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Three top brokers of the country are facing multiple probes including money laundering and fraudulent trading. CBI is also likely to join SEBI, RBI and ED in the investigation against the brokers

Three top brokers face multiple probes including for money laundering, fraudulent trades

Three top brokers of the country are facing multiple probes including money laundering and fraudulent trading. CBI is also likely to join SEBI, RBI and ED in the investigation against the brokers

Three top brokers of the country have come under the scanner of multiple regulatory and enforcement agencies, including for suspected money laundering and fraudulent trading activities amounting to several thousands of crores of rupees, senior officials said on Sunday.
The officials also said that the three brokers, whom they refused to identify citing the ongoing nature of the investigations, have also been found to have been connected to PEPs (politically exposed persons) and the role of a key family member of a senior political leader in a key industrial state is also being investigated.
The investigations have been underway for 4-5 years on multiple fronts against the three top brokers, who head organisations with businesses spread across multiple segments of the capital markets and the financial services sector including brokerage, investment advisory services, portfolio management, asset management fund and non-banking financial services.
The agencies and regulators involved in the investigations so far include the Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI) and the Enforcement Directorate (ED), while these three have now made references for bringing in the CBI into the picture due to the suspected involvement of PEPs, the officials said.
While suspected money laundering activities facilitated by the capital market brokers have always been under the scanner, this could be the first major case of some top-ranking brokerage and financial services sector players being caught for the web of complex financial market transactions they weave to hide their money laundering activities, they added.
The investigations have involved scrutiny of multi-layered financial and banking transactions, transfer of funds to and from several tax havens, call data records and also social media conversations.
Requests were also sent to several foreign jurisdictions for administrative assistance on identifying the trail of fund transfers amounting to thousands of crores of rupees.
While some such jurisdictions, including Switzerland, have already responded, the affected parties have challenged any information sharing citing confidentiality clauses.
As per the laws prevailing in various countries, the concerned banking or financial institutions give an opportunity to their respective clients before sharing the information with any foreign country.
The officials said the three brokers first came under the scanner for their role in a case involving a spot commodity exchange but soon they were found to be engaged in large-scale money laundering activities, including for their brokerage and fund management clients.
The scope of the investigation was expanded after some politically connected persons were found to be involved, they added.
In most cases, it was Sebi that suspected a possible money laundering angle in the activities of these brokers and accordingly, the matter was flagged to other agencies and departments for further investigations.
Without identifying the brokers, a senior official said these were among the top players in the market till 2-3 years ago when the market saw the emergence of some online players on the top during the Covid-19 pandemic and that actually further pushed those traditional players into areas that were supposed to be forbidden in a highly-regulated market.

Here are the 5 stocks you need to watch in Monday's trade-:

DHFL: Reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.&nbsp;
Bajaj Finance: The company has cut it's guidance outlook due to the severity of wave-2. It has lowered its growth guidance by 3% (Rs 4000 - 5000 cr) and increased credit cost guidance by Rs1100-1300 cr.
Religare&nbsp;Enterprises: Stock continues to be in traders' radar even after a 30% rally last week as buzz of a Care Health IPO&nbsp;is keeping interest active. Care Health is&nbsp;70% owed by Religare&nbsp;as in reportedly&nbsp;planning an IPO of around Rs 1,200-1,500 crore.
Spandana Sphoorty: This stock in the spotlight as the buzz continues around Axis Bank likley to acquire stake in this MFI&nbsp;lender.&nbsp;Spandana is the second-largest non-banking financial company in India with AUM&nbsp;&gt; Rs 8200 cr.
&nbsp;Dr Reddy's&nbsp;Lab: Pharma&nbsp;majo is recalling 2,980 bottles of cholestrol drug&nbsp;Atorvastatin Calcium tablets in the US due to quality issues.


Stock Ideas: Bajaj Finance, DHFL, Religare, Spandana Dr Reddy's

Stock Talk! 5 stocks brokerages and traders are watching out for

Here are the 5 stocks you need to watch in Monday's trade-:
<ul>
<li>DHFL: Reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.&nbsp;</li>
<li>Bajaj Finance: The company has cut it's guidance outlook due to the severity of wave-2. It has lowered its growth guidance by 3% (Rs 4000 - 5000 cr) and increased credit cost guidance by Rs1100-1300 cr.</li>
<li>Religare&nbsp;Enterprises: Stock continues to be in traders' radar even after a 30% rally last week as buzz of a Care Health IPO&nbsp;is keeping interest active. Care Health is&nbsp;70% owed by Religare&nbsp;as in reportedly&nbsp;planning an IPO of around Rs 1,200-1,500 crore.</li>
<li>Spandana Sphoorty: This stock in the spotlight as the buzz continues around Axis Bank likley to acquire stake in this MFI&nbsp;lender.&nbsp;Spandana is the second-largest non-banking financial company in India with AUM&nbsp;&gt; Rs 8200 cr.</li>
<li>&nbsp;Dr Reddy's&nbsp;Lab: Pharma&nbsp;major is recalling 2,980 bottles of cholestrol drug&nbsp;Atorvastatin Calcium tablets in the US due to quality issues.</li>
</ul>

Despite an unexpected loss in the quarter gone by brokerages continue to be bullish on Bank of Baroda citing asset quality improvement.&nbsp;CLSA&nbsp;while maintaining their BUY call on the stock have&nbsp;increased the price&nbsp;target price on the stock Rs 130 while raising earnings estimates by 4%-5%. The chinese&nbsp;brokerage expects BoB&nbsp;to have turned the corner as the slippage number comes in much below expectations.&nbsp;JPMorgan as well citing the low slippage numbers at Rs 3000 cr maintains Overweight stance on BoB&nbsp;but keeps a modest target of Rs 110 on the stock.&nbsp;Morgan Stanley though retains an Equal-Weight on the stock and is upbeat on the FY'22 outlook recommends its clients to look at a more modest price target of Rs 100/share.&nbsp;

Stock Bets: Brokerages bullish on Bank of Baroda see 50% upside 

Stock Bets: Brokerages bullish on Bank of Baroda see 50% upside in te stock

Stock Bets: Brokerages bullish on Bank of Baroda

Despite an unexpected loss in the quarter gone by brokerages continue to be bullish on Bank of Baroda citing asset quality improvement.&nbsp; CLSA&nbsp;while maintaining their BUY call on the stock have&nbsp;increased the price&nbsp;target price on the stock Rs 130 while raising earnings estimates by 4%-5%. The chinese&nbsp;brokerage expects BoB&nbsp;to have turned the corner as the slippage number comes in much below expectations.&nbsp; JPMorgan as well citing the low slippage numbers at Rs 3000 cr maintains Overweight stance on BoB&nbsp;but keeps a modest target of Rs 110 on the stock.&nbsp; Morgan Stanley though retains an Equal-Weight on the stock and is upbeat on the FY'22 outlook recommends its clients to look at a more modest price target of Rs 100/share.&nbsp;

The retail rush to the stock markets in the pandemic is evident with India's largest brokerage Zerodha&nbsp;doubling it's profit to over ₹ 1,000 cr in the last one year.&nbsp;
The discount broker reported profit of&nbsp;₹ 1,043 cr in FY'21 which is double of what it took in last year and 4 times the profit from 4 years ago in FY'18.&nbsp;Zerodha's&nbsp;profit trajectory-:

FY'21:&nbsp;₹ 1,043 cr
FY'20:&nbsp; &nbsp; ₹ 440 cr
FY'19:&nbsp; &nbsp; ₹ 350 cr
FY'18:&nbsp; &nbsp;&nbsp;₹ 250 cr&nbsp;

The 10 year old&nbsp;discount brokerage firm that has been a disruptor in the space has over 5 million active users, Zerodha is India&rsquo;s largest retail stock broking platform, managing around 15% of all trading volume in India
Founder Nikhil&nbsp;Kamath&nbsp;who has been in the headlines after the board approved salary limit for founders to ₹ 1000 cr took to social media to clarify as he tweeted "Firstly the reported figure isn&rsquo;t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements. Didn&rsquo;t anticipate that this would get this much attention"

Zerodha more than doubles profit to ₹ 1,000 cr , clarifies on  ₹ 100 cr salary

Zerodha&nbsp;profits double in 2 years, 4 times in 4 years. The discount brokerage sees profit of&nbsp;₹ 1,000 cr in the last year.

The retail rush to the stock markets in the pandemic is evident with India's largest brokerage Zerodha&nbsp;doubling it's profit to over ₹ 1,000 cr in the last one year.&nbsp;
The discount broker reported profit of&nbsp;₹ 1,043 cr in FY'21 which is double of what it took in last year and 4 times the profit from 4 years ago in FY'18.&nbsp; Zerodha's&nbsp;profit trajectory-:
<ul>
<li>FY'21:&nbsp;₹ 1,043 cr</li>
<li>FY'20:&nbsp; &nbsp; ₹ 440 cr</li>
<li>FY'19:&nbsp; &nbsp; ₹ 350 cr</li>
<li>FY'18:&nbsp; &nbsp;&nbsp;₹ 250 cr&nbsp;</li>
</ul>
The 10 year old&nbsp;discount brokerage firm that has been a disruptor in the space has over 5 million active users, Zerodha is India&rsquo;s largest retail stock broking platform, managing around 15% of all trading volume in India
Founders&nbsp;Nithin&nbsp;and Nikhil&nbsp;Kamath&nbsp;who have been in the headlines after the board approved salary limit for founders to ₹ 1000 cr took to social media to clarify as they tweeted "Firstly the reported figure isn&rsquo;t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements. Didn&rsquo;t anticipate that this would get this much attention"

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