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Sebi proposes amendments to ease compliance for entities with listed NCDs

Sebi proposes amendments to ease compliance for entities with listed NCDs

by | Aug 16, 2024 | Share Market


The change will streamline the filing process and reduce duplication. | Photo: Shutterstock

2 min read Last Updated : Aug 16 2024 | 11:32 PM IST


Capital markets regulator Sebi on Friday proposed amendments to ease the compliance requirements for entities with listed non-convertible securities.


This move will ease the cost of compliance for participants in the financial sector, as announced by the government in FY 2023-24 Budget.


In its consultation paper, Sebi proposed aligning the approval and authentication process for financial results of entities with listed non-convertible securities to that of equity-listed entities.


This will streamline the procedures, ensuring that financial results are approved by board of directors and signed by a designated official, similar to the requirements for equity-listed entities.


The regulator also proposed to align the provisions of disclosure rules for fraud and default by key managerial personnel in entities with listed non-convertible securities with those applicable to equity-listed entities.


As per the consultation paper, Sebi said it will also streamline the timeline for notifying the stock exchanges of record date by entities with listed non-convertible securities may be reduced from 7 to 3 working days. This proposal will provide ample time for market participants to respond.


The regulator’s Corporate Bonds and Securitisation Advisory Committee also proposed mandating that all disclosures by listed entities with non-convertible securities be filed in the XBRL (eXtensible Business Reporting Language) format.


The change will streamline the filing process and reduce duplication.


Currently, the entities are required to submit filings in both XBRL and PDF formats.


Additionally, it also proposed relaxing the restrictions on International Securities Identification Numbers (ISINs) for unlisted securities that were outstanding as of December 31, 2023, if those ISINs are subsequently listed.


This measure will reduce the regulatory burden on entities with multiple ISINs and facilitating their transition to a listed status.


The Securities and Exchange Board of India (Sebi) has invited public comments and suggestions on the consultation paper by September 6.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 16 2024 | 11:32 PM IST



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Cabinet approves two corridors of Bangalore Metro Rail Project Phase-3 project

Cabinet approves two corridors of Bangalore Metro Rail Project Phase-3 project

by | Aug 16, 2024 | Share Market


Last Updated : Aug 16 2024 | 9:16 PM IST

Completion cost of Phase-3 is Rs 15611 crore to be operational by 2029

The Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the Phase-3 of Bangalore Metro Rail Project with two elevated corridors for a length of 44.65 Km with 31 stations.Corridor-1 from JP Nagar 4thPhase to Kempapura (along Outer Ring Road West) for a length of 32.15 Km with 22 stations and Corridor-2 from Hosahalli to Kadabagere (along Magadi Road) for a length of 12.50 Km with 9 stations.

On operationalization of Phase-3, Bengaluru city will have 220.20 Km of active Metro Rail Network. The total completion cost of the project is Rs 15,611 crore.

The Phase-3 of Bangalore Metro Rail Project represents a significant advancement in the city’s infrastructure development. Phase-3 acts as a major expansion of the Metro Rail Network in the city.

Phase-3 will add approximately 44.65 Km of new metro lines, connecting the western part of the city of Bengaluru that were previously underserved. Phase-3 will integrate key areas of the city which includes Peenya Industrial Area, IT industries on Bannerghatta road and Outer Ring Road, Textile and Engineering items Manufacturing units on Tumkuru Road and ORR, Bharat Electronics Limited (BEL), Major educational institutions like PES University, Ambedkar College, Polytechnic College, KLE College, Dayanandsagar University, ITI etc. Phase-3 corridors also provide connectivity to the Southern part of the city, Outer Ring Road West, Magadi road and various neighbourhoods, enhancing overall connectivity in the city. Improved last mile connectivity to commercial centres, industrial hubs, educational institutions, and healthcare facilities will facilitate better access for residents.

Reduced travel times and improved access to different parts of the city can enhance productivity by allowing individuals to reach their workplaces more efficiently. The construction and operation of Phase-3 will generate numerous jobs in various sectors, from construction workers to administrative staff and maintenance personnel. Also, the enhanced connectivity can stimulate local businesses, especially in areas near new metro stations which can also attract investment and development in previously less accessible regions.

Multi-Modal Integration is planned at 10 locations at JP Nagar 4th Phase, JP Nagar, Kamakya, Mysore Road, Sumanahalli, Peenya, BEL Circle, Hebbal, Kempapura, Hosahalli and provides interchanges with existing and under construction Metro Stations, BMTC Bus stands, Indian Railway Stations, proposed Suburban (K-RIDE) Stations.

All the Phase-3 stations are proposed with dedicated bus bays, Pick up and drop off bays, Pedestrian Paths, IPT/Auto Rickshaw stands. BMTC is already running feeder buses to the operational metro stations and the same will be extended to the Phase-3 stations also. Parking facilities have been provided at 11 important stations. The existing stations of Phase-1 & Phase-2 are integrated with proposed stations of Phase-3.Direct connectivity through FoBs/Skywalks to two Railway stations (Lottegollahali and Hebbal). At Phase-3 metro stations, provision for bikes and cycles sharing facility has also been provided.

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First Published: Aug 16 2024 | 9:06 PM IST



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Cabinet approves two corridors of Bangalore Metro Rail Project Phase-3 project

Cabinet approves Pune Metro Phase-1 project extension

by | Aug 16, 2024 | Share Market


Last Updated : Aug 16 2024 | 9:16 PM IST

Completion cost of the project is Rs 2954.53 crore to be operational by 2029

The Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the Swargate to Katraj Underground Line Extension of the existing PCMC-Swargate Metro Line of Pune Metro Phase-I project. This new extension is known as the Line-l B extension and will span 5.46 km and will include three underground stations, connecting key areas such as Market Yard, Bibwewadi, Balaji Nagar, and the Katraj suburbs.

The project, aimed at providing seamless connectivity in Pune, is set to be completed by February, 2029.

The estimated cost of the project is Rs 2954.53 crore, with funding to be equally shared by the Government of India and the Government of Maharashtra, along with contributions from bilateral agencies, etc.

This extension will integrate with the Swargate Multimodal Hub, which includes the Metro Station, the MSRTC Bus Stand, and the PMPML Bus Stand, providing seamless connectivity for commuters within and outside Pune City. This extension will enhance connectivity between the southernmost part of Pune, the northern parts of Pune and the eastern and western regions via the District Court interchange station, providing seamless connectivity for commuting within and outside Pune City.

The Swargate to Katraj Underground Line will significantly alleviate road traffic congestion and provide a safer, more comfortable travel experience by minimizing the risk of accidents, pollution, and travel time, thus supporting sustainable urban development.

The new corridor will link various bus stops, railway stations, recreational centers like the Rajiv Gandhi Zoological Park,Taljaihillock (tekdi), malls, etc., various residential areas, educational institutions, colleges, and major business hubs. It will provide a faster and more economical transport option, benefiting thousands of daily commuters, especially students, small business owners and professionals traveling to offices and business centers.

The projected daily ridership on the Swargate-Katraj Line for the years 2027 is estimated to be 95,000 passengers, 2037 at 1.58 lakh, 2047 1.87 lakh and 2057 is 1.97 lakh passengers.

The project will be executed by Maha-Metro, which will oversee civil, electro-mechanical, and other associated facilities and works. Maha-Metro has already begun pre-bid activities and is preparing tender documents, with contracts expected to be floated for bidding shortly.

This strategic expansion is expected to unlock Pune’s economic potential, providing a significant boost to the city’s infrastructure and contributing to its sustainable development.

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First Published: Aug 16 2024 | 9:04 PM IST



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Cabinet approves two corridors of Bangalore Metro Rail Project Phase-3 project

Cabinet approves Thane integral Ring Metro Rail Project

by | Aug 16, 2024 | Share Market


Last Updated : Aug 16 2024 | 9:16 PM IST

Completion cost of the project is Rs 12200 crore to be operational by 2029

The Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the Thane Integral Ring Metro Rail Project corridor, Maharashtra. The 29-km corridor will run along the periphery of west side of Thane city with 22 Stations. The network is encompassed by Ulhas River on one side and Sanjay Gandhi National Park [SGNP] on the other.

The estimated cost of the project is Rs 12200.10 crore, with equal equity from Government of India and Government of Maharashtra as well as part-funding from bilateral agencies.

Funds would also be raised through innovative financing methods such as by selling Station naming and access rights for corporate, monetization of assets, Value Capture Financing route.

The corridor that connects major business hubs would provide an effective transport option for large section of employees. The Project is likely to be completed by 2029.

More importantly, the Metro line would benefit thousands of daily commuters, especially students and those commuting every day to office and work area by providing faster and economical transport options. The project would result in total daily ridership on the metro corridors for the years 2029, 2035 and 2045 by 6.47 Lakh, 7.61 lakh & 8.72 lakh passengers respectively.

Maha Metro will execute the project, along with civil, electromechanical, other associated facilities, works and related assets. Maha-Metro has already started the pre-bid activities and preparation of Tender documents. The contracts will be floated immediately for bidding.

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First Published: Aug 16 2024 | 9:01 PM IST



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RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp

RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp

by | Aug 16, 2024 | Share Market


The central bank has also imposed a monetary penalty of Rs 10 lakh on Poonawalla Fincorp Ltd. | Photo: Reuters

2 min read Last Updated : Aug 16 2024 | 8:09 PM IST


The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer.


The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on ‘Loan System for Delivery of Bank Credit’, ‘Cyber Security Framework in Banks’ and ‘Know Your Customer’, the central bank said in a statement.


After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the charges against the bank were sustained, warranting imposition of monetary penalty.


Besides, the RBI has imposed a monetary penalty of Rs 4.90 lakh on Hinduja Leyland Finance Ltd for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016.


The action is based on a deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers, it said in a separate statement.


The central bank has also imposed a monetary penalty of Rs 10 lakh on Poonawalla Fincorp Ltd for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.


After considering the company’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the following charge against the company was sustained, warranting imposition of monetary penalty, RBI said in a statement.


The company charged interest on loans from dates prior to the disbursal of these loans, which was contrary to the terms and conditions of the loans communicated to the customers, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 16 2024 | 8:09 PM IST



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Cabinet approves two corridors of Bangalore Metro Rail Project Phase-3 project

National Coal Index dips 3.48% yoy in June 2024

by | Aug 16, 2024 | Share Market


Last Updated : Aug 16 2024 | 8:16 PM IST

Notable decrease indicates sufficient availability of coal in market

The National Coal Index (Provisional) has shown a significant decline of 3.48 % in June 2024 at 142.13 points compared to 147.25 in June 2023. This notable decrease indicates sufficient availability of coal in market to meet the growing demands.

The National Coal Index (NCI) is a price index that combines coal prices from all sales channels, viz. Notified Prices, Auction Prices, and Import Prices. It considers prices of coking and non-coking coal of various grades transacted in the regulated (power and fertilizer) and non-regulated sectors.

Established with the base year as FY 2017-18, NCI serves as a reliable indicator of market dynamics, providing valuable insights of price fluctuations.

Additionally, the premium on coal auctions indicates the pulse of the industry, and the sharp decline in coal auction premium confirms the sufficient coal availability in the market. The impressive growth of 14.58 % in the countrys coal production during June 2024 as compared to the corresponding period of last year ensures a stable supply to various sectors reliant on coal, significantly contributing to the overall energy security of the nation.

The downward trajectory of the NCI signifies a more equitable market, harmonizing supply and demand dynamics. With sufficient coal availability, the nation can not only address burgeoning demands but also underpin its long-term energy requisites, thereby fortifying a more resilient and sustainable coal industry and fostering a prosperous future for the nation.

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First Published: Aug 16 2024 | 7:58 PM IST



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