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India: When will SEBI have its Rajaratnam moment?
Sebi is still seeking a high-profile conviction to send out a strong message to India’s marketa participants here.s
Indian Stock Markets See Steady Rise In Shady Deals, Price Rigging
India’s high-growth economy bringing challenges for securities regulators.
India: SEBI Charges Insider Trading at HDFC Mutual Fund
Indian regulator SEBI bans four for insider trading and front-running.
Report: Corporate Governance Problems Still Common in Indian Companies
New report on corporate governance in India finds lingering problems.
Report: SEC Investigating Alleged $1 Billion Fraud at Satyam
The SEC is reportedly investigating whether India’s Satyam Computer Services Ltd. misled investors in an alleged $1 billion accounting fraud. Bloomberg reports that SEC officials have discussed the case with regulatory counterparts in India and plan to coordinate their inquiries concerning Satyam. The SEC has jurisdiction over Satyam because Satyam’s American Depositary Receipts (ADRs) trade [...]
PwC Under Fire in India for Audit Work on Satyam
Vadlamani Srinivas, Satyam’s former CFO, has now reportedly stated that he had been left out of conversations between the company and its auditor, PwC regarding nearly $1 billion in fixed deposits on Satyam’s books, which turned out not to exist. The statement was leaked to the press and reported yesterday by the Times Online. Srinivas [...]
India: Insider Trading Finding, Fines Upheld by Supreme Court
In India last week, the Supreme Court upheld a sectoral tribunal’s ruling that found the CFO of Wockhardt, Rajiv B. Gandhi, and others guilty of insider trading. The court rejected Gandhi’s plea challenging the judgment of the Securities Appellate Tribunal, which had in turn refused to set aside a penalty imposed by the Securities and [...]
India: “Companies Bill” Would Permit Securities Class Actions, Criminalize Insider Trading
The “Companies Bill, 2008,” a potentially significant piece of legislation for Indian companies has reportedly cleared the Union Cabinet and is now headed to the Parliament for consideration. According to various reports, there are great expectations in India for the new bill, which one commentator said may be the most significant piece of corporate legislation [...]