MINISTRY OF FINANCE 

Declaration of zero coupon zero principal instruments as securities under the Securities Contracts (Regulation) Act, 1956 ( JUL 15, 2022)

In exercise of the powers conferred by sub-clause (iia) of clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956, the Central Government hereby declares “zero coupon zero principal instruments” as securities for the purposes of the said Act. 

Explanation.–For the purpose of this notification, “zero coupon zero principal instrument” means an instrument issued by a Not for Profit Organisation which shall be registered with Social Stock Exchange segment of a recognised Stock Exchange in accordance with the regulations made by the Securities and Exchange Board of India. 

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SEBI

Levy of Goods & Services Tax (GST) on the fees payable to SEBI (JUL 18, 2022)

The GST Council in its meeting held on June 28 and June 29, 2022, recommended inter alia to withdraw the exemption granted to services by SEBI. 

Accordingly, all the Market Infrastructure Institutions, Companies who have listed / are intending list their securities, other intermediaries and persons who are dealing in the securities market, are hereby informed that the fees and other charges payable to SEBI shall be subject to GST at the rate of 18% with effect from July 18, 2022.  

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SUPREME COURT 

Supreme Court stays orders by HC judge who called Karnataka’s ACB ‘a centre of corruption’, asks registry to expunge remarks (JUL 18, 2022)

Terming the observations against the state Anti-Corruption Bureau (ACB) and the Additional Director General of Police (ADGP) of ACB as “unnecessary”, the Supreme Court on Monday stayed the orders of Karnataka High Court judge Justice HP Sandesh and asked him to focus only on the bail petition before him. 

The apex court bench led by Chief Justice of India NV Ramana, however, rejected a plea by former Bengaluru Urban Deputy Commissioner J Manjunath to transfer the hearing to another HC bench, saying the court cannot be seen as favouring one side.

The apex court, while staying the proceedings against the ACB and ADGP, also directed the HC registrar to expunge Justice Sandesh’s scathing observations against the ACB.

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DELHI HC 

Delhi High Court Rejects Plea To Stop Spicejet Airline (JUL 18, 2022)

The Delhi High Court on Monday rejected public interest litigation (PIL) seeking to stop the operation of SpiceJet airline for allegedly flying its aircraft in breach of professional and safety obligations.  

The court cannot stay the operation of an airline on the basis of a PIL and press reports, a bench headed by Chief Justice Satish Chandra Sharma said while dealing with the petition by lawyer Rahul Bhardwaj.

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WORLD AFFAIRS 

India emerges as top lender to Sri Lanka in first four months of 2022 (JUL 18, 2022)

India emerged as the top lender to Sri Lanka during the first four months of this year, extending credit worth $376.9 million, compared to $67.9 million from China, as the island nation grapples with its worst economic crisis.

India topped the list of lenders, according to data on disbursement of funds in the four months through April 30 cited by the newspaper Daily Mirror. The Asian Development Bank (ADB) was the second largest lender in this period, with $359.6 million, followed by the World Bank with $67.3 million.

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NEWS AT GLANCE

  • Home Minister Amit Shah holds meeting with all Chief Ministers, Lieutenant Governors and Administrators of Union Territories on Har Ghar Tiranga Programme.  
  • Civil Aviation Minister Jyotiraditya Scindia holds high-level meeting on Airlines safety amid series of technical snags.  
  • Chief of Army Staff General Manoj Pande arrives in Dhaka on a three-day visit to Bangladesh.  
  • Exports of agricultural and processed food products rise by 14 percent in first three months of current fiscal.
  • NDA Vice Presidential candidate Jagdeep Dhankar files his nomination papers. 
  • New Rates of Goods and Services Tax on a number of items come into effect from today.  
  • Today is International Nelson Mandela Day.

WORD OF THE DAY 

misjoinder is the inclusion of parties (plaintiffs or defendants) or causes of action (legal claims) in a single lawsuit contrary to statute. Reasons for a court ruling that there is misjoinder include: 

  1. the parties do not have the same rights to a judgment; 
  2. they have conflicting interests; 
  3. the situations in each claim (cause of action) are different or contradictory; or 
  4. the defendants are not involved (even slightly) in the same transaction. 

In a criminal prosecution the most common cause for misjoinder is that the defendants were involved in different alleged crimes, or the charges are based on different transactions.

MARKET TODAY (as on 18.07.2022)

BSE SENSEX                54,521.15 ▲ 760.37 (1.41%)

NIFTY 50                       16,278.50 ▲ 229.30 (1.43%)

1 US Dollar = 79.97 Indian Rupee (Last updated · 18 July at 3:27 pm UTC)

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