It was an action-packed week, and not in a good way, in the Indian markets with the Karvy controversy, dismal GDP data and DHFL developments. Read a curated list of key stories this week, if you missed out on all of it.
Karvy order
The week began with SEBI passing a shocker of an order barring Karvy Stock Broking from accepting new clients or transferring shares from some of its accounts, alleging that it pledged clients’ securities to raise funds.
Also read | SEBI bans Karvy Broking for nearly Rs 2,000 crore in defaults
In denial
The company however continued to deny that the problems were widespread.
Also Read | Beware, scamsters are now targeting UPI apps
SAT diktat
But the SAT has asked SEBI to allow Karvy to transfer some shares using Power of Attorney by Monday.
Also read | SEBI to decide on interim relief to Karvy by Monday: SAT
What went wrong
How can investors in stock broking firms protect themselves? Our take.
Also read | Karvy case: How can investors protect themselves?
Facing the heat
SEBI is investigating if Sterling and Wilson promoters violated its ICDR regulations by making false promises in the IPO document.
Also read | SEBI probes allegations against Sterling & Wilson Solar on IPO misstatement
Nervous markets
The Sensex tumbled 336 points ahead of the GDP release at 5.30 pm on Friday. The data however met analyst estimates at 4.5 per cent growth.
Also read | Sensex tumbles 336 points ahead of GDP data
Stalling engines
The actual GDP data, with 4.5 percent growth for July-September2019, were in line with estimates but showed all three engines of growth- investment, consumption and government spending slumping this fiscal.
Also read| GDP data: All three engines driving economic growth are stalling
Quitting Zee
Subhash Chandra resigned as Chairman of the Board at Zee Entertainment after selling his controlling stake to repay debt, ending an era. He will remain a director.
Also read | End of era for Subhash Chandra at Zee Entertainment
Following suit
Two independent directors also quit soon after, citing concerns over management decisions.
Also read Two ZEE Entertainment directors resign over management decisions
DHFL resolution
Will DHFL, the first NBFC to be referred to IBC, be able to pay back lenders? Not in full, finds this analysis.
Also read | DHFL resolution: Will lenders be able to recover their dues?
MSCI effect
Stocks that had rallied on inclusion in the MSCI India Index gave up some gains on Friday
Also read | MSCI Index debutants tank on profit booking
Deal cleared
The Competition Commission’s approval for sale of a minority stake in Future Retail to Amazon, saw the stock shoot up.
Also read | Sensex tumbles 336 points ahead of GDP data
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