Ministry of Finance
Ministry of Finance to organize Post-Budget Webinar on ‘Financing for growth and aspirational economy’ to accelerate implementation of Union Budget 2022 announcements (March 06, 2022)
In order to facilitate efficient and speedy implementation of Budget announcements, the Government of India is holding a series of webinars across various key sectors. The objective is to brainstorm with experts from the public and private sectors, academia and industry and identify strategies on how best to move forward towards implementation of various issues under different sectors.
Securities and Exchange Board of India (SEBI)
India Exposition Mart IPO: Noida-based firm files draft papers; aims to raise Rs  600 cr  (March 07 , 2022 )
Noida-based India Exposition Mart Limited has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi. The company is likely to raise around Rs 600 crore, as per market sources.
The initial share sale with a face value of Rs 5 per equity share comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders.
The Offer is being made through the Book Building Process, with no more than 75% of the Offer available for allocation to Qualified Institutional Buyers, 15% of the Offer available for allocation to Non-Institutional Bidders, and 10% of the Offer available for allocation to Retail Individual Bidders.


SEBI Seeks Clarity on Foreign Participation in Social Stock Bourse (March 7, 2022)

The Securities and Exchange Board of India (SEBI) has sought clarity from the Ministry of Home Affairs on the participation of foreign entities in the proposed Social Stock Exchange (SSE). People with direct knowledge of the matter said the market regulator has asked the ministry if foreign entities can invest in SSE-listed entities. It has also asked whether such investment will be construed as “speculative activity”. Currently, there is no restriction on foreign fund participation in the regular stock markets. However, entities listed on the SSE deal in voluntary work and other social projects. Foreign contributions for such organisations normally fall under the purview of Foreign Contribution Regulations (FCRR), which places various curbs and additional compliance requirements on entities receiving donations from foreign institutions. SEBI has now asked the Ministry of Home Affairs (MHA) if the same restrictions will apply on entities listed on social stock exchanges.


Ministry of Corporate Affairs 

Limited Liability Partnership (Second Amendment) Rules, 2022 (March 04, 2022)

The Ministry of Corporate Affairs (MCA) vide its Notification dated 04th March, 2022 has notified Limited Liability Partnership (Second Amendment) Rules, 2022 inter alia provide that-
  • If an individual required to be appointed as designated partner does not have a DPIN or DIN, application for allotment of DPIN shall be made in Form FiLLiP. Provided further that the application for allotment of DPIN shall not be made by more than five individuals in Form FiLLiP. [Substitution: Rule 11(1) Second proviso]
  • The Certificate of Incorporation of limited liability partnership shall be issued by the Registrar in Form 16 and shall mention Permanent Account Number and Tax Deduction Account Number issued by the Income Tax Department. [Insertion: Rule 11(3)]
  • Statement of Account and Solvency shall be signed on behalf of the limited liability partnership by its designated partners. In cases where Corporate Insolvency Resolution Process has been initiated against an LLP then the Statement of Account and Solvency may be signed by interim resolution professional or resolution professional, or liquidator or limited liability partnership administrator. [Substitution: Rule 24(6)]
  • Where the Registrar finds it necessary to call further information, he shall directs the person or LLP to furnish such information or to re-submit such application or e-form or document in Form 32. [Insertion: Rule 36(6)]
  • Vide this notification, various forms such as RUN LLP, FiLLiP, Form 3, Form 4, Form 5 etc. are also amended.


 Central Board of Indirect Taxes and Customs

Toolkit for Anti-evasion/Preventive teams (Circular No. 05/2022- Customs dated March 04, 2022) 

With a view to enhance the efficiency and professionalism of officers/teams deployed for carrying out anti-evasion/anti-smuggling work, particularly when they are required to search premises, vehicles; verify a stock of goods; draw up a panchnama or to arrest a person away from their office premises, a standard toolkit may be provided.


GST

GST Council may consider proposal to raise lowest slab to 8%, rationalize tax slabs (March 07, 2022)

The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said on March 06, 2022. A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab.


 GST fraud probe into BharatPe finds deals with non-existent vendors (March 06, 2022)

The Directorate General of Goods and Services Tax Intelligence has widened its probe on BharatPe after its earlier investigation had found the merchant-focused fintech firm had issued invoices to non-existent vendors, said officials aware of the development. Last October, BharatPe had accepted that it had issued invoices to non-existent vendors and paid about Rs. 11 crore in dues and penalty to the tax department. An audit conducted by professional services firm Alvarez and Marsal had pointed out the fintech firm’s dealings with fake or non-existent vendors


Business

SBI appoints ex-Ujjivan Small Finance Bank CEO Nitin Chugh as DMD (March 06, 2022) 

State Bank of India (SBI) has appointed former Ujjivan Small Finance Bank CEO Nitin Chugh as Deputy Managing Director (DMD) to drive digital banking operations. Prior to this appointment, Chugh was CEO and managing director of Ujjivan Small Finance Bank. He joined there from HDFC Bank where he served as the Group Head of Digital Banking. 



Word of the Day

Competitive Intelligence 

Competitive intelligence (CI) is the process and forward-looking practices used in producing knowledge about the competitive environment to improve organizational performance. It involves the systematic collection and analysis of information from multiple sources, and a coordinated CI program. 


Market Today ( March 08 , 2022 )

 BSE Sensex                           52842.75 (-1491.06)
 
  Nifty 50                                 15863.15 (-382.20) 

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