Ministry of Law and Justice  

PRESS COMMUNIQUE (SEP 5, 2022)

In exercise of the power conferred by Article 223 of the Constitution of India, the President is pleased to appoint, Shri Justice M. Duraiswamy, senior-most Judge of the Madras High Court, to perform the duties of the office of the Chief Justice of that High Court, with effect from 13.09.2022 consequent upon the superannuation of Shri Justice Munishwar Nath Bhandari, Chief Justice, Madras High Court.

PRESS RELEASE: https://pib.gov.in/PressReleasePage.aspx?PRID=1856873

SEBI

SEBI issues circular on Performance/return claimed by unregulated platforms offering algorithmic strategies for trading (SEP 2, 2022)

It has come to the notice of SEBI that stock brokers provide algorithmic trading facilities to investors through such platforms. In order to prevent any mis-spelling and to protect the interest of investors in the securities market, SEBI has now issued a circular on ‘Performance/return claimed by unregulated platforms offering algorithmic strategies for trading’, casting certain responsibilities on Stock Brokers and Stock Exchanges. 

The circular is intended to protect the investors from falling prey to any kind of mis-selling being done by unregulated entities as well as to restrict the stock brokers from associating with any unregulated entities.

CIRCULAR: SEBI | SEBI issues circular on Performance/return claimed by unregulated platforms offering algorithmic strategies for trading

NATIONAL LEGAL SERVICES AUTHORITY

Department of Justice (SEP 5, 2022)

In exercise of the powers conferred by Section 3A of the Legal Services Authorities Act, 1987 (39 of 1987) read with Rule 10 of the National Legal Services Authority Rules, 1995, the Central Authority hereby nominates Hon'ble Mr. Justice Sanjay Kishan Kaul , Judge, Supreme Court of India, as Chairman of the Supreme Court Legal Services Committee with effect from 2 nd September, 2022.

NOTIFICATION :  238604.pdf (egazette.nic.in)

MINISTRY OF CORPORATE AFFAIRS  

Amendment in the notification pertaining to application for Fast Track Corporate Insolvency Resolution Process (SEP 02, 2022) 

As per the amendment, an application for fast track corporate insolvency resolution process may be made in respect of the following corporate debtors, namely: 

(a) a small company as defined under clause (85) of section 2 of Companies Act, 2013; or
(b) a Startup (other than the partnership firm); or
(c) an unlisted company with total assets, as reported in the financial statement of the immediately preceding financial year, not exceeding rupees one crore. 

NOTIFICATION : 4f00d29521eb981f2f95fd66bdec9574.pdf (ibbi.gov.in) 

SUPREME COURT 

Supreme Court notice to CCI, Future Group on Amazon's plea challenging NCLAT order (SEP 5, 2022)

Amazon had on July 28 approached the top court against the order by the National Company Law Appellate Tribunal, which had upheld CCI's decision to suspend approval for Amazon's investments.

  While asking Amazon to pay the penalty of Rs 200 crore within 45 days, the NCLAT had backed the CCI's December findings that Amazon didn't make full disclosures in its 2019 deal and had suppressed information in seeking clearances for the transaction back then.

NEWS REPORT: Supreme Court notice to CCI, Future Group on Amazon's plea challenging NCLAT order | Deccan Herald

BUSINESS AND ECONOMY NEWS 

India committed to privatization, bank reforms; repositioning economy amid global challenges: FM Sitharaman (SEP 5, 2022)

Note that the central government had proposed privatisation of two PSU banks along with one general insurance company in the 2021-22 Budget. It also unveiled a public sector enterprise policy aimed at reducing the presence of government in running businesses.

Laying out the government’s plan for India’s growth over the next 25 years, FM said that by the time India celebrates the first centenary of independence, the government will have to reset lots of things so that India becomes a developed nation by then.

DETAILS : India committed to privatisation, bank reforms; repositioning economy amid global challenges: FM Sitharaman (msn.com)

NEWS AT GLANCE 

  • Bangladesh Prime Minister Sheikh Hasina arrives in New Delhi on a four-day visit to India. 
  • Jammu and Kashmir Chief electoral officer calls an all-party meeting in Jammu today to discuss revision of electoral rolls.
  • UK Foreign Minister Liz Truss has been elected as the next Prime Minister of Britain and leader of the governing Conservative Party.

WORD OF THE DAY 

Ex parte - Proceeding brought by one person in the absence of another.

MARKET TODAY (as of 05.09.2022)

BSE SENSEX              59,245.98 ▲ 442.65 (0.75%)

NIFTY 50                    17,665.80 ▲ 126.35 (0.72%)

1 US Dollar = 79.77 Indian Rupee (Last updated · 5 September at 1:17 pm UTC) 

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