Markets regulator Sebi likely to relax promoter norms
The Securities and Exchange Board of India (Sebi) is likely to relax rules to make it easier for a public shareholder to become the promoter of a company, and vice versa, two people with direct knowledge of the development said. Both the processes impose onerous terms but the one to become a public shareholder from a promoter is somewhat tougher, they said, requesting anonymity.
Source: Mint
DoT asks FinMin to slash telecom revenue target by 40%
The financial stress in the telecom industry is set to reflect in the revenues flowing into the government exchequer during the current financial year (FY2017-18). The Department of Telecommunications (DoT) has expressed its inability to meet its revenue target of Rs 47,305 crore for FY18 and has asked the finance ministry to revise the projection to Rs 29,524 crore — almost a 40 per cent fall.
Source: Business Standard
Sebi’s forensic audit on NSE brokers to establish gains
The capital markets regulator, the Securities and Exchange of India (Sebi), is in the process of appointing a forensic auditor to ascertain if brokers and their clients made any profit by gaining preferential access to the colocation (colo) facility of the National Stock Exchange (NSE). Although SEBI and auditor Deloitte have established the trading systems at the NSE’s colo facility were prone to manipulation, so far, they have not been able find any proof of entities — a part of the ecosystem — making any monetary gain. Sebi’s latest move could be critical in determining the finality of the case, which the regulator has been probing since 2015.
Source: Business Standard
Airtel, Vodafone & Idea seek higher IUC, Jio wants it scrapped
As top telecom companies clamour for a cut in licence fee, spectrum usage charge (SUC) and Universal Service Obligation Fund levy to ease financial stress in the telecom sector, the issue of interconnect charges (IUC) has once again emerged as a potential flashpoint between top telcos. While Bharti Airtel, Vodafone India and Idea Cellular are asking for IUC to be raised, new entrant Reliance Jio Infocomm is asking it to be scrapped. The IUC is a fee that a telco pays another player on whose network a call terminates, and is at 14 paise a minute, reckoned to be nearly half of an incumbent carrier’s cost of a call.
Source: Economics Times
Vivo could launch smartphone with on-screen fingerprint scanner: Report
Vivo may release a smartphone featuring a fingerprint scanner embedded under the display. First discovered by Android Authority, a post on the Chinese social working site Weibo from industry analyst Jiutang Pan shows a video of a working prototype being unlocked through on-screen fingerprint scanner. The launch is slated to happen in the coming months, according to the analyst.
Source: Indian Express
Limit for luxury tax on hotel room tariff increased to Rs. 7,500 from Rs. 5,000
The Goods and Service Tax (GST) Council at its 17th meeting on Sunday decide to increase the room tariff threshold, above which the luxury rate of 28% will apply, to Rs. 7,500 from the Rs. 5,000 decided earlier. The Council also decided to defer the dates of filing the details return for July and August.
Source: The Hindu
Muck under presidential elections: All polls except two challenged in apex court
The President is the benign head of government constitutionally mandated to sign on the decisions of the council of ministers headed by the Prime Minister. Exaltation is stitched to the post by making him the symbolic supreme commander of the armed forces. What makes presidential elections interesting and no holds barred is the fact that the anti-defection law does not apply. No party can issue a whip to compel its MPs and MLAs to vote for a particular candidate.
Source: Times of India
GST to roll out from 1 July, firms get extra time to file returns
For the first two months of GST implementation, tax would be payable based on a simple return, with a detailed filing later, says finance ministry
Source: Mint
