BUSINESS
Budget 2021: Centre proposes folding three securities Acts into an umbrella legislation
Finance Minister Nirmala Sitharaman has proposed merging the Securities Contracts Regulation Act, Depositaries Act, and Securities Exchange Board of India Act into a new Securities Code Act. Market experts feel this will help in faster amendment as only one Act will have to be modified when required instead of amendments across these inter-related Acts, which can be cumbersome
BUSINESS
CBI carrying out surprise checks on FCI godowns in Punjab and Haryana
Central agency said to be carrying out checks after allegedly receiving a ‘large number of complaints’ about irregularities at FCI godowns in the two States.
BUSINESS
Sebi in talks to cut down minimum application size to help retail investors
SEBI is in talks to reduce the minimum application size from Rs 15,000 to Rs 7,500-8,000. If the application size is decreased, then the number of subscriptions will increase, which is helpful to retail investors, say sources.
BUSINESS
Enforcement Directorate raids Viva group in connection with PMC bank
Viva group is mainly into real estate, hotel, education, and owns Tab Cab.
BUSINESS
NSEL scam | Anjani Sinha's arrest: How things unfolded
The Central Bureau of Investigation, Serious Fraud Investigation Office and Enforcement Directorate have been investigating the NSEL scam.
BUSINESS
NCDEX top job | No suitable applicants; Sebi asks exchange to invite fresh applications for MD post
NCDEX is looking for a new chief as its Managing Director Vijay Kumar Venkatraman’s tenure will end shortly.
BUSINESS
Coca-Cola unit is the latest company to face taxman’s scrutiny for alleged evasion of GST
Hindustan Coca-Cola Beverages Pvt Ltd gets show-cause notice for allegedly not paying taxes on the promotional and marketing amount it received from parent. The company confirms receipt of notice, says it fully complies with regulations.
BUSINESS
Uber, Ola face DG-GST Intelligence probe over alleged tax evasion
For several years now, the cab aggregators are alleged to have refrained from paying GST on the incentives they pay drivers. In addition, they have allegedly not paid GST on ride cancellations despite charging customers for the same.
BUSINESS
I-T department surveying L&T, Zee Group
The Income Tax Department initiated the survey of Larsen & Toubro and Zee Group after receiving information from the GST department.
BUSINESS
SEBI likely to give a nod to Sachin Bansal-led firms’ acquisition of Essel Mutual Fund
If SEBI agrees to Sachin Bansal’s purchase, it could be the first such instance where a company will be allowed to become a sponsor as per new regulations that have been relaxed lately by the premier markets regulator.
BUSINESS
Interview | For long-term investors, India a compelling story of massive potential: Vistra India head
In an interview with Moneycontrol, Navita Yadav, Country Managing Director of Vistra India, speaks on fund flows into emerging markets, Fed moves and opportunities in REITs and INVITs.
BUSINESS
As FDs worth Rs 3.3 crore go missing, Kolkata police probes MCA’s West Bengal office, Allahabad Bank officials
Surplus funds to the tune of Rs 3.3 crore of two companies in liquidation had been invested in term deposits of Allahabad Bank (now merged into Indian Bank). There are no records of those deposits, prompting the Kolkata police to launch an investigation into the role of bank officials and the liquidator’s office.
BUSINESS
'Sebi may increase shareholding limit in exchanges and clearing corporations'
The regulator may also come out with new regulations restricting the tenures of managing directors and chief executive officers of exchanges and clearing corporations to just one term, said a source.
BUSINESS
SEBI eases norms for FPO, tightens rules for stressed companies
Sebi has stipulated that companies getting out of CIRP and wanting to relist will have to achieve 5 percent Minimum Public Shareholding at the time of relisting.
BUSINESS
Sebi board meeting today: These are the key issues on agenda
Sebi may discuss relaxation in minimum promoter contribution in Follow on Public Offer. The market regulator is also expected to consider new shareholding norms for Corporate Insolvency Resolution Process companies.
BUSINESS
CBDT creates specified units to speed up probe into Panama, Paradise papers
The pace of investigation had slowed as the CBDT "does not have much information about foreign entities and is dependent on foreign agencies for details".
BUSINESS
CCI raids cement companies on price cartelisation allegations
In 2016, CCI had fined some cement companies Rs 6,700 crore over cartelisation.
POLITICS
Joe Biden gets satta market’s vote in US presidential election; Mahagatbandhan, NDA in photo finish in Bihar
Bookmaker says bets worth Rs 2,000 crore have already been placed on the US election, mostly from Punjab, Gujarat and Maharashtra. In Bihar, the honours are expected to be even between the RJD-led mahagatbandhan and the BJP. Nitish Kumar’s JD (U), however, is seen losing out despite being the BJP’s ally in the NDA
BUSINESS
Revenue Department unearths Rs 8,200-crore tax evasion, illiquid options trading scam on BSE
I-T Department, SEBI also involved in the probe. Syndicate of share brokers and entry operators said to be behind these dealings. I-T Dept searches 22 brokerage houses in major cities. West Bengal said to be the hub. Department submits an initial report to SEBI for further investigations
BUSINESS
For the third time in a decade, Sebi seeks views on extending currency trading hours
The market regulator wants currency trading timing extended to curb the outflow of foreign exchange to the Dubai and Singapore markets.
TRENDS
Like A Boss | L&T’s Subrahmanyan on the company he admires most, the secret to success and the importance of collaborative management
Larsen and Toubro managing director SN Subrahmanyan on his management style, the books that have influenced him and advice on running companies.
BUSINESS
CBDT warns officers against political intervention in transfer postings
The Central Board of Direct Taxes (CBDT) has warned Indian Revenue Service (IRS) officers not to use political or other outside influence for transfer postings
BUSINESS
How global online trading platforms and commodity exchanges are being used to launder money
After the crackdown on long-term capital gains and illiquid options trading, these exchanges have become the new conduits for individuals and entities looking to cook their books or turn black money into white.
BUSINESS
More trouble for Franklin Templeton as audit report finds several wrongdoings by key management personnel
Several officials redeemed personal investments just before the company wound up six debt schemes on April 23, 2020. Choksi & Choksi’s forensic audit says that the fund favoured several firms by not exercising the put option, disregarding a management committee advice.
