 The Securities and Exchange Board (SEBI) has approved amendments to buyback and takeover regulations and changed the time for announcing the price band of initial public offering (IPO) from 5 to 2 days, according to the chairman of SEBI, Ajay Tyagi. SEBI had made a proposal to bring changes based on suggestions made by the regulator’s Primary Market Advisory Committee (PMAC). In a consultation paper, SEBI had proposed that entities would not be required to file draft papers for rights issue worth up to Rs 10 crore. |
| Source- The Financial Express |
 Concerned over funds sent abroad under the ‘maintenance of close relative’ category of the Liberalised Remittance Scheme (LRS), the Reserve Bank of India (RBI) has narrowed the definition of relatives to check the flow of funds. Hence, funds under the ‘maintenance of close relative’ category can be sent only to immediate relatives such as parents, spouses, children and their spouses. This has brought about by defining ‘relatives’ under the Companies Act, 2013 instead of the same act of 1956. Outward remittances under maintenance of close relatives shot up to almost $3 billion in 2017-18 from a mere $174 million in 2013-14. In fact, funds sent under this category have more than doubled since 2015-16. |
| Source- The Hindu |
 The ICICI Bank board has appointed ICICI Prudential Life Insurance CEO Sandeep Bakhshi as whole-time director and chief operating officer (COO), creating a new top position at India’s second largest private bank, to steer all its businesses. Chanda Kochhar, ICICI Bank’s managing director and CEO will remain on leave until a committee investigating allegations of impropriety completes its work. Bakhshi has been appointed for a period of five years. Bakhshi will continue as non-executive director of ICICI Prudential Life Insurance. N.S. Kannan has been appointed as CEO of ICICI Prudential Life Insurance for five years. |
| Source- The Livemint |
 The Reserve Bank of India has eased investment norms for Foreign Portfolio Investors (FPIs) in debt, especially into individual large corporates, a move that can help attract more overseas flows and thereby help arrest the recent fall in the rupee. FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills, state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the FPIs cap on investment in government security to 30% of the outstanding stock of that security, from 20% earlier. FPIs were allowed to invest in government bonds with a minimum residual maturity of three years. |
| Source- The Economic Times |
 India’s IT major Tata Consultancy Services (TCS) became first listed company in India to close day’s trade with market capitalisation (m cap) of over Rs. 7 lakh crore (over $103 billion). M cap is value of company that is traded on stock market, calculated by multiplying total number of shares by present share price. |
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 Global Rating agency Fitch has announced that ICICI Bank and Axis Bank have inequalities in their risk control mechanisms and has revised down its outlook on the latter to negative on sour assets worries. It downgraded ICICI Bank’s ‘support rating’ to ‘3’, from ‘2’, its support rating floor to ‘BB+’, from ‘BBB-’. But the agency has affirmed the issuer default ratings and viability ratings of ICICI Bank and Axis Bank at ‘BBB-’ and ‘BBB-’. Axis Bank’s rating degraded to negative from stable, pointing to the high proportion of NPAs. |
| Source- The Economic Times |
| Fitch Ratings raised India growth forecast for 2018-19 to 7.4% from 7.3% but cited higher financing costs and rising oil prices as risks to growth. For 2019-20, it estimated the country to grow at 7.5%. The economy grew at 6.7% in 2017-18 and 7.7% in January-March quarter. |
| Source- The Economic Times |
 Marg ERP limited, a leading Inventory and Accounting software solution company has partnered with ICICI Bank, India's largest private sector bank by consolidated assets, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG's accounting software. This integration aims to promote 'Connected Banking' and enables ICICI Bank's current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself. |
| Source- ANI News |
 Inflation based on wholesale prices shot up to a 14-month high of 4.43% in May on increasing prices of petrol and diesel as well as vegetables. The Wholesale Price Index (WPI) based inflation stood at 3.18%in April and 2.26% in May 2017. According to government data released, inflation in food articles was at 1.60% in May 2018, as against 0.87% in the preceding month. Inflation in vegetables climbed to 2.51% in May, while in the previous month it was (-)0.89%. Inflation in ‘fuel and power’ basket rose sharply to 11.22% in May from 7.85% in April as prices of domestic fuel increased in line with rising global crude oil rates. |
| Source- The Hindu |
 Union Cabinet has approved the proposal for grant of permission to HDFC Bank to raise additional share capital of up to a maximum of 24,000 crore rupees. The composite foreign shareholding in the Bank will not exceed 74% of the enhanced paid-up equity share capital of the bank. According to the Finance Minister Piyush Goyal, the proposed investment is expected to strengthen the capital adequacy ratio of the bank. The Cabinet also approved reconstitution of North Eastern Council (NEC). Home Minister will be the ex officio chairman of NEC and the Minister of State for DoNER will serve as Vice Chairman of the council. |
| Source- The Economic Times |
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