India's market regulator Sebi has fined the NSE £100,000 and two of its former MDs - Ravi Narain and Chitra Ramakrishna - Rs 25,00,000 each for omissions and commissions in the now infamous colocation (co-lo) scam. This scam had taken place at the bourse between 2012 and 2014. The Sebi fined the three for their roles in the scam, which favoured some select stock brokers to get the NSE’s trading data ahead of others, and profited from it. The NSE, Narain and Ramakrishna have to pay the fine within 45 days from the date of the Sebi order. In April 2019, Sebi had ordered the NSE to disgorge £62.5 million as a penalty, the fund being the exchange’s profit from co-lo services. Through this service, the NSE had allowed brokers to place their trading servers close to the stock exchange’s main server.
India a full 4G market now: Nokia report
3G is passe and India is now a full 4G market with 99% of the 700 million mobile internet subscribers using the high-speed network for going online. According to the Mobile Broadband India Traffic Index 2021 report of Nokia, there was negligible 4G in the country in 2014, while in 2015 it became 40%, similar to that of 3G as the faster network started to roll out. However, the real impetus came after Jio rolled out its 4G-only network
Tesla to set up EV plant in Karnataka
Electric car giant Tesla will set up its first manufacturing unit in Karnataka, the state’s chief minister B S Yediyurappa said. The company owned by Elon Musk had registered in the name of Tesla India Motors and Energy at an address on Lavelle Road in Bengaluru. The registration was done on January 8. Tesla is known to be doing R&D in association with at least one of the auto engineering companies in Bengaluru. Industry department officials said there is no concrete development yet on the manufacturing unit.
CEO of Tata Starbucks to step down
Tata Starbucks is seeing leadership changes with current CEO Navin Gurnaney deciding to step down. Gurnaney’s role will be handed over to Sushant Dash, president of Tata Consumer Products’ beverages portfolio. Tata Consumer owns 50% of Tata Starbucks with the remaining held by US partner Starbucks. Gurnaney has decided to part ways in less than two and a half years of taking over as chief executive of Tata Starbucks. Dash will take charge as Tata Starbucks CEO in May. Interestingly, in 2012, he was part of the strategy and marketing team that opened the first Tata Starbucks outlet in India
Sun Pharma, directors pay £300,000 to settle Sebi matter
Sun Pharma, its promoter Dilip Shanghvi and six board members of the company together paid nearly £290,000 to Sebi to settle charges of non-disclosure of related party transactions. Shanghvi paid Rs 62,00,000, while Sun Pharma paid Rs 56,00,000 and the board members together paid the remaining £170,000, to settle the matter without admitting or denying any charges. In 2017, there were two whistleblower complaints against Sun Pharma and some of its directors that the company was siphoning money through a company named Aditya Medisales.
