Newsletter Contents: SEBI Updates, MCA Updates, RBI Updates, IBC Updates, Labour Law Updates, Press Information, IPO & Investment updates, IRDAI Updates, Department of Telecommunications, MSME Updates, Competition Commission of India, Current Affairs – FAQ’s
- SEBI Updates:
| [Sl. | Particulars | Link |
| 1 | Consultation paper on Regulatory Framework for Index Provider | Click Here |
| 2 | IIFL FMP XXXXD Series 1 | Click Here |
| 3 | Informal Guidance Letter to Karun Carpets Pvt. Ltd. in relation to Scheme of Amalgamation of promoter company of Greaves Cotton Ltd under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 | Click Here |
| 4 | Introduction of Investor Risk Reduction Access (IRRA) platform in case of disruption of trading services provided by the Trading Member (TM) | Click Here |
| 5 | Securities and Exchange Board of India (Employees’ Service) (Third Amendment) Regulations, 2022 | Click Here |
| 6 | Limited relaxation – dispatch of physical copies of financial statements etc. – Regulation 58 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 | Click Here |
| 7 | Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 | Click Here |
| 8 | Monitoring and Periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories | Click Here |
| 9 | Extension of timelines for entering and verification of the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories | Click Here |
| 10 | Management and advisory services by AMCs to Foreign Portfolio Investors | Click Here |
| 11 | Monthly Dashboard – November 2022 | Click Here |
| 12 | Consultation Paper on standardised approach to valuation of investment portfolio of Alternative Investment Funds | Click Here |
| 13 | Operational Circular for Credit Rating Agencies | Click Here |
2. MCA – 21 Updates
| Sl. | Particulars | Link |
| 1 | Stakeholders please note that PAS-3 form will be available for filing purposes in V2 till 19th January 2023 11:59 PM. | Click Here |
| 2 | Ministry of Corporate Affairs directs Shipping Corp to file responses on objections raised against the demerger scheme | Click Here |
| 3 | Indian corporate bond issuance may be halted for few weeks in Jan. Here’s why | Click Here |
| 4 | Indian Institute of Corporate Affairs launches programme to create Impact Leaders in areas of ESG | Click Here |
| 5 | Indian Government Launching Crypto Awareness Campaign | Click Here |
3. RBI / Banks Updates
| Sl. | Particulars | Link |
| 1 | Individual Housing loans – Revised limits under four-tiered regulatory framework | Click here |
| 2 | Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal | Click here |
| 3 | Formation of new districts in the State of Chhattisgarh – Assignment of Lead Bank Responsibility | Click here |
| 4 | Central Payments Fraud Information Registry – Migration of Reporting to DAKSH | Click here |
| 5 | RBI releases Annual Report of Ombudsman Schemes, 2021-22 | Click here |
| 6 | RBI releases Name of Applicant under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector | Click here |
| 7 | Regulatory Sandbox (RS) – Fourth Cohort on Prevention and Mitigation of Financial Frauds – Test Phase | Click here |
| 8 | RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: October – December 2022 (Round 60) | Click here |
| 9 | Periodic Updation of KYC details of Customers | Click here |
| 10 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
4. IBC / Insolvency Law updates
| Sl. | Particulars | Link |
| 1 | Liquidation Processes Ending with Order of Dissolution/Closure: As on 31st October, 2022 | Click here |
| 2 | The Insolvency and Bankruptcy Board of India Research Initiative, 2019 (Updated as on 30th November, 2022) | Click here |
| 3 | Insolvency Professional to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022 | Click here |
| 4 | Circular – Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to sub-regulation (10) of regulation 31A of IBBI (Liquidation Process) Regulations, 2016 | Click here |
| 5 | Final Panel of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022’ for the period from January 1, 2023 to June 30, 2023 | Click here |
5. Labour law updates
| Sl. | Particulars | Link |
| 1 | Labour Ministry considering shift to living wage from minimum wage, here is what it means | Click here |
| EPFO Latest Update: Interest to Be Credited to Subscribers’ Accounts Soon! Know How to Check Balance | Click here | |
| 3 | Good news for EPFO people! Find out online if 81-81 thousand is coming to your EPF account with EPFO passbook | Click here |
| 4 | EPF Pensioners: What is ‘Nirbadh Seva’ that will help members get instant PPO number after retirement – check details! | Click here |
| 5 | Retirement planning: How NPS scores over EPF and PPF | Click here |
6. Key Press information
| Sl. | Particulars | Link |
| 1 | ECI initiates delimitation of Assembly & Parliamentary Constituencies in the State of Assam as per Section 8A of the RP Act 1950 | Click here |
| 2 | Department of Posts launches an ‘Online request Transfer Portal’ for Gramin Dak Sevaks | Click here |
| 3 | PM lauds achievement of the target of establishment of 1.5 Lakh Wellness Centres | Click here |
| 4 | Use Aadhaar confidently, but observe same usage hygiene like Bank account, and Passport: UIDAI | Click here |
| 5 | Centre to roll out new integrated food security scheme starting 1 January 2023 | Click here |
| 6 | India has the potential to become a world leader in Footwear and leather : Shri Piyush Goyal | Click here |
| 7 | UIDAI enables ‘Head of Family’ based online address update in Aadhaar | Click here |
| 8 | NTPC starts India’s first green hydrogen blending operation in PNG network | Click here |
| 9 | APEDA working in collaboration with state governments, farmers and others to boost honey exports | Click here |
| 10 | Launch of Smart cities and Academia Towards Action & Research (SAAR); | Click here |
7. IPO & investment Section
| Issuer Company | Exchange | Open | Close | Issue Price (Rs) | Issue Size (Rs Cr) |
| Ducol Organics And Colours Limited IPO | NSE SME | Jan 09, 2023 | Jan 11, 2023 | 78.00 | 31.51 |
| Eastern Logica Infoway Limited IPO | BSE SME | Jan 05, 2023 | Jan 09, 2023 | 225.00 | 16.94 |
(Source: Chittorgarh.com)
- Key Updates in Brief {Source- ET, BS etc.}
1. Sebi returns OYO’s draft IPO papers, asks to refile with certain updates
The Securities and Exchange Board of India (SEBI) has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates. The capital markets regulator returned the travel-tech firm’s draft red herring prospectus (DRHP) on 30 December last year and has asked the company to refile it with applicable updates/ revisions, as per an update with Sebi’s website today.
This is expected to delay OYO’s initial public offering (IPO). OYO was targetting an early 2023 offering if market and economic conditions allow. The Gurugram-based hospitality unicorn filed preliminary documents with Sebi in September 2021 for a ₹8,430 crore IPO.
Earlier, the firm had filed an addendum to its DRHP, which included its financials for the first half of FY23. It reported a profit of ₹63 crore for the first half of FY23 as against a loss of ₹280 crore a year ago.
The firm’s revenues in the first half (April-September) of FY23 grew 24% year-on-year to ₹2,905 crore. Apart from improving operating performance, the company has a cash corpus of ₹2,785 crore, the filing to Sebi showed.
- To read more: Click Here
2. Why SME IPOs are emerging as top fund-raising platform for promoters
As the world is witnessing a slow turnaround towards the stabilisation of the global economy in the post covid era, the Indian economy has hit a sweet spot with the BSE SME IPO index delivering the highest-ever return in 2022. Several fund-raising options are emerging in India, and the local companies gearing up to raise funds from alternative sources to meet its financial requirements.
For a developing country such as India, Small and medium enterprises (SMEs) are the wheels that turn the economy, and SMEs contribute to one-third of India’s GDP. The SMEs have played an essential role in India’s socio-economic development and in globally developed countries such as Germany. In fact, SMEs generate 54.4% of overall value added in Germany and 63.7% of overall employment in the German non-financial business economy.
Reflecting, Indian growth story unwinds itself, the BSE SME IPO index achieving rockstar status in 2022. On the other hand, the capital market is almost stuck at the same level where it started its journey at the beginning of 2022 with the Sensex at 57,897 and closing at almost 60,910 with an annual return of 6% by the year’s end.
Almost the whole of 2022 has been quite volatile in generating returns, making it challenging for investors to choose the best option available. In contrast, an index representing India’s growth story emerged as a clear winner in generating returns. The BSE SME IPO index delivered an annual return of nearly 67% in 2022, beating all other major indices. It has a market cap of Rs 63,898 crore and 410 companies listed in this segment.
The BSE IPO index has struggled to deliver a return, while the SME IPO index delivered an astonishing return. It clearly indicates the shift of investors turning to the emerging story of India’s SME growth boom. The domestic and NRIs are finding this segment immensely attractive and putting their bet on this segment. This segment is a must-watch for investors in 2023 as well.
- To read more: Click Here
3. Rishabh Instruments files draft papers with Sebi to mobilise funds via IPO
Rishabh Instruments, a global energy efficiency solution company, has filed preliminary papers with markets regulator Sebi to mop-up funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP).
Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose of 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company. Going by the draft papers, the firm may explore a pre-IPO placement aggregating to Rs 15 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.
The Nashik-based firm focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power, automotive and other industrial sectors. It is one of the leading companies in terms of manufacturing and supply of low voltage current transformers and analog panel meters.
- To read more: Click Here
8. irdai – insurance updates
| Sl. | Particulars | Link |
| 1 | Guidelines on issuance of File Reference Numbers (FRN) to Cross Border Re-insurers | Click Here |
| 2 | Submission of Reinsurance Returns | Click here |
| 3 | Irdai to allow insurers to auto renew FRN of cross border reinsurers | Click here |
| 4 | Burning cost rates for fire insurance not to be embedded: Irdai | Click here |
9. Department of Telecommunications (dot)
| Sl. | Particulars | Link |
| 1 | TRAI releases recommendations on ‘Spectrum Requirements of National Capital Region Transport Corporation (NCRTC) for Train Control System for RRTS Corridors’ | Click here |
| 2 | TRAI releases Recommendations on“Renewal of Multi-System Operators (MSOs) Registration” | Click here |
| 3 | MeitY releases Draft amendments to the IT (Intermediary Guidelines & Digital Media Ethics Code) Rules, 2021 in relation to online gaming | Click here |
| 4 | Telecommunication Engineering Centre(TEC) releases ‘Code of Practice for securing consumer Internet of Things(IoT)’ | Click here |
| 5 | Telecom service providers against administrative allocation of 6G bands | Click here |
| 6 76 | Telecom Diary: SOS for Vodafone Idea | Click here |
10. msme / SME updates
| Sl. | Particulars | Link |
| 1 | The key to eliminating the MSME finance gap in emerging markets | Click here |
| 2 | 96% MSMEs anticipate robust profits in 2023: Report | Click here |
| 3 | ET MSME Talks | Building resilient MSMEs: Why healthcare is critical for MSME growth | Click here |
| 4 | Goa CM encourages MSMEs to reduce tourism dependency for economic development | Click here |
| 5 | Budget 2023 | Most MSMEs doing well but financing still an issue, says FISME secretary general | Click here |
11. Competition Commission of India (CCI)
| Sl. | Particulars | Link |
| 1 | Google to move SC against NCLAT decision on CCI fine | Click here |
| 2 | Process for selection of CCI chief to start all over again | Click here |
| 3 | Google challenges CCI’s October ruling in Android antitrust case in India’s Supreme Court | Click here |
12. Cabinet Decisions / New Acts
| Sl. | Particulars | Link |
| 1 | Amrit Bharat Station Scheme for Indian Railways | Click here |
| 2 | Three essential Constitution (ST) Order Amendment Bills passed in the Parliament during the Winter Session | Click here |
| 3 | Parliament Passes 16 Bills during April to November 2022: Year End Review – 2022 | Click here |
| 4 | Centre issues guidelines for restructuring under Sugar Development Fund Rules 1983 | Click here |
| 5 | Cabinet approves Memorandum of Understanding between India and Turkmenistan on Cooperation in the field of Disaster Management | Click here |
| 6 | Cabinet approves Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters | Click here |
| 7 | Cabinet approves MoU between India and Nepal for construction of bridge over Mahakali River at Dharchula (India) – Dharchula (Nepal) | Click here |
| 8 | Cabinet approves Intra-State Transmission System – Green Energy Corridor Phase-II | Click here |
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13. Current Affairs Quiz (taken from various sources)
| Sl. | Questions | Answers |
| 1 | Home Affairs Ministry and which state signed cessation of operations agreement with ZUF armed group? | Manipur |
| 2 | Mangdechhu Hydroelectric Power Project, which was see in the news, was handed over by India to which country? | Bhutan |
| 3 | The ‘National Mobile Monitoring System (NMMS)’ is an initiative of which Union Ministry? | Ministry of Rural Development |
| 4 | Which institution has been named as ‘G20 Science working group’s secretariat’? | IISc Bengaluru |
| 5 | Which Union Ministry has been approved as the nodal ministry for matters relating to online gaming? | Ministry of Electronics & IT |
| 6 | What is the name of the digital project funded by Google to map the language diversity of India? | Project Vaani |
| 7 | ‘Daksh’ is the payments fraud reporting module maintained by which institution? | RBI |
| 8 | Which institution has urged stock exchanges to set up Investor Risk Reduction Access (IRRA) platform? | SEBI |
| 9 | Which Department under the ‘Ministry of Finance’ notifies changes in rates on small savings schemes? | Department of Economic Affairs |
| 10 | New Jalpaiguri, which was in the news related to Vande Bharat Express, is located in which state? | West Bengal |
- Top 7 Current Affairs:
- Ministry of Rural Development’s Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) has launched the Prajjwala Challenge. Under the challenge, ideas are invited from individuals, Enterprises, Start ups, Private Sector, Civil Society and others to transform the rural economy.
- The government has achieved the target of starting 1.5 lakh Ayushman Bharat Health and Wellness Centres across the country, as per the Union Health Minister Mansukh Mandaviya. Under Ayushman Bharat, the government had set a target of transforming existing 1.5 lakh Sub-Health Centres (SHCs) and rural and urban Primary Health Centres (PHCs) across the country as AB-HWCs by December 2022.
- The ‘Dhanu Yatra’ festival, considered to be the world’s largest open-air theatre, began in the Western Odisha town of Bargarh. The ‘Dhanu Yatra’ came into existence in Bargarh in 1947-48 as part of the celebration of the country’s Independence. It is celebrated annually and episodes related to Hindu God Krishna is presented through folk art forms.
- The Reserve Bank of India’s Medium-term Strategy Framework for the period 2023-2025 named ‘Utkarsh 2.0’ was launched by RBI Governor Shaktikanta Das. The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. Utkarsh 2.0 retains the six Vision statements as well as Core Purpose, Values, and Mission statement of the 2022 version.
- Bharat Interface for Money (BHIM) was launched on 30 December 2016 in India. The payment application was indigenously developed by National Payment Corporation of India (NPCI). The app lets users make simple and quick transactions using Unified Payments Interface (UPI). In November 2022, National Payments Corporation of India (NPCI) announced the launch of BHIM App open source license model. Recently, the sixth anniversary of BHIM app was celebrated.
- India signed a ‘Comprehensive Migration and Mobility Partnership Agreement’ (MMPA) with Austria for migration and mobility of Indian students and professionals. External Affairs Minister S Jai Shankar is the first visit of an Indian foreign minister to Austria in 27 years. India had earlier signed mobility agreements with the UK, France, Germany and Finland.
- The Cabinet Committee on Economic Affairs approved the proposal of the Ministry of Information and Broadcasting regarding the Central Sector Scheme ‘Broadcasting Infrastructure and Network Development’ (BIND). The BIND scheme aims to bring modernisation to the public broadcaster Prasar Bharati i.e. All India Radio (AIR) and Doordarshan (DD). The outlay of the scheme is Rs.2,540 crore for the time period up to 2025-26.
The End
Disclaimer: This write – up is prepared as a Knowledge Sharing Initiative. *Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. . In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.