GENERAL UPDATES 01.05.2019

CO-LOCATION CASE: SEBI DIRECTS NSE TO DISGORGE RS 624.89 CRORE; BARS EXCHANGE FROM SECURITIES MARKET FOR 6 MONTHS

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday directed NSE to disgorge Rs 624.89 crore with 12 percent interest from April 1, 2014, and barred leading stock exchange from the securities market for 6 months in co-location case NSE did not exercise due diligence while putting in place TBT (Tick-by-Tick) architecture, Sebi said. According to Sebi order, the disgorged amount has to be deposited in investor protection and education fund within 45 days from date of the order by demand draft. Further, Sebi has found two former NSE managing directors Ravi Narain and Chitra Ramkrishna guilty in co-location case and prohibited both from associating with listed company/market infrastructure for a period of 5 years. Also, Narain has to disgorge 25 percent of salary drawn for FY11 to FY13 and Ramkrishna shall disgorge 25 percent drawn for FY14.

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SBI SAVINGS A/C HOLDERS WITH RS 1 LAKH PLUS BALANCE TO GET LOWER INTEREST FROM WED

Savings bank account holders in SBI having more than Rs 1 lakh balance will earn a quarter percentage point less interest from Wednesday with the country's largest lender linking the interest rate to the RBI's repo or short-term lending rate. However, SBI savings bank account holders with less than Rs 1 lakh balance will continue to get 3.5 per cent interest on deposits. According to the information provided on the website of State Bank of India (SBI), the interest rate on savings bank accounts with balances above Rs 1 lakh will be 2.75 per cent below the RBI's repo rate, which currently stands at 6 per cent. Hence, the SBI will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 1 lakh. At present, the interest rate is 3.5 per cent. The interest is paid quarterly. The interest rate on such balances will go up in case the Reserve Bank hikes repo rate (the rate at which it lends to banks) and may fall further if the repo rate continues its downward journey. The SBI, which controls nearly a quarter of the banking system, was giving interest at a rate of 3.5 per cent for savings bank deposits up to Rs 1 crore and 4 per cent for deposits above Rs 1 crore till Tuesday (April 30). SBI's domestic savings bank deposits stood at more than Rs 10.64 lakh crore at end-December 2018.

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PRO MSME GOVT POLICIES & SCHEMES, ASSISTED BY CENTRAL & STATE INSTITUTIONS HELPED IN SIGNIFICANT GROWTH OF MSMES

The MSME Pulse March 2019 Report suggests that the micro, small and medium enterprises (MSME) credit growth has been on a firm footing in the last five years. However, the Public Sector Bank’s (PSBs) share in MSME lending has been reducing during the same period. Pro MSME government policies and schemes, assisted by Central and State Institutions has helped in this significant growth of MSMEs in India the report said adding that the Mudra scheme is noteworthy for its financial inclusion impact. TransUnion CIBIL is India’s leading credit information company and maintains one of the largest repositories of credit information globally. The MSME Pulse Report is prepared by TransUnion CIBIL and powered by the Small Industries Development Bank of India (SIDBI). Aggregate MSME lending (both entities and individuals) has expanded rapidly over the last five years. Total balance outstanding has increased from Rs 10.4 Lakh Crores in Dec’13 to Rs 25.2 Lakh Crores in Dec’18 – a compounded annual growth rate (CAGR) of 19.3%, said the report.

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INDIA AT 17TH POSITION AMONG 100 COUNTRIES IN TERMS OF STARTUP ECOSYSTEM: STARTUPBLINK REPORT

Tracking the momentum and trends within the startups ecosystem globally, StartupBlink has ranked India at 17th position (out of 100 countries), below the top five-the US, the UK, Canada, Israel, and Australia. According to data released by StartupBlink which tracks startup ecosystems on a number of parameters, the strong performers in India includes, Bangalore with 11th position followed by New Delhi (14), Mumbai (29), Chennai (74), and Hyderabad (75). Chennai and Hyderabad moved more than 100 positions up in comparison with 2017.

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JET AIRWAYS SAYS WILL VALIDATE REFUND CLAIMS IN 45 DAYS

Jet Airways (India) Ltd has informed travel agents that it will validate claims for flight ticket refunds within 45 days a move that is expected to bring relief to customers who have been seeking refunds after the carrier halted operations last week. In a communication to travel agents on Tuesday, Jet Airways said a web interface has been provided to travel agencies to submit refund applications, adding that claims can be submitted till 20 May. IATA (International Air Transport Association) will settle the monies post closure of Jet’s (Jet Airways) refund claim review period against the deposit held by IATA, it said. IATA can also raise a demand from Jet Airways in case of a shortfall in refund claims and deposits held by IATA. Refunds for tickets bought through credit cards will be validated by Jet Airways and credit card companies each Monday, it said. Jet Airways was an IATA member and used its billing and settlement process gateway (BSP), for tickets booked through agents, both online and offline. Agents make a single payment to the BSP, covering sales on all IATA airlines. BSP, in turn, makes consolidated payments to each airline. Due to recent capacity crunch, average airfares have risen more across metros, where the demand is likely to be high. Routes like Delhi-Mumbai and Delhi-Bengaluru are showing up to 60% increase in last minute fares, said Aloke Bajpai, chief executive and co-founder of travel portal ixigo.

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INDIA RATINGS LOWERS COUNTRY'S GDP GROWTH PROJECTION FOR FY20 TO 7.3%

India Ratings and Research Tuesday marginally lowered country's GDP growth projection for 2019-20 fiscal to 7.3 per cent mainly due to below normal monsoon prediction and loss of momentum in industrial output. The Fitch group company had earlier projected India's gross domestic product (GDP) growth at 7.5 per cent. The key reasons for the downward revision are the prediction of lower-than-normal monsoon for 2019 and continued agrarian distress, and the loss of momentum in the industrial output growth, especially manufacturing and electricity. Besides, the slow progress on cases referred to the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, was another reason cited by the company for lowering the growth forecast. Inability to bring the stuck capital back into the production process will have implications for investment recovery, India Ratings and Research said in a release. Investment expenditure growth, as measured by gross fixed capital formation (GFCF), has, therefore, been downwardly revised to 9.2 per cent for 2019-20 from the earlier forecast of 10.3 per cent, it added. Following the monsoon forecast, India Ratings and Research estimates agricultural gross value added growth at 2.5 per cent (earlier forecast was 3 per cent) for 2019-20 compared with the 2.7 per cent recorded for 2018-19. The key support to the gross value added growth in 2019-20 is likely to come from services, followed by industry. The Indian Meteorological Department (IMD) expects the monsoon to be near normal while private weather forecaster Skymet Weather Services expects the monsoon to be below normal in 2019. According to IMD, the seasonal rainfall is likely to be 96 per cent of the Long Period Average (LPA) with a model error of plus or minus five per cent. On the prices front, India Ratings and Research expects wholesale and retail inflation to remain benign at 3.4 per cent and 4 per cent in 2019-20, respectively.

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A DECADE AFTER SATYAM, SYSTEMS STILL TAKE TIME TO DETECT FRAUD: C P GURNANI

A decade might have passed after the infamous Satyam Computer scam and subsequent regulatory actions but Tech Mahindra chief C P Gurnani feels systems still take long time to detect discrepancies at corporates and better data analytics are needed to plug the loopholes. Satyam Computer Services was hit by an accounting scam perpetrated by its founder B Ramalinga Raju that came to light in January 2009 and the once storied company was later acquired by Tech Mahindra in April the same year. Gurnani said that even after ten years of Satyam Computer scam, our systems still take a long time to get alerted to discrepancies which may lead to crisis situations. All stakeholders, including banks, lending agencies and companies, need to be more responsible. We need to incorporate better data analytics and dashboards to capture loopholes and avoid crisis like Satyam or IL&FS. I think we all are wiser but we need to have better processes and systems in place, he said. Incidentally, the now crisis-hit IL&FS had acquired Maytas Infra, an entity that was promoted by Raju, after the Satyam Computer scam.

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INDIA RATINGS LOWERS COUNTRY'S GDP GROWTH PROJECTION FOR FY20 TO 7.3%

India Ratings and Research Tuesday marginally lowered country's GDP growth projection for 2019-20 fiscal to 7.3 per cent mainly due to below normal monsoon prediction and loss of momentum in industrial output. The Fitch group company had earlier projected India's gross domestic product (GDP) growth at 7.5 per cent. The key reasons for the downward revision are the prediction of lower-than-normal monsoon for 2019 and continued agrarian distress, and the loss of momentum in the industrial output growth, especially manufacturing and electricity. Besides, the slow progress on cases referred to the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, was another reason cited by the company for lowering the growth forecast. Inability to bring the stuck capital back into the production process will have implications for investment recovery, India Ratings and Research said in a release. Investment expenditure growth, as measured by gross fixed capital formation (GFCF), has, therefore, been downwardly revised to 9.2 per cent for 2019-20 from the earlier forecast of 10.3 per cent, it added. Following the monsoon forecast, India Ratings and Research estimates agricultural gross value added growth at 2.5 per cent (earlier forecast was 3 per cent) for 2019-20 compared with the 2.7 per cent recorded for 2018-19. The key support to the gross value added growth in 2019-20 is likely to come from services, followed by industry. The Indian Meteorological Department (IMD) expects the monsoon to be near normal while private weather forecaster Skymet Weather Services expects the monsoon to be below normal in 2019. According to IMD, the seasonal rainfall is likely to be 96 per cent of the Long Period Average (LPA) with a model error of plus or minus five per cent. On the prices front, India Ratings and Research expects wholesale and retail inflation to remain benign at 3.4 per cent and 4 per cent in 2019-20, respectively.

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INDIA'S MARCH INFRASTRUCTURE OUTPUT GROWS 4.7% YEAR-ON-YEAR: GOVT

The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year. For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- remained flat at 4.3 per cent, official data released Tuesday showed. Coal generation growth was flat at 9.1 pet cent in March 2019. Natural gas, refinery products, fertiliser, steel and cement sectors recorded positive growth rates. Crude oil production, however, contracted by 6.2 per cent in March. Electricity generation declined by 1.4 per cent during the month under review. A fall in production of crude oil and refinery products had dragged the growth of the eight core sectors to 2.1 per cent in February. The infrastructure sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output.

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HC DISMISSES PLEA SEEKING IMPLEMENTATION OF AYUSHMAN BHARAT SCHEME IN DELHI

The Delhi High Court on Tuesday dismissed a plea seeking to implement the Centre’s Ayushman Bharat scheme in the national capital citing its political nature. The bench presided by Chief Justice Rajendra Menon and Justice Anup Jairam Bhambhani was hearing a public interest litigation filed by Abhijit Mishra, an economist. Mishra, in his plea, had sought direction to the Delhi government for implementation of the Ayushman Bharat Pradhan Mantri Jan Aarogya Yojana (PMJAY). He said the Delhi government had neither issued any notification nor made any effort to implement the scheme. He also said the government had not formulated any health insurance and welfare schemes equivalent to the Ayushman Bharat for the residents of Delhi. The PMJAY was launched for the welfare of the weaker section of the society.

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PASSENGER TRAFFIC AT INDIAN AIRPORTS GROWS 11.6% TO 34.4 CRORE

Airports in the country witnessed a total 34.4 crore passengers during financial year 2018-2019, registering a growth of 11.6% as compared to the previous fiscal, according to data from the Airports Authority of India (AAI). Domestic passengers stood at 27.5 crore, recording a growth of 13.1%. There were a total of 6.9 crore international passengers, a rise of 6.1% as compared to financial year 2018. Each domestic passenger is counted twice — once at departure airport and a second time at the arrival airport. International passengers are counted just once. The overall growth rate of 11.6%, however, is the slowest in the last three years. Indian airports saw a growth of 16.5% in financial year 2017-18 and 18.3% in financial year 2016-2017. Among the six joint-venture airports that together account for 40% of the total traffic, Nagpur airport saw the fastest growth (28.2%). This was followed by Bengaluru (23.8%), Hyderabad (17.9%), Delhi (5.4%) and Mumbai (0.7%). Cochin airport saw a negative growth of -0.5%. Faced with severe capacity crunch, Mumbai airport registered a negative growth in terms of domestic passengers at -1.3%. Among the AAI-owned top 20 international airports, the fastest growth was seen at smaller airports such as Vijaywada (58.7%), Tirupati (42.7%), Varanasi(33.4%), Imphal(29.3%) and Bhubaneshwar (27.9%). The same set of airports also saw the fastest rise in the number of aircraft movements — Vijaywada (58.6%) , Imphal (48.6%), Tirupati (47.4%), Varanasi (39.3%) and Nagpur (34.1%).

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WOMAN WHO ACCUSED CJI GOGOI OF SEXUAL HARASSMENT WITHDRAWS FROM PANEL PROBE

A former Supreme Court employee, who has accused Chief Justice of India (CJI) Ranjan Gogoi of sexually harassing her, said Tuesday that she will not participate in the proceedings of the court's in-house committee probing her allegations. The 35-year old woman, in a letter, said she had serious concerns and reservations about the committee comprising Justices S A Bobde, Indira Banerjee and Indu Malhotra as members. I joined and participated in the committee proceedings in good faith on 26 and 29 April with the hope that this committee would proceed in a manner that is fair to me and sensitive to my circumstances, she said. The woman said that she had requested the committee to inform her about the procedure it will follow and allow her the assistance of a lawyer. She said she had also requested that the proceedings be video-recorded. The woman has also alleged that she had been followed by motorcycles on both April 26 and April 29, after she came out of the in-house committee hearing.

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LIQUOR SALE TO BE 100% THROUGH SCANNING BY OCTOBER IN DELHI

All liquor sale will done through bar code scanning in Delhi by October this year, officials said. The move is intended to digitise records of real-time liquor sale in the national capital. According to the excise department, liquor outlets will have to achieve 80 per cent target by May and 100 per cent by October. The department had warned traders against selling alcohol using coupon or token system in order to curb distribution of liquor to influence voters during elections in Delhi. In the month of June, a target of 90 per cent sale of liquor through scanning has been set by the excise department, while for July it is 95 per cent. By October this year, all liquor shops will have to achieve the target of 100 per cent of liquor sale through scanning, officials said.

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IOC HAS A 1000 PATENTS; BECOMES FIRST PSU OIL COMPANY TO HIT THE LANDMARK

State-owned Indian Oil Corp (IOC) Tuesday said its research and development centre at Faridabad has become the first public sector oil and gas company to cross the milestone of filing 1,000 patents The Centre filed the 1,001st patent this week, the company said in a statement. The R&D Centre’s IP (Intellectual Property) portfolio comprises 794 active patents, of which 542 patents were granted abroad and 252 in India. The centre has also registered a healthy commercialisation rate for its patents, higher than the global average, it said. Complimenting the R&D team for lending a competitive edge to IOC’s business through innovative products, processes and technologies, company chairman Sanjiv Singh said several quality upgradation projects implemented at its refineries for production of ultra-clean BS VI grade fuels are based on deep desulphurisation, isomerisation and dimerisation technology patents developed in-house. IOC’s internationally-awarded INDMAX technology patent, successfully commercialised at Paradip Refinery, improves LPG yields by 40 per cent besides ensuring the highest propylene yields in its class, the statement said adding the centre’s bio-methanation technology is best-in-class in methane yields and is being implemented at the Namakkal (Tamil Nadu) plant for production of compressed bio-gas (CBG). With over 5,000 formulations and over 800 active grades covering all conceivable applications, including rail-road and marine oils, SERVO has grown to be the largest selling lubricant brand in India. With 50 per cent of its active patents in the refining category, followed by 16 per cent in bio-technology, the R&D team has made considerable progress even in the highly IP-crowded field of Ziegler-Natta catalysts, used in production of polymers (plastics). We have not only created white space here but succeeded in earning a rich haul of patent grants that are well recognised by global majors, he said.

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NO DRINKING WATER SHORTAGE, ENOUGH STORAGE IN NARMADA: GUJARAT GOVERNMENT

Amid reports of acute water crisis at many places in the state because of dams drying up or having negligible water, the state government said on Monday that adequate quantity of water to meet drinking water needs of the state till the end of July was available in Sardar Sarovar dam. The government also claimed that water supply from the dam had been increased, and arrangements made to ensure there was no water shortage. Nitin Patel said that around 4 crore people are being given water through Narmada canal network with supply of 375 crore litre of water a day from the dam for drinking purposes, 50 crore litre more than last year. We are supplying 190 crore litres water per day to Kutch and Saurashtra through canal network, which is 20 crore litres more than last year. From 27 crore litres to Kutch, supply has been increased to 32 crore litres, he said. As of Monday, water level in the dam was 119.50 metre, with live storage capacity of 0.93 million acre feet. The water availability is adequate to meet drinking water needs of the state till July 30, he said. Chief minister Vijay Rupani will hold a meeting on Tuesday to review measures to tackle water scarcity, he said. The Narmada dam meets water requirement of 8,911 villages, 165 cities, and six municipal corporations, including Ahmedabad. Patel said the government had started 24x7 toll-free helpline number 1916 to redress drinking water complaints. He said that citizens in rural areas could call on the number to register their complaints regarding water supply.

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BCCI LOOK TO POCKET ₹20 CRORE FROM IPL PLAYOFFS

The Board of Control for Cricket in India (BCCI) is looking to pocket a cool ₹20 crore from gate money during the playoff games in the 12th edition of the Indian Premier League. While the gate money during the group stage goes to the various franchises, the money collected from the last four games in the IPL goes to the board. The BCCI in its budget for the 2019 edition of the cash-rich league has calculated a ₹2 crore rise from the gate money than what they had collected in the 2018 edition as per documents accessed by IANS. In the 2018, the amount calculated as gate money was ₹18 crore. The final of the 12th edition of the Indian Premier League will be played at the Rajiv Gandhi International Stadium in Hyderabad on May 12 after the Tamil Nadu Cricket Association (TNCA) failed to secure permission to open stands I, J and K. But quality performance from Chennai Super Kings has seen the board keep Qualifier 1 in Chennai as BCCI doesn't want fans to be robbed a chance to watch a knockout game. While Chennai will now host Qualifier 1 on May 7, Vizag will host the Eliminator and Qualifier 2. We had to shift the matches from Chennai to Hyderabad after TNCA intimated us that they have not procured the requisite permission to open the three stands I, J and K. Since the gate sales of the knock-out matches is BCCI's prerogative, we had to take a call, he had said. But quality performance from Chennai Super Kings has seen them sit on top of the points table and the board felt that it would be unfair on the team if they removed Qualifier 1 also from Chennai citing the closure of the three stands which can seat around 12,000 spectators.

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COURT ALLOWS SHASHI THAROOR TO TRAVEL ABROAD

A Delhi court Tuesday allowed Shashi Tharoor, an accused in a case related to wife Sunanda Pushkar’s death, to travel abroad. Special Judge Arun Bhardwaj granted permission to Tharoor to go to the USA from May 5-20. In his application, Tharoor had claimed that he has to attend certain press conferences there. While granting him bail in the case, the court had directed not to leave the country without its prior permission. The former Union minister has been charged under Sections 498-A (husband or his relative subjecting a woman to cruelty) and 306 of the IPC, but has not been arrested in the case.

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'NYAY' SCHEME WILL PROVIDE A BOOST TO ECONOMY, SAYS RAHUL

Rahul Gandhi Tuesday said the 'Nyay' scheme promised by his party will jump-start the country’s economy as people will have money in their bank accounts to spend, a power which was taken away by steps like demonetisation and the Gabbar Singh Tax (GST). Under the Nyay scheme, 25 crore people will get Rs 6,000 per month, amounting to Rs 72,000 per year. In five years, they will get Rs 3.60 lakh in their accounts and that will give them power to purchase from the market, he said. He said demonetisation and poor implementation of the Goods and Services Tax, which he dubs as the Gabbar Singh Tax (GST), has adversely affected purchasing power of people. He said the money under the minimum income scheme will be directly deposited in their bank accounts. He asked the men present at the event not to get annoyed with him on the issue. Gandhi said when Modi can give Rs 5.55 lakh crore to 15 big people of the country like Anil Ambani, Mehul Choksi, Nirav Modi, Vijay Mallya and Lalit Modi, he can easily give Rs 72,000 per year to poor people.

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JAIL TERM IN DRUG CASE WILL NOT IMPACT NESS WADIA: COMPANY

Maintaining that the jail term by a Japanese court for Ness Wadi in a drug case remains suspended, the business conglomerate on Tuesday said that the development will not impact Wadia Group heir in discharging his responsibilities. The judgement is clear. It is a suspended sentence. Hence it will not impact Ness Wadia in the discharge of any of his responsibilities and he will continue to play the role that he has done hitherto, both within the Group and outside, Wadia Group spokesperson said in a statement. He confirmed that Wadia is currently in India.

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CHENNAI METRO RAIL SIGNAL MALFUNCTION ‘A DELIBERATE ACT’, SAYS CMRL

Thousands of passengers suffered as Chennai Metro Rail Limited (CMRL) staff went on strike and two of its employees deliberately caused the automatic signalling system to malfunction, resulting in disruption and stoppage of services on Monday evening and Tuesday morning too. Elaborating on the reasons for the ‘glitches in the system’ it had originally quoted, the CMRL, on Tuesday afternoon, said the direct services from Chennai Central to airport that were stopped had been restored. Inter corridor train operation between Central to Airport has successfully restored at 01:30 pm today (30-04-2019). All Metro Train services are running as per schedule, the CMRL tweeted. In a statement, the CMRL said, Two of our non- executive staff tampered with the automatic signalling system leading to malfunction late evening on 29 April. CMRL extends sincere apologies to passengers for the inconvenience caused. It plans to file a police complaint against some employees for manhandling a joint general manager and a woman manager on Monday evening and damaging the fire alarm at the Thirumangalam station.

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THEFT OF PERSONALLY IDENTIFIABLE DATA AND INTELLECTUAL PROPERTY KEY CONCERN: MCAFEE REPORT

Data theft has emerged as one of the biggest concerns as cybercriminals are increasingly going after more critical data for greater leverage over companies. In September 2018, personal information including credit card details of 380,000 passengers of British Airways was reportedly stolen. A cyber attack on Singapore’s largest healthcare institution, SingHealth, in July 2018, compromised non-medical details of 1.5 million patients, including the country’s Prime Minister. According to McAfee’s data exfiltration report, called Grand Theft Data II – The Drivers and Shifting State of Data Breaches, published today, 43% of the participants were greatly concerned about theft of personally identifiable information and intellectual property. On the other hand, 30% found theft of payment card details more distressing, even though the report claims that payment card is not a big target because of new payment technologies and improved fraud detection systems. The concern over the personally identifiable information is higher in Europe due to the roll out of General Data Protection Regulation (GDPR) in May 2018, which mandates heavy penalty on companies for failure to communicate data breaches to users. Theft of intellectual property is a bigger concern in the Asia-Pacific region. The frequency of data breaches appears to be increasing too, as 61% reported a breach at their current company while 48% reported the same at their previous companies. Also, in the last three years, organizations facing serious data breaches that required full public disclosure have gone up from 68% to 73%, claims the report. Cybercriminals do not have a singular modus operandi when it comes to stealing data. In addition to database leak and interception of network traffic, they are also targeting corporate email, personal email, cloud applications and in some cases removable USB drives, stolen computers and printers. Over half of the participants blamed IT teams for not being able to prevent data breaches, while 81% are of the opinion that cybersecurity solutions continue to operate in isolation, with separate policies or management consoles for cloud access security broker and data loss prevention. This is causing delays in detection and reaction. IT professionals feel part of the blame lies with C-level executives, with 55% saying they feel that C-level execs should lose their job if data breach is serious as many of them often insist on having more lenient security policies for themselves.

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Thanks & Regards,
CS Meetesh Shiroya