VARINDIA IT MAGAZINE

The market regulator ( SEBI ) said, it has initiated the probe against various entities in the NSE co-location case, with this it has alleged various lapses in high-frequency trading offered through the National Stock Exchange's co-location facility. We have received the NSE investigation report in the co-location case... have initiated enforcement actions," Sebi Chairman Ajay Tyagi said. In the coming few days, the enforcement actions would be completed against the entities, he added. Tyagi also said that the investigation has nothing to do with the NSE's proposed initial public offer.The regulator was probing allegations that some brokers had unfair access to NSE's high frequency trading systems. In March, the NSE said SEBI had returned its consent application in the case due to the ongoing investigation.... Read More

In a bid to move its current filing with NSE-Emerge, an Indian IT company, Fourth Dimension Solutions Limited, has decided to issue shares (three lac shares)to be subscribed by its promoter at a price which is higher than the current share price. The Indian promoter showing confidence in the Indian IT industry will subscribe the shares in the IT company at Rs. 78/- per share when the market price of the its share is being traded at around Rs. 51/- per share.  Fourth Dimension Solutions Ltd is an IT company mainly engaged in large System Integration IT projects, both in government as well as commercial segment. This is a rare instance in the history of listed entities that the promoter is subscribing shares at 53% higher than the traded price. This should give impetus to the overall market sentiments regarding the scrip. Besides this the company will also issue shares in the non-promoter category as well at Rs.78/- in a recent report .... Read More

Fourth Dimension Solutions, a Delhi based IT solutions and turnkey service firm has approached the National Company Law Tribunal (NCLT) asking to initiate insolvency process against Ricoh India, the Japanese firm's Indian arm. Fourth Dimension Solutions (FDS) has filed the petition before the Mumbai Bench of NCLT under the Insolvency and Bankruptcy Code, 2016 citing non payment of dues of more than Rs 428 crore. While Ricoh India is listed in BSE, Fourth Dimension is listed in NSE. Both the firms have informed their respective bourses about the development.  "Fourth Dimension Solutions Limited (FDS) has filed a petition against Ricoh India Limited before the Hon'ble National Company Law Tribunal, Mumbai regarding the alleged non-payment of a disputed debit note which FDS unilaterally raised as alleged damages for a contract termination," Ricoh said this in a BSE filing.  "We do not agree with the claims made by FDS and are pursuing the matter through ...