Page 14 - BF Cover January 2021.cdr

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believes that it should be hiked so that functionality will provide communica- Coal India plans to invest
there is some check on the quality of tion platform for taxpayers wherein a
brokers being given registration. Also, recipient/purchaser can ask his sup- Rs. 5,650 cr in solar power
SEBI will hike both capital adequacy plier/s to upload any particular invoice/ projects
and net worth of a broker further and s that has not been uploaded but is Coal India said it plans to set up 14
link it with the maximum leverage they required by the recipient to avail input rooftop and ground-mounted solar
can be given. tax credit (ITC), an official release said. power projects of 3,000 Mw capacity
The committee, which met, was According to GSTN, now, the recipient by 2023-24, which will entail an
divided over reducing the settlement of goods can communicate with his investment of Rs 5,650 crore.
cycle to T+1 as foreign portfolio supplier on GSTN portal about invoice Coal India (CIL) is mandated by the coal
investors (FPIs) are strongly against uploading or any deficiency therein. ministry to become a net zero carbon
the move. Also, the supplier can send reply to his company. Solar power initiative is a
Simply put, if you bought or sold stocks recipient through the same facility. part of CIL's diversification plans, the
today, the settlement involving final Similarly, supplier can also send PSU said in a filing to BSE.
money payment and transfer of shares notification to his recipient about any The likely investment would be around
is now done on the third day. For a few document uploaded in outward supply Rs 5,650 crore, it said.
months now, SEBI has been statement filed in Form GSTR-1. GSTN
deliberating on the idea of cutting said that whenever a communication While Rs 3,650 crore is planned to be
down the settlement cycle to early is sent by a taxpayer to his counterpart, invested through CIL's capex, till '2023-
morning of the next day of the trade. intimation by GSTN would also be sent 24, the rest would be met through
joint venture models that the company
FPIs told SEBI that they would face to such counterparts through email intends to pursue for this initiative.
and SMS on mobile phone.
practical issues with a T+1 settlement
cycle as they operate across multiple This facility is expected to help Cashfree raises $35.3 mil-
time zones and their custodians may taxpayers in reconciliation of invoices.
not be able to handle settlements lion funding
since the person in one time zone may NSE expels 'defaulter' Bengaluru-based fintech startup
be asleep when traders in India are Cashfree has raised $35.3 million as
punching orders. Karvy stock broking part of its Series B funding round. The
A year after an investigation by the
SEBI discussed the issue of faster trade National Stock Exchange (NSE) blew investment was led by growth stage
settlement with the SMAC, which the lid of the Karvy Stock Broking Ltd financial services investor, Apis Growth
comprises members from stock Fund II, with participation from existing
exchanges, brokers and FPIs. The SMAC (KSBL) demat scam, the stock investor Y Combinator.
was divided in its opinion on the issue, exchange has now declared the The company will use the fresh capital
the sources said. Hyderabad-based broking firm as a to further scale Cashfree's payments
defaulter and expelled it from its
But the market regulator is set to raise membership. offering, develop new product verticals
the minimum net worth criteria for and make strategic investments.
stock brokers to Rs. 1 crore from Rs. NSE said in a release that it has expelled The investment comes at a time when
KSBL from the exchange membership
10 lakh on the Cashfree's rapid growth has accelerated
under Rules 1 and 2 of Chapter IV of the with rising e-commerce penetration by
GSTN launches facility to NSEIL Rules and also declared it a increasing adoption of Indian businesses
defaulter under provision 1(a) of Chapter and consumers. "This investment is an
ease communication for XII of the exchange bye laws.
endorsement of Cashfree's platform as
taxpayers The declaration as defaulter and well as our vision to empower customers

GST Network (GSTN) has added a new expulsion from membership is effective and businesses with the latest payments
feature "Communications between after close of market hours on tools," said Akash Sinha, CEO and co-
taxpayers" on its portal. The new November 23, NSE said in the release. founder of Cashfree. T

14 | 2021 | JANUARY | BANKING FINANCE