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BSE Ltd shares fell over 5% after Goldman Sachs cut its target price from ₹5,650 to ₹4,880, citing concerns over SEBI's proposed regulatory changes that could impact proprietary trading, which drives 70% of BSE's trading volumes. Additionally, legal scrutiny surrounding BSE officials adds to investor anxiety, following a court's directive to register an FIR related to past listing irregularities. Despite a strong performance over the past year, recent developments suggest potential challenges ahead for the exchange.
Goldman Sachs has lowered its target price for BSE shares to Rs 4,880 from Rs 5,650, maintaining a "neutral" rating, citing potential impacts from upcoming regulatory changes affecting proprietary traders, who contribute nearly 70% of BSE's average daily turnover. Shares of BSE Ltd fell by 5.1% to Rs 4,395.7 following the announcement. Additionally, BSE faces legal scrutiny related to alleged irregularities in a 1994 listing permission, although SEBI has dismissed the complaint as "frivolous." Despite these challenges, BSE shares have risen approximately 92.87% over the past year.
Gautam Adani, chairman of the Adani Group, was indicted in New York for a $250 million bribery scheme linked to solar energy contracts, causing a significant drop in his companies' shares. This follows a tumultuous year marked by allegations of fraud from Hindenburg Research, which initially led to a $6 billion loss in Adani's net worth. Despite these challenges, Adani's shares recovered somewhat by the end of 2023, and he regained his status as Asia's richest person in January 2024.
SEBI chief Madhabi Puri Buch has requested an exemption from appearing before the Public Accounts Committee (PAC) on October 24 due to personal reasons. The PAC, led by K C Venugopal, is set to review the performance of regulatory bodies, including SEBI, amidst ongoing political tensions following allegations from US firm Hindenburg.
Sebi chairperson Madhabi Puri Buch is scheduled to appear before the Public Accounts Committee (PAC) of Parliament today. This meeting comes in the wake of allegations from a Bharatiya Janata Party member, claiming that the committee's chairman, Congress MP KC Venugopal, is acting with political bias.
Madhabi Puri Buch, chairperson of SEBI, is set to appear before the Parliament's Public Accounts Committee on Thursday amid accusations of political bias from a senior BJP member. The meeting will focus on the performance review of regulatory bodies, with representatives from the finance ministry and SEBI providing oral evidence. Buch's appearance follows a political controversy sparked by allegations from US firm Hindenburg, which has intensified scrutiny from the ruling party.
Madhabi Puri Buch
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BSE shares decline as Goldman Sachs cuts target amid regulatory concerns
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