Shares of Nuvama Wealth Management have dropped 6.5% over two sessions, hit by investor concerns following income tax search operations at the firm’s offices in connection with the Jane Street market manipulation probe. The stock slid as much as 4.1% on Friday to Rs 6,931.75 on the BSE, extending Thursday’s fall, as regulatory heat around … Read more
India’s capital markets may be vulnerable to sophisticated derivatives manipulation because, unlike China, they lack key deterrents that would dissuade high-frequency traders (HFTs) from attempting similar schemes, according to Nilesh Shah, managing director of Kotak Mahindra Mutual Fund. In a sharply-worded opinion piece published in the Financial Express, Shah drew a stark contrast between Indian … Read more
In the wake of market regulator Sebi’s sweeping crackdown on U.S. trading firm Jane Street, billionaire banker and founder of Kotak Mahindra Bank, Uday Kotak, has flagged three key concerns about the structure of India’s stock markets. He cautioned against the rising dominance of money power, the widening gap between single-stock and index derivatives liquidity, … Read more
Shares of BSE slipped over 6% to Rs 2,647.30 in Friday’s trade amid market jitters following SEBI’s action against US-based trading firm Jane Street, which has been barred from Indian markets for alleged manipulation in equity derivatives. In a 105-page interim order, SEBI accused Jane Street and its affiliates of using high-frequency trading strategies to … Read more