SEBI

Guidelines for overseas investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs) (AUG 17, 2022)

Highlights :

  •  AIFs/VCFs shall invest in an overseas investee company, which is incorporated in a country whose securities market regulator is a signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to the bilateral Memorandum of Understanding with SEBI
  • AIFs/VCFs shall transfer/sell the investment in overseas investee company only to the entities eligible to make overseas investments, as per the extant guidelines issued under the Foreign Exchange Management Act, 1999. 
  • AIFs/VCFs shall furnish the sale/divestment details of the overseas investments to SEBI in the format given at Annexure B within 3 working days of the divestment.

This Circular is issued in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992.

RBI 

RBI imposes monetary penalty on Obopay Mobile Technology India Private Limited (AUG 18, 2022)

The Reserve Bank of India (RBI) has imposed monetary penalty of ₹5,93,000/-  on Obopay Mobile Technology India Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016. 

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. 

For Press Release, Click Here

SUPREME COURT

Pharma firm distributed Rs 1,000 crore freebies to doctors to prescribe Dolo 650mg tablets: NGO to Supreme Court (AUG 18, 2022)

A bench of Justices DY Chandrachud and AS Bopanna was told by senior advocate Sanjay Parikh and advocate Aparna Bhat, appearing for the petitioner ‘Federation of Medical and Sales Representatives Association of India’, that the market price of any tablet up to 500mg is regulated under the government’s price control mechanism, but the price of drugs above 500mg can be fixed by the manufacturer pharma company.

He said to ensure a higher profit margin, the company distributed freebies to doctors to prescribe Dolo dosage of 650mg capacity.

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Ministry of Company Affairs

Ministry of Corporate Affairs announces winners and honourable mentions for National CSR Awards 2020 (AUG 18, 2022)

In the National CSR Awards (2020), the three-stage process has been carried out during the COVID-19 pandemic. Based on the submissions by the companies and reports of the independent assessment by CSR experts and the Grand Jury, 20 award winners and 17 Honourable Mentions across the three award categories have been selected.

For Press Release, Click Here

NEWS AT GLANCE

  • Department of Telecommunications allocates spectrum to telecom operators; Asks to prepare for 5G launch likely by next month.  
  • India envisages a free, open, inclusive and peaceful Indo-Pacific built on a rules-based order, says External Affairs Minister S Jaishankar in Bangkok.  
  • Goa becomes the first Har Ghar Jal certified State and Dadra and Nagar Haveli and Daman and Diu the first Union Territory in the country.

WORD OF THE DAY

Kangaroo Court is an unofficial court held by a group of people in order to try someone regarded, especially without good evidence, as guilty of a crime or misdemeanour.

MARKET TODAY (as on 18.08.2022)

BSE SENSEX                60,298.00 ▲ 37.87 (0.063%) 

NIFTY 50                       17,956.50 ▲ 12.25 (0.068%)

1 US Dollar = 79.72 Indian Rupee (Last updated · 18 August at 4:16 pm UTC)

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