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SEBI calls for 25% public shareholding rule in PSUs
SEBI chairman UK Sinha (L) and CII National Committee on Capital Markets chairman Nimesh Kampani at the CII's 5th Capital Markets Summit in Mumbai on Wednesday. PTI
Jaitley to hold pre-Budget consultations from today
India witnesses over 186% growth in smartphone sales
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SEBI calls for 25% public shareholding rule in PSUs
Mumbai, June 4 "We are talking to the government that the minimum public shareholding guidelines should not depend on who the owner is," SEBI chairman UK Sinha told reporters on the sidelines of a capital market summit organised here by industry body CII. "The SEBI regulations should be neutral to ownership. Our objective is that the same set of rules should apply to all companies, including those owned majority by the government," he added. Sinha further said the regulator has already taken up the issue with the government that they should also issue minimum 25% of shares if they want to get listed. "Our stand as a regulator is that all companies should be treated alike on all matters, not only public float or corporate governance and this is what we have been telling the government," Sinha said. At present, private sector companies are compulsorily required to have at least 25% public shareholding, while for government-owned companies, minimum threshold level is only 10%. The 25% public float norm was implemented last fiscal by the SEBI, following which many companies, including blue-chips like Wipro, had to bring down promoters holding. There are close to 30 listed PSUs where public investors hold less than 25% stake. The major PSUs where government holding currently stands at more than 75% include Coal India, SAIL, MMTC, NHPC, NMDC and SJVN. The move is part of SEBI’s efforts to deepen the markets and increase public float. Besides, it would also help in promoting wider participation from investors and boost government's plan of raising funds through disinvestment. SEBI is also working on infrastructure investment trust, and will be able to finalise its recommendation shortly. SEBI is also working on a stronger set of insider trading regulations. On delisting norms, Sinha said SEBI has come out with a discussion paper on delisting guidelines and received a lot of feedback on current norms. — PTI Public-float norms * At present, private sector firms are required to have at least 25% public shareholding, while for govt-owned companies, minimum threshold limit is 10% * The 25% public float norm was implemented last fiscal by the market regulator * There are close to 30 listed PSUs where public investors hold less than 25% stake * The major PSUs where government holding currently stands at more than 75% include Coal India, SAIL, MMTC, NHPC, NMDC and SJVN
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Jaitley to hold pre-Budget consultations from today
New Delhi, June 4 The Union Budget, to be presented in the first week of July, will be the maiden Budget of Jaitley. It will also be the first major policy document of the Narendra Modi government and will spell out the direction for the economy. Due to impending General Election, the UPA government had presented an Interim Budget in February earlier this year. In addition to the farm sector, Jaitley will also meet representatives of the social sector related groups in the run-up to the Budget. As part of the customary exercise, Finance Minister holds pre-Budget consultations with various stakeholders, including, representatives of industry chambers, trade unions, financial services sector and state finance ministers. At these meetings, the minister is given sector-specific suggestions for the Budget. Chambers of commerce have already presented their demands to the Revenue Secretary last week. Jaitley, who assumed charge of his new office on May 27, has been briefed by the secretaries in the five departments of the Finance Ministry. He faces several challenges on the economic front such as rising prices, subdued growth and the need to move ahead on the path of fiscal consolidation. Among other things, he will also have to focus on streamlining subsidies which consume a major chunk of government expenditure. Soon after assuming office, Jaitley had said he was taking over in challenging times. “The challenges are very obvious. We have to restore the pace of growth, contain inflation and obviously concentrate on fiscal consolidation,” Jaitley had said. Asked how bad the economic situation was, Jaitley summed it up as: a “lot of unpaid bills”. Fuel and fertiliser subsidies worth Rs 80,000 crore have been rolled over from the fourth quarter of 2013-14 to the current financial year.
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India witnesses over 186% growth in smartphone sales
New Delhi, June 4 Also, the sales would continue to grow at a Compounded Annual Growth Rate (CAGR) of about 40% over the next five years, it said. According to IDC, India witnessed the highest rate of growth — over 186% — in smartphone sales in Asia Pacific region during January-March 2014, outshining countries like China. The overall mobile phone market in the country grew by just 1% to about 61.07 million units in Q1 2014 compared to the previous year. — PTI
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IMG to review bank guarantees of 61 coal blocks
New Delhi, June 4 In a notice sent out today by the Coal Ministry, Director and Member Convener of the IMG said the 27th meeting of the IMG under the chairmanship of Additional Secretary (Coal) would be held on June 10 to review the issue of bank guarantee of the coal blocks which were reviewed in the IMG’s 24th meeting. The companies whose coal mines and the bank guarantees would come up for review include ArcelorMittal, Tata Steel, Jindal Steel and Power, Essar, Adani Power and Hindustan Zinc Ltd. This will be the first meeting of the IMG since the new government under Prime Minister Narendra Modi took charge last month after the General Election.
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State-owned firms should adhere to the mandatory 25% public shareholding norms that are applicable to private companies, market regulator SEBI said today.
As a large chunk of Indian users is migrating to affordable smarter devices from feature phones, smartphone sales in India are expected to reach 80.57 million units by the end of this year, research firm IDC said.
