Ministry of Road Transport & Highways
Shri Nitin Gadkari approves Draft GSR Notification to introduce Bharat NCAP (New Car Assessment Program) (JUNE 24, 2022)
Union minister for Road Transport and Highways Shri Nitin Gadkari has approved the Draft GSR Notification to introduce Bharat NCAP (New Car Assessment Program), wherein automobiles in India shall be accorded Star Ratings based upon their performance in Crash Tests.
The Minister said Star Rating of Indian Cars based on Crash Tests is extremely crucial not only to ensure structural and passenger safety in cars, but to also increase the export-worthiness of Indian automobiles. He said the testing protocol of Bharat NCAP shall be aligned with Global Crash Test Protocols factoring in the existing Indian regulations, allowing OEMs to get their vehicles tested at India’s own in-house testing facilities.
SEBI
Reduction of timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT)
Regulation 16(8) (a) of SEBI (Infrastructure Investment Trusts) Regulations, 2015 (“InvIT Regulations) provides that the listing of privately placed units shall be done within thirty working days from the date of allotment. These timelines prescribed in the InvIT Regulations are indicative.
Hence, as a part of the continuing endeavour to streamline the process of allotment and listing of units, it has been decided to reduce the time taken for allotment and listing of units of privately placed Infrastructure Investment Trust (InvIT), after the closure of issue to six working days as against the present requirement of thirty working days.
The provisions of this circular shall be applicable to listing of units of privately placed InvIT under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 which opens on or after August 01, 2022.
This circular is issued in exercise of the powers conferred under Regulation 14(6), 16(8)(a), 16(11) and 33 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts
After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of InvITs with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 5 Lac.
This circular is issued in exercise of the powers conferred under Regulation 14(6) and 33 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Introduction of Unified Payments Interface (UPI) mechanism for Real Estate Investment Trusts
After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of REITs with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 5 Lac.
This circular is issued in exercise of the powers conferred under Regulation 14(24) and 33 of SEBI (Real estate Investment Trusts) Regulations, 2014 and Section 11(1) of the Securities and Exchange Board of India Act, 1992.
BOMBAY HIGH COURT
Sacked fund manager of Axis MF moves Bombay High Court (JUNE 24, 2022)
Viresh Joshi, the former fund manager and chief trader, Axis Mutual Fund, has moved the Bombay High Court against the fund house for terminating his employment without following proper procedure and claimed damages of ₹54 crore.
The lawsuit challenges the asset management company move to ‘unfairly terminate’ Joshi’s employment in connection with a suspected front-running case. The front-running case came out in the open last month when the fund house removed fund manager and chief dealer Viresh Joshi and fund manager Deepak Agrawal in a few of its equity schemes before sacking them from service.
Late last month, market regulator SEBI cracked down on stock brokers who were allegedly linked with the front-running case of Axis Mutual Fund and conducted raids on 16 brokers at 30 locations in Gujarat and Maharashtra.
BOMBAY STOCK EXCHANGE (BSE)
BSE Limited said on June 24 that the Securities and Exchange Board of India (SEBI) has granted its no objection for the appointment of SS Mundra, Public Interest Director as the Chairman of the board of directors of the company.
Mundra, who retired as Deputy Governor of Reserve Bank of India on July 30, 2017 will replace Justice Vikramajit Sen who is the current chairman.
In a banking career spanning over four decades, Mundra held several important positions including that of Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations) amongst others. He also served as RBI's nominee on the Financial Stability Board (G20 Forum) and its various committees. He was also the Vice-chair of OECD's International Network on Financial Education (INFE).
WORD OF THE DAY
Front running trading is a fraudulent practice where a broker or trading firm purchases a security in advance because they have access to information that is not available to the public regarding a huge transaction that could impact the price of that security. It is a form of market manipulation that uses insider information.
NEWS AT GLANCE
YSR Congress President and Andhra Pradesh Chief Minister Jagan Mohan Reddy extends support to Droupadi Murmu.
Jammu and Kashmir to host G-20 meetings in 2023; Five member coordination committee formed for the purpose.
First consignment of India's earthquake relief assistance for people of Afghanistan reaches Kabul.
IMD says, Southwest monsoon will cover the entire country by July 6.
Supreme Court dismisses Zakia Jafri's plea, challenging SIT's clean chit to 64 people including then Chief Minister Narendra Modi in 2002 Gujarat riots case.
European Union grants candidate status to Ukraine, Moldova and Georgia.
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