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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Called out for misrepresenting financials and resorting to practices that harmed investors, the Bombay Dyeing chairman may still find a loophole to exploit.
Editor's note: The Securities and Exchange Board of India has found that Nusli Wadia’s flagship firm, Bombay Dyeing and Manufacturing Co. Ltd, misreported revenue and profits pertaining to its real estate business for seven years. In an order dated 21 October, the market regulator slapped a fine of Rs 4 crore on Wadia and restrained him from accessing the capital market for two years. It also imposed fines on his two sons, Jehangir and Ness, along with several executives of his group companies and imposed restrictions on them too. The SEBI order is significant for two reasons. One, this may well be the harshest stricture passed against 78-year-old Wadia, a doughty entrepreneur who has, over the past 50 years, survived Reliance Industries founder Dhirubhai Ambani’s bid to push competitors out of business and fought many a corporate battle. Two, though it seems to have gone largely unnoticed, it would count as the first “high-profile” order by SEBI against a businessman after Madhabi Puri Buch assumed charge as chairperson in February. The order states that an investigation had found Bombay Dyeing indulging in …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
While the regulator’s interim order alleges massive irregularities, the long arc of unfinished probes, hearings and appeals makes closure distant.
