Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The Securities Exchange Board of India and the Bombay Stock Exchange is looking for further clarification from Infosys. </li><li>Nandan Nilekani's statement filed with the Securities Exchange Commission (SEC) does not include any disclosures as per Regulation 30. </li><li>Infosys is also under threat of class action lawsuits from US law firms. </li></ul>Infosys filed a statement with the Securities Exchange Commission (SEC) yesterday too soothe its investors. But the Indian regulatory authorities aren't satisfied. The Securities Exchange Board of India (SEBI) and the Bombay Stock Exchange (BSE) are looking for further clarification. "Infosys vide an announcement date October 22, 2019, titled "Statement", submitted statement attributable to Nandan Nilekani, Chairman of Infosys, wherein it is mentioned that Infosys had received whistleblower complaints," said SEBI in a statement. "However, it is observed that Infosys Ltd has not made any disclosures under <a href="https://www.corporate-cases.com/2016/10/regulation-30-of-sebi-lodr-disclosure-of-events-or-information.html">Regulation 30</a> of SEBI (LODR) Regulations, 2015, w.r.t. receipt of whistleblower complaint mentioned in the announcement," it added. While the news of whistleblower complaints became public, day before yesterday on 21 October 2019, these complaints had been filed on September 30. The regulators believe that they should have been notified of such stock sensitive information beforehand. It does not help Infosys' case in this matter that a <a href="https://www.businessinsider.in/stock-market/markets/news/infosys-share-price-signs-of-insider-trading-before-the-complaint-against-ceo-salil-parekh/articleshow/71698615.cms">large bet on a possible </a>fall of stock price as early as October 18. As many as 1.8 million shares were involved in the put option in the futures and options market, which is basically when investors make bets that either a stock would gain or lose in the future. The timing of this put option is so close to the news break, is suspicious. As investors lose billions yesterday, this individual or group could have made million using the insider information which Infosys had failed to disclose in a timely manner. A little better but a little worse Yesterday, Infosys saw its value crash by ₹53,000 crore— its largest ever cap erosion in a single day — closing 16.21% lower at ₹643.30 on BSE. But, the Indian tech giant managed to erase early losses on Wednesday and is currently trading 1.18% up at ₹ 651.15 per share. In addition to addressing the whistleblower complaint, Infosys is also under threat of a class action with two US law firms looking to file a class action lawsuit against the company. Infosys has been in hot water since Monday with a group of whistleblowers accusing the company's CEO and CFO of <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">concealing information</a> from the board.

Infosys will have to answer tough questions from market regulators — like a suspicious bearish bet

<ul><li>The IT services major declared a dividend of ₹9.5 a share. </li><li>The number of $10 million-plus clients went up by 2 and the number of million-dollar clients rose by 13.</li><li>The company has suspended guidance for the coming quarter.</li></ul>Indian IT services major Infosys saw a dip in its revenue growth by 0.8% in constant currency terms in the latest fourth quarter. For the full year, net profit up 8% at ₹16,639 crore; revenue rises 9.8% to ₹90,791 crore. However, quarter-on-quarter net profits fell by 2.9% and margins dipped by 0.7% Infosys <a href="https://www.businessinsider.in/stock-market/markets/news/coronavirus-crisis-has-made-infosys-tcs-and-hcl-tech-stocks-so-cheap-this-may-be-the-time-buy-but-hold-for-at-least-a-year/articleshow/74909945.cms">shares</a> jumped by nearly 5% ahead of its earnings announcement today. The Board recommended a final dividend of ₹9.50 per equity share for the financial year ended March 31, 2020. <div type="image" title="Infosys share price (3)" msid="75252655" hostid="261" caption="&amp;lt;p&amp;gt;Infosys share price over the past month&amp;lt;/p&amp;gt;"></div> The number of $10 million-plus clients went up by 2 and the number of million-dollar clients rose by 13. The company signed $9 billion worth of large deals in the last 12 months. “We don’t know if this crisis will last a couple of quarters or more,” CEO Salil Parekh said. But he struck a confident note while adding that the crisis will push more clients to look for the adoption of technology to reduce costs and for digital transformation. Digital business was 42% of the total revenue at the end of March 2020. “Manufacturing sectors have been impacted in a big way, media and entertainment will also struggle. There may be a delay in 5G rollout,” Chief Operating Officer Pravin Rao said. A weaker rupee added 2% to the profit margin, revealed Chief Financial Officer Nilanjan Roy. The Indian currency has weakened further since and it is good for the company, which earns more than 90% of its revenue in foreign currencies like dollars and euros. <div type="image" title="infy segmetns" msid="75252564" hostid="261" caption="&amp;lt;p&amp;gt;Infosys revenues by business segments in Q4FY20&amp;lt;/p&amp;gt;"></div> “We have provided all the information that SEBI has requested. There is nothing else we need to provide at this stage to SEBI,” Parekh said addressing a question on the probe into the whistleblower allegations. Infosys employees working from home Around 93% of the Infosys’ employees at working from home. In view of the Coronavirus pandemic, the company has decided to not give out any promotions or increments this year. It also clarified that it won’t be firing anyone or ask anyone take furlough. Before Infosys, its competitors Tata Consultancy Services (<a href="https://www.businessinsider.in/business/corporates/news/tcs-earnings-q4-2020-profits-margins-and-revenue/articleshow/75182689.cms">TCS</a>) and Wipro have already indicated big changes in the works due to the impact of COVID-19. While <a href="https://www.businessinsider.in/business/corporates/news/wipros-hiring-will-be-slower-in-the-coming-months-and-current-employees-may-be-asked-to-go-on-leave-without-pay/articleshow/75173292.cms">Wipro</a> hasn’t ruled out lay-offs or furloughs, TCS plans to honour its offers to freshers and shift to the 25/25 operating model. The 25/25 model basically is an indication that <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">work from home is here to stay</a> with the company planning to reduce the in-office time of its employees to 25% by 2025. It’s going to get worse before it gets better Like <a href="https://www.businessinsider.in/business/corporates/news/wipro-takes-14-16-million-covid-19-hit-in-q4-skipping-guidance-and-increments/articleshow/75159717.cms">Wipro</a>, Infosys suspended giving a guidance for the coming quarter. TCS, who normally does not issue guidance, was upfront about the fact that the next two quarters are probably going to see a downturn before things pick up in the third and fourth quarters of 2021 to level at par with the respective quarters in 2020. See also: <a href="https://www.businessinsider.in/business/corporates/news/wipro-takes-14-16-million-covid-19-hit-in-q4-skipping-guidance-and-increments/articleshow/75159717.cms">Wipro takes $14-16 million Covid-19 hit in Q4 skipping guidance and increments</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">TCS CEO says the business model is 20 years old and it's time to go employee-lite</a> <a href="https://www.businessinsider.in/stock-market/markets/news/coronavirus-crisis-has-made-infosys-tcs-and-hcl-tech-stocks-so-cheap-this-may-be-the-time-buy-but-hold-for-at-least-a-year/articleshow/74909945.cms">Coronavirus crisis has made Infosys, TCS, and HCL Tech stocks so cheap, this may be the time buy — but hold for at least a year</a>

Infosys’ revenue, profit and margin in the red as Coronavirus sweeps over the global economy

Mumbai, Nov 20 () Sebi Chairman Ajay Tyagi on Wednesday said the regulator has always adopted a prudent and discussion-based approach on all issues but it "perhaps needs to be more muscular" to build trust among whistleblowers to reach out to it.
 The remarks come in the wake of a whistleblower approaching US watchdog SEC with a complaint against IT major Infosys instead of Sebi. Infosys is also listed in the US.
 "Our approach has to be prudent, to have discussions with the market participants on each issue. I don't want to boast, but we will go through with consultative process on intermediaries, on market participants and we will follow the process as to what needs to be done," he said.
 Speaking to reporters after Sebi's board meeting here, Tyagi also said that last year, there have been events where any regulator would have looked into issues very seriously and lapses that needed to be corrected. "We don't have to be muscular....or anything," he remarked to a query about perception that Sebi is muscular.
 To a question about a recent instance of a whistleblower approaching the regulator of another country with a complaint, Tyagi said there is no answer but that might be contradicting the view that Sebi is very muscular.
 "Why would anyone approach other regulator? I have no answer to that, but perhaps that is contradicting your view that Sebi is very muscular. Perhaps, Sebi needs to be more muscular to have the trust built in those people that they should in fact make a reference to Sebi," he noted.
 Sebi is looking into the whistleblower complaint of alleged lapses at Infosys.
 According to Tyagi, the regulator has taken a lot of steps to expedite cases.
 "We have four members, 12 sanctioned posts of CGMs (Chief General Managers) as adjudicating officers and we take this quasi judicial work really seriously. There have been delays in the past, but if you see the disposals in the last one-and-half to two years, that has definitely improved from earlier years," he said. AA RAM RAM ANU
ANU

Perhaps, Sebi needs to be more muscular, says Chairman Ajay Tyagi

<keyword id="6448574" type="PERSON" weightage="20" keywordseo="n-r-narayana-murthy">N R Narayana Murthy</keyword>, the co-founder of software giant <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> who chairs a Sebi panel on alternate investment policy advisory, on Tuesday pitched for pension funds and banks to invest money in Indian startups. Speaking at the annual Tiecon event, Murthy said a bulk of the money which gets invested as risk capital in the upcoming companies is from abroad and there is a need for domestic money to play an important role in this. At the same event, Murthy's former colleague at Infosys T V <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword>, who is now associated with Ispirit, an advocacy group for startups, said only a tenth of the USD 60 billion invested into Indian startups since 2014 has come from domestic investors. Pai warned that "we risk the prospect of turning into a digital colony" by 2025, seeking to draw parallels with imperialism.
 He said there will be 1 lakh startups in India with a collective valuation of over USD 500 billion by 2025. There will be at least 100 unicorns among them and over 65 of them will be majorly owned by foreign investors.
 "This is one of the most important issues that we have been discussing (at the Sebi panel). That is, what are the policy changes that are required to make sure that there is more of Indian and domestic money coming into the startup sector because today it is by and large from abroad," Murthy said.
 "To do that, pension funds must be allowed, corporations must be allowed, banks must be allowed," he added.
 Pai sounded more disappointed with Indian billionaires who are willing to invest in real estate and even bank deposits, but have a tendency to overlook the startup sector.
 In an apparent reference to the spate of frauds, Pai said the billionaires also tend to pass the risk on money invested to banks.
 He said the biggest letdown has been from financiers in Mumbai, and asked startup entrepreneurs to educate such professionals on the need of the hour. 
 Pai said why Indian pension funds or insurance companies cannot invest, questioning how companies in the same sector from abroad are coming in and taking interests here.
 Meanwhile, Murthy also clarified on a recent controversy over cutting short his speech at an event where he shared stage with American e-commerce giant Amazon's chief executive <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>. He said Bezos had come on time to the venue, but the "indisciplined" crowd at the venue in New Delhi mobbed the entry gates which resulted in the delayed start for the event.
 Bezos was very understanding and smiled at the act of cutting short the speech, Murthy said, adding that this is so because the visiting honcho is himself a disciplinarian. See also: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms?src=hp_ts">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-what-can-finance-minister-nirmala-sitharaman-do/articleshow/73691622.cms?src=hp_wh">Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity</a>

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

Beleaguered small private bank <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) on Thursday said it has received an indicative non-binding offer from <keyword id="9565204" type="COMPANY" weightage="20" keywordseo="clix-group">Clix Group</keyword>. The bank had earlier said it was in talks for amalgamation with Clix Group, that comprises <keyword id="9409895" type="COMPANY" weightage="20" keywordseo="clix-capital-services">Clix Capital Services</keyword> Private Ltd, Clix Finance India Private Ltd and Clix Housing Finance Private Ltd. In a regulatory filing, the LVB said it has received an indicative non-binding offer from Clix Group but did not share any other details about the offer. In a regulatory filing on September 15, the company said that the mutual due diligence with Clix Capital is "substantially complete", and the parties are in discussions on the next steps. At the recent annual general meeting of the LVB, the shareholders had voted out seven directors, including the promoter and Managing Director and CEO, and the bank is now run by a three-member Committee of Directors. On Wednesday, the LVB said credit rating agency Brickwork Ratings India Pvt Ltd, has downgraded the rating from "BWR BB+" (Credit Watch with Developing Implications) to "BWR B+" (Credit Watch with Negative Implications) for its Unsecured Redeemable Non-Convertible Subordinated Lower Tier II Bonds-Series VII (Option B) of Rs 50.50 crore. Meanwhile, shareholder of the bank R. Subramanian has moved the Madras High Court to direct the Central government, the Reserve Bank of India and the Securities and Exchange Board of India to suspend the LVB's board and appoint an administrator. Subramanian contended that the mismanagement has resulted in gross non-performing assets (NPA) leaping from 2.67 per cent in 2017 to 15.30 per cent in 2019 and stretching to 25.39 per cent in March 2020. He said Religare Finvest Ltd had deposited Rs 400 crore on November 11, 2016 and Rs 350 crore on January 5, 2017 with the LVB, and the bank extended loans of approximately Rs 720 crore to ARHC Holdings and its subsidiary Ranchem against the said deposits without any documents of consent of the depositor company. He said the LVB neither obtained any documents nor consent from the depositor Religare Finvest to stand as surety. Subsequently, the LVB illegally adjusted deposit proceeds to loan accounts and the same was questioned by Religare Finvest which issued legal notice alleging the said appropriation of deposit proceeds to said loan accounts. The bank also violated SEBI regulations by not reporting this material development to the stock exchanges, he said. It has to be seen how Clix Group has looked at this issue while making its indicative non-binding offer to LVB. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/indias-defence-ministry-removes-three-years-worth-of-monthly-reports-from-website/articleshow/78552916.cms">India’s Defence Ministry removes three-years worth of monthly reports from website</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-acquire-us-based-data-analytics-company-for-125-million-deal-expected-to-close-in-third-quarter/articleshow/78551010.cms">Infosys to acquire US-based data analytics company for $125 million — deal expected to close in third quarter</a> <a href="https://www.businessinsider.in/defense/news/iaf-displays-its-might-with-rafale-apache-tejas-and-others-during-the-annual-air-force-day-airshow/slidelist/78549506.cms">IN PICS: IAF displays its might with Rafale, Apache, Tejas, and others during the annual Air Force Day airshow</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-and-wipro-lead-rally-in-it-stocks-after-tcs-ceo-announces-multi-year-technology-transformation-cycle-in-the-works/articleshow/78547893.cms">TCS and Wipro lead rally in IT stocks after TCS CEO announces multi-year 'technology transformation' cycle in the works</a>

Troubled Lakshmi Vilas Bank receives indicative non-binding offer from Clix Group

New Delhi, Dec 8 () With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector.
The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates.
"There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner.
The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures.
In recent times, there has been a spate of actions against auditors, including against PwC in the Satyam case and against Deloitte and BSR in the IL&amp;FS matter.
The Supreme Court recently stayed an order by the Securities Appellate Tribunal, which held that Sebi lacked powers to bar auditors, after the capital markets regulator contested a SAT ruling that had quashed a two-year ban on PwC in connection with the Rs 7,800-crore Satyam scam.
In the IL&amp;FS case, the NCLT had launched proceedings against the company's erstwhile auditors but the Bombay High Court later granted a stay. Besides, some auditors were recently arrested by the Economic Offences Wing of the Mumbai Police in the NSEL matter, though they were released subsequently on bail.
Some auditors, including in the case of IL&amp;FS matter, have also come under the scanner of the Serious Fraud Investigation Office (SFIO), while National Financial Reporting Authority (NFRA) is looking into alleged accounting lapses at Infosys.
The regulatory and government officials have often pointed out that auditors are supposed to be the conscience-keepers of a company and it is their duty to ring the alarm bells even at the slightest hint of a financial wrongdoing.
Within the auditor community, there is a growing feeling that the globalised businesses of the clients they serve call for the latest audit techniques and processes and their absence can be seen as a major obstacle in delivering on the audit mandate.
A robust IT infrastructure is the another biggest gap area that the domestic audit firms are looking to address through global tie-ups.
"Lack of a strong technology infrastructure has been an area of concern for Indian audit firms in carrying out audit for their clients. An effective IT infrastructure at the auditor's end calls for a substantial investment and a global tie-up or getting associated with a multinational network can help significantly on that front," said an audit committee head at a Nifty-50 company.
At the same time, the prevailing macro-economic environment is creating multiple challenges for the industry, while a negative narrative that has got built around the audit profession is making the things worse, experts said.
Vijay Gupta, ex-central council member of the ICAI, said, "Global tie-ups provide local audit firms access to better processes and practices already undertaken by the global partner, thereby building a much-needed bandwidth to serve the clients".
He cited the resource constraints faced by local firms as crucial for pushing them towards global tie-ups, and said the aim is to have a better IT infrastructure to create a more robust audit framework.
"The liability mechanism for auditors is an area that needs to be duly addressed. Drastic actions are being taken against auditors even in the absence of being proven guilty," said an auditor working with a leading firm.
He said a complete ban on any audit firm has a much larger impact on the industry and on people working in it.
On the other hand, officials at regulatory and enforcement agencies have been saying that audit firms tend to put the blame on individuals after finding themselves in the dock for their alleged role in frauds.
Experts opine that availability of trustworthy financial information on performance of companies is important for proper functioning of a market economy, but the entire auditing system has got into a precarious situation as questions are being raised around integrity of auditors.
Serious concerns arise if auditors' independence is compromised or when trust reposed in them gets betrayed as independent audits are fundamental to taking informed and correct investment decisions.
Experts feel that it is important to facilitate a business-friendly environment for corporates as well as for professionals in India and therefore it is vital that Indian laws and regulations on professional services keep pace with the changing market dynamics. BJ
BAL

You Searched For "SEBI questions infosys" and got 6 results

Infosys will have to answer tough questions from market regulators — like a suspicious bearish bet

Prabhjote Gill

Infosys’ revenue, profit and margin in the red as Coronavirus sweeps over the global economy

Prabhjote Gill

Perhaps, Sebi needs to be more muscular, says Chairman Ajay Tyagi

PTI

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

PTI

Troubled Lakshmi Vilas Bank receives indicative non-binding offer from Clix Group

IANS

Audit firms eye global tie-ups to upgrade skills, build bandwidth

PTI

Popular Keywords

Buying Guides