Seoul: South Korea’s financial regulator said on Monday that it has found suspected cases of naked stock short selling at five more global investment banks (IBs), bringing the total to nine out of the 14 largest global IBs in the country.
The additional cases come after the Financial Supervisory Service (FSS) reported in January that it has detected suspected illegal stock short-selling activities at two global IBs, reports Yonhap news agency.
The FSS has been conducting an inspection on all 14 global IBs here since it exposed two IBs suspected of placing naked stock short-selling orders worth 55.6 billion won ($40.3 million) in 2021-2022.
The financial regulator, together with the Financial Services Commission, had since imposed a temporary ban on stock short selling, currently set to expire at the end of next month.
The FSS said that it has “completed imposing fines (26.5 billion won) on the first two companies that engaged in illegal stock short selling, worth 55.6 billion won, and referred them to the prosecution.”
“While conducting an inspection of all (global IBs), it has exposed illegal short selling by seven additional companies, worth 155.6 billion won,” it added.
The inspection on the other five global IBs is still underway, according to the FSS.
The financial regulator said it will swiftly take punitive measures once the naked stock short selling allegations are confirmed.
IANS
Seoul, Tokyo, Beijing biz leaders agree to form private-sector economic consultative body
Seoul: Business leaders of South Korea, Japan and China have agreed to form a trilateral economic consultative body to promote economic cooperation and resolve pending issues, the country's main business...
UN raises India’s 2024 growth rate to 6.9 pc; remains world’s fastest-growing large economy
United Nations: Indian economy's growth rate projection for this year has been raised by 0.7 per cent to 6.9 per cent from the forecast made in January by the UN...
Singapore airport retailer selected to run duty-free outlets at Noida airport
New Delhi: The famous Heinemann group, which operates retail outlets at Singapore’s Changi airport as well as the Hong Kong and Auckland airports, has been selected to run the duty-free...
RBI tweaks rules to cut risk banks face in exposure to capital markets
Mumbai: The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments (IPCs)....
Mizoram reports record GST collections in April, 4 NE states see negative growth
Aizawl: Mizoram recorded its highest proportion growth at 52 per cent in Goods & Services Tax (GST) collections in April, while four of the eight northeastern states -- Sikkim, Arunachal...
The 127-year-old Godrej empire split: How it was resolved amicably
New Delhi: In the increasingly contentious world of family business splits, the peaceful division of the 127-year-old Godrej empire worth $5.7 billion is a rare occurrence. According to the company,...
Sensex, Nifty witness worst week since March 15 amid Iran-Israel conflict
Mumbai: Ending a four-day losing streak, India's benchmark indices closed higher on Friday led by HDFC Bank and Bajaj Finance, among other factors. The Sensex ended 599 points, or 0.83...
UNCTAD forecasts India’s GDP growth at 6.5 pc in 2024
New Delhi: The latest UN Conference on Trade and Development (UNCTAD) report released on Tuesday forecasts global economic growth at 2.6 per cent in 2024 barely above the 2.5 per...
‘Above normal monsoon rainfall in 2024 bodes well for agricultural sector’
Chennai: The India Meteorological Department's (IMD) above-normal rainfall forecast for 2024 southwest monsoon (June-September) bodes well for the agriculture sector and will also keep a check on food prices, an...
RBI projects GDP growth at 7 pc for 2024-25, retail inflation seen at 4.5 pc
Mumbai: India's GDP growth for 2024-25 is projected at 7 per cent while the forecast for inflation for the year has been retained at 4.5 per cent, RBI Governor Shaktikanta...
RBI leaves key repo rate unchanged, focus on keeping inflation in check
Mumbai: The Reserve Bank of India (RBI), on Friday, left the key policy rate unchanged at 6.5 per cent in its monetary policy review for the seventh consecutive time, with...
RBI may cut repo rate only in Q3 FY25: SBI economist
Chennai, April 2 (IANS) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) may cut repo rate only in the third quarter of FY25 and not before, said a...
