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
WEEKLY CORPORATE AFFAIRS FROM 13.12.2022 TO 20.12.2022
- SEBI Updates:
| [Sl. | Particulars | Link |
| 1 | Informal Guidance request received from TCM Limited on applicability of corporate governance provisions as specified in the SEBI (LODR) Regulations, 2015 | Click Here |
| 2 | Buybacks – Triveni Engineering & Industries Limited | Click Here |
| 3 | Informal Guidance request received from Sky Industries Limited on applicability of corporate governance provisions as specified in the SEBI (LODR) Regulations, 2015 | Click Here |
| 4 | Performance Benchmarking and Reporting of Performance by Portfolio Managers | Click Here |
| 5 | Framework for Orderly Winding Down of Critical Operations and Services of a Clearing Corporation | Click Here |
| 6 | Applicability of SEBI circular on Principles of Financial Market Infrastructures (PFMIs) to AMC Repo Clearing Limited | Click Here |
2. MCA – 21 Updates
| Sl. | Particulars | Link |
| 1 | 3,560 companies in India have Chinese directors: What Modi govt revealed in Parliament | Click Here |
| 2 | M&A approvals: MCA and CCI differ over ‘working’ vs ‘calendar’ days | Click Here |
3. RBI / Banks Updates
| Sl. | Particulars | Link |
| 1 | Hedging of Gold Price Risk in Overseas Markets | Click here |
| 2 | Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 | Click here |
| 3 | Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures | Click here |
| 4 | Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 – Disclosure of material items | Click here |
| 5. | Sovereign Gold Bond (SGB) Scheme 2022-23 | Click here |
| 6. | RBI Governor interacts with FinTechs and Industry Associations | Click here |
| 7. | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 8. | 599th Meeting of Central Board of the Reserve Bank of India | Click here |
| 9. | Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on December 17, 2022 (December 18, 2022 being a Sunday) (SGB 2017-18 Series XII) | Click here |
| 10. | Three NBFCs surrender their Certificate of Registration to RBI | Click here |
4. IBC / Insolvency Law updates
| Sl. | Particulars | Link |
| 1 | Insolvency Professional to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022 | Click here |
| 2 | IBC changes on agenda to speed up resolution; bill likely to be introduced in Budget Session | Click here |
| 3 | Government to amend insolvency law to reduce time taken for resolution process | Click here |
| 4 | IBBI Penalises 6 Insolvency Professionals in November for Not Following IBC Procedure | Click here |
5. Labour law updates
| Sl. | Particulars | Link |
| 1 | Welfare Scheme for Workers | Click here |
| 2 | New Labour Code | Click here |
| 3 | E-Commerce Platform | Click here |
| 4 | Worked for more than 20 years under EPF scheme? You will get this as bonus for pension calculation | Click here |
| 5 | Don’t forget to take this EPS pension certificate after leaving your current job | Click here |
6. Press information
| Sl. | Particulars | Link |
| 1 | BIS issues standards for organizations publishing consumer reviews | Click here |
| 2 | MAKE-IN-INDIA IN DEFENCE SECTOR | Click here |
| 3 | Central Bank Digital Currency (CBDC) pilot launched by RBI in retail segment has components based on blockchain technology | Click here |
| 4 | Guidelines for use of Drone Technology | Click here |
| 5 | Efforts to Enhance Production Under Mission Coking Coal | Click here |
| 6 | Financial assistance of Rs. 46.86 Cr. released to States/UTs, NIC/NICSI, during last three financial years 2020-21, 2021-22 and 2022-23 under One Nation One Ration Card (ONORC) plan for nationwide portability of ration cards | Click here |
| 7 | Various schemes of Ministry of Minority Affairs for the upliftment of minorities | Click here |
| 8 | National Credit Framework (NCF) released for public consultations | Click here |
| 9 | Investment in Steel Sector | Click here |
| 10 | Update on National Creche Scheme | Click here |
| 11 | Tech companies, start-ups & govt will be partners to catalyse India as semiconductor nation and major player in electronics global value chains: MoS Shri Rajeev Chandrasekhar | Click here |
| 12 | Regulation of Digital Media | Click here |
| 13 | Promotion of Semiconductor Industry | Click here |
| 14 | 7th edition of India Water Impact Summit Concludes | Click here |
| 15 | Department of AHD implement various schemes to promote and develop animal husbandry, dairying and fisheries sector | Click here |
7. IPO & investment Section
| Issuer Company | Exchange | Open | Close | Issue Price (Rs) | Issue Size (Rs Cr) |
| RBM Infracon Limited IPO | NSE SME | Dec 23, 2022 | Dec 27, 2022 | 36.00 | 8.37 |
| Homesfy Realty Limited IPO | NSE SME | Dec 21, 2022 | Dec 23, 2022 | 197.00 | 15.86 |
| Moxsh Overseas Educon Limited IPO | NSE SME | Dec 21, 2022 | Dec 23, 2022 | 153.00 | 10.42 |
| Elin Electronics Limited IPO | BSE, NSE | Dec 20, 2022 | Dec 22, 2022 | 234.00 to 247.00 | 475.00 |
| KFin Technologies Limited IPO | BSE, NSE | Dec 19, 2022 | Dec 21, 2022 | 347.00 to 366.00 | 1500.00 |
| Arihant Academy Limited IPO | NSE SME | Dec 16, 2022 | Dec 21, 2022 | 90.00 | 14.72 |
| Uma Converter Limited IPO | NSE SME | Dec 15, 2022 | Dec 21, 2022 | 33.00 | 18.41 |
| Dollex Agrotech Limited IPO | NSE SME | Dec 15, 2022 | Dec 20, 2022 | 35.00 | 24.39 |
(Source: Chittorgarh.com)
- Key Updates in Brief {Source- ET, BS etc.}
1. IRM Energy files draft papers with Sebi to raise up to Rs 700 cr via IPO
City gas distribution company IRM Energy Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO is a fresh issue of up to 1.01 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
Proceeds from the issue will be used to fund capital expenditure requirements for development of the city gas distribution network at Namakkal and Tiruchirapalli in Tamil Nadu, for payment of debt and other general corporate purposes.
IRM Energy provides piped natural gas (PNG) and compressed natural gas (CNG). It has operations in states including Gujarat, Punjab and Tamil Nadu and serves 168 industrial customers, 202 commercial customers, 43,183 domestic customers, as of September 2022.
- To read more: Click Here
2. IPO market may undergo phase of consolidation in fear of a recession in 2023
IPO fundraising has significantly reduced. In CY21, the total IPO raised was Rs 1.33 lac crore, compared to Rs 0.6 lac crore in CY22. Barring LIC, we did not see any big-ticket IPOs hitting the primary market in 2022.
This is because the world economy slowed down, bringing high volatility to the stock market. This disturbed the sentiment of the primary and secondary markets affecting the pricing of stocks and discouraging promoters and private investors to come to the market for listing.
A similar effect is felt by investors as appetites are reduced during the year. Availability of liquidity decreased as inflows from institutional and retail investors dropped due to the subdued performance of the current portfolio cutting churning and new investment plans. Due to the global risk-off, FII inflows also reduced.
In CY20 and CY21, HNIs were very active in anticipation of listing gains. HNI used to apply substantially, taking support from external funding sources like NBFCs. As the possibility of sharp listing gains reduced in 2022, HNI’s action has reduced during the year. The outlook for the IPO market in 2023 is presumed to be muted in anticipation of a volatile stock market on the cusp of a recession fear.
In the short to medium-term, other factors like the outcome of the union budget – 2023, the general election in 2024, and the continuation of reforms are the local factors that will affect the IPO market. To read more: Click Here
3. IPO pipeline in India seen active in 2023 on smaller deals
India is expected to see a steady flow of small-to-mid-sized deals next year as investors grow wary about large listings after the disastrous performance of some major technology initial public offerings.
Several of the country’s major startups shed billions of dollars in value since their listing as concerns over high valuations and rising interest rates globally dented demand for technology stocks.
The selloff worsened as early investors pared stakes after the end of lock-up periods. Several of the country’s major startups shed billions of dollars in value since their listing as concerns over high valuations and rising interest rates globally dented demand for technology stocks. The selloff worsened as early investors pared stakes after the end of lock-up periods.
Some of the recent large IPOs have also come under scrutiny for their corporate governance practices. Paytm’s proposal to return capital to shareholders via stock buyback and Nykaa’s bonus share allotment that coincided with the expiry of its IPO lockup spurred debate over the companies’ decisions.
Only two companies raised more than $500 million through IPOs in India this year: Life Insurance Corp. of India ($2.7 billion), the country’s largest on record, and Delhivery Ltd. ($684 million). Last year, 11 newcomers amassed more than that with their listings.
“I am anticipating the broader markets to hold well despite talk about recession, which means pipeline for IPOs will also remain robust,” said Vikas Gupta, a strategist at OmniScience Capital. “But it’s not going to be easy for overvalued or loss-making companies to raise funds. I think there is little scope for such companies to take primary market route.”
- To read more: Click Here
8. irdai – insurance updates
| Sl. | Particulars | Link |
| 1 | IRDAI(Appointed Actuary) Regulations 2022 | Click Here |
| 2 | IRDAI(ARA for Life Business) Regulations 2022 | Click here |
| 3 | IRDAI(ALSM of General Insurance Business) Regulations 2022 | Click here |
| 4 | IRDAI (Other Forms of Capital) Regulations, 2022 | Click here |
| 5 | IRDAI(Regulatory Sandbox) (Amendment) Regulations 2022 | Click here |
9. Department of Telecommunications (dot)
| Sl. | Particulars | Link |
| 1 | TRAI releases Recommendations on “Improving Telecom Connectivity/ Infrastructure in far-flung areas of Himachal Pradesh” | Click here |
| 2 | Rolling out of 5G Network | Click here |
| 3 | Atmanirbhar Bharat Scheme | Click Here |
| 4 | 5-G forest reform | Click here |
| 5 | Promotion of ‘Make in India’ in Electronics and Information Technology Sector | Click here |
10. msme / SME updates
| Sl. | Particulars | Link |
| 1 | Foreign Investment in MSMEs sector | Click here |
| 2 | Women entrepreneurs registered under Udyam Sakhi | Click here |
| 3 | Pharmaceutical Technology Upgradation Assistance Scheme for MSMEs | Click here |
| 4 | ECLGS loans to domestic airlines haven’t reduced MSMEs’ share in credit scheme: MoS Finance | Click here |
| 5 | Shriram Finance And Shriram City Merger To Focus On MSMEs And Others | Click here |
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11. Competition Commission of India (CCI)
| Sl. | Particulars | Link |
| 1 | Competition Commission of India raids some steel firms for alleged price collusion | Click here |
| 2 | India antitrust agency raids some steel firms for alleged price collusion, say sources | Click here |
| 3 | On the radar. Price collusion charge: CCI conducts ‘dawn searches’ at several steel firms | Click here |
| 4 | CCI clears Tanweer Infrastructure’s acquisition of Sembcorp Energy | Click here |
12. Cabinet Decisions / New Acts
| Sl. | Particulars | Link |
| 1 | Amendments in EPA, 1986 | Click here |
| 2 | Status of the National Water Framework Bill, 2016 | Click here |
| 3 | Uniform Code of Pharmaceutical Marketing Practices (UCPMP) | Click here |
| 4 | Implementation of Seed Scheme | Click here |
13. Current Affairs Quiz (taken from various sources)
| Sl. | Questions | Answers |
| 1 | ‘Youth Co:Lab’ youth innovation movement is an initiative of Atal Innovation Mission (AIM) and which institution? | UNDP |
| 2 | What is the new name of ‘Pradhan Mantri Kaushal Ko Kaam Karyakram (PMKKK)’? | PM VIKAS |
| 3 | Which company became the official partner of FIH Odisha Hockey Men’s World Cup 2023? | Tata Steel |
| 4 | ‘SURYA KIRAN’ is a joint training Exercise conducted between India and which country? | Nepal |
| 5 | Which city is the host of India Water Impact Summit (IWIS 2022)? | New Delhi |
| 6 | Beypore Uru is a flagship product of which state? | Kerala |
| 7 | Airbnb signed MoU with which state government to promote inclusive tourism? | Goa |
| 8 | Which institution launched the ‘International Climate Club’? | G-7 |
| 9 | Which country has announced the historic Nuclear Fusion Breakthrough? | USA |
| 10 | Which state recently passed a bill to remove Governor as Chancellor of state’s universities? | Kerala |
- Top 5 Current Affairs:
- India’s retail inflation, which is measured by the Consumer Price Index (CPI), eased to 11-month low of 5.88% on an annual basis in November. The inflation was 6.77% in October, 2022.
- The Prime Minister virtually inaugurated the Goa-based All India Institute of Ayurveda, Ghaziabad-based National Institute of Unani Medicine, and Delhi-based National Institute of Homeopathy from Goa.
- According to the International Debt Report 2022 by the World Bank, debt of low and middle-income countries in Sub-Saharan Africa (SSA) rose to a record high of 789 billion USD in 2021.
- ‘World Soil Day’ is being observed annually on 5 December to focus on the importance of healthy soil and to advocate for sustainable management of soil resources.
- Kerala CM Pinarayi Vijayan declared a seed farm, located in Aluva in Kerala, as the first carbon neutral farm in the country. Reduction in carbon emission has helped the seed farm under the Agricultural Department achieve the carbon neutral status.
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.