Quoting a source, the report says, "The committee was upset over the officer’s failure to appear earlier and the message was conveyed to him in strong words that the committee is meant for the issues of special public interests and he will have to make himself available whenever summoned in future."
Gaurav Soni, an investor, had petitioned the committee alleging that millions of people had invested in PACL, which was not returning investors’ money. He also alleged high-handedness by SEBI in refunding money to investors of PACL.
As SEBI has detailed information about the company, the committee had summoned Mr Tyagi to understand the whole issue.
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Nazara Technologies Ltd (NTL) is a gaming and sports media platform with presence in India and across emerging markets, such as Africa, and developed markets such as North America. It offers gaming products across the interactive gaming, eSports and gamified early-learning ecosystems, including the World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early...
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The Supreme Court on Wednesday sought reply from Centre and states, on a plea alleging cancellation of nearly four crore ration cards, in the absence of linkages with the Aadhaar card.
A bench headed by Chief Justice S.A. Bobde and comprising justices A.S. Bopanna and V. Ramasubramanian said: "The matter is too serious. We have to hear it."
The observation came on a plea filed by Koili Devi, mother of an 11-year-old girl, who allegedly died of starvation on September 28, 2017. The top court noted that this matter should not be treated as adversarial.
"Insistence on Aadhar and biometric authentication had led to the cancellation of nearly 4 crore ration cards in the country according to the Union of India. The Union of India casually gives an explanation that these cancelled cards were bogus," said the plea.
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The Reserve Bank of India (RBI) has imposed a penalty of Rs2 crore on the State Bank of India (SBI) for contravention of provisions of Section 10 (1) (b) (ii) of the Banking Regulation Act, 1949 and has issued specific directions on payment of remuneration to SBI employees in the form of a commission. However, this amount is minuscule compared with commissions earned by the Bank and its employees by mis-selling insurance policies and investment products like mutual fund schemes. SBI used to issue prepaid cards under the name of achiever's card to its own employees and, according to our sources, these were used for crediting commission to employees for selling products.
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The parliamentary standing committee on finance, chaired by Jayant Sinha, has asked regulators Securities & Exchange Board of India (SEBI) and Reserve Bank of India (RBI) to review their regulations in the face of serious default crisis at Infrastructure Leasing & Financial Services (IL&FS). The committee also asked ministry of finance to seek factual report from the regulators on enforcement of credit rating agencies (CRAs) regulations, particularly action taken against CRAs who gave 'stable' rating to IL&FS prior to the default crisis.
Explaining rationale for fresh evaluation of the credit rating framework, the committee says the regulations should be suitable modified or tightened, benchmarking them on greater objectivity, transparency and credibility in the credit rating framework and process.
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In April 2017, the regulator mooted the Insurance Self Networking Platform (ISNP) to facilitate e-commerce in the insurance business. However, four years down the line, there is not much information available about the ISNP itself, or insurance companies, brokers, and corporate agents, who are participants of ISNP, how they are regulated, if at all, and what business they are doing. There is no official information about the way they are being authorised to sell or service insurance policies through the platform. Further, nobody knows, how many insurance companies, brokers and corporate agents have applied, how many applications have been rejected and on what basis and what are duties and responsibility of those on-boarded on ISNP towards insurance consumers. Except for developing a portal, https://isnp.irda.gov.in/, the IRDAI has kept mum on everything ISNP. In fact, as per our sources, except a few in IRDAI, nobody knows anything about ISNP and what exactly is taking place under this platform.
Nifty, Sensex may head lower – Wednesday closing report
Moneylife Digital Team
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We had mentioned in Tuesday’s closing report that Nifty, Sensex may try to rally a bit. On Wednesday, the indices opened higher but ended with major losses. On the NSE, there were 377 advances, 1,537 declines and 90 unchanged.
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
State Bank of India was penalised Rs 2 crore by the RBI over "deficiencies in regulatory compliance," on March 15.
Private equity firm Carlyle is selling 4% stake in SBI Card for around $513 million. Carlyle held 15.86% stake in SBI Cards and Payment Services at the end of trade on 16 March 2021.
31 Years Down, an Uncontested Will Is Probated in Bombay High Court
Moneylife Digital Team
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In an interesting case that was going on for almost 31 years, the Bombay High Court (HC) has allowed probate of a Will. What stands out from this judgement is the short but well explained research by justice GS Patel on the applicability of the Indian Succession Act to the Hanafi sect of Sunni Muslims residing in Mumbai. Further, the HC also issued time-bound directions to the concerned authorities for clearing pending dues of the property.
In his judgement on 10 March 2021, justice Patel says, "The first oddity about the matter, and it is truly inexplicable, apart from being a tragic and terrible commentary on our justice delivery system, is that, though uncontested, the matter has been pending in this court for the last 31 years.
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Suryoday Small Finance Bank Ltd (SSFB) was incorporated in 2008 as Suryoday Micro Finance Pvt Ltd and commenced operations in 2009 as a microfinance institution. Subsequently, it transformed itself into a small finance bank (SFB) and started operating in January 2017. As of 9MFY20-21, SSFB had 1.44mn (million) customers, 4,770 employees, 554 banking outlets and 661 customer service points...
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Perpetual bonds—what a wonderful way to raise money! Never have to repay and the bondholder enjoys no vote. And there is no income tax either, even though the money is permanently taken.