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Mint
22 minutes ago
- Mint
SEBI bars Jane Street from securities market over ₹4,843 crore illegal gains: How the saga unfolded — A timeline
Markets regulator SEBI has barred US-based Jane Street Group from the securities markets while directing it to disgorge unlawful gains of ₹ 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. The disgorgement amount that SEBI has listed might be the highest one it has ever directed. The Jane Street (JS) Group has come under Sebi's scrutiny for allegedly manipulating index levels in the stock market to earn illegal profits. The company did it primarily with the highly liquid Bank Nifty and Nifty index options segments. SEBI had launched an investigation into Jane Street early last year. Here is a timeline of the events. Jane Street sues two US employees for allegedly stealing confidential prop trading strategies that were being used in India, earning the company $1 billion during the previous year. SEBI analyses based on Jane Street dispute for unauthorised use of proprietary trading strategies in Indian markets. The two ex-employees countersue Jane Street, claiming they led the India options trading strategy and turned the business huge in the country. US Court gives Jane Street a May deadline to list details about the trade secrets that were allegedly stolen. US judge junks counterclaims, backs Jane Street saying that it did not file the complaint in bad faith. In India, SEBI asked NSE to examine the trading activity of Jane Street inside the country to ensure no market abuse was involved. SEBI talks to Jane Street in late August, group submits details in writing about its options trades. SEBI issues a circular separately to announce F&O curbs for retail traders; markets affected. NSE submits its response to SEBI, following its conclusion of the investigation into the Jane Street Group Jane Street settles its lawsuit in the US without disclosing the terms of the agreement. SEBI, alarmed by the abnormal volatility on weekly index options on expiry days, notices Jane Street's large risk positions in the F&O segment. It forms a team to further examine the issue. SEBI team finds Jane Street violated Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. NSE sends a cautionary letter to Jane Street on SEBI's instructions and advises it to avoid taking large cash-equivalent position as well as certain trading patterns. Jane Street replies to NSE's letter. NSE tells Nuvama Wealth, Jane Street's India trading partner, that it had closed the investigation following the reply, as per a Bloomberg report. Jane Street continues to run very large cash-equivalent positions in index options, despite NSE's letter and its reply. SEBI releases interim order, asks Jane Street from accessing markets over ₹ 4,843 unlawful gains
Economic Times
22 minutes ago
- Economic Times
Bitcoin holds above 109k as market awaits next breakout; Altcoins decline
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Crypto prices remained range-bound on Friday, with Bitcoin trading marginally lower amid mixed signals from global markets and continued institutional inflows Bitcoin was last down 0.3% at $109,031, having touched an intraday high of $110,541 earlier in the session. Ethereum slipped 1% to $2,563. The global crypto market capitalisation also dipped 0.5% to $3.37 trillion, according to CoinMarketCap altcoins traded in the red, with XRP, Solana, Dogecoin, and Cardano shedding between 1% and 3%. Other top tokens such as Chainlink, Avalanche, Stellar, Toncoin, Shiba Inu, and Litecoin also declined up to 3%.Despite the mild pullback, analysts said market sentiment remains broadly positive, supported by institutional buying and a healthy technical setup.'Bitcoin (BTC) is hovering around $109,000, showing resilience after touching an intraday high near $110K,' said Shivam Thakral, CEO of BuyUcoin. 'Flows into spot BTC ETFs remain strong, drawing institutional capital and supporting prices. A breakout above $114K could trigger the next leg of the rally.'Edul Patel, Co-founder and CEO of Mudrex, echoed the optimism, noting that bulls continue to defend key levels.'Bitcoin is holding strong above the $109,000 mark despite brief selling pressure following U.S. payroll data,' Patel said. 'Data from The Block shows 98.9% of Bitcoin holders are currently 'in the money', reflecting strong market confidence. If Ethereum stays above $2,500, we could see a rally toward $2,700 driven by whale accumulation and institutional interest.'Adding to the upbeat outlook, Avinash Shekhar, Co-Founder and CEO of Pi42, said rising open interest and unrealised profits suggest the market is not overheated yet.'Bitcoin is trading firmly above $109,000, with the unrealised profit ratio at 80%—a healthy sign of confidence among holders. Open interest is rising again, reflecting renewed enthusiasm without signs of excessive speculation,' Shekhar said. 'Ethereum is holding within its expected range, supported by improving macro sentiment and equity market gains.'Among altcoins, Shekhar noted that XRP is showing strong upward potential with technical indicators pointing toward a possible move to $3, while Dogecoin has regained strength after breaking above its 50-day bullish fundamentals intact, analysts believe Bitcoin may soon test the $110,000 mark again and possibly chart a path toward new all-time highs around $115,000.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
New Indian Express
37 minutes ago
- New Indian Express
Russia becomes first country to formally recognise Taliban-led Afghanistan government
KABUL: Afghanistan's government said on Thursday that Russia had become the first country to officially recognise its rule, calling it a "brave decision." The Taliban swept back to power in 2021 after ousting the foreign-backed government and have imposed an austere version of Islamic law. They have keenly sought official international recognition and investment, as the country recovers from four decades of war, including the Soviet invasion from 1979 to 1989. The announcement was made after Afghanistan's Foreign Minister Amir Khan Muttaqi met with Russia's ambassador to Afghanistan, Dmitry Zhirnov, in Kabul on Thursday. "This brave decision will be an example for others... Now that the process of recognition has started, Russia was ahead of everyone," Muttaqi said in a video of the meeting on X. "Russia is the first country which has officially recognised the Islamic Emirate," Taliban foreign ministry spokesman Zia Ahmad Takal told AFP, using the government's name for their administration. Muttaqi said it was "a new phase of positive relations, mutual respect, and constructive engagement", the foreign ministry posted on X. Russia's foreign ministry added on Telegram: "We believe that the act of official recognition of the Islamic Emirate of Afghanistan will boost the development of productive bilateral cooperation between our countries in several areas." It highlighted potential "commercial and economic" cooperation in "energy, transportation, agriculture and infrastructure." The ministry said that Moscow hoped to continue helping Kabul "reinforce regional security and fight against the threats of terrorism and drug-trafficking."
