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The Securities and Exchange Board of India (Sebi) had carried out a similar exercise in 2017 in a matter related to circulation of messages through WhatsApp. Continuing its crackdown against entities allegedly involved in a front-running scam using messaging app Telegram, Sebi on Thursday carried out search and seizure operations at the premises of eight entities in multiple locations across the country. "Markets were cheering this economic recovery and return to strong economic growth, but the cheers will turn to tears if the inflation outbreak pushes businesses and consumers to the brink of recession," he added. "There are several million Russians who can lift their head up from propaganda and try to look for other sources, and I'd say that most look for it on Telegram," he said. And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30.
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