SEBI cancels Karvy Stock Broking’s registration for misappropriation of clients’ funds

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

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Capital markets regulator Securities and Exchange Board of India (Sebi) on Wednesday cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients’ funds and securities.

SEBI’s investigation revealed that Karvy had engaged in the transfer of funds from clients’ accounts to its own accounts, which were subsequently transferred to group companies associated with the brokerage house. Furthermore, Karvy had raised funds by pledging clients’ securities without their consent.

The data uncovered by SEBI indicates that Karvy had accumulated borrowing of Rs 2,032.67 crore as of September 2019. This borrowing was facilitated by pledging shares of its clients as collateral. The value of securities pledged by the brokerage firm during this period was estimated at Rs 2,700 crore.

In addition, SEBI’s order highlights several other violations committed by Karvy. The firm failed to settle clients’ funds and securities, failed to provide details of bank accounts and depository participant accounts, and failed to cooperate with the forensic auditor during the assessment of assets and liabilities pertaining to clients.

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Noting that Karvy has been declared a defaulter and expelled by BSE and NSE in November 2020, Sebi has cancelled “the certificate of registration of Karvy Stock Broking Ltd” under the Intermediaries Regulations.

This recent action follows Karvy’s declaration as a defaulter and subsequent expulsion by both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in November 2020. SEBI’s decision to cancel Karvy Stock Broking Ltd’s certificate of registration falls under the Intermediaries Regulations.

Last month, SEBI had already barred Karvy and its promoter, Comandur Parthasarathy, from the securities market for a period of seven years. Additionally, a penalty of Rs 21 crore was imposed on them for misappropriating clients’ funds through the misuse of Power of Attorney.

In November 2019, the watchdog, through its interim order, barred KSBL from taking new brokerage clients after it was found that the firm had allegedly misused clients’ securities to the tune of over Rs 2,000 crore. The interim order came after NSE forwarded a preliminary report to Sebi on non-compliances observed with respect to pledging or misuse of clients’ securities by Karvy Stock Broking. Finally, the directions issued through the interim order were confirmed by Sebi in November 2020.

The preliminary report was based on a limited purpose inspection conducted by NSE on August 19, 2019, covering the period from January 1, 2019, onwards.

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EU tech chief aims to draft code of conduct on AI within weeks

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

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EU tech chief Margrethe Vestager said on Wednesday she believed a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks, allowing the industry to commit to a final proposal “very, very soon”.

Policymakers and many in the industry have expressed concern about AI, particularly content-creating generative AI such as ChatGPT, with some equating it to the risks posed by pandemics or nuclear war.

Vestager said the US and European Union should push a voluntary code of conduct to provide safeguards while new laws are developed.

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“Generative AI is a complete game-changer,” Vestager, who is a vice president of the European Commission, told a news conference on Wednesday after a meeting of the EU-US Trade and Technology Council.

“Everyone knows this is the next powerful thing. So within the next weeks, we will advance a draft of an AI code of conduct,” she said, adding she hoped there would be a final proposal “very, very soon” that industry could sign up to.

The European Union’s AI Act, with rules on facial recognition and biometric surveillance, is still going through the legislative process.

“In the best of cases, it will take effect in two and a half to three years time. That is obviously way too late,” Vestager told reporters before the meeting of the TTC in Sweden. “We need to act now.”

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Leaders of the G7 nations called earlier this month for the development of technical standards to keep AI “trustworthy”, urging international discussions on topics such as governance, copyright, transparency and the threat of disinformation.

Vestager said there needed to be agreement on specifics, not just general statements, suggesting the European Union and the US could help drive the process.

“If the two of us take the lead with close friends, I think we can push something that will make us all much more comfortable with the fact that generative AI is now in the world and is developing at amazing speeds,” she said.

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

South Indian Bank finalises names of candidates for MD and CEO post

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

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Private lender South Indian Bank on Wednesday (May 31) said it has finalised the names of candidates for the post of managing director (MD) and chief executive officer (CEO).

Thrissur-based lender said the panel of candidates was selected on the recommendations of the Search Committee, which was constituted by the board of directors of the bank and the Nomination and Remuneration Committee of the bank, according to a regulatory filing.

Also, it said the board of directors of the bank has today (May 31) approved the panel of candidates, in order of preference, for the position of the managing director and chief executive officer of the bank.

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Further, the bank said it will be submitting its application to the Reserve Bank of India with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD and CEO.

In March 2023, the lender informed exchanges that its incumbent MD and CEO Murali Ramakrishnan has decided not to seek another term due to personal reasons.

Ramakrishnan was appointed as the MD and CEO of South Indian Bank with effect from October 1, 2020, for a period of three years. He retired from ICICI Bank as senior general manager at the strategic project group on May 30, 2020, and joined the South Indian Bank as an advisor on July 1, 2020.

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During his tenure at ICICI Bank, in the last assignment, Ramakrishnan was heading a business transformation project for small and medium-sized enterprises (SME) business.

Shares of South Indian Bank ended at Rs 17.25, up by Rs 0.15, or 0.88 percent on the BSE.

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US job openings surge to 10 million as labour market stays strong despite rate hikes

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

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U.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market even as the Federal Reserve attempts to cool the economy in its fight against inflation.

Employers posted 10.1 million job openings last month, up from 9.7 million in March and the most since January. Economists had expected vacancies to slip below 9.5 million.

Layoffs fell, but the number of people quitting their jobs — a sign of confidence that they can find better pay or working conditions elsewhere — slid last month.

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Economists are skeptical and many expect a recession to start later this year.

Inflation has come down steadily from the four-decade highs it reached in mid-2022. But consumer prices still rose 4.9 percent in April from a year earlier — well above the Fed’s 2 percent year-over-year target.

Hiring has slowed after posting the best two years on record in 2021 and 2022. Employers added 666,000 jobs from February through April — decent numbers by traditional standards but still the weakest three months of job creation since January 2021.

But surprisingly resilient consumer spending and a wave of retirements since COVID-19 hit the economy in early 2020 have kept the labor market tight. The unemployment rate fell to 3.4% in April, tying a 54-year low.

The Labor Department issues job figures for May on Friday. Forecasters surveyed by the data firm FactSet expect that the economy generated 188,000 new jobs last month (down from 253,000 in April) and that the unemployment rate blipped up to 3.5 percent.

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

Apple’s WWDC23 Swift Student Challenge winner’s code

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

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Every year, as part of its Worldwide Developers Conference (WWDC), Apple issues a challenge to students across the globe which requires them to create an original app playground using the Swift coding language. This year, Apple increased the number of winners from the 350 awarded in previous years to 375 so even more students could be included in the event and get recognised for their skills.

When WWDC23 kicks off June 5, the challenge winners will be among those attending virtually and in person to see the keynote, events, labs, and activities available this year to the global Apple developer community. There are many winners from India this year who have won the Swift Student Challenge.

One of them is 20-year-old Asmi Jain, a student based in Indore. She started coding at the age of 18 and likes to create apps in the health and wellness space. She took inspiration from her brother who is a Swift coder. Her Swift Student Challenge submission was the ‘EyeTrack App’ which is designed to help people with eye disorders like strabismus or lazy eyes, which cause misaligned eye movements.

The app also benefits individuals with good eyesight who want to maintain their ocular health. The app provides an overview of strabismus and its types, followed by specially designed eye exercises. She came up with the idea for the project after reading a research paper on AR/VR and machine learning.

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“I was intrigued by the potential of these technologies to improve people’s lives, and I wanted to see if I could use them to create something that would help people with eye disorders. I also know a few people who have eye disorders, I wanted to create something that would help these people improve their vision and live more comfortable lives, adds Jain.

She is looking forward to WWDC and the experiences that it has in store for the developer community.

Similar to Jain, Karthikraja is also a 20-year-old student, based in Chennai. He started coding on Python in college when a previous Swift Challenge winner introduced him to iOS app development. He started with SwiftUI tutorials and learnt the basics of coding to get started on his project. His project focuses on Planets in the Solar System.

The app involves three key aspects — learning about planets, visualising planets (through ARKit) and testing users on their learnings. He extensively used ARKit to develop 3D models on the app. His aim was to create an interactive app that not only gives out information but also takes feedback. He is really fond of developing kids learning apps. He is also working on developing apps focusing on bedtime stories and mathematics learning apps. For the upcoming WWDC, he is looking forward to the announcements in the AR-VR space.

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“I can’t contain my excitement for the potential release of Apple’s new AR/VR headset. My interest in Augmented Reality has been steadily growing, and I hope to soon be developing apps that will seamlessly integrate with the AR/VR headset,” he adds.

The possibility of Apple releasing a mixed-reality headset has another Swift challenge winner excited. Dishant Nagpal, 20, is an engineering student based in Delhi who started coding when he was 15 years old.

His app ColorFun is an innovative playground app project that educates young developers about the significance of colours and their usage in the digital world. It also aims to make people aware of how people with chromesthesia — synesthesia in which sound evokes an experience of colour — perceive sound and how their minds would react while listening to a xylophone.

He got the idea of creating the app by attending a class in his first year of engineering where he was taught the importance of colours to make good-looking software.

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Driven by curiosity, he embarked on a research journey to understand the RGB colour model, which is crucial for software development. “With this fusion of ideas, I thought it would be the perfect project for the Swift Student Challenge to experience within the three-minute rule while being an actual impactful idea. Through interactive modules and visuals, users would gain knowledge about the RGB colour model and how to use hex codes effectively.”

And then there is Jaskaran Singh, who is 23 years old, based in Patiala. His app Varia lets users measure Heart Rate Variability (HRV) using iPad’s camera. It then guides users through two activities to increase HRV over time. The first is Intentional Breathing — designed to analyse sound and extract one’s breathing rate and lung capacity which it uses to guide you through breathing routines. The second is exercise, wherein the app uses motion sensors inside the iPad to detect user activity with which it nudges you to perform a timed jumping exercise, making sure you don’t get lazy.

“HRV is an indicator of both your mental and physical health. Which means, it is the perfect window into your state of well-being. Usually, it takes specialised devices like health trackers to measure HRV, but when I studied it extensively, I came up with a way to measure it using the iPad’s camera. This way it instantly becomes accessible to a greater number of people,” he says.

At WWDC, Singh is hoping to see huge improvements in Augmented Reality and Machine Learning and is eagerly awaiting iOS 17.

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

Mumbai nets Rs 811 crore in May 2023 property registrations, up 12 percent from last year

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

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Mumbai accounted for Rs 811 crore by way of property registrations in May, even as the month saw 9,542 units registered. While this number was 3 percent lower year-on-year, the total revenue collection of Rs 811 crore was 12 percent higher when compared to the May 2022 tally of Rs 727 crore.

Experts point out that the spike is largely on account of increased stamp duty and a spike in high-value property transactions.

“Mumbai has maintained its growth momentum with more than 300 properties being registered daily, indicating that demand, especially in the residential sector, continues despite the rise in stamp duty, interest rates and other impediments,” said Shishir Baijal, Chairman and MD, Knight Frank India.

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Shishir’s observation is reflective of the fact that of the 9,542 units registered, 84 percent were residential units or homes. The total registration tally has resulted in in average daily property registration of 308 units — the second-best for May in the last decade.

“If we analyse this demand, buyers are willing to pay a significantly higher price towards homes in the last year despite these changes (rising stamp duty and interest rates), which can be seen as a turning point for residential markets in Mumbai,” Shishir added.

Some point out that the RBI’s decision to pause its repo-rate hike may have stimulated the demand for real estate. Developers say that they’re seeing continued buyer interest, which will continue in the medium term.

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“The Mumbai market is witnessing an increase in inquiries and we expect the momentum in real estate demand to increase,” said Dhaval Ajmera, Director at Ajmera Realty.

According to property registration data, apartments measuring 500 square feet to 1,000 square feet enjoyed maximum buyer interest, accounting for 41 percent of all apartments registered this month.

Apartments below 500 square feet saw only 35 percent of the total units that were registered in May. Incidentally, residential units above 1,000 square feet saw their share increase from 18 percent in May last year, to 24 percent this month.

In terms of price, nearly half (48 percent) of the apartments registered in Mumbai this month were those priced upto Rs 1 crore. This share swelled to 85 percent for homes priced upto Rs 2.5 crore. The Western suburbs accounted for 58 percent of all homes registered in May, while Central suburbs accounted for 26 percent share of the registration tally.

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

Laurus Labs acquires additional stake in ImmunoACT for Rs 80 crore

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

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Drug firm Laurus Labs Ltd on Wednesday, May 31, said the company is acquiring an additional 7.24 percent stake in Immunoadoptive Cell Therapy (ImmunoACT) Private Ltd for Rs 80 crore.

Post the completion of the deal, Laurus Labs’ stake in ImmunoACT will increase to 33.86 percent (on a fully diluted basis), the company said in an exchange filing.

This fresh infusion of capital will enable ImmunoACT to fast-track the additional supply of the lead candidate HCAR-19 along with the further expansion of the multi-location GMP facilities for manufacturing Chimeric Antigen Receptor T cells (CAR T-cells) treatment to support the growing need for scalable manufacturing.

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Additionally, some promoters and senior management of Laurus Labs would also acquire a 0.54 percent stake (before this investment) in ImmunoACT for approximately Rs 4 crore at the same price and terms through secondary purchases.

Laurus Labs’ earlier investment in the company in November 2021 has supported ImmunoACT in successfully creating a GMP manufacturing facility along with a state-of-the-art R&D facility at Navi Mumbai and it is currently conducting phase II studies at various hospitals, including Tata Memorial Hospital.

Phase I data was presented at the American Society of Hematology (ASH) in November 2022 that showed a favourable balance of efficacy and toxicity with low-grade cytokine release syndrome.

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Laurus Labs Founder and CEO Dr Satyanarayana Chava said this investment further strengthens his company’s commitment to access novel cell and gene therapy technology and enhances its affordability for patients. This investment will further help ImmunoACT to gear up for manufacturing of more lines of treatment.

Founder and Chairman of ImmunoACT Dr Rahul Purwar said the current investment will help them to gear up to service more patients across India. “We are expecting further collaboration to bring CAR T-cells technologies to needy Indian patients at affordable prices,” he added.

Founded in 2018 under the aegis of the IIT Bombay incubator, the Society for Innovation and Entrepreneurship (SINE) by Dr Rahul Purwar, Immunoadoptive Cell Therapy is an advanced cell and gene therapy company.

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ImmunoACT has strong global partnerships, including Dr Carl June, pioneer of CAR T-cells therapy as a member of the scientific advisory board. It has a portfolio of CAR T-cells therapy assets under various development stages for the treatment of multiple auto immune diseases and oncology indications. The current promoters will continue to lead the management and operations of the company.

Shares of Laurus Labs Ltd ended at Rs 330.55, down by Rs 1.20, or 0.36 percent on the BSE.

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

A guide to secure your accounts on crypto exchanges 

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

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While it is generally advised to avoid keeping your funds on crypto exchanges, active traders often find it necessary to utilise these platforms. However, because of the high quantity of consumer assets they retain, cryptocurrency exchanges are popular targets for attackers and scammers. There have been countless cases where people have unwittingly lost millions of dollars on exchanges as a result of crimes or scams. New users may fall prey to phishing websites, while experienced traders may lose money by trading too quickly without double-checking the website URL or destination address. Let’s look at some tips for avoiding these traps and ensuring the security of your accounts when using cryptocurrency exchanges.

Use Strong Passwords  

Using a strong password is a fundamental yet effective measure to protect your crypto exchange funds from password-related hacks. If you choose weak passwords without incorporating numbers or symbols, your account could become highly susceptible to theft.

This is because hackers often employ specialised software capable of testing a wide range of possible combinations to guess your account password. Some attacks, like Brute Force attacks, rely on trial-and-error methods to guess your login credentials, encryption keys, and passwords. To counter such efforts, it is crucial to utilise long and complex passwords.

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While remembering long alphanumeric passwords can be difficult, you should avoid storing them online and instead keep physical notes. Additionally, avoid using the same password for multiple accounts. If a hacker or scammer gains access to one of your accounts, such as your exchange profile or social media account, there is a higher chance that they will attempt to log in to your other accounts. To add an extra layer of security, it is advisable to periodically change your password to mitigate the risk of such attacks.

Avoid SMS authentication  

Try to avoid using SMS verification for your exchange logins. With the advancement of technology, hackers have found ways to gain access to incoming SMS messages, control mobile numbers, or manipulate phone screens. Although SMS verification is commonly used in 2-Factor Authentication, where a platform sends a One-Time Password (OTP) to your mobile number after entering the password, it is not completely foolproof.

A more secure alternative is to use open-source authenticator apps for 2-Factor Authentication. These apps generate a new code every 30 seconds or so, rendering any intercepted codes useless as they would have already expired by the time hackers attempt to use them. By employing such apps, you can enhance the security of your accounts and protect them from such attacks.

Use devices free of malware and viruses 

Some types of malware can track keystrokes and gain access to your clipboard history, potentially compromising sensitive information. Therefore, when using physical devices like USB flash drives or external hard disks, it is essential to use antivirus software once or twice a week to remove any potential threats.

Additionally, to ensure your device remains clean and secure, keep updating your operating system regularly. Software updates often include crucial security patches that address vulnerabilities and protect your system from emerging threats.

Always check the URL of the exchange  

Internet users tend to click on the first search results that appear on search engines like Google. However, you must be cautious of doing the same as there are instances where users mistakenly access phishing websites that closely resemble legitimate ones. To prevent falling victim to phishing attempts, have a skeptical mindset towards URLs and pop-up advertisements. It is safer to manually type in the website addresses or bookmark the sites of crypto exchanges you frequently use.

One common type of attack in this category is called the address poisoning attack. In such attacks, malicious actors send a small amount of cryptocurrency, or a random NFT, to an address that closely resembles your own address. Scammers then wait for you to initiate a hasty transaction and send money to their address instead. To avoid such scams, double-check the URL of websites and carefully review addresses when conducting transactions.

Make sure to secure your API key on the exchange account

API keys are software intermediaries that facilitate the sharing of data between two or more applications. For instance, CoinMarketCap allows other platforms to integrate its cryptocurrency data, including prices, market cap, and volume. Similarly, users or applications utilise API keys to access specific functions on exchange accounts, such as order history or the authority to withdraw funds.

However, you must exercise caution when it comes to using API keys, especially those with withdrawal capabilities. If a hacker manages to steal such a key, they could potentially drain your funds. Therefore, it is advisable to use API keys solely for checking or tracking funds. To be on the safer side, navigate to the API Key Permissions and deselect trade functions in your crypto exchange profile.

Conclusion 

While implementing the aforementioned measures can enhance the security of your account, it is crucial to take additional precautions. Avoid using public Wi-Fi networks, refrain from sharing sensitive information online, and exercise caution when encountering suspicious links or pop-ups. Additionally, bear in mind that the customer care representatives of any legitimate platform will never request your password or private key. They may only ask for your email address or support ticket ID. Be vigilant and avoid falling victim to scams orchestrated by individuals posing as personnel from crypto exchanges.

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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

Aureus Investment sells 3.25% stake in Sona Comstar

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

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Aureus Investment Private Limited (Aureus), one of the promoters of Sona BLW Precision Forgings Ltd (Sona Comstar/Company), has sold a portion of its shares amounting to 3.246 percent of the company’s shareholding through the stock exchange mechanism on Wednesday, May 31.

Aureus clarified that the decision to divest shares does not reflect any concerns about Sona Comstar’s performance or future growth potential. The promoters remain committed to the company and its long-term growth plans, it said in a statement.

“On behalf of Aureus, I would like to clarify that the promoters are committed to the company and its growth plans and do not see any reason for further divestment of its shareholding, at least for the next two years,” said Aureus Investment Director Sunjay Kapur.

“The promoters have an unwavering belief in the company’s potential, are fully aligned with shareholders/investors’ interests,” he added.

Aureus Investment Private Ltd held a 33 percent stake in Sona BLW Precision Forgings (Sona Comstar), as on March 31, 2023.

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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