Stocks
SEBI allows one waiver to exchanges for client code modification

Stock exchanges have also been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived

 

Market regulator Securities and Exchange Board of India (SEBI) has allowed stock exchanges to waive penalty for modification of client code of non-institutional trades where a broker is able to produce evidence establishing that the modification was due to a genuine error.

 

In a circular issued late on Tuesday, SEBI said exchanges may give only one waiver per quarter for modification in a client code.

 

That is, if a waiver has already been given for client code modification from client code AB to client code BA, no more penalty waivers shall be allowed to the broker during the quarter for modifications related to client codes AB and BA.

 

However, proprietary trades (trades on the broker’s own account) would not be allowed to be modified as client trade and vice-versa, SEBI said.

 

Exchanges have been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived. Exchanges have also been asked to take strict disciplinary action against brokers who frequently modify client codes.

 

Stock exchanges and clearing corporations have been directed to amend bylaws, inform brokers/ clearing members, disseminate the information on their Web sites, besides communicating the implementation status to SEBI.

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CBI arrests Railway Board official for accepting Rs5 lakh bribe

The alleged bribe of Rs5 lakh was paid to the Railway Board official through Hawala channel to facilitate running of special trains and additional coaches for tourist purposes

 

The Central Bureau of Investigation (CBI) on Wednesday arrested Ravi Mohan Sharma, an official from the Railway Board for allegedly receiving a bribe of Rs5 lakh from a Mumbai-based tour operator for adding coaches in trains for tourist purposes.

 

Sharma, an Indian Railway Traffic service officer of 1997 batch was arrested at his residence in New Delhi while allegedly receiving a bribe of Rs5 lakh from a tour operator.

 

The sources said the bribe was allegedly paid by the Mumbai-based operator through hawala channel.

 

They said the alleged bribe was paid to facilitate the running of special trains and additional coaches for tourist purposes.

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HDFC Q2 net profit up 8.8% to Rs2,064 crore

HDFC said during the September quarter, its loan book rose by 14.6% to Rs2.12 lakh crore, as compared to Rs1.85 lakh crore same period last year

 

Housing mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Wednesday said its second quarter net profit rose on higher revenues.

 

For the quarter to end-September, HDFC said its net profit rose to Rs2,064.4 crore from Rs1,891.2 crore, while its total revenues, including interest income, increased to Rs11,644.1 crore from Rs9,982.7 crore, same period last year.

 

On a standalone basis, the home loan provider said its net profit increased 7.2% to Rs1,357.6 crore from Rs1,266.3 crore and total revenues rose to Rs6,670.7 crore from Rs5,954 crore, a year ago period.

 

HDFC said during the September quarter its, loan book rose by 14.6% to Rs2.12 lakh crore, as compared to Rs1.85 lakh crore reported in the corresponding quarter of last fiscal.

 

HDFC closed Wednesday marginally up at Rs1,030 on the BSE, while the 30-share Sensex ended the day 211 points up at 26,787.

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