CBI arrests NSE’s former group operating officer Anand Subramanian - The Hindu

The Central Bureau of Investigation (CBI), which arrested former National Stock Exchange (NSE) group operating officer Anand Subramanian on Thursday, has found that he had allegedly created an email account purportedly used by an unknown “Himalayan yogi”, with whom the then exchange’s managing director Chitra Ramkrishna shared internal documents.

Ms. Ramkrishna had taken several key decisions based on the emails received from the account, rigyajursama@outlook.com. The email exchanges were also marked to another account purportedly belonging to Mr. Subramanian. It is alleged that during his four-day questioning in Chennai, he did not reveal the real identity of the unknown person.

According to the agency, Mr. Subramanian was arrested as he was not cooperating in the probe. On Friday, he was produced before a Delhi special court that sent him to the CBI custody till March 6. His arrest has been made in a 2018 case related to the alleged abuse of the exchange’s server architecture for allowing access to a private company to the data ahead of other brokers.

The CBI has collected the relevant documents from the Mumbai office of the Securities and Exchange Board of India (SEBI) and had also recorded the statements of Ms. Ramkrishna and former NSE managing director Ravi Narain a few days ago.

In May 2018, the agency had registered the First Information Report against OPG Securities, which is a stock broker, and others. Unknown officials of the SEBI and the NSE were also under the scanner for connivance.

Illegal preferential access

As alleged, the company had been given illegal preferential access to the market data feed from the exchange’s server via an algorithmic trading software package named “Chanakya”, ahead of other brokers. During 2010-12, the company had got access to the NSE’s server architecture through “co-location” facility, which allowed it to log in first to the server before other brokers.

On February 11, the SEBI had levied a penalty on Mr. Subramanian and the two former NSE managing directors for several violations, including the irregularities in his appointment as a chief strategic adviser and his re-designation as the group operating officer and adviser to the then managing director of the exchange.

Major beneficiary

According to the SEBI order, Mr. Subramanian also knew the unknown “yogi”. He was a major beneficiary of the yogi’s purported recommendations to her. The accused knew Ms. Ramkrishna prior to his appointment in the NSE. His wife worked as the regional head of exchange in Chennai.

In January 2013, he was offered ₹1.68 crore for the post of chief strategic adviser in the NSE, when his last drawn salary was ₹15 lakh in a government corporation. He got increments in quick successions and his compensation had increased to about ₹5 crore by 2016. During the check period, he also made several visits abroad.

Earlier, the Income Tax Department had carried out searches on the premises of Ms. Ramkrishna and Mr. Subramanian in Mumbai and Chennai, on suspicion of tax evasion.

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CBI arrests NSE’s former group operating officer Anand Subramanian - The Hindu
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FIIs net sell Indian shares worth over Rs 6,400 crore on Thursday - CNBCTV18

The Sensex on Thursday crashed over 2,700 points -- its biggest single-day plunge in about two years -- in lockstep with a severe sell-off in global markets after Russia launched a full-scale invasion of UkraineThe 30-share BSE gauge plummeted about 2,850 points during the session before closing at 54,529.91, registering a massive fall of 2,702.15 points or 4.72 percent. This was its biggest decline since March 23, 2020, and the fourth-worst fall ever in absolute terms.Also Read:FIIs and DIIsForeign institutional investors (FIIs) sold shares worth Rs 6,448.24 crore on February 24, and domestic institutional investors (DIIs) bought shares worth Rs 7,667.75 crore, as per provisional data available on NSE and BSE.As of February 23, 2022, FIIs sold Rs 3,417.16 crore of equities, while DIIs bought shares worth Rs 3,024.37 crore, as per provisional data available on NSE.On the Sensex chart, all 30 shares suffered heavy losses, with IndusInd Bank tumbling the most at 7.88 percent, followed by M&M, Bajaj Finance, Axis Bank, Tech Mahindra, and Maruti.The NSE barometer Nifty nosedived 815.30 points or 4.78 percent to end at 16,247.95. This was also the seventh straight session of decline for both the key indices.Investors were poorer by about Rs 13 lakh crore, with the market capitalisation of BSE-listed companies standing at Rs 2,42,24,179.79 crore.

(Edited by : Jomy Jos Pullokaran)

First Published: Feb 24, 2022, 09:37 PM IST

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Wall Street opens 2% lower as Russia invades Ukraine; oil above $100 a barrel - Moneycontrol.com

Wall Street opened two percent lower on February 24, following a global drop in markets after Russia's attack on Ukraine while crude oil prices surged past $100 a barrel.

At the time of writing this report, Dow Jones Industrial Average was trading over 2 percent or 665 points lower at 32,467.08 levels while S&P 500 was down 1.51 percent at 4,161.53 points. The tech-heavy Nasdaq, on the other hand, traded 1.71 percent or 222 points lower at 12,815.11 levels.

In the commodity markets, benchmark Brent crude prices topped $100/barrel-mark for the first time since 2014 as Russia launched invasion of Ukraine. During the day, Brent crude oil futures hit a high of $105.5.

Follow all live updates on the Russia Ukraine crisis here

Russia’s action comes days after the country recognised the independence of two separatist regions in Easter Ukraine following a speech by Putin.

Financial markets across the globe took a heavy beating given the geopolitical situation. Indian equity market nosedived nearly 5 percent to register its biggest single-day fall in nearly two years. European markets sank even more, with the German DAX down 5%.

Also Read: Sensex sees 10th biggest market crash in history as Russia invades Ukraine

Oil prices jumped by more than $7 per barrel and futures for Wall Street's benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%. Market benchmarks in Europe and Asia fell as much as 5% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation.

Energy prices surged, fuelling inflation fears. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%. Benchmark US crude was close behind at $99 per barrel. Prices of wheat and corn also jumped.

Also Read: Russia-Ukraine conflict pushes volatility index above 30 levels. What should investors do now?

The ruble sank as much as 7.5% against the dollar overnight but recovered slightly, down about 5% in the morning.

The FTSE 100 in London fell 3.3% after Europe awakened to news of explosions in the Ukrainian capital of Kyiv, the major city of Kharkiv and other areas. The DAX in Frankfurt plunged 5.4% and the CAC in Paris lost 4.9%.

Moscow's stock exchange briefly suspended trading on all its markets on Thursday morning. After trading resumed, the ruble-denominated MOEX stock index tumbled more than 20% and the dollar-denominated RTS index plunged by more than a third.

That was on top of Wednesday's 1.8% slide for the S&P 500 to an eight-month low after the Kremlin said rebels in eastern Ukraine had asked for military assistance. Moscow had sent soldiers to some rebel-held areas after recognizing them as independent.

Also Read: Market rout over Ukraine-Russia crisis leaves investors poorer by over Rs 13 lakh crore in a day

Some analysts expect the conflict to push investors out of many tech stocks, with the exception of the cybersecurity sector. Growing concern that massive cyber warfare could be on the near-term horizon which would certainly catalyze an increase in spending around preventing sophisticated Russian-based cyber attacks, analysts with Wedbush Securities wrote in a note to clients.

Putin said Russia had to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion. President Joe Biden denounced the attack as unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions.

Putin accused them of ignoring Russia's demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees. Washington, Britain, Japan and the EU earlier imposed sanctions on Russian banks, officials and business leaders. Additional options include barring Russia from the global system for bank transactions.

Also Read: Russia-Ukraine Crisis | Europe’s ‘dark day’ becomes nightmare for retail traders

The price for oil on international markets rose to $101.27, while West Texas Intermediate soared $7.65 to $99.75 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to $92.10 on Wednesday. In Asia, the Nikkei 225 in Tokyo fell 1.8% to 25,970.82 and the Hang Seng in Hong Kong lost 3.2% to 22,901.56.

The Shanghai Composite Index shed 1.7% to 3,429.96. Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if Russian supplies are disrupted, forecasters say.

The Kospi in Seoul lost 2.6% to 2,648.80 and Sydney's S&P-ASX 200 fell 3% to 6,990.60. India's Sensex fell 4.7% to 54,529.91. New Zealand lost 3.3% and Southeast Asian markets also fell.

Investors already were uneasy about the possible impact of the Federal Reserve's plans to try to cool inflation by withdrawing ultra-low interest rates and other stimulus that boosted share prices. The dollar weakened to 114.69 yen from Wednesday's 114.98 yen. The euro fell to $1.1168 from $1.1306.

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Sensex Crashes 2,702 Points As Russia Invades Ukraine, Nifty Settles Below 16,250: 10 Points - NDTV Profit

On BSE, the overall market breadth stood weak as 236 shares advanced while 3,155 declined.

New Delhi: The Indian equity indices on Thursday plunged sharply led by sell-off across all sectors amid Russia's attack on Ukraine. Russian forces fired missiles at several cities in Ukraine after its President Vladimir Putin authorised a "special military operation". The benchmark BSE Sensex crashed 2,702 points or 4.72 per cent to close at 54,530; while the broader NSE Nifty moved 815 points or 4.78 per cent lower to settle at 16,248. Both the indexes fell for the seventh straight session, marking their worst run since March 2020.

Here's Your 10-Point Cheatsheet To This Big Story:

1. Investors have lost 13.57 lakh crore in wealth in a sharp plunge on Dalal Street today, with the market capitalisation (m-cap) of BSE-listed companies falling to Rs 242 lakh crore from Wednesday's Rs 255 lakh crore mark.

2. Mid- and small-cap shares finished on a negative note as Nifty Midcap 100 index dived 5.74 per cent and small-cap shares shed 6.25 per cent. India's volatility or fear index (India VIX) rose 30.31 per cent.

3. All of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Nifty PSU Bank and Nifty Auto underperformed the index by falling as much as 8.26 per cent and 6.26 per cent, respectively.

4. On the stock-specific front, Tata Motors was the top Nifty loser as the stock cracked 10.71 per cent to Rs 425.90. IndusInd Bank, UPL, Grasim Industries and JSW Steel were also among the laggards.

5. Also, Indus Towers Ltd plunged as much as 18.54 per cent to Rs 205, after Britain's Vodafone Group Plc said it was looking to sell its entire 28.1 per cent stake in the company.

6. On BSE, the overall market breadth stood weak as 236 shares advanced while 3,155 declined.

7. All Sensex constituents finished with hefty losses, with IndusInd Bank, M&M, Bajaj Finance, Axis Bank, Tech Mahindra and Maruti suffering the most by dropping as much as 7.88 per cent. Meanwhile, Indian rupee tanked 102 paise to close at 75.63 (provisional) against the U.S. dollar.

8. Technical View: "The market witnessed a steep correction after it was not able to sustain an important support level of 16,800. Our research suggests that sustaining above 16,400 will be an important level for the market. If the market is unable to sustain above 16,400, we can expect a correction to continue till the level of 16,000. Technical indicators suggest a volatile movement to continue in the market," said Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Ltd.

9. Global stocks and U.S. bond yields dived, while the dollar, gold and oil prices rocketed higher.

10. Oil prices breached $100 a barrel for the first time since 2014. India is the world's third-largest importer of oil.

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Wall St struggles as Ukraine's state of emergency raises war worries By Reuters - Investing.com

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 26, 2022. REUTERS/Brendan McDermid/File Photo

By Susan Mathew and Devik Jain

(Reuters) -U.S. stocks swung between losses and gains on Wednesday as Ukraine declared emergency amid a sweeping cyberattack on its state websites in fast-changing developments that raised fears of an all-out war with Russia.

After opening higher, five of the 11 major sectors fell in volatile trading, while a 3.3% drop in Tesla (NASDAQ:) dragged the Nasdaq lower. Fifteen of the 30 Dow components were trading in the red.

In the latest signs of a likely Russian military onslaught, Ukraine declared emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy.

Meanwhile, the websites of Ukraine's government, foreign ministry and state security service remained inaccessible in what the government said was the start of another massive denial of service attack that began at around 1400 GMT.

Wall Street's main indexes gave up early gains and the Nasdaq reversed its 1% jump, while energy stocks jumped 0.8% as oil prices recovered. [O/R]

"Today's action is (driven) by Ukraine and reports of cyber attacks," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "It is largely indiscriminate selling, there are more pessimist retail clients."

Meanwhile, a source told Reuters that the Biden administration will sanction company building Russia's Nord Stream 2 gas pipeline.

At 12:24 p.m. ET, the was up 65.05 points, or 0.19%, at 33,661.66, the S&P 500 was up 2.96 points, or 0.07%, at 4,307.72, and the was down 13.44 points, or 0.10%, at 13,368.08.

U.S. stocks have had a turbulent start to 2022 as worsening geopolitical tensions hurt investor sentiment already dented by worries about aggressive policy tightening by the Federal Reserve to combat inflation.

JPMorgan Chase & Co (NYSE:) lost 0.5% and led the losses among big banks, while megacap growth names were mixed with Amazon.com Inc (NASDAQ:) down 1%.

The Nasdaq has tumbled 14% so far this year, while the S&P 500 confirmed a correction in the previous session as 70% of its components slipped more than 10% from their record highs and over 200 stocks lost more than 20% of their value.

A Reuters poll shows the benchmark index rising about 11.5% by end-2022.

Lowe's (NYSE:) Cos Inc added 3.3% after the home improvement chain raised its full-year sales and profit forecasts.

Cadence Design (NASDAQ:) Systems Inc jumped 7.4% as the microchip design software maker forecast higher-than-expected 2022 profit following strong fourth-quarter results.

Advancing issues outnumbered decliners by a 1.13-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.11-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and 23 new lows, while the Nasdaq recorded 20 new highs and 375 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Maruti Suzuki Baleno vs competition | How the facelifted 2022 model fares against peers - Moneycontrol.com

The much-awaited Maruti Suzuki Baleno update has just been launched with prices varying from Rs 6.35 lakh to Rs 9.5 lakh (ex-showroom). The facelifted, 2022 model comes with a smattering of cosmetic changes, along with a few key tech upgrades that have been installed to attract a younger set of buyers. Segment firsts including heads-up display, a 360-degree camera, 6 airbags etc., means the brand has been paying attention to its diminishing bottomline. However, the absence of a CVT gearbox option, mixed with the car’s relatively high price means the Baleno may not be the sure bet it once was. Just how well does it fare against the competition?

The Highlights 

The facelifted 2022 Baleno comes in six variants: Sigma, Delta, Zeta, Zeta (O), Alpha and Alpha (O), powered by a 1.2-litre, four-cylinder petrol engine making 89bhp of peak power and 113 Nm of torque. The engine is standard across all variants. The top-end variants come with six airbags including curtain and side airbags (the Zeta variant gets this too), Heads-up-display, dual-tone alloy wheels and nine-inch touchscreen console, featuring the brand’s in-house SmartPlay Pro infotainment system (as opposed to the 7-inch Smartplay Studio system found on lower variants). Maruti Suzuki has removed the popular CVT gearbox that was earlier found in the Delta, Zeta and Alpha variants, instead opting for a more frugal AMT option. Other variants get a 5-speed manual.

An AMT box, while economical and cheaper to maintain, is sluggish and unrefined, requiring slow throttle inputs in order to function smoothly. Those looking for an automatic option (a growing tribe) will find themselves short-changed given that more sophisticated options can be found among rivals, chief of which being the Hyundai i20.

What’s heartening is that the new Baleno will also offer child seat anchorages, rear parking sensors, brake assist and dual airbags as standard. Design changes include a wider grille, LED DRLs, new tail lamps, new 16-inch alloys and better-cushioned seats. The Baleno can also be owned through Maruti Suzuki Subscribe at an all-inclusive subscription fee of Rs 13,999/month which covers complete registration, service & maintenance, insurance and roadside assistance.

Hyundai i20 Elite (Price range Rs 6.98 - Rs 11.47 lakh)

Pros: Looks, choice of powertrains, features

Cons: Expensive top-end models, entry-level variant not that appealing

Chief among its list of contenders is the formidable Hyundai i20 Elite. Although more expensive in top trim, there’s no taking away the fact that even in base trim the i20 looks more athletic and svelte. Available in three powertrains, starting from a less powerful, 81bhp 1.2-litre petrol unit and going up to a 118bhp, 1.0-litre turbo-petrol variant whose price starts at Rs 8.89 lakh (ex-showroom, undercutting the top-end Baleno) The variant also features a clutchless IMT gearbox which is convenient and frugal while also extracting greater performance.

In terms of safety features however, it loses out with only dual airbags, no child seat anchor points, leather-wrapped steering, rear A/C vents etc. For that, you have to opt for the variants at the top-end, the most expensive of which hits the Rs 11.47 lakh mark. If performance and style are priority, the i20 is the car to go for. If features and fuel economy at a relatively low price are the chief factor, go for the Baleno.

Tata Altroz (Price range: Rs 5.99 lakh - Rs 9.69 lakh)

Pros: Style, safety, price

Cons: No automatic variant yet, infotainment options could be better

Easily the best-looking premium hatchback in the segment, the Altroz also has a certified 5-star Global NCAP safety rating. The Altroz also comes with a more enticing set of powertrains, including a 1.5-litre diesel (much like the i20), a 108 hp 1.2-litre turbo-petrol and an 82bhp 1.2-litre petrol that competes directly with the likes of the Baleno.

Where the Altroz loses out is its lack of an automatic option, lacklustre infotainment system and feature list that doesn’t quite stack up against the 2022 Baleno’s. Its safety rating, however, is the best-in-class and something worth considering while making your next purchase.

Honda Jazz (Price range: Rs 7.81 lakh to Rs 9.95 lakh)

Pros: Safety, reliability, space

Cons: Lackluster infotainment options

The Honda Jazz, which recently secured a 4-star safety rating in the Global NCAP test, has suddenly risen in the esteem of many-a-car buyers. Its trademark Honda reliability levels, excellent passenger and storage space make a strong case for it, while its 1.2-litre petrol engine with 88bhp of power puts it squarely in the Baleno’s league of performance. Its infotainment options may not be as up-to-date as the Baleno’s but the Jazz edge’s ahead due to its safety credentials.

Toyota Glanza (Price Rs 7.7 lakh - Rs 9.66 lakh)

Pros: Continues to offer CVT version (for now)

Cons: Same as the Baleno’s

Last but not the least is the Baleno’s badge-engineered identical twin: the Glanza. Featuring the same powertrain, the Glanza doesn’t quite benefit from Toyota’s famed reliability levels since it is in every sense, a Baleno. In fact, given that it hasn’t been updated with the 2022 model’s feature list, the Glanza falls significantly lower down the pecking order and should be considered only for the CVT option and Toyota badge value.

NOTE: The VW Polo, although still competing in the segment, has been excluded from this list because VW has announced that the Polo’s 12-year run in India will be coming to an end.

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Stock rally fades, oil turns higher on Russia/ Ukraine jitters By Reuters - Investing.com

2/2 © Reuters. FILE PHOTO: Passersby wearing protective face masks walk past a stock quotation board, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan January 25, 2022. REUTERS/Issei Kato 2/2

By Sinéad Carew

NEW YORK (Reuters) -Investors around the world lost their appetite for risk shortly after the U.S. market open on Wednesday with stocks turning lower and oil prices rallying as Ukraine declared a state of emergency and investors worried about a bigger Russian invasion.

Market's have been volatile since President Vladimir Putin's dispatch of troops into separatist regions of Ukraine on Monday and this triggered coordinated sanctions from Western countries on Tuesday with the prospect of more to come if Moscow sought to push further into the country.

Ukraine declared a state of emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy in ominous signs for Ukrainians who fear an all-out Russian military onslaught. Shelling intensified in eastern Ukraine where Putin recognised the independence of two Moscow-backed regions and deployed troops as "peacekeepers".

After rising as much as 0.7% earlier on Wednesday the , a leading gauge of equity markets globally, reversed course after Ukraine announced a cyber attack and declared the state of emergency. It was last down 0.5%.

Meanwhile oil futures prices higher on concerns about supply stemming from heightened fears about Ukraine.

After falling as much as 1%, reversed course and was trading at $97.91, up 1.1%, while West Texas Intermediate was up 1.11% at $92.93 per barrel after earlier falling as much as 1.85%. [O/R]

U.S. Treasuries yields also pared gains sharply and the safe haven U.S. dollar turned slightly higher.

"The situation in the Ukraine has put a darker picture on the markets...bad news which might have been shrugged off earlier is taken much more to heart by investors," said Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

"The market's in a very emotional period where you've come off a few years of outsized gains and people have been worried about whether the music is going to stop."

Treasury yields rose while bond investors monitored the Russia/ Ukraine events and remained concerned about inflation and a potential Federal Reserve policy mistake.

Benchmark 10-year notes last fell 5/32 in price to yield 1.9633%, from 1.948% at Tuesday's close. The 30-year bond last fell 3/32 in price to yield 2.2572%, from 2.253% and the 2-year note last rose 1/32 in price to yield 1.5757%, from 1.587%.

Trading was choppy in currencies with the last up 0.107% and the euro down 0.14% at $1.1309. The Japanese yen strengthened 0.01% at 115.06 per dollar, while Sterling last traded at $1.3549, down 0.24%. [L1N2UY1HI]

The fell 134.54 points, or 0.4%, to 33,462.07, the dropped 28.74 points, or 0.67%, to 4,276.02 and the fell 138.46 points, or 1.03%, to 13,243.05.

After rising as much as 1.17% earlier in the day the pan-European STOXX Europe 600 index was last down 0.27%.

Gold added 0.5% to $1,907.18 an ounce.

Earlier, MSCI's index of Asia-Pacific shares outside Japan rose 0.4%.

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