SEBI’s Whole Time Member Kamlesh Chandra Varshney stated on Saturday that the organization is leveraging Artificial Intelligence (AI) for investigations and urged entities to stay updated on technological advancements. Addressing concerns over market manipulations, Varshney emphasized the benefits of compliance with regulations and warned against violations.
The Kerala government designated Rs 203.90 crore to the State Civil Supplies Corporation for paddy procurement on Saturday. Finance Minister K N Balagopal specified that out of this amount, Rs 195.36 crore constituted the state subsidy for paddy procurement, with an additional Rs 8.54 crore allotted for associated expenses.
“If you look at the inflation in the US and other nations, education and healthcare costs are the largest. The year-on-year costs keep rising. The more developed a nation gets, the higher the costs rise. The quality of healthcare in India varies a lot. It can be very good or very bad. It’s ok to pay more but not take poor quality healthcare… So, our trust goes to a few brands, and our healthcare spending goes to these few players. So, we need to think how to reduce this monopoly,” said Practo Health founder Shashank ND while speaking at ABP Network’s Ideas of India Summit.
The Bihar government and the Small Industries Development Bank of India (SIDBI) have signed a Memorandum of Understanding (MoU) to enhance the startup ecosystem in the eastern state. This initiative aims to cultivate a favourable environment for startups, with the goal of positioning Bihar as a thriving startup hub, according to a SIDBI release.
SEBI’s Whole Time Member Kamlesh Chandra Varshney cautioned against manipulations in the capital market during a speech at the 13th international convention of the Association of National Exchanges Members of India (ANMI) in Delhi on Saturday. Varshney urged brokers to remain vigilant and prevent such activities, emphasising the importance of investor trust. He stated that SEBI has been taking action against entities involved in manipulations, including front running activities.
“There are opportunities for both India and the UK to collaborate and work together on the world stage. That is why the post-Brexit UK heralds a great opportunity for a UK-India trade deal, the works for both our nations to double the trade to potentially 86 billion pounds, doubling your exports and increasing UK investments in India, particularly in sectors like infrastructure like infrastructure, renewable energy, healthcare, and education… I believe both nations can secure a mutually beneficial trade deal,” said British politician Suella Braverman while speaking at ABP Network’s ‘Ideas of India Summit’ on Saturday.
EV charging provider Log9 and EV company Trinity Cleantech announced on Saturday a collaboration to create a cohesive interoperable charging network across the country. Trinity will supply 2,000 public charging stations slated for deployment nationwide by the end of the upcoming financial year.
Through this partnership, Trinity’s ‘Thunder’ platform will integrate with Log9’s ‘Instacharge’ platform, aiming to streamline operations and improve user experience, according to the company’s statement.
Procurement of services via government’s GeM portal reached Rs 1.82 lakh crore, as of February 22, 2024, against Rs 8,500 crore clocked in the 2020-21 fiscal year, an official statement by the Commerce Ministry revealed on Friday. GeM CEO P K Singh noted, “GeM has harnessed digital capabilities and has emerged as a one-stop-shop for procurement of all possible services that may be required by Government buyers at various levels of administration,” reported PTI.
Launched in 2016, the government buying portal was established to provide an end-to-end digital platform to buyers to conduct public procurement of goods at economic prices.
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The stock markets exhibited volatility throughout the week, with the equity benchmark, Nifty50, also hitting fresh highs during the latter trading half of the week. However, during the last trading session on Friday, the key equity benchmarks, Sensex and Nifty, backtracked on their gains and ended flat as markets closed for the day. After beginning the session with gains, the BSE Sensex settled down by 15 points at 73,143, while the NSE Nifty50 closed at 22,213, down by 5 points.
Further, on Friday, the Reserve Bank of India stated that One97 Communications has asked the National Payments Corporation of India (NPCI) to see whether the body can act as a third-party application provider to ensure continued UPI operations in the Paytm app. The regulator said this move was being taken to help provide uninterrupted services for the fintech app users.
One97 Communications is the parent company of Paytm, whose business segment, Paytm Payments Bank, has been placed under restrictions from the RBI from accepting cash deposits or top-ups in customer accounts, wallets, FASTag, and other instruments related to the lender after the March 15, 2024 deadline.
Problems for Indian edtech start-up, Byju’s, seem to take a turn for the worse. After the Enforcement Directorate (ED) issued a look-out notice (LOC) against the firm’s founder and CEO, Byju Raveendran, citing FEMA violations on Thursday, a group of four investors also sought legal action against the firm’s management and filed a suit before the Bengaluru bench of the National Company Law Tribunal (NCLT) on Friday.
According to a PTI report, the investors sought to declare Raveendran as unfit to lead the firm, urged for the appointment of a new board, and filed a suit for oppression and mismanagement.
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