Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹ 10,000 Cr. (Face Value).

Sr. No. State Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1 Karnataka 1000 – 2 Yield
1000 – 10 Yield
2 Madhya Pradesh 2000 – 20 Yield
3 Tamil Nadu 1000 – 8 Yield
4 Telangana 1000 – 22 Yield
5 Uttar Pradesh 2500 – 10 Yield
6 West Bengal 1500 – 16 Yield
  TOTAL 10000      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 16, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 16, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on November 16, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on November 17, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on May 17 and November 17 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1186

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Hon’ble Prime Minister, Shri Narendra Modi launched the following schemes of the Reserve Bank of India (RBI) in the presence of Hon’ble Finance Minister Smt. Nirmala Sitharaman and Governor, Reserve Bank of India in a virtual event today:

  1. RBI Retail Direct (RBI-RD) scheme

  2. Reserve Bank – Integrated Ombudsman Scheme (RB-IOS)

The event was attended by Hon’ble Ministers from the Government; Senior Government Officials including Secretaries to the Government of India; Members of the Central Board of RBI; Deputy Governors; Members of the Monetary Policy Committee; other financial sector regulators; Managing Directors and Chief Executive Officers of Banks and various regulated entities of RBI, financial market participants and other dignitaries.

The details of the two schemes are available at the respective Press Releases of RBI-RD scheme and RB-IOS scheme.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1185

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Speeches

Speeches

[ad_1]

Read More/Less


A very warm good morning and Namaskar.

1. On behalf of the Central Board of the Reserve Bank of India, I have the privilege of welcoming the Hon’ble Prime Minister to this event to launch two major initiatives of the Reserve Bank. Sir, your participation in this event is a source of great motivation for all of us in the RBI. I would also like to welcome the Hon’ble Finance Minister to this event and thank her for her continuing support. We are also honoured by the esteemed presence of Hon’ble Ministers from the Central and State Governments, other financial sector regulators, Senior Govt. Officials, MD & CEOs of Banks and various regulated entities of RBI and several other dignitaries. A warm welcome to all the viewers from across the country.

2. The Reserve Bank, with its multifarious role touches the lives of the people in varied ways, be it through the currency system, the banking system, the financial markets or the 24×7 seamless digital payments. The Reserve Bank has been leveraging technology and innovation for enhancing the efficiency of its services. The recent announcement of a global hackathon contest, “HARBINGER 2021 –Innovation for Transformation” with the theme ‘Smarter Digital Payments’ on November 9, 2021, is another such initiative by the Reserve Bank to promote innovation.

3. The RBI’s developmental role is focussed on further deepening of financial inclusion and undertaking people-centric initiatives. The two schemes being launched today by the Hon’ble Prime Minister are steps in this direction.

4. The first scheme, namely the Retail Direct Scheme seeks to widen the investor base for government securities by creating an ecosystem whereby retail investors can easily participate in the government securities market which is so far dominated by institutional investors. By doing so, India is setting an example in democratisation of the government securities market.

5. The other scheme being launched today by the Hon’ble Prime Minister i.e. the Integrated Ombudsman Scheme focuses on strengthening the grievance redress mechanism for consumers of various services provided by the RBI regulated entities like Banks, NBFCs and payment system operators. The existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. This integrated scheme will reinforce confidence and trust in the financial system.

6. The launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. I once again extend a warm welcome to all the dignitaries, participants and viewers.

Thank you.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Reserve Bank announces the activation of the RBI Retail Direct Scheme with effect from today. The Scheme was launched today in virtual mode by the Hon’ble Prime Minister, Shri Narendra Modi.

A significant milestone in the development of the Government securities (G-sec) market, the Reserve Bank of India-Retail Direct (RBI-RD) Scheme will bring G-secs within easy reach of the common man by simplifying the process of investment. Under the Scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in). Investments can be made using the following routes:

  1. Primary issuance of government securities: Investors can place bid as per the non-competitive scheme for participation in primary auction of government securities and procedural guidelines for SGB issuance.

  2. Secondary market: Investors can buy and sell government securities on NDS-OM (‘Odd Lot’ and ‘Request for Quotes’ segments).

Payments for transactions can be done conveniently using saving bank account through internet-banking or Unified Payments Interface (UPI). Investors can obtain help and other support facilities on the portal itself and also through a toll-free telephone number 1800–267-7955 (10am to 7pm) and email. Investor services include provisions for transaction and balance statements, nomination facility, pledge or lien of securities and gift transactions. No fees will be charged for facilities provided under the scheme.

The Scheme aims to provide a safe, simple, direct and secured platform to investors.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1183

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Reserve Bank – Integrated Ombudsman Scheme, 2021 (the Scheme) was launched today in virtual mode by Hon’ble Prime Minister Shri Narendra Modi.

2. The Scheme integrates the existing three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019. The Scheme, framed by the Reserve Bank in exercise of the powers conferred on it under Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934), and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), will provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity.

3. In addition to integrating the three existing schemes, the Scheme also includes under its ambit Non-Scheduled Primary Co-operative Banks with a deposit size of ₹50 crore and above. The Scheme adopts ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral.

4. Some of the salient features of the Scheme are:

  1. It will no longer be necessary for a complainant to identify under which scheme he/she should file complaint with the Ombudsman.

  2. The Scheme defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions. Therefore, the complaints would no longer be rejected simply on account of “not covered under the grounds listed in the scheme”.

  3. The Scheme has done away with the jurisdiction of each ombudsman office.

  4. A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh for receipt and initial processing of physical and email complaints in any language.

  5. The responsibility of representing the Regulated Entity and furnishing information in respect of complaints filed by customers against the Regulated Entity would be that of the Principal Nodal Officer in the rank of a General Manager in a Public Sector Bank or equivalent.

  6. The Regulated Entity will not have the right to appeal in cases where an Award is issued by the ombudsman against it for not furnishing satisfactory and timely information/documents.

5. The Executive Director-in charge of Consumer Education and Protection Department of RBI would be the Appellate Authority under the Scheme.

6. Complaints can continue to be filed online on https://cms.rbi.org.in. Complaints can also be filed through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017 in the format. Additionally, a Contact Centre with a toll-free number – 14448 (9:30 am to 5:15 pm) – is also being operationalised in Hindi, English and in eight regional languages to begin with and will be expanded to cover other Indian languages in due course. The Contact Centre will provide information/clarifications regarding the alternate grievance redress mechanism of RBI and to guide complainants in filing of a complaint.

7. A copy of the Scheme is available on the RBI website and on the CMS portal (https://cms.rbi.org.in). The Scheme will be effective from today.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1184

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Airtel Payments Bank to double business correspondent network to 1 million in a year, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Airtel Payments Bank (APB), which turned profitable in the September quarter, plans to double its countrywide business correspondents (BCs) network and also drive monetisation through a combination of transactions and interest-based income besides boosting revenues from cash management services in the B2B space, senior industry executives aware said.

“Over the next 12 months, APB is looking to double its pan-India BC network to 1 million (from the current 0.5 million level) to gain the necessary reach to cater to the remittances market and the Aadhaar-enabled payment services business to serve millions of potential consumers in the Tier 3 and beyond markets,” one of the executives cited told ET.

Analysts expect the upcoming expansion to further widen APB’s total distribution reach, which is already twice that of the total ATMs and bank branches in the country, and in turn, consolidate its leadership in the remittances market.

At press time, Airtel did not respond to ET’s queries.

Airtel Payments Bank turned PAT-positive in the September quarter, on the back of a 16% sequential growth in its monthly transacting user base to 31.2 million and a 25% on-quarter jump in its gross merchandise value (GMV) to Rs 32,100 crore. Its revenue is close to Rs 1,000 crore on an annual basis.

Company insiders estimate the remittances market to grow at 70% over the next few years and the Aadhaar-enabled payment services business to grow by over 45% compounded annually over the next four years.

IIFL Securities sees strong revenue generation potential in the B2B segment by way of cash management services, especially since APB’s take rate at 0.74% is the highest in the payments banking space. The take rate is a metric to measure conversion of ABP’s GMV into revenue.

Bharti Airtel managing director Gopal Vittal had recently said that the “growth of e-commerce is slated to boost demand for cash management” from the telco’s payments banking arm,” and that whopping “$100 billion in cash is digitised monthly (at an industry level) with cash management charges estimated at between 0.5%-1% of the collections amount”.

Airtel, though, declined to comment on the telco upgrading its payments bank licence to that of a small finance bank in future to enter the lending business and attract larger deposits. Whenever that happens, APB will be able to use deposits from its 115 million users more profitably, say industry executives.

Last December, Bharti chairman Sunil Mittal had said Airtel may upgrade its payments bank licence to that of a small finance bank at some point to enter the lending business.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


    4.26% GS 2023 NEW GS 2026 6.67% GS 2035 NEW GS 2051
I. Notified Amount ₹2,000 cr ₹6,000 cr ₹9,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 99.65/4.5029% 5.7400% 98.90/6.7927% 6.9900%
III. Amount accepted in the auction ₹2,000 cr ₹6,000 cr ₹9,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil Nil

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1182

[ad_2]

CLICK HERE TO APPLY

Leave a comment

‘We are adopting a cluster approach to boost MSME credit’

Banking & Finance

[ad_1]

Read More/Less


Top public sector lender State Bank of India says its Chennai Circle is one of the important business regions with its leadership in advances, and agri gold loans. R Radhakrishnan, who took charge as the Chief General Manager (CGM) of State Bank of India (SBI), Chennai Circle in June this year spoke to BusinessLine about the circle’s growth areas and expansion plans. Excerpts

How was the September 2021 quarter for Chennai Circle?

Chennai Circle’s performance was fairly good in Q2FY22. In terms of growth in deposits and advances, we have achieved 47% of our annual budget in deposits and 13% of our annual budget in advances.

Have collection efficiencies across segments reached pre-Covid levels in this region?

There has been significant reduction in slippages during Q2FY22 vis-à-vis Q1FY22. The slippages decreased by 73%. The NPA percentage has also improved from 2.91% as on June 30, 2021 to 2.25% as on September 30, 2021 which is below pre-Covid level. Collection efficiency in the SME sector has not yet reached pre-Covid level. Though all out efforts are being taken to revive units through restructuring and Covid related supports, SME units are struggling to recover from the losses incurred due to lock down, cancellation of orders and migration of labour.

You are a big player in the MSME segment and TN is also known for MSMEs. How big is the MSME portfolio and how has it grown in the past few years ?

Presently the Circle is having an SME Portfolio of ₹21,000 crore excluding our large & mid corporate portfolio of ₹58,061 crore. In total, we are having exposure of ₹80,000 crore in SME. Our MSME portfolio stands at ₹14,462 crore. We have exposure to manufacturing and retail trade in various sectors such as textiles, heavy commercial vehicles, auto components, automobiles, leather, fabrication, cement, sugar, paper, IT related services and safety matches.

The Tamil Nadu government recently announced MSME Policy 2021 and set a target to attract ₹2 trillion in new investments in the MSME sector by 2025 and achieve an annual growth of 15% in the manufacturing sector. We have also planned to increase our MSME portfolio by ₹3,756 crore by the end of March 2022. We are adopting a cluster approach to grow in each segment of the MSME spectrum. We have also launched Sanjeevani & Aarogya MSME loan products targeting the health sector.

What are some of the major growth areas for this circle?

The Circle has a total business portfolio of ₹3.08 trillion with ₹1.83 trillion in deposits and ₹1.25 trillion in advances. Its portfolio is almost equally distributed in SME, agri and retail segments. Home loan segment contributes to 38% of total advances. Some of the major growth areas for this Circle are retail loans, housing loans, gold loans, SHGs and MSME Loans.

How does Chennai circle compare with other zones of SBI?

Chennai Circle consists of 1,247 branches spread over the geographical area of Tamil Nadu & Pondicherry. Our branch share is 10.60%. Our deposit share is 18.20 % and advances share is 17.50 % among all the banks in this zone. We have a network of 5,348 ATM/ADWMs with a market share of 19%. Chennai Circle stands pan-India No.1 in aggregate advances & agri gold loans. It has the third highest portfolio in housing loans.

What are your business targets for this fiscal and how are you planning to achieve the same?

For FY 2021-22, we have planned to grow ₹10,386 crore in CASA deposits and ₹19,433 crore in total deposits. We have planned to grow our aggregate advances portfolio by ₹19,138 crore.

Could you also provide details on the branch expansion/ rationalisation plans?

Last financial year, we opened 22 branches including 10 SME branches. As on date, we have 2,742 Customer Service Points (CSPs) in Chennai Circle apart from 1,247 branches. We are planning to open 700 CSPs during this fiscal and 3 more branches to extend our services in unbanked areas.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

PM Modi, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


New Delhi [India], November 12: Prime Minister Narendra Modi on Friday lauded the use of Unified Payments Interface (UPI) across the country and said the digital transactions in India has jumped 19 times in the last seven years.

“UPI has become the world’s leading country in terms of digital transactions in a very short span of time. In just seven years, digital transactions in India has jumped 19 times. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country,” the Prime Minister said while speaking at the launch of two customer-centric initiatives of RBI.

PM Modi said, “Till 6-7 years ago, banking, pension, insurance, everything used to be like an ‘exclusive club in India’. Common citizens of the country, poor families, farmers, small traders-businessmen, women, Dalits-deprived-backwards, all these facilities were far away for all of them.”

The Prime Minister further pointed out that earlier, there were no bank branches, no staff, no internet, no awareness in the banking sector.

“The people who had the responsibility of taking these facilities to the poor also never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what were the arguments,” the Prime Minister said.

The Prime Minister also lauded the role of cooperative banks in strengthening the banking sector.

“To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there,” he said.

Earlier today, PM Modi launched two innovative customer-centric initiatives of the Reserve Bank of India.

The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.

The Reserve Bank – Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints.

There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.

India’s Prime Minister Narendra Modi



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Indian-origin partner at McKinsey arrested; charged with insider-trading, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


By Yoshita Singh (Eds: Updating with more details) New York, Puneet Dikshit, a 40-year-old Indian-origin partner at management consulting giant, McKinsey & Company, has been arrested and charged with insider-trading and making illegal profits totalling over USD 450,000 in the US.

Dikshit, a partner at a global management consulting firm, has been charged with “illegally trading in advance of a corporate acquisition by one of the firm’s clients in September,” the Securities and Exchange Commission (SEC) said in a statement on Wednesday.

Dikshit, who was arrested on Wednesday and charged with two counts of securities fraud – violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder – faces up to 20 years in prison on each count, the Department of Justice said in a press release.

US Attorney for the Southern District of New York Damian Williams and Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation Michael Driscoll announced the unsealing of the criminal complaint against Dikshit.

The SEC’s complaint, filed in federal district court in Manhattan, alleges that in the course of providing consulting services, Dikshit learned highly confidential information concerning The Goldman Sachs Group Inc.’s impending acquisition of GreenSky Inc (GSKY).

According to the SEC’s complaint, in the days leading up to the acquisition announcement on September 15, 2021, Dikshit used this information to purchase out-of-the-money GreenSky call options that were set to expire just days after the announcement.

He sold all of the call options referencing GSKY on September 15, 2021, realising profits of over USD 450,000, a return on investment of approximately 1,829 per cent.

The SEC’s complaint further alleges that Dikshit violated his firm’s policies by failing to pre-clear these options purchases. “In total, Dikshit realised profits of more than USD 450,000 from his insider trading in GSKY options, a return on investment of approximately 1,829 per cent.”

“Dikshit knew or was reckless is not knowing that the information he had obtained from Consulting Firm and Goldman concerning the acquisition of GreenSky was material and nonpublic, and that he owed a duty to Consulting Firm and Goldman to keep that information confidential and to refrain from trading on it,” the SEC said.

The SEC said that by trading in GSKY securities on the basis of material nonpublic information that he had obtained from the consulting firm and Goldman, “Dikshit breached a duty of trust or confidence to Consulting Firm and Goldman.”

“As alleged, Puneet Dikshit, a consulting firm partner, exploited his access to material nonpublic information about a pending acquisition of GreenSky, Inc., to trade in GreenSky call options. This breach of duties to his firm and its investment bank client – and violation of the law – allegedly reaped the defendant nearly half a million dollars in illegal profits. Now Puneet Dikshit has been charged with serious felonies for his alleged conduct,” Williams said.

According to the allegations in the Complaint unsealed Wednesday in Manhattan federal court, GreenSky was a publicly traded financial technology company that provided technology to banks and merchants to make loans to consumers for home improvement, solar, healthcare, and other purposes.

Between on or about November 2019 and July 2020, and again between April 2021 and September 2021, Goldman engaged McKinsey to provide various consulting services related to its consideration of an acquisition of GreenSky and the post-acquisition integration of GreenSky.

Dikshit was one of McKinsey’s partners leading these engagements. In that role, he had access to material, nonpublic information, which he misappropriated and, in violation of the duties that he owed to Goldman and McKinsey, used to trade GreenSky call options.

He engaged in this trading between on or about July 26, 2021, and on or about September 15, 2021 – at the same time he was leading the McKinsey team that was advising Goldman about its potential acquisition of GreenSky.

At various times between on or about July 26, 2021, and on or about September 13, 2021, Dikshit purchased and sold relatively small numbers of GreenSky call options, which had expiration dates weeks or months from the time of purchase.

However, in the two days before the September 15, 2021, public announcement that Goldman would be acquiring GreenSky, he sold all of these longer-dated GreenSky call options and purchased approximately 2,500 out-of-the-money GreenSky call options that were due to expire just a few days later, on September 17, 2021.

After the deal was announced, he sold these calls and realised profits of approximately USD 450,000

Dikshit’s lawyers at Kramer Levin did not immediately respond to requests for comment, CNBC reported.

“We have terminated the employment of a partner for a gross violation of our policies and code of conduct. We have zero tolerance for the appalling behavior described in the complaint, and we will continue cooperating with the authorities,” McKinsey told CNBC news outlet.

“We allege that Dikshit breached duties to his employer and his client by misusing their confidential information for his own financial gain. Thanks to our trading analysis tools, we were able to move swiftly to hold him accountable for his actions and protect the fairness of our securities markets,” Joseph G Sansone, chief of the SEC’s Market Abuse Unit, said in a statement.

In 2012, former Goldman Sachs director and former Managing Director of McKinsey Rajat Gupta was sentenced to two years in prison after being found guilty in 2012 of passing confidential boardroom information about Goldman Sachs to then hedge fund founder Raj Rajaratnam. Gupta served 19 months in prison and was released in 2016.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,
1 … 94 95 96 97 98 … 16,280