Sebi fines RIL Rs. 13-cr for non-disclosure of earnings ratio

News4u-Business Desk- In one of its biggest penalties for non-disclosure of a key earnings ratio, Sebi imposed a penalty of Rs. 13-crore on corporate behemoth Reliance Industries Ltd (RIL) for violation of the Listing Agreement.

The order follows a probe by the capital markets regulator in an over seven-year old case involving alleged irregularities in issuance of 12-crore warrants by Mukesh Ambani-led RIL to its promoters entitling its holders to subscribe to equivalent number of equity shares of RIL.

It was alleged that this issuance in April 2007 had resulted in diluting the pre-issue paid-up equity share capital of RIL, but the company repeatedly failed to disclose a key earnings ratio for as many as six quarters.

Subsequently, Sebi began adjudication proceedings to probe the alleged violation of relevant clauses of the Listing Agreement and the Securities Contracts (Regulation) Act (SCRA) for not disclosing to stock exchanges the Diluted Earnings Per Share (DEPS) as prescribed for the quarterly and annual disclosures, the regulator said in its 15-page order.

A show-cause notice was served on RIL in February last year, listing out allegations levelled against the company.

After looking into the company’s reply and further probe into the matter, Sebi said that EPS (Basic or Diluted) is a vital factor or one of the fundamental tools for the investors while arriving at decision to continue or invest in the shares of a particular company.

The regulator said further that RIL “under an obligation to disclose separately the DEPS for the quarters ended June 2007, September 2007, December 2007, March 2008, June 2008 and September 2008, which the noticee had failed to do so”.

“In view of aforesaid observations, facts and records of the case”, Sebi said, the company was in violation of the relevant provisions of the Listing Agreement and the SCRA and therefore it was liable to a penalty.

Noting that a specific quantum of any direct or indirect unfair gain made by RIL and the loss caused to the investors were not available on records, Sebi said that “the fact cannot be ignored that millions of shareholders/investors were deprived of correct disclosures about DEPS.”

“As regards to the repetitive nature of default, as observed above that the Notice had failed to disclose the DEPS repetitively for the six quarters. Hence, an appropriate penalty needs to be imposed upon the Noticee, taking into account the aforesaid gravity of the violations committed,” Sebi said.

Accordingly, the regulator has decided to impose a penalty of Rs. one-crore for violation of Listing Agreement and of another Rs. 12-crore for violating the SCRA provision. RIL has been asked to pay the total amount of Rs. 13-crore within 45 days through a demand draft in favour of ‘SEBI - Penalties Remittable to Government of India’.


Sebi

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After Google, Yahoo set to bring end-to-end encrypted emails by 2015

News4u-Business Desk-Washington: Yahoo Chief Information security officer Alex Stamos announced on Thursday that users will soon have the option to send end-to-end encrypted emails next year, enabled via a browser plugin.

The encryption would allow users to send each other emails with the content scrambled, unreadable to anyone but the sender and the receiver.

Yahoo will bootstrap its own plugin by modifying Google’s code, and the two services will be compatible, the Mashable reported.

Earlier, Google also announced its plans to roll out a Chrome browser extension to let people encrypt their emails.

These moves come following Edward Snowden’s revelations of widespread Internet surveillance. ANI

 

Google, Yahoo

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Domestic car sales rise 5.04%, bikes up 6.17% in July

News4u-Business Desk- Domestic passenger car sales grew 5.04 percent to 1,37,873 units in July this year as compared to 1,31,257 units in the same month of 2013.

According to the data released by Society of Indian Automobile Manufacturers (SIAM), motorcycle sales during last month grew 6.17 percent to 8,59,290 units from 8,09,386 units in the same month previous year.

Total two-wheeler sales in July 2014 grew 13.73 percent to 12,87,462 units from 11,32,066 units in the same period of previous year.

Total sales of commercial vehicles were down by 13.64 percent to 47,765 units from 55,310 units in the year-ago period, SIAM said.

Total sale of vehicles across categories registered a growth of 12 percent to 15,86,123 units in July 2014 as against 14,16,182 units in the same month of 2013, it added.

 

Domestic car sales rise 5.04%, bikes up 6.17% in July

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UN: Indian economy expected to grow by 5.5% in current fiscal

News4u-Business Desk- India’s economy is expected to record stronger growth momentum of 5.5 percent in the current fiscal, underpinned by “solid expansion” in industrial and services sectors, and impetus to economic reforms by the new government, according to a UN report.

In its report, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said a fragile global economy has “weighed” on Indian economy in recent years, but “delays” in tackling “structural impediments”, such as rising inequality, high inflation and infrastructure shortages have also affected the growth rate.

“Indian economy expanded by 4.7 per cent in the fiscal year 2013, up from 4.5 per cent in the previous year. This rate is, however, far below the 9.5 per cent pace registered in the years prior to the global financial crisis,” said the report, released at a meeting of UNESCAP.

Noting that the economy was heading for a rebound, it said the “formation of a new government after parliamentary elections in April-May 2014 also provides impetus to economic reforms”.

Talking about the financial market volatility, the report titled ‘Economic and Social Survey of Asia and the Pacific 2014′ said India experienced capital outflows and sharp currency depreciation in mid-2013 on speculation of a change in the United States monetary policy stance.

“In response, capital flow management tools were introduced, such as lowering the limit on overseas investment. Moreover, after a steady decrease between January and September 2013, the policy interest rate was raised to stem capital outflows,” the annual flagship publication of UNESCAP said.

It observed that “macroeconomic imbalances”, such as persistently high inflation and “limited fiscal space”, have constrained India’s capacity to weather capital flow volatility more resiliently.

“Tight monetary policy to contain inflationary expectations and capital flight also had an impact on domestic demand. Consumer confidence deteriorated, with car sales in 2013 declining for the first time in a decade.

Fixed investment also slowed, in line with sluggish demand and higher interest rates,” the report said.

UNESCAP said subdued output growth pushed up the “measured unemployment” rate by one percentage point to 4.7 per cent.

On inflation, the report assessed that the inflation rate remained high at 9.5 per cent in 2013 and identified weaker currency and cuts in fuel price subsidies as contributing factors for high inflation besides supply constraints.

“High food inflation hit the poor harder, as they spend proportionally more on food purchases, especially cereals and vegetables. Food items account for close to half of the consumer price index in India,” it said.

The estimates positive growth in 2013 in merchandise exports and said the pickup was mainly fuelled by strengthening import demand from developed economies but the weaker Indian rupee also helped.

“The current account deficit narrowed to 2.4 per cent of GDP in 2013. In addition to the export rebound, measures to curb sizeable gold imports also played a role. More heavily affected economies were those with large fiscal and current account deficits financed by external short-term capital flows.

“This highlights the need for a deeper structural transformation to drive India’s dynamic competitive advantage,” said the report.

Talking about steps taken by India to spur growth, the report referred to some of the recent reform initiatives which include relaxing caps on foreign investment in sectors like retail and telecommunications, setting up an investment committee to speed up the implementation of large infrastructure projects, enactment of a food security act that provides subsidised food grains to two thirds of the population; and introducing clearer guidelines on the land acquisition process.

About the Asia Pacific Region, the report said Asia-Pacific developing economies are experiencing yet another year of subdued growth and called for quick action on the removal of domestic structural constraints and the unlocking of fiscal space to help stimulate growth and support social development.

 

UN: Indian economy expected to grow by 5.5% in current fiscal

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Foreign trade policy for 20014-19 expected by month-end

News4u-Business Desk- The Commerce and Industry Ministry is expected to announce the new five-year foreign trade policy (20014-19) by the end of this month as it seeks to boost manufacturing and exports, among other things.

The Directorate General of Foreign Trade (DGFT) is giving final touches to the policy.

“It is expected that the new FTP would be announced by August-end,” an official source said.

The new policy would focus on wide range of issues including services exports, standards and branding of products.

India’s exports in the last three years have been hovering around USD 300 billion and now there is a need to boost it further and enhance its contribution in the world trade.

All exports- and imports-related activities are governed by the FTP. It mainly aims at enhancing the country’s exports and use trade expansion as an effective instrument of economic growth and employment generation.

Federation of Indian Export Organisations (FIEO) has suggested to focus more on export of services and hi-tech products in the new policy.

The services sector contributes about 55 percent to the country’s gross domestic product. During May, services exports were about USD 14 billion.

In April-June period of the current fiscal, exports grew by 9.31 percent to USD 80.11 billion.

India’s exports in 2013-14 were worth USD 312.35 billion, lower than targeted USD 325-billion.

The country’s exports stood at USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12.


Foreign trade policy for 20014-19 expected by month-end

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RBI likely to keep interest rate unchanged today

News4u-Business Desk-The Reserve Bank may maintain the status quo on interest rate in its bi-monthly monetary policy review to be unveiled on Tuesday amid apprehensions that deficient rainfall may further push up food inflation.

The food inflation remaining over 8 percent mark will weigh heavily on the Reserve Bank, which has been maintaining that containing inflation is its top priority. Prices of some of the food articles like tomato, onion, potatoes are still quite above normal.

With monsoon being below normal, there is a fear that price situation, especially food inflation, may further deteriorate in the coming days. Monsoon deficiency stood at 23 percent in at the end of July.

The Reserve Bank of India (RBI) is scheduled to announce its third bi-monthly monetary policy on 5th August.

State Bank of India (SBI) Chairperson Arundhati Bhattacharya said the RBI is likely to keep interest rate intact in the monetary policy review.

“I think status quo (in policy rate) is more likely,” she said.

HDFC Bank Deputy Managing Director Paresh Sukthankar said: “Our view is that policy rates are likely to remain roughly stable.”

He further said: At least, the assumption that we are built in to for the GDP growth in this year, we are counting on major tail winds from interest rate reduction.

The pick-up in the economy that we are anticipating is really going to be driven more by the policy environment and the investments picking up but not necessarily on the back of lower interest rates.”

According to Indian Overseas Bank, interest rates will remain same in this policy, but going forward there would be a downward bias.

In the last policy review in June, RBI chose not to tinker with the policy rate. It was the second consecutive time that RBI Governor Raghuram Rajan kept interest rates unchanged.

The repo rate, at which the RBI lends to banks, was retained at 8 percent and the cash reserve ratio (CRR) was kept unchanged at 4 percent.

The statutory liquidity ratio (SLR), the mandatory amount of bonds lenders must park at the RBI, was cut by 0.5 percent to 22.5 percent of their net demand and time liabilities (NDTL) with effect from 14th June.

America-Merill Lynch said it expects the rate cut to happen only in December, if the monsoon normalises to cool down inflation, or early 2015 in case prices rise prolongs.

“We continue to expect the Governor to be on hold on August 5…the RBI will be on long hold till it is clear that inflation is truly coming off,” it said.

“The RBI is likely to leave rates unchanged despite easing inflation… no hurry to ease rates,” DBS said.

It said the macroeconomic backdrop is looking better on most counts since the last monetary policy review in June and specifically mentioned a stability in the industrial growth saying it is only expected to consolidate over the next few quarters.

However, the industry is pitching for a rate cut to boost industrial activities.

Exhibiting signs of revival, India’s manufacturing activity, gauged by the Index of Industrial Production (IIP), had risen to 19-month high of 4.7 percent in May on account of improved output from mining, power and capital goods sector.

Besides improved industrial activity, retail inflation fell to a 30-month low of 7.31 percent in June as prices of food items, including vegetables, came down.

Wholesale Price Index (WPI) based inflation in June fell to 5.43 percent after rising to a five-month high in the previous month.

Committed to keeping the economy on a disinflationary course, considering CPI inflation at 8 percent by January 2015 and 6 percent by January 2016, RBI said that further policy tightening will not be warranted if the economy stays on this course.

“On the other hand, if disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance,” it had said.


RBI

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World Bank pledges 200 mln to contain spread of Ebola

News4u-Business Desk- The World Bank has pledged USD 200 million in emergency funding to Guinea, Liberia and Sierra Leone to help the West African countries contain spread of deadly Ebola infections and improve public health systems.

World Bank President Dr Jim Yong Kim, who is experienced in treatment of infectious diseases, said the new financing commitment was in response to a call from both the three African countries hardest-hit by Ebola and the World Health Organisation for immediate assistance to contain the outbreak.

In a statement, he said the World Bank Group would step up social safety net assistance for affected communities and families and help to build up public health systems in West Africa to strengthen the region’s disease control capacity.

“I have been monitoring its deadly impact around the clock and am deeply saddened at how it has ravaged health workers, families and communities, disrupted normal life, and has led to a breakdown of already weak health systems in the three countries,” Kim said.

“The international community needs to act fast to contain and stop this Ebola outbreak. I believe this new World Bank emergency funding will provide critically needed support for the response to stop the further transmission of Ebola within Guinea, Liberia, and Sierra Leone, which would prevent new infections in neighboring at-risk countries,” he said.

Welcoming the support from the World Bank, WHO Director General Dr. Margaret Chan said the demands created by this unprecedented outbreak outstrip the capacity of affected countries in West Africa to respond.

“So funding to increase national response capacities is a fundamentally important way to slow transmission and prevent spread to other areas,” he said.

With the Ebola virus now directly and indirectly impacting economies in Guinea, Liberia, Sierra Leone and neighboring countries, the new WB Group emergency response will also help countries and communities cope with financial hardship caused by the outbreak, a media statement said.

An initial World Bank-IMF assessment for Guinea projects a full percentage point fall in GDP growth from 4.5 per cent to 3.5 percent.

Agriculture has also been affected in all three countries as rural workers have fled farming areas in the affected zones.

To date, there has been no measurable impact on the food supply, it said. The World Bank said cross-border commerce has slowed considerably with land crossings closed to neighboring countries and more recently cancellation of flights.


World Bank President Dr Jim Yong Kim

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New SEBI bill tweaks provisions for penalties, seizures

News4u-Business Desk- As a new bill was introduced on Monday to empower SEBI to take on fraudsters and other defaulters more effectively, the government tweaked certain powers earlier granted to the markets regulator through ordinances relating to conduct of search and seizures.

The capital markets watchdog will have to seek permission from special courts to conduct search and seizure operations, while some new provisions have also been introduced to provide for minimum penalties ranging from Rs one lakh to Rs 10 lakh, depending on the nature of the case.

The new bill, called the Securities Laws (Amendment) Bill, 2014, contains as many as 57 clauses for amending various provisions of the three capital markets-related Acts, as against 30 clauses in the last Ordinance that was passed in March this year for grant of greater powers to Sebi.

The first ordinance was promulgated in this regard in July 2013, followed by second ordinance in September 2013.

The third ordinance also expired on 18th July 2014, pursuant to which the government has now introduced the new Bill in the Parliament to empower SEBI.

While the new Bill has retained all the powers granted to Sebi through the three ordinances, it has tweaked some provisions as there were demands that the greater powers need to be balanced with necessary safeguards.

The ordinance allowed the Sebi Chairman to authorise search and seizures against suspected entities, but the new Bill provides that permission for such actions would need to be obtained from a Magistrate or Judge of a designated court.

The bill, however, retains many powers given to Sebi through ordinances, including those giving it authority to act against all illegal money-pooling schemes involving Rs 100 crore or more, launch of recovery proceedings, attachment and sale of defaulters’ properties and assets, and seeking of call data records and other information from any person, company, bank, authority or organisation during its probes.

The provisions giving Sebi powers to enhance a penalty or settle ongoing proceedings have also been retained, while the new Bill also provides for setting up of special Sebi courts to expedite the cases.

At the same time, the new bill has introduced certain fresh provisions, including those relating to imposition of a minimum penalty of Rs one lakh in various securities markets related cases.

This minimum penalty would be Rs 10 lakh for insider trading cases, while the same for matters relating to fraudulent and unfair trade practices would be Rs 5 lakh.

It has been now proposed that Sebi can impose a penalty amount “while shall not be less than Rs 10 lakh, but which may extend to Rs 25 crore or three times the amount of profits made out of insider trading, whichever is higher.”

For conduct of search and seizures, Sebi officers would continue to enjoy powers to seek help of local police or other government officers in such operations.

With regard to setting up of special courts, the government said there would be no immediate financial implication on the Consolidated Fund of India.

“The central government may, if required, provide budgetary support at a later stage and accordingly, the Department of Expenditure would be approached in accordance with the rules,” according to the bill.

The bill also provides for provision that appeals cannot be made against orders passed under the consent settlement mechanism.

It also allows for express powers for the settlement (compounding) and empowering Sebi to enhance the penalty imposed by an adjudicating officer.

Once the bill becomes an Act, Sebi would have powers to call for information “not only from the people or entities associated with the securities market but also from persons who are not directly associated with the securities market”.

Besides, the capital market watchdog would get increased powers to crack the whip on illegal investment schemes.

“Further, in view of large pendency of cases, it is necessary to constitute Special Courts for prosecution of offences under the securities law to provide speedy trial,” the government said.

As per the bill, any unregistered scheme having a corpus of Rs 100 crore or more would be deemed as a collective investment scheme.

Instead of First Class Judicial Magistrate, the Magistrate or Judge of such designated court in Mumbai — as notified by the central government — would have jurisdiction to issue an order “for the seizure of books, registers, other documents and records”.

According to the government, it has become necessary to “further strengthen the regulatory provisions to ensure effective enforcement of the securities market related law while ensuring its orderly development”.


SEBI

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Gujarat tops in e-transactions

News4u-Business Desk- Gujarat tops the charts in e-transactions across the nation with a 26 per cent share, as per a government report.

“Report of Central government’s web portal E-TAAL (E - Transactions Aggregation and Analysis Layer) states that Gujarat tops with over 81.76 crore e-transactions from January 2013 to July 2014, which is 26 per cent of the total e-transactions across the nation,” said R S Sharma, Secretary, Electronics and Information Technology Department at the Centre, said.

“Mobile governance has become a very powerful medium in a range of fields. About 60 to 70 per cent of citizens possess mobiles in our country.

And it’s a matter of concern to focus upon how to creatively make use of the power of mobile technologies,” Sharma further said.

He was speaking at a seminar on mobile governance (m-governance) organised by the state government’s Department of Science and Technology here in the run-up to the upcoming Vibrant Gujarat Global Investor Summit 2015.

On the occasion, Gujarat’s Science and Technology Minister Bhupendrasinh Chudasama claimed that the state has made a mark in IT by implementing various projects such as e-Dhara, e-Gram and e-Kisan portal.

“Gujarat has truly put a whole lot of endeavour to achieve the dream of ‘Tomorrow India’ by means of Information Technology and talent,” Chudasama said.

Chief Secretary to state government, Dr Varesh Sinha spoke on how Gujarat is showing a way ahead to the nation in this field.

“Gujarat tops the nation in the successful implementation of e-Kisan portal, GSWAN network, bar-coded ration card and so on.

The state also tops in facilitating Internet connection to more than 13,000 villages under e-Gram Vishwagram project,” he claimed.


Gujarat tops in e-transactions

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RBI likely to keep interest rate unchanged in Tue review

News4u-Business Desk- Amid fears of poor monsoon impacting food inflation, the Reserve Bank may opt for status quo on interest rate in its bi-monthly monetary policy review to be unveiled on Tuesday.

The food inflation remaining over 8 percent mark will weigh heavily on the Reserve Bank, which has been maintaining that containing inflation is its top priority. Prices of some of the food articles like tomato, onion, potatoes are still quite above normal.

With monsoon being below normal, there is a fear that price situation, especially food inflation, may further deteriorate in the coming days. Monsoon deficiency stood at 23 percent in at the end of July.

The Reserve Bank of India (RBI) is scheduled to announce its third bi-monthly monetary policy on 5th August.

State Bank of India (SBI) Chairperson Arundhati Bhattacharya said the RBI is likely to keep interest rate intact in the monetary policy review.

“I think status quo (in policy rate) is more likely,” she said.

HDFC Bank Deputy Managing Director Paresh Sukthankar said: “Our view is that policy rates are likely to remain roughly stable.”

He further said: At least, the assumption that we are built in to for the GDP growth in this year, we are counting on major tail winds from interest rate reduction.

The pick-up in the economy that we are anticipating is really going to be driven more by the policy environment and the investments picking up but not necessarily on the back of lower interest rates.”

According to Indian Overseas Bank, interest rates will remain same in this policy, but going forward there would be a downward bias.

In the last policy review in June, RBI chose not to tinker with the policy rate. It was the second consecutive time that RBI Governor Raghuram Rajan kept interest rates unchanged.

The repo rate, at which the RBI lends to banks, was retained at 8 percent and the cash reserve ratio (CRR) was kept unchanged at 4 percent.

The statutory liquidity ratio (SLR), the mandatory amount of bonds lenders must park at the RBI, was cut by 0.5 percent to 22.5 percent of their net demand and time liabilities (NDTL) with effect from 14th June.

America-Merill Lynch said it expects the rate cut to happen only in December, if the monsoon normalises to cool down inflation, or early 2015 in case prices rise prolongs.

“We continue to expect the Governor to be on hold on August 5…the RBI will be on long hold till it is clear that inflation is truly coming off,” it said.

“The RBI is likely to leave rates unchanged despite easing inflation… no hurry to ease rates,” DBS said.

It said the macroeconomic backdrop is looking better on most counts since the last monetary policy review in June and specifically mentioned a stability in the industrial growth saying it is only expected to consolidate over the next few quarters.

However, the industry is pitching for a rate cut to boost industrial activities.

Exhibiting signs of revival, India’s manufacturing activity, gauged by the Index of Industrial Production (IIP), had risen to 19-month high of 4.7 percent in May on account of improved output from mining, power and capital goods sector.

Besides improved industrial activity, retail inflation fell to a 30-month low of 7.31 percent in June as prices of food items, including vegetables, came down.

Wholesale Price Index (WPI) based inflation in June fell to 5.43 percent after rising to a five-month high in the previous month.

Committed to keeping the economy on a disinflationary course, considering CPI inflation at 8 percent by January 2015 and 6 percent by January 2016, RBI said that further policy tightening will not be warranted if the economy stays on this course.

“On the other hand, if disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance,” it had said.


RBI

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