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Sucheta Dalal Sucheta Dalal 24 June 2022
When journalist Tamal Bandopadhyaya tweeted a notice about a loan given by three top banks—IDBI Bank, HDFC Bank and Bank of Baroda (BoB)—to Great Indian Nautanki Company with the loan being guaranteed by Great Indian Tamasha Company, I thought it was a joke.     It was; but...

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Moneylife Digital Team 24 June 2022
Audit regulator the National Financial Reporting Authority (NFRA) has found several deficiencies in the statutory audit conducted by SRBC & Co LLP, a member of EY (Ernst & Young), of Infrastructure Leasing & Financial Services (IL&FS) for FY17-18. According to the audit quality review report...

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Moneylife Digital Team 24 June 2022
Ajay Shah, a former consultant with the ministry of finance (MoF) between 2004 and 2009 and a key accused in the National Stock Exchange (NSE) colocation (colo) scam, is under investigation for holding sensitive documents falling under the Official Secrets Act (OSA), says a report from...

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UPDATED on 25 June 2022 at 11.35am to include a comment from ZestMoney   We Indians have rushed to embrace rapid advances in technology without the early warm-up phase that allowed many in the developed world to recognise their virtues as well as risks. This is proving to be dangerous...

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Amitabha Banerjee Amitabha Banerjee 24 June 2022
A few months after taking charge of credit for Pakistan, I was told to tour Pakistan in order to get a first-hand feel of the country.   This was in the mid-1990s when relations between India and Pakistan were not quite cordial but not openly hostile either. Being an Indian, I was...

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Moneylife Digital Team 24 June 2022
INDIAN MARKET TRENDS From 17th June to 23 June 2022, the Sensex, the NIFTY and ML Mega-cap Index rose 2% each. ML Large-cap Index and ML Mid-cap Index ended flat. ML Micro-cap Index as well as ML Small-cap Index fell 1%.     FUND FLOWS Foreigners: Foreign...

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Fakespot is an artificial intelligence (AI) tool that helps you detect fake reviews and scams. It is a Chrome extension which needs to be installed one-time. The extension is free to use. Whenever you visit shopping websites like Amazon, eBay, etc, you come across (star) ratings for each...

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Moneylife Digital Team 24 June 2022
The previous week, Nifty, Sensex registered their biggest weekly loss in two years. Last week, the indices rebounded a bit. Sector-wise, Nifty Auto and Nifty FMCG were the biggest gainers with 6.95% and 4.18% respectively and Nifty Metal was the only loser this week.   The major...

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The absence of full-time Chairman and Managing Director for the listed New India Assurance Company and full-time Directors for all the public sector non-life insurers, failure of IRDAI in curbing the unethical market practices of private players, are some of the issues affecting the...

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Moneylife Digital Team 24 June 2022
There is a mad rush for passive mutual fund (MF) schemes in the past few years. While the earliest passive schemes have been modelled on Nifty 50, many fund houses have launched schemes based on Nifty Next 50 Index which tracks the performance of 50 companies from the constituents of the...

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Vinita Deshmukh Vinita Deshmukh 24 June 2022
The state information commissioner (SIC) of Aurangabad has ordered the public authorities of the public works department (PWD), across Maharashtra, to promptly provide information about expenditure on maintenance of the government guest houses and circuit houses, many of which are badly...

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Ashneer Grover, who was sacked along with his wife Madhuri Jain Grover by fintech platform BharatPe over alleged financial irregularities, has slammed the Reserve Bank of India (RBI) over its latest directive to non-bank prepaid payment instruments to stop loading credit lines onto their...

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Moneylife Digital Team 24 June 2022
The Reserve Bank of India (RBI) has warned of risks from cross-border outsourcing of information technology (IT) services and recommended that regulated entities closely monitor such operations. The RBI’s observations come at a time when it is considering a mandate for domestic processing...

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Moneylife Digital Team 24 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has issued a demand notice to Future Enterprises asking the company to pay the penalty of Rs5 lakh imposed in March for alleged non-disclosure of arbitration proceedings initiated by Amazon before the Singapore International...

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India's daily COVID cases surge to 17,336 in past 24 hours 24-06-2022 10:40 India on Friday recorded 17,336 fresh Covid cases, a significant rise from previous day's 13,313 count, as per the Union Health Ministry's data. During the same period, 13 fatalities took the nationwide...

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Justin Elliott, Jeff Ernsthausen  and   Paul Kiel (ProPublica) 24 June 2022
This story was originally published by ProPublica.   In the high-stakes world of high-speed, short-term securities trading, investors can reap massive payouts but often face higher tax rates due to the nature of their business. But one of America's richest men somehow earns billions...

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We all make mistakes in investing. Mistakes are not just instances where we lost money, but also where we may have made some money, thanks to the kindness of market conditions. I can talk about mistakes I made or some I have seen. I am sure that there will be more mistakes to be made, so long...

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The high court made it clear that the state government cannot deny information pertaining to the vigilance department involving allegations of corruption and human rights violations, and disclosure that does not touch upon any of the sensitive and confidential activities undertaken by the...

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The enforcement directorate (ED) has attached movable and immovable assets worth Rs257 crore based in Gurugram, Goa, Chennai and other places in connection with the money laundering case against Unitech Limited.   With this, the total value of various domestic and overseas assets...

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Moneylife Digital Team 23 June 2022
The Securities and Exchange Board of India (SEBI) has imposed a combined fine of Rs1.62 crore on nine entities for manipulating shares of Sterling Green Woods Ltd.,(SHWL) during the period April-July 2009. The regulator levied a fine of Rs18 lakh each on  Radhe Krishna Broking, Harshad...

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