GOSSIP AND TALES: Vengeance Shall Be Mine
Indecent charges levelled against a billionaire businessman by a former small-time Telgu actress is a hot topic of discussion in Mumbai's corporate circles these days. But it is not the first time that the little known model turned actress has leveled such charges against a big corporate. The grapevine says that sometime in 2021, the actress had reached the south-Mumbai residence of yet another billionaire, promoter of a paints manufacturing company, and created ruckus over some 'sweet promises' made by the son of the corporate. Later, cops had to be called from the nearby police station and the actress left only after high voltage drama.
Love in US
Grapevine in Mumbai's financial market says that the son of a powerful regulatory official is marrying a Chinese national in the US. The bride and the groom work in the same company owned by a Chinese national, who is big into artificial intelligence. Difficult for India to resist Chinese ties.
Regulator as a friend
Meanwhile, a former controversial boss of a commodity exchange was seen attending wedding of the daughter of former senior SEBI official. This was the same official, like a cricket Umpire, was supposed to keep a strict vigil on the controversial decisions taken by the exchange boss. Under their tenure the exchange suffered massive data breach. But like they say in cricket, outside the ground Umpires have a deep bonding and friendship with cricketers.
BSE's irritating glitch
Tech glitches in Indian stock markets are an irritating affair for traders. For a long time brokers were annoyed with recurring glitches at the NSE. But NSE systems seem to have fallen in line now and it is the BSE. Last Friday, the BSE was hit by a tech glitch and service was disrupted for several brokers. Many brokers witnessed a downtime of exactly 3 minutes from BSE due to the tech glitch. Brokers say it also affected the volumes in the derivatives segment.
Anybody for Public interest in exchanges?
NSE has been running without a chairman for a year and also there is vacancy for at least 2-3 public interest directors. Similarly, appointment of two public interest directors is pending at MCX too after Ved Prakash Chaturvedi resigned and Shanker Agarwal retired from the post of public interest director.
Relaxing regulatory criteria for reappointment of likeable candidates?
Top boss of a commodity exchange is not eligible for reappointment going strictly by the age criteria set by market regulator SEBI. But he has earned huge sympathy post the implementation of new technology, after a delay of more than two years. Hence, the exchange is relaxing certain criteria for his reappointment. But this is not the only case. A former controversial whole time member of SEBI is in fray to takeover as the chairman of SEBI's educational institute NISM and there are talks that age criteria will be relaxed in this appointment too and the revised age limit will be up to 70 years. Odia lobby going strong in SEBI with connections in high places in New Delhi's corridors of powers.
SEBI's guarantee of settlement
There are rumors that a top exchange official in the commodity segment against whom a show cause notice was issued by SEBI is trying to close the matter by entering into settlement agreement with the regulator, where you can get away by paying penalty without admission or denial of guilt. This will help the exchange official win re-appointment for his next tenure. But experts are of the view that this would be a rare case where SEBI settles violations involving an exchange official. After all, exchange's are first level regulators, how can SEBI settle their violations? Already, the exchange official won his first term despite a show cause notice against him in the previous role.
