News digest: Sensex hits record high, panel favours phone tapping, and more

From a committee on fair market conduct suggesting Sebi should seek powers to tap phones to R S Sharma's reappointment as Trai chairman, BS brings you top stories to keep up with the latest news

Sebi should seek power to tap phone calls: Panel on fair market conduct

A committee on fair market conduct has suggested that market regulator, Securities and Exchange Board of India (Sebi), should seek powers to tap telephones and other electronic communication devices to check insider trading and other frauds.

Currently, Sebi has the power to only ask for call records, which includes numbers called and the duration of calls made. If the recommendation is implemented, Sebi will be able to listen in on the calls, as well as intercept other forms of electronic communication. Read on...  

Bulls go strong on Street: Sensex ends above 38,000 for the first time

The benchmark Sensex on Thursday for the first time closed above the 38,000-mark. The index, which tracks the share price movement of India’s 30 blue-chip companies, took just nine trading sessions to move from 37,000 to 38,000. In comparison, the previous 1,000-point upmove took a painful 127 trading sessions. Since January — when the Sensex for the first time hit 36,000 — the markets entered a period of intense volatility amid rate hikes by the US Federal Reserve, weakening of the rupee, foreign capital outflows, surge in oil prices and fears of global trade war. Click here to read

Nothing called partial defaulters, IBC must apply equally to all: RBI

The Reserve Bank of India (RBI) in its submission to the Allahabad High Court, which is hearing a case filed against the Insolvency and Bankruptcy Code (IBC), said that the resolution of stressed assets through this route was a commercial decision taken by the central bank and creditors and it should not be thrust upon the judiciary.

“Control over company is not a divine right. If the promoters default, the creditor will take over the company and manage it. Thus, the IBC is a creditor-driven legislation,” said the RBI in its submission. Continue reading...

'Guilty and embarrassed': Jet Airways boss sorry for share price erosion

Jet Airways Chairman Naresh Goyal has apologised to shareholders for the losses they suffered because of the sharp erosion in the airline’s share price.

Shares of India's second-largest domestic airline hit a 52-week low of Rs 286.95 in intra-day trade on Thursday — it closed at Rs 301.7. On a year-to-date basis, the stock has tanked 63.7 per cent, highest fall among aviation stocks. IndiGo and SpiceJet stocks, meanwhile, were down 11.7 and 38.6 per cent, respectively, during the same period. Click here to read

R S Sharma reappointed as a Trai chairman, gets two-year extension

In a surprise move, the Appointments Committee of the Cabinet (ACC) has re-appointed R S Sharma (pictured) chairman of the Telecom Regulatory Authority of India (Trai). This is for the first time that any Trai chief has got an extension beyond the three-year tenure. Sharma, who was set to retire on Thursday, will now remain as chairman till September 30, 2020. Read on...