Ministry of Finance

25th Meeting of Financial Stability and Development Council held in Mumbai FSDC notes need for constant vigil on financial conditions and functioning of financial institutions (Feb 22, 2022)

The 25th meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai on 22nd February, 2022 under the Chairpersonship of Union Finance Minister Smt. Nirmala Sitharaman. The Finance Minister is on a two-day post-Budget outreach visit to the city, where she is meeting with representatives of industry, financial market functionaries and bankers. The Council deliberated on the various mandates of the FSDC and major macro-financial challenges arising in view of global and domestic developments. The Council noted that Government and all regulators need to maintain constant vigil on the financial conditions and functioning of important financial institutions, especially considering that it could expose financial vulnerabilities in the medium and long-term. The Financial Stability and Development Council has been set up by the government in consultation with financial market regulators, to strengthen and institutionalize the mechanism for maintaining financial stability, enhance inter-regulatory coordination and promote financial sector development.


National Stock Exchange (NSE )

NSE case: Hunt for final beneficiaries begins (Feb 23, 2022)

Government agencies would attempt to unravel the Ultimate Beneficial Ownerships (UBOs) of favoured brokerages and their big clients to trace the men who made a killing when the co-location system of the India’s largest bourse National Stock Exchange (NSE) was gamed. This would require identifying the last natural person behind the brokerages and investment entities whose money they were handling. The Central Bureau of Investigation (CBI) and the Income Tax department are currently probing the matter. Other agencies may join if there are hints of possible money laundering transactions.


NCLT

Appointment of Chairperson in National Company Law Appellate Tribunal (Feb 22, 2022)

Pursuant to powers conferred by section 410 of the Companies Act, 2013 read with sub-section (2) of section 3 of the Tribunals Reforms Act, 2021, the Central Government appointed Justice (Retd.) Shri. Ashok Bhushan, former Judge of the Supreme Court of India as Chairperson in the National Company Law Appellate Tribunal (NCLAT) for a period of four years from the date of assumption of charge of the post i.e. with effect from 08th November, 2021, or till he attains the age of seventy years, or until further orders, whichever is the earliest.



Appointment of Members in National Company Law Tribunal (Feb 22, 2022)

Pursuant to powers conferred by section 408 of the Companies Act, 2013, the Central Government appointed 20 persons as Judicial Member and Technical Member in the National Company Law Tribunal (NCLT) for a period of five years with effect from the date of joining or till the attaining the age of sixty-five years, or until further orders, whichever is the earliest.


Appointment of President in National Company Law Tribunal (Feb 22, 2022)

Pursuant to powers conferred by section 408 of the Companies Act, 2013, the Central Government appointed Justice (Retd.) Shri. Ramalingam Sudhakar, former Chief Justice of Manipur High Court as President in the National Company Law Tribunal (NCLT) for a period of five years from the date of assumption of charge of the post i.e. with effect from the 1st November, 2021, or till he attains the age of sixty-seven years, or until further orders, whichever is the earliest. 



Ministry of Corporate Affairs

Ministry of Corporate Affairs moves NCLT to recover Rs. 2,320 cr siphoned off by Amtek Auto promoters (Feb 22, 2022)

The Ministry of Corporate Affairs has asked the Serious Fraud Investigation Office to investigate the books and dealings of Amtek Auto with its group companies. The decision by the MCA was conveyed to NCLT Chandigarh demanding that the former promoters of Amtek Auto return Rs. 2,320 crore siphoned off from the company. The MCA’s petition to the NCLT comes up for hearing on February 23.


RBI Press Release

RBI cautions public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities (Feb 22, 2022)

It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at Gurgaon, Haryana, is operating a semi-closed (non- closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. Members of public are urged to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity. In their own interest, members of public should verify and satisfy themselves that the application used or the entity they are dealing with is authorised to carry out the activity it performs or assures to perform. The list of authorized payment system providers/ authorized payment system operators are displayed on RBI website at 



Banking

Centre to infuse Rs. 15,000 crore into PSBs in March (Feb 23,2022)

The government is likely to infuse Rs. 15,000 crore into state-run banks in the second half of March to help the lenders meet tighter capital-reserve requirements, according to two people privy to the development. Punjab and Sind Bank and Central Bank of India—the only lender that still faces lending curbs—are likely to be the biggest beneficiaries of the latest funding plan, though the exact quantum of support is to be decided, the people said, requesting anonymity.


Market Today ( 23.02.2022 )

BSE Sensex                    57232.06 (-68.62)
Nifty 50                           17063.25 (-28.95) 

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