Page 13 - Banking Finance May 2024

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Govt invites bids for first SPM and associated pipelines (offshore tional operational guidelines like the
and onshore) for storage of 2.5 million mechanism for trading, clearing and
commercial crude oil stor- tonnes of crude oil at Padur-II at a cost settlement and risk management.
age of Rs 5,514 crore. They will also be issuing Frequently

India, the world's third biggest oil con- Asked Questions (FAQs). The regulator
sumer and importer, plans to build its SEBI guidelines out for said it will continue to do further stake-
first commercial crude oil strategic beta T+0 settlements holder consultation including with us-
storage as part of efforts to shore up ers of the Beta version of the T+0
The Securities and Exchange Board of settlement cycle.
stockpiles as insurance against any sup-
India (Sebi) issued guidelines for intro-
ply disruption.
ducing the beta version of same-day SEBI launches SCORES 2.0
Indian Strategic Petroleum Reserves (T+0) settlement on an optional basis.
Ltd (ISPRL), a special purpose vehicle The new framework will become op- complaint redress system
created by the government for build- erational by March 28. This will be in SEBI launched the new version of the
ing and operating strategic petroleum addition to the existing T+1 settlement SEBI Complaint Redress System
reserves in the country, has invited bids cycle in the equity cash market. (SCORES 2.0). The new version of
for constructing 2.5 million tonnes of SCORES strengthens the investor com-
underground storage at Padur in "It has been decided to put in place a plaint redress mechanism in the secu-
Karnataka, according to the tender framework for the introduction of the rities market by making the process
document. Beta version of the T+0 settlement more efficient through auto-routing,
cycle on an optional basis in addition
ISPRL had in the first phase built a stra- to the existing T+1 settlement cycle in auto-escalation, monitoring by the
tegic petroleum reserve in under- the equity cash market, for a limited designated bodies and reduction of
ground unlined rock caverns for stor- set of 25 scrips and with a limited timelines, the regulator said in a note.
age of 5.33 million tonnes of crude oil number of brokers," a Sebi circular SCORES is an online system where in-
at three locations Visakhapatnam said. vestors in securities market can lodge
(1.33 million tonnes) in Andhra Pradesh their complaints through web URL and
and Mangalore (1.5 million tonnes) The markets regulator said the short- an app.
and Padur (2.5 million tonnes) in ened settlement cycle will bring cost
Karnataka. and time efficiency, transparency in SCORES 2.0 will feature reduced and
charges to investors, and strengthen uniform timelines for redressal of inves-
Under Phase-II, it intends to build a risk management at clearing corpora- tor complaints, which is 21 calendar
commercial cum strategic petroleum tions, and the overall securities market days from date of receipt of the com-
reserve in underground unlined rock ecosystem. plaint. Currently, entities are required
caverns along with associated above to submit the action taken report not
ground facilities, including dedicated Sebi has asked market infrastructure later than 30 days.
institutions (MIIs) to put in place addi-

12 | 2024 | MAY | BANKING FINANCE