Daily Sector News Today – 07.11.2017
* BANKING: State Bank of Mauritius' local subsidiary SBM (India) is set to get the Reserve Bank of India's final approval to launch operations "any day now".
* CORPORATE: Edelweiss Asset Reconstruction Co has provided interim finance of 3 bln rupees for three accounts that the company holds, which have been referred to the National Company Law Tribunal, Managing Director and Chief Executive Officer Siby Antony said.
* FINANCE: Within a day of the Paradise Papers revealing major business dealings in offshore tax havens, the government has said a multi-agency group will investigate these cases. The government has designated Revenue Secretary Hasmukh Adhia as the new finance secretary. Large amount deposited into post offices in the first two months after demonetisation is on the government's radar, with the Central Board of Direct Taxes looking into these deposits, a senior finance ministry official said.
* REGULATORY: The Securities and Exchange Board of India is mulling another increase in minimum public shareholding requirements from the current 25% to 30%, or even 35%.
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* CORPORATE: Edelweiss Asset Reconstruction Co has provided interim finance of 3 bln rupees for three accounts that the company holds, which have been referred to the National Company Law Tribunal, Managing Director and Chief Executive Officer Siby Antony said.
* FINANCE: Within a day of the Paradise Papers revealing major business dealings in offshore tax havens, the government has said a multi-agency group will investigate these cases. The government has designated Revenue Secretary Hasmukh Adhia as the new finance secretary. Large amount deposited into post offices in the first two months after demonetisation is on the government's radar, with the Central Board of Direct Taxes looking into these deposits, a senior finance ministry official said.
* REGULATORY: The Securities and Exchange Board of India is mulling another increase in minimum public shareholding requirements from the current 25% to 30%, or even 35%.
