Demerged CPSE companies can use parent's name for five years
The bid documents must clearly mention the conditions under which demerged entities may become eligible, it added. It is mandatory for central ministries or enterprises to procure a minimum 25% out of their total annual procurement from micro and small enterprises (MSEs). Key Points
Economic TimesSEBI bars 135 entities from securities market over stock manipulation through bulk SMS
SEBI has fined 135 entities ₹1.26 billion and issued an interim restraining order, after finding them guilty of stock manipulation through bulk messages. Key Points
mintSebi cracks down on ‘pump & dump’ schemes, slaps Rs 5.7 crore penalty on 3 entities
It has imposed a penalty of twice the amount made in unlawful gains — Rs 5.68 crore 56.85 million — on three entities, and Rs 5 lakh on the remaining three for violations on their part. Key Points
FinancialexpressKarnataka: I-T dept detects Rs 1k cr bogus expenditure after raids on co-op banks
The CBDT said in a statement that cash of more than Rs 3.3 crore and jewellery worth Rs 2 crore was seized during the searches. The Central Board of Direct Taxes (CBDT) is the administrative body for the I-T department. The seized evidences revealed that these cooperative banks were involved in rampantly discounting bearer cheques issued by various business entities, in the name of various fictitious non-existing entities the CBDT said. Key Points
Economic TimesED tapped RBI for more info on FX violations by those using Paytm Payments Bank
This happened after RBI wrote to ED in the last week of November 2023, informing it of possible breaches. Within 10 days, ED wrote back to RBI in December, seeking information on the “entities” that had allegedly violated Fema, sources said. ED had also sought details on entities that had made suspiciously “huge” deposits in Paytm wallets. Key Points
Economic Times
Ajay Singh, Sky One and Busy Bee file firm bids for Go First
SpiceJet promoter Ajay Singh, Sky One, and Busy Bee have submitted the bank guarantee and expression of interest for bankrupt Go First Airlines. The lenders may extend the resolution process deadline by two months. Singh applied individually, while Busy Bee is a new applicant associated with Plan IT. Safrik Investments and NS Aviation did not submit guarantees. The three entities will receive more information on Go First to develop a formal plan. Creditors may vote again to extend the resolution timeline beyond the current deadline. Key Points
Economic TimesSebi extends timeline for mandatory verification of market rumours by listed entities
Sebi had in March this year approved a proposal to verify market rumours to strengthen corporate governance and disclosure framework. The move was based on the recommendations made in three consultation papers released by SEBI between November 2022 and February 2023. Prior to this, listed entities had it upon themselves to verify and respond to market rumours. Key Points
Economic TimesOver 12k fake entities in GST; CBIC plans biometric authentication, tighter return filing
The Central Board of Indirect Taxes and Customs (CBIC) in India is planning to introduce biometric authentication and geo-tagging in an effort to crack down on GST fraud. The biometric authentication will be used to verify the identities of individuals connected to businesses that are suspected of fraudulent activity. The CBIC chief, Vivek Johri, said that there are around 12,500 bogus entities that have been identified as claiming fake Input Tax Credit (ITC). Key Points
Economic TimesIncome Tax dept to launch e-campaign for Advance Tax for FY 2023-24
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. Key Points
Economic TimesSebi bans eight entities from securities markets
Seizes ‘unlawful gains’ of ~1.3 crore. Markets regulator Sebi on Friday barred eight entities from the securities markets and seized “unlawful gains”... Key Points
The Tribune IndiaRBI issues warning against deceptive loan waiver campaigns
New Delhi [India], December 11 (ANI): The Reserve Bank of India (RBI) has raised concerns over unauthorized campaigns misleading borrowers with promises of loan waivers. According to RBI, these deceptive entities are actively promoting their campaigns through print media and various social media platforms, targeting unsuspecting individuals seeking financial relief. Show Full Article Reports indicate […] Key Points
ThePrintKirloskar Bros discloses family settlement deed
Kirloskar Brothers has become the first company to disclose its promoters' entire ‘deed for family settlement (DFS) according to new regulations by India's Securities and Exchange Board. The agreement deals with the distribution of assets, transfer of shares, ownership of entities and execution of the deed, among other factors. Key Points
Economic TimesSEBI takes action against front running, prohibits LIC employee and four others from securities market
SEBI alert system leads to a ban on front-running trades worth ₹2.44 crore, involving LIC employee and four others. Key Points
mintMahadev betting app scam: 19 smallcap stocks crash up to 37% this month
Smallcap investors suffered losses due to the Mahadev Online Book scam involving entities like Hari Shankar Tibrewala. Several listed stocks linked to the scam saw significant value depreciation, causing panic in the stock market. Key Points
Economic TimesBrokers need to be cautious against manipulations in stock market: Sebi
India Business News: Sebi member Kamlesh Chandra Varshney warns brokers about manipulations in the capital market. Sebi is using AI for investigations. Investor participat Key Points
Times Of India
Sebi bans 5 entities from securities mkt
New Delhi: Sebi has barred five entities, including Excel Realty N Infra, from the securities market for up to two years and levied a fine totalling Rs 1.75 crore on them for being involved in a fraudulent scheme of misrepresenting financial statements of the company. PTI Key Points
The Tribune IndiaSebi to treat finfluencers selling crorepati dream as fraudulent, misleading activity
Sebi also wants regulated entities like brokers, mutual funds and exchanges to stop dealing with unregistered finfluencers. After a board meeting on Wednesday night, Sebi chairperson Madhabi Puri Buch said a discussion paper to regulate financial influencers will be out in the next couple of months. Key Points
Economic TimesRBI gives green signal to first loss default guarantee (FLDG) framework; here's how will fintech, banks, NBFCs benefit
RBI has approved the First Loss Default Guarantee (FLDG) programme, which allows fintechs to partner with banks and NBFCs. This move is expected to strengthen the digital lending ecosystem and is seen as positive for data-tech NBFCs and fintechs. Key Points
mintZEE row: SAT reserves order in Puneet Goenka, Subhash Chandra's appeal against SEBI
The Securities Appellate Tribunal (SAT) on Tuesday reserved order in the Zee Entertainment Enterprises' plea, challenging market regulator Sebi's interim order. SAT had deferred the hearing of the plea on Monday to June 27. Key Points
Economic TimesNew threshold limit a challenge to many FPIs
The lower threshold can be a challenge for ultimate beneficiaries as lowering ownership below 10 per cent in a fund could mean losing control over the entity. Bankers think investors who want to hide their identities may add a few more layers to dilute the eventual ownership below 10 per cent. Key Points
Economic Times
CBDT starts sending emails, SMSs to assessees for mismatch in tax profile, fin transactions in FY24
The Income Tax Department has initiated an e-campaign to notify taxpayers whose taxes paid during the current fiscal year do not match their financial transactions. Through emails and SMSs marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25, taxpayers are urged to accurately calculate and deposit their advance tax by March 15. Key Points
Economic Times