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Business Economy India News

SEBI mulls setting up more exchanges

SEBI noted that the Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness..reports Asian Lite News

The Securities and Exchange Board of India (SEBI) has proposed amendments in the regulations to ease the setting up of stock exchanges and depositories in the country.

In a statement, SEBI noted that the Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness in quickly responding to the changing market dynamics which may have an adverse bearing on efficiency in trading, record-keeping, supervision and risk management practices.

It also said that several new fintech and techfin players have emerged in trading space in various jurisdictions, who are increasingly deploying these disruptive technologies and challenging the traditional functioning of stock exchanges and depositories.

“A need is, therefore, being felt to forge a competitive landscape in MIIs’ (Market Infrastructure Institutions) space by facilitating new players, who may like to challenge other MIIs in their already established domain, to set up MIIs or merger/ acquisition of the existing entities,” the SEBI statement said.

SEBI.



Noting that the current framework appears to restrain the entry of new players or acquisition of existing entities, the capital market regulator said: “It is, therefore, proposed to create a liberalised ownership framework by allowing higher shareholding at initial/inception stage with dilution over a period of time.”

As per the consultation paper, SEBI has proposed that resident promoter setting up the MII may hold up to 100 per cent shareholding which shall be brought down to not more than — either 51 per cent or 26 per cent — in 10 years.

“A foreign promoter (from FATF member jurisdictions) setting up the MII may hold up to 49 per cent shareholding (in terms of consolidated FDI Circular, 2020) which shall be brought down to not more than (either 26 per cent or 15 per cent) in 10 years,” it said.

Foreign individuals or entities from other than FATF member jurisdictions, may acquire or hold up to 10 per cent in an MII, SEBI proposed. Further, as per the consulation paper, any person, domestic or foreign, other than the promoter, may acquire or hold less than 25 per cent shareholding.

At least 50 per cent of ownership of the said exchange or depository, shall be represented by individuals or entities having experience (5 years or more) in areas of capital markets or technology related to financial services, it added.

Also read:RBI Points Towards Holding Inflation rate at 4%

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-Top News Business India News

Spectrum auctions to begin on March 1

The final list of the bidders will be declared on February 24 and bids will be for spectrum in frequency bands of 700 MHz, 800Mhz, 900 Mhz, 2100 Mhz, 2300 Mhz and 2500 MHz, according to the notice…reports Asian Lite News

The Department of Telecommunications (DoT) has announced that the next round of spectrum auctions will start on March 1.

As per the Notice Inviting Applications issued on Wednesday, telecom companies can apply till February 5.

The final list of the bidders will be declared on February 24 and bids will be for spectrum in frequency bands of 700 MHz, 800Mhz, 900 Mhz, 2100 Mhz, 2300 Mhz and 2500 MHz, according to the notice.

Director General of the Cellular Operators Association of India (COAI), S.P. Kochhar, said: “We welcome the government’s decision to kick start the Spectrum Auction from March 1st. This will enable the industry to cater to the exponential increase in data usage which will facilitate in supporting the Digital India vision.”

He, however, added that while the government has addressed the requirement for availability of more spectrum, lowering the reserve prices would have provided additional resources for network expansion to the telcos.

“High reserve prices in past auctions have resulted in large amounts of spectrum remaining unsold. We hope the government will take additional measures to boost the financial health of the industry, which is the backbone of a digitally connected India,” Kochhar added.

The Union Cabinet had last month approved the next spectrum auction of a total of 2251.25 MHz.

A total of 2251.25 MHz will be offered with total valuation of over Rs 3.92 lakh crore.

Also read:RBI sets up ‘Payments Infrastructure Development Fund’

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India News Maharashtra Punjab

Amarinder urges PM Modi to repeal farm laws

Stressing that there was nothing wrong with the demands of the farmers, Punjab Chief Minister Amarinder Singh urged the Prime Minister to immediately repeal the farm laws in order to resolve the crisis.

Categorically rejecting as “highly irresponsible” reports in a section of the media that Punjab had already implemented the new farm laws, the Chief Minister said Food Minister Bharat Bhushan Ashu’s statement had been mischievously twisted by one newspaper, with others picking it up.

Punjab was the first state to have opposed the Central farm laws and, in fact, passed amendments Bills to negate their dangerous impact on agriculture, he pointed out, slamming the Aam Aadmi Party (AAP) for spreading misinformation on the issue with their fake propaganda machinery.

The Governor, he said, “should have forwarded our Bills to the President for assent, which he has not done”.

The Chief Minister made it clear that Punjab would not allow the lives of its farmers to be ruined by the new laws.

“We will do whatever possible to help the farmers and their families, for whom the state government had already started two helplines on which they could reach out in case of any emergency,” he said.

Urging the Prime Minister to withdraw the controversial laws and talk to the farmers, Amarinder Singh said, “The farmers have made their stand very clear that the laws should be repealed. It is the job of the government of India to listen to them.”

The Centre can bring in new laws after due consultation with the farmers, he said, pointing out that the Constitution has been amended many times and can be done again for the revocation of the recently enacted farm legislations.

Noting that farmers from across the country had joined the protests against the farm laws, Amarinder Singh said after six-seven meetings, it was time that the matter is resolved and the farmers, who are sitting out in the cold and rains, can go back and everyone else can get on with their lives.

The Chief Minister lambasted those calling the protesting farmers Naxals and terrorists, terming it as wrong and irresponsible.

Also Read-Apex court concerned over farmers’ protest

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Rajinikanth’s political flop

The actor’s plan to paradrop into the top post at Fort St George was a script destined to flop, reports Manoj Menon.

Rajinikanth is capable of doing many things on screen. He can survive an attack from 20 villains with rippling muscles and dodge bullets from an assault rifle. However, his political script turned out to be damp squib.

With a fan following across generations, the septuagenarian has held his audience captive on the fodder of escapism intertwined with a clever mix of subtle political messaging.

Capitalising on the political vacuum created by the death of All India Anna Dravida Munnetra Kazhagam (AIADMK) leader J Jayalalithaa and Dravida Munnetra Kazhagam (DMK) stalwart K Karunanidhi, Rajinikanth found the timing right for his political innings.

However, his so called “spiritual politics” with strong Hindutva leanings found a natural ally with the Bharatiya Janata Party (BJP). The saffron party in turn saw a strong ally in the actor to make its presence in Tamil Nadu, where it has been rejected by the electorate repeatedly.

Rajinikanth provided an opportunity to reject Dravidian exclusivism and separatism, said political commentator and the actor’s friend S. Gurumurthy in an interview with The Hindu. Gurumurthy, the editor of popular Thuglaq magazine added that though AIADMK founder M G Ramachandran (MGR) and Rajinikanth are not alike, the impact of their entry into politics could be similar.

What led to the actor’s change of mind?

Health reasons attributed by the actor and the Covid-19 scare withstanding, it’s a known secret that India’s highest paid actor had undergone a kidney transplant in 2016. But what took Rajinikanth four years and half a dozen announcements since then about entering politics to bow out of the race just days ahead of his “grand plans”?

A conservative guess points towards… late realisation. Politics without a manifesto has no space in Indian politics. MGR and Karunanidhi, both closely associated with the film industry, were the byproducts of Dravidian politics led by political stalwarts like C N Annadurai and Periyar. Subsequently Jayalalithaa, MGR’s protégé, came to power after working closely in the grassroots slowly moving up the ladder to establish themselves as leaders.

On the contrary, Rajinikanth’s plan to paradrop into the top post at Fort St George — the seat of power in Tamil Nadu — was a script destined to flop. Sycophancy over stars in Tamil Nadu could well be a thing of the past.

With 80% literacy rate and ranked as the second richest state in India and third highest per capital among Indian states, Tamil Nadu is India’s engine of economic, manufacturing  and industrial growth.

What Tamil Nadu needs is politics based on a strong agenda of social justice and inclusive growth rather than politics scripted on the silver screen.

Superstar tantrums

The suspense over Rajinikanth’s impending political entry has been around for the last three decades. Interestingly, his comments are unlikely to be a decisive factor, as his statement against Jayalalithaa during the 1996 Assembly election boomeranged. His support to the BJP-AIADMK front during the 2004 Lok Sabha election failed to convince voters when the DMK-led combine won all the 40 seats in Tamil Nadu and Puducherry.

However, giving the actor his due, even as early as March 2020, he had given an indication that he was a reluctant political entrant.

He had said that he would not be the Chief Ministerial candidate of his proposed party. In October, he appeared to prepare his supporters for an exit confirming information about his fragile health condition contained in a letter attributed to him.

He, however, denied writing the letter. In subsequent meetings with Rajini Makkal Mandram (RMM) functionaries, he placed his health status before them. But throughout all this he was clear that this was a ‘now or never moment’ for political change in Tamil Nadu. Since he was ageing, he wanted to run an electoral sprint and not a marathon.

What next for the ageing hero?

Rajinikanth may have exited politics even without entering it, but he still has a major fan following with numbers which can make even some of his below par films rake in money for produces and distributors. His decision may have definitely hampered BJP’s plans to split votes in its favour. The DMK and AIADMK would both be relieved that they wouldn’t have to take on the popular actor. The biggest losers in the actor’s exit, however, could be Independents, who may have been maneuvering with major Dravidian parties for any post-poll tie-ups.

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-Top News India News

Apex court concerned over farmers’ protest

The Supreme Court on Wednesday expressed concern over the ongoing farmers’ protest against the recently enacted three farm laws at various Delhi borders.

A bench headed by Chief Justice S.A. Bobde told Solicitor General (SG) Tushar Mehta and Attorney General (AG) K.K. Venugopal, representing the Centre, “There is absolutely no improvement in the situation.”

Mehta submitted that the Centre is in discussion with the farmers to resolve their issues with the laws and since healthy talks are going on between the farmers and Centre, it would not be advisable to take up the matters immediately.

The AG said filing of response by the Centre may close avenues of negotiations underway between the farmers and Centre.

Venugopal added that there is a possibility that parties involved in discussion may come to a conclusion in the near future.

The bench also comprising Justices A.S. Bopanna and V. Ramasubramanian agreed with AG and SG submissions, and said if it is told on Monday (January 11) that discussions are still underway, then it would adjourn the hearing.

“We understand the situation. We want to encourage the talks. We will keep matter on Monday and will adjourn if you say so”, said the Chief Justice.

The farmers’ protest against the three farm laws has been going on for more than a month.

The observations from the top court came during the hearing on a petition filed by advocate M.L. Sharma who challenged a 1954 amendment to the Constitution for putting agriculture in the concurrent list, which permitted the Centre to enact the farm laws. The top court issued notice on Sharma’s plea.

Tractor March

The protest by farmers camping at the borders of the national capital continued for the 43rd day on Thursday. The leaders of the farmers unions demanding the repeal of the three new farm laws and the procurement of crops at the Minimum Support Price (MSP) are now readying for a ‘Tractor March’ announced by the Samyukta Kisan Morcha on the Eastern and Western Peripheral Expressways on Thursday.

Harinder Singh Lakhowal, Punjab farmer leader and General Secretary of the Bharatiya Kisan Union (BKU), told IANS that preparations were on to intensify the agitation and make the programme on Thursday a success. He informed that farmers from Punjab are coming with their tractors for the march. Farmers from Haryana, Uttar Pradesh and Rajasthan are also joining the rally.
Farmers leaders said the ‘Tractor March’ would be a trailer of the ‘Republic Day Parade’ scheduled on January 26.

Also Read-Biden denounces ‘insurrection’ at US Capitol

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COVID-19 India News

Govt warns against fake CoWIN apps

The Union Health Ministry on Wednesday asked people not to download or register on several fradulant applications named ‘CoWIN’ which are available on app-stores.

“Some apps named ‘CoWIN’ apparently created by unscrupulous elements to sound similar to the upcoming official platform of the government are on app-stores,” the Health Ministry alerted.

The ministry added, “Do not download or share personal information on these. The MoHFW official platform will be adequately publicised on its launch.”

Short for ‘COVID Vaccine Intelligence Network’ application, the CoWIN app will be used to manage and scale up the massive vaccination drive which is soon to be rolled out in the country.

The application will not only help the government coordinate the massive inoculation process, but also come to the aid of health authorities monitor coronavirus vaccines in real-time.

It is slated to be launched for the public soon. Beneficiaries would be able to register themselves after uploading identification documents like Aadhaar card, driving licence, PAN and bank passbook, among others.

Also Read-Covid-19: Cases, deaths soar again in France

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Environment India News

Snowfall disrupts life in Kashmir

Intermittent heavy snowfall during the last 48 hours threw life out of gear in Kashmir on Wednesday as the meteorological (MeT) department forecast improvement in weather from afternoon.

Over two ft snow accumulated on the ground in the plains of the valley while the higher reaches in Jammu and Kashmir received nearly four ft of snow during the last 48 hours.

Srinagar-Jammu highway remained closed on Wednesday for the fourth consecutive day while no flight operation took place from Srinagar airport for the second day.

Authorities are battling to restore traffic on the main roads in the valley while most of the rural areas remained cut off.

Hardships for the locals are compounded by the failure of the electric supply in the rural areas while the same remained erratic in semi-urban and urban areas.

“There would be improvement in weather conditions from today afternoon and during the next few days, weather is likely to remain mainly dry.

“This will help increase the day temperatures, but night temperatures would drop significantly during this period”, an official of the MeT department said.

The ongoing 40-day long period of harsh winter cold known locally as the ‘Chillai Kalan’ will end on January 31.

Srinagar recorded minus 0.9, Pahalgam minus 1.2 and Gulmarg minus 3.5 as the minimum temperatures on Wednesday.

The minimum temperature recorded in Kargil was minus 11.6, and Drass had minus 8.6 as the night’s lowest temperature.

Jammu city had 12.1, Katra 9.2, Batote 3.2, Banihal 0.2 and Bhadarwah 2.2 as the day’s lowest temperatures

Avalanche warning

Jammu and Kashmir Disaster Management Authority (DMA) on Wednesday issued high, medium and low level avalanche warning for the higher reaches of the avalanche prone areas of J&K.

A high danger level avalanche warning has been issued for the higher reaches of Poonch, Ramban, Doda, Kishtwar, Anantnag, Baramulla, Kupwara Bandipora and Kulgam districts.

Similarly, medium level avalanche warning has been issued for the higher reaches of Rajouri, Udhampur, Ganderbal and Reasi districts.

As such, people living in these areas have been advised to take precautions and avoid going to the vulnerable areas and to remove snow from their rooftops to avoid loss of lives.

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Asia News India News

India unveils Arctic policy in hunt for resources

India has crafted a draft policy for the Arctic the frozen northern cap of the sphere, which is ultra-rich in resources. Apart from the minerals including copious reserves of oil and gas, the Arctic is also opening new and cheaper shipping routes. With climate change also melting polar ice caps, new commercial ships can reach out to both North America and northern Europe, saving time and slashing costs. The government is now seeking feedback from the public so that the policy can be launched at the earliest…writes Vijay Sakhuja.

The ‘Roadmap for Sustainable Engagement’ in the Arctic region and has five pivots science and research; economic and human development cooperation; transportation and connectivity; governance and international cooperation; and national capacity building. Each of these supports have clear-cut objectives and Action Plans. In policy making circles many are burning the midnight oil to assign timelines, set up a review mechanism, and allocate resources for its implementation.

The National Centre for Polar and Ocean Research (NCPOR) under the Ministry of Earth Sciences, which is the lead organization for India’s Polar research programme, will serve as the nodal agency. As many as 15 other ministries, government departments and institutes will be associated with the implementation of the Policy including the Ministry of External Affairs that would provide the ‘external interface’ to the Arctic Council. The government also wishes to pursue a multi-stakeholder approach and involve the academia, research community, business and industry. Overall, it is a forward-looking policy with clear cut deliverables that can potentially generate numerous positive spinoffs across domains.


Although the Arctic is a recent entrant in New Delhi’s foreign policy horizons, India’s engagement in the Arctic dates back to over hundred years when it signed on February 9, 1920 the �Treaty concerning the Archipelago of Spitsbergen’ or the ‘Svalbard Treaty’. At that time, India was part of the British overseas dominions and the King of Britain had signed the treaty as the Emperor of India.
India began to look towards the Arctic after its successes in scientific research in the Antarctic, where it set up research stations in the 1980s. It watched with interest the evolving climate-induced changes and strategic developments in the Arctic region. In 2007, a scientific research station ‘Himadri’ was established at Ny Alesund, Spitsbergen about 1200 kilometers from the North Pole which gave a thrust to India’s endeavour in the advancement of polar sciences. Thereafter, in 2013, India was admitted as an Observer in the Arctic Council, a high-level intergovernmental forum for Arctic cooperation set up with the twin-mandate of environmental protection and sustainable development. This was based on India’s professed commitment to pursue scientific and environmental research activities.

India’s continued interest in the Arctic and the current policy pronouncement comes at a time when the Arctic region is witnessing significant changes. In 2020, the sea ice cover contracted to its second lowest extent in the last five decades. Besides shrinking, the sea ice is getting thinner which is a clear sign that the Arctic is warming rapidly due to heat waves from forest fires in Siberia, warmer temperatures over the Central Arctic, and the thawing permafrost in Russia. These can potentially affect the Indian Monsoon system and the glaciers in the Himalayas, also referred to as the Third Pole. Both issues figure prominently in India’s thinking and find reference in the draft Arctic Policy.

India’s engagement in the Arctic has predominantly been limited to studies related to polar science, oceanographic, atmospheric, pollutant and microbiology related studies, and continue to this day; but these have expanded the domain of resource development. Part of this shift can be attributed to the evolving geo-economic developments in the North pivoting on oil and gas, mining, opening up of new shipping routes connecting Asia and Europe which would be of immense economic value to India. Although the Arctic Policy acknowledges the economic wealth of the region, it notes the adversarial impacts of increased economic activity, which “necessitate the creation of effective mechanisms that promote responsible business activities based on the three pillars of sustainable development environmental, economic and social”.

The draft Arctic Policy also envisages connecting with the Arctic residents, especially indigenous communities and offer “viable opportunities in different sectors where Indian enterprises can be involved, become part of international commerce, promote traditional indigenous knowledge, businesses and best practices”. This should trigger numerous opportunities for the indigenous communities’ living in the Himalayan mountain region on issues of conservation and sustainable development of the local habitats and wellbeing of communities. It could very well herald exchanges between the Himalayan communities’ and Arctic indigenous people on ‘natural values and cultural heritage’. These can be synchronized and adapted to the Goal 11 of the SDG 2030.

India also wants to offer its technological prowess in the field of space technology. Its RESOURCESAT can offer a number of services in the Arctic regions such as land and water management, telecommunications and connectivity, maritime safety and navigation, search and rescue, hydrographic surveys, climate modelling, environmental monitoring and surveillance, mapping and sustainable management of marine resources.

It is important to mention that a considerable area of the Himalayan mountains is “underlain by frozen ice and is sensitive to climate change and global warming while glaciers have been substantially studied in the northwestern Himalaya, permafrost is not observable spatially”. It is also fair to argue that global warming combined with human intervention can result in landslides and avalanches. Also, glacial lake outburst floods (GLOFs) can result in sudden releases of large quantities of water that can wreak havoc on mountain communities. Apparently, there are 47 such critically dangerous GLOFs which could burst, flooding downstream areas in Nepal, China and India.

The above issue is closely associated with the mountain communities and connectivity infrastructure in the Himalayan region. The later gains greater salience in the context of ongoing China-India military standoff along the Line of Actual Control (LAC). China has already built sophisticated road, rail and air infrastructure over permafrost to support military operations. India is beginning to invest in building tunnels, roads, airfields and other military related supply chains.

The Indian Border Roads Organisation (BRO) is entrusted with keeping key military infrastructure in the mountains fully operational. It is important for the BRO to study and ascertain through scientific modelling how climate induced changes along the LAC will impact on military preparedness in the coming decades under a variety of climate conditions. This will ensure the physical stability of military infrastructure and guarantee the Indian Army to detect and defend against the Chinese military adventurism.
(Dr Vijay Sakhuja is former Director National Maritime Foundation, New Delhi)

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Business Economy India News

RBI sets up ‘Payments Infrastructure Development Fund’

A PoS infrastructure can have physical or digital features to allow online payments for goods or services…reports Asian Lite News

The Reserve Bank of India has created a ‘Payments Infrastructure Development Fund’ to encourage acquirers to deploy ‘Points of Sale’ infrastructure in tier-3 to tier-6 centres and north-eastern states.

A PoS infrastructure can have physical or digital features to allow online payments for goods or services.

“Over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc,” the RBI said in a statement.

“To provide further fillip to digitisation of payment systems, it is necessary to give impetus to acceptance infrastructure across the country, more so in underserved areas.”

Accordingly, the Reserve Bank will make an initial contribution of Rs 250 crore to the PIDF, covering half the fund and remaining contribution will be from card issuing banks and card networks operating in the country.

“The PIDF will also receive recurring contributions to cover operational expenses from card issuing banks and card networks. The Reserve Bank will also contribute to yearly shortfalls, if necessary,” the statement said.

“The PIDF will be governed through an ‘Advisory Council’ and managed and administered by the Reserve Bank.”



Meanwhile, the Reserve Bank of India (RBI) has imposed a penalty of Rs 2.50 crore on Bajaj Finance for violation of codes governing the methods employed to recover dues amongst others.

Accordingly, the company was found to be in violation of directions issued “on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs… and a specific direction to the company to ensure full compliance with FPC in letter and spirit”, said an RBI statement.

“This penalty has been imposed… taking into account the failure of the company to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts and thereby failing to adhere to the aforesaid directions issued by RBI,” it said.

The central bank noted that there were persistent or repeat complaints about recovery and collection methods adopted by the company.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.”

Also read:RBI Points Towards Holding Inflation rate at 4%

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-Top News Business India News

Indian economy to shrink 9.6% in 2020-21: WB

The Bank’s Global Economic Prospects Report said that the optimistic forecast for 2021-22 “assumes that a vaccine will be distributed on a large scale in the region starting the second half of 2021 and that there is no widespread resurgence in infections”…reports Asian Lite News

India’s economy battered by the Covid-19 pandemic is forecast to crater by 9.6 per cent during the current financial year but can recover by 5.4 per cent next financial year if there is wide vaccination against the disease and it is contained, the World Bank reported on Tuesday.

The Bank’s Global Economic Prospects Report said that the optimistic forecast for 2021-22 “assumes that a vaccine will be distributed on a large scale in the region starting the second half of 2021 and that there is no widespread resurgence in infections”.

About the economy’s contraction, the report said, “In India, the pandemic hit the economy at a time when growth was already decelerating” and “the estimated contraction of the economy by 9.6 per cent during 2020-21 reflects “a sharp drop in household spending and private investment”.

Looking ahead, the report said that India’s recovery would be constrained by the weak financial sector.



The 5.4 per cent growth rate forecast for in 2021-22 — a “rebound from a low base” — would be “offset by muted private investment growth given financial sector weaknesses”, the report said noting that “in the financial sector, non-performing loans were already high before the pandemic”.



In the South Asia region, the Bank said that the economy overall fell by 6.7 per cent in 2020 “reflecting the effects of the pandemic and nationwide lockdowns, particularly in Bangladesh and India”.

But it added, “Activity rebounded in the second half of last year, led by industrial production, as initial stringent lockdowns were eased.”

The global economy, which contracted by 4.3 per cent in 2020 is forecast to grow by 4 per cent next year if “an initial Covid-19 vaccine rollout becomes widespread throughout the year”, the report said.

The report warned that for the South Asia region, “Risks to the outlook are tilted to the downside.”

Besides severe and longer-lasting coronavirus infection rates, the other risks include “financial and debt distress caused by an abrupt tightening of financing conditions or possible widespread corporate bankruptcies”.

“Additional stress on domestic banks in the region could be triggered by the economic consequences of a more protracted recovery from the pandemic, which in turn could lead to a rise in bankruptcies and weaken the balance sheets of the banking and non-banking sectors,” it added.

China, from where the Covid-19 pandemic spread, is expected to see its economy grow by 7.9 per cent — the world’s fastest — this year after contracting 2 per cent last year.

The report’s forecast for the US economy is a 3.5 per cent growth in 2021, after an estimated contraction of 3.6 per cent in 2020.

Also read:Indian Economy Springing Back To Q4 FY20 Levels: Report