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Mumbai, The <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) has imposed a penalty of ₹25 crore and ₹15 crore respectively on <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) and its Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> for <keyword id="4916480" type="PERSON" weightage="20" keywordseo="manipulative-trading">manipulative trading</keyword>. The <keyword id="529056" type="PERSON" weightage="20" keywordseo="Sebi-order">SEBI order</keyword> observed that RIL had entered into a well-planned operation with its agents to corner the open interest in the RPL (Reliance Petroleum) futures and to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day resulting in a fall in the settlement price. The case pertains to 2007. It also observed that Mukesh Ambani being the Chairman &amp; Managing Director of RIL, was responsible for its day-to-day affairs and thereby, liable for the "manipulative trading" done by RIL. The order noted that <keyword id="656309" type="PERSON" weightage="20" keywordseo="Navi-Mumbai-SEZ">Navi Mumbai SEZ</keyword> Pvt Ltd and Mumbai SEZ Ltd have allegedly aided and abetted RIL by providing funds to one of the agents appointed by RIL, who in turn provided funds to other 11 agents for making the margin payments for the short positions in RPL November Futures. The capital market regulator imposed penalties of ₹20 crore and ₹10 crore on Navi Mumbai SEZ and Mumbai SEZ respectively. As per SEBI, it was observed that a resolution was passed by the <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> of on March 29, 2007 which approved the operating plan for the year 2007-08 and resource requirements of the next two years -- around Rs. 87,000 crore. Thereafter, RIL decided to sell approximately 5 per cnet of its shareholding in RPL (up to 22.5 crore RPL shares) in November 2007. Subsequently, RIL admittedly appointed 12 agents, between October 30, 2007 to November 3, 2007, to undertake transactions in the November 2007 RPL Futures (settlement period November 1- November 29, 2007) on its behalf. The said 12 agents appointed by RIL took short positions in the F&amp;O Segment on behalf of RIL, while RIL undertook transactions in RPL shares in the cash segment. During the period of November 1, 2007 to November 29, 2007, various transactions were undertaken by RIL in the cash segment and by RIL through the agents in the F&amp;O segment. From November 15, 2007 onwards, RIL's short position in the F&amp;O segment constantly exceeded the proposed sale of shares in the cash segment. Further, the probe showed that on November 29 2007, RIL sold a total of 2.25 crore shares in the cash segment during the last 10 minutes of trading resulting in fall in the prices of RPL shares, which also lowered the settlement price of RPL November Futures in the F&amp;O Segment. RIL's entire outstanding position of 7.97 crores in the F&amp;O Segment was cash settled at this depressed settlement price resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement, said the order dated January 1. SEBI noted that an order noted dated March 24, 2017 had directed RIL to disgorge an amount of ₹447.27 crore along with interest calculated at the rate of 12% per annum from November 29, 2007 onwards till the date of payment. Further, RIL was prohibited from dealing in equity derivatives in the F&amp;O segment of stock exchanges, directly or indirectly, for a period of one year from the date of the said Order. "I find it appropriate to consider the direction in the nature of debarment and the disgorgement that has already been passed against RIL herein as a relevant factor while deciding the quantum of penalty," it said. "I have also considered the quantum of loans advanced by Noticee-3 (Navi Mumbai SEZ) and Noticee-4 (Mumb ai SEZ) to the agent appointed by RIL. Considering the above, I proceed to impose an appropriate penalty on each of the noticee that serves as a deterrent to the noticees and others indulging in such fraudulent trade practices." SEE ALSO: <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a> <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a>

SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

According to JLL India, <keyword id="6354552" type="COMPANY" weightage="80" keywordseo="hyderabad">Hyderabad</keyword>, <keyword id="2094" type="COMPANY" weightage="80" keywordseo="Pune">Pune</keyword>, <keyword id="57321" type="PERSON" weightage="80" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>, and Ahmedabad are among the 10 affordable <keyword id="6354516" type="ORGANIZATION" weightage="80" keywordseo="property">property</keyword> markets in the country where flats are available within the budget of Rs 30-50 lakh. 
 
The other six cities are Kochi (Kerala), Ghaziabad(Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), Surat (Gujarat) and Coimbatore in Tamil Nadu. 
 In its latest report, property consultant JLL India has listed 10 cities that offer great lower-budget <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> investment prospects over medium to long term. 
 
"These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns," JLL India Chairman and Country Head Anuj Puri said. 
 
On Hyderabad, Puri said it is perhaps one of the most it is perhaps one of the most affordable cities among all tier 1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs 30-50 lakh. 
 The report mentioned that Hyderabad's <keyword id="46631" type="UNKNOWN" weightage="80" keywordseo="Realty-market">realty market</keyword> is now set for an upswing after a prolonged slump due to the global recession followed by political turmoil. 
 
About Pune, JLL said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small 1-2 BHK flats with basic, no-frills amenities. 
 "While <keyword id="35507" type="UNKNOWN" weightage="80" keywordseo="property-prices">property prices</keyword> have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs 30-50 lakh," Puri said. 
 
The proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments. 
 
On Ghaziabad, JLL said that the city is an emerging residential neighbourhood of NCR which has a very high supply of flats in the budget of Rs 30-50 lakh. 
 
"Well connected via metro and roads to the job markets of Delhi-NCR region, the city caters largely to the mid-segment home buyers. The city has a high supply of ready-to-move-in properties offered by renowned developers," the report sad. 
 
Infrastructural developments such as extension of the Metro Rail and widening of the NH 24 will further boost Ghaziabad's realty market, it added. 
 
On Kochi, JLL said: "Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city." 
 
Image credit: Indiatimes

Pune, Hyderabad, Navi Mumbai and Ahmedabad among 10 affordable property markets in India

<ul><li>At 7:45 am, the SGX Nifty was up 1.12%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a><a href="https://www.businessinsider.in/"></a></li></ul>Indian stock-market indices are likely to start higher on Monday, led by positive cues from the Asian markets. Most global markets were shut on January 1 and began trading for the first time in 2021. At 7:45 am, the SGX Nifty was up 1.12%, indicating a green start for Nifty50. Other Asian peers were trading in the positive territory as well — the SSE Composite Index was up 0.19%, and the Hang Seng Index was up 0.54%. These are the <keyword id="1044313" type="PERSON" weightage="20" keywordseo="Stocks-to-watch-out-for">stocks to watch out for</keyword> during the trading session today: RIL Market regulator <a href="https://www.businessinsider.in/business/news/sebi-imposes-penalty-on-mukesh-ambani-and-reliance-industries-for-manipulative-trading/articleshow/80071715.cms" data-type="tilCustomLink">SEBI has imposed penalties on Reliance Industries</a> chairman Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum (RPL) back in November 2007. Fines of ₹25 crore and ₹15 crore have been imposed on Reliance Industries (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of ₹20 crore, and Mumbai SEZ has been directed to pay ₹10 crore. <keyword id="6398500" type="ORGANIZATION" weightage="20" keywordseo="beml">BEML</keyword> On Sunday, the government invited preliminary bids for strategic sale of 26% stake and transfer of management control in defence PSU BEML. A 26% sale could fetch about ₹1,000 crore to the exchequer at the current market price. Rashtriya Chemicals &amp; Fertilisers The government plans to sell a 10% stake in Rashtriya Chemical and Fertilizers (RCFL) and invited bids from merchant bankers and legal firms to manage the share sale process. The government holds a 75% stake in RCFL and intends to disinvest 10% of the paid-up equity capital through an offer for sale (OFS). HCL Tech, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, TCS and other IT stocks HCL Tech, Infosys, Tech Mahindra, TCS, and other IT stocks will focus on trade today. <a href="https://www.business-standard.com/article/companies/trump-extends-freeze-on-h-1b-visas-green-cards-it-companies-to-take-hit-121010101134_1.html" data-type="tilCustomLink">US President Donald Trump has extended the freeze</a> on the most sought-after H-1B visas by Indian IT professionals, along with other types of foreign work visas and green cards through March 31 to protect American workers, saying that the reasons for which he had imposed such restrictions amidst the pandemic have not changed. Trump ordered the freeze on various categories of work visas through two proclamations on April 22 and June 22 last year. Tata Motors Tata Motors on Friday reported a 21% increase in total vehicle sales in the domestic market to 53,430 units in December. The company said its PV business has been witnessing the strong response to its 'New Forever' range, which is being supported by a continuous ramp-up of supplies. Hero MotoCorp On Friday, the country's largest two-wheeler maker Hero MotoCorp reported a 5.02% increase in total sales at 4,47,335 units in December. The company said it further consolidated its market leadership by clocking its best-ever third quarter, with 18.45 lakh units sold during the October-December period. <keyword id="62356" type="COMPANY" weightage="20" keywordseo="TVS">TVS</keyword> Motor Company TVS Motor reported a 17.5% increase in total sales to 2,72,084 units in December. The company said its total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period. Edelweiss Financial Services Edelweiss Financial Services (EFSL) has decided to close its public issue of secured redeemable non-convertible debentures (NCDs) on January 4 against the scheduled close of January 15. The company said its debenture fundraising committee decided to exercise early closure and close the issue on January 4. Adani Gas The name of Adani Gas has now changed to Adani Total Gas from January 1. Adani Total Gas is a joint venture company of Adani Group and Total of France. SEE ALSO: <a href="https://www.businessinsider.in/india/news/aidan-asks-dcgi-to-withdraw-approval-for-bharat-biotechs-covaxin/articleshow/80078041.cms">A drug activists' group says it is 'baffled' by the approval given to Bharat Biotech's Covaxin</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-crosses-30000-for-the-first-time-as-it-charges-into-2021/articleshow/80078034.cms">Bitcoin crosses $30,000 for the first time as it charges into 2021</a>

Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others

<ul><li>This March, RIL and Reliance Communications (RCom) terminated the sale agreement by mutual consent after Department of Telecommunications (DoT) refused to clear the sale </li><li>The lenders of RCom too wanted the new buyer to take some of the debt off the books, which was at ₹46,000 crore. </li><li>RCom is sitting on valuable assets like 43,000 telecom towers and 4G spectrum, apart from real estate. </li></ul> Mukesh Ambani’s Reliance Industries might revive its plans to purchase the assets of bankrupt Reliance Communications which belongs to his brother, Anil Ambani,<a href="https://www.businesstoday.in/top-story/mukesh-ambani-reliance-industries-may-bid-for-anil-rcomm-in-bankruptcy/story/364881.html"> according to reports</a>. This March, Reliance Industries had to go back on its plans to buy Reliance Communications due to the many legal and other hurdles created by the by Telecom Ministry and the younger Ambani's lenders. Both the parties terminated the sale agreement by mutual consent after Department of Telecommunications (DoT) refused to clear the sale as they still owed them payments. The lenders of RCom too wanted the new buyer to take some of the debt off the books, which was at ₹46,000 crore. However, the buyer was not too keen on taking it on, leading to differences. Now that RCom is in bankruptcy court, the situation might have a buyer’s advantage. For Mukesh Ambani’s Jio, which started operations on 2016, RCom’s assets will come in handy. Not only is Jio planning to gain as much as half the share of the country’s telecom usage, it is also<a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-speeds-up-its-broadband-plan/articleshow/70139677.cms"> building a massive</a> fibre-to-home infrastructure and cater to the data needs of 75 million homes. Jio is also <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-may-go-public-next-year-as-debt-for-discounts-starts-to-bite-and-5g-era-beckons/articleshow/69885410.cms">raising capital </a>and taking debt off its books by bringing in investors into investment trusts (INVITs), which might provide it with the headroom for an acquisition. This is expected to bring in as much as ₹20,000 crore, as <a href="https://www.livemint.com/companies/news/ril-to-infuse-another-20-000-crore-into-jio-1560880046085.html">per reports</a>. Even as RCom shut shop, it is sitting on valuable telecom assets. For one, it has 43,000 telecom towers and 4G spectrum (airwaves) in the 850 MHz band, apart from wireless infrastructure, cable, switching nodes and much more. RCom is also sitting on real estate in the prized Navi Mumbai SEZ area, which was acquired by the father, Dhirubhai Ambani himself. In Anil Ambani’s words, the land assets at Dhirubhai Ambani Knowledge Centre (DAKC) are valued at over ₹26,000 crore, said the Business Today report. RCom has been on Mukesh’s radar for a long time, as it is said that he had envisioned the group’s entry into the telecom sector, and laid the groundwork. However, when the group split in 2004, RCom went into Anil’s kitty.RC Gradually, as RCom shifted technology from CDMA to GSM, it had made investments to expand and shift gears. By then, new competition had come in the form of Tata Docomo that took pricing power away, throwing it into trouble. The rest of the damage was done by evolving technologies which RCom could not keep up with, or even sell assets like it wanted to. All in all, RCom almost took the promoter Anil Ambani to jail. Supreme Court had ordered him to pay dues to the tune of ₹460 crore to Ericsson its vendor or go to jail. Mukesh had to step in and make the payment last minute to save him. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a> <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-may-go-public-next-year-as-debt-for-discounts-starts-to-bite-and-5g-era-beckons/articleshow/69885410.cms">Mukesh Ambani’s Reliance Jio may go public next year as debt for discounts starts to bite and 5G era beckons</a>

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SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

IANS

Pune, Hyderabad, Navi Mumbai and Ahmedabad among 10 affordable property markets in India

BI India Bureau

Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others

Navdeep Yadav

Mukesh Ambani may now have a reason to buy Anil Ambani's bankrupt RCom, say reports

Katya Naidu

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