Elon Musk ordered to testify in SEC's Twitter probe
(Reuters) - A federal judge ordered Elon Musk to testify again in the U.S. Securities and Exchange Commission's probe of his Twitter takeover, giving the regulator and the billionaire a week to agree Key Points
ThePrintIndian regulator SEBI's probe faults Adani group on disclosure rules
An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. News agency has been told that the violations have been characterisedas being of a technical nature that would attract no more than a monetary penalty once the investigation is complete, however. Key Points
Economic TimesIndian court dismisses appeal by Zee chairman, CEO over market regulator ban
An Indian tribunal on Monday dismissed an appeal from former Zee Group Chairman Subhash Chandra and Zee Entertainment (ZEE.NS) Chief Executive Punit Goenka over a ban on the duo by India markets regulator from holding board positions in publicly listed companies. Key Points
ReutersSebi board approves easing additional disclosure norms for FPIs
The relaxations in certain disclosure norms are aimed at ease of doing business. Further, the market regulator has also approved a Beta version of optional T+0 settlement, for a limited set of 25 scrips, and with a limited set of brokers. The optional settlement will be rolled out from March 28. Key Points
Economic TimesMahaRERA issues notices to 14 projects for advertising without registration number
The regulator has asked all these projects to present their case within 7 days from the date of notice. The errors are expected to be rectified within the prescribed period and penal action will be taken against the developers that fail to respond appropriately. Key Points
Economic TimesTrai seeks views on policy framework for economic development driven by 5G ecosystem
The regulator said that in the case of the metaverse, these problems are likely to get significantly worse because the technology will not just track where users click, but where they go, who they are with, what they do, what they look at, even how long their gaze lingers. In the consultation paper, Trai has sought views on the need to develop a regulatory framework for the responsible development and use of Metaverse. Key Points
Economic TimesSeek Army help, says Kejriwal as Yamuna floods Delhi roads, causes traffic jam
ITO crossing area, the busiest traffic intersection in Delhi, was flooded after a drain regulator broke down on Thursday. Chief Minister Arvind Kejriwal today directed officials to seek the help of the Army and disaster relief force as key areas in Delhi remain flooded amid rising water levels in Yamuna River. Key Points
India TodayCCI to commission study on AI to better gauge antitrust concerns: Chairperson Ravneet Kaur
“In that study, we will try to understand the dynamics better. We can differentiate what kind of AI that we want to support and which one is stifling innovation,” Kaur said at an industry event in the capital. Key Points
Economic TimesUK media regulator asks for probe into Amazon, Microsoft cloud dominance
British media regulator Ofcom on Thursday asked the country's antitrust regulator to investigate U.S. tech giants Amazon (AMZN.O) and Microsoft's (MSFT.O) dominance of the UK cloud market. Key Points
ReutersUK regulator refers Adobe's $20 bln buyout of Figma to phase 2 probe
Britain's antitrust regulator on Thursday referred Adobe's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma to an in-depth probe saying the Photoshop owner informed the regulator that it would not offer any remedies to ease its concerns. Key Points
ReutersSwiss regulator says two banks' crisis plans are insufficient
It said ZKB has not yet built up the required capital in full and that PostFinance must realign its emergency planning. The assessment released by FINMA gauged the emergency plans of Switzerland's main banks as they stood at the end of 2022. It does not therefore take into account Credit Suisse's merger with UBS. Key Points
Economic TimesMobile number porting: 7-day wait after SIM swap from July 1
Earlier, there was 10-day waiting period after SIM swap or replacement. There will be a seven-day waiting period after the SIM swap or replacement for a... Key Points
The Tribune IndiaIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrintIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrintTired of call drops? Expect better quality service from telcos as Trai seeks to tighten rules
The Telecom Regulatory Authority of India (Trai) is considering imposing strict financial penalties on telecom companies that fail to meet quality of service (QoS) requirements at the state and district levels. Currently, QoS is measured at the telecom circle level, but Trai believes that measuring at a district level would provide more accurate data and allow for penalties to be imposed on telcos with persistent service issues. Key Points
Economic TimesCCI to firm up rules for leniency-plus regime: Chairperson Ravneet Kaur
The Competition Commission of India (CCI) is proposing a new leniency-plus regime that would allow companies under investigation for cartelisation to reduce penalties by disclosing information about other cartels. The regulator plans to seek stakeholder comments on the proposed regulations and finalize them for enforcement. Key Points
Economic TimesNorway asks EU regulator to fine Facebook owner Meta over privacy breach
Norway's data regulator will refer the fine it has imposed on Meta Platforms (META.O) to the European data authority, it said on Thursday, a move that could make the fine permanent and widen it to the European Union. Key Points
ReutersIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrintTrading account nominee rule changed; last date to add demat account nomination extended
Demat account nominee rule update: SEBI on September 26 extended the deadline for existing demat account holders to provide choice of nomination by another three months to December 31, 2023. Further, the regulator has also changed the nomination rule for trading accounts. All you need to know Key Points
Economic TimesFrom fintechs to NBFCs – A bridge too far, and other top tech & startup stories this week
After the issues with IL&FS and DHFL, the regulator has become very concerned about the NBFC sector. Also, a clutch of unscrupulous Chinese players playing around in the lending space without any formal regulatory nod sent alarm bells ringing at the RBI. As a result, fintechs find themselves under tremendous scrutiny when they apply for an NBFC licence. Key Points
Economic TimesIndia's markets regulator to ease proposals on mutual fund fee structures - sources
India’s markets regulator will put forth two options to water down its earlier proposal to levy a standard investor fee on mutual funds, to limit the impact on the profitability of the 44.3 trillion-rupee ($537.75 billion) asset management industry, two sources with direct knowledge of the matter said. Key Points
ReutersGovt invites applications for 10 NCLT members
Meanwhile, the Competition Commission of India (CCI), which got a new chairperson recently, has invited applications for the post of secretary in the fair trade regulator. The post of the secretary has not been filled up since the departure of Sugata Ghosh Dastidar, who had joined the regulator in December 2020. Interested candidates must apply by August 7. Key Points
Economic TimesSebi speeds up action against social media stock tips: Sources
The regulator's action, which follow four earlier orders passed in the past twelve months, aim to signal growing concern that retail investors are being lured into stock market investments by companies and individuals who are not authorised to offer financial advice. The Securities and Exchange Board of India's rules say that only advisers registered with it can offer investment advice. Key Points
Economic TimesHindenburg allegations against Adani Group duly investigated; Chairperson Buch disclosed, recused when necessary: SEBI
Mumbai, August 11 In its first comments following a new report by US-based short seller Hindenburg Research, capital markets regulator SEBI on Sunday said it has investigated all the allegations against the Adani group. Chairperson Madhabi Buch made relevant disclosures... Key Points
The TribuneView: Sebi & RBI's hyperactivity catches market by surprise; but it's for restoring credibility
Recent hyperactivity at Indias banking regulator and securities watchdog surprises the market. Commercial lenders are accused of concealing bad loans, while investment banks under scrutiny for pushing IPOs past the line using mule accounts. Fintech firms in Bengaluru and traditional finance industry in Mumbai are feeling the regulatory pressure. Key Points
Economic TimesStocks in news: Delhivery, RIL, Jio Fin, Airtel, IDBI Bank, Hero MotoCorp, Page Inds
Subsidiary Reliance Jio Infocomm added 32.4 lakh users in August, and its wireless subscriber tally topped 44.57 crore, according to data released by telecom regulator TRAI. Key Points
Economic TimesBanks tread with caution on fraud case settlements
Bankers are wary of their decisions being questioned by vigilance and investigation agencies later, and want some assurance from the regulator before implementation of the circular. Lenders have held discussions with all stakeholders, including the government, soon after the circular was published, and want additional clarity before provisions are implemented. Key Points
Economic TimesTrai exploring auction models to 'best' allocate Satcom spectrum
The Telecom Regulatory Authority of India (Trai) is analysing three to four auction models for satellite spectrum, including the ones proposed by Elon Musk-owned Starlink and Reliance Jio. As per officials, the regulator will see what could be the best way to allocate spectrum - auction or administrative - after seeing a result of the auction analysis. Key Points
Economic TimesUS SEC chief says government shutdown would reduce agency to 'skeletal' staff
Wall Street's top regulator on Wednesday told U.S. lawmakers that a looming shutdown of the federal government would reduce his agency's staffing to "skeletal" levels. Key Points
ReutersCompanies may be allowed to delist via fixed price: Sebi Chief
The regulator is also working on instantaneous settlement of stock market transactions and reviewing the trading plan mechanism for insiders at listed firms. Sebi will issue a discussion paper on the delisting process before December. Key Points
Economic TimesOyo pre-files DRHP, IPO size likely slashed; Unacademy leadership to take salary cuts
Oravel Stays, which operates budget hospitality chain Oyo, has pre-filed its IPO papers with the stock market regulator Sebi on Friday under the confidential pre-filing route. This and more in todays ETtech Top 5. Key Points
Economic TimesWhat are you getting—5G or 4G?: 5G coverage map on telcos websites likely
Telecom regulator Trai is considering a directive to display coverage maps on websites for consumers to know 5G and 4G availability. It plans stricter regulation, increased penalties, and state and district level quality of service monitoring to reduce call drops. Key Points
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