SEBI Circular
Standardization of industry classification- Applicability to credit rating agencies ( APR 01, 2022 )
The Market Data Advisory Committee (MDAC), a standing committee constituted by SEBI, comprising of representatives from stock exchanges, depositories and other market participants, examined the existing industry classification structures, across sectors, and developed a harmonised four level industry classification framework for adoption by all stakeholders and for all relevant processes/ purposes in Indian securities market (Classification placed at Annexure A).
In view of the above, the above mentioned industry classification will be applicable to credit rating agencies w.e.f. October 01, 2022. In the meantime, any feedback and suggested changes by credit rating agencies shall be recalibrated by exchanges, wherever feasible.
This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999.
Enforcement Directorate (ED)
Mumbai: Advocate Satish Uke remanded in ED’s custody till April 6, he says ‘political vendetta’ ( APR 1, 2022 )
Nagpur-based advocate Satish Uke, known for his petitions against BJP leader Devendra Fadnavis, was produced before an in charge court on Friday by the Enforcement Directorate (ED) after his arrest the previous day. He was remanded in the agency’s custody till Apr 6, even as he addressed the court in person and said that the case arose out of political vendetta.
His elder brother Pradeep Uke, who was also arrested, was remanded for the same period. The ED claimed in its remand report that its probe was based on two complaints filed in Nagpur, one by one Mohd. Jafar and another by Shobharani Nalode, president of a co-operative society, complaining of usurping of land by Uke. The ED sought their custody for 14 days.
Incharge court under the PMLA while granting custody to the ED till Apr 6, stated it does not find that the statements of the accused were not recorded in 24 hours, as after they were taken from their residence, their statements and those of other witnesses were being recorded and only then they were placed under an arrest. It said the detailed investigation is necessary while granting custody to the agency.
Social Media
WhatsApp banned over 10 lakh Indian accounts in February: Compliance Report ( APR 1, 2022 )
Meta-owned instant messaging platform WhatsApp has banned more than 10 lakh accounts (1.4 million to be specific) between February 1 and 28, according the company's latest transparency report. These accounts were removed for being involved in harmful activities on the platform, such as harassing users, forwarding fake news, and more.
The report is published in accordance with Rule 4(1)(d) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. Every social media intermediary has to comply with the IT rules 2021 and release a monthly transparency report on all the grievance the platforms received and what action did the platform take. This is the ninth report published by WhatsApp.
Banking and Finance
Visa launches program to help small creators expand their businesses using NFTs ( APR 1, 2022 )
Payment service provider Visa has launched a 'Creator Program"—aimed at educating small entrepreneurs to understand and leverage non-fungible-tokens (NFTs) to expand their businesses further. According to Visa, its new program will help digital-first artists, musicians, fashion designers, and filmmakers strengthen their small businesses using non-fungible tokens (NFTs) to navigate through the new category of commerce.
In the Visa's creator program, small entrepreneurs will be offered an opportunity to exchange ideas with a community of creators in various stages of their NFT journey and will also be provided access to leading-edge thinkers and researchers working across digital commerce, web3, crypto, and payments. Further, the company said it will help these creators with companies across Visa’s network of clients and partners. And also give creators one-time stipend to help them kickstart the next phase of growth.
Word of the Day
Jevons paradox is the observation that improved energy efficiency can increase the overall consumption of energy by making an activity cheaper and thus more scalable or accessible. The classic example of Jevons paradox is the observation that England's consumption of coal jumped after the introduction of efficiency improvements in steam engines, namely the Watt steam engine.
Theoretical examples are also easy to construct. For example,
space travel is currently prohibitively expensive primarily because of the
energy required to achieve orbit. If space
travel becomes more efficient, it may spark an industry in space tourism that
is accessible to the masses much as air travel is today.
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