Monthly Archives: October 2020

Kumbalangi Nights

Kumbalangi Nights, what a powerhouse of a movie, brilliant in all respects. Story of a dysfunctional family of four brothers, practically no gooders living in a shanty like house bordering the rivers with no one responsible for anything and no self respect or self confidence among any of them. There is no woman in the house. Director Madhu Narayanan making his debut here has a good robust script to lean on, to let the plot slowly take its roots. One of the brothers Bobby (Shane Nigam) falls in love with a girl Baby (Anna Ben) from the neighbourhood or rather the other way around to make it plausible. One brother Bonny (Sreenath Bhasi) is a mute one rarely seen in the initial plots. The youngest one Frankie (Mathew Thomas) is the most realistic, naming his house as the worst in the panchayat. He is a football fan and hoping for a scholarship to take him out of there. The eldest one Saji (Soubin Shahir) is supposedly the head of the family, but of no skill whatsoever save for living off his Tamil friend. Baby’s family comprises of her sister and her husband Shammi (Fahadh Faasil) a masochistic kinda guy. The plot starts slowly and then breaks out brilliantly in all directions involving all the brothers and the girl and her family. Everything works nicely in the movie, from a solid script with a suspense towards the end to brilliant cinematography to the acting by practically all the stars in the movie. Very realistic kind of acting, typically seen in malayali characters. Soubin Shahir as the eldest brother is undoubtedly the best performer with his emotions ranging from ludicrousness to helplessness to bravery. In the end there is a challenging statement from the director – whose house is more dysfunctional ?

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Guruvayur Temple

This is a kind of a biography of a temple, famous one and most revered one at that – Guruvayur Temple in Thrissur district of Kerala. Thousands of pilgrims throng the temple every day and the entire temple complex is quite sanctified and revered. It has got an aura about it, that is not seen at other temples. So, Mr. Balan Pootheri has written a book about its history, its daily rituals, the miracles that have taken place due to people’s belief in the diety and the legend of the temples. He has also talked about the saints who believed in the Guruvayurappan and propagated that belief. Guruvayurappan is nothing but another manifestation of lord Vishnu, but in the form of Krishna. This is a good book for those who want to know more about the Guruvayur temple and who have faith in it.

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revised guidelines to promote domestic production of bulk drugs

https://pib.gov.in/PressReleasePage.aspx?PRID=1668347

Union Department of Pharmaceuticals, Ministry of Chemicals and fertilizers has revised the Production Linked Incentive (PLI) Schemes for promoting domestic manufacturing of bulk drugs and medical devices keeping in view the suggestions and comments received from the industry. Accordingly ‘minimum threshold’ investment requirement has been replaced by ‘committed investment’ taking into account availability of technology choices which varies from product to product.

The Department of Pharmaceuticals earlier come out with the following two Production Linked Incentive schemes-

Production Linked Incentive scheme for promotion of domestic manufacturing of critical Key Starting Materials, Drug Intermediates and Active Pharmaceutical Ingredients in India

Production Linked Incentive Scheme for Promoting Domestic Manufacturing of Medical Devices

Both the schemes were approved by the Cabinet on 20.03.2020 and the detailed guidelines for the implementation of the schemes were issued by the Department on 27.07.2020.

Post issuance of the detailed guidelines, the department received several suggestions and inputs from the pharmaceutical and medical device industry seeking certain amendments in the scheme to enable effective participation of the industry in the two schemes. The suggestions were examined by the respective Technical Committees formed under the schemes. The recommendations of the Technical Committees were placed before the Empowered Committees of the schemes which are chaired by CEO NITI Aayog. After considering the recommendations of the Technical committees, the EC approved the revision of the guidelines for both the schemes. Accordingly, the revised guidelines have been issued today viz 29.10.2020 and are available on the website of the Department of Pharmaceuticals under the tab “schemes”.

The main changes which have been effected in the revised guidelines for Production Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical Key Starting Materials, Drug Intermediates and Active Pharmaceutical Ingredients in India are as follows:

Replacement of the criteria of ‘minimum threshold’ investment with ‘committed’ investment by the selected applicant. The change has been made to encourage efficient use of productive capital as the amount of investment required to achieve a particular level of production depends upon choice of technology and it also varies from product to product. The provision for verification of the actual investment made by the selected applicant for the purpose of giving incentives under the scheme continues.

Deletion of the provision which restricts the sales of eligible products to domestic sales only, for the purpose of eligibility of receiving incentives, bringing the scheme in line with other PLI schemes and encouraging market diversification.

Change in the minimum annual production capacity for 10 products viz Tetracycline, Neomycin, Para Amino Phenol (PAP), Meropenem, Artesunate, Losartan, Telmisartan, Acyclovir, Ciprofloxacin and Aspirin. Minimum annual production capacity is a part of eligibility criteria under the scheme.

The last date for receiving applications under the scheme is now extended by a week to 30.11.2020 (inclusive)

Similarly, the main changes which have been effected in the revised guidelines for Production Linked Incentive Scheme for Promoting Domestic Manufacturing of Medical Devices are as follows-

Replacement of the criteria of ‘minimum threshold’ investment with ‘committed’ investment by the selected applicant. The change has been made to encourage efficient use of productive capital as the amount of investment required to achieve a particular level of production depends upon technology used and it also varies from product to product. The provision for verification of the actual investment made by the selected applicant for the purpose of giving incentives under the scheme continues.

Change in the eligibility criteria of minimum sales threshold in line with projected demand, technology trend and market development, for the purpose of availing incentive under the scheme.

The tenure of the scheme has been extended by one year keeping in view the capital expenditure expected to be done by the selected applicants in FY 2021-22. Accordingly, the sales for the purpose of availing incentives will be accounted for 5 years starting from FY 2022-2023 instead of FY 2021-2022.

The last date for receiving applications under the scheme is now extended by a week to 30.11.2020 (inclusive)

The Indian pharmaceutical industry is the third largest globally in terms of volume and contributes significantly to India’s economic growth and export earnings. The Medical Devices industry is identified as a sunrise sector with great potential for diversification and employment generation. The Government of India has launched several initiatives to support the Pharmaceutical and Medical Devices industry to reach their potential in the coming years.

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mandatory packaging in jute materials

https://pib.gov.in/PressReleasePage.aspx?PRID=1668402

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved that 100% of the foodgrains and 20% of the sugar shall be mandatorily packed in diversified jute bags.

The decision to pack sugar in diversified jute bags will give an impetus to the diversification of the jute industry. Further, the decision also mandates that initially 10% of the indents of jute bags for packing foodgrains would be placed through reverse auction on the Gem portal. This will gradually usher in a regime of price discovery.  The Government has expanded the scope of mandatory packaging norms under the Jute Packaging Material (JPM) Act, 1987.

In case of any shortage or disruption in supply of jute packaging material or in other contingency/exigency, the Ministry of Textiles may, in consultation with the user Ministries concerned, relax these provisions further, up to a maximum of 30% of the production of foodgrains over and above the provisions.

Considering that nearly 3.7 lakh workers and several lakh farm families are dependent for their livelihood on the jute sectors, the government has been making concerted efforts for the development of jute sector; increasing the quality and productivity of raw jute, diversification of jute sector and also boosting and sustaining demand for jute products.

Benefits :

          The approval will benefit farmers and workers located in the Eastern and North Eastern regions of the country particularly in the states of West Bengal, Bihar, Odisha, Assam, Andhra Pradesh, Meghalaya and Tripura.

Under the Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987 (hereinafter “the JPM Act”), the Government is required to consider and provide for the compulsory use of jute packaging material in the supply and distribution of certain commodities in the interest of production of raw jute and jute packaging material and of persons engaged in the production thereof. Therefore, the reservation norms in present proposal would further the interest of domestic production of raw jute and jute packaging material in India, thereby, making India self-reliant in consonance with Aatma Nirbhar Bharat.

The jute industry is predominantly dependent on Government sector which purchases jute bags of value of more than Rs. 7,500 crore every year for packing foodgrains. This is done in order to sustain the core demand for the jute sector and to support the livelihood of the workers and farmers dependent on the sector.

Other Support provided to the Jute Sector:

In order to improve the productivity and quality of raw jute through a carefully designed intervention, called the Jute ICARE, the Government has been supporting close to approx. two lakh jute farmers by disseminating improved agronomic practices such as line sowing using seed drills, weed management by using wheel-hoeing and nail-weeders, distribution of quality certified seeds and also providing microbial assisted retting. These interventions have resulted in enhancing the quality and productivity of raw jute and increasing income of jute farmers by Rs. 10,000 per hectare.

Recently, the Jute Corporation of India has entered into MoU with National Seeds Corporation for distribution of 10,000 quintals of certified seeds on commercial basis also. The intervention of Technology up-gradation and distribution of certified seeds would increase the productivity and quality of jute crops and also increase the income of the farmers.

          With a view to support diversification of jute sector, the National Jute Board has collaborated with National Institute of Design and a Jute Design Cell has been opened at Gandhinagar. Further, promotion of Jute Geo Textiles and Agro-Textiles has been taken up with the State Governments particularly those in the North Eastern region and also with departments such as Ministry of Road Transport and Ministry of Water Resources.

          With a view to boost demand in the jute sector, Government of India has imposed Definitive Anti-Dumping Duty on import of jute goods from Bangladesh and Nepal with effect from 5th January, 2017.

          With a view to promoting transparency in jute sector, Jute SMART, an e-govt initiative was launched in December, 2016, providing an integrated platform for procurement of B-Twill sacking by Government agencies. Further, the JCI is transferring 100% funds to jute farmers online for jute procurement under MSP and commercial operations.

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8.32 kms in mindspace

8.32 kms in mindspace, Mumbai. Weather has definitely turned for the better. Gyms have been allowed to open in Mumbai with 50% occupancy. Gyms have been reeling from losses for the last six months and many gym owners and coaches have gone into despair and depression. But my gut feeling is that gyms will recoup their losses sooner than most, because of the overwhelming feeling to get fit and healthy and build immunity amongst people due to the covid. They might see a surge in their membership in no time.

MRR (Mumbai Road Runners) is raising funds for NGO, Habitat for Humanity, India. Habitat India beneficiaries are economically poor, low income, marginalized groups considered non-bankable, disaster affected families that includes historically disadvantaged communities. Till date, they have served over 62,025 families comprising of 297,720 individuals through their interventions in Housing, Sanitation, Access to Water and Disaster Response. To contribute to their cause, please visit

https://www.unitedwaymumbai.org/tmm-fundraiser-15410

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Angel and the Badman

1947 American western starring John Wayne, Gail Russell among others. Quirt Evans (John Wayne) comes to Worth’s farm in an injured state. The Worth family who are Quakers who believe in non violence tend to him and nurse him to health. Their daughter Penelope (Gail Russell) develops fond feelings for him. But Quirt has a past to catch up with and that past comes back to the Worth ranch to settle the dues. Against him are a bunch of no gooders who steal cattle and loot. Exciting second half of the movie when matters start stirring up. Excellent action scenes involving the horses and riders in rough country. Some great chase sequences there. Cinematography is quite brilliant for a movie made in 1947. The movie was originally made in black and white but somebody put colour into it through artificial intelligence and it has come out very well. John Wayne looks old and jaded in the movie while Gail Russell looked fresh. It was a pity that Gail Russell had such a short and tragic life.

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faqs on portfolio managers

Frequently Asked Questions (FAQ) – Portfolio Managers
October 28, 2020

  1. Who is a Portfolio Manager?
    A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client.
  2. What is the difference between discretionary portfolio management service and non-discretionary portfolio management service?
    In discretionary portfolio management service, the portfolio manager individually and independently manages the funds and securities of each client in accordance with the needs of the client.
    Under the non-discretionary portfolio management service, the portfolio manager manages the funds in accordance with the directions of the client.
  3. What is the procedure of making an application for obtaining registration as a portfolio manager from SEBI?
    For obtaining registration as a portfolio manager, an applicant is required to make an online application through the SEBI Intermediaries Portal along with a non-refundable application fee of INR1,00,000/- by way of direct credit in the bank account of SEBI through NEFT/ RTGS/ IMPS or any other mode allowed by RBI. Alternatively, the application fee can also be paid by way of demand draft drawn in favor of ‘Securities
    and Exchange Board of India’, payable at Mumbai or at the place where respective regional office is located.
    Any applicant desirous of seeking registration as a Portfolio Manager under PMS Regulations shall file their applications in Form A on the online system at https://siportal.sebi.gov.in
  4. What is the minimum networth requirement of a portfolio manager?
    The portfolio manager is required to have a minimum networth of INR 5 crore.
  5. What fees can a portfolio manager charge from its clients for the services rendered by him?
    SEBI (Portfolio Managers) Regulations, 2020 provide that the portfolio manager shall charge a fee as per the agreement with the client for rendering portfolio management services. The fee so charged may be a fixed amount or a performance-based fee or a combination of both. However, no upfront fees shall be charged by the portfolio manager directly or indirectly to the clients. The agreement between the portfolio manager and the client shall, inter-alia, also include the quantum and the manner of fees payable by the client for each activity for which service is rendered by the portfolio manager directly or indirectly.
  6. What are the various securities in which a Portfolio Manager may invest clients’ funds?
    Under Discretionary Portfolio Management Service (DPMS), Portfolio Managers shall invest funds of his clients in the securities listed or traded on a recognized stock exchange, money market instruments, units of Mutual Funds through direct plan and other securities as specified by Board from time to time.
    Under Non-Discretionary Portfolio Management Service (NDPMS), Portfolio Managers may invest up to 25% of the AUM of a client in unlisted securities, in addition to the securities permitted for discretionary portfolio management.
    “Unlisted securities” for investment by Portfolio Managers shall include units of Alternative Investment Funds (AIFs), Real Estate Investment Trusts (REITs), infrastructure Investment Trusts (InvITs), debt securities, shares, warrants, etc. which are not listed on any recognized stock exchanges in India.
  7. Whether the funds of clients availing discretionary PMS may be invested in unlisted bonds, which are traded over the counter but settled and reported to the Stock Exchanges?
    No.
  8. An existing client of Non-Discretionary PMS, who has already invested in certain unlisted securities, wants to subscribe to rights issue of such unlisted securities, which may result in breach of the 25% limit. Is this permitted?
    An active breach due to investor action, subsequent to corporate actions like subscription to rights issue, which results in breach of 25% limit applicable to NonDiscretionary portfolios, shall be considered as non-compliance. However, a passive breach due to corporate actions like bonus with respect to value of unlisted securities will not be considered as non-compliance.
  9. What is the minimum value of funds or securities that can be accepted by the portfolio manager from the client while opening the PMS account?
    The portfolio manager is required to accept minimum INR 50 Lacs or securities having a minimum worth of INR 50 Lacs from the client.
    10.Clients on-boarded by the Portfolio Manager prior to January 21, 2020 were required to bring in minimum of INR 25 Lacs as their initial investment. What is the minimum amount that may be further invested (top-up) by such clients on or after January 21, 2020?
    Clients of Portfolio Managers on-boarded before January 21, 2020 shall, in case of any top-up, comply with the requirement of new minimum investment amount and top up their accounts to minimum INR 50 Lacs.
    11.Is Partial withdrawal of Portfolio permitted, for the existing clients of Portfolio Managers?
    The client may withdraw partial amounts from his portfolio, in accordance with the terms of the agreement between the client and the Portfolio Manager. However, the value of investment in the portfolio after such withdrawal shall not be less than the applicable minimum investment amount.
    12.Is the client required to top up his account if the portfolio value falls below the minimum investment amount as provided in the SEBI (Portfolio Managers) Regulations, 2020 as a result of valuation of portfolio?
    No.
    13.How are the limits on transactions executed through associates of Portfolio Managers applicable?
    Charges for all transactions in a financial year (Broking, Demat, custody etc.) through self or associates shall be capped at 20% by value per associate (including self) per service. Such limits shall apply separately for demat services, custodian services etc. Further, any charges to self/associate shall not be at rates more than that paid to the
    non-associates providing the same service. For instance, in case of Broking services, the total amount paid to the associate Stock
    Broker cannot be more than 20% of the total brokerage paid for trades on behalf of its clients during the year.
    If Portfolio Manager uses multiple Stock Brokers who are its associates, then transaction through each associate Stock Broker shall be capped at 20% of the total brokerage paid for trades on behalf of its clients during the year.
    14.Is there any restriction on the number of non-associates through which transactions stated in the previous question may be executed?
    There is no restriction imposed on the number of non-associate Stock Brokers, Depository Participants or Custodians that may be engaged by a Portfolio Manager. For e.g. The Portfolio Manager may utilize a single non-associate Stock Broker for executing 100% of the trades on behalf of its clients.
    15.On what basis is the performance of the portfolio manager calculated?
    The performance of a discretionary portfolio manager is calculated using time weighted rate of return (TWRR) method for the immediately preceding three years or period of operation, whichever is lesser.
    SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26 dated February 13, 2020, interalia, provides information on reporting of performance by Portfolio Managers and also a client reporting format which includes information on the performance of the client account, portfolio manager and the appropriate benchmark.
    16.How is TWRR calculated for the purpose of calculating performance of the portfolio manager?
    The time-weighted rate of return breaks up the return on an investment portfolio into separate intervals, based on whether money was added or withdrawn from the fund. The detailed calculation and an indicative illustration in this regard is provided in Annexure 1.
    17.How will the performance fee be calculated considering the high watermark principle?
    An indicative illustration for calculation of performance fee, considering high watermark principle, is provided in Annexure 2.
    18.What kind of reports can the client expect from the portfolio manager?
    The portfolio manager shall furnish periodically a report to the client, as per the agreement, but not exceeding a period of three months and such report shall contain the following details, namely: –
    (a) the composition and the value of the portfolio, description of securities and goods, number of securities, value of each security held in the portfolio, units of goods, value of goods, cash balance and aggregate value of the portfolio as on the date of report;
    (b) transactions undertaken during the period of report including date of transaction and details of purchases and sales;
    (c) beneficial interest received during that period in the form of interest, dividend, bonus shares, rights shares, etc;
    (d) expenses incurred in managing the portfolio of the client;
    (e) details of risk foreseen by the portfolio manager and the risk relating to the securities recommended by the portfolio manager for investment or disinvestment;
    (f) default in payment of coupons or any other default in payments in the underlying debt security and downgrading to default rating by the rating agencies, if any;
    (g) details of commission paid to distributor(s) for the particular client.
    19.What is the disclosure mechanism of the portfolio managers to their clients?
    The portfolio manager provides to the client the Disclosure Document prior to entering into an agreement with the client. The Disclosure Document contains the quantum and manner of payment of fees payable by the client for each activity, portfolio risks, complete disclosures in respect of transactions with related parties, the performance of the portfolio manager and the audited financial statements of the portfolio manager for the immediately preceding three years.
    20.Does SEBI approve any of the services offered by portfolio managers?
    No. SEBI does not approve any of the services offered by the Portfolio Manager. An investor has to invest in the services based on the terms and conditions laid out in the disclosure document and the agreement between the portfolio manager and the investor.
    21.Does SEBI approve the disclosure document of the portfolio manager?
    No. SEBI also does not certify the accuracy or adequacy of the contents of the Disclosure Document.
    22.What are the rules governing services of a Portfolio Manager?
    The services of a Portfolio Manager are governed by the agreement between the portfolio manager and the investor. The agreement should cover the minimum details as specified in the SEBI Portfolio Manager Regulations. However, additional requirements can be specified by the Portfolio Manager in the agreement with the client. Hence, an investor is advised to read the agreement carefully before signing it.
    23.Can a Portfolio Manager impose a lock-in on the investor?
    Portfolio managers cannot impose a lock-in on the investment of their clients. However, a portfolio manager can charge applicable exit fees from the client for early exit, as laid down in the agreement subject to provision of SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26.
    24.Can a Portfolio Manager offer indicative or guaranteed returns?
    No.
    25.Where can an investor look out for information on portfolio managers?
    Investors can log on to the website of SEBI http://www.sebi.gov.in for information on SEBI regulations and circulars pertaining to portfolio managers. Addresses of the registered portfolio managers are also available on the SEBI website. Information on monthly reports submitted by Portfolio Managers to SEBI can be accessed at
    https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doPmr=yes.
    26.Where can an investor file their complaints?
    Investors would find the name, address and telephone number of the investor relation officer of the portfolio manager (who attends to the investor queries and complaints) in the Disclosure Document. The grievance redressal and dispute mechanism is also mentioned in the Disclosure Document. In case of non redressal of the complaint by
    the Portfolio Manager, investors can approach SEBI for redressal of their complaints. Investors may lodge their complaints through SCORES (SEBI Complaints Redress System – https://scores.gov.in/scores/Welcome.html ) or by sending their complaints on the address given below.
    Office of Investor Assistance and Education,
    Securities and Exchange Board of India,
    SEBI Bhavan II
    Plot No. C7, ‘G’ Block,
    Bandra-Kurla Complex, Bandra (E),
    Mumbai – 400 051

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monetary penalty on dcb bank

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50580

The Reserve Bank of India (RBI) has, by an order dated October 28, 2020, imposed a monetary penalty of ₹ 22 lakh (Rupees Twenty Two lakh only) on DCB Bank Ltd. (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the circular on “Marketing/distribution of mutual fund/insurance etc., products by banks” dated November 16, 2009.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

An off-site examination of the records pertaining to the para-banking activity of the bank was conducted by RBI in a matter related to default on the National Spot Exchange Limited (NSEL). The off-site examination and the related correspondence revealed non-compliance with above-mentioned directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the directions. After considering the bank’s reply to the notice, oral submissions made in the personal hearing and examination of additional submissions, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

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monetary penalty on jio payments bank

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50581

The Reserve Bank of India (RBI) has imposed, by an order dated October 28, 2020, a monetary penalty of ₹ 1 crore on Jio Payments Bank Limited (the bank) for non-compliance with RBI directions on timely submission of application in the case of reappointment of Managing Director and Chief Executive Officer (MD & CEO) under Section 35B of the Banking Regulation Act, 1949 (the Act).

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with section 46(4)(i) of the Act. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The bank was required to submit an application under Section 35B of the Act in the case of reappointment of MD & CEO of the bank four months prior to the date on which the term of the MD & CEO was to expire but submitted the said application less than a month prior to that date. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for its failure to comply with the directions issued by RBI. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions, RBI concluded that the aforesaid charge of non-compliance with RBI directions was established and warranted imposition of monetary penalty.

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safety requirements for construction equipment vehicles

https://pib.gov.in/PressReleasePage.aspx?PRID=1668098

The Ministry of Road Transport and Highways has issued a notification GSR 673  (E) dated 27 October 2020 in respect of Construction Equipments Vehicles (CEVs) to holistically address the issue of safety requirements, safety of the operator and to ensure safety while such machines are running on public roads along with other vehicles, in a phased manner( Phase-I (April 2021); Phase-II (April 2024) as provided in the notification.

Currently, certain safety requirements are already mandated for Construction Equipment Vehicles in CMVR, 1989.

This Standard aims to introduce AIS (Automotive Industry Standard) 160, to introduce several safety requirements viz Visual Display Requirements, requirements for Operator Station and Maintenance Areas, Non-metallic Fuel Tanks, Minimum Access Dimensions, Access Systems for steps, primary access, alternate exit path and opening, maintenance opening, handrail and handholds, Guards, Visual Display Requirements, Machine mounted audible travel alarms, Articulated Frame Lock, Lift Arm Support Device, Dimensions and requirements for Operator’s Seat, Electro Magnetic Compatibility (EMC), Seat Belt and Seat belt anchorages, Roll over Protective Structure (ROPS), Tip over protection structure (TOPS), Falling Object Protective Structure (FOPS), , Operator Field on View, Operator Seat Vibrations for suspended seats, etc. 

Additionally, requirements with respect to pass by noise and noise measured at operator ear level are proposed, by amending CMVR 96-A and 98-A for brakes and steering effort and turning circle diameter respectively, which were earlier notified vide G.S.R 642 (E) dated 28th July 2000.

Construction Equipment Vehicles are extensively used for carrying out various infrastructure projects. To provide for safety of operator and to ensure safety while such machines are running on public roads along with other vehicles, it is proposed to notify various safety requirements for such vehicles.

The draft notification in this regard inviting public comments was issued on 13th August, 2020.

Kindly click here to see PDF on GSR 673 (E)

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listing of depository receipts

https://pib.gov.in/PressReleasePage.aspx?PRID=1668142

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs).

The framework provides for listing of DRs by companies that are listed in FATF compliant jurisdictions (including India). The framework enables the eligible listed companies to raise capital through issuance and listing of DRs on the stock exchanges in GIFT IFSC.

Additionally, the framework enables eligible companies having DRs listed on any exchange in a FATF compliant jurisdiction to list and trade such DRs on the stock exchange(s) in GIFT IFSC as an additional venue for trading, without any fresh public offering.

While IFSCA has prescribed the framework for essential disclosure requirements such as financial statements, material or price sensitive information, shareholding pattern, change of depository and corporate actions, the listed companies shall continue to comply with the applicable requirements of their respective home jurisdictions with respect to corporate governance norms and several other disclosure requirements, without additional regulatory burden. The listed companies will be required to release all the disclosures made in the home jurisdiction to the stock exchange(s) in GIFT IFSC.

Further details on the framework for listing of DRs on the stock exchanges in IFSC are available on the IFSCA website at the URL: https://www.ifsca.gov.in/Circular

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patent amendment rules 2020

https://pib.gov.in/PressReleasePage.aspx?PRID=1668081

Consequent to Delhi High Court’s Order dated 23-04-2018 in writ petition No. WPC- 5590 of 2015 in the matter of Shamnad Basheer Vs UOI and others, stakeholder consultation was undertaken in order to streamline the requirements related to submission of statement regarding the working of a patented invention on a commercial scale in India (Form 27).

The Patents (Amendment) Rules, 2020, which came into effect on 19 October 2020, have further streamlined the requirements related to filing of Form 27 and submission of verified English translation of priority documents, which is not in English language.

Important changes with reference to Form-27 and Rule 131(2) are as follows:

  1. Patentee would get flexibility to file a single Form-27 in respect of a single or multiple related patents
  2. Where a patent is granted to two or more persons, such persons may file a joint Form-27
  3. The patentee would be required to provide ‘approximate revenue / value accrued’
  4. Authorized agents would be able to submit Form-27 on behalf of patentees
  5. For filing Form-27, patentees would get six months, instead of current three months, from expiry of financial year
  6. Patentee will not be required to file Form-27 in respect of a part or fraction of the financial year
  7. While on one hand the requirements in Form-27 regarding submission of information by patentees have been eased, it may be noted that Section 146(1) of the Patents Act, 1970 empowers the Controller to seek information from the patentee, as may be deemed appropriate.

Important changes with reference to Rule 21 are as follows:

  1. If the priority document is available in WIPO’s digital library, the applicant would not be required to submit the same in the Indian Patent Office
  2. Applicant would be required to submit verified English translation of a priority document, where the validity of the priority claim is relevant to the determination of whether the invention concerned is patentable or not.

These changes will streamline the requirements related to submission of statement regarding the working of a patented invention on a commercial scale in India (Form 27) and the submission of verified English translation of priority documents.

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A Life at Stake

A 1954 noir film starring Angela Lansbury, Keith Andes, Claudia Barrett among others. Edward Shaw (Keith Andes) is an out of work architect and having lost lot of money in his last business. He get a proposal to go into business with Doris Hillman (Angela Lansbury) of developing properties with his expertise and their money. She is married to a much older Gus Hillman who is ready to put up big money to finance the venture. Keith has some natural doubts about the venture, and that is buttressed when he meets Madge (Claudia Barrett) who spills the beans on Doris’s first marriage which ended when her husband drove off a hill and the insurance money came to Gus Hillman. From here on the story becomes interesting. Of the cast, Claudia Barrett has done a good role though even Angela has acted well for her part in the movie of a cool professional seductress. A good movie to watch.

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new unlockdown guidelines

https://pib.gov.in/PressReleasePage.aspx?PRID=1667821

  •  Ministry of Home Affairs (MHA) issued an Order today to extend the Guidelinesfor Re-opening, issued on 30.09.2020, to remain in force upto 30.11.2020
  • Re-opening of activities outside the Containment Zones
    • Since the issuance of the first Order on lockdown measures by MHA on 24th March 2020, almost all activities have been gradually opened up in areas outside the Containment Zones. While most of the activities have been permitted, some activities involving large number of people, have been allowed with some restrictions and subject to SOPs being followed regarding health and safety precautions. These activities include – metro rail; shopping malls; hotel, restaurants and hospitality services; religious places; yoga and training institutes; gymnasiums; cinemas; entertainment park etc.
    • In respect of certain activities, having relatively higher degree of risk of COVID infection, State/ UT Governments have been permitted to take decisions for their re-opening, based on the assessment of the situation and subject to SOPs. These activities include – schools and coaching institutes; State and private universities for research scholars; allowing gatherings above the limit of 100 etc.
    • After the last guidelines issued by MHA on 30.09.2020, the following activities are also permitted but with certain restrictions:
  1. International air travel of passengers as permitted by MHA.
  2. Swimming poolsbeing used for training of sportspersons.
  3. Exhibitions halls for Business to Business (B2B) purposes.
  4. Cinemas/ theatres/ multiplexes upto 50% of their seating capacity.
  5. Social/ academic/ sports/ entertainment/ cultural/ religious/ politicalfunctions and other congregations, in closed spaces with a maximum of 50% of the hall capacity and subject to ceiling of 200 persons.

Further decision regarding the above activities will be taken based on the assessment of the situation

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7.8 kms in mindspace

7.8 kms in mindspace. There was a hint of a winter setting in. I guess with Dussehra gone, winter should set it slowly. Expecting it to be a good winter, because it has rained quite heavily this year.

MRR is raising funds for MOHAN (Multi Organ Harvesting Aid Network) Foundation. Their mission is to ensure that every Indian suffering from end stage organ failure be provided with the ‘gift of life’ through life-saving organ. Its main objectives include creating public awareness about organ donation, training healthcare professionals in transplant coordination, counselling bereaved families to donate their loved ones’ organs. In order to contribute to their cause, please visit the link below.

https://www.unitedwaymumbai.org/tmm-fundraiser-11843

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