National Financial Reporting Authority (NFRA)

Publication of Annual Transparency Reports (ATR) by Auditors/Audit Firms (JAN 16, 2023)

In accordance with Rule 8(2) of the NFRA Rule 2018, NFRA considers it appropriate to prescribe the publication of an Annual Transparency Report containing certain critical information about the auditor’s operational activities, management, governance and ownership structures, policies and procedures necessary to deliver high-quality audits etc. 

This requirement of an annual transparency report will be implemented in a   gradual manner across the audit profession engaged in the audit of PIEs falling within the purview of NFRA, starting with the auditors/audit firms performing audits of top 1000   listed companies (by market capitalization) from the financial year ending 31 March   2023.

NOTIFICATION : Annual Transparency Report by Statutory Auditors of PIEs-Invitation for public comment_0.pdf (nfra.gov.in)

BUSINESS NEWS 

Reliance suspends gas auction after govt altered marketing rules (JAN 16, 2023)

On January 13, the Ministry of Petroleum and Natural Gas published new rules for the sale and resale of gas produced from discoveries in the deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom. It required bidders to state upfront if they were purchasing the gas through the auction for ‘own use as end consumers (including for use of their group entities) or as a trader.” 

While end consumers were allowed to resale any unconsumed gas, traders participating in the auction were allowed to resell subject to a maximum trading margin of Rs 200 per thousand cubic meters.

DETAILS : Reliance suspends gas auction after govt altered marketing rules (msn.com)

BANKING AND FINANCE 

Axis Bank tops the Re-bond league table for the 16th year in a row (JAN 16, 2023)

Axis Bank has trumped every competitor for the 16th consecutive year in 2022 as a rupee domestic bond issue arranger, cornering 19.20 percent market share or Rs 92,904.5 crore across 127 issuances.

Significantly, the top three spots are retained by private sector lenders with the second position maintained by ICICI Bank with a market share of 17.67 percent or Rs 85,486 crore and HDFC Bank third with 17.29 percent or Rs 83,667 crore of the total share, according to the Bloomberg league table for 2022.

NEWS REPORT : Axis Bank tops Re-bond league table for the 16th year in a row (msn.com)

NEWS AT GLANCE 

  • The first meeting of the G20 Infrastructure Working Group under India's G20 presidency begins in Pune.
  • Election Commission calls the all-party meeting to discuss Remote Voting Machine.
  • The annual Meeting of the World Economic Forum begins today at Davos in Switzerland.

WORD OF THE DAY 

Palimony is a substitute for alimony in cases in which the couple was not married but lived together for a long period and then terminated their relationship. The key issue is whether there was an agreement that one partner would support the other in return for the second making a home and performing other domestic duties beyond sexual pleasures. 

Written palimony contracts are rare, but the courts have found "implied" contracts when a woman has given up her career, managed the household or assisted in the man's business for a lengthy period of time.

MARKET TODAY (as on 16.01.2023)

BSE SENSEX              60,092.97 INR▼ -168.21 (-0.28%)   

NIFTY 50                    17,894.85 INR▼ -61.75 (-0.34%)

1 US Dollar = 81.63 Indian Rupee (Last updated · 16 January at 1:00 pm UTC)

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.