#currentbondmarket

Goldman Sachs Fined USD 36 Million over Leaked Fed Documents ::

Goldman Sachs Group Inc. agreed to pay USD 36 million over allegations that former employees got hold of confidential regulatory information from the Federal Reserve in a settlement that requires the bank to build up its policies to prevent another lapse.

The Fed faulted Goldman Sachs’s oversight of former senior banker Joseph Jiampitro, who offensively used confidential regulatory documents obtained from the US central bank to advise small & medium-sized banks in the year 2014 on Federal Reserve oversight. In October 2015, Goldman Sachs already paid a USD 50 million fine to New York state regulators in the case, which throws a light on the dangers of revolving-door staffing among regulators and powerful banks.

The Fed order requires Goldman to improve its policies and training to ensure compliance with the rules on confidential supervisory information. The Fed also started enforcement proceedings against Jiampitro, an investment banker who formerly worked at the Federal Deposit Ins Corp., seeking a fine and to permanently debar him from the banking industry, according to the Fed.

SREI Infrastructure Finance to consider buy-back of long term bonds::

 SREI Infrastructure Finance (SIF) is looking to buy-back its long term infrastructure bonds that have been issued in 2011. The bonds are consisted of secured, redeemable and non convertible debentures, having benefits under section 80 CCF of the Income Tax Act.

In a regulatory filing SREI Infra Finance said, company’s subsequent board meeting is to be held on August 6th. The Board of Directors of the company shall look into the proposal to buy-back of the long term infrastructure bonds under shelf prospectus and tranche-1 prospectus dtd. December 28, 2011 and filed with the Registrar of Companies, West Bengal.’

Stock of the company closed 1.2% up at Rs. 75.70 on Bombay Stock Exchange.

Flipkart owned Myntra acquires Jabong on Teusday::

On Tuesday, the Flipkart’s arm Myntra acquired the Jabong and race of acquiring the company ended. Many other competitors of the field like Alibaba, Kishore Biyani’s Future Group and Snapdeal were in the race of acquiring the Jabong. Jabong.com, which was owned by Global Fashion Group (GFG) was facing problem in growing up since last one year as the sales of the company was declining day by day. Some of the major changes in the top management also effected the growth of the company. Sachin Bansal tweeted “Welcome@JabongIndia to the @Flipkart family. We’ll create history together”. The co-founder of Flipkart, Sachin Bansal, confirmed the news by tweeting welcome Jabong India to the family of the Flipkart. The final valuation of the Jabong was of USD 100-150 million according to the Jabong owner AB Kinnevik. This is not the first time the company was seeking for the buyers, prior to this company attempted for auction.