<ul><li>US stocks soared on Tuesday, extending its rebound as fears of Omicron start to recede.</li><li>Early data from GlaxoSmithKline shows that its antiviral drug retains activity against the variant.</li><li>Oil prices surged on Tuesday as investors now see little chance of Omicron disrupting the economic recovery from the pandemic.</li></ul><hr />US stocks soared on Tuesday, with the Nasdaq jumping nearly 2% as fears of the COVID-19 Omicron variant begin to recede.Early <a href="https://finance.yahoo.com/news/preclinical-studies-demonstrate-sotrovimab-retains-084800254.html">data from GlaxoSmithKline</a> is likely also easing concerns, as the drug maker said its antiviral treatment retains in vitro activity against the full Omicron spike protein. That data lines up with prior comments from Merck and Pfizer, with both saying last week they expect their antiviral pill to work against all COVID-19 variants.With Omicron now seen as having a diminishing chance of disrupting the economic recovery from a global pandemic, oil prices surged about 2%.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 4,653.69, up 1.35% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 35,612.63, up 1.09% (385.60 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 15,525.65, up 1.97% </li></ul>Cathie Wood's Ark Invest is having a tough year, as <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-arkk-etf-ark-invest-tech-stocks-tesla-investing-2021-12">most of its fund strategies are in a bear market</a> even as the broader <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> is just 2% away from record highs. Six of Ark's eight funds are in the red, with its flagship disruptive innovation fund down 24% year-to-date.The recovery in stocks has <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crypto-metaverse-tokens-soar-sandbox-sand-decentraland-mana-2021-12">also extended to cryptocurrencies</a> following their steep weekend sell-off. Bitcoin is now back above $50,000 and metaverse tokens are once again soaring higher.Congresswoman Alexandria Ocasio-Cortez <a href="https://markets.businessinsider.com/news/currencies/aoc-bitcoin-crypto-investment-unbiased-lawmaker-house-financial-services-committee-2021-12">isn't participating in the crypto rally,</a> as she explained that she doesn't own bitcoin because she wants to be an unbiased lawmaker.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil jumped as much as 2.36% to $71.13 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rose as much as 2.16% to $74.66 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose as much as 0.02% to $1,779.90 per ounce.

US stocks extend rebound as Omicron fears recede and early antiviral data suggests effectiveness against variant

<ul class="summary-list"><li><keyword id="12129685" type="UNKNOWN" weightage="60" keywordseo="nih" source="Orion">NIH</keyword> head says there's reason to be "optimistic" that <keyword id="11893994" type="UNKNOWN" weightage="60" keywordseo="covid-19" source="Orion">COVID-19</keyword> vaccines would work against Omicron.</li><li>Collins urged people to get vaccinated against COVID-19 and to get their boosters.</li></ul>There is "reason to be pretty optimistic" that the available COVID-19 vaccines will be effective against the <a href="https://www.businessinsider.com/fauci-fifth-wave-omicron-threat-looms-2021-11">new Omicron variant of the virus</a>, National Institutes of Health Director Francis Collins said Monday. "All of the other variants that have emerged during this COVID-19 pandemic have shown response to the vaccine, including Delta," Collins said on <a href="https://www.msnbc.com/morning-joe/watch/nih-director-encourages-vaccines-boosters-in-face-of-omicron-variant-127402565715?playlist=mmlsnnd_3096433-nnd">on MSNBC's "Morning Joe."</a>Collins urged people to get inoculated and get their booster shot if they've already been vaccinated."If there's a message I would like people to hear this morning is get the vaccinations and the boosters," he said. "This is the best way to protect yourself against Delta, which is still very much with us in the US and Omicron if it comes to the US, which it almost certainly will at some point."Collins also said there's "reason to be optimistic" that COVID-19 antiviral pills — which have not yet been approved by the Food and Drug Administration — would work against Omicron. Omicron, which contains more than 50 mutations, first emerged in South Africa where it has rapidly spread. "We know that it is spreading quite rapidly in South Africa, so it probably is highly contagious," Collins said. "We don't know if it causes severe disease or mild disease — that's going to take a little while to sort out because it's still early days."Collins said that it will likely be known in roughly to two to three weeks whether the available COVID-19 vaccines are effective against the Omicron variant.

NIH director Francis Collins says there's 'reason to be pretty optimistic' vaccines will be effective against the Omicron variant

<ul><li>Fundstrat's Tom Lee has been unwavering in his view that the S&amp;P 500 will rally into year-end.</li><li>But ongoing volatility stemming from a potential policy change by the Fed has put that call at risk.</li><li>These are the six reasons why Lee still expects the S&amp;P 500 to rally to as high as 4,800 over the next two weeks. </li></ul><hr /><a href="https://fsinsight.com/">Fundstrat's</a> Tom Lee can't seem to catch a break with his steadfast call that the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> could rally as much as 4% from current levels to 4,800 by year-end.And while the S&amp;P 500 closed at a record high of 4,712 on Friday, the index subsequently fell as much as 2% so far this week as <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-fed-meeting-could-reveal-interest-rate-path-2021-12">investors fret over a potential policy change</a> announcement from the Fed at Wednesday's meeting. "Nobody want to be a hero in front of FOMC [meeting] and technicals have suffered some damage. But base case remains YE rally," Lee said in a Tuesday note. Investors have labeled hawkish Fed policy, including potential interest rate hikes, as the No. 1 tail risk currently impacting equities, according to <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-rate-hike-fears-spark-cash-surge-2021-12">Bank of America's fund manager survey.</a> Meanwhile, the bond market is currently pricing in three interest rate hikes for 2022, according to a note from <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a>.Three interest rate hikes would be a shock to investors who have been conditioned to expect nothing but easy monetary policies from the Fed since the onset of the COVID-19 pandemic.But according to Lee, a potential hawkish pivot by the Fed this Wednesday is already priced into <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, and a record rally in the <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> could materialize over the next two weeks for these 6 reasons."Positive seasonals."According to data from LPL, the S&amp;P 500 has on average returned 1.5% in December, making it the third best month of the year for returns. Additionally, the stock market generates a positive return 74% of the time in December, more than any month of the year.Finally, the <a href="https://lplresearch.com/2020/12/23/do-you-believe-in-the-santa-claus-rally/">"Santa Claus rally"</a> describes the seven <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> days after Christmas that have on average generated returns of 1.3% for the S&amp;P 500, with a positive hit rate of 78%. "Positioning data."Investors and consumers are hoarding cash, according to various readings including Bank of America's recent fund manager survey, with cash allocations jumping to 5.1%, generating a tactical buy signal. An earlier note from Lee highlighted <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-hawkish-fed-omicron-data-year-end-rally-2021-12">more than $3 trillion in institutional cash</a> sitting on the sidelines. "Negative sentiment."The most recent sentiment survey from AAII showed bullish responses well below its historical average, while bearish responses were near their historical average. The <a href="https://money.cnn.com/data/fear-and-greed/">CNN Fear and Greed indicator</a> is currently in "Extreme Greed" territory with a reading of 24. "Omicron could peak."Any sign of a peak in Omicron cases in South Africa or the UK could provide relief to investors anxious about a potential resurgence in the pandemic. "FDA could approve COVID-19 therapeutics."A final analysis of <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer's</a> COVID-19 antiviral pill showed it was 89% effective in preventing hospitalizations of COVID patients. Relieving pressures of America's hospital system will help further a return to post-pandemic normalcy. The pill also showed <a href="https://www.businessinsider.com/pfizer-says-oral-coronavirus-pill-can-protect-omicron-severe-disease-2021-12">effectiveness against the Omicron variant,</a> and could receive emergency use authorization within weeks."Fed meeting will be in the rear view mirror."Wednesday's highly anticipated Fed meeting will soon be in the rear view mirror, and with three 2022 rate hikes already priced into the markets, any dovish tilt from Chairman Powell could serve as a catalyst for higher equity prices.

6 reasons why the stock market can still stage a year-end rally despite recent volatility, according to Fundstrat's Tom Lee

<ul class="summary-list"><li><keyword id="11920875" type="UNKNOWN" weightage="60" keywordseo="utah" source="Orion">Utah</keyword> will stop releasing daily COVID-19 case data and close many <keyword id="13205864" type="UNKNOWN" weightage="60" keywordseo="testing-sites" source="Orion">testing sites</keyword>.</li><li>Gov. <keyword id="12197506" type="UNKNOWN" weightage="60" keywordseo="spencer-cox" source="Orion">Spencer Cox</keyword> made the announcement Friday and said some people "could stand to take [COVID-19] less seriously."</li></ul>Utah will stop releasing daily COVID-19 case data and close many testing sites as the state's Republican governor says some people could take the virus "less seriously.""Let me be clear that this is not the end of COVID," Gov. Spencer Cox said during a <a href="https://www.youtube.com/watch?v=Oia6ieTeank">news briefing</a> on Friday. But, he said, it is "the beginning of treating COVID as we do other seasonal respiratory viruses."He added that unvaccinated and high-risk individuals need treat COVID-19 as a serious issue. But Cox added that there are people who are fully vaccinated "who could stand to take this disease a lot less seriously.""It's time to adapt. All of the key metrics are moving in the right direction," Cox added.Cox said that by the end of March, Utah will no longer treat the COVID-19 pandemic like an emergency."There's almost nothing in our daily lives that hasn't experienced at least some sort of change over the past two years, but we've also come a long way," Cox said. "And today, we are in a much different place than we were two years ago." State epidemiologist Dr. Leisha Nolen said there will also be a decrease in media briefings, and the state will report caseloads on a weekly basis. At the briefing, Nate Checketts, director of the state health department, said future testing will rely primarily on <keyword id="11897506" type="UNKNOWN" weightage="100" keywordseo="healthcare" source="Orion">healthcare</keyword> systems and many testing sites will be shut down. Cox reflected on the two years living in a pandemic, and highlighted the state's capabilities to fight the virus like vaccines, anti-viral pills and at-home testing. The Utah is averaging a little over 1,000 daily new COVID-19 cases over the past seven days, according to the latest <a href="https://coronavirus.utah.gov/case-counts/">state data</a>. According to the data, that average is down from a peak of over 10,700 daily new cases in mid-January amid a nationwide surge of the highly contagious Omicron variant. The state is averaging around 55 daily new hospital admissions in the last week, according to the data, down from a late-January peak of around 112. According to the data, Utah is averaging over three new COVID-19 deaths per day over the past week. Unlike with hospitalizations and case numbers, which saw pandemic peaks during the recent Omicron surge, the state averaged more deaths per day during the 2020-2021 winter. Roughly 60% of the state's population has been fully vaccinated — with just over 26% boosted, according to the <a href="https://coronavirus.utah.gov/case-counts/">state</a>.

Utah will stop releasing daily COVID-19 case data and close testing sites as the state's GOP governor says some people should 'take this disease less seriously'

Experts of the <keyword id="6364396" type="General" weightage="20" keywordseo="ICMR" source="Orion">ICMR</keyword>'s National Task Force on COVID-19 for the fourth time have unanimously rejected the inclusion of <keyword id="9385138" type="General" weightage="20" keywordseo="anti-viral-drug" source="Orion">anti-viral drug</keyword> <keyword id="10880838" type="General" weightage="20" keywordseo="Molnupiravir" source="Orion">Molnupiravir</keyword> in the coronavirus treatment guidelines saying its "known and unknown harms far outweigh its claimed benefit". Responding to a question over Molnupiravir's inclusion in the treatment guidelines amid doctors prescribing it, ICMR Director General Dr Balram Bhargava said experts have had extensive debate and discussions and reviewed the data available from three trials on the drug on Monday. "We had extensive deliberation and the final conclusion was that Molnupiravir has certain risks that warrant caution in its use. Experts present in the meeting opined that there is a rampant and irrational use of Molnupiravir. Efforts should be made to restrict its use as known and unknown harms far outweigh its claimed benefit," he said on Wednesday. "The currently available synthesised evidence was reviewed and the members unanimously agreed that it does not merit the inclusion of Molnupuravir in the national treatment guidelines for COVID-19," Bhargava said. The emerging evidence will constantly be reviewed, he added. "And lastly it was further highlighted the current clinical window of application appears extremely narrow for Molnupiravir with relevance only to the following --elderly, unvaccinated, with other comorbidities. "There was no evidence of benefit in diabetes and those who were previously infected with COVID-19 or were vaccinated," he said. India's drug regulator on December 28 had approved the anti-Covid pill for restricted use in emergency situations. Molnupiravir is an antiviral that inhibits SARS-CoV-2 replication by viral mutagenesis, the health ministry earlier had said in a statement. The UK MHRA on December 4 granted approval for Molnupiravir under special condition for treatment of mild to moderate COVID-19 in adults with a positive SARS-COV-2 diagnostic test and who have at least one risk factor for developing severe illness. The USFDA on December 23 granted Emergency Use Authorisation (EUA) for Molnupiravir for treatment of mild-to-moderate COVID-19 in adults with positive results of direct SARS-CoV-2 viral testing, and who are at high risk for progression to severe COVID-19, including hospitalisation or death, and for whom alternative <keyword id="8918466" type="General" weightage="20" keywordseo="COVID-19-treatment" source="Orion">COVID-19 treatment</keyword> options authorised by the FDA are not accessible or clinically appropriate. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/study-shows-booster-dose-of-covaxin-has-neutralising-effect-on-omicron-delta-variants-says-bharat-biotech/articleshow/88867266.cms">Study shows booster dose of Covaxin has neutralising effect on Omicron, Delta variants, says Bharat Biotech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a>

ICMR experts reject inclusion of Molnupiravir in COVID-19 treatment guidelines for fourth time citing safety concerns

<ul class="summary-list"><li>High <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> are leading to higher <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword>, but that's not the only thing impacted.</li><li>Plastic products rely on the <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> industry and could become more expensive.</li></ul>Filling up your <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> tank isn't the only thing that's about to get more expensive.Earlier this month, the <a href="https://markets.businessinsider.com/news/commodities/oil-surges-130-dollars-a-barrel-russia-crude-ban-fears-2022-3">price of oil soared to nearly $140 a barrel</a> for the first time since 2008 after <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s unprovoked invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> led to harsh US sanctions on <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> and gas. While the US imports only a fraction of its fuel from Russia, Russia is a major global supplier — and less Russian oil and gas flowing into the marketplace has <a href="https://www.businessinsider.com/why-russian-oil-sanctions-rattle-united-states-energy-independence-2022-3">caused a ripple effect</a> impacting prices across the board. It's resulted in higher costs at US gas pumps: The national average hit a record high of $4.33 per gallon on March 11 — a year ago, the average price of regular gas was around $2.88, according to <a href="https://gasprices.aaa.com/">AAA data</a>.Prices have <a href="https://markets.businessinsider.com/news/commodities/oil-price-russia-eu-ban-ukraine-war-saudi-opec-iea-2022-3">retreated slightly, back below $120 a barrel,</a> but they may not stay that way. Some experts estimate oil could <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-200-ukraine-war-russia-supply-pierre-andurand-2022-3">hit $200 a barrel this year</a> as sanctions on Russian oil create a permanent hole in the market that's likely to send shockwaves through entire economies in unexpected ways. From razors to Uber rides —here's what will take a hit. <h2>Rising gas prices mean rising transportation costs</h2><div type="image" title="A Delta flight" height="3203" width="4271" msid="90403670" hostid="261"></div>Prices at the pump are the most obvious and direct impact of oil price volatility, which means anything that relies on gas is likely to see a price hike. Uber <a href="https://www.businessinsider.com/uber-adds-surchage-as-gas-prices-soar-russia-ukraine-2022-3">added a fuel surcharge</a> for rides and deliveries in an attempt to offset higher gas prices. <a href="https://www.businessinsider.com/lyft-uber-adding-surcharges-to-rides-offset-cost-of-gas-2022-3">Lyft</a> and <a href="https://www.grocerydive.com/news/instacart-adds-fuel-surcharge-as-gas-prices-skyrocket/620792/">Instacart</a> followed suit to help alleviate the strain of higher gas prices on drivers, although some <a href="https://www.businessinsider.com/uber-drivers-say-theyre-disappointed-angry-over-fuel-surcharge-2022-3">Uber and Lyft drivers told Insider</a> it's not enough to cover their rising expenses.<a href="https://www.businessinsider.com/air-passenger-fare-price-increase-jet-fuel-cost-expensive-airline-2022-2">Jet fuel prices were already on the rise</a> prior to the Russian invasion — one analyst told Insider that global domestic fares were likely to <a href="https://www.businessinsider.com/air-passenger-fare-price-increase-jet-fuel-cost-expensive-airline-2022-2">increase as much as 6%</a> on average each month as a result. Now, those fares are likely to go up even more: <a href="https://www.businessinsider.com/delta-airlines-raise-fares-travel-demand-offset-soaring-fuel-costs-2022-3">Delta execs warned recently</a> that the increased fuel costs combined with a post-Omicron travel surge mean fares could rise as much as 10%.<h2>Online shopping and groceries could get more costly</h2><div type="image" title="grocery shopping" height="1998" width="2664" msid="90403671" hostid="261"></div>It could start getting more expensive to ship goods around the world, and retailers may start raising prices even more than they already have, Mindy Yu, director of investing at financial adviser Betterment, <a href="https://www.bloomberg.com/news/articles/2022-03-21/oil-inflation-is-raising-costs-for-uber-rides-housing-groceries-and-vacations?srnd=wealth">told Bloomberg</a>."Companies are paying for the manufacturing input, and after the good is produced how does that ultimately get transported to the consumers? It's through the fuel costs of shipping or freight costs," Yu said. "Those are areas that we're going to see aggregate inputs that companies pass onto consumers."This includes groceries, which <a href="https://www.businessinsider.com/food-inflation-how-much-do-groceries-cost-supply-shortage-inflation-2021-11">had already become more expensive</a> amid record inflation. Farmers are already seeing their costs go up, as farming vehicles require diesel fuel — filling up a single tractor can <a href="https://www.kshb.com/news/local-news/farmers-feeling-impact-of-high-fuel-prices-in-daily-operations-trying-to-find-ways-to-save">cost as much as $375.</a> Farmers who transport their meat or crops to markets need to fill up their trucks, which is <a href="https://www.10tv.com/article/news/local/gas-prices-hiking-stores/530-1be2e03d-5e7c-4a06-a50b-b25b476be66e">growing increasingly costly</a>. And for those who deliver to grocery stories, <a href="https://sacramento.cbslocal.com/2022/03/21/record-milk-gas-prices/">transporting those goods costs more now too</a> — which means stores could hike up prices for customers.<h2>Countless household goods rely on the oil industry</h2><div type="image" title="Two women shop for cold and flu medicine in aisle of Walgreens store" height="1666" width="2223" msid="90403672" hostid="261"></div>Oil and natural gas — another major Russian export — are key components in plastic, which means the price of everyday products could go up too. Eyeglasses, nylon stockings, razor handles, vegan leather — all of them contain petroleum, and all of them could become more expensive. Even pharmaceuticals could see price hikes: Allergy pills, bandages, and ointment are oil-based, as is the plastic packaging they're in. And then there are products like smartphones, plywood, carpeting, and tires, which are all made with oil.Even the foam used in furniture and seats in cars is dependent on the oil industry, and when it was disrupted by the Texas storm in 2021, <a href="https://www.businessinsider.com/couches-mattresses-delayed-foam-shortage-2021-10">it led to shortages that lasted months</a>. "Petroleum is at the root of so many different products, from makeup to plastic bags to fertilizer. You can't escape the use of oil," Patrick DeHaan, the head of petroleum analysis at GasBuddy.com, <a href="https://www.nbcnews.com/business/business-news/rising-oil-prices-affect-thousands-products-rcna18985">told NBC News</a>.

Surging oil prices will have ripple effects far from the gas pump

The <keyword id="6357808" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="Orion">Enforcement Directorate</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) on Tuesday said it has seized assets worth Rs 293.91 crore belonging to Tamilnad Mercantile Bank's (TMB) former <keyword id="12831207" type="General" weightage="20" keywordseo="Chairman-Nesamanimaran-Muthu-alias-MGM-Maran" source="Orion">Chairman Nesamanimaran Muthu alias MGM Maran</keyword> under the Foreign Exchange Management Act (FEMA). According to the ED, the seized assets are in the form of shareholdings in four Indian companies, namely, the <keyword id="12831208" type="General" weightage="20" keywordseo="Southern-Agrifurane-Industries-Private" source="Orion">Southern Agrifurane Industries Private</keyword> Ltd, <keyword id="12831209" type="General" weightage="20" keywordseo="Anand-Transport-Private" source="Orion">Anand Transport Private</keyword> Ltd, <keyword id="12831210" type="General" weightage="20" keywordseo="MGM-Entertainment-Private" source="Orion">MGM Entertainment Private</keyword> Ltd, and <keyword id="12831211" type="General" weightage="20" keywordseo="MGM-Diamond-Beach-Resorts" source="Orion">MGM Diamond Beach Resorts</keyword> Private Ltd. Incidentally, the three of the companies are unlisted entitites. The ED said Maran had incorporated two companies in Singapore during 2005-06 and 2006-07 and invested Singapore $5,29,86,250 equivalent to Indian Rs 293.91 crore, but the investment was made without Reserve Bank of India's (RBI) permission and non-disclosure to Indian regulators. According to the agency, the provisions of Section 37A(1) empowers it to seize Indian asset of a person who has acquired assets in foreign country or made investment outside India without the approval of the RBI while he was a person resident in India. Since the amount of foreign investment was SGD 5,29,86,250, the assets of equivalent value thereof of Rs 293.91 crore has been seized, it said. Last year, the Adjudicating Authority under the FEMA had levied a penalty of Rs 35 crore on Maran for opening a bank account in Singapore and receiving foreign exchange to the tune of US$ 68,50,000 (equivalent to Rs 28.08 crore) in that account from a foreign entity. The said payment is the consideration for facilitating and assigning the rights towards transfer of shares of the TMB in favour of Katra Holdings Ltd, consequent to a private agreement with that company. The penalty is also for failing to repatriate the said foreign exchange into India, the ED had said then. The Adjudicating Authority had also fined Standard Chartered Bank Rs 100 crore and the TMB Rs 17 crore. The ED had taken up the probe under FEMA based on reference received from the RBI to investigate advance remittances received by certain entities for purchase of the shares of the Tuticorin-headquartered TMB through escrow mechanism maintained with Standard Chartered Bank, Mumbai. Following the probe, the ED had issued show cause notice to the TMB, its directors, Standard Chartered Bank and one of its officials for contravening FEMA. In his adjudication order, the Special Director, ED, Southern Region imposed a penalty of Rs 11.33 crore on the TMB for recording in its books the transfer of 46,862 shares of the bank in the names of seven foreign entities viz. (i) RST Ltd (wholly owned by Ravi S. Trehan), Katra Holdings Ltd (wholly owned by Ramesh Vangal), GHI I Ltd (wholly owned by Rajat Gupta), Kamehameha (Mauritius) Ltd, FI Investments (Mauritius) Ltd, Cuna Group (Mauritius) Ltd, and Swiss Re Investors (Mauritius) Ltd. The above seven entitities were not approved by the RBI for acquiring the shares of TMB. A further penalty of Rs 5.66 crore was imposed on the TMB for its act of recording in its books, the subsequent transfer of 27,289 shares out of the above 46,862 shares in the names of two foreign entities - Sub-Continental Equities Ltd, Mauritius and Robert &amp; Adris James Company Ltd, Mauritius, without the permission of the RBI. Penalty has also been imposed on the directors of the Board of the TMB, who approved the recording of the transfer of shares of the bank. The Standard Chartered Bank was held guilty of contravening FEMA for opening the Standard Chartered Bank Project Windmill (Sale Consideration) Escrow Account, without the RBI's prior permission and for allowing deposits of Rs 113 crore and for having held 1,12,151 shares of the TMB in the said escrow account. A penalty of Rs 34 crore was levied on the bank for the above contraventions. Another Rs 66 crore penalty was levied on the Standard Chartered Bank for providing collateral/guarantee/taking into custody of TMB shares and original sale deeds of land in lieu of which Standard Chartered Bank, Mauritius granted a loan of US$ 55.40 million (equivalent to Rs 221 crore) to three foreign entities viz, Katra Holdings Ltd, Mauritius, RST Ltd, Cayman Islands, and GHI I Ltd, Cayman Islands, without any special permission from the RBI. 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