Interim order against Jane Street not show cause notice, investigations to continue: SEBI sources
"This interim order is not a Show Cause Notice, and it clearly indicates that investigations into Jane Street will continue. This interim order has only looked at the 18 major days of prima facie BANKNIFTY index manipulation on expiry day during the examination period (January 2023 to March 2025), and 3 days of NIFTY index manipulation on expiry day during May 2025," sources said
Sources added that investigations into other expiry days, other indices (including across exchanges), and other potential patterns besides the two highlighted in the order will need to continue.
"It is difficult to estimate how long all this could take - the scope is quite large," the sources asserted.
Further, the sources said there should not be any major market impact from this enforcement action against the Group.
"In any case, delta-based (future equivalent) limits are now in place in index options, to curtail excessive risk taking without impacting regular participants. In the long run, the growth in market confidence, and a free and fair market, should aid responsible investing and capital formation," the sources supplemented.
Better enforcement of existing regulations can in fact pave the way for optimal regulation, they asserted. On the flip side, they argued more regulations cannot make up for poor enforcement.
The sources reassured that the markets regulator will continue to monitor Indian F&O markets from the perspective of ensuring investor protection, market stability, and support for sustained capital formation.
"While retail participation in index options trading on expiry day has moderated somewhat in recent times, around 90 per cent of them continue to lose money. There appears to be still too much of concentration in short-term expiries and short-term trading. Extending maturities and nudging more long-term trading, hedging, and investments would be ideal for our ecosystem," the sources noted.
SEBI in its 105-page interim 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.
SEBI interim order 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. (ANI)
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Indian Express
17 minutes ago
- Indian Express
India says no to trade deal under deadline pressure; Trinidad & Tobago backs Delhi for UNSC; Gaza ceasefire soon
India abstains from signing trade deal with the US under 'deadline pressure', says open for a mutually beneficial deal; during PM Modi's visits to Trinidad and Tobago, the two sides reaffirm the need for reforms in the UN; US President Trump voices frustration over Russian President Vladimir Putin's failure to end the fighting; Hamas says it is ready to start talks 'immediately' on a US proposal for a 60-day ceasefire – here is weekly roundup of key global news. Notwithstanding the July 9 deadline for the reciprocal tariff pause, India abstains from signing a trade deal with the US under 'deadline pressure' reiterating that 'all possibilities are open' for a mutually beneficial deal. India has been negotiating with the US to eliminate the 26 per cent reciprocal tariff imposed on April 2. As Indian trade negotiators returned from the US on Friday, a government official described sustained access for labour-intensive goods (such as textiles and footwear), auto component exports, and steel as key interests in the India-US negotiations. In addition, agriculture and dairy sectors, where India has drawn 'very big red lines', emerged as sticking points, with the US demanding access to the Indian market for genetically modified (GM) products. What are the other points of difference that averted a trade deal, and what are the future prospects? Let's explore. India has drawn 'red lines' around politically sensitive agriculture and dairy sectors and has imposed both tariff and non-tariff restrictions on certain goods, including corn, ethanol, and soybeans. It has managed to shield its dairy sector because of at least two major reasons: one, the sector employs more than 80 million people, many of whom are smallholders; and two, there are concerns that foreign dairy products intended for food may be derived from animals fed with internal blood meal, a high-protein feed made from animal blood. As far as soyabean and corn are concerned, it is argued that imports are unlikely to suit India's soybean industry, which has a strong foundation in Madhya Pradesh and Maharashtra. Similarly, millers are not too pleased about importing genetically modified corn as a feedstock for fuel ethanol. In addition, labour-intensive sectors such as textiles and footwear are among India's top demands in trade negotiations. It has sought lower tariffs in the textile trade in the US, similar to those offered to other FTA partners. India has also sought zero tariffs on electronic items exports, even as US President Donald Trump warned Apple of a 25 per cent tariff if it sold in the US iPhones built in India or anywhere else. Apple currently produces nearly 15 per cent of all iPhones in India, and plans to increase that to a quarter. India also aims to remove the US's additional duties on goods such as steel, aluminium, and auto components. In addition to the elimination of reciprocal tariffs, it has sought guarantees of no future tariffs. Moreover, New Delhi is seeking that the Trump Administration maintain a 'steady tariff differential' of 10-20 per cent between US tariffs on China and India, which is also a key reason to clinch the deal. This gives Indian traders an advantage over Chinese competitors and mitigates some of India's structural downsides, including infrastructural bottlenecks, logistics woes, and high interest costs. However, it may be noted here that this would hinge on how China leverages its dominance in rare earths to influence US tariff decisions. The growing concerns over Beijing's dominance in resources vital to new technologies were underscored at the recent Quad Foreign Ministers' meeting, where the grouping announced a Critical Minerals Initiative to 'collaborate on securing and diversifying' supply chains. The US has pushed hard for a broad-based opening of Indian sectors, from automobiles and whisky to agricultural items such as apples, corn and soya among others, as well as dairy. It has demanded the removal of a crucial regulation regarding dairy to sell its genetically modified (GM) products, resulting in tense discussions and even triggering protests from voices back home. The US eyes the Indian market amid a recent report by the US Department of Agriculture, which suggests that India's consumption of animal products (milk, eggs, fish, and meat) is likely to increase with population growth and rising per capita GDP. This could, in turn, boost demand for feed and create opportunities for US exports of these commodities (corn and soybeans) by the early 2030s, the report says. Moreover, the US sees India as a large market for its corn, soyabean and cotton amid the decline in exports of these products to China, which was its largest corn importer at $5.2 billion in 2022. Although India has said that the trade deal with the US will be signed when it is mutually beneficial, the two countries remain committed to more than double their bilateral trade to $500 billion by 2030. India is said to focus on areas where it has a competitive edge. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest, and that sourcing more from the US could significantly help bridge the goods trade gap. India's oil imports from the US have already jumped over 270 per cent year-on-year in the first four months of 2025. Moreover, in recent years, New Delhi and Washington have forged closer defence, technology, and diplomatic ties in a shared front against China. There is greater receptiveness now within India's policy circles to cut tariffs on some industrial goods, including automobiles, and some agricultural products of interest to Americans such as apples, almonds, walnuts, avocados and spirits. There is also more openness on the GM foods issue too. The NITI Aayog, in its Working Paper, has proposed that India import GM maize and soybeans, with the former as a feedstock for ethanol production, and the latter to extract oil for domestic consumption. In both cases, it calls for the export of their byproducts in their entirety – distiller's dried grains with solubles (maize) and de-oiled cakes and meals (soybean). It also called for concessions on agricultural products from the US such as edible oils and nuts where domestic supply gaps exist, and duty concessions to boost high-performing exports such as shrimp, fish, spices, rice, tea, coffee, and rubber. Additionally, the chances of India becoming the biggest market for the US are, perhaps, higher in cotton than in soyabean or corn. And it may be argued that duty-free imports of raw cotton can boost India's textile and apparel exports to the US itself, which stood at $10.8 billion in 2024. Notably, India-US trade negotiations have wrapped up for now, even as New Delhi strengthens its global diplomatic footprint. Support for India's permanent membership in the expanded United Nations Security Council (UNSC) and a shared commitment to fight terrorism are among the announcements made during Prime Minister Narendra Modi's visit to Trinidad and Tobago, the first by an Indian Prime Minister since 1999. The two countries inked six agreements to boost cooperation in several sectors, including infrastructure and pharmaceuticals, following talks between Prime Minister Modi and his counterpart from Trinidad and Tobago, Kamla Persad-Bissessar. The two leaders also delved into pressing global issues and reaffirmed the need for comprehensive reforms in the United Nations, including expansion of the UN Security Council, to better reflect current realities. The Caribbean nation also extended support to India's membership in the expanded UNSC. Modi and Bissessar called for dialogue and diplomacy as the way forward amid rising geopolitical tensions and global conflicts, and underlined the need for greater cooperation to deal with contemporary challenges such as climate change, disaster management, and cybersecurity. Prime Minister Modi also lauded the contribution of Indian-origin people to Trinidad and Tobago's development journey, and announced a decision to issue Overseas Citizenship of India (OCI) cards up to the sixth generation of the Indian diaspora in the country, where over 40 per cent of the population is of Indian origin. Earlier on Friday, the Prime Minister addressed the parliament of the Caribbean nation and spoke about the cricket connection between the two countries. He also reiterated his offer to train aspiring young women cricketers from Trinidad and Tobago in India. PM Modi expressed appreciation for Trinidad and Tobago's strong support and solidarity to the people of India in the wake of the Pahalgam terror attack, as the two leaders reaffirmed their commitment to fight terrorism in all its forms and manifestations. Modi is currently on a five-nation tour, which began with his visit to Ghana where he was honoured with Ghana's national award, 'The Officer of the Order of the Star of Ghana,' in recognition of his 'distinguished statesmanship and influential global leadership'. Four Memorandums of Understanding (MoUs) were signed, including in the areas of cultural exchange and traditional music. In his joint press statement following talks with John Mahama, the President of Ghana, Prime Minister Modi announced that they have decided to give India-Ghana ties the form of a Comprehensive Partnership. After Trinidad and Tobago, PM Modi has reached Argentina for the next leg of his tour. Later, he will attend the BRICS Summit in Brazil, and visit Namibia on his return. Russia launched the largest aerial assault on Ukraine in the over three-year long war amid reports that Moscow has been using banned chemical weapons in Kyiv, while US President Donald Trump voiced frustration over Russian President Vladimir Putin's failure to end the fighting. Russian forces have used increasing numbers of drones to target Ukrainian cities, with a record total of 539 drones and 11 missiles deployed against Kyiv on July 4, Reuters reported, citing the Ukrainian air force. Russia also downed dozens of Ukrainian drones in widely dispersed parts of the country, including two near the second-largest city of St Petersburg. Meanwhile, Dutch and German intelligence agencies said Russia's use of chemical weapons in this war is 'becoming more normalised, standardised, and widespread', with Dutch Defence Minister Ruben Brekelmans calling for tougher sanctions against Moscow, reported Reuters. 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Notably, Trump has ruled out the possibility of Ukraine joining NATO and even halted shipments of weapons and military aid to it. Since 2022, every NATO summit has committed to aiding Ukraine in its war against Russia. Most NATO countries view Russia as a direct and immediate threat. All the while, Israel continues to kill starving Palestinians as Hamas said it is ready to start talks 'immediately' on a US proposal for a 60-day ceasefire, prompting US President Trump to say there could be a deal by next week. At least 50 Palestinians were killed in Gaza as Israeli forces again target people waiting for food, Al Jazeera reported, while the UN said on July 5 that it had recorded at least 613 killings both at aid points run by the US- and Israeli-backed Gaza Humanitarian Foundation (GHF) and near humanitarian convoys run by other relief groups, including the UN. The United Nations has criticised the GHF, which began distributing aid at the end of May following a three-month Israeli blockade on Gaza, for bypassing the UN-led system and violating humanitarian impartiality rules. Meanwhile, Hamas responded in 'a positive spirit' to the Gaza ceasefire proposal, brokered by the US and mediated by Egypt and Qatar. Trump had earlier said that Israel had agreed 'to the necessary conditions to finalise' the ceasefire, which envisages a release of hostages and negotiations on ending the conflict. According to Gaza's Health Ministry, at least 57,268 people have been killed and 135,625 wounded in Israel's devastating war on Gaza since October 2023, when Hamas attacked Israel, killing over 1,100 people and taking 251 hostage. In the meantime, the West Bank, occupied by Israel since the Six-Day War in 1967, has become a 'big prison' as Israel fences it in, Reuters reported. Walls and checkpoints erected by Israeli forces have long been a part of day-to-day life for the nearly 3 million Palestinian residents of the West Bank. But many now say that a dramatic increase in such barriers since the start of the war in Gaza has put towns and villages in a state of permanent siege. Experts like Talmiz Ahmad, a former ambassador to Oman, the UAE and Saudi Arabia, had underlined a number of provocations in the run up to the October 7 attack by Hamas, which included the surge in attacks on Palestinians in the West Bank. Send your feedback and ideas to
Indian Express
22 minutes ago
- Indian Express
PM will bow before Trump deadline on trade deal: Rahul; Goyal hits back
Lok Sabha Leader of Opposition Rahul Gandhi on Saturday targeted PM Narendra Modi over the proposed trade deal with the US and claimed that the PM will 'meekly bow' before the tariff deadline set by the Trump administration as Union Commerce Minister Piyush Goyal asserted that India negotiates from a position of strength and not under deadlines. Goyal also accused the Congress of 'negotiating and signing agreements that were not in the national interest' during that party-led UPA government's tenure. On Saturday, Goyal said, 'India does not negotiate under deadlines. We negotiate keeping national interest in mind, and national interest is paramount in all our engagements across the world.' He added that India negotiates from a position of strength. 'We are self-confident and can compete with anybody in the world,' he said. In a post on X on Saturday, Gandhi said, 'Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline.' Trump has set a deadline of July 9 to finalise the trade agreement with India. The Congress had earlier hit out at the PM over his 'silence' on US President Donald Trump's repeated claims that he negotiated a ceasefire understanding between India and Pakistan following the military hostilities. India had launched Operation Sindoor in retaliation to the April 22 Pahalgam terror attack that left 26 people dead. However, during the recent G7 Summit in Canada's Kananaskis, PM Modi set the record straight and told US President Donald Trump during a 35-minute phone call that at no point was there any discussion, at any level, on an India-US trade deal, or any proposal for mediation by the US between India and Pakistan. Modi had said that 'India does not and will never accept mediation'. With the deadline only days away, Goyal had said that India would accept the proposed trade deal with the US only when it is fully finalised and in national interest. 'Negotiations are underway, FTA (free trade agreement) is possible only if it's beneficial for both sides… it should be a win-win agreement,' Goyal said.
Time of India
27 minutes ago
- Time of India
Himachal becomes first state to launch Aadhaar-based face authentication for ration distribution
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Shimla: Himachal Pradesh became the first state in the country to introduce Aadhaar-based face authentication (FaceAuth) for the distribution of ration to eligible beneficiaries under the Public Distribution System (PDS), officials said on now, authentication was carried out using either OTP-based or biometric methods. However, frequent challenges such as SMS delivery failures and biometric mismatches at the UIDAI end were causing inconvenience to the beneficiaries, Gokul Butail, Principal Advisor to the Chief Minister, said in a the launch of the FaceAuth mechanism, the process has now been streamlined and made more accessible, Butail noted, adding that, unlike traditional methods, this new facility uses a mobile camera via an app installed on the fair price shop (FPS) owner's smartphone, enabling direct facial authentication of beneficiaries."In a significant technological advancement, the department of Digital Technologies and Governance (DDTG), Himachal Pradesh, has introduced Aadhaar-based face authentication (FaceAuth) for the distribution of ration to eligible beneficiaries under the Public Distribution System (PDS)," Butail emphasised that this pioneering initiative underscores the state's commitment to leveraging digital technology for enhancing public service delivery and promoting inclusive access to essential new system is expected to improve the authentication success rate and reduce verification time, ensuring a faster and more efficient ration distribution process, the statement added.
