The Tatas

One of the best books on a business house i have read in a long long time.

Girish Kuber’s The Tatas does full justice to the almost 200 year old salt (well they don’t have salt anymore!!) to software conglomerate. Right from the times of Nusserwanji Tata of Navsari who set out to do business instead of priestly duties which his forefathers had done till then.

Nusserwanji’s son Jamshetji took over the reins and had tremendous vision of building a strong foundation in India. He was the one who started steel manufacturing in Mayurbhanj which later came to be renamed as Jamshedpur.

His cousin RD Tata’s son JRD (Jehangir R. Tata) took over the group to even rarified heights by forming an aviation company and making his dream a reality. It was a hard blow for him to see his pet project being nationalised by the government. It was fortunate that he was around the times of socialist policies of Nehru and Indira Gandhi which saw a distrust for business leaders.

His successor Ratan Tata who was the son of Naval Tata who was adopted for Ratan Tata (son of Jamshetji) who died young leaving behind a young widow. The fights of Ratan Tata with the stalwarts like Darbari Seth, Russy Mody, the fracas behind Ajit Kerkar and Dilip Pendse, all this is truthfully captured in this beautiful book. And then the ugly fight with Cyrus Mistry, though the actual reasons for why the bitterness arose between Ratan Tata and Cyrus Mistry is not divulged, I hope someday we come to know of it.

There are many pleasant surprises in the book, for instance the milk tabelas that you find in Goregaon and Jogeshwari belt is because of the Tatas who took to dairy farming in the then Bombay so many years ago. The iconic group has made many yeoman contributions to India in the form of Indian Institute of Science, Bangalore, Tata Institute of Fundamental Research, Tata Institute of Social Sciences, the improvement in worker conditions, like provident fund and gratuity were first thought of by the Tatas much before it was brought into statute. Their quiet contribution to various charities in the field of arts, science, education etc.

Recently one idiot minister called the Tatas as anti nationals. After reading this book it is very clear that the Tatas were anything but that, in fact they were very much involved in nation building during war time also and during natural calamities like earthquake in Latur, the 26/11 terrorist attack in Bombay, they were the first ones on the spot with their relief and rehabilitation efforts.

For somebody like me who was worked in the Tatas for a brief while, it is nostalgic homecoming of sorts. Goodreads 5/5

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6.61 kms

6.61 kms in horribly humid, muggy, sultry weather today morning. Yesterday it drizzled for a while and the ground got barely wet. Seems like some freakish weather this time of the year especially when its supposed to be winter.

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Jai Bhim

Brilliant hard hitting legal drama film “Jai Bhim” directed by T.J. Gnanavel and starring Suriya, Prakash Raj, Lijomol Jose, Rajisha Vijayan among others.

Based on a true story of a fight for justice by Justice Chandru who was then practising as a senior advocate in Madras High Court. The case was one of wrongful arrest, torture and custodial death for which the police tried as much as possible in fabricating false evidence and bringing in false witnesses. The accused were members of a tribal community, the Irulas, one of whom was accused of stealing jewellery from the house of an upper caste family.

Adv Chandru (Suriya) takes up the case and fights for justice for the pregnant wife Sengenni (Lijomol Jose) whose husband Rajakannuu (K. Manikandan) is the one wrongfully arrested and tortured. Nice script but too many emotional scenes and songs rob it of a top class international movie flavour. Prakash Raj comes in as the investigating officer in the case to delve deep into the actual incident that took place.

There is enough realism in the movie but the soundtrack and emotional quotient lets it down slightly. All the main characters, Suriya, Lijomol, Prakash Raj have done superb roles as are the police officers who carried out the brutality. That’s all appearing as realistic.

There are thousands of cases of custodial torture and death still taking place in many parts of the world. And the people suffering are the poor, marginalised sections of the society, whom the police randomly catches as a culprit in order to mask their inefficiency and incompetence and to seek favours from their higher bosses to show a higher conviction rate. Josy Joseph has brilliantly captured all those aspects in his book “The Silent Coup” about which you can read it here

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liquidation process

Insolvency and Bankruptcy Board of India (IBBI) has vide its circular dated 15th November, 2021 clarified that it is not necessary for Insolvency Professionals to expressly seek the No Objection Certificate or No Dues Certificate from Income Tax Department while the Voluntary Liquidation Process is going on.

It unnecessarily delays the process and defeats the very purpose of the Bankruptcy Code which is timely resolution of bankruptcies and liquidations. Every creditor is given a 30 day window in which to submit their claims to the Insolvency Professional and they i.e. the Income Tax office/ department stand in the same footing as the other creditors so there is ostensibly no need for special treatment to the revenue office.

Copy of the circular can be found here

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internal ombudsman scheme for NBFCs

RBI has vide its circular dated 15th November, 2021 formulated an internal ombudsman scheme for NBFCs. Already an integrated ombudsman scheme for the entire banking & finance sector has been recently formulated by the RBI of which you can find details here

Now this is an internal ombudsman scheme for the various types of NBFCs i.e. deposit taking NBFCs and non deposit taking NBFCs with asset size over Rs.50000 million. Salient features of the scheme are as follows:

In exercise of the powers conferred by Section 45 (L) read with 45 (M) of the Reserve Bank of India Act, 1934, Reserve Bank of India (RBI) being satisfied that it is in public interest and in the interest of conduct of business relating to Non-Banking Financial Companies (NBFCs), directs NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934, fulfilling the criteria given below, to appoint an Internal Ombudsman (IO).

2. NBFCs fulfilling the following criteria as on date would be required to appoint the IO:

a) Deposit-taking NBFCs (NBFCs-D) with 10 or more branches.

b) Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above and having public customer interface.

3. The following types of NBFCs will be excluded from the applicability of this direction:

  1. Stand-alone Primary Dealer;
  2. Non-Banking Financial Company – Infrastructure Finance Company (NBFC-IFC);
  3. Core Investment Company (CIC);
  4. Infrastructure Debt Fund – Non-Banking Financial Company (IDF-NBFC);
  5. Non-Banking Financial Company – Account Aggregator (NBFC-AA);
  6. NBFC under Corporate Insolvency Resolution Process;
  7. NBFC in liquidation;
  8. NBFC having only captive customers.

4. An NBFC shall be required to comply with the provisions of this direction as follows:

a) NBFC fulfilling the criteria (para 2 above) as on date – within six months;

b) NBFC fulfilling the criteria post issue of this direction and NBFC commencing operations after the issue of this direction – within six months of attaining the specified criteria, as may be applicable.

5. Any NBFC which is covered by this direction shall continue to have an IO for a period of three years after the company falls below the thresholds (para 2 above). If the term of the incumbent IO ends before this three-year period, the NBFC, with the prior approval of RBI, may not appoint another IO.

6. Appointment of the IO:

a) The person to be appointed as IO shall fulfil the following prerequisites:

  1. The person shall be either a retired or a serving officer, not below the rank of Deputy General Manager or equivalent in any financial sector regulatory body/any other NBFC/bank, with necessary skills and experience of minimum of seven years of working in areas such as non-banking finance, banking, financial sector regulation or supervision, or consumer protection.
  2. The person shall not have worked/be working in the NBFC/companies in the Group1 to which the NBFC belongs in which he/she is being appointed as IO.
  3. The person appointed as IO shall not be above the age of 70 years at any point of time during the tenure as IO.

(b) The NBFC may appoint more than one IO depending on the number of complaints received/branch network. In such a case, the NBFC shall define the jurisdiction of each IO.

(c) The Principal Nodal Officer/Nodal Officer, liaising with the offices of RBI Ombudsman, or any other official of the NBFC, shall not act as the IO or vice versa.

7. Tenure of the IO: The tenure of the IO shall be for a fixed term of not less than three years, but not exceeding five years and the same shall be indicated in the appointment letter. The IO shall not be eligible for reappointment or for extension of tenure in the same NBFC.

a) The NBFC shall undertake the process of fresh appointment well in advance to fill the vacancy before the expiry of the incumbent IO and ensure that the post of the IO does not remain vacant at any point of time.

b) The IO shall not be removed before the completion of the contracted term without the explicit approval of the Reserve Bank. In case the vacancy arises on account of reasons beyond the control of the NBFC (such as death, resignation, incapacitation, terminal illness, etc.), the NBFC shall appoint a new IO by following the procedure of appointment as indicated at para 6 of this direction, within three months from the date of the vacancy arising.

8. Secretariat and cost of the office of the IO: The NBFC shall depute such number of its officers and/or other staff and make available such infrastructure to the office of the IO as may be considered necessary for its effective functioning.

a) The Board of the NBFC shall fix the emoluments/facilities/benefits of the IO, which should be appropriate keeping in view the stature and position of the IO being at the apex of the grievance redress mechanism of the NBFC, and the need to attract experienced persons with requisite expertise.

b) The emoluments/facilities/benefits of the IO, once determined, shall not be changed during the currency of his/her tenure.

9. Role and responsibilities of the IO: The IO shall deal only with the complaints that have already been examined by the NBFC but have been partly or wholly rejected by the NBFC. In other words, the IO shall not handle complaints received directly from the customers or members of the public.

a) The following types of complaints shall be outside the purview of this direction and shall not be handled by the IO:

  1. Complaints related to frauds, misappropriation etc., except those resulting from deficiency in service, if any, on the part of the NBFC;
  2. Complaints/references relating to (a) internal administration, (b) human resources, (c) pay and emoluments of staff;
  3. References in the nature of suggestions and commercial decisions of the NBFC;
  4. Complaints which have been decided by or are already pending in other for a such as Consumer Disputes Redressal Commission, courts, etc.

b) The complaints that are outside the purview of this direction shall be immediately referred back to the NBFC by the IO.

c) The IO shall examine the complaints based on records available with the NBFC, including any documents submitted by the complainant, and comments/clarifications furnished by the NBFC to the specific queries of the IO. The IO may seek additional information from the complainant through the NBFC.

d) The NBFC shall furnish all records/documents sought by the IO to enable expeditious redress/resolution of customer grievances.

e) The IO may hold meetings with the concerned functionaries/departments of the NBFC and seek any record/document available with the NBFC that is necessary for examining the complaint/decision.

f) The IO shall periodically analyse the pattern of all complaints received against the NBFC, such as product-wise, category-wise, consumer group-wise, geographical location-wise, etc. and provide inputs to the NBFC for policy intervention, if any.

g) The IO shall not represent the NBFC in legal cases before any court or fora or authority.

h) The IO shall report to the Managing Director/Chief Executive Officer of the NBFC administratively, and to the Board functionally.

10. Procedural guidelines for NBFCs regarding complaints referred to the IO by the NBFC: The NBFC shall formulate a Standard Operating Procedure approved by its Board and establish a system of auto-escalation of all complaints that are partly or wholly rejected by the NBFC’s internal grievance redress mechanism to the IO for a final decision.

a) The NBFC shall internally escalate all such complaints to the IO within a period of three weeks from the date of receipt of the complaint. The IO and the NBFC shall ensure that the final decision is communicated to the complainant within 30 days from the date of receipt of the complaint by the NBFC.

b) In case the NBFC has a complaint management software, it shall provide to the IO read-only access to the system and enable uploading of the decision of the IO.

c) The IO shall also have read-only access to the Reserve Bank’s Complaint Management System to enable the IO to keep track of: (a) the cases forwarded by the offices of RBI Ombudsmen, (b) decisions of the RBI Ombudsmen, and (c) where applicable, the decision of the Appellate Authority under the RBI Ombudsman scheme.

d) The decision of the IO shall be binding on the NBFC, except in cases where the NBFC has obtained approval for disagreeing with the IO’s decision as stated in sub-para 10 (f).

e) In case the IO upholds the decision of the NBFC to reject/partly reject the complaint, the reply to the customer should explicitly state the fact that the complaint has been examined by the IO and, for the reasons stated in the reply, the decision of the NBFC has been upheld.

f) In case the IO overrules the decision of the NBFC to reject/partly reject the complaint, the NBFC can disagree with the decision of the IO with the approval of the Executive Director/Managing Director/Chief Executive Officer as may be applicable. In such cases, the reply to the complainant shall explicitly state the fact that the complaint was examined by the IO and the decision of the NBFC was overruled by the IO in favour of the complainant; however, the NBFC, with the approval of the Managing Director/Chief Executive Officer, has disagreed with the decision of the IO. All such cases shall be subsequently reviewed on a quarterly basis by the Board of the NBFC.

g) In case of complaints that are fully or partly rejected even after examination by the IO, the NBFC shall necessarily advise to the complainant as part of the reply that he/she can approach the RBI Ombudsman for redress (if the complaint falls under the RBI Ombudsman mechanism) along with complete details. The advice should include the link to Reserve Bank’s portal ( for online filing of customer complaints.

h) The NBFC shall use the analysis of complaints handled by the IO in their training programmes/conferences to raise awareness among the frontline staff about, inter-alia, the pattern of complaints being received in the NBFC, their root causes, remedial measures and expected action on the part of frontline staff. The IO may also be associated with such trainings, where necessary.

i) While assessing the performance of the IO, in addition to the level of pendency etc., the NBFC shall also consider the number of cases where substantive differences were observed between the decisions of the IO vis-à-vis those given by the RBI Ombudsman subsequently.

j) The NBFC shall disseminate the guidelines/instructions regarding the role of the IO among its staff while communicating the appointment of the IO in the organization (all branches and administrative offices).

k) The NBFC shall not provide the contact details of the IO in the public domain as the IO shall not handle complaints received directly from the customers.

l) The decision of the IO shall mandatorily be included in the information submitted by the NBFC to the office of the RBI Ombudsman while replying to/furnishing documents to the office of the RBI Ombudsman.

m) If the opinion of the IO is not available with the NBFC when the complainant approaches the RBI Ombudsman, the NBFC should obtain the views of the IO and include the same in its submission to the office of the RBI Ombudsman.

n) The IO shall function from the Head/Corporate Office of the NBFC.

11. Reporting to RBI: The NBFC shall put in place a system of periodic reporting of information to Reserve Bank as indicated below:

a) On a quarterly basis, the total number of complaints received, the number of partly or wholly rejected complaints and the number of complaints escalated to the IO, within 15 days from the end of the quarter;

b) On an annual basis:

  1. the number of cases where the decision of IO has been rejected (with the approval of Managing Director/Chief Executive Officer), to be submitted by April 15; and
  2. the number of cases closed by the IO, and age-wise number of cases where the NBFC was yet to implement the decision of the IO, to be submitted by April 15.

The reporting format is given in Annex.

c) The NBFC shall, within five working days of appointment of the IO, furnish the details of the IO to the Chief General Manager, Consumer Education and Protection Department, Reserve Bank of India, Central Office, 1st Floor, Amar Building, Sir P M Road, Mumbai – 400 001 (email: in the following format:

  1. Name of the Internal Ombudsman;
  2. Details of the last position held/organization name;
  3. Date and period of appointment;
  4. Brief professional profile, including previous exposure to financial services; and
  5. Contact details, i.e., address, phone/fax numbers, email address, etc.

12. Board Oversight: The IO shall furnish periodic reports to the Board of the NBFC as may be specified by it, preferably at quarterly intervals, but not less than bi-annually.

13. Audit: The internal audit of the NBFC shall cover the implementation of this direction.

a) The audit shall, inter-alia, cover aspects relating to:

  1. the infrastructure (space, IT infrastructure, human resources, etc.) provided to the IO;
  2. adherence with various timelines indicated in the direction;
  3. support provided by the NBFC to the IO for redress of the complaint; (refer para 9 (c) and (d))

b) The scope of the internal audit shall exclude any assessment of the correctness of decisions taken by the IO.

14. Supervisory Oversight: The areas relating to customer service and customer grievance redress, as well as the implementation of this direction, shall be a part of the risk assessment and supervisory review undertaken by the Reserve Bank. Further, Reserve Bank will review the cases where the decision of the IO has not been accepted by the NBFC and the aggrieved customer approaches the RBI Ombudsman, for assessing the effectiveness of the internal grievance redress mechanism of the NBFC and initiating corrective actions as it may deem fit.

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11.02 kms

11.02 kms on a humid weather here in Mumbai. Have a great day folks.

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Tears of the Giraffe

Another highly entertaining novel by Alexander McCall Smith, he of the Mma. Precious Ramotswe of Botswana’s no. 1 ladies detective agency fame.

Languid, slow moving, engaging, simple language – the hallmark of McCall Smith’s writings. This time he has to factor in a case of a missing son of an American expat, her own impending marriage to Mr. J.L.B Matekoni the best ever mechanic of Gaborone. Add to that the ambitions of her secretary, Mma. Makutsi, who got 97% marks from the Botswana Secretarial College and the additions to their family even before their marriage in the form of who orphan children to take care of.

I like the way Ramotswe goes about solving the case as well looking after all other affairs including her own office with no hurry in the world. The Bostwanian pace of solving detective cases obviously hinges on kindness and empathy rather than the whole truth. Goodreads 5/5

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Banking Ombudsman Scheme

RBI has introduced a single integrated ombudsman scheme for the entire banking and financial services sector. It includes within its ambit, all commercial banks, regional rural banks, co-operative banks, NBFCs which accepts deposits or which has assets exceeding Rs.100 crores and all system participants. Procedure for redressal of grievance under the Scheme is given in Chapter IV of the Scheme.

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), and in supersession of its Notifications Ref. (i) CEPD. PRS. No. 6317/13.01.01/2016-17 dated June 16, 2017; (ii) CEPD. PRS. No. 3590/13.01.004/2017-18 dated February 23, 2018; and (iii) CEPD. PRS. No. 3370/13.01.010/2018-19 dated January 31, 2019, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to make the alternate dispute redress mechanism simpler and more responsive to the customers of entities regulated by it, hereby integrates the three Ombudsman schemes – (i) the Banking Ombudsman Scheme, 2006, as amended up to July 01, 2017; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019 into the Reserve Bank – Integrated Ombudsman Scheme, 2021 (the Scheme).

2. The Scheme covers the following regulated entities:

  1. all Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rupees 50 crore and above as on the date of the audited balance sheet of the previous financial year;
  2. all Non-Banking Financial Companies (excluding Housing Finance Companies) which (a) are authorised to accept deposits; or (b) have customer interface, with an assets size of Rupees 100 crore and above as on the date of the audited balance sheet of the previous financial year;
  3. all System Participants as defined under the Scheme.

3. The regulated entities shall comply with the Scheme from the date of its implementation.

4. The format for filing a complaint under the Scheme is annexed.

5. The Scheme shall come into force from November 12, 2021.

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govt securities – retail investors

RBI has laid down guidelines for participation of retail investors in government securities as per the above circular link. The salient features are as follows:

Scheme for Non-Competitive Bidding Facility in the auction of
Government of India Dated Securities and Treasury Bills

I. Scope: With a view to encouraging wider participation and retail holding of Government securities, retail investors are allowed participation on “non- competitive” basis in select auctions of dated Government of India (GoI) securities and Treasury Bills.

II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:

  1. Retail investor is any person, including individuals, firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may be prescribed by RBI.
  2. ‘Aggregator/Facilitator’ means a Scheduled Bank or Primary Dealer or Specified Stock Exchange or any other entity approved by RBI, permitted to aggregate the bids received from the investors and submit a single bid in the non-competitive segment of the primary auction.
  3. ‘Specified stock exchange’ means SEBI recognised Stock Exchange, which have received No Objection Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction segment.
  4. ‘Eligible Provident Funds’ are those non-government provident funds governed by the Provident Funds Act 1925 and Employees’ Provident Fund and Misc. Provisions Act, 1952 whose investment pattern is decided by the Government of India.

III. Eligibility:

(A) Participation on a non-competitive basis in the auctions will be open to a retail investor who:

  1. does not maintain current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India; and
  2. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
  3. maintains the ‘Retail Direct Gilt Account’ (RDG Account) with RBI


a. Regional Rural Banks (RRBs) and Cooperative Banks:

  1. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme only in the auctions of dated securities in view of their statutory obligations.
  2. Since these banks maintain SGL account and current account with the Reserve Bank of India, they shall be eligible to submit their non- competitive bids directly.

b. State Governments, eligible provident funds and Others:

  1. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal Monetary Authority of Bhutan and any Person or Institution, specified by the Bank, with the approval of Government, shall be covered under this scheme only in the auctions of Treasury Bills.
  2. These bids will be outside the notified amount.
  3. There will not be any restriction on the maximum amount of bid for these entities.

IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of five percent of the aggregate nominal amount of the issue within the notified amount as specified by the Government of India, or any other percentage determined by Reserve Bank of India.

V. Amount of Bid:

1. The minimum amount for bidding will be ₹10,000 (face value) and thereafter in multiples in ₹10,000 as hitherto.

2. In the auctions of GoI dated securities, the retail investors can make a single bid for an amount not more than Rupees Two crore (face value) per security per auction.

VI. Other Operational Guidelines:

1. The retail investor desirous of participating in the auction under the Scheme would be required to maintain a depository account with any of the depositories or a gilt account under the constituent subsidiary general ledger (CSGL) account of the Aggregator/ Facilitator or ‘Retail Direct Gilt Account’ (RDG Account) with RBI.

2. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect that the investor is making only a single bid will have to obtained and kept on record by the Aggregator/Facilitator.

Submission of Bids:

3. Each Aggregator/Facilitator on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary circumstances such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber) system, non-competitive bid in physical form will not be accepted.

Allotment of Bids:

4. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The securities will be issued to the Aggregator/Facilitator against payment on the date of issue irrespective of whether they have received payment from their clients.

5. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro rata allotment would be made. In case of partial allotments, it will be the responsibility of the Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent manner.

6. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

Issue of Security:

7. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly indicate at the time of tendering the non-competitive bids the amounts (face value) to be credited to their main SGL or CSGL account.

8. Delivery in physical form from the Main SGL account is permissible at the instance of the investor subsequently.

9. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients. Except in extraordinary circumstances, the transfer of securities to the clients should be completed within five working days from the date of issue.

Commission/Brokerage charged to Clients

10. The Aggregator/Facilitator can recover up to six paise per ₹100 as brokerage/commission/service charges for rendering this service to their clients. Such costs may be built into the sale price or recovered separately from the clients.

11. In case, the securities are transferred subsequent to the issue date of the security, the consideration amount payable by the client to the Aggregator/Facilitator will include accrued interest from the date of issue.

12. Modalities for obtaining payment from clients towards cost of the securities, accrued interest, wherever applicable, and brokerage/commission/service charges may be worked out by the Aggregator/Facilitator as per agreement with the client.

13. It may be noted that no other costs, such as funding costs, should be built into the price or recovered from the client.

VIII. Reporting Requirements:

Aggregators/Facilitators will be required to furnish information relating to operations under the Scheme to the Reserve Bank of India (Bank) as may be called for from time to time within the time frame prescribed by the Bank.

IX. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered necessary, the Scheme will be modified.

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investor protection

In a major step towards the mission and vision of Government of India of Ease of Living and Ease of Doing Business, Ministry of Corporate Affairs (MCA) has further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

For claimants, requirement of Advance Receipt has been waived off, requirement of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 (five lakh) both for Physical & DEMAT shares, notarization of documents has been replaced with self-attestation and requirements of Affidavits and Surety relatively have been eased.

For companies, requirement of attaching documents related to Unclaimed Suspense Account has been eased and companies have been given flexibility to accept transmission document viz. Succession Certificate, Will etc. as per their internal approved procedures and Newspaper Advertisement requirement for loss of physical Share Certificate has been waived off up to an amount of Rs.5,00,000.

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5.01 kms

Happy 5.01 kms for a cold morning here in Mumbai. Have a great day folks.

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jute packaging

The Cabinet Committee on Economic Affairs chaired by Prime Minister, Shri Narendra Modi, has approved reservation norms for mandatory use of jute in packaging for the Jute Year 2021 -22 (1st July, 2021 to 30th June, 2022) on 10th November, 2021. The Mandatory packaging norms approved for Jute Year 2021-22 provide for 100% reservation of the foodgrains and 20% of sugar to be compulsorily packed in jute bags.

The reservation norms in present proposal would further protect the interest of domestic production of raw jute and jute packaging material in lndia, thereby, making India self-reliant in consonance with Aatmnirbhar Bharat. Reservation for packaging in jute packaging material consumed around 66.57% of the raw jute produced in the country (in 2020-21). By bringing into effect the provision of JPM Act, the Government will provide relief to 0.37 million workers employed in jute mills and ancillary units as well as support the livelihood of around 4.0 Million farm families. Besides, it will help protect environment because jute is natural, bio- degradable, renewable and reusable fibre and hence fulfills all sustainability parameters.

The Jute industry occupies an important place in the national economy of India in general and Eastern Region in particular i.e. West Bengal, Bihar, Odisa, Assam, Tripura, Meghalaya, Andhra Pradesh and Telangana. It is one of the major industries in the eastern region, particularly in West Bengal.

The reservations norms under JPM Act provide for direct employment to 0.37 million workers and 4 million farmers in the Jute Sector. JPM Act, 1987 protects interest of Jute farmers, workers and persons engaged in jute goods’ production. 75% of the total production of the Jute Industry is Jute Sacking Bags of which 90% is supplied to the Food Corporation of India (FCl) and State Procurement Agencies (SPAs) and remaining is exported/sold directly

Government of India purchases Jute sacking bags worth approximately Rs. 8,000 crore every year for packing of foodgrains, hence ensures guaranteed market for the produce of Jute Farmers and Workers.

Average Production of Jute Sacking Bags is about 30 lakhs bales (9 lakh MT) and Government is committed to ensure complete off-take of the sacking production of the jute bags in order to protect the interest of Jute farmers, workers and persons engaged in the Jute Industry.

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mineral conservation

Ministry of Mines has notified the Mineral Conservation and Development (Amendment) Rules, 2021 on 3rd November, 2021 to amend the Mineral Conservation and Development Rules, 2017 [MCDR].

The MCDR have been framed under section 18 of the Mines and Minerals (Development and Regulation) Act, 1957 [MMDR Act] to provide rules regarding conservation of minerals, systematic and scientific mining, development of the mineral in the country and for the protection of environment.

The amendment rules have been framed after extensive consultations with the State Governments, industry associations, miners, other stakeholders and general public. The highlights of amendments in the Rules are as follows:

(i) Rules prescribed that that all plans and sections related to mine shall be prepared by combination of Digital Global Positioning System (DGPS) or Total Station or by drone survey in relation to certain or all leases as may be specified by Indian Bureau of Mines (IBM).

(ii) New Rule inserted to provide for submission of digital images of mining area by lessees and Letter of Intent holders. Lessees having annual excavation plan of 1 million tonne or more or having leased area of 50 hectare or more are required to submit drone survey images of leased area and up to 100 meters outside the lease boundary every year. Other lessees to submit high resolution satellite images. This step will not only improve mine planning practices, security and safety in the mines but also ensure better supervision of mining operations.

(iii) Requirement of submitting satellite images obtained from CARTOSAT-2 satellite LISS-IV sensor on the scale of cadastral map deleted in view of the insertion of provision for submission of high resolution Georeferenced Ortho-rectified Multispectral satellite and use of drone survey as per Rule 34A.

(iv) Provision of daily return omitted to reduce compliance burden. Power of taking action against incomplete or wrong or false information in monthly or annual returns given to IBM, in addition to State Govt.

(v) Allowed engagement of a part-time mining engineer or a part-time geologist for category ‘A’ mines having leased area below 25 hectares. This will ease compliance burden for small miners.

(vi) In order to increase employment opportunity, diploma in mining and mine surveying granted by duly recognized institute along with a second class certificate of competency issued by the Director General of Mines Safety is added in qualification for full time Mining Engineer. Also, qualification for part time Mining Engineer added.

(vii) Penalty provisions in the rules have been rationalized. Previously, the rules provided for penalty of imprisonment upto 2 years or fine upto 5 lakh rupees or both for violation of each and every rule irrespective of the severity of the violation. Amendment in the rules categorized the violations of the rules under the following major heads:

  1. Major Violations: Penalty of imprisonment, fine or both.
  2. Minor Violations: Penalty reduced. Penalty of only fine for such violations prescribed.
  3. Violation of other rules has been decriminalized. These rules did not cast any significant obligation on the concession holder or any other person. Thus, violation of 24 rules has been decriminalized.

(viii) Provision of forfeiture of financial assurance or performance security of the lease holder added in case of non-submission of final mine closure plan within the period specified.

(ix) Amount of financial assurance increased to five lakh rupees for Category ‘A’ mines and three lakh rupees for Category ‘B’ mines from existing three and two lakh rupees, respectively.

Notification of the Amendment Rule is available in the website of Ministry of Mines (

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What a brilliant satirical Malayalam movie “Sandesham” (1991) directed by Sathyan Anthikad and starring Thilakan, Jayaram, Sreenivasan among others.

It is a brilliant political satire of the times especially in Kerala with polarized political parties. Raghavan Nair (Thilakan in a masterful role) is a retired station master back to his home after a 33 years service in the Indian Railways. Back home he finds both his sons Prabhakaran (Sreenivasan) and Prakashan (Jayaram) in opposing political parties and fighting tooth and nail with each other.

He has a daughter Lathika (Maathu) who is engaged to marry to Udayabhanu (Siddique) but one son puts road block in her marriage just because the guy did not give their party any donation and the party had him transferred to a distant location.

He has another daughter who is married off to a policeman but again the political son had him transferred from one police station to another on multiple occasions. They also come to stay with them and demand their share of the property. Through his years of service, Raghavan nair had purchased a property in his wife’s name, but one son managed to take a loan for his party mortgaging that property and the bank came to take possession of the property upon failure to repay the loan.

The last straw was when the mother falls ill but none of the sons come to visit them. What a powerful story line and a brilliant satire on how politics is destroying normal lives of people. Solid story written by Sreenivasan with powerful dialogues replete with one punch after another. Of course, nothing beats Thilakan who has done a masterful role as the angst driven father with good for nothing sons, despairing after losing everything because of their foibles.

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A drab, totally bakwas Malayalam movie “Yodha” (1992), directed by Sangeeth Sivan and starring Mohanlal, Madhoo, Jagathy Sreekumar among others.

Mohanlal is called in to deliver a knock out punch to some miscreants who want to usurp the Tibetan lama kingdom. No idea why they want to do, lot of mumbles from a dazed Puneet Isaar. They have put some comedy into the movie through the interplay between Mohanlal and Jagathy Sreekumar but hardly raises any laugh though.

Madhoo is an ace photographer in Nepal of all places and stumbles onto Mohanlal and they play love love game. Preposterous story line, hackneyed plot, crazy comedy, this movie fails on all counts except the spectacular cinematography by Santosh Sivan. IMDB 1/10

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