19.09.18 Economic News
👉SEBI Allows Settlement of Fraud Cases involving small amounts, by paying a penalty without admitting or denying guilt as it looks to reduce a backlog of disputes.
👉SEBI makes investing in Mutual Funds Cheaper by reducing the cap of the so-called Total Expense Ratio (TER)
👉In an effort to Prevent Mis-Selling, SEBI also barred mutual funds from paying fees to distributors from their books. Commissions will come from schemes and not the Asset Management Companies(AMCs). It also barred any Upfront Commissions and said the industry should follow the Full-Trail Model—based on investments by clients.
👉In a major relief to Foreign Portfolio Investors, SEBI agrees to Release Revised Circular on KYC norms for FPIs.
👉SEBI also allows Foreign Portfolio Investors(FPIs) to participate in India’s Commodities Market & to deal in All Commodities except Sensitive Ones.
👉SEBI also reduces the time taken for a security to list on an exchange from Existing 6 days to 3 days (T+3) from the date of closure of its Initial Public Offer (IPO), freeing up locked investor funds faster. Also, Unified Payment Interface (UPI) has been introduced as a payment mechanism for retail investors in IPOs.
👉State-owned Power Finance Corp (PFC) files an Insolvency Plea against Rattan India Power, formerly known as Indiabulls Power, in NCLT to recover unpaid loans.
👉United States is willing to grant a Conditional Waiver to Indian Steel and Aluminium products from Higher Import Tariff. India has written to the US Govt seeking exemption from the 25% levy on Steel and 10% on Aluminium. That is seen as a big breakthrough for India, which was earlier upset with Washington that had refused to accede to the request.
19th September 2K18
Economic Times
Ø China sets retaliatory tariffs on $60bn in US goods
Ø Prove charges against ArcelorMittal: SC to Numetal
Ø Govt may decide on 4G spectrum allocation by dec
Ø Daiichi intervenes in HDFC’s insolvency case
Ø Reliance Capital to exit all non-financial business
Ø No settlement plea from ICICI Bank: Sebi
Ø LIC yet to seek open offer exemption for IDBI takeover: Sebi
Business Standard
Ø Sebi pares IPO listing time to 3 days from 6, clears UPI as payment option
Ø Cabinet to mull Rs 45-bn package for cash-starved sugar industry on Wed
Ø Huge debt in corporate balance sheets reason for stunted job growth: Birla
Ø Investment, not subsidies, will make farming self-sufficient: FM Jaitley
Ø Govt sees rupee at 72-73 against dollar as 'fair value': FinMin source
Ø PNB shareholders approve ESPS scheme; Rs 28 bn capital infusion by govt
Business Line
Ø India delays retaliatory tariffs on US goods till Nov 2
Ø Lowering inflation is a major structural reform in India: IMF official
Ø SEBI shelves plan to extend equity trading hours
Ø HPCL on expansion drive with ₹60,000-cr capex
Ø 5 firms interested in steel business of Usha Martin
Ø Govt plans hike in gold import duty to check rising CAD
Mint
Ø Sebi cuts mutual fund expenses, reduces listing time
Ø Sebi approves KYC norms for FPIs, new settlement mechanism
Ø Rupee closes at all-time low of 72.97 a dollar
Ø RCom to exit telecom fully to focus on realty: Anil Ambani
Ø Nestle, Unilever, Coke make bids in $4 billion-plus GSK India sale: report
Ø Tesla facing US criminal probe over Elon Musk statements
Financial Express
Ø Sebi mulls reaching govt for powers to intercept calls, messages of economic offenders
Ø Insurance companies to pay 12% interest to farmers in case of delay in settlement claims
Ø Crisis-ridden IL&FS under regulatory scanner for alleged corporate governance, disclosure lapses
Ø Low procurement: Early kharif crop prices below support price levels
Financial Chronicle
Ø CCI imposes Rs 38cr penalty on 18 sugar mills, 2 industry bodies
Ø NSE files consent application in co-location case
Ø Trai consultation paper on fiberisation soon
Ø PFC files insolvency plea against ex-Indiabulls
Ø Petrol, diesel rates scale new highs after a day’s break
