Business
SEBI should probe deeper in front running by Lamby as nexus emerges

Front running by people with knowledge is a common thing and there have been many such cases in the stock market concerning the same. When this is done by someone as influential as a fund manager and he is asked to disgorge illegal gains, it hurts even more.
This is because while the disgorgement is of gains made by the individual, the disgorged funds are deposited in the coffers of the regulator, not the unit holders of the scheme where the fund manager was managing business. It is these people who have been wronged and money made of them.
Two fund managers of Axis Mutual Fund were sacked/terminated by the management of Axis after investigating them for roughly three months. Market grapevine says that one of the two fund managers came into public limelight because he drove a fancy top-end car from Lamborghini. This car is apparently not in the fund manager’s name for obvious reasons. It is in the name of an NBFC which is into leasing or lending against cars. Whether they have other such cars in their portfolio remains unknown. This NBFC is floated by a leading stock broking firm.
The question that comes to mind is, what was the relationship of the fund manager with this broking outfit? Was it just a normal borrower-lender relationship or went beyond that? If so, was a trading account in the names of the beneficiaries of the fund manager maintained here? If so, was this company/entity a partner in crime or only a facilitator?
There are so many questions which remain unanswered at this point of time. It becomes the duty of Axis Bank and its key functionaries to clear all these doubts before the matter picks up steam and leads to a cascading nature. The buck cannot stop with just two fund managers being involved, there have to be more heads which need to roll.
For the uninitiated, the word insider trading means “the illegal practice of trading on the stock exchange to one’s own advantage through having access to confidential information”. Front running means “the practice by market-makers of dealing on advance information provided by their brokers and investment analysts, before their clients have been given the information”. While the words are intertwined, they have a lot of similarities and differences. The fund managers indulged in front running by leaking information on their trades to associates for personal benefit.
It was time SEBI took strict action and started reimbursing the money collected through disgorgement to the benefit of unit holders of respective schemes as they are the people who have been cheated.
Business
Uttarkashi Tunnel Collapse: Adani Group Issues Clarification Amid ‘Nefarious Attempts’ To Link It To The Incident

The Adani Group issued a clarification on Monday in response to recent claims linking the company to the tragic incident of a tunnel collapse in Uttarakhand. These allegations suggest that the group should be ‘held responsible’ for the Uttarkashi tunnel collapse.
“It has come to our notice that some elements are making nefarious attempts to link us to the unfortunate collapse of a tunnel in Uttarakhand. We strongly condemn these attempts and those behind them,” the company stated in the media release.
“We clarify with utmost emphasis that the Adani Group or any of its subsidiaries has no direct or indirect involvement of any kind in the tunnel’s construction. We also clarify that we do not own or hold any shares in the company involved in the tunnel’s construction. At this time, our thoughts and prayers are with the trapped workers and their families,” it added.
The construction of the Uttarkashi tunnel, a part of the Char Dham project, is being carried out by Navayuga Engineering Company Limited based in Hyderabad. This company, under the Navayuga Group, led by CV Rao, has no apparent link with the Adani Group.
Uttarkashi Tunnel Collapse
In an unfortunate incident, an under-construction tunnel located in Uttarkashi, Uttarakhand, collapsed during the early hours of Sunday, November 12, leaving around 41 laborers trapped inside. This incident unfolded along the Yamunotri National Highway, posing a significant risk to the lives of those who were trapped within. The occurrence transpired late at night, prompting ongoing rescue operations aimed at safely extracting the workers from the tunnel.
Business
Finance Minister Nirmala Sitharaman Inaugurates SBI Branch In Trincomalee, Sri Lanka

Union Finance Minister, Nirmala Sitharaman, marked her official visit to Sri Lanka by inaugurating the State Bank of India (SBI) branch in Trincomalee.
Ministry of Finance posted on X, “Union Finance Minister Smt. @nsitharaman inaugurated the State Bank of India @TheOfficialSBI Branch in Trincomalee, today, during her official visit to Sri Lanka. H.E. Mr. @S_Thondaman, Governor of Eastern Province, Sri Lanka; Shri Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman @TheOfficialSBI Shri Dinesh Khara were also present at the inauguration”.
The event was attended by several dignitaries, including H.E. S Thondaman, the Governor of the Eastern Province in Sri Lanka, Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman of SBI, Dinesh Khara.
During the inaugural ceremony, Sitharaman acknowledged the remarkable legacy of the State Bank of India, which has been serving Sri Lanka for 159 years.
She commended SBI’s dedication to expanding its operations both domestically and internationally.
The presence of SBI in Sri Lanka has played a crucial role, particularly during the recent Sri Lankan economic crisis.
It facilitated the smooth extension of a Line of Credit worth USD 1 billion from the Government of India to Sri Lanka, further strengthening the bilateral relationship.
Furthermore, SBI Sri Lanka continues to play a vital role in supporting corporates engaged in international trade.
The bank has been actively promoting remittances through a robust digital platform, including the SBI Sri Lanka YONO app and online banking services, in addition to traditional in-branch operations.
Following the inauguration, Sitharaman had the opportunity to interact with the new branch officials and distribute passbooks to new customers. She also left her mark in Trincomalee, Sri Lanka, by filling the visitor’s book.
There are currently five branches of SBI Sri Lanka in operation- the Fort and Foreign Currency Banking Unit (FCBU) branches in the main Fort building, the Colpetty branch, the Wellawatta branch, and the Kandy branch. Every Branch is connected to every other Branch via a network.
Trincomalee, a region in Sri Lanka, hosts several Indian businesses, including oil marketing companies and petrochemical infrastructures, underlining the robust economic ties between the two nations.
This initiative further strengthens the financial and economic cooperation between India and Sri Lanka.
Business
Wagh Bakri Director Parag Desai, Injured In Attack By Stray Dogs, Dies Due To Brain Haemorrhage At 49

Parag Desai, executive director at Gujarat Tea Processors and Packers, which is known for its brand Wagh Bakri passed away on October 22, a week after he was injured in an accident.
Desai was admitted to Shelby Hospital on October 15 after he slipped outside his residence trying to fight street dogs that attacked him. He suffered severe head injuries during the fall that led to brain haemorrhage.
A security guard informed the family member of the incident after which he was rushed to the hospital. After a day of observation at Shelby Hospital, Desai was moved to Zydus Hospital for a surgical procedure.
However, he passed away on Sunday due to brain haemorrhage.
Gujarat Congress Chief and Rajya Sabha Member Shaktisinh Gohil offered his condolences through a social media post. He said, “Very sad news coming in. Parag Desai, Director and owner Wagh Bakri Tea passed away. He had a brain haemorrhage following a fall. May his soul rest in peace. My condolences to the entire Wagh Bakri family across India.”
He was the son of Rasesh Desai, the Managing Director of the Wagh Bakri Tea Group. Desai is survived by his wife and daughter Vidisha and Parisha.
Deasi who led the Group’s transformation into Tea lounges and e-commerce has completed his MBA from Long Island University in the US. He was an expert tea taster and evaluator and through his career has spearheaded the sales, marketing and export department for the group.
-
Crime1 year ago
Class 10 student jumps to death in Jaipur
-
Bollywood3 months ago
Jawan Leaked Online! Shah Rukh Khan’s Film Falls Prey To Piracy Within Hours Of Release
-
Crime2 years ago
‘You must stop this’, SC expresses concern on hate speeches made at Dharam Sansads
-
Entertainment11 months ago
Rakhi Sawant changes name to Fatima after her wedding with Adil Khan Durrani – Check viral Nikah pics
-
Bollywood2 years ago
Anushka Sharma starts shooting for her ‘Chakda Xpress’
-
Maharashtra2 years ago
Corona third wave knocked in Maharashtra!
-
Maharashtra7 months ago
Maharashtra: Political heavyweight Sharad Pawar steps down as NCP chief
-
International3 months ago
Asia Cup 2023: Body Blow For Sri Lanka As Lead Spinner Likely To Miss Final Against India