SEBI PRESS RELEASE
SEBI cautions public against unauthorized money mobilization by entities claiming to provide Portfolio Management Services (OCT 3, 2022)
It has come to the notice of SEBI that some entities are collecting money from the public claiming to provide Portfolio Management Services. These entities have been luring the public, with a promise of high returns, through pamphlets and social media platforms.
As per SEBI (Portfolio Managers) Regulations, 2020, a Portfolio Manager cannot accept funds or securities worth less than rupees fifty lakh from the client and cannot promise any guaranteed or assured return, either directly or indirectly.
Public is advised to do proper due diligence before trusting their money in such unauthorized schemes.
SUPREME COURT
SBI report warns of freebies time-bomb, urges SC to cap such spends (OCT 3, 2022)
With states after states competing to offer freebies, a report has suggested that the Supreme Court-led panel could cap such welfare schemes at 1 per cent of the state's GDP or 1 per cent of its own tax collection.
Citing the examples of just three states, a report penned by Soumya Kanti Ghosh, the group chief economic adviser to State Bank of India, said annual pension liabilities of the poor states of Chhattisgarh, Jharkhand and Rajasthan are estimated at Rs 3 lakh crore.
BUSINESS NEWS
Business spends market in India to touch USD 15 trillion by 2030: Report (OCT 3, 2022)
A whitepaper released by global management consulting firm Kearney and EnKash said though India is ahead in digitisation, there is more room to improve payments.
About 97 per cent of the total businesses in India are small and medium (SMBs), micro-enterprises and unincorporated entities, while medium to large scale corporates accounts for 2 per cent. At the current rate, SMBs and similar players are likely to play a bigger role in the operations of all businesses, said Kearney.
NEWS AT GLANCE
- Government plans to set up 100 labs for 5G technology across India, says Telecom Minister Ashwini Vaishnaw.
- Centre approves 78 days wage as bonus to Railway employees ahead of Dussehra.
- PayU calls off $4.7 bn acquisition of BillDesk.
- Voda Idea CEO urges govt to slash levies.
WORD OF THE DAY
Partial Breach is the failure to meet a term of a contract which is so minimal that it does not cause the contract to fail or justify breach by the other contracting party. A partial breach can be remedied by a small reduction in payment or other adjustment.
For example, a company that contracts construction workers to build a building, but the workers only complete one wall. In this scenario, the workers have committed a partial breach of contract.
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