Business
Sebi asks Trafiksol to refund IPO money citing fraud
MUMBAI: Sebi has directed Trafiksol ITS Technologies to refund the Rs 44.9 crore paid by investors who were allotted shares in the company’s IPO. BSE, in coordination with bankers, will oversee the refund process, which should be completed within one week from the date of the order, along with the interest earned on the issue’s proceeds.
Sebi had received a complaint prior to the listing of the shares, alleging that objects of the issue included the purchase of software from a third-party vendor with questionable credentials. An investigation found that the vendor was a shell entity, and that the company had engaged in a cover-up when the vendor’s credentials were questioned. The order aims to protect investors’ interests by ensuring they get their money back.
“The finding that the company was involved in cover-up is based on fact that it can be reasonably presumed that MD of the company, given his long association with this sector, at the very least, was aware that the profile of the TPV directors, which was submitted to BSE, was fabricated. Therefore, the company’s defense – that it merely forwarded documents provided by the TPV to BSE without verifying their authenticity – must be rejected,” the order said.
Trafiksol, which provides solutions for traffic and toll management projects through technology, had filed a draft red herring prospectus with BSE for an IPO on the SME Platform, issuing 64.1 lakh equity shares at Rs 66-70 per share. The offering was oversubscribed nearly 345.7 times, raising Rs 44.9 crore. The listing, scheduled for Sept 17, 2024, was deferred due to a complaint.
“It is pertinent to note that other findings of probe are yet to be adjudicated. So, submission made by noticee, that IPO may be permitted to go ahead subject to use of proceeds being monitored by an agency appointed by Sebi or BSE, cannot be considered,” the order said.
Business
Stock market holidays 2025: BSE, NSE release holiday calendar for 2025 – check full list of month-wise stock market holidays
Stock market BSE, NSE holidays 2025: The stock exchanges in India have announced 14 trading holidays for 2025. In February, May, November and December there will be one holiday, while March and August will have two holidays each. April and October will see three trading holidays each.
This schedule was released by the stock exchange authorities a few days ago
BSE, NSE Stock Market Holidays 2025: Full list
- The first stock market holiday of 2025 will be on February 26, Wednesday, for Mahashivratri celebrations.
- March holidays are scheduled for the 14th (Friday) for Holi and 31st (Monday) for Id-Ul-Fitra (Ramzan Id).
- Three holidays in April fall on the 10th (Thursday), 14th (Monday) and 18th (Friday), marking Shri Mahavir Jayanti, Dr. Baba Saheb Ambedkar Jayanti and Good Friday respectively.
- Maharashtra Day will be observed on May 1 (Thursday). The markets will be closed on August 15 (Friday) for Independence Day and August 27 (Wednesday) for Ganesh Chaturthi.
- October’s three holidays include Mahatma Gandhi Jayanti/Dussehra on October 02 (Thursday), Diwali on October 21 (Tuesday), and Diwali Balipratipada on October 22 (Wednesday).
- The exchanges will conduct Muhurat Trading on Tuesday, October 21, 2025, with timing details to be announced later.
- Trading will be suspended on November 5 (Wednesday) for Prakash Gurpurb Sri Guru Nanak Dev Jayanti and December 25 (Thursday) for Christmas.
Several holidays coincide with weekends: Republic Day (January 26), Shri Ram Navami (April 06) and Muharram (July 06) fall on Sundays, whilst Bakri Id occurs on Saturday, June 7.
Business
Indian Railways plans centrally heated sleeper train, special Vande Bharat chair car for Kashmir – check features
Indian Railways eyes two special trains for Jammu & Kashmir! Indian Railways plans to introduce two new train services to enhance Kashmir connectivity in the coming month.
A centrally heated sleeper train will operate between New Delhi and Srinagar, offering a 13-hour journey through snow-covered mountains and across the 359-m-high Chenab Bridge, which is the world’s highest railway arch bridge. The train will provide premium comfort but will not include second-class sleeper coaches, sources told ET.
Previously it was being speculated that the Vande Bharat sleeper would debut on the Kashmir route, but that doesn’t appear to be the case now.
Vande Bharat for Katra-Baramulla Route in Jammu & Kashmir
- For the Katra-Baramulla route, an eight-coach Vande Bharat train with chair car seating will be introduced, a senior railway official told the financial daily.
- The
Vande Bharat Express for Jammu & Kashmir also incorporates specialised features including silicon heating pads for water tanks to prevent freezing, and toilets with warm air circulation through specially designed ducts. - In a first for Indian Railways, the loco pilots’ front glass contains embedded heating elements to prevent frost formation in sub-zero temperatures.
- The service will reduce the 246-km Katra-Baramulla journey time to three-and-a-half hours, significantly faster than the current 10-hour bus journey. Baramulla railway station lies 57 km beyond Srinagar.
Jammu & Kashmir Train Connectivity
Katra, which serves as the entry point to the Mata Vaishno Devi shrine and attracts numerous pilgrims, currently has a 16-coach Vande Bharat Express connection to New Delhi operating six days weekly.
The railway official said, “Once the Katra-Baramulla Vande Bharat becomes operational, likely by late next month, passengers will be able to seamlessly journey from New Delhi to Katra in our existing Vande Bharat and then transfer to the new service to reach Srinagar or Baramulla.”
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