When the opinion of just one officer (lacking judicial experience) turns a big scandal into ‘nothing’ in the face of screamingly admitted legal facts and blatant ignorance of guidelines of the Supreme Court (SC) regarding the application of laws, only a review of such a verdict can restore confidence in institutions. Logic and law says that if any able cop turns a blind eye and also enables robbery in full public view by relaxing security arrangements, he is in connivance with the robbers. But in the eyes of SEBI, if NSE officials like the cop, feign ignorance when brokers ran roughshod in the exchange’s Colocation trading facility, they were not in connivance even though the exchange is legally considered the First Level Regulator responsible to secure the trading systems.
A broker, OPG Securities, is subject to disgorgement of illicit wealth worth Rs 85 crores generated through unfair trading at NSE. But despite the knowledge of the robbery and having provided a cover to the broker, not a single NSE official is deemed to have colluded with the broker, the SEBI concludes. The Supreme Court of India’s (SC) test of ‘Preponderance of Probabilities,’ which is otherwise extensively used by SEBI in most matters to nail conspirators, was not applied fairly in the colocation case. A pity.
The Plot
Did SEBI cover-up for NSE? Justice Tarun Agarwala, the former presiding officer of Securities Appellate Tribunal (SAT), said so in his most scathing observations:
“Before we conclude, we must observe that when serious allegations were made against a First Level Regulator, namely, NSE, SEBI should have been proactive and conducted the investigation seriously. We find that SEBI had adopted a slow approach and, in fact, was ‘placing a protective cover’ lover NSE’s alleged misdeeds.”
When did SEBI wake-up to the scam?
Denne historien er fra October 19, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 19, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Committed to helping India achieve carbon neutrality'
R. Purushothaman on how Danfoss India, part of Danish MNC, is supporting the nation's carbon neutrality goals with innovative products
INTELLECTUAL DEPTH & ACTIONABLE INSIGHTS
Anil K. Khandelwal is a transformational leader, who invites readers to rethink leadership as a journey rather than a destination. In The Gym of Leadership, he emphasises that helmsmanship is not a badge of authority but a commitment to creating a positive impact, says Srinath Sridharan
AN INDUSTR BENCHMAR
The MacBook Pro M4 doesn't just set the bar for laptops-it becomes the bar. With unmatched performance, breath-taking design and incredible endurance, Apple's latest offering redefines what a laptop can achieve, says Sahil Mohan Gupta
The drip of good health
IV therapy seems to be a popular procedure with people in pursuit of good health and glowing skin. We spoke to medical experts about aspects to keep in mind before walking into a wellness centre to get that drip.
"MACARONS FOR THE MASSES"
CHANDNI NATH ISRANI, the driving force behind Ladurée's India expansion, redefines luxury in the F&B sector. With four flourishing Ladurée outlets established since 2021, Israni is making iconic French pastries and delicacies accessible to the Indian market. BW Businessworld sits down with the visionary entrepreneur to discuss her journey in building the luxury brand and her strategy for democratising gourmet experiences
NAVIGATING THE PATH TO PROFITABILITY: A STARTUP'S BALANCING ACT
WHEN EVALUATING startup profitability, it’s crucial to break it down into two main components: unit economics and fixed costs. Unit economics refers to the profitability of delivering each singular order, which involves analysing transaction margins against costs incurred, such as delivery and payment gateway fees. This assessment helps gauge whether a business model is sustainable at a micro level.
THE HOLY GRAIL OF PROFITABILITY
Profitability for startups is elusive, often overshadowed by growth and investor expectations. Achieving profitability requires a delicate balance between revenue generation and cost management, with factors like market dynamics and competition playing significant roles
"WE ARE FOCUSED ON BUILDING A RESILIENT AND SELF-SUSTAINING SEMICONDUCTOR ECOSYSTEM"
S.KRISHNAN, Secretary of the Ministry of Electronics and Information Technology, outlines India's ambitious plan to build a resilient and globally competitive semiconductor industry through the India Semiconductor Mission
Shaping the Future of Cyber Risk Management
With its mission to advance cyber risk quantification through the FAIR (Factor Analysis of Information Risk) model, the institute empowers businesses to align cybersecurity with broader objectives using structured, data-driven insights. Managing Director TODD TUCKER discusses how the institute’s methodologies and community-driven approach are reshaping industry standards worldwide, including growing interest in India and Asia Pacific
THE PILLAR OF A RESILIENT DIGITAL FUTURE
The rapid evolution of digital technologies has transformed the world, driving unprecedented connectivity and innovation. Yet, as the digital realm expands, so do vulnerabilities, with cyber threats emerging as critical challenges for businesses, governments and individuals
