12th March 2K21
Ø Consumer sentiment fails to keep up with rising income: CMIE
Ø EU regulator approves Johnson & Johnson Covid vaccine
Ø MFI's gross loan portfolio grows 6.4 pc to Rs 2.27 lakh cr as of Dec 2020: Report
Ø Banks unions call for two-day strike against proposed privatisation of PSBs
Ø India likely to block China's Huawei over security fears: Officials
Ø SBI to conduct e-auctions of 12 bad accounts this month
Ø Outlook negative for power discoms due to falling revenues: ICRA
Ø SoftBank-backed Coupang raises $4.6 billion in US IPO
Ø BSNL may be profitable from 2023-24: Parliament panel report
Ø Tech firm Icertis' valuation crosses $2.8 bn after $80 mn fundraise
Ø Tractor sales rise by around 30% in February 2021 to 84,690 units
Ø E-commerce market is projected to surge 84% to $111 bn by 2024, says FIS
Ø Cement sales to hit a decade high next fiscal
Ø Australian High Commissioner, NMDC discuss scope for collaboration
Ø Solar modules, cells to attract basic customs duty of 40%, 25%
Ø Tata Motors sees volumes rising 30% in CV segment in FY22
Ø PFC-REC to extend ₹4,058-crore loan to Bhutan hydro project
Ø Parikh family sells ZCL Chemicals to Advent for ₹2,000 crore
Ø US stimulus offers significant boost to global economy: IMF
Ø Fintech emerges as the fastest growing tech sector: Deloitte
Ø Rising market interest rates pose 'risk' to economy: ECB's Lagarde
Ø NMDC declares interim dividend of ₹7.76 per share
Ø Kalyan Jewellers IPO opens next week as economy recovers
Ø Global debt crisis unlikely in near-term despite more defaults: S&P
Ø SJVN wins bid to buy PTC’s wind assets for ₹2,000 cr
Ø LPG consumption up 7.3 pc despite price rise: Oil companies
Ø Most economies not to return to pre-pandemic activity levels until 2022: Moody’s
Ø Apple starts assembly of iPhone 12 in India
Ø TV prices to go up from April as open-cell panels get costlier in global markets
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Consultation Paper on Proposed International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021
International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Service Centres (IFSCs) in India.
IFSCA, in its endeavour to develop a comprehensive and consistent regulatory framework based on global best practices with a special focus on ease of doing business, proposes to enact an all-encompassing framework to facilitate issuers’ access Global capital. Towards this objective, IFSCA proposes a unified regulatory framework specifying the requirements for (i) issuance and listing of various types of securities and (ii) initial and continuous disclosures.
To ensure that capital markets in IFSCs support the financing of innovative business models especially those in the areas of Environment, Social and Governance (ESG), fin-tech, corporate restructurings, etc., the framework proposed by IFSCA also provides for issuance and listing of securities by Start-ups, Small and Medium Enterprises (SMEs) and Special Purpose Acquisition Company (SPAC). Further, enabling framework has been proposed for issuance and listing of debt securities including those focusing on ESG and Smart-Cities.
The Union Budget for the financial year 2021-22, has detailed setting up of a ‘world-class’ fintech hub at GIFT City in a bid to bolster innovation in the fintech industry. The proposed framework by IFSCA is expected to provide an ecosystem for capital raising and listing by Fintech and other start-up companies.
Globally, Special Purpose Acquisition Companies (SPAC) has become an important structure to raise capital through IPO for acquiring companies or assets. To keep pace with the evolving market environment, IFSCA is proposing a suitable framework for capital raising and listing of SPAC on the recognised stock exchanges in IFSCs.
Considering the important role of Capital markets in bridging the gap between investors and issuers of green bonds, social bonds, sustainable bonds and sustainability linked bonds, IFSCA aims to make IFSC at GIFT City a prominent international centre for sustainable finance. The proposed framework by IFSCA is expected to support the needs for Environment, Social and Governance financing.
The proposed framework shall facilitate issuers from across the jurisdictions to raise capital for variety of needs and list their securities at the international stock exchanges in IFSCs.
The draft IFSCA (Issuance and Listing of Securities) Regulations, 2021 have been uploaded on IFSCA website at https://ifsca.gov.in/PublicConsultation.
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⚫The USA, Japan, India and Australia will work together to secure rare earth metals that are essential to the production of electric car motors & other products. The four nation group, referred to as the "Quad" countries, are due to hold an online summit meeting seen as part of efforts to counter balance China's growing military and economic power.
⚫Number of industrial investment proposals at record low in 2020. The proposed investment in the industrial sector is worth Rs 4.29 trillion, down 36.8% from the Rs 6.79 trillion the previous year 2019.
⚫NITI Aayog submits first list of about 12 PSUs for privatisation. Banks, insurers part of the list as process kicks off.
⚫Investors pumped Rs 491 crore in gold ETF in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty.
⚫India adds 22,854 Covid cases in biggest single day spike since Dec 25. In Maharashtra 13,659 fresh cases were reported. Nagpur will be under lockdown for a week beginning March 15.
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Supreme Court has ruled that payments by Indian end-users or distributors of overseas software can’t be considered taxable as ‘royalty’, under tax-treaties containing the definition on the lines of the OECD Model Convention. The SC has followed the globally-accepted interpretation—payment made by end-users and distributors is akin to payment for sale of goods and is not for grant of license under the Indian Copyright Act. Only where copyright in the software is permitted to be exploited by the payer can the payment take the character of royalty and be subject to tax, per tax-treaties.
Ministry of Corporate Affairs has recently mandate One Person Company (OPC) and Small Company vide notification dated 5th March, 2021 to file its annual return from the financial year 2020-2021 onward in Form No: MGT-7A under Section 92 of the Companies Act, 2013.This action is taken by MCA for giving clarity and reducing the burden of Small Companies and OPC.
Government is looking at upgrading the QR code for UPI in such a way that it can incorporate the GST component and show the same separately. This will enable the government to come out with fiscal incentives for payments that are made digitally.
GST: From 1st April 2021, it is mandatory to mention in every B2B Tax Invoice/ Bill: 4 digit HSN code if Aggregate Turnover in the preceding Financial Year is Up to rupees five crores and optional for B2C Tax Invoices.
It is mandatory to mention in every B2B and B2C Tax Invoice/ Bill: 6 digit HSN Code if Aggregate Turnover in the preceding Financial Year is more than rupees five crores. Notification No 78/2020.
Parliament on Wednesday approved a Bill to amend the arbitration law that would ensure all stakeholders get a chance to seek an unconditional stay on enforcement of arbitral awards where an agreement is “induced by fraud or corruption”. The Arbitration and Conciliation (Amendment) Bill, 2021, was passed by voice vote in the Rajya Sabha. The Bill was passed in the Lok Sabha on February 12. It will replace an Ordinance issued on November 4, 2020.
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