London, Sep 22 (Bloomberg) Gold today held the biggest advance in two weeks after the Federal Reserve refrained from raising borrowing costs and cut its outlook for rate increases in the long term, hurting the dollar.
Gold traded at USD 1,332.85 an ounce. It reached the highest since September 9 yesterday.
Silver prices, however fell 0.5 per cent to USD 19.74 an ounce, after jumping 3.1 per cent on Wednesday, the most since July.
Bullion was little changed today after jumping 1.6 per cent yesterday. While the US central bank still sees a rate hike this year, it trimmed its projection for increases in 2017 to two from three.
The Fed decision came the same day that the Bank of Japan tweaked policy to give it scope to keep easing to revive the economy and inflation.
Markets regulator Sebi has ordered two Swar group companies and their directors to refund investors’ money, which was raised through illegal investment schemes, in three months.
Besides, the firms — Swar Agrotech India and Swar Agroteak and Housing (India) — and their directors are also barred from the capital market for four years.
It was alleged that the companies had launched and operated collective investment schemes (CIS) without obtaining registration from Sebi.
A Securities and Exchange Board of India (Sebi) probe found that the firms had mobilised funds from their customers through various investment plans under a scheme of purchase of plots promising an estimated value at the end of the contract.
As per the details, Swar Agrotech and Swar Agroteak and Housing had mobilised Rs 94.79 lakh and Rs 56.80 lakh, respectively.
In two separate orders, the regulator has restrained the firms and their directors from collecting any money from investors or launching any CIS.
The entities will have to provide a detailed inventory of all their assets and details of all their bank and demat accounts, among others.
In addition, they have been barred from selling any assets of the company except for the purpose of making refunds to their investors.
In case they fail to comply with the order, Sebi said the entities will continue to be barred from the securities market even after the completion of four years of restrictions imposed on them “till all the CIS are wound up and all the money mobilised through such schemes are refunded to its investors with returns which are due to them”.
Besides, it would make a reference to the state government / local police and register a civil/criminal case against the company. It would also make a reference to the Ministry of Corporate Affairs to initiate appropriate action as deemed fit.
The orders take effect immediately.PTI
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