IBBI Simplifies Rules for Insolvency Professional Entities
The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular on 1st February 2024 to provide clarity on some issues related to the role of Insolvency Professional Entities (IPEs) under the Insolvency and Bankruptcy Code, 2016 (IBC). What are IPEs? IPEs are entities that can act as Insolvency Professionals (IPs) under the IBC. […]
Revamping Nominations: SEBI’s Plan to Reduce Unclaimed Assets
The Securities and Exchange Board of India (SEBI) has recently issued a consultation paper on revamping the nominations framework in the securities market. The aim of this proposal is to reduce the amount of unclaimed assets in the securities market and to smoothen the process for claiming the assets by the surviving successors of the […]
Bharti Airtel: 38.6 Lakh Equity Shares for FCCB Holders
Bharti Airtel, one of India’s leading telecom operators, has announced that it will allot 38.6 lakh equity shares to certain holders of its Foreign Currency Convertible Bonds (FCCBs) at a conversion price of Rs 518 per equity share. This follows the receipt of notices for conversion of FCCBs of principal value of USD 27.795 million […]
Interim Budget 2024: FM’s Rs 2,500 Cr Boost for Tourism Infra Development
The interim budget 2024-25 presented by Finance Minister Nirmala Sitharaman on February 1, 2024, has brought some cheer to the tourism sector, which has been severely hit by the Covid-19 pandemic. The FM announced a 44.7% increase in the allocation for the tourism ministry, from Rs 1,692.10 crore in the revised estimate of 2023-24 to […]
Paytm Payments Bank, Not App, Affected by RBI Directive
The Reserve Bank of India (RBI) has issued a directive to Paytm Payments Bank Ltd (PPBL) to stop all deposits and credit transactions after February 29, 2024, due to persistent non-compliances and supervisory concerns. However, this does not affect the Paytm app, which is a separate entity and will continue to function normally. What is […]
Govt Achieves 600 Lakh Tonnes Kharif Paddy Procurement
The government has achieved a milestone in the procurement of paddy grown in the kharif summer-sown season, surpassing the target of 600 lakh metric tonnes (LMT) for the Kharif Marketing Season (KMS) 2023-24. This has benefitted 75 lakh farmers across the country, who have received more than Rs.1,30,000 crores as minimum support price (MSP) for […]
SEBI Panel’s New Proposal: No Security Deposit for Public Issues
The Securities and Exchange Board of India (Sebi) is considering a proposal to scrap the mandatory security deposit that issuers have to pay to the stock exchanges before launching a public issue. This could lower the cost of raising funds from the capital market and make it more attractive for companies. The proposal was made […]
CBDT Releases ITR Forms for 2024-25 Assessment
The Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms for the assessment year 2024-25. The ITR forms are used by taxpayers to file their tax returns online. The CBDT has released ITR forms 2, 3, 5 and 6 for different categories of taxpayers. Here are the key details about […]
FY24 Target: Road Ministry to Construct 13,813 Km Highways
The Ministry of Road Transport and Highways (MoRTH) has set an ambitious target of constructing 13,813 km of national highways in the current financial year, which would be a record achievement for the ministry. The MoRTH Secretary Anurag Jain announced this target on February 2, 2024, while addressing a press conference in New Delhi. He […]
Paysharp Earns SOC 2 Certification as Payment Aggregator
Paysharp, a fintech startup that provides UPI solutions and virtual accounts for B2B and B2C payments, has achieved SOC 2 certification, a standard for security and compliance in the payment industry. SOC 2 is an auditing procedure that ensures that service providers securely manage data to protect the interests and privacy of their clients. SOC […]