HSBC cautious on India, sets Sensex target at 20,250
Slowing economy, election-related uncertainty and tighter monetary conditions pose risks for Indian markets and the Sensex is likely to hover around 20,250 by the end of this year, says an HSBC report. It also cut private banks to neutral from overweight. According to the global financial services major, a combination of weak economy, election uncertainty and concern over the reversal of foreign equity/debt flows make us cautious on India.
Sebi surveillance system generates 100 alerts daily
Sebis surveillance system generates about 100 alerts of suspicious trading activities, of which at least 10 are pursued for further action. To provide a broad idea about surveillance mechanism in place for the capital market, these figures were disclosed by Securities and Exchange Board of India (Sebi) chairman UK Sinha on Thursday. Talking about frauds in the securities market, he said that the regulator has a sophisticated surveillance mechanism in place for detecting such activities. Similar systems are also there with stock exchanges. Everyday, Sebi system generates about 100 alerts. Each and every alert is tracked, it is based on certain parameters. Everyday, 8 to 10 alerts we take to the next level. Some of these (cases) leads to investigation and enforcement action, Sinha said.
SAT sets aside Sebi order against Earnest Health
The Securities Appellate Tribunal (SAT) has set aside a Sebi order that slapped a fine of R10 lakh on Earnest Healthcare for alleged failure to redress investor grievances and submit a status report as specified by the market regulator. In an order dated October 9, the tribunal directed Earnest Healthcare to effectively deal with all pending complaints of investors and also inform them about the status of their complaints. The same should also be intimated to Sebi. According to the tribunal, all these have to be done within three months and has also requested the Sebi to review its investors grievances system. Sebi, in November 2012, had imposed a penalty of R10 lakh on Earnest Healthcare for allegedly failing to redress investor grievances and submit a status report as specified by it.