Latest news with #Dalal
Mint
3 hours ago
- Business
- Mint
Sebi slaps ₹10 lakh fine on entity for insider trading during HDFC merger
New Delhi: Capital markets regulator Sebi on Tuesday levied a fine of ₹ 10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022.
Economic Times
4 hours ago
- Business
- Economic Times
HDFC-HDFC Bank merger: Sebi penalises trader for insider trading
Markets regulator Sebi imposed a penalty of Rs 10 lakh on Rupesh Satish Dalal HUF for insider trading in the scrips of HDFC and HDFC Bank ahead of the April 2022 merger announcement. ADVERTISEMENT The case revolves around trading activity carried out by Rupesh Dalal, the Karta of the HUF, just days before the April 4, 2022, announcement that HDFC would merge into HDFC Bank. Sebi's investigation found that Dalal had purchased a series of call options in both stocks on April 1, 2022—three days before the official disclosure. The positions were squared off immediately after the announcement, yielding substantial profits: Rs 5.67 lakh from HDFC options and Rs 2.52 lakh from HDFC Bank. Sebi's order concluded that Dalal was in possession of Unpublished Price Sensitive Information (UPSI), received through an indirect regulator alleged that Mr X, a member of Deloitte's valuation team working on the merger, had passed UPSI to his friend Mr Y (Dalal's son), who then communicated the same to X and Y had already settled cases with Sebi earlier. The circumstantial evidence, including frequent calls and meetings between X and Y around the trading dates, supported the conclusion that Dalal traded on UPSI. ADVERTISEMENT The regulator dismissed Dalal's defence that his trades were based on technical analysis, noting that his history showed little to no activity in derivatives, and his aggressive positions on that specific date were uncharacteristic. The Rs 10 lakh penalty is to be paid within 45 days. The order underscores Sebi's continued emphasis on market integrity and its increasing reliance on circumstantial evidence and call data records in cracking down on insider trading. (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
4 hours ago
- Business
- Business Standard
Sebi fines HUF ₹10 lakh for 'insider trading' in HDFC merger shares
Capital markets regulator Sebi on Tuesday levied a fine of ₹10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022. In December last year, Two individuals, including a former employee of Deloitte India, settled with capital markets regulator Sebi a case pertaining to the alleged violation of insider trading rules by paying ₹74 lakh towards settlement fee. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
20 hours ago
- Automotive
- Time of India
Mesh panel falls, safety concerns again at Sadar-Mankapur flyover
1 2 3 4 Nagpur: A steel mesh panel installed along the parapet wall of the Y-shaped Sadar-Katol-Mankapur flyover near Chhaoni Chowk collapsed on Saturday evening, raising fresh concerns over the structural safety and traffic management on this accident-prone stretch. No injuries were reported in the incident. The protective mesh was installed to prevent two-wheeler riders from falling off the flyover. Before it crashed onto the road, it was precariously dangling in the strong wind. Motorists passing beneath the structure at Chhaoni Chowk near Achraj Towers were alarmed, especially as the location has seen multiple serious accidents in recent years. One of the accidents took place on the same flyover in August 2020, when 36-year-old nurse Manjusha Dalal died after a speeding SUV hit her scooter. Dalal, who worked at a private hospital in Dhantoli, fell nearly 25 feet from the elevated stretch near Nelson Square and succumbed to her injuries. Despite several eyewitnesses and a police chase, the SUV driver fled the scene. Constructed by the National Highways Authority of India (NHAI), the flyover has long been flagged for inadequate safety measures, particularly at its sharp curve at Chhaoni Chowk. Though the speed limit is capped at 50kmph, officials admit that most vehicles often exceed this threshold, especially at the turning that connects to Mankapur and Old Katol Naka. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Compare Spreads: Bitcoin vs Ethereum CFDs IC Markets Learn More Undo Traffic cops said, "The stretch continues to witness speeding and blatant lane indiscipline by motorists. After the 2020 accident, there were recommendations to install fibre-based lane dividers and strengthen barriers, but implementation has remained erratic." Saturday's incident, captured in photos showing a damaged panel and overgrowth sprouting from the flyover structure, underscores a larger issue — lack of regular maintenance and inept inspection of critical public infrastructure. The presence of vegetation from crevices also hints at water stagnation and long-term structural neglect. Traffic police said they will write to NHAI again, urging reinforcement of safety installations and stricter speed regulation. A senior NHAI official said after seeing the photos it seems that some vehicle must have hit it, leading to its damage. "However, I will soon send officials to the spot and find out what happened and get it repaired urgently," said the official.
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Business Standard
3 days ago
- Business
- Business Standard
India Inc faces a surge in family feuds amid succession planning vacuum
India's corporate boardrooms are increasingly becoming battlegrounds for bitter family feuds, as a growing wave of wealth clashes with a persistent reluctance to formalise succession plans. The latest flashpoint: the sudden death of 53-year-old Sunjay Kapur, chairman of auto parts maker Sona BLW Precision Forgings Ltd, has triggered a dispute within the Kapur family. His mother, Rani Kapur, has opposed the appointment of Priya Sachdev Kapur—Sunjay's wife—to the company's board. Mistrust and informality inflame conflicts "There's often a mismatch between the mindset of ageing patriarchs and the aspirations of the next gen,' said Ketan Dalal, founder of tax advisory firm Catalyst Advisors. 'Add in unequal levels of contribution and commitment among family members, lack of shareholder agreements, and weak governance, and you have a recipe for prolonged conflict.' The Kapurs now join a swelling list of prominent Indian business families entangled in litigation over control, including the Kirloskars, the Baba Kalyani family, and the Chhabrias of Finolex. In September last year, a dispute broke out between Bina Modi, chairperson of Godfrey Phillips India, and her sons Samir and Lalit, who accused their mother of defying their late father's will by resisting a sale of the company. Maran brothers truce, others still warring Earlier this month, the feuding Maran brothers announced a truce mediated by Tamil Nadu Chief Minister M K Stalin, The Hindu reported on July 8. In the past, acrimonious family feuds have hit almost all conglomerates, including the Ambani brothers—India Inc's most prominent family—as well as older industrial families like the Birlas and the Bajajs. The Mumbai-based billionaire Lodha brothers announced a truce in May after fighting over the 'Lodha' brand for months. Legacy structures, modern ambitions collide Experts attribute the growing discord to opaque ownership structures, informal arrangements, weakening patriarchs and delayed planning. 'Most Indian families that have expanded in size and in business complexity haven't invested in formal ownership or succession frameworks,' said Dalal. 'When circumstances change and there's no framework in place, disputes are inevitable.' India's liberalisation boom over the past two decades has created massive shareholder value and produced a more educated and globalised next generation. Yet, many legacy businesses remain mired in cross-holdings, Hindu Undivided Family (HUF) structures, and unclear promoter arrangements—leaving room for conflict. Governance must match growth: experts The cultural aversion to a formal structure compounds the problem. Another under-discussed factor is the role of advisors. 'Families are often reluctant to bring in objective advisors or are wary of those introduced by other members,' Dalal noted. 'The suspicion delays engagement, and critical issues remain unresolved.' Underlying all of this is what Dalal calls the 'illusion of immortality'—a belief that difficult decisions on succession or ownership can always be deferred. 'But too often, 'later' becomes too late.' As India Inc continues to create wealth at scale, the absence of clear succession roadmaps threatens to fracture legacy businesses—unless families embrace governance and structure as seriously as growth, say experts. 'Irrespective of the age, every family or person must have a clear succession plan in place so that their descendants don't get involved in a bitter public fracas, as it ultimately leads to shareholder wealth destruction,' said a CEO, requesting anonymity.
