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State-owned United India Insurance Co Ltd has paid Rs10.13 lakh to settle compliance issues with market regulator Securities and Exchange Board of India (SEBI). Axis Bank Ltd, in which United India Insurance is a promoter, also paid Rs41.43 lakh as settlement for failing to disclose insider trading within the stipulated time. In fact, SEBI found Axis Bank reported the transactions after a delay of over 1,000 days, in violation of regulation 7(2)(a) of the Prohibition of Insider Trading (PIT) regulations.
SEBI issued two separate orders to settle the issues. The orders say, .it is hereby ordered that the proceedings that may be initiated for the default..are settled qua the applicants..SEBI shall not initiate any enforcement action against the applicant for the said defaults.this order disposes of the proceedings that may be initiated for the default as mentioned..and passing this order is without prejudice to the right of SEBI to take enforcement action including comme
Reserve Bank of India (RBI) continues to strengthen the regulations to govern non-banking financial companies (NBFCs) that are regarded as shadow banks.
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Consistently good agriculture performance, a flattening of the COVID-19 infection curve, and a pickup in government spending are all supporting the Indian economy and India is on track for an economic recovery in the fiscal year ending March 2022, says S&P Global Ratings
In a report titled, Cross-Sector Outlook: India s Escape From COVID , the ratings agency says, The economy still faces important risks as it transitions from stabilisation to recovery. We estimate that India faces a permanent loss of output versus its pre-pandemic path, suggesting a long-term production deficit equivalent to about 10% of GDP.
India needs many things to be right for its recovery to continue, S&P says, adding most significantly, the country needs to vaccinate quickly and thoroughly most of its 1.4 billion people. The emergence of yet more contagious COVID-19 variants with the potential to evade vaccine-derived immunity present a major risk to this recovery, as does the possibili
Late Justice PB Sawant Played a Stellar Role in Drafting and Campaigning for the RTI Act in India
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The tenacious campaign for the passing of the Right to Information (RTI) Act, which was steered by Aruna Roy’s National Campaign for Peoples’ Right to Information (NCPRI) in the 1990s, received great impetus, thanks to justice PB Sawant, who, as chairman of the Press Council of India, insisted on drafting the law. On Monday, at the age of 90, justice Sawant peacefully passed away due to cardiac arrest at his home in Pune.
While the law drafted by him went through a series of updates through several committees later, Nikhil Dey, founder member of NCPRI, says that justice Sawant’s conviction that media must also fight for access to information, spurred him to volunteer to write the first ever draft of the RTI Act. And for that, Justice Sawant took immense efforts to ensure that it was strong enough for citizen’s access to information from public authorities.