Page 40 - Banking Finance July 2021

ARTICLE

do malfunction verifiable ballots are necessary, and also votes for. Stabilised workflow between authentication
voting machines can be compromised. organization, trusted third party and multi-chain ledger has
been achieved in the recent past.
Security lapses have been found in commercial voting
machines, such as using a default administration password. This article aims to review information on current e-voting
Some cases have been reported that machines making systems, the blockchain concept and its applications in e-
unpredictable, inconsistent errors. Openness to public voting. It is also discussed about the of gaps of current e-
examination should be made available is one of the key voting systems, potentials of the blockchain concept to
issues with electronic voting from outside experts, for improve e-voting, current solutions for blockchain-based e-
creation of an authenticatable paper record of votes cast voting and directions on blockchain-based e-voting system
and a chain of custody for records. and also challenges in implementing the blockchain based
e-voting system.
The main psychological issue of the voters is trust. Voters
fear that their vote could be compromised by a virus on their The database held in these proposed blockchain based
PC or during transmission to governmental servers. The systems is transparent for all voters and independent
capital expenditure for the installation of an electronic viewers. Since the blockchain-based e-voting systems still
voting system is high. For some governments it may be require further testing, we are not fully aware of unknown
too high to invest rather than investing in productive risks that are associatedwith the security and scalability of
purposes. When it is not sure that e-voting is a long-term such systems. The internet and voting devices still have many
solution or not, it is even more important to take a decision security weaknesses. Performing electronic voting through
to invest. secure and reliable internet will require advancement of
significant security standards. Although it may seem like a
Conclusion perfect solution, it was concluded that the blockchain system
To overcome above challenges Multi-chain system can be could not fully solve the problems in the voting system due
configured to restrict transactions to only one vote between to weaknesses but it can be an alternate system. That is
voter and contestant. To maintain secrecy, a new entity - why it is important to have basics about blockchain-based
Trusted Third Party (TTP)- was introduced. This organization technology even though it is still at an early stage in an e-
ensures to maintain voter anonymity and whom the voter voting solution. T

Utkarsh Small Finance Bank, Glenmark Life Sciences get Sebi's go
ahead to float IPO

Utkarsh Small Finance Bank and Glenmark Life Sciences have received capital markets regulator Sebi's go ahead to
raise funds through initial public offers. The initial public offer (IPO) of Utkarsh Small Finance Bank comprises fresh
issue of equity shares worth Rs 750 crore and an offer for sale to the tune of Rs 600 crore by promoter UtkarshCoreinvest
Ltd, according to draft red herring prospectus (DRHP).
Glenmark Life Sciences' IPO comprises fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73,05,245
equity shares by Glenmark Pharmaceuticals Ltd. The two companies received markets regulator's observation on June
3, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. The two companies received
markets regulator's observation on June 3, an update with the Securities and Exchange Board of India (Sebi) showed.
Sebi's observation is necessary for any company to launch public issues like initial public offer, follow on public offer
and rights issue. Utkarsh Small Finance Bank and Glenmark Life Science had filed preliminary IPO papers with Sebi in
March and April respectively.
The Varanasi-headquartered lender would utilise proceeds from the fresh issue to augment tier 1 capital base to meet
future capital requirements. Utkarsh began operations as a small finance bank in 2017, transiting from a microfinance
lender since 2009. The small finance bank's bulk of the lending portfolio is towards microfinance.

40 | 2021 | JULY | BANKING FINANCE