Jindal’s interest in Liberty Steel assets and SEBI’s failure in NSE scam

Why read this story?

Editor's note: This is the second edition of Street Smart, The Morning Context’s weekly newsletter on everything that impacts corporate India. Every Thursday, Street Smart will bring you an original, reported or analytical take on issues that have the potential to shake up the business ecosystem. Prince here. Two recent developments have piqued our interest and we’d like to talk about them at some length in this newsletter. First, the interest evinced by Sajjan Jindal’s JSW Steel in Sanjeev Gupta-run Liberty Steel’s assets, including the recently acquired Adhunik Metaliks. Besides serving as a pointer to Jindal’s insatiable hunger, the speculation around Adhunik’s previous owners looking to retake ownership of a company that had gone bankrupt on their watch adds spice to the mix. Will the rules allow it? Two, after five years, the investigation by the Securities and Exchange Board of India into the National Stock Exchange of India’s colocation facility scam seems to have got a quiet burial. This, says Jayshree, raises questions about the regulator’s competence and intent, coming as it does after multiple failures on its part to check …