SEBI
Appointment of Shri Ashwani Bhatia as Whole Time Member, Securities and Exchange Board of India (March 22, 2022)
The Central Government appointed Shri Ashwani Bhatia, Managing Director, State Bank of India as Whole Time Member of the Securities and Exchange Board of India, initially for a period of 03 years from the date of assumption of charge of the post, or until further orders, whichever is earlier.
For Gazette Notification, Click Here
SEBI Bulletin - March 2022
SEBI ORDERS
24 MAR 2022 | Adjudication order in respect of Axis Bank Ltd- Merchant Banker | ADJUDICATING OFFICER ( SEBI ) |
ORDER :
Having considered all the facts and circumstances of the case, the material available on record and the factors mentioned in the preceding paragraphs, I, in exercise of the powers conferred upon me under Section 15-I of the SEBI Act read with rule 5 of the Adjudication Rules, hereby impose a penalty of Rs. 5,00,000/--(Rupees Five Lakh only) on the Noticee viz. Axis Bank Limited – Merchant Banker, under the provisions of section 15A(a) of the SEBI Act for its violation of provisions of regulation 27 of the MB Regulations. I am of the view that the said penalty is commensurate with the default committed by the Noticee.
The Noticee shall remit / pay the said amount of penalty within 45 (forty five) days of the receipt of this order either by way of Demand Draft (DD) in favour of “SEBI -Penalties Remittable to Government of India”, payable at Mumbai.
In the event of failure to pay the said amount of penalty within 45 days of the receipt of this Order, recovery proceeding may be initiated under section 28A of the SEBI Act, 1992 for realization of the said amount of penalty along with interest thereon, inter alia, by attachment and sale of movable and immovable properties.
For Copy of the Order, Click Here
SEBI Circular
Introduction of Options on Commodity Indices – Product Design and Risk Management Framework (MAR 24, 2022)
In an endeavour to have more products in the Commodity Derivatives Market and based on the recommendation of Commodity Derivatives Advisory Committee (CDAC) and proposal from Stock Exchanges, it has now been decided to permit recognised Stock Exchanges having a Commodity Derivative segment, to introduce options on commodity indices.
The product design and risk management framework should be in conformity with the guidelines prescribed in the Annexure to this circular.
Stock Exchanges shall submit at-least past three-years data of the index constructed along with data on monthly volatility, roll over yield for the month and monthly return while seeking approval from SEBI. On approval, the Stock Exchange(s) shall also publish the above data on their website before launch of the contract.
This Circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
For Official Circular, Click Here
Ministry of Finance
Income Tax Department conducts searches in Maharashtra (MAR 24 , 2022)
The Income Tax Department carried out a search and seizure operation on 14.03.2022 on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread over locations in Maharashtra, Karnataka and Tamil Nadu.
During the search, several incriminating evidences including hard copy documents and digital data have been found and seized, which reveal that substantial funds have been siphoned-off from the Trusts for the personal benefit of the group’s promoters and their family members, in violation of provisions relating to claim of exemption by the Trusts under the Income-tax Act, 1961.
The search action has resulted in the seizure of unaccounted cash of Rs. 27 lakh and jewellery worth Rs. 3.90 crore.
Further investigations are in progress.
Ministry of Law and Justice
Establishment of Web Portal (MAR 24, 2022)
The Ministry of Law and Justice, Department of Legal Affairs had taken the initiative for launch of the Legal Information Management and Briefing System (LIMBS), a web based application for upload of information and monitoring of court cases where Union of India is one of the parties. It is an innovative and easy to access online tool which is available 24x7 to all the stakeholders’ viz., government officials, department users, nodal officers, etc.
LIMBS Ver.2 is an upgraded version of LIMBS developed by NIC. It is a dashboard based system for the user Ministries/Departments on which they can feed the litigation matters pertaining to them and monitor them. This version is overhauled with the use of Open Source technologies using Coordinator framework of Hypertext Preprocessor (PHP) to enhance the security of the system and improve the efficiency of the system. Till date, LIMBS Ver.2 has captured more than 8.06 lacs court cases (including archive cases) with 5.50 lakh live cases, 14204 registered users, more than 20000 advocates and 3302 courts on a single platform.
Banking and Finance
SBI signs pact with PNB HF, 4 other housing finance firms for co-lending of home loans (MAR 24, 2022)
India's largest lender State Bank of India (SBI) announced on Thursday that it has entered into a co-lending agreement with 5 Housing Finance Companies (HFCs) to sanction home loans to the unserved and underserved sector in line with the Reserve Bank of India (RBI) guidelines.
The 5 HFCs are: PNB Housing Finance Limited, IIFL Home Finance Limited, Shriram Housing Finance Limited, Edelweiss Housing Finance Limited, and Capri Global Housing Finance Limited.
Earlier, RBI had issued guidelines on the co-lending scheme for banks and HFCs/NBFCs for Priority Sector Lending (PSL) to improve the flow of credit to the unserved and underserved sectors of the economy and make funds available to borrowers at an affordable cost. The co-lending model aims to give the borrower the best interest rate and better reach.
BUSINESS
Target to make Patanjali, Ruchi Soya big FMCG company within 5 years: Baba Ramdev (MAR 24, 2022)
Yoga guru Baba Ramdev today said he was determined to make Patanjali and its subsidiary Ruchi Soya, one of the biggest food and FMCG companies of the country within five years.“Both Patanjali and Ruchi Soya will cross Rs 35,000 crore target,” Baba Ramdev said at a press conference here.
Ruchi Soya Industries Limited, a diversified FMCG and FMHG focused company, with strategically located manufacturing facilities and well-recognised brands having a pan-India presence, has garnered Rs 1,290 crore from anchor investors ahead of its further public offering (FPO) that opens for public subscription on Thursday.
On 20 March, the Company, amongst other things informed the bourses that the price band for its FPO has been set at Rs. 615 per equity share (at the lower end of the price-band) to Rs. 650 per equity share (at the higher end of the price band). And today it informed the bourses that 1,98,43,153 equity shares have been allocated to anchor investors at the upper end of the price band i.e. Rs. 650 per equity share on Wednesday, March, 23rd, 2022, against the applications from various anchor investors.
World Affairs
G-7 nations restrict Russian Central Bank's use of gold in transactions (MAR 24, 2022)
Group of Seven leaders have announced they are restricting the Russian Central Bank's use of gold in transactions, while the US announced a new round of sanctions targeting more than 400 elites and members of the Russian State Duma.
Previously, sanctions against Russian elites, the country's Central Bank and President Vladimir Putin did not impact Russia's gold stockpile, which Putin has been accumulating for several years. Russia holds roughly $130 billion in gold reserves, and the Bank of Russia announced Feb 28 that it would resume the purchase of gold on the domestic precious metals market.
Meanwhile, the Biden administration announced more sanctions targeting 48 state-owned defense companies, 328 members of the Duma, Russia's lower parliament, and dozens of Russian elites. The Duma as an entity was also named in the new sanctions.
Word of the Day
The word Altcoin is a blend of two words, Alternative COIN, this is how the word got its meaning. Altcoins are basically alternative coins of Bitcoin. All other digital currencies except bitcoin come under alternative coins.
Some strong examples of altcoins are Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, etc. These altcoins are like bitcoin with few other characteristics. For example, like bitcoin, altcoins also validate and secure transactions, but the mechanism can be different than blockchain mining.
Market Today ( as on 24.03.2022 )
BSE Sensex 57,595.68 ▼ 89.14 (0.15%)
Nifty 50 17,222.75 ▼ 22.90 (0.13%)
Dollar vs Rupee
1 US Dollar = 76.17 Indian Rupee ( - 0.45% )
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