Top News on August 23: Sebi ban for Anil Ambani, US Federal Reserve meeting, Maharashtra bandh scrapped and more

The Securities and Exchange Board of India imposed a five-year ban against Anil Ambani over the RHFL loan scandal while Prime Minister Narendra Modi held a ‘landmark’ meeting with his Ukrainian counterpart in Kyiv. Outrage over the rape and murder of a Kolkata doctor continued amidst a CBI probe. Meanwhile the Maharashtra government restrained all political parties and individuals from organising a bandh amid furore over the Badlapur sexual assault case.

Sebi bans Anil Ambani
The Indian market regulator has imposed a five-year ban against the industrialist and 24 others — including top executives of Reliance Home Finance Ltd. The development came after a probe found that funds may have been diverted through questionable loans, leading to significant losses and raising concerns among investors. Sebi has levied a ₹25 crore penalty on Ambani and barred him from holding any directorial or key managerial positions in listed companies or intermediaries registered with the regulator for five years. RHFL has been barred from the securities market for six months, and fined ₹600,000.

Maharashtra bandh scrapped?
The Bombay High Court has restrained political parties or individuals from proceeding with a Maharashtra bandh over the Badlapur sexual assault case.

“We have called off August 24 Maharashtra bandh but opposition leaders will protest with black bands around their mouth. We don’t agree with Bombay High Court order on bandh,” said Shiv Sena (UBT) chief Uddhav Thackeray.

US Federal Reserve meeting
Federal Reserve chair Jerome Powell said on Friday that the "time has come" for the United States to start cutting interest rates. Stocks rallied across the board and bond yields tumbled, as the Fed chief acknowledged recent progress on inflation and laid emphasis on the “cooling labor market”. He also opined that the economy would grow at a “solid pace” — providing reassurance after the recent growth jitters.

(With inputs from agencies)