SEBI 

Implementation of Circular on ‘Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011’  |(JUL 27, 2022)

Considering the KRA's request for extension of the timeline for applicability of the said clauses 9 and 13, it has been decided that: 

  1. KYC records of all existing clients (who have used Aadhaar as an OVD) shall be validated within a period of 180 days from November 01, 2022. 
  2. The validation of all KYC records (new and existing) shall commence from November 01, 2022.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 17 of the SEBI KYC (Know Your Client) Registration Agency) Regulations, 2011.

For Circular, Click Here

SEBI signs MoU with the Financial Regulatory Commission, Mongolia (JUL 27, 2022)

The Securities and Exchange Board of India (SEBI) and the Financial Regulatory Commission, Mongolia (FRC) have entered into a bilateral Memorandum of Understanding (MoU) for mutual co-operation and technical assistance. The MoU has been signed by Ms. Madhabi Puri Buch, Chairperson, SEBI and Mr. Bayarsaikhan Dembereldash, Chairman, FRC. 

SEBI is also a signatory to the Multilateral MoU (MMoU) and Enhanced MMoU (EMMoU) of the International Organization of Securities Commissions (IOSCO).

For Press Release, Click Here

RBI

Discussion Paper and results of Survey on Climate Risk and Sustainable Finance (JUL 27, 2022)

The Reserve Bank of India has released today a Discussion Paper on Climate Risk and Sustainable Finance. Comments on the Discussion Paper are invited from regulated entities and other stakeholders by September 30, 2022. 

The Reserve Bank also released on its website the results of a Survey on Climate Risk and Sustainable Finance undertaken in January 2022. The survey covered 12 public sector banks, 16 private sector banks and 6 foreign banks in India.

For Press Release, Click Here

MINISTRY OF CORPORATE AFFAIRS 

Clarification on spending of CSR funds for "Har Ghar Tiranga" campaign- reg. (JUL 26, 2022)

It is clarified that spending of CSR funds for the activities related to this campaign, such as mass scale production and supply of the National Flag, outreach and amplification efforts and other related activities, are eligible CSR activities under item no. (ii) of Schedule VII of the Companies Act, 2013 pertaining to promotion of education relating to culture.

For Circular, Click Here

SUPREME COURT 

Supreme Court upholds stringent provisions of Money Laundering Act (JUL 27, 2022)

The court said in its order that the ECIR cannot be equated to FIR as it is an internal document of the Enforcement Directorate. It added that supplying ECIR is not mandatory but a person can ask for records before a special court if continued imprisonment is necessary. 

The court also underlined that ED officers are not obligated to disclose the ground of arrest while detaining the accused in money laundering case.

For News Report, Click Here

MINISTRY OF COMMUNICATIONS

Cabinet Clears Rs 1.64-Lakh-Crore Revival Package For BSNL: Telecom Minister(JUL 27, 2022)

The Rs 1.64-lakh-crore BSNL revival package comprises both cash and non-cash components. The cash infusion, including spectrum, capital investments and viability gap funding (VGF), will be around Rs 44,000 crore. And, the remaining Rs 1.20 lakh crore will be a non-cash component.

The package will be given in a staggered manner, spreading over four years. However, 70 per cent of the support will be extended within 1-2 years.

For News Report, Click Here

NEWS AT GLANCE

  • Defence Ministry clears arms procurement worth 28 thousand 732 crore rupees for Army.  
  • BJP and NDPP to jointly contest 2023 assembly elections in Nagaland.  
  • Bid amount exceeds 1.45 lakh crore rupees on day 1 of 5G auction.  
  • SC directs pay hike for judicial officers as per revised Pay Commission.
  • US to sell additional 20 million barrels of oil from strategic reserve.  
  • Russia to withdraw from International Space Station project after 2024.

WORD OF THE DAY 

A non-contestability clause, also known as an incontestability or no-contest clause, is a provision in a person's will that threatens to redistribute inheritance if beneficiaries contest the will. The goal is that such a stipulation will dissuade a less-favored child or heir to challenge a will in court, and to minimize that challenger's chances of winning if a case is brought.  

Contestability also comes up in insurance claims, where an insurer may refuse to acknowledge a claim until some initial period has passed from the purchase of the policy.

MARKET TODAY (as on 27.7.2022)

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1 US Dollar = 79.92 Indian Rupee (Last updated · 27 July at 2:39 pm UTC)

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