Tuesday, May 14
Changpeng Zhao, the founder of Binance, has been sentenced to four months in prison for regulatory failures that permitted cybercriminals and terrorist groups to use the platform. The sentencing occurred in Seattle by US District Judge Richard Jones. Zhao, 47, attended the court dressed in a dark suit and accompanied by several lawyers, with his family present.
On Tuesday, the Securities and Exchange Board of India (Sebi) tightened regulations for mutual funds to prevent front-running and price manipulation. Sebi will issue general guidelines for this, while the Association of Mutual Funds in India (Amfi), the industry trade body, will develop detailed guidelines, as stated in a release from the regulator. This action was prompted by multiple instances of front-running in fund companies.
GST collections cross Rs 2 lakh crore! In April 2024, the Gross Goods and Services Tax (GST) collections reached an all-time high of ₹2.10 lakh crore, marking a substantial 12.4% growth compared to the same month in the previous year.
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, resumed their rally on Tuesday after a strong show on Monday. BSE Sensex moved up over 380 points to cross the 75,000 mark and Nifty50 was above 22,750.
DGCA's new directive allows passengers to choose optional services, potentially reducing base flight ticket costs. Airlines must adapt pricing strategies and ensure child seat arrangements, affecting revenue management in the aviation industry.
Mutual Fund KYC issues: Records of many investors, particularly old-timers who completed KYC using documents other than PAN or Aadhaar, could not be validated. As a result, these investors have been requested to redo their KYC.
The government has permitted the export of 99,150 metric tons of onions to six neighboring countries, including Bangladesh, UAE, Bhutan, Bahrain, Mauritius, and Sri Lanka. This decision follows the imposition of restrictions on onion exports to maintain sufficient domestic supply, given projections of reduced Kharif and Rabi crops for 2023-24 and heightened international demand.
Tesla CEO Elon Musk met with Chinese Premier Li Qiang in Beijing on Sunday, where the official pledged that China would remain consistently open to foreign companies. Musk arrived in China earlier on the same day for his second visit in less than a year to the world's largest electric car market.
