Monthly Archives: January 2022

Shouting in the dark

Deadly documentary by Al-Jazeera on the Bahraini uprising following the Arab uprising in Tunisia, Egypt, Libya etc. that was crushed brutally by the regime.

It is difficult to imagine Arabs fighting for democracy, but that was exactly what was happening in Bahrain where a vast majority of Shias (ruled by minority Sunnis) wanted political freedom, human rights, and basic fundamental rights for themselves as citizens.

Pearl roundabout became a symbol of defiance by thousands of Bahrainis. Salmanniya Hospital the only public hospital in Bahrain became the holding site for thousands of injured Bahrainis crushed and shot at by the riot police and army.

Unfortunately USA and Europe kept quiet preferring to stay within their diplomatic boundary with Saudi Arabia. Al Jazeera has done a fine job documentary this human tragedy so well. The documentary has several disturbing as well as stunning images of the uprising. That so many doctors were subsequently arrested and charged with treason is a testimony to the brutality of the monarchy.

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Ungrateful

A beautiful movie based out of Bahamas of an ungrateful son to his mother who has slogged for him all the years in order to send him to the university in the US.

Sam (Nathan J. Burrows) comes back to his home in Bahamas after a seven year absence during which he cut off totally from his family. His mother Mildred (Tamara Marie Simms) is about to lose her house because of huge debts and none of her three daughters are working in order to provide for her.

One daughter works the streets and other daughter has eyes on the pastor. One more daughter already has some children of her own so she can’t help. Mildred has heart problems for which the doctor recommends a hospital stay for her.

Sam’s fiancee Robin (Charae Sands) is too big for her boots with her arrogance and stupidity. While Mildred is distraught with her unending problems and finances and health, Sam and his fiancee go about town buying expensive things, while Sam refuses to help the family. Mildred has a heart attack after a big fight with Sam, and that changes a lot in Sam.

Nice movie, not much of a complicated plot, but simple story with fine messaging. Love for parents, love for family, empathy, support – simple things in life are all that matters.

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12.02 kms

12.02 kms for the morning. Good morning. Have a great day folks. Great weather to run in today, had a great run with good strength in the legs and heart. Running is the best mood enhancer in the world.

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Central Station

Beautifully moving Brazilian movie “Central Station” (1998) directed by Walter Salles and starring Fernanda Montenegro, Vinicius de Oliveira among others.

Dora (Fernanda Montenegro) is a retired school teacher, but she makes ends by writing letters at the Central station for illiterate people and charging them one bucks each. Josue (Vinicius de Oliveira) comes with his mother who wants to write a letter to her husband asking him to come back to see his kid.

Just outside the railway station Josue’s mother is killed by a truck and he is left homeless and penniless. Dora takes pity on him and takes him to her house. Initially she traffics him to a couple for a possible adoption, but when alerted by her friend Irene (Marilia Pera) about the evils of adoption, she immediately goes back and brings the kid back.

But now she cannot go back home because the rogue is waiting for her there, so she has reluctantly to trudge many miles away by different means of transport to reach Josue’s father far away. The whole movie is about the relation ship between two total strangers Dora and Josue, their bickerings, frustration, sadness, between the two. She feels some affection for him in some way which the kid does not reciprocate immediately but longs for her later on.

Beautifully poignant movie with breathtaking passion and intensity in the story. A powerful story and a script with beautiful music makes this movie an all time great movie to watch.

Fernanda Montenegro as Dora has given it all in the movie, her emotions & tragedies are real as it could as she harks back to her own father. Its the love and longing from the father which pulls the son to go in search for him so far away. And its the deep affection and emotion between Dora and Josue which makes this movie absolutely beautiful. IMDB 9/10

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SEBI app on investor education

https://www.sebi.gov.in/media/press-releases/jan-2022/sebi-chairman-launches-saa-thi-sebi-s-mobile-app-on-investor-education_55384.html

Shri Ajay Tyagi, Chairman, SEBI launched “Saa₹thi”–SEBI’s Mobile App on Investor Education at a function held in Mumbai today. Launching the SEBI App, Shri Tyagi said, “This Mobile App is yet another initiative of SEBI with a view to empowering investors with knowledge about securities market. With the recent surge in individual investors entering the market, and more importantly a large proportion of trading being mobile phone based, this App will be helpful in easily accessing the relevant information. I am sure that in coming times this App will be popular among the investors especially the young ones.”

The SEBI Mobile App aims to create awareness among the investors about the basic concepts of Securities Market, KYC Process, trading and settlement, mutual funds, recent market developments, investor grievances redressal mechanism, etc. The App is available in Hindi and English. The Android and iOS versions of the App can be downloaded from PlayStore and App Store respectively.

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Amal

Beautifully poignant movie “Amal” (2008) directed by Richie Mehta and starring Naseeruddin Shah, Rupinder Nagra, Seema Biswas, Koel Purie, Roshan Seth among others.

Amal (Rupinder Nagra) is a honest to good auto rickshaw driver in New Delhi, the kinds of whom you don’t find anywhere. He goes by meter only and hands over the change to customer. Pooja (Koel Purie looking cute in the movie) is his regular customer at 5.30 p.m when she goes to pick up supplies for her general store.

Naseeruddin Shah sits in his auto rickshaw and is blown away by his honesty. Upto that point, nobody knows who is Naseer which is slowly revealed in the movie. Apparently Naseer dies soon after and leaves all his will to Amal Kumar.

Naseer appears in tattered clothes in the auto rickshaw whereas apparently he is owner of riches and it seems like his sons have driven him away from the house. He appears like a vagabond.

Seema Biswas as the lawyer co-ordinating the will has the task to find out Amal among the teeming auto drivers of New Delhi. Roshan Seth who was the close friend of Naseer sets about that job. What transpires later is beautifully poignant.

Beautiful because human values prevails over greed, avarice, lust, anger among human beings. Poignant because of the sadness with which a young life is lost. Poignant also because greed also wins in the end.

Seema has acted quite well and Koel Purie looks cute throughout the movie. Naseer of course steals the show with his masterful acting in the short time he is in the film. Nice movie to watch, lot of values there. IMDB 7/10

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recognition to PCS

IFSCA (International Financial Services Centre Authority) has vide its circular dated 19th January 2022 given two more recognition to PCS (Practising Company Secretaries) in India.

One is where qualified entities seeking registration as “qualified jewellers” for importing gold through the international bullion exchange, have to submit a certificate from a PCS that 90% of the average annual turnover of the applicant entity in the last three financial years have come from the precious metals business.

Second is where the PCS is allowed to issue a net worth certificate to the applicant entity under this scheme.

Of course, both CA and CMA members in practice have also been given this recognition.

The salient features of the said circular is reproduced below:

Qualified Jewellers

  1. In this context, it has been decided that the entities fulfilling the following conditions shall be
    considered as ‘Qualified Jewellers’ and shall be permitted to transact as trading members / clients
    of trading members, on IIBX, for the purpose of import of gold under the above-mentioned ITC(HS)
    codes:
    a. The entity shall be engaged in the business of goods falling under ITS(HS) codes 7108, 7113,
    7114 and 7118 under Chapter 71 of ITC(HS);
    b. The entity must have filed due GST returns up to the preceding month prior to making an
    application to the IIBX. Further, a certificate should be submitted by the entity, duly attested by
    a practising chartered accountant or a practising cost accountant or a practising company
    secretary, stating that 90% of the average annual turnover in the last 3 financial years are
    through dealing in goods under precious metals; and
    c. The entity shall have a minimum net worth of ₹ 25 crore as per its latest audited financial
    statement.
    Net Worth Requirements
  2. For the purpose of 2(c) above, the net worth shall be determined as follows:
    “Net Worth” means the aggregate value of the paid-up share capital (or capital contribution) and all
    reserves created out of the profits, securities premium account and debit or credit balance of profit
    and loss account, after deducting the aggregate value of the accumulated losses, deferred
    expenditure and miscellaneous expenditure not written off, as per the balance sheet, but does not
    include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.
  3. The entity shall provide the net worth certificate from a practising chartered accountant or a
    practising cost accountant or a practising company secretary.
  4. The net worth specified above shall be maintained by the entity at all times.
    Fit and Proper criteria
  5. The Qualified Jewellers shall comply with the ‘fit and proper criteria’ specified under regulation
    52(2) of the International Financial Services Centres Authority (Bullion Exchange) Regulations,
    2020, at all times.

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assignment of receivables

RBI has introduced a Registration of Assignment of Receivables Regulations to mandate that receivables financed through the TReDS (Trade Receivables Discounting System) be registered the Central Registry under the SARFAESI Act. The registration needs to be done within 10 days of the assignment of the receivables. Satisfaction of the assignment also needs to be done within 10 days thereof.

ICSI should explore whether PCS has a role to be play in both the registration as well as satisfaction of receivables in the Central system.

The key part of the regulations is reproduced hereunder:

3. Registration of assignments of receivables transactions

(1) Where any trade receivables are financed through a Trade Receivables Discounting System (TReDS); the concerned TReDS on behalf of the Factor shall, within a period of ten days, from the date of such assignment or satisfaction thereof, as the case may be, file with the Central Registry the particulars of

(a) Assignment of receivables in favour of a Factor in Form I, which shall be authenticated by the authorized person using a valid electronic signature.

(b) Satisfaction of any assignment of receivables on full realization of the receivables in Form II, which shall be authenticated by the authorized person using a valid electronic signature.

(2) If the particulars referred in the sub-regulation (1) are not filed within the period specified therein, the Central Registrar may, on being satisfied on an application made in this behalf stating the reasons for the delay, allow the said particulars to be filed within such additional time not exceeding ten days as he may specify, upon payment of the fee as prescribed by GoI in Registration of Assignment of Receivables Rules, 2012, as amended from time to time.

(3) Every Form for registration of any transaction relating to assignment of receivables or satisfaction of receivables on realisation shall be accompanied by the fee, as prescribed by GoI in Registration of Assignment of Receivables Rules, 2012, as amended from time to time, to be paid to the Central Registrar in the manner as may be specified by the Central Registrar from time to time.

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registration of factors

RBI has introduced a Registration of Factors Regulations in order to streamline, regulate & promote the factoring business in the country. Salient features are:

Registration of Factors (Reserve Bank) Regulations, 2022

In exercise of the powers conferred by section 3 read with Section 31A of the Factoring Regulation Act, 2011 (12 of 2012), the Reserve Bank of India, hereby makes the following regulations pertaining to the manner of granting Certificate of Registration to companies which propose to do factoring business.

1. Short title and commencement

(1) These regulations may be called the Registration of Factors (Reserve Bank) Regulations, 2022.

(2) These regulations shall come into force on the date of their publication in the Official Gazette.

2. Definitions

For the purpose of these regulations, unless the context otherwise requires:

(1) “Act” means the Factoring Regulation Act, 2011 (12 of 2012);

(2) “Reserve Bank” means the Reserve Bank of India constituted under Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

(3) “Company” means a company as defined in clause (20) of section 3 of Companies Act, 2013 (18 of 2013);

(4) “Non-Banking Financial Company – Factor (NBFC-Factor)” means a non – banking financial company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934, which has its principal business as per Regulation 4 of these regulations and has been granted a Certificate of Registration (CoR) under section 3 of the Act;

(5) “Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC)” means any company which is a financial institution carrying on as its principal business – asset finance, the providing of finance whether by making loans or advances or otherwise for any activity other than its own and the acquisition of securities, and granted a CoR under Section 45IA of the Reserve Bank of India Act, 1934 (2 of 1934); and is not any other category of NBFCs as defined by the Reserve Bank in any of its Master Directions.

3. Net Owned Fund (NOF)

Every company seeking registration as NBFC-Factor shall have a minimum Net Owned Fund (NOF) of ₹5 crore, or as specified by the Reserve Bank from time to time.

4. Principal Business Criteria (PBC)

An NBFC-Factor shall ensure that its financial assets in the factoring business constitute at least fifty per cent of its total assets and its income derived from factoring business is not less than fifty per cent of its gross income.

5. Registration and matters incidental thereto

(1) Every company intending to undertake factoring business shall make an application to the Reserve Bank for grant of certificate of registration (CoR) as NBFC-Factor under the Act and shall ensure compliance with PBC as stipulated in regulation 4 of these regulations.

(2) Any existing NBFC-ICC, intending to undertake factoring business, shall make an application to the Reserve Bank for grant of CoR under the Act if it satisfies the following eligibility criteria:

(a) not accepting or holding public deposits;

(b) total assets of ₹1,000 crore and above, as per the last audited balance sheet;

(c) meeting the NOF requirement as prescribed in regulation 3 of these regulations;

(d) regulatory compliance.

(3) Any existing NBFC-ICC, which does not satisfy the above conditions but intends to undertake factoring business, shall approach the Reserve Bank for conversion from NBFC-ICC to NBFC-Factor. Such NBFC-ICCs shall comply with the PBC as specified in regulation 4 of these regulations.

(4) Application for such conversion shall be submitted with all supporting documents meant for new registration as NBFC-Factor, together with surrender of original CoR issued by the Reserve Bank to the NBFC-ICC under Section 45IA of the Reserve Bank of India Act, 1934.

(5) An entity not registered with the Reserve Bank under the Act, may conduct the business of factoring, if it is an entity mentioned in Section 5 of the Factoring Regulation Act, 2011 i.e. a bank or a body corporate established under an Act of Parliament or State Legislature, or a Government Company.

(6) NBFC-Factor or eligible NBFC-ICC which has been granted CoR by the Reserve Bank under these regulations, shall commence factoring business within six months from the date of grant of CoR.

6. Conduct of business and prudential regulations

NBFC-Factors or eligible NBFC-ICCs which have been granted CoR under the Act shall conduct the factoring business in accordance with the Act and rules and regulations framed under the Act or the directions and guidelines issued by the Reserve Bank from time to time.

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The Chaser

Deadly Korean psycho thriller “The Chaser” (2008) directed by Na Hong-Jin and starring Kim Yoon-seok, Ha Jung-woo & See Young-hee among others.

Kim Yoon-seok (Joong-ho) is a sacked policeman now pedding his wares as a pimp, selling girls to business for rentals. Two of his girls has gone missing, and when he gets a call for a girl to be sent, he has only See Young-hee (Kim Mi-jin) who is unfortunately having a severe cold and therefore unable to go. Joong forces Kim to go despite her cold, but Joong has a premonition that this customer is the one who is selling off his girls.

Kim is kidnapped and brutally hacked by Ha Jung-woo (Je Yeong-min) an impotent and sadistic person who has killed nine girls so far because he is unable to find sexual satisfaction with the girls. Politics intervenes and the police is forced to release him.

But Joong sets of on a mission to find Kim because now Kim’s 7 year old daughter is with him. Deadly psycho killings by the serial killer with a hammer or chisel and hacking their body and burying them in the house grounds.

Kim Yoon-seok as the disgraced policeman has done a brilliant job and so has Ha Jung-woo, the serial killer. The girl Kim has no major role to play in the movie, though of course she is the central character in the movie. The plot and direction are brilliant and so are the action sequences and background music. The film did win a clutch of awards in the international cinema circuit. IMDB 6/10

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10.64 kms

10.64 kms for the morning. Good morning. Fabulous weather this side of the world. Have a great day folks. There is nothing like running to beat the blues, run whatever may be your pace, it does not matter, run on alternate days. If you are a beginner, then start with run walk. Run from one lamp post to another, walk to the second lamp post, do this for one week, two weeks, then run to the second lamp post, but walk to the next lamp post, that way keep increasing your running gradually.

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AB de Villiers – The Autobiography

Incredible autobiography of AB de Villiers, one of the most talented cricketer ever to have represented South Africa and Royal Challengers Bangalore in the Indian IPL.

The guy is so talented that he could have gone into any other sports he was playing in at that young age such as rugby, swimming, golf, tennis but chose cricket because it being a team sport, he wanted to enjoy the team spirit and all.

A very heart warming look at his young life as an enthusiastic sports person enjoying all the sports he played to being seriously drawn to cricket with a natural talent for making runs, besides being a wicket keeper whenever the team demanded.

The constant hark back to the fact that South Africans have never won any big international tournament either in ODI or T-20 or the recent world test championships, and could it have been due to the selection policy of the South African Cricket Board, but that’s not his point, it is that on some occasions they were distinctly unlucky to have not won the big ones.

South Africa had some great players like Graeme Smith, Jacques Kallis, Allan Donald, Shaun Pollock, Dale Steyn and for AB de Villiers to fit into that pantheon of great players and be known the world over for his swashbuckling battling exploits is legendary.

A lovely heart warming tugging at your heart kinda book. I liked it immensely. Goodreads 5/5

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Alexander Nevsky

A 1938 Soviet historical fiction movie “Alexander Nevsky” directed by Sergei Eisenstein and depicting true story of battle that took place in the 13th century between Russians and Germans or Teutonic Knights.

The Knights have taken over the town of Pskov and on the verge of capturing Novogorod. The merchants of Novogorod are also opposed to Prince Alexander Nevsky, the king of that region. They are fighting the mongols on the other side also.

Alexander played by Nikolai Cherkasov rallies the entire town of Novogorod to fight the battle against the Germans. Vasili Buslaev (Nikolai Okhlopkov) and Gavrilo Oleksich (Andrei Abrikosov) are friends and also commanders in the battle and both of them are wooing Olga Danilovna (Valentina Ivashova). Meanwhile Vasilisa, (Alexandra Danilova) a maid of Pskov has lost her father in the fight against the knights so she fights alongside fiercely with the men.

Fierce battle ensures on the icy lake between these two warring factions. Sergei Eisenstein has kept it neat and clean with breathtaking photography and cinematography. The war scene is quite magnificently done. The scene where soldiers die after the icy lake breaks, is quite superbly done. Production values for a 1938 film is quite fantastic to say the least.

This must have been a remastered print. This is one of the all time great cult classics of cinema, especially Russian cinema of yore.

You can watch the movie here https://www.youtube.com/watch?v=IKskdbazW7w&list=PL4dWJMOQ_a1TgayrpaB-SEVJhHC58U1wU&index=57

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foreign portfolio investors

SEBI has vide its notification dated 14th January, 2022 amended the SEBI (Foreign Portfolio Investors), Regulations, 2019 to provide for a window wherein exemption from enforcement of these regulations can be provided to foreign portfolio investors, either suo moto by the Board or on application made by the foreign portfolio investor. The reasons to be given for non compliance with the regulations are that it is due to factors beyond the control of the entity or the compliance requirement is procedural or technical in nature.

Strange this from SEBI, this will open the floodgates for all market intermediaries to demand leeway for them to avoid compliances on these grounds.

The applicable amendment reads as under:

“Exemption from strict enforcement of the regulations in other cases.
43B. (1) The Board may suo motu or on an application made by a foreign portfolio investor, for reasons
recorded in writing, grant relaxation from the strict enforcement of any of the provisions of these regulations, subject to such conditions as the Board deems fit to impose in the interests of investors and the securities market and for the development of the securities market, if the Board is satisfied that:
(a) the non-compliance is caused due to factors beyond the control of the entity; or
(b) the requirement is procedural or technical in nature.
(2) The application referred to under sub-regulation (1) shall be accompanied by a non-refundable fee of
US $ 1,000 payable by way of NEFT/ RTGS/ IMPS or any other mode allowed by the Reserve Bank of
India in the designated bank account of the Board.”

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Exit Through the Gift Shop

Unusual documentary on street art or graffiti as it is more commonly known and more specifically on Thierry Guetta, a French immigrant in Los Angeles who develops interest in filming street art and then graduates to becoming an artist himself.

Thierry Guetta is a compulsive video guy, he has a video with him all the time, and he is filming anything and everything without any order in mind. He stumbles into street art through his cousin Invader himself a street artist. He started filming the street artists in their work.

Encouraged he goes on to meet Bansky the greatest street artist of that generation whose work is venerated world over by art connoisseurs but who is very elusive and not known or even seen by anybody. One thing leads to another and Guetta becomes an artist himself, selling his regular clothing store to fund his art madness.

He opens his debut show to a large gathering and makes tons of money. Bansky made this documentary on Guetta and it does has its moments of candour. The documentary did get the Oscar nominations.

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