SEBI News
TV anchor gets interim relief as SAT stays SEBI order on Rs 3.9 cr deposit (MAR 15, 2022)
The Securities Appellate Tribunal (SAT) has stayed directions passed by market regulator SEBI against television anchor Hemant Ghai to deposit Rs 3.9 crore, allegedly made unlawfully. The order dated February 3, 2022 directing the appellant to deposit a further amount towards the alleged unlawful gains amounting to Rs 3,90,67,921 shall remain stayed till the next date of listing, the tribunal said while adjourning the matter to March 24. It was observed that Jaya Hemant Ghai (wife) and Shyam Mohini Ghai (mother) have undertaken a large number of Buy-Today-Sell-Tomorrow (BTST) trades during the relevant period in synchronisation with the recommendations made in the Show. Shares were bought on the previous day to the recommendations being made on the stock 20-20 show and sold immediately on the recommendation day, said SEBI in an order last year.
NCLT
Tata Power Company receives NCLT approval for scheme of amalgamation (MAR 16, 2022 )
President's Secretariat
Envoys of five nations present credentials to President of India ( MAR 16 , 2022 )
The President of India, Shri Ram Nath Kovind accepted credentials from Ambassadors/High Commissioners of the People’s Democratic Republic of Algeria, the Republic of Malawi, Canada, the Republic of Indonesia and the Russian Federation at Rashtrapati Bhavan today (March 16, 2022). Those who presented their credentials were :
- H.E. Mr. Abderrahmane Benguerrah, Ambassador of the People’s Democratic Republic of Algeria
- H.E. Mr. Leonard Senza Mengezi, High Commissioner of the Republic of Malawi
- H.E. Mr. Cameron Dean MacKay, High Commissioner of Canada
- H.E. Ms. Ina Hagniningtyas Krisnamurthi, Ambassador of the Republic of Indonesia
- H.E. Mr. Denis Evgenyevich Alipov, Ambassador of the Russian Federation
Ministry of Food Processing Industries
Plant Based Foods Industry Association (PBFIA) delegation meets Minister of State for M/o Food Processing Industries, Shri Prahlad Singh Patel to enable the plant-based food ecosystem in India ( MAR 16, 2022 )
A delegation of the newly-formed Plant Based Foods Industry Association (PBFIA) met Shri Prahlad Singh Patel, Minister of State For M/o Food Processing Industries, in New Delhi.
The delegation, led by the Association’s Executive Director, Shri Sanjay Sethi, briefed the Union Minister on the state of the nascent but rapidly expanding plant - based food sector in India. Noting that the sector was poised for explosive growth, Shri Sethi sought the Union Minister’s guidance and support to turn it into a major industry catering to both domestic and global markets through policy changes, capacity building, enabling ease of business and other interventions. The global plant-based food market is expected to reach 77.8 billion U.S. dollars in 2025.
The Competition Commission of India (CCI) approves acquisition of equity stake in Future Generali India Insurance Company Limited by Generali Participations Netherlands N.V.
Generali Participations Netherlands N.V. (GPN / Acquirer) is a wholly-owned subsidiary of Assicurazioni Generali S.p.A (“Generali Group”), the ultimate parent entity of the Generali group of companies. The Generali Group is a global insurance provider and is present in the general insurance industry in India through FGIIC.
Future Generali India Insurance Company Limited (FGIIC / Target) is a general insurance company engaged in the provision of non-life or general insurance services in India.
The proposed combination relates to an acquisition of shares of FGIIC by GPN, an existing shareholder of FGIIC. GPN proposes to acquire approx. 25% of the equity share capital of FGIIC held by Future Enterprises Limited, pursuant to which GPN’s aggregate (direct and indirect) shareholding in FGIIC will stand increased from 49% to approx. 74%.
Banking and Finance
No Public Sector Bank (PSB) has faced any loss in the April-December period of the current fiscal year, and clocked a collective net profit of Rs. 48,874 crore during this period, the Government said in Parliament on March 15, 2022. Responding to a query on profit earned by PSBs since 2010, the minister citing the data from the Reserve Bank, said the Public Sector Banks earned a combined net profit of Rs. 31,820 crore in 2020- 21. However, there were collective losses for five straight years during 2015-16 to 2019- 20.
NaBFID to commence operations in Q1FY23 (March 16, 2022)
The National Bank for Financing Infrastructure and Development (NaBFID) will commence its business operations in the first quarter of the next financial year by approving the first loan for the project. It will also finance projects that are part of the National Monetisation Pipeline. The selection of the CEO of NaBFID and other officials to run the bank is underway. Last year, the Government has set up NaBFID as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing.
Word of the Day
Captive Bank : A captive bank is a wholly- or partially-owned subsidiary of a company that plays its role as a bank only for the benefit of one legal entity (usually the same company that owns the bank), its customers, and suppliers. It generally offer all the basic banking services such as safe keeping of deposits.
Market Today ( as on 16.03.2022 )
S & P BSE Sensex 56816.65 (+1039.80)
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