Flash floods in Himachal: Death toll jumps to six in Kangra as hunt on across the state to find the missing
Meanwhile, in Kullu, a search operation is underway by the NDRF to find the three missing persons, who were swept away by flash flood triggered by a cloudburst in Sainj valley.
In the last 24 hours, 53 roads were blocked, 135 electricity lines were snapped and 147 water supply lines were disrupted in the state.
A senior officer engaged in the ongoing rescue operation in Kangra said: 'One of the rescued workers, Lovely, who had taken shelter in the forest, informed that there were 13 people in the camp, of which five ran towards the hills, while the remaining were swept by the gushing waters'.
The State Emergency Operations Centre (SEOC) Himachal Pradesh informed that a total 33 people were dead and 66 were injured with a loss of properties, including private and public, worth Rs 29.16 crore was reported during the southwest and pre-monsoon rain between June 20 and June 27 in the state. The SEOC officials maintained that the dead and injured included victims of road accidents, drownings and other mishaps during the rain. Meanwhile, kin of the victims were given Rs 1.25 crore ex gratia relief so far.
In 2024, a total 70 people died and the state experienced a financial loss of approximately Rs 1,363 crore during the monsoon 2024 between June 27 and October 2 in the state. A total of 54 incidents of cloudburst and flash flood incidents were reported where 65 people got killed out of which 33 are still missing. Besides this, a total of 47 incidents of landslides also occurred wherein five people lost their lives.
During 2024, the monsoon was active during the period from June 27 to October 2 and the state received a total rainfall of 600.9 mm, which is about 18 per cent less than the normal. Approximately Rs 1,363-crore loss was included of state roads, national highways, bridges, government and private properties, loss of cattle, water supply pipelines, electricity lines etc
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
32 minutes ago
- India Today
Sebi bans Jane Street for stock market manipulation. Here's what went wrong
The Securities and Exchange Board of India (Sebi) has issued an interim order against four entities of the Jane Street Group, accusing them of manipulating the Indian stock market by distorting prices of index derivatives, particularly on expiry regulator said the trades executed by the group were 'prima facie fraudulent and manipulative' and violated the country's capital market order was passed against JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading THE MANIPULATION WORKEDSebi found that the Jane Street Group engaged in a repeated trading pattern on weekly expiry days in the BANKNIFTY these days, the group would aggressively buy stocks and stock futures in the morning, pushing up the index level artificially. At the same time, they would build large short positions in index options, buying puts and selling calls, taking advantage of the temporarily inflated index in the day, the group would aggressively sell the stocks and futures it had bought earlier, bringing down the index level. This would make their bearish options positions highly January 17, 2024, one of the days analysed in detail, this strategy led to a net gain of over Rs 734 crore for the group. 'Jane Street Group net purchases INR 4,370.03 crores of BANKNIFTY constituents in cash and futures markets Simultaneously [they] build large short BANKNIFTY positions, 7.3 times the size of the long cash/ futures positions,' the order RETAIL PARTICIPATION USED AS LEVERAGESebi observed that index options on expiry days attract a disproportionately large number of retail participants. For example, on January 17, 2024, over 16 lakh unique entities traded in BANKNIFTY index options, compared to just 4,675 in the cash market for top three constituent stocks. Jane Street's strategy, according to Sebi, was designed to exploit this asymmetry.'The vast majority of BANKNIFTY options participants that do not participate in the underlying cash or futures markets look to the index [which was] heavily influenced by the intervention of Jane Street Group,' Sebi PROFITS RAISE RED FLAGSDuring the examination period from January 2023 to March 2025, Jane Street entities earned a total profit of Rs 36,502 crore in Indian markets. Of this, Rs 43,289 crore came from index options trading alone, while the group reported losses in all other segments including index futures, stock futures, and cash segment. 'Profits from Index Options alone accounted for over INR 43,289.33 crore whereas losses in stock futures, index futures and cash cumulatively amounts to INR 7,687.21 crore,' Sebi unusual concentration of gains from a single segment led the regulator to investigate further. It eventually selected 18 trading days for detailed IGNOREDIn February 2025, the National Stock Exchange (NSE), acting on Sebi's instructions, issued a caution letter to Jane Street Singapore Pte Ltd and JSI Investments Pvt Ltd. The entities were advised to refrain from taking large cash-equivalent positions and from engaging in questionable trading the group continued the same behaviour. 'In disregard of the caution letter from the Exchange Jane Street Group was observed to continue to run very large 'cash-equivalent' positions in index options,' Sebi INTERIM ACTION WAS NEEDEDSebi said the trades carried out by Jane Street appeared to mislead a large number of market participants. The strategies used—such as "Intra-day Index Manipulation" and "Extended Marking the Close"—were considered to be in violation of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.'In the facts and circumstances of this case immediate action is warranted to prevent further violation of securities laws,' the regulator current order is interim in nature, pending a final decision. However, Sebi's move sends a strong message against entities that misuse market structure and retail flows for large profits.- Ends advertisement
India Gazette
38 minutes ago
- India Gazette
SEBI ordered to impound highest ever illegal gains of Rs 4843.57 crore from Jane Street Group for index manipulation
Mumbai (Maharashtra) [India], July 4 (ANI): The Securities and Exchange Board of India (SEBI) has passed an interim order in the matter of index manipulation by the Jane Street Group, and imposed to recover one of the highest ever illegal gain made by the group of Rs 4,843.57 crore. The order targets four key entities under the Jane Street Group umbrella: JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd. SEBI in its order noted that the Group used a profit maximising scheme to manipulate the market and booked substantial profits in index options, while incurring smaller losses in the cash and futures segments. The order stated 'The total amount of unlawful gains earned by the JS Group from the alleged violations as provided, i.e. Rs 4,843,57,70,168/- shall be impounded, jointly and severally'. SEBI's 105-page order said that the interim action follows a detailed investigation into manipulative trading practices by the Group, especially around the weekly expiry of index options on the NSE. The case stems from media reports in April 2024, pointing to legal disputes involving Jane Street's proprietary strategies in Indian markets. SEBI in its order stated that its findings indicate that the Group executed a highly coordinated and strategic manipulation of the BANKNIFTY index on expiry days. A notable example was January 17, 2024, when the Group allegedly bought over Rs 4,370 crore worth of Bank Nifty constituent stocks and futures in the first half of the trading session. Later in the day, Jane Street reversed its earlier stock purchases, aggressively sold off its positions and pushing down the BANKNIFTY index. This movement made the previously acquired put options significantly profitable, while call options collapsed in value. This action reportedly gave a false bullish signal to the market. Simultaneously, the Group built massive bearish positions of Rs 32,115 crores in index options and later sold stocks/futures worth Rs 5,372 crores by selling calls and buying puts. This led to a peak short position of Rs 46,620 crores in options and a profit of Rs 735 crores, against an intraday loss of Rs 61.6 crores (cash futures). SEBI observed that this 'Intra-day Index Manipulation' strategy was not isolated. It was repeated on multiple expiry days, affecting market sentiments and misleading a large number of retail investors who traded based on manipulated price signals in the underlying index. In Strategy B (3 BANKNIFTY expiry days), they sold Rs 2,800 crores of futures in the last two hours and held a short position of Rs 44,154 crores, earning Rs 225 crores. On 3 NIFTY expiry days in May 2025, they bought Rs 4,911 crores in NIFTY futures and held a long position of Rs 38,297 crores in options. SEBI found illegal profits of Rs 4,843 crores across these 21 days. Profits are to be escrowed with SEBI, with restrictions in place to prevent future violations. SEBI further stated that Jane Street Group entities, despite caution letters from NSE in February 2025 and their own commitments to refrain from certain trading behaviours, continued to deploy the same high-risk and market-distorting strategies. Given the gravity of violations and ongoing disregard for regulatory warnings, SEBI concluded that urgent intervention was necessary to protect market integrity and investor interest. Hence, it directed the impounding of gains worth Rs 4,843.57 crore, to be jointly and severally recovered from the entities involved. (ANI)
India Gazette
41 minutes ago
- India Gazette
SEBI imposes highest ever penalty of Rs 4843.57 crore on Jane Street Group for index manipulation
Mumbai (Maharashtra) [India], July 4 (ANI): The Securities and Exchange Board of India (SEBI) has passed an interim order in the matter of index manipulation by the Jane Street Group, and imposed one of the highest penalty so far of recovering Rs 4,843.57 crore which was gained through illegal means. The order targets four key entities under the Jane Street Group umbrella: JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd. SEBI in its order noted that the Group used a profit maximising scheme to manipulate the market and booked substantial profits in index options, while incurring smaller losses in the cash and futures segments. The order stated 'The total amount of unlawful gains earned by the JS Group from the alleged violations as provided, i.e. Rs 4,843,57,70,168/- shall be impounded, jointly and severally'. SEBI's 105-page order said that the interim action follows a detailed investigation into manipulative trading practices by the Group, especially around the weekly expiry of index options on the NSE. The case stems from media reports in April 2024, pointing to legal disputes involving Jane Street's proprietary strategies in Indian markets. SEBI in its order stated that its findings indicate that the Group executed a highly coordinated and strategic manipulation of the BANKNIFTY index on expiry days. A notable example was January 17, 2024, when the Group allegedly bought over Rs 4,370 crore worth of Bank Nifty constituent stocks and futures in the first half of the trading session. Later in the day, Jane Street reversed its earlier stock purchases, aggressively sold off its positions and pushing down the BANKNIFTY index. This movement made the previously acquired put options significantly profitable, while call options collapsed in value. This action reportedly gave a false bullish signal to the market. Simultaneously, the Group built massive bearish positions of Rs 32,115 crores in index options and later sold stocks/futures worth Rs 5,372 crores by selling calls and buying puts. This led to a peak short position of Rs 46,620 crores in options and a profit of Rs 735 crores, against an intraday loss of Rs 61.6 crores (cash futures). SEBI observed that this 'Intra-day Index Manipulation' strategy was not isolated. It was repeated on multiple expiry days, affecting market sentiments and misleading a large number of retail investors who traded based on manipulated price signals in the underlying index. In Strategy B (3 BANKNIFTY expiry days), they sold Rs 2,800 crores of futures in the last two hours and held a short position of Rs 44,154 crores, earning Rs 225 crores. On 3 NIFTY expiry days in May 2025, they bought Rs 4,911 crores in NIFTY futures and held a long position of Rs 38,297 crores in options. SEBI found illegal profits of Rs 4,843 crores across these 21 days. Profits are to be escrowed with SEBI, with restrictions in place to prevent future violations. SEBI further stated that Jane Street Group entities, despite caution letters from NSE in February 2025 and their own commitments to refrain from certain trading behaviours, continued to deploy the same high-risk and market-distorting strategies. Given the gravity of violations and ongoing disregard for regulatory warnings, SEBI concluded that urgent intervention was necessary to protect market integrity and investor interest. Hence, it directed the impounding of gains worth Rs 4,843.57 crore, to be jointly and severally recovered from the entities involved. (ANI)
