum, and Rotaractor of the year (2003).

Vaibhav claims of starting his role by handling the marketing of the group in India and is accountable for the administrative part, strategy formulation and mega projects implementation.

The ENSO group is known for being a variegated global enterprise extending itself to various sectors on a major scale like- solar energy, real estate, healthcare, oil and gas, infrastructure, and mineral mining.

Vaibhav sees to cherishing the high-techs and ways to improve the management techniques to win the race. Claiming a flexible mindset, he asserts, “ The technique of surgical operator helps him with the ability to execute tasks with minimal recurring costs and lighter books.” His relation with the workforce is understandable with what he claims to say, “We hire people who aim to grow with us. The candidates have to be run through a rigorous scanning system.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EcoSoul launches nationwide initiative for ‘war on plastics’ and rural empowerment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Across the globe plastic waste is growing at an alarming rate. As per a report more than 80 percent of marine litter is made of plastics, 70 percent of which originates from disposable items. India in 2016 achieved the dubious distinction of world’s second largest plastic waste generator at 26.3 million tons per year.

Recently, the Government of India has passed a multitude of laws banning manufacturing, sale, and single use of plastic.

Most of the single use plastic waste consists of disposable cutlery and crockery, eg. plates, cups, forks, knives etc. This plastic waste is widely used at parties, restaurants, picnics, hotels, work cafeteria, travelling, etc.

Unfortunately, these items cannot be recycled and get dumped in the pits, increasing environmental problems.

Priyanka Aeron, India Managing Director, EcoSoul Home said, “We cannot continue to ignore the threat our climate is facing”. Priyanka is the inspiration and driver of EcoSoul’s environment and women empowerment initiatives across the globe. She recently led plantation of more than 8,000 trees in India with a commitment to plant one tree for every order placed on EcoSoul’s website.

She along with her team is all set to address plastic waste problem by designing, and manufacturing products in India that are chemical free, toxin free and fully compostable and are certified by leading global agencies.

EcoSoul works directly with more than twenty large and small manufacturers in India, from Uttar Pradesh to Karnataka, to source these products directly from farmers and small business operators thus eliminating intermediaries from the process. This leads to income maximization at grass root level and a fair price for the efforts of small business owners in the industry. Further, EcoSoul Home is deeply committed to women empowerment mission as more than 50 percent of EcoSoul Home employees (associates) are women.

Further to their campaign of “war on plastics”, EcoSoul is entering into a series of MoUs with various Indian and International Universities.

Ecosoul has recently entered into a MoU with Dr. C.V.Raman University, Chhattisgarh, in order to promote rural entrepreneurship and make students job ready in the field of sustainable products.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Decoding the revised overseas investment regime

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India Inc. is an integral part of the global economy, resultantly the exchange control regulations play a crucial role in cross border transaction daily. Many changes were awaited by the Indian entrepreneurs, which reflected the government’s intent to promote ease of doing business, and flexibility in business operations at a global level.

The same has now, one year after introducing the draft rules and regulations for feedback from the stakeholders have introduced the revised overseas investment regime. On August 22, 2022, the Ministry of Finance and the Reserve Bank of India (“RBI”) have notified the Revised Overseas Investment guidelines (Revised OI Regime) and following are our key observations.

Dilemma encircling ‘Round Tripping’

During the subsistence of the erstwhile regime, the Indian start-ups had no clarity with regards to round tripping. Round tripping was triggered when the Indian Businesses had their holding company overseas having their active business interests in India (ODI- FDI Structures). This posed a significant barrier for the Indian businessmen to invest in a company overseas as it was previously allowed only with the prior approval of the RBI. The revised OI Regime is in line with ease of doing business which will act as a catalyst to bolster the global economy.

“The revised OI regime has provided clarity with regards to the relaxation to the ODI-FDI structures by allowing the persons resident in India to invest in a foreign entity that has up to two layers of subsidiaries, however whether the relaxations will apply to the resident individuals is still open to interpretation as the reading of the revised OI Rules and revised OI Directions is cryptic, ” said CS. Adv. Shehbaazali Fazalbhoy, Associate Partner at Water And Shark Legal LLP).

ODI in Strategic Sector

India has the third largest start-up ecosystem in the world and the inflow of the FDI in 2021 – 22 has hit all-time high of 83.57 billion dollars. The revised OI Regime signifies that the country is not limiting its resilience to FDI but has also paved a way for ODI in the strategic sector so that the Indian entrepreneurs are no longer deprived of investing in the foreign start-ups.

Investment in strategic sectors such as energy and natural resources such as oil, gas, coal, mineral ores, submarine cables and start-ups are now permissible under the revised OI Regime. The RBI has allowed the persons resident in India to invest overseas in the strategic sectors without the prior approval of the RBI provided the investments are made from the internal accruals of the Indian entity, and in case of individuals, from their own funds.

“Pertinently, the word internal accruals may have been brought in by the RBI with the probable rationale of not depleting foreign exchange reserves. This will curtail the persons resident in India to go with the global trend of aggressive speculation on start-ups, thus may help preserve the crucial foreign exchange. The RBI in the revised OI Regime seems to have adopted a balanced approach,” said Harsh Patel, Founder & Managing Partner at Water And Shark Legal LLP.

Relaxation in norms for payment of consideration

It is pertinent to reiterate that the revised OI Regime is in consonance with the government’s intent to promote ease of doing business and to enable the businesses expand overseas.

Under the erstwhile guidelines, the Indian businesses making overseas investments had to pay a lump sum consideration upfront, this posed significant challenges to the Indian businesses by constricting their expansion overseas.

Revised OI Regime have introduced the concept of deferring the payment of the purchase consideration while acquisition of foreign securities for the first time. The period of deferment however shall be required to be defined upfront.

“With the permissibility of deferred payment of consideration, Indian investors shall have further flexibility in structuring their investments and the move shall encourage and expedite business expansions and the acquisitions globally,” said Adv. Nikita Mulay, Associate at Water And Shark Legal LLP.

Overseas Investment in Financial Sector such as Fintech

Till now only regulated financial sector companies were allowed to be a part of the fin-tech companies overseas, resultantly the businesses were required to invest in NBFCs which acted as a barrier for the Indian investors who wanted to be a part of fin-tech companies based in various jurisdictions of the western world. The Revised OI Regime has now dispensed the erstwhile requirement and has allowed the Indian entity which is engaged in non-financial sector to invest in financial services sector, except banking and insurance.

“These revisions have paved a way for more liberalised regime for the overseas investments in financial sectors, which will enable the Indian investors to participate and invest in the new age technology based financial businesses such as WEB-3, metaverse, crypto, etc. This will increase the number of Indian technology companies investing in WEB-3 thereby enabling the boom of the crypto economy,” said Harsh Patel.

Over the past few years, the government has been cultivating a conducive environment for the businesses and start-ups ecosystem. India now has fourth largest GDP in the world. In the earlier regime the emphasis was on control and now the emphasis has been shifted towards the management of the overall control of the exchange regulations. This is evidenced by the fact that many transactions which were previously a part of the approval route, have been brought under the purview of the automatic route. This will therefore enable and encourage the Indian businesses to expand and grow at a faster pace.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NSE co-location scam: CBI launches search operation in multiple cities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Central Bureau of Investigation (CBI) launched a coordinated search operation at over 12 locations in multiple cities on Saturday in connection with the NSE co-location scam case, officials said. The search operation will cover brokers at more than 12 premises in Mumbai, Gandhinagar, Delhi, Noida, Gurugram and Kolkata, among other cities, they added.

The central agency has filed a chargesheet against former National Stock Exchange (NSE) CEO and MD Chitra Ramkrishna and group operating officer Anand Subramanian in the case, the officials said.

The probe has so far established that from 2010 to 2015, when Ramkrishna was managing the affairs of the NSE, OPG Securities, one of the accused in the FIR, had connected to the secondary POP server on 670 trading days in the “Futures and Options” segment. The CBI has kept the probe open into allegations of preferential access granted to certain brokers by NSE officials and undue gains made out of it during the tenure of Ramkrishna and Subramanian.

Also read: NSE co-location case: Chitra Ramkrishna moves Delhi HC for bail

Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed Subramanian as her adviser, who was later elevated as the group operating officer (GOO) at a fat paycheque of Rs 4.21 crore annually, the officials said. Subramanian’s controversial appointment and subsequent elevation, besides crucial decisions, were guided by an unidentified person, whom Ramkrishna claimed was a formless mysterious “Himalayan yogi” dwelling in the Himalayas, a probe into her e-mail exchanges during a SEBI-ordered audit had shown.

The central probe agency had booked stock broker Sanjay Gupta, the owner and promoter of Delhi-based OPG Securities Private Limited, in 2018 for allegedly making gains by getting early access to the stock market trading system, the officials said. The agency is also probing unidentified officials of the Securities and Exchange Board of India (SEBI), NSE, Mumbai and other unidentified people.

“It was alleged that the owner and promoter of the said private company abused the server architecture of the NSE in a conspiracy with unidentified officials of the NSE. “It was also alleged that unidentified officials of NSE, Mumbai, had provided unfair access to the said company using the co-location facility during the period 2010-2012 that enabled it to log in first to the exchange server of the stock exchange that helped to get the data before any other broker in the market,” the CBI has alleged in the FIR.

Also read: Tribunal stays SEBI order against former NSE boss Ravi Narain in co-location case

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow