Business

Mumbai, June 25 (IANS) The Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of Rs 25 lakh on BSE Ltd for violation of norms related to dissemination of price-sensitive information by corporates, weak supervision of broker trades, and laxity in taking action.

The punitive action follows an inspection of the stock exchange carried out between February 2021 and September 2022, after which a show cause notice was issued.

The SEBI investigation revealed that BSE's system architecture allowed its paid clients and internal listing compliance monitoring (LCM) team to access corporate announcements before these were made public through its website.

The capital markets regulator observed that the data dissemination process lacked safeguards to ensure simultaneous and equal access to all stakeholders, which is critical to maintaining market integrity and preventing unfair information advantage.

It concluded after its probe that the BSE failed to comply with the regulation that mandates stock exchanges to ensure fair and transparent access to all users.

It also noted that the BSE did not establish a really simple syndication (RSS) feed, which could have mitigated the risk of unequal access to corporate disclosures.

The SEBI also flagged serious shortcomings in BSE's monitoring of client code modifications, which are permitted only in case of genuine errors.

The exchange failed to initiate disciplinary action against brokers with frequent modifications and did not adequately monitor 'error accounts', raising concerns over the possibility of misuse and lack of due diligence in trades between unrelated institutional clients.

The exchange was found to be merely taking confirmation from brokers with respect to trades transferred to the error account being subsequently liquidated. Inspection of all brokers for error account review was not being done every year, and even when it was done, the BSE was relying on confirmations provided by brokers themselves.

The SEBI order points out that, being a first-level regulator, the "BSE must have internal controls on how to manage and handle such corporate announcements so as to ensure compliance with its obligations".

It said all persons should have unrestricted, transparent and fair access to information.

"The availability of information about listed companies with employees of LCM of the BSE and its paid subscribers before it is available to general investors through its website of the BSE has clearly impaired the concept of impartiality, transparency and fairness of information dissemination from the first-level regulator BSE," the order states.

“This case involves multiple acts of omissions, laxity and negligence with a certain amount of lethargic approach, which cannot be allowed to be exonerated if the first level regulator having paramount duties of regulation and oversight shows such approach of lax regulation leaving visible scope for misuse of its systems," the order added.

--IANS

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Seoul, June 21 (IANS) An Asiana Airlines flight bound for Tokyo returned to Incheon, west of Seoul, around one hour after departure on Saturday following the detection of an engine issue, the company said.

The OZ108 flight, which had departed for Narita International Airport from Incheon International Airport at 6:49 p.m., landed at Incheon at around 7:42 p.m. under relevant safety procedures, according to the company.

There were no injuries reported among the 263 passengers aboard, it added, reports Yonhap news agency.

Smoke reportedly occurred after a spark appeared on one side of the engine.

Asiana Airlines is inspecting the A330-300 aircraft to determine the exact cause of the incident, such as whether there was an engine issue or a bird strike.

The company plans to replace the aircraft and operate an alternative flight for passengers at 4:30 a.m. Sunday, in consideration of the nighttime landing and takeoff curfew hours at Narita.

Meanwhile, South Korea's antitrust regulator said last week that it has rejected a proposed mileage integration plan submitted by Korean Air Lines Co. and Asiana Airlines Inc., citing insufficient details and consumer benefit concerns.

The Fair Trade Commission (FTC) said the plan, submitted earlier in the day as part of the carriers' broader merger plan, failed to meet the standards necessary to proceed with a formal review.

"There were shortcomings in the proposed mileage redemption plan compared to what Asiana Airlines previously offered," the FTC said. "In terms of the proposed mileage integration ratio and other explanations, we found the submission insufficient to initiate a full assessment."

The FTC requested Korean Air to immediately revise and supplement the proposal before resubmitting.

The regulator declined to disclose the details of the proposal, noting that it is considering holding consultations with stakeholders and experts at an appropriate time after revisions are made.

Public attention has been focused on the mileage integration ratio, a key component of the plan.

Flight miles are earned through actual air travel or accumulated via credit card spending, hotel partnerships and other non-flight activities.

—IANS

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New Delhi, June 21 (IANS) The Securities and Exchange Board of India (SEBI) has barred two operators -- Shivprasad Pattiya and Alkesh Narware -- for three years, alleging that they fraudulently created artificial volume in illiquid stocks options and cheated investors, and directed them to return Rs 4.83 crore (with 12 per cent from February 1, 2022) within 45 days.

The capital markets regulator also imposed a penalty of Rs 25 lakh each on both operators under “Section 15HA of the SEBI Act, 1992”.

The duo is “restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities (including units of mutual funds), directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of Three (3) Years, from the date of this order,” read the SEBI order.

They have also been prohibited from selling their assets, properties including mutual funds, shares, securities held by them in demat and physical form except for the purpose of effecting disgorgement.

SEBI had received an alert in ‘Out of the Money’ (“OTM”) stock option contracts with high low-price variations without corresponding movement in underlying scrip that certain group of entities had executed trades at prices away from fair prices and consistently made a positive square off difference.

Further, NSE received various complaints from investors stating that they had shared their credentials with some WhatsApp group members for Algo/software trading with assurance of good profit and that subsequently, the trades were executed in their trading accounts which resulted in loss amounting to lakhs.

Based on the aforesaid alerts and complaints, SEBI conducted an investigation in the matter to look into the role of a group of entities led by Pattiya and Narware in the alleged misuse of online trading kits of investors, promising guaranteed returns from algo/software-based trading and execution of fraudulent and manipulative trades in illiquid ‘Out of the Money’ (OTM) stock options, primarily aimed at transferring funds from unsuspecting investors/complainants to front entities, controlled or managed by them.

SEBI alleged that a plan was devised under which operators employed callers to lure investors to invest in market and promised guaranteed return.

Investors received persistent calls and messages from these callers. The callers approached investors on the pretext of guaranteed profit through Algo trades or automated software trades.

The operators, after taking the investors into confidence, obtained their log in credentials and then placed stock options bets in such a manner that investors ended up losing the premium.

--IANS

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New Delhi, June 21 (IANS) Government-run Oil and Natural Gas Corporation (ONGC) on Saturday said it has made significant headway in its well control operations in Assam, with the flow rate of gas having reduced substantially, marking a critical step forward in containment efforts.

The international expert team from CUDD Pressure Control, US, who arrived on the site, has conducted a preliminary assessment of the situation and reviewed all actions undertaken by ONGC teams so far.

“The experts have expressed their agreement with the strategy and execution carried out to date, reaffirming the effectiveness of ONGC’s approach to safely managing the well,” ONGC said in a statement.

Based on the forward plan jointly developed, extensive site preparations are underway to facilitate the next phase of action.

The process of removing tubulars from the well has commenced, and mobilization of cranes for the removal of tubing from the rig floor is currently in progress, according to the corporation

Water blanketing continues around the clock as a key safety measure. Additionally, flood level monitoring of the nearby Dikhow River remains ongoing, ensuring all operations are aligned with environmental and safety protocols.

“ONGC is continuously monitoring the Low Explosive Limit (LEL) levels of air around the well site through real-time gas detectors to ensure safety. Medical assistance is being provided at the relief camp to support all those in need,” it noted.

In response to the ongoing gas leakage from ONGC rig sites at Bhatiyapara locality in the Sivasagar district, Assam Chief Minister Himanta Biswa Sarma wrote a letter to Union Petroleum Minister Hardeep Singh Puri, requesting him to direct ONGC to step up well control efforts in mission mode so that the situation doesn't aggravate further.

Earlier this week, Hardeep Puri reviewed and took update on 'well control' activities being carried out by ONGC in Assam to control the gas leakage.

ONGC said it remains committed to ensuring the highest standards of safety and operational excellence, working closely with international experts and local authorities to bring the well under complete control at the earliest.

--IANS

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Cupertino (California), June 9 (IANS) Apple on Monday previewed iOS 26 at its flagship developer conference here, a major update that brings a beautiful new design, intelligent experiences, and improvements to the apps users rely on every day.

The new design provides a more expressive and delightful experience across the system while maintaining the instant familiarity of iOS.

With iOS 26, updates to the Phone and Messages apps help users stay connected while eliminating distractions like unwanted calls. iOS 26 also introduces new features in CarPlay, Apple Music, Maps, and Wallet, as well as Apple Games, a brand-new app that gives players a single destination for all their games.

“iOS 26 shines with the gorgeous new design and meaningful improvements to the features users rely on every day, making iPhone even more helpful,” said Craig Federighi, Apple’s senior vice president of Software Engineering at the 'WWDC 2025' event here.

“Experiences are more expressive and personal, from the Lock Screen and Home Screen, to new capabilities across Phone and Messages that help users focus on the connections that matter most. And with powerful new Apple Intelligence capabilities integrated across the system, users can get things done easier than ever,” he told the gathering.

The new design makes apps and system experiences more expressive and delightful, while keeping iOS instantly familiar. It’s crafted with Liquid Glass — a new translucent material that reflects and refracts its surroundings, bringing greater focus to content, and delivering a new level of vitality across controls, navigation, app icons, widgets, and more.

The new design extends to the Home Screen and Lock Screen, making them more personal and expressive than ever. Liquid Glass also brings new customisation options to app icons and widgets, including a stunning clear look.

On the Lock Screen, the time fluidly adapts to the available space in an image, and spatial scenes bring wallpapers to life with a 3D effect when users move iPhone. Updated design elements also deliver fresh experiences in apps.

A simplified, streamlined Camera layout helps users keep their attention on the moment they’re capturing, and the Photos app is updated to feature separate tabs for Library and Collections views.

In Safari, web pages flow from the top edge to the bottom of the screen, enabling users to see more of the page while maintaining access to frequently used actions like refresh and search.

In Apple Music, News, and Podcasts, the tab bar is redesigned to float above users’ content, dynamically shrink when users are browsing to put content front and centre, and then expand when they scroll back up, said Apple.

The tech giant showcased watchOS 26, offering a beautiful new look and even more intelligence for a more personalised experience, to support users in staying active, healthy, and connected.

A new design with Liquid Glass makes features like the Smart Stack, Control Center, the Photos watch face, and in-app navigation and controls more expressive, while maintaining the instant familiarity of watchOS.

Apple Intelligence enhances the fitness experience with Workout Buddy, which provides personalised, spoken motivation. The Workout app features a new layout, and offers music to listen to based on a user’s tastes and the workout type. watchOS 26 makes everyday interactions even more convenient with Smart Stack hints and updates to Messages.

The company also previewed iPadOS 26, the biggest iPadOS release ever, taking a huge leap forward and pushing the unique capabilities and versatility of iPad even further.

A beautiful design brings a new look to iPad, making the experience even more expressive and delightful. While maintaining the simplicity of iPad, iPadOS 26 introduces an entirely new powerful and intuitive windowing system with new features that help users control, organise, and switch between apps.

“iPadOS 26 is our biggest iPadOS release ever, with powerful features that take the experience to the next level and transform what users can do on iPad,” said Federighi.

Apple also showcased visionOS 26, an expansive update packed with groundbreaking spatial experiences and new features for Apple Vision Pro.

--IANS

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Cupertino (California), June 9 (IANS) Unlocking new ways for users, Apple on Monday announced new Apple Intelligence features across iPhone, iPad, Mac, Apple Watch, and Apple Vision Pro.

Developers can now access the Apple Intelligence on-device foundation model to power private, intelligent experiences within their apps, the company said during its ‘WWDC25’ event here.

In Messages, Live Translation can automatically translate messages. And when on a phone call, the translation is spoken aloud throughout the conversation. With Live Translation, users can communicate across languages whether they’re typing in Messages, or speaking during FaceTime or Phone conversations.

Additionally, Shortcuts can now tap into Apple Intelligence directly, and developers will be able to access the on-device large language model at the core of Apple Intelligence, giving them direct access to intelligence that is powerful, fast, built with privacy, and available even when users are offline.

These Apple Intelligence features are available for testing starting today, and will be available to users with supported devices set to a supported language this fall.

“The models that power Apple Intelligence are becoming more capable and efficient, and we’re integrating features in even more places across each of our operating systems,” said Craig Federighi, Apple’s senior vice president of Software Engineering.

“We’re also taking the huge step of giving developers direct access to the on-device foundation model powering Apple Intelligence, allowing them to tap into intelligence that is powerful, fast, built with privacy, and available even when users are offline. We think this will ignite a whole new wave of intelligent experiences in the apps users rely on every day. We can’t wait to see what developers create,” he added.

Apple Intelligence features will be coming to eight more languages by the end of the year: Danish, Dutch, Norwegian, Portuguese (Portugal), Swedish, Turkish, Chinese (traditional), and Vietnamese.

Genmoji and Image Playground provide users with even more ways to express themselves. In addition to turning a text description into a Genmoji, users can now mix together emoji and combine them with descriptions to create something new.

When users make images inspired by family and friends using Genmoji and Image Playground, they have the ability to change expressions or adjust personal attributes, like hairstyle, to match their friend’s latest look, said Apple.

In Image Playground, users can tap into brand-new styles with ChatGPT, like an oil painting style or vector art. For moments when users have a specific idea in mind, they can tap Any Style and describe what they want. Image Playground sends a user’s description or photo to ChatGPT and creates a unique image. Users are always in control, and nothing is shared with ChatGPT without their permission.

Workout Buddy is a first-of-its-kind workout experience on Apple Watch with Apple Intelligence that incorporates a user’s workout data and fitness history to generate personalised, motivational insights during their session.

—IANS

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Cupertino (California), June 9 (IANS) Apple on Monday previewed a beautiful new software design that makes apps and system experiences more expressive and delightful while being instantly familiar.

It’s crafted with a new material called Liquid Glass. This translucent material reflects and refracts its surroundings, while dynamically transforming to help bring greater focus to content, delivering a new level of vitality across controls, navigation, app icons, widgets, and more.

For the very first time, the new design extends across platforms — iOS 26, iPadOS 26, macOS Tahoe 26, watchOS 26, and tvOS 261 — to establish even more harmony while maintaining the distinct qualities that make each unique.

“At Apple, we’ve always believed in the deep integration of hardware and software that makes interacting with technology intuitive, beautiful, and delightful,” said Alan Dye, Apple’s vice president of Human Interface Design.

“It lays the foundation for new experiences in the future and, ultimately, it makes even the simplest of interactions more fun and magical,” Dye added.

Inspired by the depth and dimensionality of visionOS, the new design takes advantage of Apple’s powerful advances in hardware, silicon, and graphics technologies.

By using Liquid Glass materials and the new and updated controls, developers have the opportunity to refresh the design of their apps to make every user interaction even more intuitive and delightful.

Liquid Glass uses real-time rendering and dynamically reacts to movement with specular highlights. This creates a lively experience that makes using iPhone, iPad, Mac, Apple Watch, and Apple TV even more delightful, said the company.

“Controls, toolbars, and navigation within apps have been redesigned. Previously configured for rectangular displays, they now fit perfectly concentric with the rounded corners of modern hardware and app windows — establishing greater harmony between hardware, software, and content,” Apple informed.

Tab bars and sidebars have been redesigned with the same approach. In iOS 26, when users scroll, tab bars shrink to bring focus to the content while keeping navigation instantly accessible. The moment users scroll back up, tab bars fluidly expand. In iPadOS and macOS, updated sidebars make apps like Apple TV even more immersive.

—IANS

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New Delhi, June 9 (IANS) Union Finance Minister Nirmala Sitharaman on Monday chaired the sixth meeting of the Governing Council (GC) of the National Investment and Infrastructure Fund (NIIF) here.

The GC was presented with an update on NIIF’s overall strategy, progress, the investment status, sector focus, performance and way forward across its four active funds: Fund for infrastructure (Master Fund); The fund of funds (Private Markets Fund); Fund for climate and sustainability as well as India Japan corridor (the India Japan Fund); and The fund with focus in growth equity (Strategic Opportunities Fund).

Recognising NIIF’s growing role in mobilising capital into infrastructure and other key sectors of the Indian economy in line with the national priorities, the GC appreciated NIIFs performance and took note of the expansion in its Assets Under Management which has increased to more than Rs 30,000 crore while catalysing capital of Rs 11,7000 crore.

The GC appreciated NIIF’s evolution as a sovereign-linked asset manager and acknowledged the efforts made over the years to build strong partnerships with marquee investors, including, prominent sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and Temasek.

It also acknowledged pension funds such as AustralianSuper, Ontario Teachers’ Pension Plan, Canada Pension Plan Investment Board (CPPIB); Multilateral Development Banks such as Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB) and New Development Bank (NDB): and strategic government counterparts such as the Japan Bank for International Cooperation (JBIC).

The GC appreciated that both Master Fund and Private Markets Fund are already 100 per cent committed and that a part of Master Fund investments have gone into creation of greenfield assets in areas such as ports and logistics, airports, and data centres.

The GC took note of progress on NIIF’s upcoming Private Markets Fund II which has a target corpus of $1 billion, and appreciated the fact that PMF II has successfully onboarded private investors — in line with the earlier GC guidance and is set for its first closing shortly.

The GC was also informed about the proposed bilateral Fund currently under discussion with USA. Guidance was also provided on aspects related to strategy, successful fund raising, timely operationalisation and effective deployment.

The GC advised NIIF to leverage its sovereign backed design and emphasised the need to professionally showcase its role and performance on the global stage and within the international investor community.

—IANS

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Bengaluru, June 8 (IANS) Nearly 72 per cent of organisations in India have been targeted by Artificial Intelligence (AI)-powered cyberattacks in the past year, a new report said on Sunday.

The report released by cybersecurity firm Fortinet and global research agency IDC warns that AI has become a new weapon in the hands of cybercriminals, enabling them to launch faster, more sophisticated, and stealthier attacks than ever before.

The findings reveal that these AI-driven threats are not only growing in volume but also becoming increasingly difficult to detect.

Many of them exploit vulnerabilities in human behaviour, misconfigured systems, and identity management frameworks -- areas where traditional cybersecurity tools often fall short.

The most common AI-enabled threats in India include credential stuffing, brute force attacks, deepfake impersonation in business emails, AI-generated phishing scams, and polymorphic malware that keeps changing to avoid detection.

What’s more alarming is the lack of preparedness among Indian firms. Only 14 per cent of organisations say they are very confident in their ability to defend against such advanced attacks.

Meanwhile, 36 per cent admit that these AI-based threats are outpacing their ability to detect them, and 21 per cent have no systems in place to track them at all -- leaving a huge security gap across industries.

"The rise of AI in the cybercriminal toolkit is no longer a future threat -- it’s here now," said Simon Piff, Vice-President at IDC Asia-Pacific.

"Organisations need to move beyond reactive strategies and adopt predictive, intelligence-driven cybersecurity models to stay ahead," he added.

The report also finds that cyber risk has become a constant in the lives of Indian businesses, no longer limited to occasional incidents.

Attacks are now targeting cloud infrastructure, software supply chains, and zero-day vulnerabilities.

Traditional threats like phishing and ransomware still exist, but newer, more complex attacks -- such as insider threats and cloud misconfigurations -- are seen as more damaging.

Vivek Srivastava, Country Manager for India and SAARC at Fortinet, said: "AI is now both the biggest threat and the most powerful defence. Our goal is to help Indian businesses shift from scattered tools to unified, AI-driven security platforms that are built to scale and adapt."

Rashish Pandey, Vice President of Marketing and Communications at Fortinet Asia & ANZ, added that the focus is now shifting from just infrastructure to more strategic priorities like identity security, cyber resilience, and access control.

--IANS

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New Delhi, June 7 (IANS) The India Pavilion titled ‘Bharat Mandap’ has secured a place among the top five most admired pavilions at the ongoing ‘World Expo 2025’ in Osaka, Japan, it was announced on Saturday.

According to a review by Yamamoto-san, Deputy Pavilion Director and representative of the Japan Travel Bureau (JTB), the India Pavilion was ranked alongside global heavyweights such as the United States, Italy, France, and Japan.

The India Pavilion’s popularity is based on feedback from Expo officials, Japanese citizens, and online engagement on social media platforms.

For the first time, the Ministry of Culture has been entrusted with the responsibility of curating the Pavilion — previously managed by the Ministry of Commerce.

The Indira Gandhi National Centre for the Arts (IGNCA) was appointed as the nodal agency to curate and execute this significant international showcase, which will remain open to the public until October 13.

Dr Sachchidanand Joshi, Member Secretary of IGNCA, stated that the Pavilion is a comprehensive reflection of India’s ancient knowledge systems, modern technological aspirations, and growing global footprint.

Strategically located in the ‘Connecting Lives Zone’, the Pavilion encapsulates India’s civilisational values while projecting its contemporary ambitions in sustainable development, innovation, and digital growth.

The Bharat Mandap stands as more than an architectural marvel; it is a living, breathing embodiment of India’s cultural diplomacy. It offers a uniquely immersive experience to international visitors through rich exhibits, interactive cultural sessions, and artistic installations.

Despite receiving space allocation at a later stage, the IGNCA executed the vision with exceptional speed and finesse. Working closely with Japanese authorities, they created a Pavilion that seamlessly integrates heritage and innovation. This effort has garnered praise from global dignitaries, visitors, and cultural connoisseurs alike.

Unlike other international pavilions characterised by long queues and restricted access, the India Pavilion offers a smooth, welcoming, and inclusive experience.

At the spiritual heart of the Pavilion stands a magnificent image of Padmapani Bodhisattva, inspired by Ajanta cave murals — a symbol of India’s timeless compassion. Artistic elements like the Blue Lotus Façade, Bodhi Tree Installation, and Flowing Waters express India’s philosophical essence — interconnectedness, peace, and transformation.

—IANS

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