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SEBI tightens insider trading norms, makes delisting easier
India must speed reforms to spur growth: OECD
Re tanks to over 8-month low
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Pension system doubles subscriber base to 23 lakh
Banks’ review meeting today
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SEBI tightens insider trading norms, makes delisting easier
Mumbai, November 19 The new rules, which are based on recommendations that were first revealed late last year, broaden the scope of who can be held liable for insider trading violations and require company officials to make more transparent disclosures of their trading activities. SEBI on Wednesday also approved new delisting rules responding to concerns by participants that current regulations make the process of buying out minority shareholders difficult and expensive. It said a delisting should be considered successful only when the shareholding of the acquirer together with the shares tendered by public shareholders reaches 90% of the total share capital of the firm, or if at least 25% of the number of public shareholders tender in the reverse book building process. Apart from clarity on concepts and definitions, the new regulations will strengthen the legal and enforcement framework while also ensuring that legitimate business transactions are not impacted. “The new regulations will strengthen the legal and enforcement framework, align Indian regime with international practices, provide clarity with respect to the definitions and concepts, and facilitate legitimate business transactions,” SEBI said after the board meeting. SEBI has expanded the definition of an “insider” to include persons connected on the basis of being in any contractual, fiduciary or employment relationship that allows such people access to unpublished price sensitive information (UPSI). Under the new framework, SEBI has defined a connected person in the context of insider trading activities. A connected person would be someone who is or has during the past six months prior to the concerned act has been associated with a company, directly or indirectly. Besides, immediate relatives of connected persons would also come under the same category unless they prove that they were not privy to unpublished price sensitive information. The onus of establishing that they were not in possession of UPSI would be with the connected persons. The regulator has decided to remove the requirement for repeated disclosures and ease compliance burden. “The disclosure of any change of 2% for persons holding more than 5% shares or voting rights has been removed as they are prescribed under the Takeover Code,” the statement said. To protect the interest of investors, companies would be now mandatorily be required to disclose UPSI at least two days prior to trading in case of permitted communication of such information. — Agencies
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India must speed reforms to spur growth: OECD
New Delhi, November 19 India's growth rate, which has languished at below 5% for the last two fiscals due to high interest rates, stubborn inflation and weak investment, will grow by 6.6% in 2015-16, up from its last forecast of 5.7% growth in May, the OECD said. The economy is to expand by 5.4% this fiscal, the OECD said adding India was recovering faster than other economies which faced slow growth. The GDP growth would edge higher to 6.8% in 2016-17. But to achieve 8% growth, India will have to switch subsidy spending to social and physical infrastructure, bring in tax reforms, clean up the banking system to free up funds for infrastructure and reduce structural barriers for job creation by bringing in labour reforms, it said. The OECD pushed for early implementation of the goods and services tax (GST) to improve public finances and also stressed the need for India to improve the quality of its fiscal consolidation both by the Centre and the states. "The Indian economy is showing signs of a turnaround. New reforms, some of which are included in the package presented by Prime Minister Narendra Modi, need to be implemented to put the country on a path to strong, sustainable and inclusive growth," said the OECD Economic Survey of India released here. — PTI Govt needs to infuse $39 bn in PSBs: RBI
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Re tanks to over 8-month low
The slowdown in inflows also weighed on the rupee that ended 22 paise lower while the dollar index was trading almost stable against its six major global rivals ahead of the release of the minutes of a key US Federal Reserve meeting. At the forex market, the rupee commenced lower at 61.8 a dollar from previous close of 61.74 and immediately touched a high of 61.7850. However, the dollar demand pulled down the rupee as it fell back sharply to a low of 61.9950. It settled at 61.96. — PTI |
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Pension system doubles subscriber base to 23 lakh
New Delhi, November 19 Pension Fund Regulatory Development Authority (PFRDA) chairman Hemant Contractor commended the substantial improvement in performance of state governments since April 2012. He said the asset under management (AUM) had increased seven-fold from Rs 3,300 crore to Rs 24,000 crore while the average contribution upload per month had increased from Rs 180 crore to Rs 900 crore. He was speaking at a conference on the implementation of NPS by state governments organised here today by the PFRDA. The conference is aimed at focusing on the performance of the states and also to discuss the implications of the passage and notification of the PFRDA Act for respective states who are offering the NPS to their employees. He said barring two states, all other states have joined the NPS. Since the last such conference held in April 2012, the number of states joining the NPS has increased from 12 to 26, he said. He said the PFRDA would urge other two states to join the NPS.
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Banks’ review meeting today
New Delhi, November 19 This will be the first review meeting by Adhia after assuming the charge of Secretary, Department of Financial Services. At the meeting, performances of PSBs with regard to the overall credit growth with a particular reference to agriculture credit, medium small enterprise credit, housing loans, education loans, lending to minority communities and weaker sections of society will be reviewed among others.
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Zomato raises $60m from Vy Capital, Info Edge & Sequoia ADB to give $350-m loan to MP for developing roads Online hiring activity grew 16% in October: Monster
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Mumbai:
The government needs to infuse as much as ~2.4 trillion ($38.78 billion) into state-owned banks (PSBs) by end-March 2019 to meet various capital requirements, including Basel III, provisioning for asset quality, and extra risks, said RBI deputy Governor SS Mundra. Reuters
Mumbai, November 19
