MINISTRY OF COMMUNICATIONS
Cabinet approves Auction of IMT/5G Spectrum (JUNE 15, 2022)
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a proposal of the Department of Telecommunications to conduct spectrum auction through which spectrum will be assigned to the successful bidders for providing 5G services to public and enterprises.
A total of 72097.85 MHz of spectrum with a validity period of 20 years will be put to auction to be held by the end of July, 2022. The auction will be held for spectrum in various Low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), Mid (3300 MHz) and High (26 GHz) frequency bands. It is expected that the Mid and High band spectrum will be utilised by Telecom Service Providers to roll-out of 5G technology-based services capable of providing speed and capacities which would be about 10 times higher than what is possible through the current 4G services.
The Cabinet also decided to enable the development and setting up of Private Captive Networks to spur a new wave of innovations in Industry 4.0 applications such as machine to machine communications, Internet of Things (IoT), Artificial Intelligence (AI) across automotive, healthcare, agriculture, energy, and other sectors.
MINISTRY OF CORPORATE AFFAIRS
IBBI amends Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017
The mechanism of complaint/ grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing undue burden on the service providers. To curtail such delays and to ensure expeditious and result oriented enforcement mechanism, the Amendment Regulations provides for following:
- Revisions in various timelines related to enforcement process provided in the (Grievance and Complaint Handling Procedure) Regulations, 2017 and (Inspection and Investigation) Regulations, 2017 for addressing the issue of delay in present mechanism.
- Effective participation of IPAs in regulating the IPs through examination of grievances received against IPs.
- Intimation to Committee of Creditor (CoC)/ Adjudicating Authority (AA) about the outcome of Disciplinary Committee (DC) order.
For Gazette Notification, Click Here
For Gazette Notification, Click Here
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
The amendment provides the operational creditors to furnish extracts of Form GSTR-1, Form GSTR-3B and e-way bills, wherever applicable along with the application filed under section 9 of the Insolvency and bankruptcy Code, 2016. These additional set of documents, can be used as evidence of transaction with the corporate debtor, debt and default easing the process of admission. These documents will also to be submitted as part of the claims submitted to the resolution professional to help collation of claims. Further, creditors filing applications under section 7 or 9 of the Code are required to furnish details of their PAN and Email ID to ensure smooth correspondence.
The amended regulations are effective from today.
For Gazette Notification, Click Here
SEBI
Nomination for Mutual Fund Unit Holders (JUNE 15, 2022)
In order to bring uniformity in practices across all constituents in securities market, the following is decided in case of nomination for eligible Mutual Fund Unit Holders:
Investors subscribing to mutual fund units on or after August 1, 2022, shall have the choice of:
- Providing nomination in the format specified in fourth schedule of SEBI (Mutual Funds) Regulations, 1996 (or)
- Opting out of nomination through a signed Declaration form as provided in Annexure - A to this circular.
All AMCs shall ensure that adequate systems are in place for providing the e-Sign facility
All the AMCs are advised to set deadline as March 31, 2023 for nomination / opting out of nomination for all the existing individual unit holder(s)
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
SUPREME COURT OF INDIA
Property Rights Can't Be Denied To Son Of Couple Who Lived Together: Supreme Court ( JUNE 13 , 2022)
The Supreme Court Monday said the "law presumes in favour of marriage and against concubinage" if a man and woman cohabited for a long period and their son cannot be denied the shares in the ancestral properties. The supreme court set aside a verdict of the Kerala High Court which had held that in case of lack of evidence of marriage, the "illegitimate" son of a man and woman, who had cohabited together, was not entitled to property rights in ancestral properties.
However, a bench of justices S Abdul Nazeer and Vikram Nath said "It is well settled that if a man and a woman live together for long years as husband and wife, there would be a presumption in favour of wedlock. Such a presumption could be drawn under Section 114 of the Evidence Act.
The verdict came on an appeal against the 2009 judgement of the High Court of Kerala at Ernakulam which set aside the trial court order granting a share in the ancestral properties to heirs of a man who was born in a long relationship between a man and woman.
WORLD AFFAIRS
Japan makes online insults punishable by 1 year in jail in wake of reality star's death (JUNE 15, 2022)
Japan has made online insults punishable by up to a year in prison in an effort to reduce cyberbullying after the death of a reality television star who had faced a wave of online abuse.
Previously, the maximum penalty for the crime of “insultation” was less than 30 days’ detention or a fine of less than 10,000 yen ($75). The amendment to Japan’s penal code, which lawmakers passed Monday and is set to take effect this summer, introduces the prison term and increases the maximum fine to 300,000 yen. The statute of limitations on prosecution was also increased to three years from one.
There has been greater concern about cyberbullying in Japan since 2020, when Hana Kimura, a 22-year-old professional wrestler and a cast member on the Netflix series “Terrace House,” died by suicide after being harassed online.
WORD OF THE DAY
A commingled fund is a single fund or account that consists of assets combined from multiple accounts. These types of accounts are used to reduce the costs of managing multiple funds and offer centralized professional management of multiple investors' assets. A common example is a workplace retirement fund.
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