SEBI
ASBA norms: Sebi says will address pain points, if any
Amid
concerns being raised in some quarters on the new ASBA (Applications
Supported by Blocked Amounts) system for IPOs, regulator Sebi today said
the norms have been put in place after consulting all the stakeholders
and the new mechanism appears to be working well. From January 1,
ASBA facility has become mandatory for all categories of investors
applying for a public issue for making payment and it allows the bid
amount to remain blocked in the applicant's account till allotment of
the [….] Read more at:
NSEL crisis: Govt asks Sebi to act against defaulting brokers
Seeking
to expedite recovery of money in the Rs 5,574-crore NSEL payment
crisis, government today decided to take immediate steps for auction of
non-encumbered properties and also asked markets regulator Sebi to
initiate action against defaulting brokers. The government also said
that the CBI is enquiring into the conduct of government officials,
including those from two public sector undertakings, to ascertain
whether they were involved in abetting the payment crisis at [….]
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Sebi looks to present rules in more simplified manner
Securities
and Exchange Board of India (Sebi) is looking to present its rules and
regulations in a simpler manner, as part of efforts to help investors
have a better understanding of the markets, a senior official said on Friday.
The initiative also comes at a time when efforts are being made at
various levels, including by the government and the regulator, to
attract more investors into the capital market. Sebi whole time member
Prashant Saran said the endeavour is to ensure that regulations [….]
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RBI
RBI to allow standalone primary dealers in term-repo auctions
As
a step to tide over expected tightening of liquidity in March, the
Reserve Bank of India (RBI) would permit standalone primary dealers to
participate in four regular term-repo auctions from the fortnight
beginning March 19.
RBI also said it would conduct additional liquidity operations based on
evolving liquidity conditions in the month where the liquidity turns
tight due to advance tax payments by corporates. RBI also said that it
will inject adequate additional liquidity using a [….] Read more at:
Mission incomplete: Rajan's overhaul of RBI
In
a video conference in mid-2014, Reserve Bank of India(RBI) governor
Raghuram Rajan told employees that he wanted to hire talented external
candidates and improve the quality of research at the 81-year-old
central bank. The proposals, described to Reuters by three officials who
heard Rajan speak, would hardly seem out of place in any major
institution on the planet. But in the storied halls of the RBI, where
staff has to pass comprehensive examinations to join public service
[….] Read more at:
'RBI does't act, need to criminalise wilful default'
The
Reserve Bank of India (RBI) only notes cases of loan default but does
not take any action and the only reform needed in India is action
against wilful loan defaulters, said a top leader of a major bank
employees union. "The fact is that RBI does only hissing but will not
bite... This is the politics behind bad loans. The RBI acknowledges that
there are 7,035 wilful defaulters involving about Rs.58,800 crore. Why
can't criminal action be taken against these defaulters?"
C.H.Venkatachalam, general [….] Read more at:
Miscellaneous Laws/News
EPFO lets small firms pay dues by cheques, drafts till June
The
Employees' Provident Fund Organisation (EPFO) has allowed employers
whose statutory contribution is less than Rs 1 lakh to make payment
through bank drafts, banker's cheques and local cheques till June this
year. All in-charge of over 120 regional offices of the EPFO are
authorised for allowing small firms giving genuine reason with less than
Rs 1 lakh PF dues a month to make payment through bank drafts, banker's
cheques and local cheques till June 30, said an EPFO circular. [….] Read more at:
Finance Ministry says analysing IIP, CPI data
With
factory output contracting for the second month in a row and retail
inflation at 16-month high, Finance Ministry today said it is analysing
the data. "The IIP and CPI data is out. We are going through it. We are
analysing it," Economic Affairs Secretary Shaktikanta Das told reporters
here. According to CSO data released today, industrial production,
measured in terms of Index of Industrial Production (IIP), contracted
1.3 per cent in December, as against a decline of 3.4 per cent in
Novem [….] Read more at:
Facebook India Head Kirthiga Reddy to relocate to US
A
day after Facebook closed its controversy ridden Free Basics programme
here, India Head of the social media giant Kirthiga Reddy today said she
is moving back to the US headquarters of the company. Reddy said she
along with William Easton, Managing Director of Emerging Markets (APAC)
and Dan Neary, VP Asia Pacific, have started looking for her successor
in India. Facebook yesterday shut down 'Free Basics' in India, days
after telecom regulator Trai barred operators from charging [….] Read
more at:
Uber gets another $200 mn for emerging markets push
Global
ridesharing service Uber said today it had raised USD 200 million in
additional funding to help its push into emerging markets. The latest
round comes from Luxembourg-based investment group LetterOne (L1),
according to a joint statement. "Our goal is simple: reliable and
affordable transportation everywhere, for everyone, at the push of a
button," said Uber chief executive Travis Kalanick. "L1's knowledge of
emerging markets will be crucial in helping us make cities more [….]
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Snapdeal suspends 23 seller accounts for irregular practices
eCommerce
major Snapdeal today said it has suspended accounts of 23 sellers, who
were found to be indulging in irregular business practices. Snapdeal,
which introduced new processes in its recently upgraded seller app, said
these were introduced to make seller management systems more efficient.
"Snapdeal has introduced new processes in its recently upgraded seller
app to make its seller management systems more efficient. The refreshed
seller interface backed by integrated analytics [….] Read more at:
Growth in 2016 to be key driver for auto sector: Ashok Leyland
Better
network reach and new products aided the growth in the third quarter of
FY16, says Gopal Mahadevan, CFO, Ashok Leyland. The company reported a
21.6 percent jump in revenue to Rs 4,085 crore and operational
efficiency (EBITDA) improvement of 78.8 percent to Rs 430 crore in the
third quarter ended December 31.
The focus was on improving pricing efficiency and margins of the
company and hence, discounts were marginal in Q3, he says. Robust growth
seen in commercial vehicle [….] Read more at:
http://www.moneycontrol.com/
Economy & News
IIP stays soft, India Inc presses for quick policy action
Worried
over the industrial production contracting for the second consecutive
month, India Inc today urged the government to take immediate policy
measures to arrest the decline. "The fall in manufacturing index is
worrisome as it is spread across key sectors like capital goods. As the
outlook for Indian economy looks positive, we are hopeful of sustained
recovery in manufacturing in the next few months," Ficci President
Harshavardhan Neotia said. Industrial production, measured in [….]
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Government orders merger of NSEL with Financial Technologies
The
government has ordered a merger of scam-hit National Spot Exchange
(NSEL) with its parent Financial Technologies India (FTIL), confirming
the draft order passed more than a year ago. The merger will allow for
settlement of Rs 5,600 crore dues of the now-defunct exchange. Of this
outstanding amount, NSEL has so far managed to distribute only Rs 304.50
crore upto 10th September, 2013. This is the first case of the
government ordering merger of two private companies. According to
Section [….] Read more at:
India woos South Korean businesses to invest in India
The
government today invited South Korean investors to invest in India
while citing before them the initiatives taken by the Centre to simplify
procedures, bring in transparency and systemic improvements. Union
Steel and Mines Minister Narendra Singh Tomar met a delegation from
South Korea led by Mayor of Pohang Lee Kang-deok here today, according
to an official statement. During the meeting, Tomar highlighted some of
the government's initiatives such as 'Make in India' and [….] Read
more at:
USTDA, Andhra Pradesh government ink pact to develop Visakhapatnam as Smart City
US
Trade and Development Agency ( USTDA) today inked an agreement with the
Andhra Pradesh Government to develop infrastructure, communications and
data systems in Visakhapatnam, in line with its goal to become a Smart
City. The grant agreement was inked in the presence of Andhra Pradesh
Chief Minister Chandrababu Naidu. "This cooperation is particularly
timely as Vizag was recently announced as a winner in the first phase of
the Government of Indi [….] Read more at:
Government to improve ease of doing business; to introduce Business Identification Number for companies
To
improve ease of doing business, the government will soon introduce
Business Identification Number (BIN) for companies, doing away with
multiple registration numbers a single entity needs to obtain for
various regulatory purposes. The BIN would act as an identification
number for different regulatory purposes and do away with the need for
procuring separate registration numbers such as Company Identification
Number and Labour Identification Number. Normally, a company [….]
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Kazakhstan invites Indian investors for investing in eastern region
The
oil and mineral rich Kazakhstan has invited Indian investors for
investing in the eastern part of the Central Asian country. The East
Kazakhstan Region in collaboration with Associated Chambers of Commerce
and Industry of India (ASSOCHAM) and with support of the Embassy of
Kazakhstan in India organized the Road Show on the investment climate
and investment possibilities in that region. A delegation headed by
First deputy Akim (Governor) of the East Kazakhstan Region [….] Read
more at:
Record procurement of rice despite deficient rain: Ram Vilas Paswan
There
has been a record procurement of rice during this kharif season and no
shortage of foodgrains in the country despite two consecutive years of
deficit rainfalls, Union Minister Ram Vilas Paswan said today. "About
261.37 lakh tonnes of paddy has been procured till yesterday (February
11), while during the last kharif season it was 215.49 lakh tonnes,"
Paswan told reporters here. "Even in Odisha, which has been hit by
drought, the procurement till date is 16.07 lakh tonnes while duri
[….] Read more at:
Budget, 16
Budget 2016: Slow industrial growth and high inflation cast their shadow on FM Arun Jaitley's plans
Industrial
growth contracted for a second month in December while retail inflation
spurted to a 17-month high in January, capturing the dilemma facing
Finance Minister Arun Jaitley ahead of the Budget. Any attempt to raise
government spending to spur growth could force a delay in further
interest rate cuts by the Reserve Bank of India because of rising
prices. The Index of Industrial Production (IIP) fell 1.3 per cent in
December after a revised 3.4 per cent decline in November, accord [….]
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Thanks & Regards,
Meetesh Shiroya
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