SEBI
Master Circular for Commodity Derivatives Market (MAY 17, 2022)
In order to ensure availability of comprehensive information mentioned in the circulars pertaining to commodity derivatives market at one place, SEBI has been issuing Master Circular comprising of information mentioned in various circulars pertaining to commodity derivatives segment. The references in the circular to the Statutes/Regulations which now stand repealed have been suitably updated. Efforts have also been made to incorporate in the circular, certain applicable provisions of existing circulars issued by other departments of SEBI, relevant to commodity derivatives markets. This circular has covered various circulars issued till March 31, 2022.
This circular is issued with the approval of the Competent Authority.
THE COMMISSION FOR AIR QUALITY MANAGEMENT
The Commission for Air Quality Management in National Capital Region and Adjoining Areas, (Form and Manner of Furnishing Annual Report) Regulations, 2022 (MAY 17, 2022)
In exercise of powers conferred by clause (d) of subsection (2) of section 26 of the Commission for Air Quality Management in National Capital Region and Adjoining Areas Act, 2021 (29 of 2021), the Commission for Air Quality Management in National Capital Region and Adjoining Areas hereby makes the following regulations.
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SUPREME COURT OF INDIA
Mere act of invoking pledged shares does not discharge debt, rules SC (MAY 17,2022)
The Supreme Court has held that mere invocation of a pledge by a creditor does not mean that the debt is discharged. This rule applies even to those creditors registered as beneficial owners as prescribed in Depositories Act, 1996.
The SC judgment, made public last week, settled the conundrum between the Depositories Act, 1996 and the Indian Contract Act, 1872, and ruled that the provisions of the Contract Act (dealing with physical shares) will apply equally to pledged demat shares.
The matter pertained to PTC India Financial Services Ltd, a financial creditor that had advanced a loan of Rs 125 crore to the borrower, NSL Nagapatnam Power and Infratech Ltd, in 2014. The transaction was secured by a pledge deed pursuant to which certain demat shares were pledged to PTC India Financial Services Ltd.
NCLT
Govt puts Pawan Hans sale on hold over NCLT order against winning consortium member (MAY 16, 2022)
The government has put on hold the sale of Pawan Hans as it is legally examining an NCLT order against Almas Global, which is part of the winning consortium, an official said on Monday.
Last month, the government selected M/s Star9 Mobility Pvt Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC, as the winning bidder for Pawan Hans.
The National Company Law Tribunal (NCLT) had last month passed an order reportedly after Almas Global failed to make payments to creditors of a Kolkata-based company under an approved resolution plan.
WORLD AFFAIRS
White House lashes out at Jeff Bezos for criticising Joe Biden administration's fiscal, economic policies (MAY 17,2022)
The White House on Monday uncharacteristically lashed out at Amazon founder Jeff Bezos, after he openly criticized the Biden administration's fiscal and economic policies on Twitter.
The US president has recently encouraged increasing taxes on wealthy corporations as a means of fighting rampant US inflation, an idea which seemed to irk the Amazon billionaire.
"Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection," Bezos tweeted.
WORD OF THE DAY
Financial technology (abbreviated fintech or FinTech) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are few examples of FinTech.
MARKET TODAY (as on 17.05.2022)
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DOLLAR VS RUPEE
1 US Dollar = 77.47 Indian Rupee (Last updated · May 17, 12:38 PM UTC)
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