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Concerns regarding corporate governance in the small-and-medium enterprises (SME) segment of the capital market have been highlighted by SEBI's Ashwani Bhatia. Speaking at the Corporate Governance Summit, he emphasized the importance of regulation amidst the segment's growth, which has seen market capitalisation reach Rs 2 lakh crore. Bhatia cautioned against prioritizing market capitalisation at the expense of ethical practices, stating, "The quest for market capitalisation should not end up as a race to the bottom."
At the Corporate Governance Summit on November 12, SEBI's Whole-time Member Ashwani Bhatia described the relationship between regulators and businesses as one of "frenemies," marked by both cooperation and conflict. He emphasized that while regulators aim to support businesses, they will adapt regulatory frameworks to ensure investor protection as market dynamics evolve.
Finma is set to implement a circular on the conduct obligations of financial service providers starting January 1, aiming to enhance clarity for clients regarding investment decisions. While consumer protection groups support the guidelines, the Swiss Bankers Association and other industry bodies oppose them, arguing they are unnecessary and conflict with existing laws.
Indian banks' credit risk related to their exposure to the Adani Group appears manageable, according to JPMorgan. Following the indictment of Gautam Adani and others for alleged bribery, shares of state-owned banks fell 2.7% amid concerns over their financial ties to the conglomerate. Adani Group has dismissed the allegations as baseless and plans to pursue legal action.
Three senior bankers from Bank of America in India have departed amid an internal investigation into allegations of misconduct related to stock offerings. The individuals include Debasish Purohit, Subhrajit Roy, and Vikram Khaitan, with the bank currently seeking potential replacements. The investigation focuses on transactions involving Aditya Birla Capital and Sun Life India AMC Investments' recent share sale.
Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for allegedly participating in a $265 million bribery scheme involving Indian officials. This development has sent shockwaves through his vast business empire, valued at $142 billion, which spans various sectors from ports to soybeans.
Global banks are contemplating a pause on new credit to the Adani Group following the U.S. indictment of its founder, Gautam Adani, for alleged fraud involving $265 million in bribes to Indian officials for contracts related to a major solar power project. While existing loans may remain unaffected, discussions among senior executives at Adani's lenders are ongoing to assess the potential impact on the conglomerate's financial stability. Adani Group has firmly denied the allegations, labeling them as baseless.
GQG Partners initiated a share buyback on November 22, following a 19% drop in its stock due to bribery charges against Adani Group chairman Gautam Adani. The firm plans to purchase up to AUD$100 million in CHESS Depository Instruments, citing significant market volatility and an undervalued stock price. GQG maintains a strong balance sheet, allowing for this capital management initiative, with the number of shares to be bought dependent on market conditions.
The Solicitor General of India has confirmed that the National Financial Reporting Authority (NFRA) holds the exclusive authority to issue Standards on Quality Management for auditing, as the Institute of Chartered Accountants of India (ICAI) lacks such powers under the ICAI Act of 1949. This opinion has received backing from key regulators, including the CAG, RBI, and SEBI, emphasizing NFRA's role as the statutory regulator in auditing and accounting.
Gautam Adani and several associates have been charged in a $250-million bribery case linked to energy projects in India, causing a significant sell-off in Adani stocks and erasing Rs 2.3 lakh crore in market capitalization. Despite the Adani Group's dismissal of the allegations as "baseless," investor anxiety has surged, reminiscent of past turbulence following the Hindenburg incident. While some experts express concern, international brokerage Bernstein suggests the market's reaction may be a temporary overreaction.
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regulatory concerns rise in small and medium enterprises capital market segment
Bombay Stock Exchange
National Stock Exchange OF India Ltd. Employees Provident Fund Trust
IND
Ashwani Bhatia
11:08 22.11.2024
regulators and businesses as frenemies in evolving market dynamics
10:44 22.11.2024
finma introduces new conduct guidelines amid banker opposition and consumer support
10:33 22.11.2024
Indian banks' credit risk from Adani exposure deemed manageable by JPMorgan
10:05 22.11.2024
three bankers leave bank of america amid stock offerings investigation
Bank of America Corporation
Aditya Birla Capital Limited
Aditya Birla Sun Life Asset Management
IND
Debasish Purohit
Subhrajit Roy
Vikram Khaitan
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09:24 22.11.2024
gautam adani indicted in bribery scheme impacting billion dollar business empire
09:08 22.11.2024
global banks consider halting credit to adani group after fraud indictment
09:08 22.11.2024
GQG Partners initiates share buyback after stock drop linked to Adani charges
08:47 22.11.2024
Solicitor General affirms NFRA's authority to set audit quality standards
06:55 22.11.2024
adani bribery allegations trigger market sell-off and investor concerns
05:20 22.11.2024
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