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Infosys employee banned from stock markets on insider trading charges

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In an interim order, the market regulator SEBI has barred two individuals from the securities market for violating insider-trading regulations.
In the order earlier this week, SEBI noted that Ramit Chaudhri, Solution Design Head at Infosys, and Keyur Maniar of Wipro earned Rs 2.6 crore from insider trading in the Infosys stock after the company announced a strategic partnership with Vanguard in July last year. Between July 10 and July 31 last year, Infosys share price surged nearly 20% higher.

SEBI in its order said that Ramit Chaudhri was directly/indirectly associated with the Infosys-Vanguard deal. Being an employee of Infosys he is termed as a connected person and was reasonably expected to have access to the UPSI (Unpublished price sensitive information). The market watchdog further noted that Ramit Chaudhri and Keyur Maniar were connected through frequent telephonic communication both had earlier worked together in Wipro BPS during the period from March 2012 to December 2014.

The market regulator highlighted that while Ramit Chaudhri was in talks with Vanguard on behalf of Infosys, Keyur Maniar was doing the same on behalf of Wipro. SEBI added that Ramit had used both his mobile numbers to communicate with Keyur.“ based on the preponderance of probability, it is prima facie found that Keyur has procured the UPSI from Ramit; and that Ramit has communicated the UPSI to Keyur,” SEBI said.

Reacting to the SEBI order, Wipro said that Keyur Maniar is no longer an employee of Wipro. “We are in receipt of the interim ex parte order issued by the Securities and Exchange Board of India in the matter of insider trading relating to shares of Infosys Ltd. Effective September 28, 2021, Keyur Maniar is not an employee of Wipro Ltd,” the IT company said in a statement.

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Navi Mumbai to Get New Team in T20 Mumbai League

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Aspect Sports secures six-year operating rights, opening a new platform for emerging cricketers.

The Team

Cricket fans in Navi Mumbai have another reason to look forward to the next season of the T20 Mumbai League, with the city set to get its own franchise.

Aspect Sports has secured the operating rights for the new Navi Mumbai team for Rs 106.88 crore for six years, according to the Mumbai Cricket Association (MCA). The franchise will pay Rs 12.21 crore for its first season. The addition will take the league to nine teams, expanding its reach across the Mumbai metropolitan region. For local cricket fans and young players, the new franchise could provide a closer connection to the professional T20 competition.

MCA president Ajinkya Naik said the team would create additional opportunities for emerging cricketers to showcase their talent at a higher level. Officials from the league also said the new franchise would help attract a wider audience and strengthen the competition. Aspect Sports, owned by Aspect Global Ventures, has said it wants to build a stronger presence in sports and create opportunities for athletes.

The T20 Mumbai League has featured several established Indian players, including Suryakumar Yadav, Shreyas Iyer, Ajinkya Rahane, Shivam Dube and Shardul Thakur. With Navi Mumbai now entering the league, attention will turn to the team’s name, squad and home venue. For the city’s cricket community, the franchise could bring top-level T20 action closer to home while giving young local talent an opportunity to dream bigger.

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Three Booked for Allegedly Cheating Navi Mumbai Businessman of ₹8.46 Crore

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Police register case after businessman claims he was duped in a business-related transaction.

The Cheating

Navi Mumbai police have registered a case against three people for allegedly cheating a local businessman of Rs 8.46 crore in a business-related transaction.

According to the complaint, the businessman handed over a large sum of money to the accused in connection with a proposed business arrangement. However, the deal allegedly did not proceed as promised, and the money was not returned.

After attempts to recover the amount reportedly failed, the businessman approached the police and lodged a complaint. Based on his allegations, police have registered a case against the three accused and begun an investigation. Investigators are now examining the financial transactions and other documents related to the case to understand how the money changed hands and determine the individual roles of those named in the complaint.

The police are also expected to verify the claims made by the complainant and gather supporting evidence as the investigation progresses. The case involves a substantial amount of money and has drawn attention to the risks involved in high-value business transactions. Police officials have not yet established guilt, and the allegations against the accused remain subject to investigation and the legal process.

Further details are expected to emerge as investigators examine financial records and question the people connected with the transaction.

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Maharashtra Launches Model Property Registration Offices in Navi Mumbai

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New centres in Mumbai, Navi Mumbai and Nagpur aim to make property registration quicker and more convenient.

The Launch

Property registration in Maharashtra is set to become more convenient with the launch of three new Model Sub-Registrar Offices (SROs) in Mumbai, Navi Mumbai and Nagpur.

The new centres have been opened at BKC in Mumbai, Mahape in Navi Mumbai and North Ambazari Road in Nagpur. The initiative is aimed at reducing waiting time and making the registration process smoother through greater use of digital services.

Citizens can complete Public Data Entry (PDE) online, make payments through the government portal and book appointments through the e-Step In system. The offices will handle common property-related documents, including sale deeds, lease deeds, gift deeds, powers of attorney and wills.

The new facilities are designed to offer a more comfortable experience for citizens. They include air-conditioned waiting areas, Wi-Fi, drinking water and trained staff to assist applicants during the registration process. However, the Model SROs will operate as an optional service alongside existing government registration offices. Citizens choosing the new service will have to pay an additional service fee of Rs 5,500, while regular SROs will continue to provide registration services without this fee.

The state government plans to expand the initiative by establishing 60 Model SROs across Maharashtra in phases. For property buyers, sellers and families handling property documents, the new centres are expected to provide a more organised and technology-driven registration experience.

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