sebi investigation

Sebi's investigation reveals Gensol Engineering promoters, Anmol and Puneet Jaggi, diverted company funds for personal enrichment, including luxury purchases and stock manipulation. They misused loans, forged documents, and misled regulators. Funds were used to buy a luxury flat and inflate Gensol's stock price through artificial trading.

Ashneer Grover, BharatPe's co-founder, claims to be a 'victim' after SEBI's action against Gensol Engineering and BluSmart's operational halt. Grover invested ₹1.5 crore in BluSmart and ₹25 lakh in Matrix. He clarified he has no operational role and offered to reveal his financial details to prove legitimacy.

BluSmart, Gensol's EV ride-hailing platform, has paused new bookings amid operational restructuring, shifting its fleet to Uber. SEBI revealed Gensol promoters diverted funds meant for EV procurement to purchase a luxury apartment. The investigation highlighted fund transfers from Gensol routed back through related entities, and BluSmart has reportedly delayed salary payments.

Gensol Engineering's shares plummeted after SEBI barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to fund diversion allegations and corporate governance lapses. SEBI's investigation revealed forged documents and misleading statements to rating agencies and lenders.

Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of BluSmart Mobility and Gensol Engineering, face accusations of diverting loan funds for personal use, including luxury real estate. SEBI has barred Anmol Singh Jaggi from key positions and market access due to alleged fund misuse and governance failures at Gensol Engineering. The company's stock price has significantly declined following these revelations.

Ashish Anup Nigam, a former Axis Capital executive director, and Nehal Milan Mehta settled an insider trading case with SEBI for Rs 1.13 crore. The case involved alleged trading in BF Investment shares based on Unpublished Price Sensitive Information (UPSI) shared by Nigam. Mehta also disgorged Rs 37.

BluSmart, the electric ride-hailing service, has suspended cab bookings in Delhi-NCR, Bengaluru, and Mumbai due to a sebi investigation into its financial backer, Gensol Engineering, for alleged fund misappropriation. Customers are now seeking refunds from their Blu Wallets, following the halt in services. The company's future is uncertain, with a potential shift to becoming a fleet partner for Uber.

BluSmart, the all-electric cab service, has abruptly stopped operating in Delhi-NCR and Bengaluru. Users are facing commuting problems. Drivers are also affected by this sudden closure. The shutdown follows a Sebi ban on BluSmart's co-founder Anmol Singh Jaggi and his brother Puneet Singh Jaggi. The ban is due to alleged fund misappropriation. Customers are worried about refunds.

Sebi plans to form a high-level committee to review conflict-of-interest regulations after its former chairman faced accusations of undisclosed holdings. The new chairman, Tuhin Kanta Pandey, initiated this move for transparency and accountability. The independent committee will review and propose updates to enhance disclosures and ethical conduct, with recommendations expected in three months.

SEBI has barred former CNBC anchor Hemant Ghai and family from securities markets for 5 years, ordering them to return Rs 6.16 crore plus interest. Ghai misused his influential position to manipulate stock prices with his recommendations, profiting through synchronized trades by family members.

Rashtriya Raksha University, under the Ministry of Home Affairs, has launched a one-year hybrid Master's program in Financial and Economic Crimes aimed at working professionals. Developed in collaboration with the Indian Institute of Corporate Affairs, the program focuses on preventing and controlling financial crimes. The program has received the backing of regulatory bodies like RBI and SEBI, and law enforcement agencies including CBI and NIA. The university boasts a 93% placement rate across its campuses.

A senior Gujarat IPS officer is under investigation for alleged involvement in a stock market fraud linked to a YouTube broadcasting firm. Sebi's probe revealed price manipulation and fraudulent trading. The officer has agreed to pay a settlement sum while investigations continue.

Adani Group stocks' market capitalisation has dropped by 21% in FY25. Regulatory scrutiny and allegations of bribery further impacted the group's stock values, while external economic factors and foreign investors exacerbated the situation.

It’s not just Tesla and Elon Musk who are going through a rough patch. Amid falling sales, revenues and stock price, Ola Electric’s claims, numbers and practices are under the spotlight, giving CEO Bhavish Aggarwal sleepless nights

Sebi chief Tuhin Kanta Pandey emphasized the importance of transparency and accountability in enhancing trust within India's financial markets. He highlighted the need for optimum regulation, focusing on relevant statutes, and pledged to foster investor awareness and education. Pandey also expressed his intent to promote voluntary compliance through a consultative approach involving all stakeholders.