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In the last two years, there has been a rapid rise in scams in India and a lot of people have lost their hard-earned money after trusting strangers for financial advice. Be it a fraudulent app, being added to a shady WhatsApp group, or receiving phone calls from strangers that sound too good to be true, many cases have come to light. Now, in a new incident, a doctor from Thane, Maharashtra, was misled by three Karnataka-based suspects who promised earnings via a municipal contract to supply medical equipment, costing him ₹3.84 crore. Despite investing over a three-year period, he saw no returns and reported the crime to the Naupada police, who have registered a case but made no arrests. Thane doctor tricked by false municipal contract According to a PTI report, a 39-year-old doctor in Thane, Maharashtra was deceived by three men from Karnataka. These fraudsters offered him lucrative returns through a supposed municipal contract for supplying medical equipment. Convinced by the promise of reliable profits, the doctor began investing heavily in December 2020, making significant contributions until March this year. The doctor’s substantial investment – totalling ₹3.84 crore – was made over multiple transactions from December 2020 and March this year, in anticipation of high returns that never materialised. Suspicion finally arose after the doctor had seen no profits despite his repeated investments. Recognising he may have been defrauded, he reached out to the Naupada police station, who registered a case under charges of cheating. While no arrests have been made so far, authorities have launched an investigation to track down the perpetrators and recover the funds if possible. A police official told PTI, "The man approached police after he did not get profits or any return on investment. We have registered a case of cheating but have not arrested anyone." Ahmedabad gynaecologist duped in <keyword id="21361161" type="General" weightage="100" keywordseo="stock-market-scam" source="keywords">stock market scam</keyword> In a similar incident, a gynaecologist from Ahmedabad lost ₹1.1 crore to a scam that began with a social media advertisement. Attracted by the potential for substantial stock market returns, the doctor engaged with a group promising expert tips and was subsequently added to a WhatsApp group where members shared investment insights. Through this group, he was introduced to a web link for stock and IPO investments, along with an application that required his banking details and identification documents. A PTI report revealed that the doctor’s initial investment of ₹50,000 yielded a profit of ₹10,000, which he successfully withdrew. This initial success encouraged him to make larger investments, transferring ₹1.1 crore through multiple transactions in pursuit of higher gains. When he later attempted to withdraw his funds, he was unexpectedly asked to pay 20% of his total profits. After refusing this demand, he was removed from the WhatsApp group and realised the extent of the deception. He contacted Cybercrime police in February, and after months of waiting, a formal case was registered against unknown suspects under charges of breach of trust and cheating, alongside provisions of the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>.

Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

Stock market trading is something that needs expert guidance and has its own set of risks associated. This is why, people generally consult experts before investing in stocks. However, one needs to be careful who they are seeking advice from when it comes to financial matters. In a recent case, a 63-year-old man from Hyderabad lost Rs 50 lakh after falling for a fraudulent stock trading scheme shared through a <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> group. This is just one example of how fraudsters are increasingly using messaging platforms to lure in victims with false promises of easy profits. <h2>How the scam unfolded </h2> The scam began when the victim received an invitation to join a WhatsApp group called Stock Discussion Group. According to a Times Now report, the group was led by a man named <keyword id="23828130" type="General" weightage="20" keywordseo="kunal-singh" source="keywords">Kunal Singh</keyword>, who introduced himself as a financial advisor with extensive experience in the stock market. Singh claimed that his past clients had earned significant profits, boasting of returns as high as 500% by following his stock trading advice. Intrigued by these promises, the victim enrolled in online classes that were promoted within the group. These sessions, held through private links shared on WhatsApp, promised to teach participants how to make money by investing in the stock market. Singh continued to assure group members that his expertise would guide them to financial success. The victim, trusting his guidance, began to invest small amounts of money on a platform called Skyrim Capital, which Singh claimed was a legitimate trading platform. At first, the victim saw some returns on his investment, which only encouraged him to invest more. The initial success built his confidence, and over time, he transferred a total of Rs 50 lakh into multiple investments, believing that he was making wise financial decisions. However, when the victim attempted to withdraw his funds, he was unable to do so. The platform blocked his attempts, and when he tried to contact Singh, he received no response. The truth behind the scam The victim soon realised that he had been scammed. The platform, Skyrim Capital, turned out to be nothing more than a front for fraudulent activity, and Singh had disappeared with the man’s money. The scam had been carefully designed to build trust initially, only to betray the victim when he tried to cash out. The fraudsters used the lure of high returns and expert advice to convince the victim to keep investing larger sums, ultimately draining his finances. This scam is just one of many that have been reported in India, with cybercriminals exploiting the convenience and popularity of platforms like WhatsApp to reach potential victims. These scams often rely on false promises and fake personas, with fraudsters creating elaborate stories to convince their targets that they are legitimate financial advisors.

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul class="summary-list"><li>Andrew Left, a short-seller known for his research and social-media activity, has been accused of fraud.</li><li>The Justice Department alleges that Left "knowingly exploited his ability to move stock prices."</li></ul>Andrew Left, the famed short-seller who made millions betting against public companies, has been charged with fraud by federal prosecutors.The Citron Research founder was charged with 17 counts of securities fraud on Friday, as well as making false statements to federal investigators, according to a <a target="_blank" class="" href="https://www.justice.gov/opa/pr/activist-short-seller-charged-16m-stock-market-manipulation-scheme">release</a> from the Justice Department.Left — who prosecutors say took in profits of at least $16 million — rose to prominence on Wall Street nearly a decade ago, when he made a <a target="_blank" href="https://www.businessinsider.com/valeant-stock-plunge-timeline-2015-10#:~:text=Valeant%20Pharmaceuticals'%20share%20price%20went,it%20to%20Enron%20on%20Wednesday.">high-profile bet against Valeant Pharmaceuticals</a>, now known as Bausch Health. His report, which compared the company to Enron and quickly tanked the stock, proved largely accurate. An executive at the firm was later convicted as part of a kickback scheme that gave business to the pharmacies it controlled.With his high profile established, Left regularly used social media and TV appearances to promote his research as a short-seller.His subsequent bearish commentary focused on other popular companies, including <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-citron-bets-hertz-nikola-2020-6">Hertz</a>, Nikola, and American Airlines, arguing that their stocks were overvalued. Prosecutors specifically cited sharp share-price losses in American after a tweet from Left, after which he closed out most of his short position.But not all of Left's public commentary was negative. In 2018, he said on Twitter that he was bullish on Tesla. He sold more than half his stake within a minute of posting, making $1 million on the share pop, the indictment said."Left established long or short positions in the public company on which he was commenting in his trading accounts and prepared to quickly close those positions post-publication and take profits on the short-term price movement caused by his commentary," prosecutors said.Left also had some misfires. He incurred a high-profile <a target="_blank" class="" href="https://www.wsj.com/finance/stocks/gamestop-burned-andrew-left-in-2021-hes-betting-against-the-stock-again-4377cecb">loss on GameStop</a> as the stock skyrocketed following an unprecedented groundswell of retail-investor activity. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-stop-publishing-short-seller-research-gamestop-squeeze-andrew-left-2021-1-1030020509">Citron stopped publishing reports</a> in the wake of the short squeeze, with Left saying his <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-andrew-left-gamestop-fight-angry-mob-investors-harass-family-2021-1-1029995012">family was harassed</a> by an "angry mob" of GameStop investors. Even then, he maintained an online presence, posting about various companies on social media or, at times, appearing on televised segments on <a target="_blank" href="https://www.cnbc.com/2021/09/24/citron-research-short-seller-andrew-left-on-evergrande-debt-crisis.html">CNBC</a>, <a target="_blank" class="" href="https://www.foxbusiness.com/video/6296565778001">Fox</a>, and <a target="_blank" class="" href="https://www.bloomberg.com/news/videos/2023-07-11/left-doesn-t-know-why-feds-are-investigating-him-video">Bloomberg</a>."The commentary routinely included sensationalized headlines and exaggerated language to maximize the reaction it would get from the stock market," prosecutors said. "As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money."The indictment also claimed Left made false statements about his research firm's connection to hedge funds. Prosecutors said he falsely stated on one occasion that his research firm "never" received compensation or lined up its trading with another hedge fund before releasing a report."To further the scheme, Left allegedly advanced the false pretense that his investment recommendations were credible because he was independent and free from any financial conflicts of interest," the complaint added. "However, Left allegedly concealed Citron's financial relationships with a hedge fund by fabricating invoices, wiring payments through a third party, and making false and misleading statements to the public about Citron's relationship with hedge funds."Left has downplayed his role as a Wall Street financier. Citron's website lists him as the firm's "<a target="_blank" href="https://citronresearch.com/who-is-citron-research/#:~:text=Citron%20Research%20%2D%20Andrew%20Left%20%7C%20Founder%20%26%20Executive%20Editor">executive editor</a>," saying Citron's goal is to "provide truthful information in an entertaining format.""Sometimes, you have a great story and the biggest challenge is, 'How do I get people to read it?'" Left said in a 2015 interview with The Wall Street Journal. "Wall Street research is painfully boring. I enjoy being entertaining."In an interview with Bloomberg last year, Left said he didn't know why investigators were looking into his firm."I don't know what the government is going to do," he said. "Activists are just people who basically just do extra homework and express their opinion. I don't know what the exact investigation is about, but it has to do with short-sellers and activist short-sellers, obviously."Citron Research did not immediately respond to a request for comment from Business Insider.Correction: July 26, 2024 — An earlier version of this story misstated the status of Nikola. It is still in business, not defunct.

Feds accuse famed short-seller Andrew Left of fraud and market manipulation

In a big move, market watchdog <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword> has banned <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> from participating in the securities markets for 5 years, for diverting funds from <keyword id="20367971" type="General" weightage="20" keywordseo="Reliance-Home-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Home Finance" meta.hostid="261" meta.entityid="Reliance Home Finance">Reliance Home Finance</keyword> (RHF). This means that the debt-ridden Ambani scion will not be able to serve as key managerial personnel, or director in any listed company for the next 5 years. Additionally, he will also have to pay Rs 25 crore as a penalty. Along with Ambani, 24 others, which include former employees of RHF, have also been banned from trading in the securities market for a five year period. RHF itself has been barred from the securities market for 6 months, and has also been penalized Rs 6 lakh. <h2>Not the first time</h2>In its order, SEBI found Ambani guilty of fraud and channeling away RHF funds under the guise of loans by lending them to entities connected to him. This was despite the company's board of directors repeatedly advising to stop such practices. Ambani continued to orchestrate the fraud, thanks to his key position as the chairman of ADA Group, and also because of his shareholding in RHFL's holding company. In July this year, SEBI had barred the infamous fugitive Vijay Mallya from trading in Indian markets for three years, when it was found that Mallya illegally routed funds via foreign banks and companies to spruce up the share value of his own companies and profiting from the same, aka stock rigging. While all his assets in India are frozen, he also cannot serve as the director of any Indian listed company for this duration. But this is not the first time SEBI has debarred people from the markets. Last year, SEBI had barred Mohammad Nasiruddin Ansari, popularly known as <keyword id="22893256" type="General" weightage="20" keywordseo="Baap-of-Charts" source="keywords" meta.keywordsubtype="org" meta.entityname="Baap of Charts" meta.hostid="261" meta.entityid="Baap of Charts">Baap of Charts</keyword>, after he was f0und doling out misleading stock-related advise, while pretending to run educative courses. SEBI also asked Ansari to refund Rs 17.2 crore he had collected under the guise of fees. Another popular fin-fluencer, PR Sundar, was barred from options trading for an entire year, when it was found that he was running full fledged investment advisory services i.e. recommending buying and selling stocks, without obtaining the necessary licenses Bollywood actor <keyword id="20003289" type="General" weightage="20" keywordseo="arshad-warsi" source="keywords">Arshad Warsi</keyword>, along with his wife Maria Goretti, were also banned by SEBI last year after he was found uploading videos that lured investors to buy shares of two specific companies, namely Sadhna Broadcast and Sharpline Broadcast, and thus, profiting about Rs 29.43 lakh and Rs 37.56 lakh, respectively. They were not allowed to trade until they deposited all profits made in this manner in an escrow account. However, the duo, along with Warsi's brother Iqbal Warsi later received relief from SAT (Securities Appellate Tribunal), which set aside SEBI's order.

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

<ul class="summary-list"><li>The US Supreme Court heard Nvidia's arguments against a class action securities fraud lawsuit.</li><li>Nvidia is accused of misleading shareholders about cryptocurrency mining-related sales.</li></ul>The US Supreme Court on Wednesday heard arguments in a case in which <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> is trying to dodge a securities fraud lawsuit brought by shareholders. But some of the justices expressed concern over the chip giant's assertions.Nvidia petitioned the nation's highest court after a lower court permitted a 2018 class action lawsuit alleging that the company and its CEO <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-huang-softbank-masayoshi-son-tech-stock-buyout-ai-microchips-2024-11">Jensen Huang</a> misled investors about its cryptocurrency mining-related sales to move ahead.Attorneys for Nvidia argue that the plaintiffs in the lawsuit, led by a Swedish investment management firm, have not met the stricter pleading standards laid out by the 1995 Private Securities Litigation Reform Act.The decision by the US Court of Appeals for the Ninth Circuit to allow the lawsuit to proceed "creates an easy road map for plaintiffs to evade the Reform Act," Nvidia attorney Neal Katyal argued before the justices.The Private Securities Litigation Reform Act or PSLRA was designed, in part, to curtail frivolous securities lawsuits."When a stock drops, all they have to do is find an expert with numbers that contradict the company's public statements, then allege the company keeps records that executives look at, and then argue those records would have matched the hired expert's numbers," said Katyal, who argued that the plaintiff's complaint relies on expert opinion and lacks company documents.When asked by Justice Clarence Thomas what the plaintiff's complaint would look like in order to comply with the PSLRA, Katyal said it would have to answer "what did the CEO know" and "when did he know it.""I guess my concern is that you appear to be requiring for plaintiffs to actually have the evidence in order to plead their case," said Justice Ketanji Brown Jackson, adding, "part of my concern is that you seem to be wanting a bright line that says the contents of the documents are necessary."Justice Sonia Sotomayer said that she was "concerned" by Nvidia's petition to the court and told Katyal, "We often don't grant cert to error correct.""I'm not actually sure what rule we could articulate that would be clearer than our cases already say," Sotomayer said.Chief Justice John Roberts said the aspect that concerned him about both sides' arguments was that it was "a little black and white.""If I think that the positions on both sides are a little too absolute, how do you find sort of the sweet spot in terms of when the PSLRA is satisfied?" Roberts asked."It can't be just a little bit of direct evidence because that statute was intended to do something," Roberts said. "On the other hand, it seems to me, you can't insist on only the direct evidence before a complaint goes forward. So if I don't think it's black and white, how do I decide where the balance is?"A Nvidia spokesperson told BI the company "appreciated the opportunity to answer the Court's detailed questions this morning. We brought this case to the Supreme Court to protect shareholders and the economy from groundless lawsuits, and look forward to the Court's resolution of this matter."In his arguments, Deepak Gupta, an attorney representing the plaintiffs, said the PSLRA "demands particularity.""Everyone agrees you can't circumvent the statute with conclusory allegations or unsubstantiated expert opinions," Gupta said."But that's not what happened here," said Gupta. "On falsity, the Court of Appeals holding expressly rested on a combination of facts showing that a substantial part of gaming revenues came from crypto."This included accounts from former employees, detailed accounts of internal data and meetings, expert analysis, and "Huang's eventual acknowledgment of the crypto hangover, which sent the stock tumbling 28%," said Gupta.A district court previously dismissed the plaintiffs' class action lawsuit and the Ninth Circuit reversed that decision.The plaintiffs allege in their brief to the Supreme Court that in 2017 when Nvidia's sales of graphic processing units (GPUs) were surging, the company and Huang "knew those record sales were due in substantial part to demand from cryptocurrency miners.""But for more than a year, Huang denied that mining-related sales were driving NVIDIA's revenue growth because he knew that the securities market looked askew at GPU sales to miners, which are notoriously cyclical," the brief says."Huang's strategy fell apart in late 2018, when cryptocurrency prices collapsed, GPU purchases by miners withered, and demand for GeForce GPUs shrank dramatically," the brief says. "NVIDIA then finally admitted that — contrary to Huang's previous denials—its record revenue growth had been largely due to mining-related demand for GeForce GPUs."Nvidia's attorneys argued in its petition to the Supreme Court that on public calls with investors, company executives "made clear that they believed crypto miners were buying both GeForce GPUs and Crypto SKUs.""This case aptly demonstrates the danger of allowing plaintiffs to guess at the pleading stage what internal company reports could have said," the petition says. "Plaintiffs speculate that internal NVIDIA sales reports would have reflected the amount of gaming segment revenue driven by sales to miners rather than to gamers."It adds, "But there is no basis in Plaintiffs' allegations to assume that this information was available to NVIDIA."In 2022, Nvidia agreed to pay the Securities and Exchange Commission $5.5 million to settle charges for "inadequate disclosures" regarding the impact of crypto mining on the company's gaming business. Nvidia agreed to pay the penalty without admitting or denying the SEC's findings.A decision from the Supreme Court is expected by June.

Some Supreme Court justices scrutinized Nvidia's attempt to dodge a securities fraud lawsuit

<ul class="summary-list"><li>Carson Block told Bloomberg TV that the stock market needs short sellers "more than ever."</li><li>Otherwise, even problematic companies will benefit from the current speculative bull run, he said.</li></ul>The market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told <a target="_blank" href="https://www.youtube.com/watch?v=1khZEB-5cJE">Bloomberg TV</a>.But being a contrarian right now is a challenge, with short sellers increasingly out of place in the latest bull rally, the Muddy Waters founder said. Where sellers profit by betting against problematic firms, most investors today are chasing narratives and speculation, he said."There are more companies playing more games. A lot of them are in the gray zone; you don't know whether it's over the line or not," Block said. "So they're not gonna get prosecuted in this environment."He added: "The market needs short sellers more than ever, given the amount of games that are being played. But if the long side doesn't care, then, you know, this can continue until it doesn't."Block isn't alone in making this point.Last month, legendary investor Jim Chanos told Bloomberg that the market was riding through "<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-12/chanos-laments-difficulty-to-raise-cash-in-golden-age-of-fraud">the golden age of fraud</a>," as today's record-breaking market run is pumping up valuations even for companies that don't deserve it.Chanos, who garnered fame on Wall Street for forecasting Enron's downfall, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-chanos-short-seller-hedge-funds-bear-bets-tesla-enron-2023-11">closed his hedge funds</a> last year. He cited a changed marketplace, where passive investing has placed pressure on short sellers.In February, David Einhorn also shared frustration with today's market behavior. Investors are trading on a firm's fundamental merits less and less, he said. Instead, passive investors have "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/value-trading-outlook-passive-algorithmic-investors-short-selling-david-einhorn-2024-2">completely annihilated"</a> the value industry.Although Einhorn's Greenlight Capital was up 22.1% last year, he cited significant losses on four short positions in a letter to clients.Faced with this environment, JPMorgan said that short bets on major US indexes fell to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-short-selling-record-lows-correction-volatility-jpmorgan-2024-6">record lows in late June</a>. That's because short positions are expensive to hold when the market is constantly climbing, it said.But according to Block, not only are short sellers hampered by the speculative frenzy, these traders are facing pushback from regulators and "populist" investors.He argued that short sellers who seek out fraudulent or failing firms have been helpful to agencies such as the US Securities and Exchange Commision. Meanwhile, some companies have taken to trying to turn investors against short sellers, Block added. Tesla's CEO Elon Musk has often lamented short positions on its stock, pushing Tesla higher, he noted. "It's easy to demonize short sellers, as part of the populist messaging, and somehow call us suits," Block said.Trump Media and Technology Group offers a more recent example. The company attracted a number of short positions after going public in March, causing it to issue warnings to its investors on how to combat short sellers.After posting the advice, the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-short-sellers-squeeze-share-recall-2024-4">stock jumped 12%</a>.

Short-sellers are more important than ever for keeping fraud out of the market, Carson Block says

<ul class="summary-list"><li>US stocks staged a sharp rebound on Friday, snapping a three-day streak of losses.</li><li>Encouraging inflation data stoked optimism that the Federal Reserve can cut interest rates in September.</li></ul>US stocks rebounded Friday, helping reverse a streak of losses that dominated most of this week.With investor confidence starting to waver in the tech-stock bull run, rotations out of the mega-cap sector sent indexes on a three-day decline. On Wednesday, the tech-heavy <a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> suffered its worst day since 2022, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-nasdaq-tech-selloff-tesla-alphabet-q2-earnings-2024-7">dropping 3.6%</a>.That changed Friday, as encouraging inflation data injected new life into the rally. June's personal consumption expenditures index aligned with forecasts, boosting investor certainty that interest rates could soon come down.Headline PCE rose 0.2% from May and 2.6% year-to-year."Next week we expect [Fed Chair Jerome] Powell to set the table for future rate cuts, speaking confidently about progress bringing inflation down. Today's PCE report supports this," said David Donabedian, chief investment officer of CIBC Private Wealth. "While we don't think he will use the word 'imminent,' we do think he will leave the impression that a September rate cut is likely."According to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>, the market no longer expects the Federal Reserve to keep rates steady in September.Instead, investors indicated 87.7% odds of one cut that month. The market also forecasts high chances that the Fed will slash rates by up to 75 basis points through December.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,459.10, up 1.1%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,589.34, up 1.6% (654 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,357.88, up 1%</li></ul>"The Fed is on track for two cuts this year – one in September and another in December – and as long as the data keeps coming in like it has (e.g. not too hot and not too cold) they have the luxury of keeping rates unchanged next week and proceeding at a 25-basis-point pace every other meeting in the short run," predicted Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.While some commentators feel the <a target="_blank" href="https://www.businessinsider.com/next-recession-outlook-forecast-interest-rate-cuts-sahm-rule-unemployment-2024-7">Fed should cut at its policy meeting next week</a>, concerns over a meaningful economic slowdown were diminished on Thursday, with second-quarter GDP data coming in <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-tech-earnings-selloff-gdp-economy-growth-inflation-2024-7">hotter-than-expected</a>.Next week, investors will be on the lookout for June's jobs report to offer more clues on economic conditions.Among Friday's notable stock movers, medical device firm Dexcom fell over 40% on disappointing guidance. Meanwhile, the rotation into small-cap stocks continued, sending the <a target="_blank" href="https://markets.businessinsider.com/index/russell_2000">Russell 2000</a> up over 1%.Here's what else is going on today:<ul><li><a target="_blank" href="https://www.businessinsider.com/housing-market-prices-starter-home-million-dollar-cities-home-costs-2024-7">Typical starter homes are worth at least $1 million in a record 237 US cities</a>, Zillow reported.</li><li><a target="_blank" href="https://www.businessinsider.com/north-korea-economy-gdp-growth-russia-war-arms-trade-deal-2024-7">North Korea's economy ended three-years of stagnation as its arms deal with Russia boosted growth.</a></li><li><a target="_blank" href="https://www.businessinsider.com/florida-housing-market-outlook-nightmare-home-prices-mortgage-rates-affordability-2024-7">Florida homebuyers are backing out in droves as affordability concerns take over</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/andrew-left-accused-fraud-citron-research-market-manipulation-short-selling-2024-7">Famed short-seller Andrew Left falls into regulatory cross-hairs amid accusations of fraud</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/next-fed-interest-rate-cut-december-september-employment-inflation-bofa-2024-7">The Fed won't cut until December, Bank of America says</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were down. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil dropped 2.02% to $76.71 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 2.08% to $80.66 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> gained 0.83% to $2,384.39 an ounce.</li><li>The 10-year Treasury yield slid six basis points to 4.19%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 3.15% to $67,852.</li></ul>

Stock market today: Dow soars 654 points as traders celebrate inflation data

<ul class="summary-list"><li>Trump Media's stock price dropped on Friday after its auditor was accused of "massive fraud."</li><li>The auditor BF Borgers did not comply with common accounting standards, <a href="https://www.sec.gov/news/press-release/2024-51?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">the SEC said</a>.</li></ul>Trump Media shares tumbled yet again on Friday after the Securities and Exchange Commission charged the company's auditor for a "massive fraud" scheme that lasted over two years, according to a new <a href="https://www.sec.gov/news/press-release/2024-51?utm_medium=email&amp;utm_source=govdelivery">filing</a>.BF Borgers CPA PC, which audited the financials of Trump Media, had "deliberate and systemic failures to comply" with public company accounting standards, the regulatory agency said. The firm and its owner, Benjamin Borgers, were accused of "falsely representing to their clients" that audits would comply with common accounting standards, and fabricating audit documents. Those actions affected around 1,500 SEC filings from January 2021 through mid-2023, the SEC said. The order did not name any specific clients.BF Borgers settled the SEC charges by paying a $12 million penalty, while Borgers, the owner, paid a separate $2 million penalty. The company's operations have permanently shuttered, with Borgers also agreeing to stop "appearing and practicing" as an accountant."Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets," Gurbir Grewal, the director of the SEC's Division of Enforcement, said in a statement. "Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down."Trump Media shares dropped as much as 9% on Friday morning, but later pared its losses to around 4%. The company is now looking for a new auditor, it told Business Insider in an email."Trump Media looks forward to working with auditing partners in accordance with today's SEC order," a spokesperson for TMTG said.BF Borgers did not immediately respond to a request for comment from BI.

Trump Media stock tumbles as the SEC charges its auditor with 'massive fraud'

<ul><li>US stocks soared on Friday, with the Nasdaq 100 closing higher by about 1% for the week.</li><li>Solid earnings results and a weaker-than-expected April jobs report helped push stock prices higher.</li><li>"The case for rate cuts got a little stronger today. Goldilocks could be making a comeback," TradeStation's David Russell said. </li></ul>US stocks surged on Friday after a solid Apple earnings report and a weaker-than-expected April jobs report, which increased the chances of an interest rate cut from the Federal Reserve later this year.The <a href="https://www.businessinsider.com/labor-market-april-unemployment-rate-job-growth-wages-2024-5">US economy added 175,000 jobs in April,</a> well below economists' forecast of 238,000 jobs and far short of the 303,000 added in March. Meanwhile, the unemployment rate ticked higher, to 3.9% from 3.8%. The jobs report also showed the slowest year-over-year wage growth since June 2021."Worries about wage pressures have dragged on the market recently and today's number relieves some of those fears. The first quarter had several difficult numbers on the inflation front but the second quarter might be starting on a cooler footing. The case for rate cuts got a little stronger today. Goldilocks could be making a comeback," TradeStation market strategist David Russell said in comments to Business Insider.The light jobs report should ultimately give the Fed more flexibility in speeding up the timing of rate cuts, and bond yields fell significantly with that sentiment in mind. The 10-year Treasury note dropped 8 basis points to 4.50%.Also helping boost stocks Friday was <a href="https://www.businessinsider.com/apple">Apple</a>, which surged about 7% after <a href="https://www.businessinsider.com/apple-stock-aapl-quarterly-earnings-call-report-live-updates-2024-5">it reported a better-than-feared second-quarter earnings report.</a> The iPhone maker also launched a historic $110 billion stock-buyback program and increased its quarterly dividend by 4%, which was cheered by investors.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,127.79, up 1.26%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,675.68, up 1.18% (+450.02 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,156.33, up 1.99%</li></ul>Here's what else happened today: <ul><li><a href="https://www.businessinsider.com/apple-stock-aapl-quarterly-earnings-call-report-live-updates-2024-5">Here's a breakdown of Apple's second-quarter earnings report</a> and comments from the company's earnings call.</li><li><a href="https://markets.businessinsider.com/news/stocks/recession-outlook-stock-bull-market-bubble-stagflation-bank-of-america-2024-5">The stock market's bull run will end in either a bubble or a recession</a>, the Bank of America strategist Michael Hartnett said.</li><li><a href="https://markets.businessinsider.com/news/stocks/apple-record-stock-buyback-bigger-boeing-airbnb-chipotle-market-cap-2024-5">Apple's $110 billion stock-buyback program is worth more than the total value of companies</a> including Boeing, Chipotle, and Airbnb.</li><li><a href="https://www.businessinsider.com/housing-market-home-prices-mortgage-interest-affordability-crisis-janet-yellen-2024-5">Treasury Secretary Janet Yellen voiced concerns to Congress about the difficulty of buying a starter home in America</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/amgen-stock-price-soars-maritide-monthly-injectable-weight-loss-drug-2024-5">Amgen soared 16% after it talked up its new weight-loss drug</a> that could be administered monthly instead of weekly. </li><li><a href="https://markets.businessinsider.com/news/stocks/djt-stock-price-crash-trump-media-auditor-fraud-charge-sec-2024-5">Trump Media stock dropped after the SEC charged its auditor with "massive fraud."</a></li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dropped 1.15% to $78.04 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, declined 0.98% to $82.85 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> edged lower by 0.13% to $2,306.60 an ounce. </li><li>The 10-year Treasury yield fell 8 basis points to 4.50%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped 4.51% to $61,748.</li></ul>

Stock market today: US stocks end the week higher after solid earnings and Goldilocks jobs report

<ul class="summary-list"><li>The Dow soared on Friday and stocks rallied broadly as rate-cut bets intensified. </li><li>New data showed cooling consumer inflation and only a mild increase in producer prices. </li></ul>Stocks jumped to end the week, with the Dow Jones Industrial Average rallying more than 200 points to close above 40,000 for the first time since mid-May.Investors cheered the broadening of a 2024 stock-market rally that has been largely concentrated with mega-cap tech names associated with the AI trade.Every sector of the S&amp;P 500 rose on Friday, with 90% of the names in the index posting gains. Small-caps also jumped for the second day in a row, as the Russell 2000 saw a 1% return after surging 4% on Thursday.Behind the rally in encouraging data that's paving the way for a rate cut in September. Consumer prices rose less than expected last month, while wholesale inflation was hotter, though only slightly and not enough to derail a coming rate cut, market pros said Friday.According to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>, markets see nearly 90% odds the Federal Reserve dials back interest rates at the September FOMC meeting.Odds of a jumbo rate cut of 50 basis points at the December meeting have also risen, with traders placing the strongest odds on the fed funds rate dropping to 4.50%-4.75% at the final meeting of the year.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,615.35, up 0.6%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,000.90, up 0.6% (247 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,398.45, up 0.6%</li></ul>Bond yields have tumbled as the market adjusts to the favorable data and fresh outlooks for rates. The rate-sensitive two-year Treasury note has dropped by about 14 basis points in a week and the 10-year bond is down over eight basis points in that time. The 10-year fell to 4.182% on Friday.As the rate outlook firms up, investors see greater potential for stocks that were hampered by tighter Fed policy to be able to gain, soothing some fears of heavy market concentration among the likes of Nvidia and other tech stalwarts.Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-predictions-wall-street-outlook-price-target-hikes-sp500-2024-7">Wall Street is bullish on the rest of this year</a>. Here's what each firm is forecasting.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/short-selling-speculative-bull-run-passive-einhorn-chanos-block-fraud-2024-7">Short sellers are needed more than ever</a> to help the marker avoid fraud, Carson Block said.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/earnings-season-preview-risk-stock-market-correction-ndr-tech-growth-2024-7">Earnings season could bring the biggest correction</a> since the 2022 bear market. Here's what to watch for.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures dipped. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude edged down 0.5% to $82.23 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, was down 0.4% to $85.07 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> slipped to $2,418 per ounce.</li><li>The 10-year Treasury yield fell to 4.18%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> was up 0.5% to trade at $57,836.</li></ul>

Stock market today: Dow closes above 40,000 as rally breaks out beyond mega-cap tech

<ul class="summary-list"><li>Trump Media's auditor, BF Borgers, committed fraud in 1,500 filings, the SEC said.</li><li>The firm and its owner are set to pay $14 million in penalties and have been banned from accounting.</li></ul>The Securities and Exchange Commission on Friday charged the accounting firm BF Borgers and its owner, Benjamin Borgers, with "massive fraud."Borgers handled auditing for former President Donald Trump's media company, Trump Media &amp; Technology Group, during which Borgers <a target="_blank" href="https://www.businessinsider.com/trump-media-auditor-misspelt-name-14-different-ways-ft-2024-4">spelled his own name 14 different ways in filings</a>."Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a TMTG spokesperson told Business Insider.The SEC said the fraud affected "more than 1,500 SEC filings from January 2021 through June 2023" and included filings for more than 500 public companies.The SEC says it reached a settlement with the firm. BF Borgers is set to pay a $12 million civil penalty, and Borgers himself is set to pay $2 million.Both have been permanently suspended from practicing accounting with public companies, the SEC said."Borgers and his sham audit mill have been permanently shut down," Gurbir S. Grewal, the director of the SEC's division of enforcement, said in a statement. He said that the fraud had put investors and markets at risk.The firm changed dates on work papers to suggest labor it hadn't actually done, the SEC said, and documented meetings that never occurred.Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-08/trump-media-s-accounting-firm-has-history-of-audit-deficiencies?embedded-checkout=true">reported</a> in April that the Public Company Accounting Oversight Board identified multiple deficiencies in every audit it had received from Borgers over the past two years.In November, the firm was also removed from the peer-review program of the American Institute of Certified Public Accountants.BF Borgers did not immediately respond to a request for comment from BI.Trump Media is the company behind Truth Social, Trump's Twitter clone, which launched after he was booted off social-media platforms following the January 6, 2021, riot.Despite losing money and <a target="_blank" href="https://www.businessinsider.com/trump-media-truth-social-users-disclose-financials-djt-2024-4">being cagey about how its user base</a> compares with its social-media rivals', Trump Media is now valued at over $6.3 billion.The <a target="_blank" href="https://www.businessinsider.com/trump-media-collapse-rally-meme-stock-djt-2024-5">meme stock's value has soared</a> and plummeted since it went public, with investors trying to make quick cash selling shares off when they jump and Trump's fans boosting the price to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-short-sellers-squeeze-share-recall-2024-4">cut out short positions</a>.

Trump Media's auditor charged with 'massive fraud' by SEC

<ul class="summary-list"><li>China's securities regulators are prohibiting major institutional investors from reducing equity holdings at the open and close during trading days.</li><li>The ban also applies to certain quantitative hedge funds and brokerages. </li></ul>Major institutional investors in China are no longer allowed to sell stocks at the open or close of market trading on a given day.Under this order, investors are not permitted to sell more shares than they buy during the first and last 30 minutes of trading, <a href="https://www.bloomberg.com/news/articles/2024-02-21/china-tightens-grip-on-stocks-with-net-sale-ban-at-open-close?srnd=markets-vp" target="_blank" rel="noopener">unnamed sources familiar with the matter told Bloomberg</a>. It's the latest example of tightened trading restrictions from the Chinese government as it attempts to backstop the nation's $8.6 trillion stock market. The CSI 300 Index recently hit a five-year low in early February.Meanwhile, <a href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">newly appointed Chairman Wu Qing</a>, who leads the China Securities Regulatory Commission, has formed a task force with the nation's stock exchanges to oversee short-selling activities and caution companies who benefit from such trades.In addition to a struggling stock market, China has been dealing with <a href="https://www.businessinsider.com/china-economy-beijing-lehman-moment-policy-deflation-economy-markets-property-2023-8">real estate challenges</a>, <a href="https://www.businessinsider.com/china-economy-deflation-global-markets-investors-beijing-inflation-policy-consumers-2024-2?utm_source=copy-link&amp;utm_medium=referral&amp;utm_content=topbar">deflation</a>, and demographic headwinds over the past year. Despite authorities ramping up <a href="https://markets.businessinsider.com/news/stocks/china-stock-market-economic-outlook-short-selling-economy-2024-1?_gl=1*1u837ue*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwODUxNzMwOS4yNS4xLjE3MDg1MjM4NTYuNTguMC4w">curbs on bearish wagers</a> and <a href="https://www.reuters.com/markets/asia/why-chinas-national-team-wont-save-spiralling-markets-2024-02-05/" target="_blank" rel="noopener">state-backed buying</a> in the markets, they're still facing investors dampening market confidence. On top of the trading restrictions, certain brokerages have been instructed to retrieve stock loans extended to clients for short-selling purposes. Certain quantitative hedge funds also remain banned from placing concentrated sell orders and reducing equity positions in their leveraged market-neutral funds — known as Direct Market Access, which was suspended in early February, Bloomberg reported. China's local media outlet, Securities Journal, reported on Tuesday that the securities watchdog is considering measures to tighten initial public offering approvals, encourage dividend payouts, and crack down on financial fraud. Additionally, it aims to expedite approvals for equity funds and attract more medium-to-long-term investment vehicles into the stock market.Benchmark indices in Hong Kong and China rallied on the news. Hong Kong's Hang Seng Index is up 1.57% higher as of Wednesday's intraday trading, while the blue-chip CSI 300 rose 1.35%.

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