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 | Master Circular for Foreign Venture Capital Investors (FVCIs) | Click Here |
| 2 | Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2023 | Click Here |
| 3 | Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023 | Click Here |
| 4 | Dr. Ruchi Chojer takes charge as Executive Director, SEBI | Click Here |
2. MCA – 21 Updates
| Sl. | Particulars | Link |
| 1 | Sale notice in respect of sale of Buildings, Plant & Machinery, Vehicles, furniture etc of the company M/s. Travancore Rayons Ltd,(in liquidation) | Click Here |
| 2 | Compliance management to get a push | Click Here |
| 3 | Digital Competition Law: MCA Calls Big Tech Firms, Startups For Discussions | Click Here |
3. RBI / Banks Updates
| Sl. | Particulars | Link |
| 1 | Designation of 1 individual and 2 organisations under Section 35(1) (a) and 2(1) (m) of the Unlawful Activities (Prevention) Act,1967 and their listing in the Fourth and First Schedule of the Act- Reg. | Click here |
| 2 | Compendium on Business Continuity Measures during the COVID-19 Pandemic | Click here |
| 3 | RBI launches the March 2023 round of the Inflation Expectations Survey of Households | Click here |
| 4 | RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited | Click here |
| 5 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 6 | Sovereign Gold Bond Scheme 2022-23 Series IV – Issue Price | Click here |
4. IBC / Insolvency Law updates
| Sl. | Particulars | Link |
| 1 | In the matter of Mr. Sandeep Kumar Agarwal, RV | Click here |
| 2 | In the matter of Ms. Gunjan Agarwal, RV | Click here |
| 3 | Circular – Serving of copy of applications to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. | Click here |
| 4 | Exemption under Section 10 of the Income-tax Act, 1961 | Click here |
| 5 | News Highlights: Zee Entertainment excluded from F&O due to IBC proceedings | Click here |
5. Labour law updates
| Sl. | Particulars | Link |
| 1 | Allahabad High Court directs Labour Court to decide on legality of deduction of salaries by Indian Express during Covid-19 within 6 months | Click here |
| 2 | Karnataka passes bill allowing 12-hour work days in industries, weekly work hours to remain at 48 hours | Click here |
| 3 | EPF rate likely to stay at around 8% | Click here |
| 4 | Joint EPF form copy not needed for higher pension under EPS, says 2019 circular | Click here |
| 5 | EPF higher pension: How to apply on the EPFO portal? A step-by-step guide | Click here |
6. Key Press information
| Sl. | Particulars | Link |
| 1 | Advance planning, use of technology and strict monitoring ensure largely peaceful elections in Meghalaya & Nagaland; | Click here |
| 2 | Department for Promotion of Industry and Internal Trade (DPIIT) to co-lead post-budget webinar | Click here |
| 3 | 200 crore Aadhaar authentication transactions carried out in January 2023 | Click here |
| 4 | Government e-Marketplace (GeM) commemorates the success of “SWAYATT”, an initiative to promote Start-ups, Women and Youth Advantage through e-Transactions on GeM | Click here |
| 5 | Directorate General of Foreign Trade (DGFT) further Simplifies the process of levying Composition Fee for Export Obligation Extension to include more cases under Advance Authorization Scheme | Click here |
| 6 | SMART-PDS, a technological driven initiative should be implemented in all States/UTs: Shri Goyal | Click here |
| 7 | BIS makes 80% Concession on Certification/Minimum Marking Fee for Micro Scale Units. | Click here |
7. IPO & investment Section
| Issuer Company | Exchange | Open | Close | Issue Price (Rs) | Issue Size (Rs Cr) |
| Quality Foils (India) Limited IPO | NSE SME | Mar 14, 2023 | Mar 16, 2023 | 60.00 | 4.52 |
| Global Surfaces Limited IPO | BSE, NSE | Mar 13, 2023 | Mar 15, 2023 | ||
| Sudarshan Pharma Industries Ltd IPO | BSE SME | Mar 09, 2023 | Mar 14, 2023 | 71.00 to 73.00 | 50.10 |
| MCON Rasayan India Limited IPO | NSE SME | Mar 06, 2023 | Mar 10, 2023 | 40.00 | 6.84 |
(Source: Chittorgarh.com)
- Key Updates in Brief {Source- ET, BS etc.}
1. IRM Energy and Lohia Corp get Sebi nod to raise funds via IPO
Cadila Pharma-backed IRM Energy and Kanpur-based Lohia Corp have received approval from Sebi for initial public offering (IPO).
IRM Energy’s IPO is a complete fresh issue of up to 10,100,000 equity shares with a face value of Rs 10 per equity share. Meanwhile, Lohia Corp’s public issue is a complete offer-for-sale (OFS) of up to 31,695,000 equity shares by existing shareholders with a face value of Re 1 per unit.
IRM Energy is a city gas distribution company in India, engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network.
Meanwhile, Kanpur-based Lohia Corp is a leading global manufacturer of machinery and equipment used in the production of technical textiles, in particular, for manufacturing polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and sacks (Raffia), with a global market share of 17.5% across all Raffia machinery and over 28.7% for machines used in PP/ HDPE fabric making. It has received the final observation from the capital market regulator, Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO). To read more: Click Here
2. FirstMeridian Business, IRM Energy, Lohia Corp get Sebi go-ahead to float IPOs
Three companies — FirstMeridian Business Services Ltd, IRM Energy Ltd and Lohia Corp — have received capital markets regulator Sebi’s go-ahead to raise funds through initial public offerings (IPOs). These firms, which filed their preliminary IPO papers with the markets regulator between September 2022 and January 2023, obtained the observation letters during February 21-24, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
Going by the draft papers, staffing firm FirstMeridian Business Services Ltd’s Rs 740-crore IPO comprises fresh issuance of equity shares worth Rs 50 crore and an Offer-For-Sale (OFS) of Rs 690 crore.
As a part of the OFS, FirstMeridian Business Services’ promoter Manpower Solutions Ltd will sell shares worth Rs 615 crore, while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares worth Rs 42.5 crore and Rs 32.5 crore, respectively.
The IPO of City gas distribution company IRM Energy is a fresh issue of up to 1.01 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
- To read more: Click Here
3. Rishabh Instruments gets Sebi’s nod to float Rs 75 crore IPO
Rishabh Instruments, a global energy efficiency solution company, has received capital markets regulator Sebi’s nod to mop-up funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating 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.
In Sebi’s parlance, its observation implies its go ahead to launch initial share-sale. 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 is focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power, automotive and other industrial sectors.
For the financial year ended March 2022, the company’s net profit stood at Rs 49.65 crore, whereas its revenue from operations rose to Rs 470.25 crore in FY22, as compared to Rs 389.96 crore in the previous fiscal. To read more: Click Here
8. irdai – insurance updates
| Sl. | Particulars | Link |
| 1 | Irdai prefers cashless mode in health insurance | Click Here |
| 2 | Irdai to bring in ‘EASE’ in delivering entire suite of insurance services | Click here |
| 3 | Insurance sector is at a crossroads | Click here |
| 4 | Irdai asks insurers to design covers for mental illness, HIV | Click here |
9. Department of Telecommunications (dot)
| Sl. | Particulars | Link |
| 1 | TRAI releases report on Drive Tests conducted at twenty locations across the country | Click here |
| 2 | BSNL empanels Telecommunications Consultants India Ltd as Captive Non- Public Network Provider | Click here |
| 3 | MeitY launches the Grievance Appellate Committee (GAC) on the day when PM Shri Narendra Modi spoke of transforming citizens’ lives through use of technology at a post Budget Webinar | Click here |
| 4 | Shri Alkesh Kumar Sharma launches IoT sensor products developed at C-MET, Thrissur | Click here |
10. msme / SME updates
| Sl. | Particulars | Link |
| 1 | Loan amount of around Rs 300 Crore sanctioned to 3083 beneficiaries under PMEGP Scheme | Click here |
| 2 | Government offers 5G Test Bed free of cost to recognised Start-ups and MSMEs up to January 2024 | Click here |
| 3 | Steps by Centre to increase exports by MSME sector: Official | Click here |
| 4 | Explained: How MSMEs can undertake risk management in business | Click here |
11. Competition Commission of India (CCI)
| Sl. | Particulars | Link |
| 1 | CCI organises 8th edition of National Conference on Economics of Competition Law | Click here |
| 2 | Google is not a charity to offer everything for free, Competition Commission tells NCLAT | Click here |
| 3 | Democratising access. Developing public digital infrastructure is game changer for economy: CCI Chief Sangeeta Verma | Click here |
12. Cabinet Decisions / New Acts
| Sl. | Particulars | Link |
| 1 | Sale of hallmarked gold jewelry or gold artefacts without 6 digit alphanumeric Hallmark Unique Identification Number (HUID) to be prohibited after 31st March 2023 | Click here |
| 2 | 2 lakh cooperatives, vibrant village scheme and more: Key Cabinet decisions taken on Wednesday | Click here |
| 3 | 4G SATURATION SCHEME: LAND TO BE LEASED TO BSNL; READ OTHER CABINET DECISIONS HERE | Click here |
| 4 | Assam Cabinet amends policy to attract global investment | Click here |
13. Current Affairs Quiz (taken from various sources)
| Sl. | Questions | Answers |
| 1 | As per the ‘Indian States’ Energy Transition’ report, which states made the most progress in transition to clean electricity? | Karnataka and Gujarat |
| 2 | Which country announced the Indo-Pacific tech envoy? | UK |
| 3 | Which Union Ministry launched the ‘Grievance Appellate Committee (GAC)’? | Ministry of Electronics & IT |
| 4 | Which bank has completed the acquisition of Citigroup’s India consumer business? | Axis Bank |
| 5 | When is the ‘National Science Day’ celebrated every year? | February 28 |
| 6 | The United Kingdom signed ‘Windsor Framework’ with which institution? | EU |
| 7 | Which state is the host of the ‘Global Responsible Tourism Summit’? | Kerala |
| 8 | What is the rank of India in the International Intellectual Property Index 2023? | 42nd |
| 9 | As per IMF, which country has the potential to contribute 15 per cent of the global growth in 2023? | India |
| 10 | Dharoi wetland, where a bird survey was conducted recently, is located in which state? | Gujarat |
Source: gktoday.in
- Top 7 Current Affairs:
- National Health Authority’s Scan and Share service has been adopted by 365 hospitals across 25 states and UTs in India within five months of its launch. It was launched as part of Ayushman Bharat Digital Mission. The service enables paperless and instant token generation for outpatient department (OPD) registration using a unique QR code displayed by participating hospitals.
- Kaziranga National Park is a protected area located in the Indian state of Assam. It is home to a large population of one-horned rhinoceroses,
As of 2018 census, 2,613 rhinos are living in the park. The Central government has sought a factual report on the rhino population numbers in the National Park and Tiger Reserve based on the survey conducted in March 2022. Earlier, an activist found the possibility of number of rhinos being inflated.
- The Institute for Competitiveness released the second edition of the Foundational Literacy and Numeracy Index 2022. It measures the literacy of children below the age of 10.
The index measures states based on five key parameters including educational infrastructure, access to education, basic health, learning outcomes, and governance. It ranked West Bengal as the top performer and Uttar Pradesh as the lowest among large state category.
- The Union Cabinet has granted an extension of the 22nd Law Commission’s term until August 31, 2024. The Commission is chaired by former Karnataka High Court Chief Justice Rituraj Awasthi.
The Commission is responsible for identifying and repealing outdated laws, reviewing existing laws, and proposing necessary changes. It will also simplify Central Acts and remove inconsistencies. The Commission is also investigating key issues such as the implementation of a Uniform Civil Code and holding simultaneous elections.
- INS Sindhukesari is a Sindhughosh-class diesel-electric submarine belonging to the Indian Navy. This 3,000 tonne submarine underwent a major ‘medium refit-cum-life extension’ in Russia’s Severodvinsk that ended in 2018.
INS Sindhukesari recently reached Jakarta in Indonesia for the ‘maiden operational turnaround’ via the Sunda Strait. This is the first long-range deployment of a submarine.
- The US administration has unveiled a new Commercial Arms Transfer (CAT) policy that places greater emphasis on human rights in its arms export policy.
This is in contrast to the Trump-era policy that gave more importance to commercial considerations. The new policy covers the review of government-to-government weapons transfers, security assistance, and licensed commercial sales of US-origin military equipment overseen by various government departments.
- The ‘Catch the Rain 2023’ campaign was introduced by President Droupadi Murmu in New Delhi. The campaign’s central idea is the sustainability of drinking water sources. Addressing at the ceremony, the President stated that since India only has 4% of the world’s water resources, water management and conservation are India’s most pressing challenges.
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.
