Page 18 - Banking Finance October 017

ROUNDUP

PACL fined for Rs.2,423 Dept of Financial Services appoints Rajiv Kumar
crore Senior bureaucrat Rajiv Kumar was recently appointed as the secretary replac-
ing Anjuly Chib Duggalin the Department of Financial Services
PACL and its 4 directors were recently (DFS), while Anita Karwal was named Central Board of Second-
fined of Rs. ary Education (CBSE) chairperson. Kumar, a 1984 batch IAS of-
2423.1 crores ficer of Jharkhand cadre, is at present special secretary and es-
by SEBI, for ille- tablishment officer in the Ministry of Personnel. The DFS looks
gally mobilising after the functioning of banks, financial institutions, insurance
Rs 49,100 crore
under different schemes. The money companies and the national pension system.
was mobilised over 15 years through
unregistered collective investment Mfine raises $1.5 mn of venture capital
schemes in violation of the Securities Mfine is a new on-demand doctor consultation start-up by
and Exchange Board of India Act, two former Myntra executives, which has raised $1.5 mil-
1992, and SEBI (Collective Investment lion from venture capital firm Stellaris Venture Partners.
Schemes) Regulations, 1992. Healthcare entrepreneurs Mayur Abhaya and Rohit M.A.
also participated in the funding round.
Britannia to revamp its
premium products SEBI to think upon extension of trading hours
Britannia Industries Ltd plans to in- SEBI's advisory committee is likely to discuss a proposal
vest Rs 100 for extending stock market trading hours. The stock mar-
crores to re- ket in India currently opens at 9 am and closes at 3.30
vamp its pre- pm, which is a point for discussion to increase the work-
mium biscuits ing hours till 7.30 pm.
products port-
folio to increase market share in the
category to 50% in upcoming 2 years SEBI's IT team to appoint cyber security experts
from 35% now. Funds would be SEBI plans to appoint cyber security experts in its
utilised in the next 9-12 months on its IT team to meet competitive technological require-
3 premium cream brands-Pure ments. Plans are to hire four Grade A officers in its
Magic, Bourbon, and Treat. information technology stream and wants the as-
pirants to have extensive experience in cyber secu-
Bira raises fresh funds, rity space. The proposed recruitments follow an-
to enter new markets other process already underway to rope in an advisor for cyber security.
Founder of Bira 91 craft beer, Ankur
Jain informed that 7600 more TRPs to be appointed
B9 Beverages Pvt. The IT department plans to appoint at least one trained personnel in every dis-
Ltd has raised trict of the country. The Central Board of Direct
around $8 million Taxes (CBDT), the apex policy-making body of the
from venture capital fund Sequoia tax department, has decided to enlarge the
Capital India Advisors. With the lat- ambit of the 2006 Tax Return Preparer Scheme
est round of funding from Sequoia (TRPS) by making the service "digital" and cov-
Capital, B9 Beverages has so far ering all the 708 districts of the country by ap-
raised around $30 million, said Jain. pointing 7600 additional experts whose services
It will help the company enter five will be available on mobile application.
new markets-the UK, Singapore, "It is proposed to provide sufficient number of Tax Return Preparers (TRPs) in
Hong Kong, Thailand and the United every district by scaling up of number of TRPs from a total 5,400 to 13,000 in
Arab Emirates in near future.
the country," according to an I-T Document.

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