SEC Financial News

Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.

Subscribe to enjoy similar stories. BENGALURU : The US Securities and Exchange Commission (SEC) has issued a summons to Adani Group's founder and chairman, Gautam Adani, and his nephew and Adani Green Energy's executive director, Sagar Adani, thereby kickstarting legal proceedings in the alleged ₹2,000 crore ($250 million) bribery case. "Within 21 days after service of this summons on you (not counting the day you received it)… you must serve on the plaintiff an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said a 21 November SEC notice to Gautam Adani and Sagar Adani.

Adani Group stocks bounced back on Friday after a previous day collapse, the ports-to-power conglomerate has seen some setbacks as a fallout of the indictment by US court. Here are 5 things which have gone against the group as a reaction to what happened:

U.S. Securities and Exchange Commission's request to sanction Elon Musk after he failed to appear for court-ordered testimony for the regulator's probe into his $44 billion takeover of Twitter.

United Parcel Service Inc. will pay $45 million to settle charges that it improperly valued its freight division, the Securities and Exchange Commission announced Friday

Gensler, who took over as SEC chair on 17 April 2021, will step down before completing his five-year term, originally set to run until 2026. «I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour,» he said in a statement on Thursday (22 November). SEC adopts new clearing rules in $26bn US Treasury market overhaul During his time at the watchdog, Gensler pushed through a series of market reforms, including new clearing rules in the $28trn US Treasury markets and shortening the settlement...

Andhra Pradesh BJP president D Purandeswari on Friday said the allegations emanating from the US against the Adani Group raises serious questions and claimed that all those linked to these allegations are associated with the Congress party. Business tycoon and Adani Group chairman Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, an allegation refuted by the Indian conglomerate. «Recent allegations from the U.S. SEC (Securities and Exchange Commission) against the Adani Group have raised serious questions… this situation poses a significant question for Rahul Gandhi, since all individuals linked to these corruption allegations are associated with the Congress party and none are from the BJP,» said Purandeswari in a post on X.

Securities and Exchange Commission Chair Gary Gensler will step down from his post on January 20

Life Insurance Corporation of India (LIC), which has stakes in seven Adani Group stocks, witnessed an erosion of Rs 8,683 crore in the overall holding value in a single session on Thursday after a US court indicted Chairman Gautam Adani and several others in a $250 million bribery case. LIC holds stakes in Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Green Energy, Adani Energy Solutions, Adani Total Gas, ACC and Ambuja Cements.

Subscribe to enjoy similar stories. Two whistleblower complaints flagging financial impropriety at a small New York Stock Exchange-listed company marked the start of a two-year probe by the US government into the Adani group.

Subscribe to enjoy similar stories. Bitcoin is now worth more than any U.S.-listed company other than the six biggest. Dogecoin, created as a joke and the first cryptocurrency to have agovernment departmentnamed after it, would make it to the top 200 stocks by value, larger than Johnson Controls International.

Securities and Exchange Commission Chairman Gary Gensler spoke this morning at the Practising Law Institute's 56th annual conference on securities regulation. 

In a statement on Tuesday (12 November), Klarna said that it had submitted a draft registration statement to the Securities and Exchange Commission relating to the proposed flotation. The Swedish payments firm said the number of shares to be offered and the price range for the proposed offering «have not yet been determined», but that the IPO is expected to take place after the SEC completes its review process, subject to market and other conditions.  Chrysalis, which holds around £800m in assets, has a long-term holding in Klarna and previously noted that the anticipated float would ...

Cryptocurrency assets have surged in the week since Donald Trump was re-elected President, as the industry looked ahead to what Coinbase (COIN) CEO Brian Armstrong on Tuesday called the «dawn of a new crypto era.»

Donald Trump headed back to the White House after an election in which candidates backed by the crypto industry overwhelmingly won seats in Congress, the stage appears set for a rush of digital-asset mergers. A half-dozen mergers advisers and venture capitalists interviewed by Bloomberg News after Trump’s emphatic victory said they expect a sharp pickup in activity next year. They cited expectations that Trump will follow through on his pledge to remove US Securities and Exchange Commission Chair Gary Gensler, who’s led a years-long crackdown on the industry, as well as for more favorable legislation.

PPAP Automotive (up 20.00%), Trans Freight(up 20.00%), Pix Trans(up 19.99%), VCU Data Mgmt(up 18.60%), Vardhman Hold(up 16.21%) and Summit Sec(up 15.64%) were among the stocks that surged over 15%.

The cryptocurrency industry expects better days ahead.

JPMorgan Chase will pay $151 million to settle five U.S. Securities and Exchange Commission enforcement cases, including accusations that the largest U.S. bank made misleading disclosures to brokerage customers, the regulator said on Thursday. The settlements include $61 million of civil fines and $90 million of reimbursements to customers. JPMorgan did not admit or deny wrongdoing in agreeing to the settlements. «JPMorgan's conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest,» Sanjay Wadhwa, acting director of the SEC enforcement division, said in a statement.

Gary Gensler, with knock-on implications for others on his agenda. Here's a list of rules and actions affected, according to legal filings, the SEC's agenda, and legal experts. * Nasdaq corporate board diversity: Conservative group the Alliance for Fair Board Recruitment sued the SEC in the Fifth Circuit after the agency blessed a Nasdaq rule promoting diversity on corporate boards. Gensler recently cited this lawsuit as the reason why he could not discuss progress on a similar SEC planned rule. * Proxy voting: The Sixth Circuit Court of Appeals last month sided with the SEC in a case brought by trade associations including the U.S. Chamber of Commerce, finding the agency was within its rights to rescind Donald Trump-era regulations on corporate elections.

On the BSE, Olympic Cards(down 10.40 per cent), Five-Star Business Finance(down 8.18 per cent), Koura Fine Diamond(down 8.06 per cent), Vision Corp(down 7.59 per cent) and Genesys Intnl(down 7.52 per cent) were among the stocks that plunged over 5 per cent during the session.

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.