Page 13 - BF Cover January 2021.cdr

ROUNDUP

Over 163,000 GST registra- inflows into India crossed the USD 500 individuals and enterprises in India,
billion milestone during April 2000 to plans to strengthen its direct lending
tions revoked for return September 2020 period, firmly business to focus on small business
filing defaults establishing the country's credentials loans (SBL), consumer loans, micro
Goods and Services Tax (GST) as a safe and key investment finance and mid-market lending to
authorities have cancelled 1,63,042 destination in the world. emerging enterprises.
GST registrations in October and According to the data of the "Over the last six months, we had a
November for defaulting on filing Department for Promotion of Industry sizeable disbursement on this (direct
monthly tax returns for more than six and Internal Trade (DPIIT), the inflows lending) book. In fact, on a cumulative
months, said a government official. during the period stood at USD 500.12 basis, we have close to five lakh loans

Besides, 28,635 other taxpayers have billion. that have been disbursed through this
been identified for cancellation of platform, of which we have done close
registration for defaulting on filing NBFCs set to be to three lakh loans in the last few
monthly returns for more than six months scrutinised on basis of quarters. So, there has been a
as on 1 December, the official said. reasonable amount of traction in Q2,"
scale Bama Balakrishnan, COO, Northern
The strict action for not filing returns
In an attempt to enhance the Arc, told.
showing monthly summary of
transactions (return form 3B) is taken oversight of regulated entities, the Northern Arc creates a platform to
as part of a drive to improve tax Reserve Bank of India will use scale- connect millions of borrowers to
compliance amid a sharp decline in tax based approach factors in systemic risk mainstream debt investors through a
receipts. contribution while regulating non- combination of capital, products and
banking financial companies (NBFCs). partnerships. It has structured several
India 21 GDP may grow innovative products in the Indian
BSE launches e-agricultural market, including Multi-Originator
fastest in Asia, says Securitisation (MosecTM), covered
spot market platform
Nomura bond, and pooled loan/bond issuance.
BSE said it has launched an electronic
India could well be the fastest-growing spot platform for agricultural SEBI panel moots raising
Asian economy in calendar year 2021 commodities. The platform-- BSE e-
(CY21) according to Nomura's agricultural Markets Ltd --- will minimum net worth
forecasts. The foreign research and function as a national level, criteria for BSE brokers to
brokerage house expects the Indian institutionalized, electronic,
economy - as measured by gross Rs. 1 crore
domestic product (GDP) - to grow at transparent commodity spot trading The Secondary Markets Advisory
platform in line with the prime
9.9 per cent in 2021, eclipsing China Committee (SMAC), appointed by
minister's vision to create a "single
(2021 GDP growth pegged at 9 per market regulator SEBI, has agreed on
market", BSE said in a statement. In
cent) and Singapore (at 7.5 per cent) addition, the platform would facilitate a number of proposals including raising
during this period. the capital adequacy ratio of a
spot agricultural commodities
Nomura has turned positive on India's transactions across value chain stockbroker from around Rs. 50 lakh
cyclical outlook for 2021, and believes consisting of producers, intermediaries, (base minimum capital) to Rs. 1 crore,
the country is on the cusp of a cyclical ancillary services and consumers. hiking the minimum net worth criteria
recovery. for stockbrokers to Rs. 1 crore from
Rs. 10 lakh on the BSE, and upping the
Northern Arc to boost
Foreign direct investment net worth of trading-cum-clearing
direct lending business members to Rs. 25 crore.
equity inflows cross $500
Northern Arc Capital, a nonbanking It has been nearly a decade that SEBI
billion milestone finance company (NBFC) that provides has kept the networth criteria for
Foreign direct investment (FDI) equity access to debt for under-banked brokers so low. The regulator now

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