SEBI
Sahara to take back documents from Sebi
As
it scurries to garner funds to ensure release of jailed chief Subrata
Roy, embattled Sahara group has begun another mammoth exercise of taking
back loads of investor documents it had given to the markets regulator
Sebi in 128 trucks over three years ago. The move follows Sebi getting
Rs 41 crore, from interest earned on money deposited by Sahara for
investor refunds, as reimbursement of expenses incurred by the regulator
in this high-profile case including towards huge [….] Read more at:
Sebi closes case against KCC Software
Markets regulator Sebi has
disposed of complaints against KCC Software in a matter related to
non-compliance with the regulator's online complaint redressal system.
It was alleged that the company did not obtain SCORES authentication
within the mandated time and also failed to resolve one investor
complaint regarding non-receipt of dividend. However, a Sebi probe found
the company had obtained SCORES authentication in time and had also
taken steps to resolve the complaint. Launched in [….] Read more at:
Investing in IPOs through Asba is convenient, saves time
Did
you face any hurdle while investing in a recent initial public offering
(IPO) stock issue? Did you have to go looking for a bank branch with
the Application Supported by Blocked Amount (Asba) facility because your
bank did not offer it? Or was your IPO application not processed due to
signatures not matching? Or were you advised to invest through a
brokerage that is the bank's subsidiary instead of your regular
brokerage? These are some of the initial hurdles a retail investor (one
who [….] Read more at:
RBI
RBI to go for 25 bps rate cut on Apr 5: BofA-ML
The Reserve Bank of India is expected to cut key interest rates by 25 bps at its policy review meet on April 5,
a Bank of America Merrill Lynch (BofA-ML) report says. According to the
global financial services major, the implementation of the 7th Pay
Commission recommendations should support consumption demand in the
country but would limit planned expenditure. "In response, we expect
the RBI to cut rates by 25 bps on April 5 as the fiscal deficit is already low compared to history," [….] Read more at:
Investors should also look at long-term bonds: Dhawal Dalal
With
the Reserve Bank of India (RBI) stressing the government's onus to
maintain fiscal prudence in the coming Union Budget proposals, Dhawal
Dalal, executive vice-president & head, fixed income, DSP BlackRock
Investment Managers, tells Puneet Wadhwa he expects the central bank to
hold rates for the rest of calendar year 2016. "We're asking investors
to consider fixed income schemes that have average maturity between one
and five years," he says. Edited excerpts: Why the sudden disconnect
[….] 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
Indian born Srikanth Srinivasan being viewed as potential successor to Justice Scalia as US Supreme Court Judge
After Supreme Court Justice Antonin Scalia’s sudden demise on Saturday,
Chandigarh born Srikanth ‘Sri’ Srinivasan may become the first Indian
American to be on the US Supreme Court Bench. Mr. Srikanth is a Circuit
Judge of the Federal Courts of Appeals for the District of Columbia
Circuit. “Any list begins with Sri Srinivasan, a member of the US Court
of Appeals for the District of Columbia Circuit – a traditional
launching pad for Supreme Court nominees,” the CNN reported today.
“There [….] Read more at:
Non wearing of helmet at the time of accident does not amount to ‘contributory negligence’: Kerala HC
A
Division Bench of Kerala High Court comprising of Justice
P.R.Ramachandra Menon and Justice Anil.K Narendran in P.J. Jose &
Ors. v. Vanchankal Niyas & Ors [M.A.C.A.No.
2482 of 2009] has held that an accident arising out of non wearing of
helmet does not lead to an inference to the case of contributory
negligence on the part of the person causing accident, so as to limit
his claims arising out of such accident. The deceased, who was a student
in Coimbatore met with an accident [….] Read more at:
Biocon on Monday
received its first generic formulation approval for making Rosuvastatin
Calcium tablet in the European Union (EU). This will enable the
company to address USD 1.2 billion market opportunity and it will launch
the drug in FY17. In an interview to CNBC-TV18, Kiran Mazumdar-Shaw,
Chairman of the company, says this is a very important milestone for
Biocon as part of the company's change in strategy. This area means a
big uptick in value creation [….] Read more at:
Snapdeal raises $200 mn led by Ontario Teachers' Pension Plan
Indian
online marketplace Snapdeal has raised USD 200 million in a fresh
funding round led by Canada's Ontario Teachers' Pension Plan, the
company said. The latest fund-raising follows USD 500 million raised
last August in a round led by Alibaba Group Holding, SoftBank Group Corp
and Foxconn. The e-commerce market in India is expected to grow to USD
220 billion in the value of goods sold by 2025, from an expected USD11
billion this year, Bank of America Merrill Lynch [….] Read more at:
Commuters affected as autos go on strike in Mumbai
Thousands
of autorickshaws went off the roads in Mumbai suburbs today to protest
the operations of private taxi aggregators and rise in permit fees. In
order to minimise inconvenience to passenger, state transport
commissioner Shyam Wardhane has issued directives allowing private cars,
buses and other vehicles to operate as "public transport" today. "This
is being done for the convenience of commuters, specially office-goers,
in view of the strike," an official said. Shashank Rao, Leader of Mumb
[….] Read more at:
HSBC keeps headquarters in London, rejects move to Hong Kong
HSBC Holdings decided on Sunday
to keep its headquarters in Britain, rejecting the option of shifting
its centre of gravity back to its main profit-generating centre Hong
Kong after a 10 month review. The unanimous decision by HSBC's board
gives a boost to London's status as a global financial centre, which
since the financial crisis of 2008-09 has faced challenges from tougher
regulation and rising costs. For Hong Kong, the chance of luring
Europe's biggest bank back to its birthplace has [….] Read more at:
Export weakness, Chinese truck radials dumping a worry: Ceat
Third
quarter domestic volume growth has been good, but exports continued to
reel under pressure said Anant Goenka, MD of Ceat in an interview to
CNBC-TV18. However, price cuts have been done across markets in line
with lower input costs, he added. Export market is seeing a clear
slowdown due to the currency depreciation, he said adding the company
posted overall 6 percent volume growth during the third quarter. Overall
margins are likely to be at the first half levels due [….] Read
more at:
Expect margins to be in range of 25-26%: Dr Lal Pathlabs
Diagnostic
services provider Dr Lal PathLab s reported a jump in consolidated
net profit at Rs 60.82 crore for the third quarter ended December. In an
interview to CNBC-TV18, Om Manchanda, CEO of the company, says the Dr
Lal PathLabs' growth of 21 percent driven by volumes this quarter was in
line with expectations and was mainly driven by volumes. Further, he
expects margins to be in the range of 25-26 percent and remains
confident about strong performance in Northern and Eas [….] Read
more at:
Economy & News
India's wholesale prices fall for 15th straight month in January
India's
wholesale prices fell for a 15th straight month in January, declining
an annual 0.90 per cent, driven down by tumbling oil prices, government
data showed on Monday.
The pace of fall, however, was slower than a 0.15 per cent annual
decline forecast by economists in a Reuters poll. In December, the index
fell a provisional 0.73 per cent. The wholesale fuel prices dropped
9.21 per cent from a year ago in January, while prices of manufactured
goods declined 1.17 per cent year on year. Food [….] Read more at:
'Indian firms need to improve CSR disclosure for investments'
Indian
companies need to improve on their Corporate Social Responsibility
disclosure to attract more foreign investments, an Indian-origin
business leader said here today. Indian companies have a mandatory two
per cent spending on Corporate Social Responsibility (CSR) which was
improving their standings globally. But there was a need to do more
work, Rajesh Chhabara, Managing Director of Singapore-based investment
consultancy CSRWorks said. "Businesses in India has a [….] Read more
at:
India is Asia's bright spot for direct investment: Singapore daily
Corporates
here see a bright spot in India with Singapore's direct investments in
the country crossing SGD 15.24 billion, despite a generally weak
economic outlook for most of Asia, a media report said today. Investment
by firms in India is on the rise, and companies with a presence there
say the region's second-largest economy is a challenging market to break
into but offers rich rewards. India's gross domestic product exceeded
USD 2 trillion in 2014, according to World Bank data. Af [….] Read
more at:
India proposes informal forum to resolve RCEP issues
Keen
on an expeditious conclusion of the biggest trade accord in Asia, India
has proposed the creation of a forum for in formal resolution of
prickly issues under the planned Regional Comprehensive Economic
Partnership (RCEP). The forum would be on the lines of one under the
recently concluded US-led Trans Pacific Partnership (TPP), which has
raised many concerns in India. Commerce and industry minister Nirmala
Sitharaman has said that TPP will have an impact on India's expo
[….] Read more at:
Make in India: Birla, Mahindra want new technology to revolutionize Indian manufacturing
Indian
industry captains Kumar Mangalam Birla and Anand Mahindra spoke about
the need to bring in new technology and digitization to the
manufacturing sector rather than depend solely on cheap labour to make
Prime Minister Narendra Modi's 'Make in India' initiative successful.
'Make in India' week in Mumbai brought industrialists together on Sunday
to discuss ways to make India the world's manufacturing hub. Indian
government wants global and domestic companies to manufacture [….]
Read more at:
National capital goods policy to be launched at Make in India week
The
national capital goods policy will soon be launched at the Make in
India week. The policy will give a big boost to the manufacturing sector
of India. The policy proposes to integrate major capital goods
sub-sectors such as textile, earth moving and plastic machinery among
others as priority sectors under Make in India initiative. To boost
exports govt has also proposed to set up Heavy Industry Export and
Market Development Assistance Scheme along with the creation of a
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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