Govt appoints Ashwani as MD of UCO Bank
New Delhi: The Government on Wednesday appointed Ashwani Kumar as managing director of UCO Bank in place of Soma Sankara Prasad whose terms comes to an end. Kumar is currently an executive director of Indian Bank and prior to this, he served as Chief General Manager of Punjab National Bank.The central government appoints Ashwani Kumar as managing director and chief executive officer in UCO Bank for a period of three years, the Finance Ministry said in a notification.
Sebi cancels registration of Karvy Stock Broking
New Delhi: Capital markets regulator Sebi on Wednesday cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients’ funds and securities. Cancelling the registration, Sebi said that Karvy was involved in transferring of funds from clients’ accounts to own accounts. Such funds were, in turn transferred to the group companies of the brokerage house. Further, it raised funds by pledging clients’ securities.
sebi proposes mandating enhanced dislosures
New Delhi: To bring greater transparency in the Indian capital markets, Sebi on Wednesday came out with a proposal mandating enhanced disclosures from high-risk Foreign Portfolio Investors (FPIs) that have concentrated holding in a single company or a group firm. These proposals are aimed at preventing possible circumvention of minimum public shareholding (MPS) requirements and potential misuse of the FPI route to guard against the inherent risks of opportunistic takeover of Indian companies, Sebi said in its consultation paper.
Deloitte flags Adani Port transactions
New Delhi: Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone. In the auditors’ report on the audit of the fourth quarter and 2022-23 financials, Deloitte Haskins & Sells LLP highlighted transactions with three entities, which the company said were unrelated parties.