SEBI CIRCULAR
Reduction in the denomination for debt securities and non-convertible redeemable preference shares (OCT 28, 2022)
The following amendments are being made in Chapter V (Denomination of issuance and trading of Non-convertible Securities) of the Operational Circular:
PARAGRAPH 1.1. The face value of each debt security or non-convertible redeemable preference share issued on a private placement basis shall be Rs. One lakh.PARAGRAPH 2.1. The face value of the listed debt security and non-convertible redeemable preference share issued on a private placement basis traded on a stock exchange or OTC basis shall be Rs. One lakh.
The provisions of this circular shall be applicable to all issues of debt securities and non-convertible redeemable preference shares, on a private placement basis, through new ISINs, on or after January 1, 2023.
The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021.
SUPREME COURT
Supreme Court declines Amnesty International's plea against ED’s freezing of bank accounts (OCT 28, 2022)
A bench consisting of Chief Justice of India UU Lalit and Justice Bela M Trivedi refused to interfere provisional order of adjudicating authority under the Prevention of Monday Laundering Act attaching three bank accounts of 'Indians for Amnesty International Trust worth ₹1.54 crore.
The case of the ED is based on a first information report (FIR) registered against the accused entities for allegedly receiving foreign contributions illegally.
NEWS REPORT: Supreme Court declines Amnesty International plea against ED’s freezing of bank accounts | SabrangIndia
National Financial Reporting Authority
NFRA Circular on Non-Accrual of interest on borrowings by companies in violation of Indian Accounting Standards (OCT 28, 2022)
Mere classification of the company’s borrowings as NPAs by the lender banks does not relieve the borrowing company from its liability towards payment of interest and/or the principal.
In order to ensure that such violations do not occur and to ensure the presentation of a true and fair view of the financial statements of the companies, NFRA has issued a circular on 20.10.2022 on this subject to draw the attention of all companies, audit committees, and statutory auditors.
PRESS RELEASE: https://pib.gov.in/PressReleasePage.aspx?PRID=1871504
BUSINESS NEWS
Flipkart loss widens 51% on-year to Rs 4,362 cr in FY22; advertising helps revenue but chokes profitability (OCT 28, 2022)
The e-commerce giant’s advertising promotional expenses alone surged over 80% in FY22 to Rs 1,946 crore from Rs 1,073 crore. That likely helped the company generate revenue from operations of Rs 10,477 crore, an increase of 34% from FY21’s Rs 7,840 crore, according to regulatory filings accessed via Tofler.
Walmart-owned Flipkart’s total expenses soared to Rs 15,020 crore from Rs 10,996 crore – an increase of 37%. Further, the company’s operating loss or the earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at Rs 3,925 crore in FY22, as against Rs 2,227 crore in FY21.
NEWS AT GLANCE
- A Special Meeting of the UN Security Council Counter-Terrorism Committee begins today in Mumbai.
- Prime Minister Narendra Modi spoke to his UK counterpart Rishi Sunak; Two leaders agree on the early conclusion of the Free Trade Agreement.
- Russian President Vladimir Putin praises Prime Minister Modi for his independent foreign policy; Says Russia and India have a special relationship.
- BCCI decides to end discrimination and offer equal pay to men and women cricketers.
WORD OF THE DAY
De novo – Starting afresh.
MARKET TODAY (as on 28.10.2022)
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1 US Dollar = 82.45 Indian Rupee (Last updated · 28 October at 12:51 pm UTC)
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