Ministry of Health and Family Welfare

Cabinet approves Memorandum of Understanding signed between the Indian Council of Medical Research, India and Deutsche Forschungsgemeinschaft e.V. (DFG), Germany ( 09 MAR 2022 )

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi was apprised of a Memorandum of Understanding (MoU)  signed between the Indian Council of Medical Research (ICMR) and Deutsche Forschungsgemeinschaft e.V. (DFG), Germany in December 2021 and in accordance with Rule 7(d)(i) of the Second Schedule of Government of India (Transaction of Business) rules 1961.

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 Ministry of Finance

Cabinet approves setting up of National Land Monetization Corporation as a Special Purpose Vehicle (SPV) for undertaking surplus land monetization ( 09 MAR 2022 )

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company with an initial authorized share capital of Rs 5000 crore and paid-up share capital of Rs 150 crore.  NLMC will undertake monetization of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other Government agencies.  The proposal is in pursuance of the Budget Announcement for 2021-22.

With the monetization of non-core assets, Government would be able to generate substantial revenues by monetizing unused and under-used assets.

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Securities Appellate Tribunal (SAT)

Dish TV India to challenge in SAT the SEBI order to disclose outcome of December AGM (March 8, 2022)

Dish TV India Ltd told exchanges that it will challenge in the Securities Appellate Tribunal (SAT) the Securities Exchange Board of India (SEBI) order on disclosing the outcome of the annual general meeting held in December.The market regulator on March 7, 2022 ordered Dish TV India to disclose the results of the annual general meeting (AGM) voting held on December 30 within the next 24 hours. The regulator directed depositories to freeze demat accounts of the directors and compliance officer of the company immediately until AGM voting results were disclosed to exchanges or till further orders, whichever was earlier. The regulator said that the company had to show cause also why further appropriate directions should not be issued against it for alleged non-disclosure to stock exchanges and ignoring SEBI's advisory and the Bombay High Court order.

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SEBI 

LIC IPO gets SEBI approval; may see delayed launch over Ukraine crisis (March 9,2022)

 
India’s markets regulator has approved the public listing of Life Insurance Corporation of India (LIC) as the war in Ukraine casts a shadow over the state-owned firm’s IPO timing. The government is looking to sell a 5 per cent stake, or 316 million shares, in the insurer through the IPO. LIC's IPO is one of the fastest to get SEBI approval; the insurer had filed its DRHP on February 12. Once a DRHP obtains final approval, the company can launch its share sale. However, LIC may not launch its IPO immediately given the volatile market conditions. Investment bankers said they would want to wait till the market sentiment improves.

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RBI

NaBFID - All India Financial Institution (AIFI) ( Mar 09, 2022 )

The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021 received the assent of the President on March 28, 2021 and has come into force w.e.f. April 19, 2021. Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India.

NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve Bank under Sections 45L and 45N of the Reserve Bank of India Act, 1934. It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI.

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Reserve Bank clarifies on the mode of receipt of complaints under Reserve Bank – Integrated Ombudsman Scheme 2021(RB-IOS) ( Mar 09, 2022 )

 Instances of misinformation being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) have come to the notice of the RBI. These messages are conveying to public at large to lodge their complaints against entities regulated by RBI through third parties for a charge/fee or otherwise for early redress of grievances.

It is clarified that RBI does not have any such arrangement with any entity for redress of grievances against the Regulated Entities (REs). RBI has laid down a cost free grievance redress mechanism under RB-IOS which does not involve payment of fees or charges in any form or manner. Customers having grievances against REs for deficiency in services, which is not redressed satisfactorily or in a timely manner by the REs can directly lodge their complaint on the Complaint Management System (CMS) portal (https://www.rbi.org.in) or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ (CRPC) set up at RBI, 4th Floor, Sector 17, Chandigarh - 160017.

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 Business News 

Tata-Mistry spat : SC to hear Mistry review petitions today (March 09, 2022)

 
The stage is set for the final round of legal battle between the Tata group and the billionaire Mistry family with the Supreme Court hearing the review petitions filed by the Mistry family on March 09, 2022. The Mistry family has challenged the apex court’s decision in March 2021 which agreed with Tata Sons board to remove Cyrus Mistry as chairman in October 2016. The SC will also hear a petition by Mistry which seeks to remove certain adverse remarks against him in the top court’s order. 

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US India Business Council (USIBC)

USIBC inducts three top executives to its India Advisory Council (March 09, 2022)

The US India Business Council (USIBC) has added three top executives to its India Advisory
Council, a premier strategic body comprising a highly influential network of senior India- based executives and thought-leaders committed to growing trade and investment between America and India. The executives are heads of India operations of 3M, Dell, J&J, and Microsoft. Mr. Ramesh Ramadurai, the managing director of 3M India; Mr. Alok Ohrie from J&J, Mr. Sarthak Ranade from Dell India and Mr. Anant Maheshwari from Microsoft India, according to a statement from USIBC.

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National Stock Exchange of India (NSE)

NSE CEO & MD Vikram Limaye not interested in applying for second term (March 9, 2022)

Vikram Limaye, the chief executive officer (CEO) of the National Stock Exchange of India (NSE), has decided against seeking another term when his tenure ends in July. This also means the next CEO, who has not been selected yet, will steer the process of the exchange’s long-delayed public listing.

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National Stock Exchange

 Word of the Day

Thin Market : A thin market on any financial exchange is a period of time that is characterized by a low number of buyers and sellers, whether it's for a single stock, a whole sector, or the entire market. A thin market, also known as a narrow market, can lead to price volatility.

Market Today ( 09.03.2022 )

BSE Sensex                       54647.33 (+1223.24) 

Nifty 50                             16345.35 (+331.90) 

National Stock Exchange
National Stock Exchange
National Stock Exchange (NSE)
National Stock Exchange (NSE)
National Stock Exchange (NSE)
National Stock Exchange (NSE)
National Stock Exchange (NSE) 

 

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