9.61 kms

9.61 kms for the Tuesday morning. Weather was humid, despite being a winter season. Happy Civil Aviation Day.

Leave a comment

Filed under sports

investment bankers

IFSCA has clarified the procedure for banking units to register themselves as investment bankers in the IFSC – GIFT city. Salient features are as under:

  1. Regulation 3(4) of the CMI Regulations provides that IFSCA may specify norms for authorisation of capital market intermediaries in the IFSC. Considering that the investment banking activities in the capital markets are being carried out by banks or their associates in various jurisdictions globally, and with the purpose of facilitating ease of doing business, it has been decided that a banking unit licensed by the IFSCA shall be permitted to undertake investment banking activities in the IFSC, in
    accordance with the below framework:
    a) The banking unit shall intimate to the Authority before commencing operations relating to investment banking, along with fees, in the format provided in Annexure – I.
    b) The banking unit operating as an investment banker shall comply with all the provisions applicable to an investment banker in the IFSC, including obligations and responsibilities prescribed in the CMI Regulations, the requirements prescribed in this circular and such requirements as may be
    specified by the Authority from time to time.

c) The banking unit shall maintain arm’s length relationship between its investment banking activity and other activities.

  1. All the investment bankers in the IFSC shall submit a report to IFSCA on a half-yearly basis, within 45 days, in the format provided in Annexure II.
  2. All other details such as fees payable, manner of payment of fees etc. annexures are given in the said circular.
  3. https://ifsca.gov.in/Viewer/Index/253

Leave a comment

Filed under securities laws


Marvelous book by Irawati Karve, India’s first woman anthropologist, peeling the layers of India’s epic story Mahabharata and giving us a ringside view of the frailties, imperfections, humanness of the various characters of the famous epic.

Yet it is not a criticism per se of the grand epic, but a discerning look at each of characters such as Bhishma, Gandhari, Kunti, Karna, Krishna and their role in the story tied with their motives for their actions. Bhishma for instance could have done much, but was beholden to his oath of not marrying and not taking up the throne. Kunti with her illegitimate child born before the Pandavas, Vidura born of a maid, Dhrithrashtra born a blind king and Pandu an impotent one. Arjuna refusing totally to kill Bhishma and Drona and Arjuna and Krishna ransacking an entire Khandava forest and decimating all living beings including animals.

Fascinating essays by the legendary Irawati Karve, gives the readers an insight never thought before whilst reading and re-reading the epics. Goodreads 5/5

Leave a comment

Filed under readings

8.49 kms

8.49 kms for the day, pleasant but humid as well. Have a great day folks. Happy World Soil Day!!

Leave a comment

Filed under sports

CIRP against Reliance Capital


The Reserve Bank has today (December 02, 2021) filed an application for initiation of CIRP against Reliance Capital Ltd., under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (“FSP Insolvency Rules”) at the Mumbai Bench of the Hon’ble National Company Law Tribunal.

As per Rule 5 (b) (i) of the FSP Insolvency Rules, an interim moratorium shall commence on and from the date of filing of the application till its admission or rejection. The explanation to Rule 5 (b) provides that “interim moratorium” shall have the effect of the provisions of sub-sections (1), (2) and (3) of Section 14. Sub-sections (1), (2) and (3) of Section 14 of the IBC have been reproduced below:

“(1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:

(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority;

(b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein;

(c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(54 of 2002);

(d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

(2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period.

(3) The provisions of sub-section (1) shall not apply to –

(a) such transaction as may be notified by the Central Government in consultation with any financial regulator;

(b) a surety in a contract of guarantee to a corporate debtor.”

Leave a comment

Filed under insolvency law

disclosure of dealings in securities


IFSCA has clarified vide this circular that disclosure of dealing in securities by the directors and key managerial personnel of market infrastructure intermediaries pertain specifically only to securities issued from GIFT CITY not the securities issued in domestic market like in BSE, NSE etc.

An example of poor drafting, i guess, this could have been sorted out at the first instance itself.

Leave a comment

Filed under securities laws

penalty on Union Bank


RBI has imposed a penalty of Rs.10 million on Union Bank of India, a nationalised bank, ostensibly for non compliance with RBI guidelines on fraud – classification and reporting and on sale of stressed assets by the bank.

In absence of detailed adjudication orders, unable to understand the exact nature and circumstances of the default by the said Bank.

Failure to classify an account as red flag account despite early warning signs and failure to disclose aging and provisioning of security receipts in its annual report. These are the bare minimum concise details of the nature of the defaults.

Leave a comment

Filed under banking laws

Reliance Capital


RBI has superseded the Board of Reliance Capital Limited and is in process to take the company to insolvency. This is the third such instance of NBFC being derailed and taken into bankruptcy after Dewan Housing Finance and SREI Infrastructure Finance. Gist of RBI press release is given below.

In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively. Shri Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the Administrator of the company under Section 45-IE (2) of the RBI Act. The Reserve Bank will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional.

Leave a comment

Filed under banking laws

8.12 kms

8.12 kms on a pleasant morning. Weather has turned for the better here. Here’s wishing Independence Day to runners from Barbados and South Yemen.

Leave a comment

Filed under sports

Cheriya Lokavum Valiya Manushyarum

Loosely translated as Small World Big Humans, this movie, directed by Chandrashekharan and starring Innocent, Mukesh, MamuKoya, Jagathy Sreekumar, Thilakan among others, is a superb timeless comedy.

Surprised that there has not been an Hindi adaptation of this lovely movie. Four thieves meet accidentally and decide to collaborate in stealing and sharing the spoils. One such move lands them at the house of Thilakan who has been a thief of sorts for more than 35 years but is now retired.

He turns these four thieves around and makes them like a modern day robinhood, rob the rich to feed the poor. Lovely episodes and instances which lend a laugh riot. Surprising that a comedy movie becomes a tragedy in no time.

People suffer, sermons given, plots made, the scamsters are themselves scammed with no scruples attached. Superb movie for the ages. Beauty is in the script, with tight direction and reasonably good acting by one and all. IMDB 7/10

Leave a comment

Filed under cinema

Panchavadi Palam

Rip roaring political satire comedy Malayalam movie “Panchavadi Palam” (1984) directed by K.G. George and starring Bharath Gopi, Nedumadi Venu, Thilakan among others.

Such brilliant satire i have not seen in any other Indian movie to date, its pulsing and rippling with satire of the brutal kind never seen before. Every single dialogue is dipped with the satirical pen. Those were the times when such political satire movies could be made fearlessly without rankling the establishment.

A henpecked politician brilliantly played by Bharath Gopi is coerced by his fellow crooked right hand man Nedumadi Venu into making a demand for destruction of a good bridge and construction of a new one with the name of Bharath Gopi etched into it.

A rival politician Thilakan gets into the act and demands his share of the pie. Ultimately the politicians on both sides of the divide are seen to share the spoils in the form of rich juicy contract, pay offs, kickbacks, drowning the common handicapped man Sreenivasan, who is also a kind of narrator in the movie, the guy who sees all but is unable to do anything about it. He is the metaphor for the common man, crippled and dazzled, but scarcely able to mount any resistance.

The characters also have funny names from mythology like Dussashana, Shikandi, Tharakan, Mandodhari, Habel, Kathavarayan, Anarkali among others. The film has shades of Jaane Bhi Do Yaaron, the brilliant satirical movie by Kundan Shah starring Naziruddin Shah, Om Puri, Pankaj Kapur, among others. IMDB 10/10.

Image above taken from the internet for representational purposes only, not with an intention to violating copyright.

Leave a comment

Filed under cinema

11.74 kms

11.74 kms in much better weather today. Have a great day folks and Happy Independence Day to Mauritanian and Panamian runners.

Leave a comment

Filed under sports


A poignant comedy cum tragedy Malayalam movie “Bhagyaavan” (1993), directed by Suresh Unithan and starring Sreenivasan, Sithara among others.

Again a malayalam movie starts and dwells with unemployed graduate. Sreenivasan is down in the dumps with no job offers and no industry also to go and get employment. Instead he wiles away his time enacting plays for his the village fest. The drama flops but his destiny turns in a nasty way.

The village priest sees his horoscope and sees him as a lucky charm, but only for others, not for himself. The entire village descends on his house seeking to improve their fortune. And there are charlatans, scamsters, politicians in the fray as well.

Movie turns completely from comedy to tragi comedy and becomes a satire on many fronts – people’s superstition, rivalry, jealousy, political culture etc. Good strong script with super direction and some very super super fine performances by one and all – Sreenivasan, Narendra Prasad, Mamukoya etc. IMDB 7/10.

Image above taken from the internet for representational purposes only and not with an intention to violation of copyright.

Leave a comment

Filed under cinema

broker dealers


IFSCA has allowed vide its circular dated 25th November, 2021 global access to its broker dealers registered with itself. For more details read on.

  1. Reference is drawn to the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (CMI Regulations) published in the Official Gazette on October 20, 2021.
  2. This circular is applicable on the broker dealers incorporated in the International Financial Services Centre (IFSC) and does not apply to foreign broker dealers operating in the form of branch in the IFSC.
  3. It has been decided that registered broker dealers incorporated in IFSC shall be permitted to access exchanges in jurisdictions outside IFSC, subject to compliance with Chapter V of the CMI Regulations and the conditions laid out in this circular.
  4. The broker dealer shall be permitted to access exchanges outside IFSC through any of the following manners:
    a) Cross-border arrangement with an entity providing access to an exchange outside IFSC, provided that such entity is a regulated entity in the other jurisdiction; or
    b) Registering itself as a trading member of an exchange outside IFSC: Provided that the broker dealer is trading on its proprietary account and does not have any client dealing.
  5. The broker dealer shall seek a no-objection from the recognised stock exchange(s) in IFSC before availing global access. The recognised stock exchange(s) in IFSC may refuse to grant NOC if there are any regulatory concerns particularly with respect to risk management arising out of the activities of the broker dealer in the recognised stock exchange(s) in the IFSC.
  6. Further, the recognised stock exchange(s) may either facilitate or restrict global access to any broker dealer based on their risk assessment emerging out of such access.
  7. The broker dealer shall have adequate resources commensurate with its operations (including global access) within the IFSC.
  8. The broker dealer providing global access shall comply with Chapter V of the CMI Regulations, including the following:
    a) The broker dealer shall ring fence its IFSC related capital market activities with its cross-border operations. The broker dealer shall ensure that the funds and securities of the clients for trading on the IFSC exchanges shall be segregated from the global access.
    b) The broker dealer shall ensure that true, correct and adequate disclosures (including risks) are made to its clients regarding its cross-border business. In this regard, the broker dealer shall ensure that the roles and responsibilities of all the entities involved in the global access, risks associated with such trades, the applicable dispute resolution mechanisms and investor grievance
    redressal mechanisms relating to global access shall be adequately disclosed to the clients.
  9. The broker dealer providing global access shall ensure to categorically disclose to its clients that the following resources of the recognised stock exchanges in the IFSC shall not be available to the clients for their global access:
    i. Rights of investors or investor protection;
    ii. Dispute resolution mechanism; and
    iii. Investor grievance redressal mechanism.
  10. The broker dealer having global access shall submit the following additional report to the recognised stock exchange(s) in accordance with the prescribed format, on an annual basis, within 30 days from the end of financial year:
    a) Information regarding global access:
     Details of no-objection received from recognised stock exchanges;
     Details of commencement of operations of global access (date, names of entities through which arrangement has been done for providing global access and their regulatory status, list of exchanges, types of securities, role and responsibilities of broker dealer).
    b) Information on size of business:
     Number of clients and trading volumes for each exchange (with breakup for each type of securities);
     Number of clients and trading volumes on the recognised stock exchanges in the IFSC (with break-up for each type of securities).
    c) Other material information:
     Details of any incidence of default on any exchange;
     Assessment and declaration of conflicts of interest arising out of the global access;
     Declaration that the broker dealer is not aware of any material adverse information relating to the global access that would impact the broker dealer.

Leave a comment

Filed under securities laws

penalty on SBI


RBI has levied a penalty of Rs.10 million on India’s largest bank, State Bank of India for violation of section 19(2) of the Banking Regulation Act, 1949.

The said section states that no bank shall hold shares in any company whether as pledgee, mortgagee or absolute owner, of an amount exceeding 30% of the paid up share capital of that company or 30% of its own paid up share capital and reserves, whichever is less.

SBI has ostensibly held shares in excess of that limit, though it is not clear in which company. RBI would do better to post the entire adjudication process leading to the penalty on its website, just like other regulators like SEBI, IBBI, IRDAI, CCI do.

Leave a comment

Filed under banking laws