PM Modi counters claims of BJP 'setback' due to SBI electoral bond data release: 'There may be imperfections but...'
Prime Minister Narendra Modi reacted to the electoral bonds case on Sunday. He questioned if any agency could share details of expenditures made during the election before 2014. Key Points
mintMumbai's electoral bond love: 66 companies collectively bought Rs 1,344 crore of poll bonds since 2019
66 companies from Mumbai region bought electoral bonds worth Rs 1,344 crore since 2019, 11% of India's total poll bonds sold. Small businesses participated, Maharashtra's share was Rs 1,562 crore. Pune, Nashik, Kolhapur made contributions. Analysis excluded Mumbai individuals' bond purchases. Key Points
Economic TimesDebt mutual funds to offer higher returns in next 1-2 years: How investors can benefit
Debt mutual fund returns: Apart from RBI policy rate cuts, there is other action happening in the debt markets that will impact the returns investors can earn from debt mutual funds. Debt mutual funds returns in the coming years will be impacted due to lesser government borrowings as well as inclusion of Indian government securities in the global index. Key Points
Economic Times'White money': Biocon boss Kiran Mazumdar-Shaw says electoral bonds bought in personal capacity, firm not involved
"Biocon did not make any political donations," Shaw posted on X. The Election Commission on Sunday made public fresh set of declarations received from political parties on electoral bonds. Key Points
Business TodayElectoral bonds: The curious case of Madanlal Ltd’s donations
The now-scrapped electoral bonds scheme did away with norms on how much a company could donate, how it could donate and how it needed to report such donations. That spurred small nondescript firms into action. Key Points
mint
View: Lifting veil on corporate political donations via poll bonds throws troubling questions
Electoral bonds data revealed major donors' name, raising concerns about the relationship between money and politics ahead of the upcoming Lok Sabha elections. The disclosure of anonymous electoral bonds sheds light on hidden transactions and highlights the need for transparency in democratic processes. Key Points
Economic TimesElectoral bonds not perfect but better, it is at least transparent, says FM Sitharaman
Sitharaman's remarks come amidst controversies surrounding the electoral bonds scheme, which allows anonymous donations to political parties. Critics have raised concerns about the lack of transparency and the potential for misuse. Key Points
mintElectoral bonds saga: SC pulls up SBI for not sharing unique serial number on poll bonds, issues notice
The Indian Supreme Court criticized the State Bank of India for withholding unique serial numbers of banned electoral bonds, revealed recently. The court demanded clarification, issuing a notice to SBI, mandating a response by March 18, emphasizing transparency concerns surrounding the electoral bond scheme. Key Points
Economic TimesElectoral bond data released: Here's a complete list of donors who contributed Rs 10 crore or more
The Election Commission has released detailed data on electoral bonds, sourced from the State Bank of India (SBI), following a Supreme Court deadline. The information reveals major buyers, including industrialists like Lakshmi Mittal, Sunil Mittal's companies, Vedanta, ITC, and Mahindra and Mahindra. Future Gaming and Hotel Services, under ED scrutiny, bought bonds worth over Rs 1,350 crore. Vedanta Ltd, Sunil Mittal's companies, and others also made significant purchases. The BJP, Congress, and several other parties received donations through these bonds, aiming to enhance transparency in political funding. Key Points
Economic TimesElectoral bonds: 10 biggest revelations as SBI, Election Commision release detailed data
The Election Commission of India (ECI), on March 14, released detailed data on electoral bonds regarding donations to political parties. The SBI) earlier submitted it to the ECI. Let's take a look at the 10 biggest revelations. Key Points
mintFour financial service firms purchase electoral bonds worth Rs 123 crore
New Delhi, Mar 14 (PTI) Financial services firms like Bajaj Finance, Piramal Enterprises, and Edelweiss Group together purchased electoral bonds worth Rs 123 crore between April 1, 2019 and January 2024. Piramal Enterprises, PHL Finvest Pvt Ltd and Piramal Capital and Housing Finance bought bonds worth Rs 60 crore during the period. It was followed […] Key Points
ThePrintElectoral bonds: Megha Engineering, Future Gaming top charts of donors
The poll body on Thursday published the details in two parts. The first part has 337 pages with details about the companies and entities that bought electoral bonds and the date of purchase. The second part has 426 pages that gives details of the political parties, dates and the amount. Key Points
Business TodaySBI submits electoral bonds details to EC in compliance with SC order: What comes next?
SBI submitted data on Electoral bonds to EC following SC order. EC to publish data by 15 March, before 2024 Lok Sabha elections. Key Points
mint22,217 electoral bonds bought from April 2019 to 15 February 2024 — SBI's compliance affidavit in SC
SBI files affidavit saying it has furnished all details of electoral bonds to EC as ordered by SC. Top court had scrapped 7-year-old electoral funding scheme on 15 February. Key Points
ThePrintState Bank of India submits details of electoral bonds to the ECI in compliance with SC order
The SBI has issued Electoral bonds worth Rs 16,518 crore since its inception in 2018. In accordance with the SC order, ECI will have to publish these details on its website by 15 March. Key Points
ThePrint
SC Bar Association writes to President Murmu, seeks holding back of SC's judgment declaring electoral bond
The Supreme Court Bar Association (SCBA) has urged President Droupadi Murmu for a Presidential Reference in the Electoral bonds case. SCBA President Adish Aggarwala's letter emphasizes the court's judgment deeming the current form of electoral bonds unconstitutional. Aggarwala defends the legislative intention behind the scheme, arguing against judgments that create a constitutional stalemate and undermine parliamentary authority. Key Points
Economic TimesSBI submits details of electoral bonds to Election Commission of India
The State Bank of India (SBI) has submitted the details of electoral bonds to the Election Commission of India after the Supreme Court rejected its extension request. The apex court had declared the electoral bond scheme as 'unconstitutional' and scrapped the scheme of anonymous political funding. SBI is the only authorised financial institution under the scheme. Key Points
Economic Times‘Narendra Modi has...’: Congress links SBI electoral bond move to LS polls
Mallikarjun Kharge called the electoral bonds scheme opaque and undemocratic. He said the BJP government is using the bank as a shield. | Latest News India Key Points
Hindustan TimesSBI requests SC to extend deadline for sharing electoral bond data till June 30
As March 6 approaches, the State Bank of India has submitted an application to the Supreme Court requesting an extension until June 30, 2024, to provide information regarding Electoral bonds to the Election Commission. According to a Supreme Court ruling, SBI is obligated to furnish this information to the ECI by March 6. Key Points
Economic TimesLok Sabha Polls: BJP launches donation campaign 'Donation For Nation Building' for making India 'Viksit Bh
Party president JP Nadda shared the information on platform X (formerly Twitter). He wrote, I have donated to the BJP to pledge my individual support to PM Modi's visions for making India a Viksit Bharat. Key Points
Economic TimesIndia's Adani Green Energy to raise $409 million via dollar bonds
MUMBAI (Reuters) - India's Adani Green Energy is looking to raise $409 million via U.S. dollar-denominated bonds with a door-to-door tenor of 18 years, the company said in a regulatory filing on Key Points
ThePrintWill we get the names of electoral bonds donors on March 13?
India News: Find out if we will finally get the names of electoral bonds donors on March 13. Stay updated with the latest news and developments. Key Points
Times Of IndiaElectoral Bonds: Bank rules may stand in way of SC ruling to reveal hidden information, sources say
Poll bonds: Indian banks' norms may hinder the disclosure of subscribers' names in electoral bonds. The Supreme Court banned these bonds, citing transparency and accountability concerns. The State Bank of India has been ordered to disclose donor details, including the BJP's lion's share of Rs 16,518.11 crore funding, ahead of the general elections. Key Points
Economic TimesElectoral Bonds: Why are they banned & how will it affect BJP?
Poll bonds: Indias Supreme Court has banned the use of anonymous electoral bonds by political parties for fundraising. This decision affects funding across party lines but is seen as a setback for the ruling BJP, which benefited the most from the scheme. Key Points
Economic TimesHow your right to know gets boost from Supreme Court's electoral bond verdict
So far, the details of donors of electoral bonds have been exempt from RTI. Today's Supreme Court decision comes as a shot in the arm to your right to know. Here is how. Key Points
India Today
Electoral Bonds: BJP took home lion's share of Rs 16,000 crore political funding
Poll Bonds: The Supreme Court's landmark order banned electoral bonds, declaring them unconstitutional due to concerns about transparency and accountability. The ruling BJP received the majority of funds through these bonds, significantly increasing its income. Other parties also relied on electoral bonds for financial support. Key Points
Economic TimesElectoral bonds: ‘Bonds proof of Modi’s corrupt policies,’ says Rahul Gandhi after SC landmark verdict
Electoral bonds are like bearer bonds, which could be purchased by any individual, company, firm or association of persons for the purpose of contribution of funds to political parties of their choice. The bonds were introduced in 2017 by the ruling government as a Finance Bill and were implemented in 2018. Key Points
Business TodaySC strikes down electoral bonds scheme. Here's what it asked the SBI to do
The Indian Supreme Court has ruled that the issuance of electoral bonds is unconstitutional and violates the right to information, Article 19(1)(a). The court has ordered the State Bank of India to stop rolling out bonds and submit details of bonds purchased since April 2019 to the Election Commission of India (ECI) by March 6. Key Points
Economic TimesElectoral bonds case: SC unanimously strikes down poll bonds scheme, terms it ‘unconstitutional’
The Supreme Court ruled that anonymous poll bonds violate the Right to Information under Article 19(1)(a) of the Constitution of India. The Chief Justice of India, DY Chandrachud, argued that poll bonds are not the only way to curb black money. The government introduced electoral bonds as an alternative to monetary contributions to political parties, but only those registered under Section 29A of the Representation of the People Act, 1951, are eligible. Key Points
Economic TimesIndia to remain on alert for 'hot money' after bond index inclusion
India will monitor flows of foreign funds after its inclusion into JPMorgan's emerging market debt index to prevent 'hot money' and volatility in currency and bond markets. The government's concern is with longer-term investors who exit passively without reflecting economic conditions. India plans to raise nearly 200 billion rupees through sovereign green bonds in the 2024/25 fiscal year, maintaining a similar level as last year Key Points
Economic Times
Banks seek relaxed norms for AT-1 bonds valuation
Bond prices and yields move inversely. Longer-duration securities witness extreme swings in prices relative to small movements in yields. This implies that for investors like debt mutual funds, the NAV would stand to take a large hit if yields rose even slightly. Key Points
Economic TimesShriram Finance to issue over 3-yr dollar denominated bonds - bankers
MUMBAI (Reuters) - India's Shriram Finance plans to raise funds through U.S. dollar denominated bonds maturing in three years and three months, two merchant bankers said on Tuesday. The funds raised Key Points
ThePrintMoody's downgrades Vedanta as bond restructuring gets investor nod
Vedanta Resources had last week received investor consent to restructure about $3.8 billion of its outstanding corporate bonds. Moody’s said the company is likely to face material liquidity issues over the coming 24 months and the risk of default risk remains high Key Points
mintVedanta Resources extends time till January 2 for bondholders' consent
Vedanta Resources Ltd has extended the deadline for bondholders to express their agreement on the revised terms of the $3.2 billion bonds due between 2024 and 2025, pushing it back to January 2 from the initial deadline of December 27. VRL is seeking bondholders' approval to amend the terms and covenants of its dollar-denominated bonds. Key Points
Economic TimesVedanta Resources confident of bond recast plan success
An ad hoc group holding two guaranteed bonds of Vedanta Resources (VRL) has advised investors to reject the proposed bond restructuring outlined in the consent solicitation released on December 13. The ad hoc group includes holders of $1 billion 13.875% bonds due in January 2024, $1.2 billion 8.95% bonds due in March 2025 and two other bonds. Key Points
Economic Times
IRFC likely to raise around ₹3,000 crore via issuance of bond
IRFC is planning to raise ₹3,000 crore, including ₹2,500 crore greenshoe, according to media reports. The bonds will mature in three years or on November 11, 2026. Key Points
mintECB backs global rules for bonds wiped out in Credit Suisse rescue
The European Central Bank's chief supervisor on Thursday supported creating global standards for convertible bonds that were wiped out as part of Credit Suisse's rescue by rival UBS (UBSG.S) earlier this year. Key Points
Reutersbonds vs. Bond Funds: How Higher Rates Are Changing the Calculation
Many investors are taking a second look at bonds. Here are some options to consider. Key Points
mint