SEBI Bans 85 Entities For Fraudulent Trading
SEBI banned a total of 85 entities from the capital market for up to one year. These companies were caught manipulating their share price.
Among the banned entities, Sunrise Asian is also included. The market regulator restrained Sunrise Asian, its 5 directors for one year and the 79 connected entities for 6 months. It is found that Sunrise Asian and its directors had made an arrangement where 83 of its entities had manipulated the share price.
SEBI has always been known as a strict market regulator. These incidents will only make a strong case for other companies to not participate in fraudulent trading.
Oil Prices Under Pressure As Saudi Arabia Cuts Prices
Oil prices remained under pressure due to Saudi Arabia’s sharp cuts.
The crude oil prices declined on demand concerns. Slow growth in China, rising COVID-19 cases and Saudi Arabia price cuts remain the main reasons. Saudi Aramco informed customers that it will cut at least $1/barrel. This cut was for all crude grades that were sold to Asia. The deep price cuts remain a sign that the demand remains weak.
Experts believe that the oil prices will struggle to move higher. Weak US jobs data highlights the slow economic activities. Also, US supply would remain limited in the wake of a hurricane, which would impact the oil prices.
Govt To Regulate Coal Supply To States
The government has decided to strictly regulate the coal supply from Coal India to states.
The motive is to improve coal supply to other power plants. This will be done for power plants that have higher generation. The centre has decided that the coal supply will be stopped for power plants with 10 days of coal stock and are operating at 40% capacity. Meanwhile, plants with 18 days of coal stock will be met with temporary regulations.
These measures are undertaken by Union Power secretary Alok Kumar. India has also urged utilities to import coal as several power plants are running out of fuel due to a rise in power demand.
