Connect with us

Latest News

SEBI To Investigate WhatsApp Earnings Leak

Published

on

SEBI To Investigate WhatsApp Earnings Leak,Startup Stories,2017 Business News Update,WhatsApp Earnings Leak,SEBI To Investigate Earnings Leak,Companies Earning Leak on WhatsApp,WhatsApp Earnings Leak Reveals SEBI

The Securities and Exchange Board of India (SEBI) asked India’s two top stock exchanges National Stock Exchange of India Ltd., (NSE) and Bombay Stock Exchange Ltd., (BSE) to investigate the earnings announcement of 24 companies on WhatsApp.

BSE and NSE will examine the trade data of the 24 companies whose financials were leaked on WhatsApp and other social media prior to their earnings release. According to sources, SEBI along with the exchanges will try to figure out if such information appearing on social networking sites violates insider trading and listing regulation. Livemint reported, an official at a stock exchange said, “The exchanges have observed discrepancies in trade data, prompting bourses to seek clarification from the companies on the data leaks. We are examining the trade data of these companies for the past 12 months.”

The issue was brought to attention by Reuters on 17 November 2017. According to the Reuter’s report, the second quarter earnings report of 12 companies was being circulated in private WhatsApp groups. Dr. Reddy’s, Cipla, Axis Bank, HDFC Bank, Tata Steel, Wipro, Bajaj Finance, Mahindra Holidays and Resorts, Crompton Greaves Consumer Electricals Ltd., Mindtree Ltd., Mastek Ltd., and India Glycols are some of the companies whose earnings report was available on WhatsApp. Almost half of these companies are a part of India’s largest single financial product, Nifty 50.

The possession and circulation of unpublished price sensitive information needs to be uniformly disclosed through stock exchange platforms according to SEBI’s Listing Obligation and Disclosure Requirement (LODR) and Prevention of Insider Trading (PIT) regulations. In early 2015, India also strengthened its insider trading rules to include what constitutes “unpublished price sensitive information” and other insider information that could have a market impact.

Therefore, this leak of confidential earnings report of the 24 companies can constitute a violation of PIT regulations. Reports suggest SEBI may ask for the call data records of all the persons involved in the alleged earnings leak. This step will allow SEBI to check if insider trading norms are being violated through data sharing on WhatsApp.
 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Pune’s SuperGaming Secures $15M to Expand in Emerging Markets

Published

on

Super Gaming

SuperGaming, the Pune-based gaming innovator known for hit titles like MaskGun and Indus Battle Royale, has raised $15 million in a Series B funding round, boosting its valuation to an impressive $100 million. This marks a nearly fivefold increase from its 2021 valuation of $21 million, highlighting the company’s rapid growth and the rising investor confidence in India’s booming gaming industry. The funding reflects SuperGaming’s strong market presence and strategic vision to become a global leader in online gaming. 

The funding round was spearheaded by Skycatcher and Steadview Capital, with significant participation from notable international investors including a16z Speedrun, Bandai Namco O21 Fund, Neowiz, and prominent Web3 financiers such as Polygon Ventures and Sandeep Nailwal. Existing backers like AET Japan and BACE Capital also continued their support. SuperGaming aims to utilize this capital infusion to expand its footprint internationally, focusing on emerging markets. A key initiative includes launching its award-winning game, Indus Battle Royale, in Latin America through a partnership with LOUD.GG, alongside rolling out its proprietary SuperPlatform developed with Google Cloud to empower game developers worldwide, especially in resource-constrained regions. 

CEO and Co-Founder Roby John emphasized that this funding milestone is crucial in shifting India from merely a gaming consumer base to a hub for gaming innovation. By adopting a “hyper-local” strategy that tailors games to diverse cultures in underrepresented markets like the Middle East and Latin America, SuperGaming is poised for global growth. With over 200 million installs and an expanding user base, SuperGaming’s recent fundraising solidifies its position at the forefront of India’s gaming revolution, ready to make a major impact on the international stage.

Continue Reading

Latest News

Swiggy DeskEats: Office Food Delivery Launched in 30 Cities

Published

on

Swiggy

Swiggy, India’s leading online food delivery platform, has introduced DeskEats, a unique meal delivery service specifically designed for office-goers and working professionals across 30 major cities. DeskEats aims to streamline office dining by offering a diverse, office-friendly menu, making it easier than ever for corporate employees to enjoy convenient and delicious meals right at their workplace. By simply typing “Office” or “Work” in the Swiggy app, users can unlock curated collections like Value Combos, Stress Munchies, Healthy Nibbles, and Teamwork Bites, catering to every office dining scenario—from solo meals to team lunches and quick snack breaks.

Swiggy’s DeskEats is now operational in over 7,000 tech parks and business centers, granting office workers access to nearly 700,000 menu items from over 200,000 restaurants. This vast variety ensures there’s something for everyone, addressing the growing demand for quick, tasty, and nutritious food that fits seamlessly into the busy schedules of working professionals. Early trends from DeskEats’ pilot phase show a strong preference for easy-to-eat options like chicken popcorn in Bengaluru and garlic breadsticks in Gurugram, reflecting the popularity of meals tailored for the modern workday.

Expanding upon its Corporate Rewards Program, which is already trusted by thousands of organizations, Swiggy enables companies to enhance employee wellness programs by offering food delivery, groceries, and dining benefits efficiently. With DeskEats, Swiggy reaffirms its commitment to transforming workplace dining by prioritizing variety, convenience, and user satisfaction—cementing its position as a key player in the evolution of India’s office food culture.

Continue Reading

Latest News

Setu Builds Fintech Powerhouse Leadership Team as Pine Labs IPO Nears

Published

on

Pine Labs

Setu, the API infrastructure platform and subsidiary of Pine Labs, has significantly strengthened its leadership by appointing Prashanth Nimmagada (ex-Razorpay) as Chief Technology Officer, signaling its commitment to innovation in India’s dynamic fintech landscape. Alongside Nimmagada, Setu has welcomed other top industry talent: Vijeth Pandit (ex-Razorpay) as Chief Product Officer, Ramkumar Thirumurthi (ex-Razorpay, co-founder Actyv.ai) as Chief Revenue Officer, Nikhil Ratanpal (ex-PhonePe) as Director of Product Development, and Santosh Subramanian (ex-Yes Bank, Wibmo) as Head of Finance. These high-profile hires accompany Anand Raisinghani’s (ex-SAP India) appointment as CEO, underscoring Setu’s focus on building a strong, experienced leadership bench to drive future growth.

Setu specializes in providing API-based digital financial infrastructure for services such as UPI, bill payments, KYC, and digital signatures, while also operating as an RBI-licensed NBFC Account Aggregator. With this expanded leadership team—drawn from India’s leading fintechs—Setu is well-positioned to accelerate the development of scalable, API-driven financial solutions for banks, fintechs, and enterprises. The influx of expertise from Razorpay and PhonePe veterans will bolster Setu’s technical capabilities and strategic partnerships, ensuring it remains a key enabler in India’s rapidly maturing digital public infrastructure ecosystem.

This leadership overhaul comes as parent company Pine Labs prepares for a major IPO, aiming to raise ₹2,600 crore through a fresh share issue after turning profitable in FY25. Setu’s enhanced leadership reinforces the broader group’s ambitions for international expansion, technological innovation, and financial performance. As Setu solidifies its role at the forefront of India’s fintech evolution, the company is poised to deliver advanced financial infrastructure solutions that support the country’s growing digital economy and drive Pine Labs’ strategic momentum.

Continue Reading
Advertisement

Recent Posts

Advertisement