SEC | Business Upturn

Adani Green Energy directors seek extension in SEC case deadlines

Business Desk — Sat, 18 Apr 2026 12:11:58 +0000

Adani Green Energy Limited has announced that directors Gautam Adani and Sagar Adani have jointly applied with the United States Securities and Exchange Commission (SEC) for an extension of deadlines in an ongoing civil matter. The case is being heard in the United States District Court for the Eastern District of New York (EDNY).

According to the latest court filing, the parties have agreed on a revised schedule and have requested the court to extend the briefing schedule. The proposed timeline includes a deadline of June 8, 2026, for the defendants’ motion to dismiss, August 7, 2026, for the SEC’s amended complaint or opposition, and September 21, 2026, for any reply brief.

This request follows the defendants’ pre-motion conference letter filed on April 7, 2026, which outlined the grounds for their anticipated motion to dismiss. The EDNY court had directed the parties to confer regarding scheduling a pre-motion conference. The parties have proposed May 20, May 22, or May 29 as potential dates for this conference.

Adani Green Energy Limited clarified that it is not a party to these proceedings, and no charges have been brought against the company. Furthermore, as previously stated in a November 27, 2024, intimation to stock exchanges, the defendants have not been charged with violations of the United States Foreign Corrupt Practices Act, indicating no charges of bribery or corruption against them.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Adani Green Energy directors seek dismissal of SEC complaint by April 30

Kinjal — Wed, 08 Apr 2026 08:00:42 +0000

Adani Green Energy Limited has announced that its directors, Mr. Gautam Adani and Mr. Sagar Adani, intend to file a motion to dismiss a complaint by the United States Securities and Exchange Commission (SEC) by April 30, 2026.

The SEC filed a civil complaint against the directors in the United States District Court for the Eastern District of New York. The directors have submitted a pre-motion conference letter to the court, outlining their reasons for seeking dismissal. The grounds for dismissal include the court’s lack of personal jurisdiction over the defendants and the extraterritorial nature of the claims.

The SEC’s complaint alleges misstatements, but the directors argue that these are not actionable and that their lack of involvement in the offering in question should bar the SEC’s claims. The procedural letter was submitted in accordance with the rules set by the EDNY judge.

Adani Green Energy Limited clarified that it is not a party to the proceedings and that no charges have been brought against the company. Additionally, the company reiterated that the directors have not been charged with violations of the United States Foreign Corrupt Practices Act, confirming there are no allegations of bribery or corruption against them.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

GQG Partners agrees to pay $500,000 to settle SEC charges over whistleblower rule violations

Aditya Bhagchandani — Fri, 27 Sep 2024 06:57:48 +0000

GQG Partners, the asset management firm founded by Rajiv Jain, has agreed to pay a $500,000 civil penalty to settle charges with the U.S. Securities and Exchange Commission (SEC). The SEC accused the firm of violating whistleblower protection rules by imposing restrictive non-disclosure agreements (NDAs) that prohibited employees from sharing confidential information, even with government regulators.

Between 2020 and 2023, GQG Partners had 12 individuals sign these NDAs, which violated the SEC’s whistleblower protection regulations. The SEC announced the settlement on September 26, highlighting that such agreements can’t create barriers for individuals looking to report potential securities law violations.

Without admitting or denying the findings, GQG Partners consented to the SEC’s jurisdiction and agreed to cease-and-desist proceedings, acknowledging the need to comply with whistleblower protection rules. Corey Schuster, Co-Chief of the Division of Enforcement’s Asset Management Unit, stated, “Whether through agreements or otherwise, firms cannot impose barriers to persons providing evidence about possible securities law violations to the SEC, as GQG did.”

Despite the SEC’s findings, GQG Partners released a statement emphasizing their commitment to regulatory compliance: “We appreciate the professionalism displayed by the SEC staff throughout this inquiry. We believe that we are well positioned to serve our team and clients going forward.”

GQG Partners’ Involvement in Indian Markets:

GQG Partners is recognized as a global boutique asset management firm, led by Chairman and Chief Investment Officer Rajiv Jain. It is known for active portfolio management and long-term value delivery to clients. The firm has invested significantly in the Indian market across sectors like infrastructure, consumer goods, and energy, including stakes in companies from the Adani Group.

These investments came amid scrutiny faced by the Adani Group following Hindenburg Research’s report in January 2023, which alleged corporate governance issues and debt concerns, leading to a sharp fall in Adani stocks. Despite the controversy, GQG continued to make substantial investments in Gautam Adani-led firms and remains an active player in India’s equity market.

SEC cracks down on shortsellers, Hindenburg to potentially face scrutiny

Markets Desk — Sat, 27 Jul 2024 10:46:58 +0000

The Securities and Exchange Commission (SEC) has intensified its crackdown on shortsellers, leaving Nate Anderson-led Hindenburg Research potentially vulnerable to scrutiny. On Friday, the SEC announced enforcement action against Citron Capital and its founder Andrew Left for alleged illicit profits.

The SEC alleges that Citron and Left engaged in “bait-and-switch” tactics, advising followers to trade on their research reports while secretly reversing their positions to reap gains. This mirrors the allegations leveled by the Securities and Exchange Board of India (SEBI) against Hindenburg Research in the Adani Group shortselling case.

SEBI’s investigation, launched in 2021 following the GameStop trading turmoil, has been probing Hindenburg Research’s report on Adani Group, which triggered a significant market sell-off. Hindenburg Research has denied wrongdoing, claiming a modest $4.1 million revenue from the report.

As the SEC tightens its grip on shortsellers, Bloomberg News’ Bailey Lipschultz notes that other prominent names may face similar lawsuits. The SEC’s complaint against Citron Capital and Left charges them with violating anti-fraud provisions, seeking penalties and disgorgement of ill-gotten gains.

The regulatory spotlight on shortsellers is intensifying, and Hindenburg Research may face increased scrutiny in the wake of the SEC’s actions.

Oracle adds generative AI to fusion Cloud Applications, introduces sustainability solution

Tushar Aggarwal — Fri, 15 Mar 2024 07:06:21 +0000

Oracle has announced the integration of generative artificial intelligence capabilities into its suite of software offerings, bringing the technology within reach for the 14,000 companies that use its Fusion Cloud Applications. These products are utilized for financial management, human resources, supply chain management, marketing, sales, and customer service. Oracle stated that the update offers customers more than 50 ways to take advantage of generative AI, which is similar to the technology underlying programs like OpenAI’s GPT-4.

With additional embedded capabilities and an expanded extensibility framework, our customers can quickly and easily take advantage of the latest generative AI advancements to help increase productivity, reduce costs, expand insights, and improve the employee and customer experience mentioned Steve Miranda, Oracle’s executive vice president of applications development, in a statement.

The potential uses of the generative AI capabilities include helping finance professionals explain business trends and forecasts, assisting program managers with project planning, supporting product specialists in generating SEO-friendly product descriptions, creating uniquely tailored job listings, and aiding call center employees in summarizing interactions with customers.

Natalia Rachelson, Oracle’s group vice president of applications development, highlighted that “with the 50+ generative AI features embedded in Oracle Fusion Applications, there is always a human in the loop to approve the generative AI-recommended content.”

Oracle also unveiled a new sustainability offering within its cloud-based financial management software suite. The new sustainability solution can help companies assess their environmental impact and take action to reduce it by consolidating and analyzing data, comparing the outcome of numerous possible scenarios, and even predicting performance.

According to Sankar, an Oracle spokesperson, Oracle’s sustainability updates “will help organizations comply with the new rules as well as meet multiple disclosure requirements across geographies, industries, and reporting standards.” He added that the update can help companies “adapt to changing legislation so our customers can align with and adopt new standards as they are introduced.”

Sankar also noted that various Oracle customers are already using the products to report sustainability metrics, including a $40 billion insurance company that is reporting upstream and downstream emissions.

The announcement coincides with new rules approved by the Securities and Exchange Commission (SEC) in early March, requiring publicly traded companies to disclose climate-related risks. The approved rules, while less intensive than originally proposed, still require disclosure of climate-related risks by public companies and in public offerings. SEC Chair Gary Gensler stated that the rules will provide investors with “consistent, comparable, and decision-useful information.”

US SEC to announce major bitcoin ETF decision today

Adesh Dixit — Fri, 11 Aug 2023 15:37:00 +0000

The cryptocurrency market is eagerly awaiting the US Securities and Exchange Commission’s (SEC) announcement of a crucial decision regarding Bitcoin ETFs while Bitcoin consolidates below $29,500.

As per ETF analyst James Seyffart, by the end of today, the decision regarding the ARK 21Shares Bitcoin ETF should be made public.

Despite the fact that the official deadline is set for August 13, it falls on a Sunday, therefore an announcement is expected a day early. Seyffart asserts that a delay is imminent and that the decision will most likely be made after the market closes.

Bitwise, BlackRock, Van Eck, and Wisdomtree are among other significant financial companies, who are in a race to opt for permission for their various Bitcoin ETFs. The coming days shall be crucial for ARK 21Shares as its second deadline is nearer compared to those of its rivals, however, it will also provide it an advantage in the fight for an ETF.

The road to Bitcoin ETF certification is not without obstacles, though. Some of these proposed ETFs may be delayed or possibly abandoned due to worries about market manipulation, liquidity, and investor protection.

Eric Balchunas, another well-known ETF analyst, recently pointed out that the top 15 best-performing equities ETFs this year are all tied to cryptocurrencies, with $WGMI leading the pack with a startling +227% gain. Surprisingly, North America is the core of the world’s crypto ETF trading, with 98% of the total volume. Balchunas predicts that this dominance could further solidify and even reach 99.5% with the anticipated introduction of spot ETFs in the US.

Bengal SEC to look into poll violence complaints

Dixita Hazarika — Sat, 08 Jul 2023 15:26:27 +0000

Rajiva Sinha, the Bengal State Election Commissioner (SEC) has promised to look into complaints of vote tampering and to take a decision on possible re-polling after receiving reports from observers and returning officers.

According to Sinha, the most number of complaints on incidents of violence during the day’s polling came from four districts, and all of them would be taken into account while reviewing the poll process.

The SEC, who had to face a lot of flak from various political parties, said that a decision on re-polling would be taken on Sunday when observers and returning officers would scrutinise and review the polling process.

Sinha said, “I have been getting information (of violence and clashes) since last night. Calls were directly made to me as well as to the Control room phone numbers on these incidents. The maximum number of such incidents on Saturday were reported from three to four districts like North 24 Parganas, South 24 Parganas and Murshidabad district.”

Sinha said that the SEC received 1,300 complaints from Barasat including on incidents of miscreants fleeing with ballot boxes, “Tomorrow there will be a detailed scrutiny. Re-polling will be held at those booths where a maximum number of violence was reported, and where polling could not happen or was stopped. That is the reason the day after polling is kept for scrutiny. Observers and returning officers will scrutinise the polling process. Only then we will be able to understand in how many places re-polling needs to be ordered.”

When asked whether Saturday’s polling was peaceful or not, the former Bengal chief secretary said, “I will not be able to say until we get a full report on it. Let the polling be over. Law and order is the state police’s subject. When we get information, the SEC passes it on.” He further added that the district magistrates, police superintendent and CAPs were informed immediately after the SEC got any information about any untoward incident in connection with Saturday’s polling.

Talking about the number of deaths, Sinha said officially there were three deaths during Saturday’s polling.

But according to police officials, 12 people, including eight from the ruling TMC, and one worker each of the BJP, CPI(M), Congress and ISF died in different incidents of violence spread across West Bengal during Saturday’s three-tier panchayat polls.

Manish Prasad, who is reportedly a BJP worker, was arrested after he entered the SEC office and said that he wished to throw black ink on Sinha for his alleged failure to control violence in Saturday’s polling process.

Fidelity refiles spot Bitcoin ETF application with US SEC

Dixita Hazarika — Fri, 30 Jun 2023 17:09:30 +0000

The SEC rejected dozens of spot Bitcoin ETF applications in the past few years, including one from Fidelity in January 2022.

Fidelity is one of the several big asset managers that have applied to list bitcoin ETFs in recent weeks. BlackRock, WisdomTree, Invesco, and VanEck also submitted paperwork for spotting bitcoin ETFs on Cboe BZX, Nasdaq, and NYSE Arca, which is owned by Intercontinental Exchange Inc.

According to a filing by listing exchange Cboe Global Markets with the US Securities and Exchange Commission, asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund.

Bitcoin had struggled to gain traction after a series of crypto company meltdowns, including the sudden collapse of exchange FTX late last year, which according to authorities was running a multi-billion dollar fraud.

A regulatory crackdown has also weighed on the crypto sector. Crypto exchanges, Binance and Coinbase Global, were sued by the SEC this month for allegedly violating its rules, which the pair deny.

The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. In all cases, the regulator said the filings did not meet standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest.

The first bitcoin futures ETF was approved in October 2021, which helped sending the volatile bitcoin to an all-time high of $69,000 (roughly Rs. 5,661,629) in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved.

Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

SEC regulators harassing Elon Musk over 2018 regulatory settlement: Tesla

Sathvika Chelakani — Thu, 17 Feb 2022 15:54:11 +0000

Elon Musk, the CEO of Tesla Inc, on Thursday, accused the U.S. Securities and Exchange Commission (SEC) of harassing them with an “endless” and “unrelenting” investigation to punish Musk for being an outspoken critic of the government.

The accusation came in a letter to U.S. District Judge Alison Nathan in Manhattan, who was supervised by a 2018 SEC settlement stemming from Musk’s tweet about a potential buyout of Tesla. Tesla Inc claims that regulators are harassing Chief Executive Elon Musk over his compliance with a 2018 regulatory settlement that sought to limit his use of social media.

The Securities and Exchange Commission is undertaking “unfounded investigations” of Mr. Musk and Tesla, attorneys for the company said in a letter filed Thursday with a federal judge who scrutinized the settlement. Tesla announced earlier this month that regulators sent a summons in the previous year that sought information showcasing how the company and its CEO complied with the terms of the deal.

Crypto Morning Digest: Bitcoin prices surge past 40k mark, BinanceUS CEO Brian Brooks resigns and other stories

Vandana Nampoothiri — Sat, 07 Aug 2021 05:10:50 +0000

1) The global cryptocurrency market gap sees an increase of 4.94%, stands at $1.75 trillion

The global cryptocurrency market cap stands at $1.77 trillion, a 7.27% increase from the previous day. The total crypto market volume over the last 24 hours is $102.60 billion, which makes a 2.50% increase, according to data from CoinMarketCap.

Bitcoin prices surged past the 40k mark and are currently $43,839.66. Bitcoin dominance is currently 46.28%, an increase of 0.55% in the last 24 hours.

2) Brian Brooks, CEO of Binance US resigns

Brian Brooks, chief executive officer of cryptocurrency exchange platform Binance US announced on Friday that he has resigned from the post three months after taking up the position.

“Letting you all know that I have resigned as CEO of ⁦⁦BinanceUS,” Brooks tweeted. “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

From @BinanceUS chairman of the board @cz_binance https://t.co/uYcSjfRNOX pic.twitter.com/4BFuHQQz2V

— Binance.US 🇺🇸 (@BinanceUS) August 6, 2021

3) Christie’s set to hold its first Bored Ape Yacht Club and Meebits auctions

International art auction house Christie’s announced on Friday that it is set to hold its first auction of Bored Ape Yacht Club (BAYC) and Meebits non-fungible tokens (NFTs), The Block reported.

The Auction will begin on September 17 at 2:00 PM HKT (September 18, 2:00 a.m. ET) and ends on September 28 at 2:00 p.m. HKT.

4) SEC charge Florida men for failing to register $30 million sales

U.S. Securities and Exchange Commission (SEC) charged two Florida men and their firm for not registering sales of $30 million and for misleading the investors, Reuters reported.

According to Reuters, Blockchain Credit Partners and founders, Gregory Keough and Derek Acree sold digital tokens the SEC deemed securities without registering with the regulator through their platform DeFi Money Market from February 2020 to February 2021.

Covaxin phase 3 drug trial approved by SEC

Aayushi Singh — Tue, 22 Jun 2021 10:49:34 +0000

The Bharat Biotech phase 3 trials effectiveness data has been approved by the Subject Expert Committee (SEC).

Covaxin had shown 77.8 per cent efficacy, according to the data submitted. As per the CNBC-TV18 reports, the phase 3 trials for the vaccine had been conducted over 25,800 subjects.

On June 21, Dr. VK Paul; member of the Centre’s topmost think tank NITI Aayog, said that the Hyderabad based vaccine maker had submitted it’s phase 3 trial efficacy data results of the COVAXIN vaccine to the Drug Controller General of India (DCGI) over the weekend. According to the results that had been published in the Lancet Infectious Disease Journal, it mentioned that the Phase 1 trials of the indigenously developed vaccine showed enhanced immune response without any serious side effects in the participants that had been enrolled for the phase 1 trials.

The Covaxin is an inactive vaccine that is developed by chemically treating the novel coronavirus samples to make it incapable of reproduction. That process leave the viral proteins intact, also including the spike protein of the coronavirus which it uses to enter the human cells.

On July 23, the Bharat Biotech has been expected to attend a pre-submission meeting with the World Health Organisation (WHO) for the emergency use listing of it’s COVID-19 vaccine candidate. The report also said that the approval from WHO would allow the vaccine maker to export its vaccines and facilitate an easier international travel of the Indian citizens who had been given the jab.