Top Stories | Arvind Kejriwal walks out of jail, SEBI on NSE co-location case, Adani vs Hindenburg latest, and more
🔝 Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 PM
This week has been packed with significant news across multiple sectors. The Securities and Exchange Board of India (SEBI) has dismissed the long-standing colocation case against the National Stock Exchange (NSE) and its former executives, including Ravi Narain and Chitra Ramkrishna, citing insufficient evidence.
In parallel, Swiss prosecutors have reportedly frozen over $310 million linked to the Adani Group amid ongoing money laundering and securities investigations, as per Hindenburg Research.
The IPO market is experiencing a notable surge, with 57 IPOs raising ₹62,650 crore so far this year—already surpassing the total raised in 2023.
Ford Motor Company has made headlines with plans to repurpose its Chennai plant for export manufacturing, potentially adding up to 3,000 jobs.
Meanwhile, a historic strike by Boeing factory workers has disrupted production, marking the first walkout at the company since 2008.
On the political front, Delhi Chief Minister Arvind Kejriwal has been released from Tihar Jail following a Supreme Court bail decision, while Donald Trump has ruled out participating in another debate against Kamala Harris, who has just announced a massive $47 million fundraising haul.
Here are the top ten stories from business, the economy, and beyond:
1. SEBI dismisses colocation case against NSE and former executives citing lack of evidence
The Securities and Exchange Board of India (SEBI) has disposed of the long-standing colocation case against the National Stock Exchange (NSE) and its former officials, including ex-Vice Chairman Ravi Narain and former CEO Chitra Ramkrishna.
SEBI’s decision comes after concluding that there was insufficient evidence of collusion or connivance to support the allegations.
"Due to the absence of sufficient material/evidence/objective facts on record in this case, the test of ‘preponderance of probability’ fails to produce enough justification for the establishment of collusion/connivance between OPG and its directors with Noticees (NSE and its seven employees)," SEBI said in its 83-page order.
2. Swiss prosecutors freeze accounts linked to Adani probe; group refutes allegations
Hindenburg Research launched fresh allegations against the Adani Group on Thursday, September 12, with the US-based short-seller citing a report that said Swiss authorities froze over $310 million across six Swiss bank accounts as part of a money laundering and securities investigation.
In a post on X, formerly Twitter, Hindeburg cited a news report by Swiss media outlet Gotham City, stating, "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
In response, Adani Group firmly denies the allegations, asserting that it is not involved in any Swiss court proceedings and dismissing the claims as baseless.
3. SEBI chair Madhabi Puri Buch issues a fresh rebuttal to questions on integrity
SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, on On September 13, 2024, issued a detailed statement addressing the series of allegations levelled against them.
These accusations, questioning the legitimacy of Dhaval’s consulting assignments and suggesting conflicts of interest during Madhabi’s tenure, were emphatically refuted by the couple.
In their statement, the couple described the accusations as “completely false, malicious and defamatory,” stressing that the allegations were "motivated to mislead the public" and designed to “tarnish the reputation of individuals, respected corporates, as well as institutions of the country.”
4. The 2024 IPO Surge | How this year’s market is performing
Despite a volatile year for the market, the IPO sector has thrived, with 57 IPOs closing for subscription so far, matching the total from all of 2023. However, IPOs in 2024 have already raised ₹62,650 crore, surpassing last year’s ₹49,400 crore.
September has been strong, with seven IPOs raising over ₹9,000 crore. August was particularly notable, with 10 IPOs raising over ₹17,000 crore. Five of this year’s IPOs have more than doubled their debut prices, while 30 have gained between 25% and 99%. Only seven are trading below their IPO price.
Unlike the record-breaking IPOs of 2021 and 2022, this year’s largest offering is Bajaj Housing Finance at ₹6,500 crore, followed by Ola Electric, Bharti Hexacom, and Brainbees. Jyoti CNC has been the top performer, more than tripling in value, with recent listings like Unicommerce and Premier Energies also showing strong early performance.
Although a few IPOs like Capital SFB and Popular Vehicles have delivered negative returns, none have dropped significantly. With three and a half months remaining, it’s possible that total IPO funds for the year could reach ₹1 lakh crore.
You can watch the video below for more insights:
5. Ford returns to Chennai for vehicle exports, plans to add up to 3,000 jobs
Ford Motor Company, on Friday, officially submitted a Letter of Intent (LOI) to the Tamil Nadu Government, signalling its intention to repurpose the Chennai plant for manufacturing vehicles intended for export.
This decision follows a recent meeting between Ford’s leadership and Tamil Nadu Chief Minister M.K. Stalin during his visit to the United States. TRB Rajaa, Tamil Nadu’s Industries Minister, posted on X.com about Ford's return to Tamil Nadu after a year of efforts led by Chief Minister MK Stalin.
Under the new strategy, the Chennai facility will be adapted to focus specifically on exporting vehicles to international markets, in line with Ford’s broader Ford+ growth strategy.
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6. 'Walls of jail cannot weaken my courage': Arvind Kejriwal as he walks out of Tihar Jail
Delhi Chief Minister Arvind Kejriwal was released from Tihar Jail on Friday, September 13, following the Supreme Court decision to grant him bail in the ongoing excise policy case investigated by the Central Bureau of Investigation (CBI).
The announcement of Kejriwal’s bail was met with celebrations by Aam Aadmi Party (AAP) supporters. Among the crowd were Punjab Chief Minister Bhagwant Mann and former Delhi Deputy Chief Minister Manish Sisodia, who led the celebrations from atop a truck.
The atmosphere was charged with chants such as “Jail ke taale toot gaye, Kejriwal chhoot gaye” and “Bhrastachaar ka ek hi kaal, Kejriwal, Kejriwal,” despite the heavy rain.
7. Boeing’s Seattle workers down tools in first walkout since 2008
Boeing Co. factory workers walked off the job for the first time in 16 years, crippling manufacturing across the planemaker’s Seattle commercial jet hub after members of its largest union rejected a contract offer and voted to strike.
Members of the International Association of Machinists And Aerospace Workers, which represents 33,000 Boeing employees across the US West Coast, voted overwhelmingly to strike on Thursday in Seattle, with 94.6% voting to reject the offer and 96% supporting a strike. They downed tools officially at midnight local time.
While both parties have expressed a desire to get back to the bargaining table sooner rather than later, the move adds to the strain on Boeing. The company was already reeling from the fallout over quality lapses after a near-catastrophe at the start of 2024 that spurred investigations, a customer revolt and an executive shake-up.
8. Trump rules out another debate against Harris as her campaign announces $47M haul in hours afterward
Donald Trump on Thursday ruled out another presidential debate against Kamala Harris as her campaign announced a massive fundraising haul in the hours after the two candidates met on stage.
Trump, the Republican nominee, posted on Truth Social that “THERE WILL BE NO THIRD DEBATE!” following Tuesday's debate against Harris and his June debate against President Joe Biden. In rejecting another debate, the former president suggested that a “prizefighter" who loses a bout is always the one to call for a rematch.
A day earlier, he had said, “I just don't know,” to the question of whether he would meet Harris for another debate. Some Republicans, including the No. 2 GOP Senator John Thune, have urged Trump to debate against Harris again.
9. India scraps minimum export price on onions
The Central Government on Friday, September 13, removed the Minimum Export Price (MEP) on onions, effective immediately, aiming to benefit Indian farmers amid an international surplus.
In a notification issued by the Directorate General of Foreign Trade (DGFT) on Friday, the government lifted the MEP, which had previously prevented farmers from selling their produce abroad at lower prices.
In August 2023, a 40% export duty was imposed on onions to manage domestic supply and prices. This was followed by a complete export ban in March 2024. The ban was lifted shortly before the Nashik elections, but a 40% export duty and the MEP of $550 per metric ton were reinstated.
10. Exclusive | Rashmi Saluja refutes ESOP misuse claims, questions timing of allegations in Religare dispute
Over the last 18-24 months, there has been a bitter dispute play out in the public between Religare’s existing management and the Burman family. In the midst of this dispute, fierce and serious allegations of corporate governance breach have been levelled by both the sides against each other.
On September 6, the Enforcement Directorate filed an FIR for cheating and criminal conspiracy against Religare's Executive Chairperson Rashmi Saluja and others with Mumbai police.
Speaking to CNBC-TV18, Rashmi Saluja denied allegations of making illegal gains through ESOPs. She also questioned why the issue is being flagged after the open offer from Burman’s was made to takeover Religare.
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