Goldman Sachs Group Inc, the world's most profitable investment bank, was fined 10 million rupees (US$216,268) for violating India's securities rules, the regulator for the nation's capital markets said.
Goldman Sachs Investment (Mauritius) Ltd broke domestic rules by allowing an overseas corporate body to invest in the Indian stock market through an account of an overseas institutional investor, the Securities & Exchange Board of India said on its Web site late on Friday.
A unit of Goldman Sachs Investment (Mauritius) issued off-shore derivative instruments to Magnus Capital Corp, an overseas corporate body, violating rules that bar them from issuing these products to Indian residents, non-resident Indians, persons of Indian origin and overseas corporate bodies, the regulator said in its order on Friday. Goldman submitted details to the regulator on the transaction on Aug. 15, 2003, it said.
Goldman, which in March ended a decade-long venture with Kotak Mahindra Bank Ltd, an Indian lender, received approval from the Indian government in June to start its own fully owned non-bank finance company in the country. The New York-based firm said it will invest US$50 million to set up its Indian venture.
Citigroup Inc, the world's largest financial services company, was last month fined 10 million rupees by the regulator for violating securities rules against Magnus Capital. It also imposed a monthlong suspension on the operations of the Indian brokerage unit of Credit Suisse Group, Switzerland's second-biggest bank, for breaching regulations relating to stock trades.
Overseas investors can trade in Indian markets by registering as a foreign institutional investor, or FII, or buying offshore participatory notes issued by an FII. The equity-linked notes are the only instruments that overseas investors can use to invest in India if they are not directly registered with the stock regulator.
India cracked down on monitoring overseas corporate bodies after a securities scandal in 2001, which resulted in some companies hiding their identities and acting through sub-accounts of foreign institutional investors. Some firms created an "artificial market and volumes" by taking a concentrated position in some stocks, the regulator said in its order.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained