Jane Street case: Ex-Sebi chief Madhabi Buch denies regulatory failures
Mumbai: Former Sebi chief
Madhabi Puri Buch
has come out strongly against those pointing fingers at the regulator in the Jane Street market manipulation case, indicating it was a regulatory failure due to which US-based algo trading major Jane Street thrived with its alleged illegal acts for years.
On Tuesday, Puri Buch issued a statement saying it was in April 2024 (when she was at the helm) that Sebi had formed a team of officials from various departments and started looking into Jane Street's affairs.
The statement by Puri Buch came on the day Jane Street told its employees that Sebi had "many erroneous or unsupported assertions" about its trading activity in the country and it would "defend itself against the accusations".
The trading firm said it strongly rejected "the premise and substance of (Sebi's) order", and said the markets regulator was "fundamentally mistaken" about its trades, reports noted. Jane Street also said its trading activities were "unambiguously good for the health of financial markets".
On her part, Puri Buch, through a one-page statement, said that the "identification of index manipulation by Jane Street and initiation of numerous actions (by the regulator), including a cease & desist instruction, were carried out by Sebi between April 2024 and Feb 2025."
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
The Top 25 Most Beautiful Women In The World
Articles Vally
Undo
Puri Buch left her office on February 28, 2025 after completing her three-year term.
On July 3, that is more than a year after it started investigating Jane Street's affairs in India, Sebi banned the US-based algo trading major and three of its arms from the Indian market. Sebi also asked Jane Street to disgorge nearly Rs 4,850 crore that it sees as ill-gotten profit.
In her statement, the former Sebi chief said that some entities in the market were trying to "create a false narrative by implying that there was regulatory failure by Sebi in the (Jane Street) matter during that period and attributing false motives for the same". " Right from April 2024, Sebi was seized of the matter relating to the Jane Street group and took numerous steps to examine and investigate the extremely complex structures and strategies deployed by them and to verify and analyse the data.
"
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
16 minutes ago
- Hans India
Punjab police foil major terror plot, cache of arms recovered
Chandigarh: Punjab police on Wednesday said they have foiled a major terror plot orchestrated by Pakistan-based terrorist Harwinder Rinda and recovered a cache of arms from a forest area in Gurdaspur. Preliminary investigation has found that the consignment was pushed into India by Pakistani agencies and Rinda as part of a premeditated plan to carry out attacks at multiple locations in Punjab, Director General of Police Gaurav Yadav said. 'In an intelligence-led operation, the Anti-Gangster Task Force (#AGTF), Punjab successfully foiled a major terror plot orchestrated by Harwinder Rinda, a Babbar Khalsa International (BKI) operative based in #Pakistan and backed by Pakistan's ISI,' Yadav posted on X. The DGP said acting swiftly on human intelligence, AGTF teams traced and recovered a large cache of terrorist hardware, including two AK-47 rifles with 16 live cartridges, two magazines, and two P-86 (high explosive) hand grenades from a forest area in Gurdaspur, before it could reach Harwinder Rinda's associates. 'Preliminary investigation reveals the recovered consignment was pushed into India by Pakistani agencies and Harwinder @ Rinda as part of a premeditated plan to carry out attacks at multiple locations in Punjab, aiming to disrupt public peace,' he said. An FIR under the Explosives Act and the Arms Act has been registered at Purana Shala police station in Gurdaspur, he said. 'Further investigations are underway to identify and apprehend Rinda's operatives involved in the recovered weapon consignment,' the DGP said.
Hans India
17 minutes ago
- Hans India
ED restores assets worth Rs 3.82 crore to Waqf Board
Bengaluru: In a significant move to restore the Proceeds of Crime (POC) to the rightful claimants, the Enforcement Directorate (ED), Bengaluru Zonal Office, has taken a significant step by releasing properties valued at Rs 3.82 crore to the Karnataka Waqf Board in a money laundering case. The money from the Waqf Board released for fixed deposits was utilised to purchase a Mercedes-Benz car, and a further amount was transferred to a trading corporation. According to an official statement of the ED issued on Tuesday, the agency initiated an investigation on the basis of an FIR filed against two Vijaya Bank officials and Syed Siraj Ahmed, a First Division Assistant with the Waqf Board. In this case, the Waqf Board issued two cheques amounting to Rs 4,00,45,465 to open Fixed Deposit accounts at Vijaya Bank. However, instead of opening the fixed deposits, the money was siphoned off by transferring it to fictitious entities, the ED stated. Further, Rs 4 crore was transferred to M/s. Verkeys Realities Pvt Ltd, which spent Rs 1.10 crore purchasing a Mercedes car from Ghatge Motors Pvt Ltd. Further, Rs 2,72,74,444 was transferred back to the account of M/s. Ajay Sharma Trading Corporation, the ED stated. Upon uncovering these illicit financial transactions and the proper money trail of Proceeds of Crime (POC), the ED issued a Provisional Attachment Order (PAO) totalling Rs 3,82,74,444, the ED said. On March 31, 2017, ED filed a Prosecution Complaint (PC) before the Special PMLA Court in Bengaluru, against six individuals and entities, including M/s. Verkeys Realities Pvt Ltd, the statement said. In line with the PMLA and its core objective of ensuring the restitution of POC to the legitimate victims, the ED did not raise any objections when the Additional Sessions Judge considered the release of the funds to the Karnataka State Wakf Board—the rightful claimant in this case, the ED said. On July 1, 2025, in a further demonstration of its commitment to justice, ED facilitated the release of the entire amount. A banker's cheque of Rs 3,82,74,444 was handed over to Jeelani H. Mokashi, CEO (Additional Charge), of the Karnataka State Wakf Board, the ED said. This marks a significant step forward in the ED's ongoing mission to restore the misappropriated funds to those who have been wronged, the ED said. This release underscores the ED's commitment to ensuring justice for victims of financial crimes. ED remains resolute in its dedication to combating money laundering and ensuring that the Proceeds of Crime are returned to their rightful owners, the ED stated.
&w=3840&q=100)
Business Standard
19 minutes ago
- Business Standard
What's firing up Bharat Dynamics? 8 reasons behind MOFSL's positive view
MOFSL on Bharat Dynamics: Ammunition and missile systems manufacturers Bharat Dynamics Limited (BDL) shares were in focus on Thursday, July 10, 2025 after Motilal Oswal Financial Services (MOFSL) initiated coverage on the stock. On the bourses, however, Bharat Dynamics' share price fell 2.53 per cent to an intraday low of ₹1,934.80. Around 9:50 AM, the Bharat Dynamics share was trading 1.60 per cent lower at ₹1,953.30 per share, while the benchmark BSE Sensex was down 0.12 per cent at 83,434.31 levels. MOFSL today initiated coverage on Bharat Dynamics with a 'Neutral' rating and a target price of ₹1,900, indicating a downside of 4 per cent from current levels. 'The stock currently trades at 70x/52x/38x P/E on FY26/27/FY28 estimates. We initiate coverage on the stock with a 'Neutral' rating and a target price (TP) of ₹1,900 based on 42x September'27E P/E,' Teena Virmani and Prerit Jain, research analysts at MOFSL said, in a note dated July 10. Motilal Oswal analysts said that they like Bharat Dynamics' business model and strong growth potential but would prefer lower entry points given current valuations. They also flagged risks including any potential cut or reprioritisation in India's defence budget, contract cancellations or failures, changing procurement rules, and supply chain disruptions. Meanwhile, here are the 8 key reasons behind MOFSL's coverage initiation: Rising global spend boosts Indian defence According to MOFSL, NATO's recent commitment to raise defence spending to 5 per cent of GDP by CY35 has strengthened the outlook for global defence players, with indirect positive implications for India. This, analysts believe, could lead to India boosting its own defence budget and create new export opportunities for domestic players. Additionally, India's own emergency procurement drive and the Defence Acquisition Council's (DAC) recent approvals worth ₹1 trillion are expected to considerably expand the addressable market for companies like BDL. Positive industry tailwinds The company's estimated addressable market size is around ₹50,000 crore, driven by missile procurements across platforms including submarines (Project 75I), fighter jets (LCA Tejas Mk1A, Su-30MKI), and helicopters (LCH Prachand, ALH Dhruv). Continued demand for systems like QRSAM, MRSAM, NAG, and VSHORAD, alongside existing long-term contracts for high-value imports like S-400 and Barak-8, analysts highlighted, are expected to fuel growth. Export demand, especially for Akash missile systems, will also support order inflow. Emerging as a leading integrator of missile platforms MOFSL said Bharat Dynamics has transformed from a missile manufacturer into an end-to-end weapon systems integrator for the Army, Navy, and Air Force. It is expanding into drone-delivered payloads, guided bombs, warhead and engine manufacturing, and other segments such as mines and propellants. The company is actively exploring new partnerships with foreign original equipment manufacturers (OEMs) and continues to work closely with DRDO on a range of high-impact defence programs. Strong order book, easing supply chain issues to scale up revenue As of FY25-end, the missile maker's order book stood at ₹22,700 crore, registering a healthy compound annual growth rate (CAGR) of 27 per cent over FY20–24, driven by large deals related to Akash, Konkur, and exports. While supply chain bottlenecks due to the Russia-Ukraine conflict and regional geopolitical tensions in Israel had earlier impacted revenue conversion, MOFSL noted that these issues have begun to ease. With execution expected to normalise, the company is now projected to deliver a 35 per cent revenue CAGR over FY25–28. Focus on indigenisation Bharat Dynamics has been consistently localising its platforms, with import dependence falling majorly over the years. The company now achieves 80–90 per cent indigenisation on several missile systems, which boosts its ability to compete independently in domestic tenders. As a key development partner to DRDO for about 40 projects, BDL is well-positioned to capitalise on indigenous defence production as more projects move into the manufacturing phase. Continuous capacity growth, research efforts to minimise reliance on imports The company has expanded its in-house production capabilities with new facilities like the integrated Radio Frequency Seeker Unit at Kanchanbagh, aimed at producing and testing critical missile components. It is also increasing its capacity to manufacture next-gen SAMs, VSHORAD rockets, ATGM propellants, and more. R&D spending has risen sharply over the past two years, with ongoing efforts in both new product development and upgrading legacy systems to meet emerging operational requirements. Boosting exports BDL's export momentum has picked up sharply following government approvals for Akash system exports to nine countries. Export revenues rose to ₹1,200 crore in FY25 from ₹160 crore in FY24. The company's growing global portfolio includes Akash (SAM), Astra (Air-to-Air), Helina (Air-to-Surface), anti-airfield weapons, various torpedoes, and anti-tank missiles such as Konkurs-M and Milan-2T. Lightweight torpedoes have already been exported, and other products are seeing increasing interest globally. Strong financial outlook MOFSL projects a 35 per cent revenue CAGR and 51 per cent PAT CAGR for BDL over FY25–28, driven by improved execution and easing supply chain margins are expected to strengthen from 23.8 per cent in FY26 to 25.5 per cent by FY28, aided by indigenisation and lower provisioning. With a steady capex of ₹200–300 crore annually and efficient working capital management, the company's return on equity (RoE) and return on capital employed (RoCE) are projected to rise to 25.2 per cent and 25.6 per cent, respectively, by FY28.
