SEBI ORDER
Adjudication order in the matter of circulation of UPSI through Whatsapp messages in the scrip of Axis Bank Ltd. (JAN 2, 2023)
SEBI carried out an investigation in the matter of circulation of unpublished price sensitive information (UPSI) in the scrip of Axis Bank Ltd. to ascertain any possible violation of the provisions of the SEBI Act and SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) from June 21, 2017 to July 25, 2017.
During investigation, SEBI observed that the Axis Bank’s quarterly results for the quarter ended June 30, 2017 were announced by Axis Bank at BSE on 25 July, 2017 at 16:22:56 hours and at NSE on 25 July, 2017 at 16:23 hours, but before the announcement of aforesaid quarterly results on stock exchanges, certain figures relating to their quarterly results were circulated on Whatsapp. The message being circulated in this case was “Gnpa 5.03 Nnpa 2.30 Nim 3.63 Slippages 8000cr-only 35 percent from wishlist Write off 2300 cr Casa 48.33 This HOS is going around for Axis”.
ORDER : Considering the similar nature of facts and circumstances and the aforesaid judgements of higher courts, I do not find any merit in adjudication of similar set of facts. Hence, as such, the SCN alleging the violation of Section 12A(d) and (e) of SEBI Act read with Regulation 3(1) and 4(1) of PIT Regulations is being disposed of without any consideration.
COPY OF ORDER : SEBI | Adjudication order in the matter of circulation of UPSI through Whatsapp messages in the scrip of Axis Bank Ltd.
RBI
Individual Housing loans – Revised limits under four-tiered regulatory framework (DEC 30, 2022)
In terms of the circular DOR.CRE.REC.42/09.22.010/2022-23 dated June 8, 2022, ceilings on housing loans to individuals are prescribed as ₹60 lakh for Tier-I UCBs and ₹140 lakh for Tier-II UCBs.
Consequent upon classification of UCBs into four tiers under the revised regulatory framework, it has been decided to specify the limits on housing loans sanctioned by UCBs to an individual borrower as ₹60 lakh for Tier-1 UCBs and ₹140 lakh for UCBs categorised in Tier-2 to 4. Other terms and conditions of the circular ibid, remain unchanged.
NOTIFICATION : Reserve Bank of India - Notifications (rbi.org.in)
SUPREME COURT
On demonetisation, Supreme Court says no flaw in Centre's decision making process (JAN 2, 2023)
The top court said the Centre had the power to demonetise all series of a bank note, adding the November 8, 2016 decision can't be said to be unreasonable nor was it hit by the doctrine of proportionality.
The Centre had justified the decision to demonetise ₹1000 and ₹500 notes, stating that the decision was taken to crack down on fake currency, black money and terror financing. The petitioners had claimed that the objectives had nothing to do with note ban as such exercise was undertaken by countries facing hyperinflation or the need to do away with unusable currency notes.
NEWS REPORT : Supreme Court affirms demonetisation, says no flaw in Centre's decision-making | Latest News India - Hindustan Times
BUSINESS NEWS
Swiggy's FY22 losses double; revenue breaches Rs 5,700 cr-mark, up 2x; layoffs likely (JAN 2, 2023)
Bundl Technologies, the parent company of foodtech giant Swiggy, saw its losses widen by two times from Rs 1,616 crore FY21 to Rs 3,628 crore in FY22, according to the company’s financials. The increase in losses comes against the backdrop of its expenses also expanding exponentially from Rs 4,292 crore to Rs 9,748 crore in the last one year.
Despite the losses, the company has reported a twofold increase in its revenues in FY22. According to the company’s financials, Swiggy’s net sales grew from Rs 2546 crore in FY21 to Rs 5704 crore in FY22.
NEWS REPORT : Swiggy's FY22 losses double; revenue breaches Rs 5,700 cr-mark, up 2x; layoffs likely (msn.com)
NEWS AT GLANCE
- Over one thousand waterways being developed in the country to make modern cruise ships sail in Indian rivers.
- Gross GST collection in December goes up by 15 per cent to nearly 1.5 lakh crore rupees.
- India asks Pakistan to release 633 Indians languishing in Pakistani jails.
- External Affairs Minister S. Jaishankar says, Russia-Ukraine conflict is matter of deep concern; Calls upon both countries to return to dialogue and diplomacy.
WORD OF THE DAY
Audi alteram partem– Hear the other side.
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