Mumbai, August 19
To ensure “timely and adequate” disclosures, SEBI today proposed a detailed set of norms for listed companies that require them to disclose price-sensitive information within a day along with the reasons for such developments.

The companies will have to explain the delay if such disclosures are not made in a day, SEBI said while giving an exhaustive list of developments that can be price-sensitive in nature.

Taking note of laxity in disclosures made by listed entities, the capital market watchdog has sought to define “material transactions” to make sure the price-sensitive information is disseminated to stock exchanges on a timely basis.

In its discussion paper, the SEBI has suggested that listed companies would have to inform stock exchanges about all events which are material in nature, price-sensitive and have bearing on overall business performance.

These disclosures need to be made within a day from the occurrence of the event. These include information with respect to its unlisted subsidiaries.

“In cases where the disclosures are made after one day, listed entity shall, along with such disclosure, provide suitable explanation for delay in making disclosure,” the paper said.

Besides, firms are required to make periodic disclosures on the associated material developments till such time the matter is resolved.

“Liberal interpretations, on what constitutes ‘materiality’ and whether to disclose the event/information to the stock exchanges, taken by listed entities has resulted in inadequate disclosure levels in the securities market.

“Such liberal interpretations have also led to lack of uniformity in disclosures by various listed companies,” the paper said.

According to the paper, a listed company should explain and give reason for change in key managerial personnel, including in instances of resignation.

In case of appointment of a director, the company is also required to disclose relationships between directors (if any) within one day of appointment.

While noting that materiality has to be determined on a case to case basis, SEBI has suggested a quantitative criteria calculated as a percentage of gross turnover.

As per the paper, any information that could influence investor decisions such as those that have an impact on a company’s assets and liabilities and financial condition could be considered as price sensitive.

Under the indicative list of material and price-sensitive information, the discussion paper has mentioned various activities including commencement or postponement of commercial operations, change in general character of existing business, strategic arrangements and de-mergers.

In case of restructuring, the company has to provide details and reasons as well as the overall impact to the exchanges. — PTI

Chandigarh, August 19
The Overseas Indian Facilitation Centre (OIFC), a public-private partnership between the Ministry of Overseas Indian Affairs and CII, will now partner with the state governments to help get foreign direct investment for the states.

Though the OIFC was originally started to help individual investors, it has now taken the mandate of being an interface between the state governments and individual investors - high-profile persons of Indian origin. This was revealed by Charu Mathur, CEO of OIFC, here today.

She said she was encouraging states to participate in the two diaspora engagement meets at Bahrain and London this year, with the key aim to engage the overseas Indians, mainly the professionals and mid-sized entrepreneurs economically and apprise them of the trade and investment opportunities in various northern states like Punjab, Haryana, UP, Uttarakhand, HP, J&K and Rajasthan.

The objectives of the meet are to seek inward investments from both Indian diaspora and Bahraini nationals, improve trade and investment ties in the Gulf with the support of the Indian diaspora and strengthen Indian diaspora's engagement with vibrant and strong Indian states.

"The diaspora meet in Bahrain will dwell on investment opportunities in India in sectors like agriculture, infrastructure, healthcare & medical tourism, real estate and pharmaceuticals. In London, panel discussions will be held on 'India's FDI policy', 'Getting Credit in India' and 'Protecting Investor'.

"OIFC has also planned to launch concurrent workshops to support Indian diaspora in understanding the opportunities, challenges and risks of doing business in India. Our experts would offer special services to overseas investors giving them insight on what they should do in their first 1,000 days of business in India. It could be information on mergers and acquisitions (M&As), taxation issues, managing partnerships and managing legal, labour and other regulatory issues", added Mathur.

Talking about the OIFC's special service to Northern states, she said, "I met senior state representatives from Punjab, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh at the CII Invest North recently to avail of OIFC's services actively as state partners. Now, I am meeting the respective Principal Secretaries - Investment Promotion, starting with Punjab today to explain the states as to how OIFC can assist and steer investments from NRI/PIO investors in their respective states."

Bangalore, August 19
Textile and apparel major Arvind Ltd has forayed into the e-commerce segment with custom clothing brand ‘Creyate’. The company aims to achieve Rs 1,000 crore sales in the next three years from this launch. To drive the company’s e-commerce business, Arvind Internet Ltd has been set up.

A custom clothing website, Creyate aims to provide an unprecedented experience with the help of an intuitive user-interface where customers can personalise almost everything about their garment, from fabrics, styles, components, accents, monograms, etc.

It also offers a curated set of collection for customers to have as a starting point to their customisation journey. The idea is to help men and women dress according to their shape in custom-made garments that fit to perfection.

Kulin Lalbhai, executive director, Arvind Ltd, said, “Arvind sees e-commerce as a key growth driver for the group. We aim to have Rs 1,000 crore sales in 3 years”.

In addition to Arvind’s own range of fabrics, Creyate has a collection of fabrics from Italian mills. The company has invested in an automated manufacturing setup to make customised garments as per the customers’ choice and measurements. Creyate will send its staff to the customere’s house to take measurements. These personnel, besides taking measurements, will also give style advice to customers.

New Delhi, August 19
Defence Minister Arun Jaitley today suggested that corporate India should look at employing trained and disciplined ex-servicemen who demonstrate their ability to perform variety of jobs and known for integrity.

“These men have worked in a different environment. For them, commitment to duty is paramount. They show exemplary discipline and high integrity. They are physically fit and can perform a variety of jobs. The existing situation, wherein corporate sector needs men with such qualities and ex-servicemen need re-employment, ideally fits into the supply and demand principle of economics,” Jaitley said at the inaugural session of Directorate General of Resettlement (DGR) National Corporate Conclave.

Stressing that the CII-DGR memorandum of understanding is a significant partnership to build corporate-ex servicemen relationship, he said, mid-career and late career stage jobs are relatively more in the private sector than public sector. Corporate India needs trained mind and personnel.

Chief of Staff Committee and Air Chief Marshal Arup Raha said there is a limited scope for the ex-servicemen in the government sector while private sector has the potential to absorb them in huge numbers.

CII president Ajai Shriram said as per a CII study, the defence and aerospace sector alone has the potential of creating one million new jobs in the country. However, the manufacturing sector requires proactive measures to bridge the skill gap. He emphasised that with a vast experience in skill development, CII would be happy to work with the Ministry of Defence and help ex-servicemen to reorient for the second innings either in the industry or as entrepreneurs.

New Delhi, August 19
Samsung may still be the numero uno in the multi-billion dollar Indian smartphone market, but it may be standing on shaky grounds as homegrown handset maker Micromax offers a tough challenge to the Korean giant.

According to research firm IDC, Samsung had a 29% share of the Indian smartphone market in the April-June 2014 quarter. The company had a 35% share in the previous quarter (Q1 2014).

On the other hand, Micromax has seen its market share grow from 15% in Q1 2014 to 18% in April-June 2014 quarter.

“Micromax not only toppled Nokia to clinch the second spot but also created a gap between the second and the third spot,” IDC said. — PTI

BRIEFLY

Indirect tax collection up 3.9% in April-July
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Airtel in talks to sell African towers
New Delhi: Airtel is in advanced stage talks with American Tower Corporation and Eaton Towers for selling its tower assets in several African countries, including Nigeria, Ghana and Uganda, sources said. The deal is believed to be in the range of $1.5-2 billion. — PTI

Volkswagen sets up engine assembly unit at Chakan
Mumbai: Volkswagen on Tuesday announced setting up of a state-of-the-art diesel engine assembly and testing facility at its Chakan plant in Pune at an investment of Rs 240 crore. The new engine facility, with an annual production capacity of 98,000 units, will become functional by year-end, Volkswagen said. — PTI

Google buys travel guide app startup Jetpac
San Francisco: Google on Monday confirmed it has bought the startup behind a Jetpac mobile application that creates insightful travel guides by analysing pictures from social networks such as Instagram. Financial terms of the deal were not disclosed. Jetpac said its application would be removed from Apple’s online App Store middle of September. — AFP

New Call to invest $100m to buy telcos in India
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