SUPREME COURT

Supreme Court sets aside NGT order for demolition of Goa’s Curlies restaurant (25 JAN 2023)

The Supreme Court of India has set aside the order of the National Green Tribunal (NGT) for demolishing the controversial Curlies’ beach shack and nightclub that earned infamy after the death of the Bharatiya Janata Party (BJP) leader and media personality Sonali Phogat.  Giving the order, the Supreme Court said that the NGT erred in passing its order ‘without the presence’ of the GCZMA, thus denying the owners of the property an appropriate opportunity in putting forth its contentions.

In September 2022, the NGT upheld a previous order passed by the GCZMA, which directed that the restaurant be demolished for allegedly violating coastal zone regulations.

NEWS REPORT : Supreme Court sets aside NGT order for demolition of Goa’s Curlies restaurant (msn.com)

NSE Co-Location Case: SEBI Likely To File Appeal In Supreme Court Against SAT Order (25 JAN 2023)

Sebi is considering filing an appeal in the Supreme Court against an order by the Securities Appellate Tribunal that set aside the capital markets regulator's disgorgement directive in the NSE co-location case.  

The Securities Appellate Tribunal (SAT) on Monday set aside Sebi's order for disgorging profit worth Rs 625 crore in the co-location case but directed the exchange to pay Rs 100 crore to the regulator for the lack of due diligence in the matter.

DETAILS : NSE Co-Location Case: SEBI Likely To File Appeal In Supreme Court Against SAT Order (outlookindia.com)

SEBI 

Sebi bans entities from securities market in unauthorised investment advisory services case (25 JAN 2023)

Sebi on Wednesday barred Safe Trader and its proprietor Rajnandani Jalkhediya from the securities markets for providing unauthorized investment advisory services and also imposed a penalty of Rs 2 lakh on them.

In its order, Sebi found that the entities were providing investment advisory services without obtaining a registration certificate from the regulator, which was in violation of the provisions of Investment Advisers (IA) rules. The order revealed that over Rs 39 lakh were credited in the accounts of the entities between August 2020 and July 2021.

NEWS REPORT : Sebi bans entities from securities market in unauthorised investment advisory services case (msn.com)

RBI 

RBI directs SBM Bank to stop all transactions under LRS (25 JAN 2023)

The Reserve Bank of India (rbi) has directed SBM Bank (India) to stop all transactions under Liberalised Remittance Scheme (LRS) till further orders. SBM Bank (India) commenced operations on 1st December 2018 as the 1st universal bank in the country to receive a banking license from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) route.

The RBI’s Liberalized Remittance Scheme (LRS) refers to the annual remittances that a resident person is permitted to send. Currently, under the LRS rules, any resident individual including a minor is allowed to remit up to 2.5 lakh US dollars (USD 2,50,000 ) in each financial year.

NEWS REPORT : RBI directs SBM Bank to stop all transactions under LRS (msn.com)

NEWS AT GLANCE

  • 13th National Voters’ Day is being celebrated today; News Services Division of All India Radio gets National Award for its valuable contributions towards voters' awareness.  
  • Ruling Labour Party leader Chris Hipkins takes over as Prime Minister of New Zealand.  
  • Government convenes all party meeting on 30th of this month, ahead of Budget Session of Parliament.  
  • Supreme Court simplifies procedure for passive euthanasia.

WORD OF THE DAY 

Per curiam - In the opinion of the court.

MARKET TODAY (as on 25.01.2023)

BSE SENSEX                    60,205.06 INR▼ -773.69 (-1.27%) 

NIFTY 50                          17,891.95 INR▼ -226.35 (-1.25%)

1 US Dollar = 81.49 Indian Rupee (Last updated · 25 January at 4:20 pm UTC)

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