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The company allegedly transferred funds raised through the bank loans to its related parties, the CBI said in a press release. The money was also used for investment in an overseas subsidiary and purchase of assets in the name of its related parties, it said.

If the regulator senses that there are inadequate disclosures then the question is, is the investor being misled or if he is being conned? If your business model is woven around a black box which is not open to sunlight or is not capable of being validated or audited it cannot be permitted, said Buch.

In a statement Wednesday following a two-day meeting in Washington, the Federal Open Market Committee repeated that it “is highly attentive to inflation risks.” The central bank also reiterated it “anticipates that ongoing increases in the target range will be appropriate,” and “is strongly committed to returning inflation to its 2% objective.”

"The historical record cautions strongly against prematurely loosening policy," Powell told reporters after the Fed announced its third consecutive 0.75 percentage point increase in the benchmark interest rate.

“If your business model suggests that once the customer is in, then there is no exit for them. We do not like it,” said Buch at the Global Fintech Fest in Mumbai on Wednesday.

“On a closer look at the selling by overseas investors closely, it can be seen that much of it is in the large-cap space and not in the mid-cap or small-cap space,” said Emkay Wealth Management.

The Dow Jones Industrial Average gained 171 points, or 0.56%. The S&P 500 climbed 0.57%, and the Nasdaq Composite added 0.34%.

Such disclosures need to be updated by the CRA on the first working day of each month. The disclosure should include a reference to the date it was last updated by the CRA, along with a reference or hyperlink to archives of previous such disclosures.

The brokerage derived its target price on the company by applying a 15x PE multiple to the Mar-24CL earnings estimate, a 16 per cent discount to the five-year average multiple. However, the brokerage sees delays in project execution, and lower-than-expected order book inflows could pose risks to estimates.

Short-term support for Nifty is seen at 17,500-odd levels, which happens to be the 34-day EMA. Resistance for Nifty is seen at 18,100 odd levels. For the last 6 weeks, Nifty has been in a tight consolidation zone. Breakout from the 17,500-18,100 range would give directional movement in Nifty.