Sebi proposes merger of debt securities rules into single one

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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To ease compliance burden on listed entities, Sebi on Wednesday proposed merger of listing rules pertaining to debt securities and non-convertible redeemable preference shares into a single regulation.

The proposal is aimed at harmonising with the Companies Act, 2013, and maintaining consistency with the Sebi’s LODR (Listing Obligations and Disclosure Requirements) rules and Debenture Trustees norms, the regulator said in a consultation paper.

The Securities and Exchange Board of India (Sebi) has invited public comments, open for 21 days, on the proposal. Under the proposal, Sebi has suggested merger of the Issue and Listing of Debt Securities or ILDS norms and the Issue and Listing of Non-Convertible Redeemable Preference Shares or NCRPS Regulations into a single regulation — Issue and Listing of Non-Convertible Securities or NCS Regulations.

In the proposed NCS rules, the regulator has suggested removal of minimum rating of AA- for public issuance of NCRPS. Currently, NCRPS rules restricts issuers with credit rating of less than AA- to come out with a public issue. Such restriction is not applicable even in other debt instruments such as municipal debt securities and securitised debt instruments.

Also, it has been suggested to do away with the requirement of minimum tenure of three years for public issue of NCRPS, as it restricts the flexibility of the issuers to structure their issuance as per their resource requirement and raise funds. Sebi has suggested removal of restriction of four issuances in a year through a single shelf prospectus.

The ILDS Regulations provide that not more than four issuances can be made under a single shelf prospectus while there is no such restriction under the Companies Act. In order to maintain consistency, it has been proposed that the validity of shelf placement memorandum be revised to one year. The shelf prospectus in case of public issue is valid till one year, whereas the shelf placement memorandum issued in case of private placement is valid for 180 days.

It has been proposed to allow issuers to file shelf prospectus provided they have cured the default atleast 30 days prior to filing the draft shelf prospectus. Sebi has proposed that the requirement of minimum size, presently applicable only for debt securities should be removed. Also, it has recommended to replace distributable profit with operating profit.

It has been suggested that the electronic book platform should be mandatory for issuance of eligible securities proposed to be listed amounting to Rs 100 crore or above in a fnancial year. In addition, it has been proposed that if the promoter, director, promoter group or the issuer has been debarred, then such issuer should not be allowed to list non-convertible securities issued on private placement basis.

Also, it has been suggested that in case issuer fails to make payment of dividend, then such issuer should not be allowed to make a public issue of NCRPS, till such time the default in payment of dividend is cure. As per present NCRPS rules, the issuer who has defaulted in payment of interest will not be allowed to make public issue. However, in case issuer has defaulted in payment of dividend, then such issuer are allowed to make public issue of NCRPS.

Further, Sebi has proposed to mandate the appointment of a debenture trustee even for private placements of debt securities. The regulator has suggested inclusion of restriction on fugitive economic offenders from accessing the securities markets in the NCS framework. However, ILDS and NCRPS Regulations do not contain such restriction.

In addition, the regulator has proposed to insert several definitions including green debt securities in the NCS framework, which are not present in the ILDS and NCRPS Regulations. The rules on ILDS and NCRPS were notified in June 2008 and June 2013, respectively. The ILDS Regulations were enacted for the issuance and listing of debt securities, whereas NCRPS Regulations was enacted for the issuance and listing of non-convertible redeemable preference shares.

Subsequent to the implementation of the these two rules, considerable time has passed, Sebi said. In addition, various changes have taken place in the regulatory landscape, such as amendments to the Companies Act, repeal of the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009, and substitution with ICDR rule, 2018, Sebi noted.

They also include enhancement of requirements for debenture trustees, and issue of various circulars in relation to the ILDS and NCRPS rules keeping in mind the market dynamics, it added. The current NCRPS rules also cover the listing of perpetual debt instruments (PDIs) and perpetual non-convertible preference shares (PNCPS).

While debt securities are ‘pure play’ debt instruments, NCRPS’ are hybrid equity and debt instruments. They carry a fixed dividend rate as well as are redeemable, and the holder is entitled to voting rights in case dividend is not paid for two years as per the Companies Act and therefore, they are also termed as a ‘quasi-debt’ instruments. The NCRPS Regulations have been modelled on the ILDS Regulations.

The regulator said a need was felt to merge and realign the ILDS and NCRPS regulations to ensure that ease of reference and language and also remove redundancies. The proposal will simplify and align the regulations in line with the various circulars and guidance issued by Sebi and improve the structure of the regulations in order to enhance readability, the regulator said.

The proposed merger is aimed at identifying policy changes in line with the present market practices and the prevailing regulatory environment and to ease doing business, it added. In addition, it will separate the chapters on the basis of type of issuance — public or private placement — and instruments — debt securities, commercial papers, so that all relevant information is sorted and are available at one place.

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More drops in Big Tech pull stocks lower; Bitcoin drops 20%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US stocks are opening broadly lower, extending a weak streak into a third day. The price of Bitcoin dropped another 20 per cent Wednesday, extending a sharp pullback in crypto assets over the past month, after China’s banking association issued a warning over the risks associated with digital currencies.

Big Tech companies extended their declines on Wall Street. Amazon, Apple and Microsoft each fell more than 1 per cent. Coinbase, a cryptocurrency exchange operator that had an IPO last month, dropped 8 per cent. The drop in Bitcoin follows a recent reversal by longtime Bitcoin advocate Tesla, which now says it will no longer accept Bitcoin as payment for cars.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Infosys co-founder Shibulal buys company shares worth Rs 100 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys co-founder S D Shibulal on Wednesday purchased shares worth Rs 100 crore of the IT major through an open market transaction. Shibulal bought over 7.53 lakh shares at an average price of Rs 1,327 per share, valuing the transaction at Rs 100 crore, BSE block deal data showed.

“We are hereby informing you about the Sale of 7,53,580 equity shares (representing 0.02 per cent) of Infosys Limited to Mr S D Shibulal by way of block sale on the platform of the Stock Exchange on 19th May 2021,” Infosys said in a regulatory filing. At the end of the March quarter, Shibulal held a 0.05 per cent stake in the company.

As per a separate transaction, Shibulal’s wife Kumari sold over 7.53 lakh shares on Wednesday at the same price of Rs 1,327 apiece. Post the transaction, her shareholding has come down to 0.17 per cent from 0.19 per cent.

Prior to this, S D Shibulal on May 12 had bought 7.58 lakh scrips of Infosys worth Rs 100 crore, through an open market deal. The scrips were offloaded by Kumari Shibulal.

On Wednesday, shares of Infosys 0.25 per cent lower at Rs 1,336.55 apiece on BSE.

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Tragedy at sea: 26 dead, 49 missing from barge; 186 rescued

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As many as 26 personnel onboard accommodation barge P305 that went adrift in Cyclone Tauktae fury before sinking in the Arabian Sea off Mumbai coast are dead and 49 are still missing, as the Navy continued search and rescue operations through the night, an official said. The Navy said its personnel, battling extreme weather, have so far rescued 186 of the 261 people who were onboard barge P305 and also two from tugboat Varaprada.

So far 26 bodies have been recovered and 49 people who were on the barge P305 which sank on Monday are missing. The Navy had so far maintained that there were 273 persons on board the barge but an official on Wednesday evening said that the company which operated it has informed that there were 261 personnel on board the ill-fated barge.

“The Navy’s Search and Rescue (SAR) operations off Mumbai and Gujarat entered its third day today. Naval ships and aircraft are presently undertaking SAR of the missing crew members of Accommodation Barge P-305, which sank on Monday 35 miles off Mumbai,” the spokesperson said. Warships INS Kochi, INS Kolkata, INS Beas, INS Betwa, INS Teg, P8I maritime surveillance aircraft, Chetak, ALH & Seaking helicopters are involved in the SAR operations.

“INS Kochi which entered Mumbai harbour on Wednesday to disembark 125 survivors and mortal remains of four crew members, was immediately sailed out in the evening again to continue the search effort. “INS Kolkata is scheduled to enter Mumbai harbour during the night to disembark the remaining survivors rescued from barge P-305 and Tug ‘Varapradha’ as well as the mortal remains of 18 crew members recovered during the operation.,” he said.

On completion of its operations off Gujarat coast, INS Talwar has also been diverted to conjoin the other three naval ships searching for the missing crew of barge P-305, off Mumbai. INS Talwar was the ‘OnScene Coordinator’ off Gujarat coast and assisted Support Station 3 (SS-3) and Drill Ship Sagar Bhushan, which are now being safely towed back to Mumbai by ONGC support vessels, he said.

Food and water to the 300 odd crew members of these vessels was also provided by naval helicopters from Mumbai, earlier in the day,” he said. “As of now, 186 crew members of Accommodation barge P-305, and two from Tug ‘Varapradha’ have been rescued by Navy ships and aircraft. A total of 26 mortal remains of the crew of Barge P305 have been recovered so far,” he said.

“Search and rescue operations are still. However, the chances of finding more survivors are getting bleaker by the hour,” an official said. All personnel on board two other barges and an oil rig rendered adrift hours before the “very severe cyclonic storm” made landfall on the Gujarat coast are also safe, a Navy spokesperson said.

After reaching Mumbai, the rescuees recounted how they battled tidal waves as high as 10 metres and strong winds while trying to stay afloat in the cyclone-hit rough Arabian Sea for two days. Workmen rescued from barge P305 narrated their horrifying experience in their quest for survival. Some said they had almost lost the hope of making it alive back home.

“It was a horrific situation on the barge. I had not thought I would survive. But, I swam in the waters for seven to eight hours with the determination to stay alive and was rescued by the Navy,” workman Manoj Gite told reporters here. Gite (19), a resident of Kolhapur, said as the barge started sinking, all workmen got worried and he along with others wore a life jacket and jumped into the waters.

Asked if he would return to the rig again, Gite said he is not keen to go back and is contented to be alive after the nightmarish experience. Another workman, who was injured in the incident, thanked the Indian Navy for saving his life.

“It is because of the Navy that we all are alive and safe today, otherwise we don’t what would have happened to us,” the workman said while fighting back his tears. All the 137 personnel on barge GAL Constructor were rescued on Tuesday by the Navy and Coast Guard. The 196 personnel on barge SS-3 and 101 personnel on board oil rig Sagar Bhushan are safe, the official said.

Three barges and an oil rig with 695 personnel on board went adrift on Monday. These included barge P305 with 261 persons, cargo barge GAL Constructor with 137 personnel on board, accommodation barge SS-3 with 196 personnel on board and the Sagar Bhushan oil rig with 101 personnel on board, the official said. Deputy Chief of Naval Staff Vice Admiral Murlidhar Sadashiv Pawar said the ongoing SAR is among the most challenging search and rescue operations in the last four decades.

Navy ships were deployed on Monday after receipt of a request for assistance for barge ‘P305’ adrift off Heera oil fields in Bombay high area with 273 personnel on board. The oil fields are around 70 km southwest of Mumbai.

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Who is Mohammed Deif whom Israel tried to assassinate several times

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Israel twice unsuccessfully targeted to kill the top military commander of Hamas last week but he survived both attacks, according to several media reports.

Israel has named the Hamas military chief Mohammed Deif as one of its top targets, said a BBC report. Throughout the operation, the ongoing war-like escalation with Palestine, Israel has tried to assassinate Deif several times, the report said quoting an Israel Defense Forces spokesperson.

In the latest escalation between Israel and Palestine, at least 213 people, including more than 60 children, have been killed on the Palestinian side, while 12 Israelis have lost lives, amid the call for a ceasefire by world leaders.

Who is Mohammed Deif?

Deif is the head of the Izzedine al-Qassam Brigades, the military wing of Hamas. He has reportedly narrowly escaped the Israeli army’s efforts to kill him on several occasions, including during the last major conflict in 2014 when his wife and one of his children were killed.

He is the most wanted terrorist for Israel, also features in the list of Specially Designated Global Terrorists of the US State Department since September 2018. At the age of 25, Deif joined Hamas in 1990 and subsequently became the chief of its military wing.

According to a report in Israel’s Haaretz newspaper, Deif grew up in the Khan Yunis refugee camp. As a young man, he became friendly with Mohammed Dahlan, now a high-ranking figure in the Palestinian authority.

With the founding of the Palestinian Islamist movement Hamas, Deif joined it as an active member in 1990 and became one of the major operatives in its military wing. He worked alongside Yahya Ayyash and Salah Shehadeh, both assassinated by Israel, beside Hassan Salameh who was sentenced in Israel to life imprisonment.

He is responsible for numerous killings and kidnappings in Israel.

In 1994, he became involved in the kidnappings and killing of three IDF soldiers. He, along with associate Yahya Ayyash, was also responsible for bus bombings in Jerusalem and Ashkelon, which killed about 50 Israelis in 1994.

Rise to power

According to Haaretz, Deif became the supreme military commander of the Izz ad-Din al-Qassam Brigades after its leader Ahmed Jabari was killed in an Israel Air Force strike on the first day of Operation Pillar of Defence in November 2012.

Israel’s failed attempts to eliminate Deif

It is hardly the first time the IDF has tried to kill Deif. Strikes in 2001, 2002, 2006 and 2014 left Deif without an eye, cost him both legs and an arm, and killed his wife and two children, according to Israeli security sources, Daily Mail reported.

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Rajasthan declares Black Fungus an epidemic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Congress-led government in Rajasthan has declared Mucormycosis (black fungus), an epidemic under the Rajasthan Epidemic Act 2020 after a rise in the cases in the state. The black fungus affects people recovering from COVID-19 and creates post COVID-19 complications leading to serious fungal infections and even death.

A notification has been issued by the state health department notifying Mucormycosis as an epidemic. Declaring the Black Fungus infections as an epidemic will help to tackle the crisis in a better integrated and coordinated manner.

Early this week, the government ordered the purchase of 2,500 vials of a drug used in the treatment of black fungus. Nearly 100 black fungus patients have been admitted and a separate ward has been made at Sawai Man Singh (SMS) Hospital in Jaipur for their treatment.

Also read: COVID-19 induced Black Fungus infection, symptoms, treatment: Here’s what we know

Mucormycosis is an invasive fungal infection that spreads rapidly through blood vessels. It enters the body through the inhalation of fungal spores and affects sinuses, nose, eyes, jaw, and brain. The death rate due to this infection is 90 percent.

It can also develop on the skin after the fungus enters the skin through a cut, scrape, burn, or other types of skin trauma. Experts say people with diabetes are more prone to get this infection especially among the patients who are recovering or have recovered from COVID-19.

Indian Council of Medical Research (ICMR) recently issued guidelines for the treatment of Black Fungus infections asking the doctors to be cautious about prescribing steroid-based drugs for the treatment of COVID-19 patients.

Also read: Lethal Mucormycosis: How steroids act as trigger and what is the treatment?

Symptoms such as sinus pain or nasal blockage on one side of the face, one-sided headache, swelling or numbness, toothache and loosening of teeth ought to be observed. The black fungus can lead to blackening or discoloration over the nose, blurred or double vision, chest pain, breathing difficulties and coughing blood.

Other states too have reported cases of the Black Fungus with Karnataka, Uttarakhand, Telangana, Madhya Pradesh, Andhra Pradesh, Haryana and Bihar reporting cases in large numbers and even some states reporting up to 500 cases.

The Delhi government has set up a four-member technical expert committee (TEC) to prevent the indiscriminate use of Amphotericin-B injection, establish a transparent and efficient system of distribution of this drug to the needy and hospitalized COVID-19 patients.

According to ANI, Delhi has reported 130 cases of black fungus.

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Govt extends validity of NGOs’ FCRA certificates till Sept 30

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The central government has announced two new rules regarding NGOs recently. The Ministry of Home Affairs (MHA) announced that the registration validity of non-governmental organisations (NGOs) registered under the Foreign Contributions Regulations Act 2020 (FCRA) will be extended up to September 2021 for those NGOs whose certificates were set to expire between September 2020 and September 2021.

The MHA notice said, “Keeping in view the exigencies arising out of COVID-19 situation and to ensure smooth (sic) transition to the amended FCRA regime, the central government in exercise of powers conferred by Section 50 of the FCRA, 2010 has further decided that the registration certificates expiring/expired during the period between September 29, 2020 and up to September 30, 2021 shall remain valid up to September 30, 2021.”

The MHA had previously extended the validity of FCRA certificates of NGOs to May 31.

The ministry’s second important announcement was regarding the collection of foreign contribution by NGOs. NGOs that have FCRA certificates now need to mandatorily open FCRA designated accounts at the New Delhi main branch of the State Bank of India (SBI). The deadline for opening these accounts has been set at June 30.

NGOs will only be able to receive funds from other countries in their designated FCRA accounts after July 1.

“After that date, they (NGOs) shall not be eligible to receive foreign contributions in any account other than the ‘FCRA account’ opened in the SBI NDMB,” the notice said.

The Delhi High Court had asked the home ministry to extend the deadline from May 31 in light of the ongoing COVID-19 crisis in the country after NGOs and other aid organisations had filed a petition seeking an extension of the same.

International humanitarian agencies have run into a lot of problems in sending their contributions to India due to strict new rules and regulations, something which has hampered the aid response from the international community towards India during the ongoing COVID-19 crisis.

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Govt hikes subsidy on DAP fertiliser by 140%; farmers to get DAP at old rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major pro-farmer decision, the Centre on Wednesday hiked the subsidy on DAP fertiliser by 140 percent, costing the exchequer an additional Rs 14,775 crore, in a bid to ensure the soil nutrient is available to farmers at old rates despite a sharp rise in global prices.

The decision was taken at a high-level meeting chaired by Prime Minister Narendra Modi, according to a PMO statement. After urea, Di-ammonium Phosphate (DAP) is the most widely used fertiliser in the country.

“A historic decision was taken to increase the subsidy for DAP fertiliser from Rs 500 per bag to Rs 1,200 per bag, which is an increase of 140 per cent….With today’s decision, farmers will continue to get a DAP bag for Rs 1200,” the Prime Minister’s Office (PMO) said.

Despite the rise in international market prices of DAP, it has been decided to continue selling it at the older price of Rs 1,200 per bag, it said.

“The central government has decided to bear all the burden of price hike. The amount of subsidy per bag has never been increased so much at once,” it added.

Last year, the actual price of DAP was Rs 1,700 per bag, on which the central government was giving a subsidy of Rs 500. The companies were therefore selling the fertiliser to farmers for Rs 1,200 per bag, it added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The Elon Musk effect: How Tesla CEO’s tweets impact bitcoin valuations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla chief Elon Musk’s tweets about cryptocurrencies over the past few months have had a significant impact on the crypto market. Currently, Bitcoin and Dogecoin are feeling the heat.

The latest impact of Musk’s tweet was noticed on May 17 when Bitcoin‘s valuation plunged below $45,000, its biggest slide since February, after a tweet by the billionaire hinting that Tesla may sell its cryptocurrency holdings.

Here’s a timeline of how Musk’s tweets toyed with cryptocurrency valuations.

Bitcoin crashed from a high of $65,000 to below $45,000 levels when Elon Musk tweeted in response to an unverified Twitter account called @CryptoWhale, which said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

Elon Musk in return had tweeted, “Indeed.” He later tweeted that the investments of $1.5 billion made in Bitcoin by Tesla in February 2021 still holds good and it won’t be selling any coins. In a filing with the United States’ Securities and Exchange Commission (SEC), the company said it bought Bitcoin for “more flexibility to further diversify and maximise returns on cash.”

He added that Tesla would look at transacting as soon as “mining transitions to more sustainable energy. The option of investing in other cryptocurrencies that use <1 percent of Bitcoin’s energy/transaction is on.”

On May 13, Musk announced that Tesla would stop accepting Bitcoin payments for its cars due to environmental concerns regarding Bitcoin mining.

Musk said, “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he added.

Bitcoin plunged by around 10 percent soon after the tweet.

It all started in December 2020

With 43.7 million-plus followers on Twitter, he is known for shaking the crypto market with his tweets. It was in December of 2020 that Elon Musk had in a tweet asked about the possibility of converting “large transactions” of Tesla’s balance sheet into Bitcoin.

That had sent the crypto industry into a tizzy. The price jumped 14 percent at the end of January 2021 after he tagged the cryptocurrency in his Twitter biography simply mentioning “#bitcoin”.

Read more | Bitcoin collapse explained: Why has the cryptocurrency nosedived?

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow