Page 13 - Banking Finance December 2022

ROUNDUP

Overall, the regulator has dues worth tional amendment carried out to pro- making a huge money in the manipu-
Rs 96,609 crore that needs to be re- vide legal sanction to the Modi lation. Front-running, which is illegal in
covered from entities, including those government's decision to carve out India, involves purchasing a stock
that failed to pay the fine imposed on 10% reservation for the economically based on advance exclusive informa-
them, failed to pay fees due to mar- weaker sections from unreserved tion regarding an expected large trans-
kets watchdog and did not comply with classes for admission in educational action that will affect its price. Sebi
its direction to refund investors' institutions and government jobs and has categorised front-running as a
money, according to Sebi's annual re- held that the 50% cap on quota is not form of market manipulation and in-
port for 2021-22. inviolable and affirmative action on sider trading, and penalised several
economic basis may go a long way in fund houses and fund managers in the
Out of Rs 96,609 crore, the regulator
eradicating caste-based reservation. past over this activity.
said Rs 63,206 crore, which is 65 per
cent of the total, pertains to collective A five-judge bench of Chief Justice UU
investment scheme and deemed pub- Lalit and Justices Dinesh Maheshwari, Two-thirds of India tech
lic issues of PACL Ltd and Sahara India S Ravindra Bhat, Bela M Trivedi and J
firms hiring gig workers
Commercial Corporation Ltd. B Pardiwala approved the amendment
Two-thirds of organisations in the In-
by majority (3:2), which would push the
Also, Rs 68,109 crore, amounting to 70 dian technology sector are hiring gig
total reservation to 59.50% in central
per cent of the total dues, is subject to workers as they respond to a changing
institutions.
parallel proceedings before various business landscape, said a report by
courts and courtappointed commit- industry organisation NASSCOM and
Sebi brings mutual fund
tees. In these cases, Sebi's recovery others.
proceedings are subject to directions of managers, directors under
Focus on requirement for specialised
respective courts or committees.
insider trading rules skills, employee demand and cost op-
timization enabled organisations to use
With several cases of insider trading in
Massive jump in cash with the gig model for technology roles tra-
mutual funds coming to light recently,
ditionally restricted to HR and support
public the Securities and Exchange Board of
functions. Software development, UI/
India (SEBI) has finally brought fund
Currency with the public has jumped to
UX design, and data analytics were the
managers, directors of fund houses,
a new high of Rs 30.88 lakh crore, il-
top three gig skills the technology sec-
trustees and other connected entities
lustrating that cash usage is still robust
under the ambit of insider trading tor needed.
even six years after the demonetisation
rules. The National Association of Software
move.
and Services Companies (NASSCOM), in
Listing detailed guidelines in the ga-
At Rs 30.88 lakh crore, the currency partnership with employment
zette, the regulator said connected
with the public is 71.84 per cent higher websites Indeed and AON, surveyed 70
entities will include board of directors
than the level for the fortnight ended organisations in India. Nearly two-third
and key management personnel of
November 4, 2016. On November 8, or 65 per cent of the organisations
sponsor of the mutual fund, directors
2016, Prime Minister Narendra Modi employed gig workers as of 2022. The
or employees of registrar and share
had announced the decision to with- number was 57 per cent two years ago.
transfer agents and custodians or valu-
draw Rs 500 and Rs 1,000 denomina-
ation agencies of the mutual fund who
tion notes with the ultimate aim of
have access or are reasonably ex- T+1 settlement from Jan
reducing corruption and black money
pected to have access to unpublished 2023
in the economy.
price sensitive information relating to
To bring in operational efficiency and
a mutual fund scheme or its units in ease for market participants, stock
SC upholds 10% quota for the course of business operations.
exchanges have decided that all stocks
poor in 3-2 verdict The Sebi board had earlier cleared the on which derivatives contracts are
The Supreme Court, by a 3:2 verdict, proposal. Fund managers of some fund available will be transitioned to T+1
upheld validity of the 103rd constitu- houses had indulged in front running, settlement in a single batch from Janu-
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