RBI

Section 23 of the Banking Regulation Act, 1949 – Branch Authorisation Policy – Left Wing Extremism affected districts – Revised List  (AUG  22, 2022)

As per paragraph 4.2 (c) of the circular on ‘Rationalisation of Branch Authorisation Policy-Revision of Guidelines’, a list of 90 Left Wing Extremism (LWE) affected districts in the country was issued vide our Circular based on Government of India’s notification issued in April 2018. 

The Government of India has further reduced the list of LWE affected district to 70.

For Circular, Click Here

SECURITIES AND EXCHANGE BOARD OF INDIA

Adjudication Order in respect of M/s. IDBI Trusteeship Services Ltd. in the matter of Fortis Healthcare Holdings Pvt Ltd. (AUG 22, 2022)

BACKGROUD

SEBI had carried out an examination in the matter of Fortis Health Care Holdings Private Limited (FHHPL) based on reference received from IDBI Trusteeship Service Limited (Noticee) in the context of debt securities issued by FHHPL. 

Based on the examination, SEBI alleged non-compliance of the provisions of SEBI (Debenture Trustees) Regulations, 1993 by Noticee.

ORDER

In exercise of the powers conferred upon me under Section 15-I of the SEBI Act, 1992 read with Rule 5 of the Adjudication Rules, hereby impose the following penalty on Noticee, viz. IDBI Trusteeship Services Limited –

Sr. No.

Penalty

Under the provisions of

1

Rs. 1,00,000/-(Rupees One Lakh only)

Section 15HB of SEBI Act, 1992

Noticee shall remit / pay the said amount of penalty within 45 days of receipt of this order either by way of Demand Draft in favour of “SEBI - Penalties Remittable to Government of India”.

For Copy of Order, Click Here

SUPREME COURT 

Reliance files petition against SEBI for ‘wilful disobedience’ of Supreme Court order (AUG 22, 2022)

The case pertains to SEBI accusing the company of irregularities in its acquisition of its own share between 1994-2000. SEBI had alleged that Reliance had “circuitously funded the acquisition of its own shares”, which is a violation of sections 77 and 77A of the Companies Act, 1956, among others, and moved the City Civil and Sessions Court in 2020 seeking prosecution of the company.

On August 5, the apex court had set aside an order passed by the Bombay High Court that rejected Reliance’s plea to gain access to documents in the stock allotment case.

For Details, Click Here

BUSINESS AND FINANCE NEWS

Bank of Baroda to raise Rs 2500 crore via AT-1 bonds (AUG 22, 2022)

tate-run Bank of Baroda on August 22 said its board has approved raising capital by way of issuance of Basel III compliant Additional Tier 1 (AT-1) bonds. The bank is expected to raise Rs 2,500 crore in single or multiple tranches.

The bank reported a 79.3 percent year-on-year growth in its net profit at Rs 2,168 crore in the quarter ended June on the back of a dip in provisions for bad loans.

For News Report, Click Here

NEWS AT GLANCE 

  • Government clarifies there is no plan to levy any charges for UPI services.
  • Union Government launches Rashtriya Puruskar Portal to bring together all the awards under one platform.  
  • Special PMLA Court extends Judicial Custody of Shivsena MP Sanjay Raut till 5th of September.  
  • Sovereign Gold Bond Scheme 2022-23 (Series -2) opens for subscription from today.

WORD OF THE DAY 

AT-1, short for Additional Tier-1 bonds, are a type of unsecured, perpetual bonds that banks issue to shore up their core capital base to meet the Basel-III norms. To comply with the norms and reduce the risk of insolvency, banks need to keep a minimum capital and one of the ways to do that is by issuing AT-1 bonds.

MARKET TODAY (as on 22.08.2022)

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1 US Dollar = 79.83 Indian Rupee (Last updated · 22 August at 2:18 pm UTC)

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