Securities and Exchange Board of India (SEBI), in an order dated December 6, 2019, revealed charging a show-cause notice on stakeholders of UTI Asset Management Company (AMC) - State Bank of India, Life Insurance Corporation, and Bank of Baroda on July 19, 2019, towards regulatory action.The market regulator directed three public sector financial institutions -- LIC, SBI, and Bank of Baroda -- to dilute their stakes to below 10 percent in by December next year.In the case of non-compliance with directions, the shareholding and voting rights of these entities in UTI AMC and UTI Trustee in excess of 9.99 percent and corporate benefits will be frozen till the time they comply with the orders.Close The stakeholding of SBI, BoB, and LIC in UTI AMC is in contravention of an amendment to SEBI MF Regulations on March 13, 2018, requiring an asset management company (AMC) to be a sponsor and stakeholder holding 10 percent or more, of only one mutual fund, thereby reducing cross-holding in any … [Read more...] about UTI AMC-PSUs-SEBI Saga: Is it a special case treatment of SEBI relenting with extension for stakeholders SBI, LIC and BoB?
When did viewray go public
Much has been made of the support given to demonetisation by Krishnamurthy Subramanian, the government’s new Chief Economic Advisor. To be sure, he did write in his columns that demonetisation was a revolutionary act and that the poor were not the worst affected. He had disparaging things to say about the policies of the Gandhi dynasty, just before the elections to the Uttar Pradesh state assembly. He also wrote about the rise of crime in Uttar Pradesh under Mayawati and the Samajwadi Party, again just before the elections there.But while these views may have earned him brownie points among the powers that be, to his credit Subramanian hasn’t shied away from having independent views on several other subjects. For instance, he castigated the move to remove former Reserve Bank of India Governor Raghuram Rajan, who had been his teacher; saying we don’t treat our heroes well. He has been critical of the non-implementation of several of the recommendations of the PJ … [Read more...] about Quick Take | Gandhi family critic, Raghuram Rajan fan: How CEA Krishnamurthy sees the world
The chairman of the House Transportation and Infrastructure Committee urged Uber Technologies Inc to take action after the company disclosed on December 5 it received over 3,000 reports of sexual assault-related to its 1.3 billion rides in the United States last year.Representative Peter DeFazio, a Democrat, on December 6 praised Uber for releasing the information, but said Uber and other companies must do more "to establish formal policies, training and reporting structures.""As a country, we must ensure safety is a priority, and make it clear that sexual assault and harassment will not be tolerated anywhere, no matter where it occurs," he said.Close DeFazio in November introduced legislation to help track and prevent incidents from occurring in different modes of transportation, including ridesharing companies. It was approved by the committee and now awaits action by the full US House. related news Trump calls for World Bank to stop loaning to China Dollar shines … [Read more...] about US lawmaker says Uber must take action after disclosing sexual assault reports
Tesla chief executive Elon Musk said his net worth is $20 billion, but he doesn't have much cash."People think I have a lot of cash. I actually don't," he said. "I have stock in SpaceX and Tesla, and debt against that," he said during a defamation trial.Musk, who is also the founder of SpaceX, wrapped up two days of testimony at his defamation trial on December 4 by acknowledging under questioning that his net worth, mostly from stock holdings in those two companies, is about $20 billion.Close Musk pressed a defense that his "pedo guy" Twitter message at the heart of the case was an "off-the-cuff" insult hurriedly written in anger and not meant to be taken seriously. related news Gaurs Group to invest Rs 750 cr on new commercial project in Greater Noida UTI AMC-PSUs-SEBI Saga: Is it a special case treatment of SEBI relenting with extension for stakeholders SBI, LIC and BoB? This week in Auto: Carmakers keep December unusually hot; Bajaj launches Husqvarna in India … [Read more...] about Elon Musk says his net worth is $20 billion, but not much in cash
Dear Reader,From Arthur Conan Doyle’s ‘The Adventure of Silver Blaze’:Gregory (Scotland Yard detective): Is there any other point to which you would wish to draw my attention? Holmes: To the curious incident of the dog in the night-time. Gregory: The dog did nothing in the night-time. Holmes: That was the curious incident.Close The parallel between the little snippet from the Sherlock Holmes story and the Monetary Policy Committee (MPC) doing nothing at its December 5 meeting is rather neat. related news Robots are not just taking away jobs, they are making life tougher for staff OPEC agrees oil output cuts after much 'brain squeezing' Jute could be among priority industries to bet on in next rally Everybody, including yours truly, expected a rate cut, given the dismal GDP growth in the September quarter. We had argued a rate cut would not be of much use, but had little faith in the MPC’s intestinal fortitude for straying from the beaten track. Mea … [Read more...] about Moneycontrol Pro Weekender: The curious incident of the MPC in the slowdown