Page 14 - BANKING FINANCE February 2024

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a Gazette notification to extend the the ease of doing business and for the
tenure of Production Linked Incentive harmonisation of Sebi (Listing Obliga- Attention Subscribers
(PLI) Scheme for Automobile and Auto tions and Disclosure Requirements) Please renew your Subscription of The
Components by one year with partial Regulations (LODR Regulations) and of Insurance Times Journal to receive
amendments to provide clarity and Sebi (Issue of Capital and Disclosure copy of the journal uninterruptedly.
flexibility to the scheme. Requirements) Regulations (ICDR You can now pay by GPAY, Phonepe,
Regulations) are contained in the pa-
"This decision has been made after Paytm, Amazon, ICICI Pay, BHIM UPI
per.
receiving the approval of the Empow-
ered Group of Secretaries (EGoS)," the The consultation paper notes that the
LODR regulations, which are applicable
ministry said in a release. As part of the
on the basis of market capitalisation,
amendments to the scheme, the incen-
remain effective "forever" even if the
tive will be applicable for a total of five
figure falls and the entity moves out of
consecutive financial years, which
commence from the FY24. top rankings. The committee has sug-
gested that a sunset clause be added,
"The disbursement of the incentive will so that if the ranking of the entity
take place in the following financial changes for three consecutive years,
year 2024-25. The scheme also speci- the regulatory provisions should cease
fies that an approved applicant will be to be applicable for the listed entity.
eligible for benefits for five consecutive
financial years, but not beyond the fi- SoftBank sells another 2%
nancial year ending on March 31,
2028," the government explained. stake in Paytm via open
In other words, the extension of the market

five-year scheme, originally in place The Japanese multinational invest-
from 2022-23 to 2026-27, will be ac- ment holding company SoftBank has
tive until 2027-28. offloaded another 2 percent stake in
fintech major One97 Communications,
SEBI proposes easier rules the parent company of the payment
platform Paytm. This move will reduce
for startup listings
the firm's shareholding in the company Sashi Publications Easy Payment
In a measure that could bring relief to to about 5 percent. Modes :-
promoters of startups, the Securities
"SVF India Holdings (Cayman) Limited i) UPI ID: SASHIBOOKS@KOTAK
and Exchange Board of India (Sebi) is in
has disposed of an aggregate of ii) GPAY: 9830171022@okbizaxis
favour of relaxing the rules on the mini- 12,706,807 equity shares of One97
mum promoters' contribution at the iii) PAYTM: 9830171022@paytm
Communications Ltd in a series of dis- iv) NEFT: Current A/C
time of an initial public offering (IPO).
posals undertaken between December 402120110000327 of 'SASHI
As startup founders typically dilute 19, 2023, and January 20, 2024, with PUBLICATIONS PRIVATE
their stakes in the course of fundraises, the disposal on January 20, 2024, LIMITED, Bank of India, VVK
they are often unable to meet the breaching the 2 percent threshold Road Branch., Kolkata, India,
minimum 20% stake required post the specified in Regulations 29(2) of the IFSC Code : BKID0004021
IPO. In a discussion paper released, Sebi Takeover regulations," SoftBank
v) Credit Card:
Sebi has also recommended that list- said in a statement.
ing regulations be eased such that the www.sashipublications.com
SoftBank had a 7.01 percent stake in
application of the regulations is more the company before the latest stake For any query please call
dynamic. 9073791022/9883398055
sale in the fintech, which has now re-
An expert committee's suggestions for duced to 5.06 percent. www.sashipublications.com

BANKING FINANCE | FEBRUARY | 2024 | 13