SECURITIES AND EXCHANGE BOARD OF INDIA

SEBI (EMPLOYEES’ SERVICE) (SECOND AMENDMENT) REGULATIONS, 2022 (JUNE 23, 2022)

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, namely: -

In the Securities and Exchange Board of India (Employees' Service) Regulations, 2001— 

 In the Table below the Schedule, in column 3, the words, numbers and symbols, “Bachelor’s Degree in Engineering (electrical/ electronics/ electronics and communication/ information technology/ computer science)/ Masters in Computers Application/ Bachelor’s Degree in any discipline with a post graduate qualification (minimum 2 years duration) in computers/ information technology for officers in Technical Stream” shall be substituted with the words, numbers and symbols, “Bachelor’s Degree in Engineering in any discipline or Bachelor’s Degree in any discipline with a post graduate qualification (minimum 2 years duration) in computer application/ information technology from a recognized University/ Institute for officers in Information Technology Stream”.

For Notification, Click Here

RBI 

Master Circular - Housing Finance for UCBs ( JUNE 23, 2022)

With a view to enabling the UCBs to play a more positive role in providing finance for housing schemes, particularly to the weaker sections of the community, these banks are permitted to grant loans for housing schemes up to certain limits from their own resources subject to the guidelines detailed hereunder. Bigger banks that have large surplus resources may undertake larger lending for housing. Wherever banks are still required to obtain special permission of the Registrar for financing housing societies.

Tier-I UCBs are permitted to extend individual housing loans upto a maximum of ₹60 lakh per individual borrower and Tier II UCBs (UCBs other than Tier I) can extend individual housing loans up to a maximum of ₹140.00 lakh per individual borrower subject to extant prudential exposure limits. The prudential exposure limits for UCBs for a single borrower/party and a group of connected borrowers/parties shall be 15 per cent and 25 per cent, respectively, of their tier-I capital.

Banks may formulate, with the approval of their Boards, transparent policy for charging penal interest rates to be levied for reasons such as default in repayment, non-submission of financial statements, etc.

Housing loans may be repayable within a maximum period of 20 years, including moratorium or repayment holiday.

For Details, Click Here

BUSINESS NEWS

Vodafone Idea defers Rs 8,837 crore AGR dues payment, gets option to pay interest via equity (JUNE 23, 2022)

Debt-ridden telecom operator Vodafone Idea has decided to defer payment of additional adjusted gross revenues of Rs 8,837 crore dues by a period of four years.

The company in a late night filing on June 22, said that the DoT on June 15, has raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues.

According to official data, telecom operators owe over Rs 1.65 lakh crore to the government in adjusted gross revenue up to financial year 2018-19. The fresh calculation shows AGR liability on Bharti Airtel was Rs 31,280 crore, Vodafone Idea Rs 59,236.63 crore, Reliance Jio Rs 631 crore, BSNL Rs 16,224 crore, MTNL Rs 5,009.1 crore up to financial year 2018-19.

For News Report, Click Here

WORLD AFFAIRS 

Japan high court rejects paternity harassment allegations (JUNE 23, 2022)

A Japanese High Court on Thursday rejected an appeal by a former brokerage manager alleging on-the-job harassment and unlawful dismissal after he took parental leave while working at Mitsubishi UFJ Morgan Stanley.  

The case of Glen Wood, a Canadian who has lived in Japan for more than three decades, has come to symbolize concerns over “paternity harassment,” or “pata hara.” Wood's is a rare case, for Japan, of a father seeking to take parental leave. Maternity harassment is more common.

In a 21-page ruling, the Tokyo High Court rejected the harassment claims. It defended the company’s acts as “inevitable.”

For News Report, Click Here

WORD OF THE DAY 

Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT).  It is divided into spectrum usage charges and licensing fees, pegged between 3-5 percent and 8 percent respectively.     

 As per DoT, the charges are calculated based on all revenues earned by a telco – including non-telecom related sources such as deposit interests and asset sales. Telcos, on their part, insist that AGR should comprise only the revenues generated from telecom services.

NEWS AT GLANCE 

  • ISRO successfully launches India's Communication satellite GSAT-24 from Kourou in French Guiana.

  • Sri Lankan Prime Minister Ranil Wickremesinghe says his Government will hold Donor Conference with India, Japan and China to tackle the financial crisis. 

  • Commerce and Industry Ministry's new premises, Vanijya Bhawan inaugurated by Prime Minister this morning; also launched NIRYAT portal for information related to India’s foreign trade.

MARKET TODAY ( as on 23.06.2022)

BSE SENSEX             52,265.72 ▲ 443.19 (0.86%)      

NIFTY 50                    15,556.65 ▲ 143.35 (0.93%)

1 US Dollar = 78.14 Indian Rupee (Last updated · 23 June, 2:44 pm UTC)

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.