.png)
SEBI Circular
Revision of UPI limits in Public Issue of Equity Shares and convertibles ( APR 05, 2022 )
It has been decided that all Individual Investors applying in Public Issues where the application amount is upto 5 Lakhs shall use UPI and shall also provide their UPI ID in the bid-cum-application form submitted with any of the entities mentioned herein below:
- a syndicate member
- a stock broker registered with a recognised stock exchange (and whose name is mentioned on the website of the stock exchange as eligible for this activity) (‘broker’)
- a depository participant (‘DP’) (whose name is mentioned on the website of the stock exchange as eligible for this activity)
- a registrar to an issue and share transfer agent (‘RTA’) (whose name is mentioned on the website of the stock exchange as eligible for this activity)
This circular shall come into force for Public Issues opening on or after May 01, 2022 and is being issued in exercise of the powers under section 11 read with section 11A of the Securities and Exchange Board of India Act, 1992.
For Official Notification, Click Here
Ministry of Information & Broadcasting
Ministry of I&B blocks 22 YouTube channels including 4 Pakistan based YouTube news channels, 3 Twitter accounts, 1 Facebook account, and 1 news website for spreading disinformation related to India’s national security, foreign relations and public order
The Ministry of Information & Broadcasting, utilizing the emergency powers under the IT Rules, 2021, has issued orders on 04.04.2022 for blocking of twenty-two (22) YouTube based news channels, three (3) Twitter accounts, one (1) Facebook account, and one (1) news website. The blocked YouTube channels had a cumulative viewership of over 260 crore, and were used to spread fake news, and coordinated disinformation over social media on subjects sensitive from the perspective of national security, India’s foreign relations, and public order.
Modus Operandi
The blocked Indian YouTube channels were using templates and logos of certain TV news channels, including images of their news anchors to mislead the viewers to believe that the news was authentic. False thumbnails were used; and title and thumbnail of the videos were frequently altered to increase the virality of content on social media. In certain cases, it was also observed that systematic anti-India fake news was originating from Pakistan.
With this action, since December 2021, the Ministry has issued directions for blocking of 78 YouTube based news channels and several other social media accounts on grounds related to national security, sovereignty and integrity of India, public order, etc.
Competition Commission of India
CCI penalises firms found guilty of bid rigging and cartelization in Indian Railways tenders ( APR 05, 2022 )
The Competition Commission of India (CCI) issued a final order against eleven (11) companies/ firms which were found to have contravened the provisions of Sections 3(3)(a), 3(3)(b), 3(3)(c) and 3(3)(d) read with Section 3(1) of the Competition Act, 2002 (Act), which proscribe anti-competitive agreements. The case was initiated on the basis of a reference filed on behalf of the North Western Railways.
CCI found these companies/ firms to have indulged in cartelisation in the supply of High Performance Polyamide Bushes (HPPA) and Self Lubricating Polyester Resin Bushes (SLPR) to the Indian Railways by means of directly or indirectly determining prices, allocating tenders, controlling supply and market, co-ordinating bid prices and manipulating the bidding process. The evidence in the matter included regular e-mail communications and WhatsApp exchanges between the parties, quoting of identical/ similar prices by certain parties, filing of bids from same IP addresses by certain parties in close proximity etc.
The order was passed in Ref. Case No. 03 of 2018 and a copy of the order is available at CCI website at www.cci.gov.in.
Supreme Court
Electoral bonds: Supreme Court agrees to hear petitions challenging scheme ( APR 05, 2022 )
Chief Justice of India NV Ramana on Tuesday said that the Supreme Court will hear a long-pending case against the government’s electoral bonds scheme, Bar and Bench reported. The matter has been pending for over a year.
Electoral bonds are monetary instruments that citizens or corporate groups can buy from a bank and donate to any eligible political party, which is then free to redeem them for money.
At Tuesday’s hearing, the chief justice said the court wanted to take up the matter earlier itself but could not do so because of the coronavirus pandemic, according to Live Law. “Let us see, we will take this up,” Ramana said.
Advocate Prashant Bhushan, appearing for non-profit organisation, the Association for Democratic Reforms, said the case deserves an urgent hearing.
Business
Two Indian Billionaires Just Joined The $100 Billion Net Worth Club For The First Time Ever ( APR 05, 2022 )
Indian tycoons Mukesh Ambani and Gautam Adani just joined the centibillionaires club for the first time. As of Monday night they were the 10th and 11th richest people on the planet, respectively.
On Monday, Gautam Adani's net worth closed at $105 billion. Adani is the founder of the Adani Group, a conglomerate that owns power plants, mines, real estate, agriculture, beverages, sports teams and more. Adani's net worth has increased $48 billion, from $57 billion, a year ago.
Mukesh Ambani's net worth finished the day with a net worth of $100 billion. Mukesh's fortune is derived thanks to the company he founded, Reliance Industries Ltd., which owns interests in energy and telecom among other investments.
World Affairs
World Bank says war shocks to drag on Asian economies in coming months ( APR 05, 2022 )
Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday.
The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as multiple shocks compound troubles for people and for businesses.Growth for the region is estimated at 5%, down from the original forecast of 5.4%.
The low case scenario foresees growth dipping to 4%, it said. The region saw a rebound to 7.2% growth in 2021 after many economies experienced downturns with the onset of the pandemic.
The World Bank anticipates that China, the region's largest economy, will expand at a 5% annual pace, much slower than the 8.1% growth of 2021.
Word of the Day
The Tyranny of Small Decisions is an term in economics to describe a negative global impact to seemingly rational or harmless local decisions. The term implies that small changes in incentives such as taxes, regulations or subsidies can cause many individuals to change their decisions. In other words, the government plays a role in shaping the global result as individuals can't always be expected to see inadvertent consequences of seemingly rational choices.
Market Today ( as on 5.04.2022 )
BSE SENSEX 60,176.50 ▼ 435.24 (0.72%)
NIFTY 50 17,957.40 ▼ 96.00 (0.53%)
DOLLAR VS RUPEE
1 US Dollar = 75.25 Indian Rupee ( April 5, 7:31 PM GMT+5:30 )
.png&description=[Legal Update] 5 April 2022, Tuesday){kind=link}
0 Comments