IRDA defends order on merger of Sahara Life, ICICI Prudential
The Insurance Regulatory and Development Authority of India (IRDA) said its order directing the shotgun marriage of Sahara India Life Insurance Co. Ltd and ICICI Prudential Life Insurance Co. Ltd was the culmination of a two-year process. The regulator was replying to Sahara’s appeal in the Securities Appellate Tribunal (SAT) challenging the merger on the grounds that IRDA did not follow the principles of natural justice. Mint has reviewed a copy of IRDA’s reply to SAT.
Amazon India posts 88% jump in gross sales volume for June quarter
Amazon India (Amazon Seller Services Pvt. Ltd) said it posted an 88% jump in gross sales volume for the June quarter, outpacing the growth of the broader online retail market. While the firm declined to share its sales numbers by value, two Amazon India executives said it reported an increase of nearly 60% by value in the June quarter, compared with a year earlier. The two executives requested anonymity.
Sebi may extend trading hours for derivatives market
In a bid to bring back some of the lost zing, the markets regulator, the Securities and Exchange Board of India (Sebi), is looking to extend the trading hours for the derivatives market. Sources said Sebi was considering if trading in index futures could be kept open even after the cash market closed. The move will provide investors the tool to price in news flow that comes after market hours.
GIC Re files for IPO; might raise Rs 6,000 crore
General Insurance Corporation of India (GIC Re), the government-owned general reinsurer, has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to list its shares through an initial public offering (IPO). Bankers said this could raise more than $1 billion or about Rs 6,380 crore, as part of the government’s plans to list five non-life insurers in which it holds stakes.
Airtel plans to sell 3.7% in Bharti Infratel for Rs 2,500 crore
Bharti Airtel is learnt to be in the process to offload a 3.7 per cent stake in Bharti Infratel for about Rs 2,500 crore, sources aware of the development said. Bharti Airtel in March had transferred an 11.32 per cent stake in its mobile tower arm Bharti Infratel to its wholly owned subsidiary Nettle Infrastructure at a value of around Rs 6,806 crore. “Airtel is in process of offloading a 3.7 per cent stake in Bharti Infratel held through Nettle Infrastructure. The expected amount is Rs 2,550 crore. It will help company lower its debt,” the source said.
Alarm bells for Big Bazaar? Amazon may make its food retailing debut this Diwali
Amazon is set to make its nationwide debut in online food retailing in India during the Diwali season, according to several people with knowledge of the plan. The company, which will make its entry through subsidiary Amazon Retail India Pvt Ltd, subsequently plans to start a private grocery label in India as it has done in the US.
Startup ecosystem under scanner: SEBI notice to Angel networks
Angel networks which serve as vital link between startups scrounging for funds and faceless investors, are being scowled at by the financial market regulator. The Securities & Exchange Board of India has shot off notices to at least half a dozen angel firms in the past one-and-a-half months, asking them to spell out details of their fund-raising business and explain whether they operate within the contours of the securities market law.
SUVs, luxury cars to cost more as GST Council okays proposal to hike cess to 25%
SUVs, mid-sized, large and luxury cars that had become cheaper after GST rollout on July 1 will cost more as the GST Council has approved a proposal to hike cess on them to 25 per cent, from 15 per cent now. Under the new GST regime, cars attract the top tax rate of 28 per cent. On top of this, a cess of 1-15 per cent is levied on them to create a corpus to compensate states for loss of revenue from GST implementation.
I-T returns up 25% as more individuals declare income
The government’s demonetisation drive and the subsequent “Operation Clean Money” seem to have smoked out those avoiding taxes, resulting in a massive jump in the number of returns filed this year as well as individuals paying taxes. The income tax department said on Monday there was a 25% rise in the number of returns filed until August 5, the deadline, one of the highest growth rates in recent years.
*ARTICLE: Impact of Insolvency and Bankruptcy Code on Compliance & Disclosures
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