BCCI Central Contract: युजवेन्द्र चहल, पुजारा और अंजिक्य रहाणे के लिए क्यों रास्ते हुए बंद


Cheteshwar Pujara And Ajinkya Rahane: बीसीसीआई ने नया सेन्ट्रल कॉन्ट्रैक्ट जारी कर दिया है. इस सेन्ट्रल कॉन्ट्रेक्ट में कई युवा चेहरों को शामिल किया गया, तो कई बड़े खिलाड़ियों को जगह नहीं मिली. युजवेन्द्र चहल, चेतेश्वर पुजारा और अंजिक्य रहाणे जैसे बड़े खिलाड़ियों को जगह बीसीसीआई ने नया सेन्ट्रल कॉन्ट्रैक्ट का हिस्सा नहीं बनाया. अब सवाल है कि क्या इन सीनियर खिलाड़ियों के लिए टीम इंडिया के रास्ते बंद हो गए हैं? चेतेश्वर पुजारा और अंजिक्य रहाणे लंबे वक्त तक भारतीय टेस्ट टीम का हिस्सा रहे. वहीं, युजवेन्द्र चहल वनडे और टी20 फॉर्मेट में लगातार खेलते रहे.

टीम इंडिया के रास्ते हुए बंद!

भारतीय टीम इंग्लैंड के खिलाफ 5 टेस्ट मैचों की सीरीज खेल रही है. इस टेस्ट सीरीज में चेतेश्वर पुजारा और अंजिक्य रहाणे को भारतीय टीम का हिस्सा नहीं बनाया, बल्कि शुभमन गिल, रजत पाटीदार और सरफराज खान जैसे युवा खिलाड़ियों पर दांव खेला गया. ऐसा माना जा रहा है कि इन युवा खिलाड़ियों कारण चेतेश्वर पुजारा और अंजिक्य रहाणे जैसे सीनियर खिलाड़ियों के लिए वापसी बेहद चुनौतीपूर्ण होगी. लिहाजा, अब इन खिलाड़ियों को सेन्ट्रल कॉन्ट्रैक्ट गवांना पड़ा.

इन वजहों से दोनों खिलाड़ियों पर गिरी गाज!

चेतेश्वर पुजारा की उम्र तकरीबन 36 साल है. इसके अलावा वह खराब फॉर्म से जूझ रहे थे. वहीं, अंजिक्य रहाणे भी 35 साल से ज्यादा के हो चुके हैं. इंग्लैंड के खिलाफ टेस्ट सीरीज में इन खिलाड़ियों के ऊपर बीसीसीआई ने युवा खिलाड़ियों को तरजीह दी. इस तरह बीसीसीआई ने तकरीबन अपना रूख साफ कर दिया है.

युजवेन्द्र चहल की टीम इंडिया में वापसी संभव है?

वहीं, युजवेन्द्र चहल की बात करें तो वह लंबे वक्त तक भारतीय लिमिटेड ओवर टीम का हिस्सा रहे. लेकिन पिछले काफी से भारतीय टीम से बाहर चल रहे हैं. 33 वर्षीय युजवेन्द्र चहल ने 72 वनडे मैचों के अलावा 80 टी20 मैचों में भारत का प्रतिनिधित्व किया है. वनडे फॉर्मेट में 121 जबकि टी20 मैचों में 96 विकेट झटके. लेकिन अब बीसीसीआई रवि बिश्नोई जैसे युवा खिलाड़ियों को तवज्जों दे रही है. जिस तरह रवि बिश्नोई ने टी20 फॉर्मेट में अपनी छाप छोड़ी है, उसे देखते हुए युजवेन्द्र चहल के लिए टीम इंडिया में वापसी बेहद मुश्किल होने वाली है.

ये भी पढ़ें-

बीसीसीआई का नया सेंट्रल कॉन्ट्रैक्ट जारी, विराट-रोहित के अलावा ये खिलाड़ी भी कमाएंगे 7 करोड़ रुपये

T20I Fastest Century: नामीबिया के जान निकोल लॉफ्टी-ईटन ने जड़ा सबसे तेज़ शतक, रोहित-मिलर समेत तमाम दिग्गजों को पछाड़ा 



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State govt bonds to yield better returns under new investment regime | Economy & Policy News – Business Standard



The higher yield on state government bonds compared to central government securities is expected to make the former a “major draw” for banks for their investment book under the new portfolio norms, which kick in from April 2024.


Treasury officials said while the central government paper would continue to have the largest share in the portfolio, the state government bonds would give comfort of better returns to manage any pressures from adjustments in the months ahead.


Under the new norms, banks must categorise bonds as “held-to-maturity” on a permanent basis, with the exception of 5 per cent of the portfolio that can be withdrawn throughout the year.


Any deviation from this rule requires approval from both the bank’s board and the Reserve Bank of India (RBI).


Earlier, banks were allowed to reclassify their investments between categories once a year on the first day of the financial year, through which they used to book capital gains.


“The character of demand for government bonds may go under change. Overall demand from banks, especially from public sector lenders, will not decline. The higher premium on state government paper will remain a draw for banks for their SLR book,” said the head of treasury with a large public sector bank (PSB).


Another treasury head of a mid-sized PSB said under the revised rules, there would not be any limit of holdings of paper in the ‘Held-to-Maturity’ category. “So, this could drive the effort to have high-yielding paper like state government bonds, subject to liquidity requirements of banks,” the person said.


On Tuesday, 12 states raised ~32,800 crore through state government securities (SGS), marking a 27 per cent decrease from the highest-ever weekly auction target of ~45,200 crore specified for this week in the auction calendar. The weighted average cut-off eased to 7.44 per cent, down from 7.46 per cent in the previous week.


Furthermore, the spread between the cut-off of the 10-year SGS and the benchmark 10-year government bond yield narrowed to 37 basis points (bps), compared to 41 bps in the previous week.


State borrowings, though less than the central government, are significant in terms of amounts.


While gross market borrowings of the central government stood at ~15.13 trillion till mid-February 2024, states raised ~7.53 trillion during the same period, according to RBI data.  


The revised norms permit banks to categorise their entire bond investment portfolio into three classifications — held-to-maturity, available-for-sale, and fair value through profit and loss (FVTPL). The new regulations integrate the existing sub-category of held-for-trading (HFT) into the last category.


After transitioning to this framework, banks are not allowed to reclassify investments between categories without the approval of the boards and RBI.


The norms mandate that securities that are classified under the HFT sub-category within FVTPL should be fair valued on a daily basis, whereas other securities in FVTPL will be fair valued at least on a quarterly, if not on a more frequent basis.


“The impact of market movement on treasury books will be through reserves and not the profit and loss accounts. This will reduce the volatility of the flow of income from treasury and enhance transparency,” said the chief financial officer (CFO) of a PSB.


Banks have also started preparing in terms of technology upgradation, and modification for a smooth transition to the new regime.

“Banks have been working on upgradation of the current technology to ensure smooth transition to the new investment portfolio norm. Everybody is working on modification,” the treasury head at a private bank said.

First Published: Feb 28 2024 | 10:02 PM IST



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Lenders need to disclose more structured information about climate-related financial risks: RBI


The Reserve Bank of India said there is a need for lenders (regulated entities/REs) to disclose more structured information about their climate-related financial risks.

The central bank noted that there is a need for a better, consistent and comparable disclosure framework for REs, as inadequate information about climate-related financial risks can lead to mispricing of assets and misallocation of capital by them.

Accordingly, RBI has decided to put in place a standard Disclosure framework for REs on Climate-related Financial Risks. The REs have to disclose the information detailed in the framework on a standalone basis and not consolidated basis., per RBI’s “Draft Disclosure framework on Climate-related Financial Risks, 2024”.

As per the draft framework, REs will be required to make disclosures on four thematic areas (Pillars) — “Governance”, “Strategy”, “Risk Management” and “Metrics and Targets”, per RBI’s Draft Disclosure framework on Climate-related Financial Risks, 2024.

The disclosures are applicable to Scheduled Commercial Banks/SCBs (excluding Local Area Banks, Payments Banks and Regional Rural Banks), large urban co-operative banks (UCBs), all-India financial institutions(AIFIs), and large NBFCs.

“Climate-related disclosures by REs is an important source of information for different stakeholders (e.g., customers, depositors, investors and regulators) to understand relevant risks faced and approach adopted to address such issues,” RBI said.

Impact inevitable

The central bank emphasised that given the increasing threat of climate change and the associated physical damage, changes in market perception and the transition towards more environment-friendly products and services, the impact of climate change on REs is inevitable.

“The REs also play an important role in financing the transition towards an environmentally sustainable economy. It is therefore imperative for the REs to implement a robust climate-related financial risk management policies and processes to effectively counter the impact of climate-related financial risks,” RBI said.

As per the glide path provided for disclosures, SCBs, AIFIs & large NBFCs and UCBs have to start making disclosures on “Governance, Strategy, and Risk Management” from FY26 and FY27 onwards, respectively.

SCBs, AIFIs & large NBFCs and UCBs have to start making disclosures on “Metrics and Targets” from FY28 and FY297 onwards, respectively.

As part of enhanced disclosure, REs have to disclose the absolute gross greenhouse gas emissions generated during a financial year.

The also have to reveal absolute gross financed emissions (portion of gross greenhouse gas emissions of an investee or counterparty attributed to the loans and investments made by an RE to the investee or counterparty) for each industry by asset class.

RE have to disclose the climate-related physical and transition risks – amount and percentage of assets vulnerable to both the risks;

The lenders have to reveal whether and how climate-related considerations are factored into remuneration of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers.





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Byju’s to keep proceeds of rights issue in separate account, consider extending closure date: NCLT


The Bengaluru bench of National Company Law Tribunal (NCLT), in its order passed on February 27, has directed edtech major Byju’s that the proceeds from the rights issue is to be kept in a separate account till the disposal of the oppression and mismanagement plea filed by the company’s investors.

It has also asked the edtech major to consider extending the closure of the rights issue.

“A period of two weeks is granted to the Authorities for filing reply from the date of receipt of copy of the notice and two weeks thereafter for filing response/rejoinder, if any, thereto from the date of receipt of copy of reply is granted. List the case for further hearing on 04.04.2024,” directed the tribunal.

This comes a day after the tribunal reserved its judgment in the oppression and mismanagement suit filed by four investors against Byju’s. The investors sought for a stay of the $200-million rights issue to close on February 29. The investors alleged that they were being forced to participate as their shareholding would be reduced if they did not participate in the rights issue.

‘Respond in 3 days’

The tribunal has directed the parties to file written submissions of their contentions in three days and has also issued notice to the Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC).

The hearing, which was five hours long, saw an intense showdown between the investors of Byju’s and the current board of directors of the company.

The investors — Prosus, GA, Sofina, and Peak XV — with support from other shareholders, including Tiger and Owl Ventures, moved the NCLT and sought for an interim relief with a stay on the rights issues, and encumbering and transferring any assets of Byju’s and its subsidiary. Investors also requested the bench to allow maintenance of status quo of shareholding and a complete disclosure of information by the company.





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Sebi asks MFs to shield smallcap investor interest amid spike in volatility | Mutual Fund – Top Stories – Business Standard



The Securities and Exchange Board of India (Sebi) wants mutual funds (MFs) to put in place an investor protection framework for those investing in smallcap and midcap funds amid a build-up of “froth” in this space. Following directions from the markets regulator in this regard on Tuesday, the industry body Association of Mutual Funds in India (Amfi) has sent a letter to MF trustees, asking them to ensure “appropriate and proactive measures”.


The Sebi directive comes after the initial round of stress tests on smallcap and midcap schemes with large assets under management (AUM) to see if they can manage huge redemptions in the event of a market downturn.


Sebi has recommended measures like putting restrictions on inflows, portfolio rebalancing, and creating a framework to protect investors from the first-mover advantage of redeeming investors.


According to industry experts, Sebi is looking to ensure that during phases of market downturns and the resultant surge in outflows, the first set of investors shouldn’t be at an advantage to those staying invested.


The advantage can result from the fact that MFs can exhaust the cash and liquid assets to meet their redemption requests, leaving the rest of the investors holding stocks with low liquidity.


The measures can range from putting in restrictions on withdrawals to raising cash levels to resorting to borrowings during such market phases, said a senior MF executive, adding that some of these measures would require changes in regulations.


“In the context of the froth building up in the small and midcap segments of the market and the continuing flows in the small and midcap schemes of mutual funds, trustees, in consultation with unitholder protection committees of the AMCs, shall ensure that a policy is put in place to protect the interest of all investors,” Amfi said in its letter sent to MF trustees on Tuesday.


In the past few weeks, the smallcap space has witnessed turbulent trades, with the Nifty Smallcap 100 index declining more than 1 per cent on four occasions — the biggest being a 4 per cent crash on February 12. On Wednesday, the index fell nearly 2 per cent.


Sebi has given MF trustees 21 days to disclose the investor protection policy on their websites.


Four MFs — Kotak, SBI, Tata and Nippon — have already placed restrictions on the amount investors can put into their smallcap funds.


Sebi has been in discussion with fund houses that have large-sized smallcap schemes to look out for possible risks amid a sharp surge in inflows, despite elevated valuations. The regulator had reviewed the first set of stress test reports in January and is said to have asked for more data. One of the areas the regulator is looking at is MFs’ ownership in the total free float of smallcap stocks.


Typically, shares held by public investors and those not under any lock-in are considered free float. Liquidity risks are higher if the free float is low.


MF ownership in smallcap stocks has gone up significantly as smallcap schemes have attracted large inflows on the back of robust performance. In the calendar year 2023, smallcap and midcap schemes accounted for 40 per cent of the total net inflows into active equity schemes — receiving Rs 64,000 crore of the total inflows of Rs 1.6 trillion.


In 2023-24, the Nifty Smallcap 100 is up nearly 80 per cent. As a result, the 12-month forward price-to-earnings ratio of the index has surged to 21.7. The 10-year average is 16.5, according to Bloomberg data.


However, most MF executives believe that their schemes are prepared for market downturns as a significant part of the corpus, around 20 per cent to 30 per cent, is in cash and largecap stocks, where market depth tends to be higher.

First Published: Feb 28 2024 | 9:24 PM IST



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