Ministry of Finance

Finance Minister Smt. Nirmala Sitharaman interacts with leaders of financial & capital markets (Feb 21, 2022)

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman interacted with the leaders of the financial & capital markets in Mumbai on February 21, 2022. She asked the industry leaders to explore ways to further strengthen the sector. In her opening remarks, the Finance Minister expressed satisfaction about the resilience displayed by the financial markets even during pandemic times. Smt. Sitharaman urged the market participants to strive for efficiency and transparency to help to channelize the resource for productive investment in the most effective manner. The Finance Minister emphasized that trust and confidence in the financial market are critical to gain traction amongst investors. Smt. Sitharaman also highlighted the important role of market participants in institution-building and for making the financial market stronger and investor-friendly. Various ideas and suggestions related to investor awareness, KYC norms, mutual fund penetration, deepening of corporate bonds, commodity derivatives and effectiveness of the market system were also discussed in detail.


SEBI

SAT quashes SEBI order against HDFC Bank for invoking pledged shares (Feb 21, 2022)

The Securities Appellate Tribunal (SAT) has quashed an order issued by the Securities and Exchange Board of India (SEBI) against HDFC Bank for invoking shares pledged by broker BRH Wealth Advisor. On January 21, 2021, the market regulator imposed a penalty of Rs. 1 crore on the private sector lender for flouting directions passed in an interim order dated October 07, 2019. SEBI also directed HDFC Bank to deposit Rs. 159 crore along with 7 percent interest. HDFC Bank had challenged the SEBI directions before SAT. The SAT judgment is critical as there are other lenders who have filed appeals in identical cases.

NCLT

Sintex lenders to seek extra time from NCLT to complete the resolution process (Feb 21, 2022)

Lenders of Sintex Industries will approach the National Company Law Tribunal (NCLT) to seek an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP) and select a bidder for the debt-ridden textiles maker. The Committee of Creditors (CoC) in a meeting held on February 21, 2022 "discussed and approved the proposal for extension of CIRP period beyond 330 days", Sintex Industries said in a regulatory filing.


Market Today  ( 22.02.2022 )

BSE Sensex          57300.68 (-382.91)
Nifty 50                 17092.20 (-114.45)

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