SEBI board clears framework for Gold Exchange
Market regulator SEBI’s board has approved the framework for gold exchange, wherein gold will be traded in the form of electronic gold receipts (EGRs). “EGRs will have the trading, clearing and settlement features akin to any other securities,” SEBI Chairman Ajay Tyagi said. Any recognised stock exchange can launch trading in EGRs in a separate segment, he added.
ED attaches ₹578-crore worth UK assets of Wadhawan brothers
The Enforcement Directorate (ED) has attached assets worth ₹578 crore of a UK-based company owned by former DHFL promoters Kapil Wadhawan and his brother Dheeraj. The assets were seized in connection with UPPCL money laundering probe. “DHFL in connivance with UPPCL officials…illegally received ₹4,122.70 crore of GPF and CPF funds of UPPCL employees in fixed deposit in DHFL,” ED said.
SEBI fines Videocon’s Venugopal Dhoot, others ₹75 lakh for insider trading
Market regulator SEBI has fined Videocon Group’s former promoter Venugopal Dhoot and two others for charges of insider trading. Dhoot was fined ₹25 lakh, while Electroparts India and Videocon Realty and Infrastructures were fined ₹25 lakh each. SEBI said it received two complaints in 2017 with respect to Videocon Industries’ scrip, alleging price fall during the period of one year.
Lava files draft papers for IPO, offer includes a fresh issue of ₹500 crore
Noida-headquartered electronics maker Lava International has filed the draft red herring prospectus with SEBI for its planned IPO. The offer comprises a fresh issue of ₹500 crore and an offer for sale of up to 4.37 crore shares by its existing shareholders and promoters. The offer for sale also includes shares held by Unic Memory Technology and Tupperware Kitchenware.
Snoop Dogg buys crypto artist XCOPY’s NFT art for $3.9 million
American rapper Snoop Dogg has purchased a non-fungible token (NFT) by London-based artist XCOPY for nearly $3.9 million. “Honoured to acquire XCOPY’s first published character piece & #7 mint on SuperRare,” he tweeted from his pseudonymous account. The rapper recently claimed he’s ‘Cosimo de’ Medici’, a prominent NFT collector. As per reports, he owns over $17 million worth of NFTs.
Jewellers in India selling ₹100 gold online amid COVID-19 pandemic
Several jewellers in India have started selling gold online for ₹100 ($1.35) on their websites or through digital gold platforms amid COVID-19 pandemic. Consumers can take delivery once they’ve invested enough for at least one gram of gold. There’s “renewed interest among consumers” for making systematic investments in gold, Kalyan Jewellers’ top executive R Kalyanaraman said.