Page 13 - Banking Finance May 2023

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Sebi board to approve the Opposition continued to create ing panel is mandated to select the
ruckus over demand for a JPC probe projects from the proposals submitted
new ESG framework
into allegations against the Adani by various government departments.
Sebi will finalise a new framework Group.
The government had announced plans
around environmental, social, and gov-
The Lower House of Parliament took to raise Rs 16,000 crore through green
ernance (ESG) ratings and disclosures
up the Demands for Grants and Appro- bonds in two equal tranches in the
at its upcoming board meeting on
priation Bills after two adjournments as current FY. The first tranche saw the
March 29, said people in the know.
the ruling and Opposition MPs en- first issuance of SGBs in India worth Rs
The Sebi board is also likely to finalise 8,000 crore in January, 2023. More of
gaged in a matching duet over de-
the annual budget for the next finan- such green projects are expected to be
mands for an apology by Rahul Gandhi
cial year (2023-24). The board meet-
and the Adani issue. identified for funding in the later
ing is coming at a time when the Su- phase.
Most of the second leg of the Budget
preme Court (SC) has directed the
Session has been washed out due to the
markets regulator to complete its in- Windfall tax on diesel ex-
protest by both sides and it was one of
vestigation into the Adani-Hindenburg
the rare occasions when the Budget port hiked
saga within two months and submit the
was passed without any discussion.
status report. The government has hiked the windfall
profit tax on export of diesel to Re 1
Sources said the regulator's board
Govt identifies Rs. 25,000 per litre while the levy on domestically
could also deliberate on the issue and
produced crude oil has been cut by a
SC's directions. Sebi has already under- crore projects for Green
fifth, according to an official order.
taken an investigation into the allega-
Financing
tions made in the Hindenburg Research The levy on crude oil produced by com-
report and is investigating stock price The government has identified panies such as Oil and Natural Gas
manipulation and short-selling activity. projects worth Rs 25,000 crore which Corporation (ONGC) has been reduced
are to be financed through proceeds to Rs 3,500 per tonne from Rs 4,400
from sovereign green bonds (SGBs) is- per tonne, the order dated March 20
Lok Sabha passes Rs. 45
sued in the current financial year (FY) said.
trillion Budget without
and the next FY as part of its green-
The government raised the tax on ex-
debate funding initiative. port of diesel to Re 1 per litre from Rs
Lok Sabha approved the Union Budget The projects identified for green fi- 0.50, and the same on overseas ship-
envisaging an expenditure of around Rs nancing are primarily in the renewable ments of ATF remains at nil. The new
45 lakh crore for the fiscal year start- energy and clean transportation seg- tax rates come into effect from March
ing April 1 without any discussion, as ments. For this, a green finance work- 21, the order said.
12 | 2023 | MAY | BANKING FINANCE