General Affairs
HRD to bring ‘graded regulatory mechanism’ in UGC: Prakash Javadekar
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The HRD ministry will bring in a “graded regulatory mechanism” as part of key reforms in the University Grants Commission (UGC) to usher in greater transparency, freedom and autonomy, Union Minister Prakash Javadekar said Sunday.
The HRD minister also announced that ‘SWAYAM’, an open web based platform from which 2000 courses will be run for students across the country, will be launched next month . Referring to the Union Budget 2017, Javadekar said that it reflects the government’s vision of raising quality in the education sector, which has got additional funds this time to the tune of Rs 6,000 crore.
He said that as per the Right to Education Act, learning outcomes are being defined and will be part of the coming academic session. Another initiative is an innovation fund of Rs 100 crore for schools which will be introduced in educationally backward districts, he said.
He said a separate exam agency has also been announced which will conduct major exams, many of which are being conducted by an “overburdened” CBSE, he said. The CBSE’s main focus is to look after school education.
Speaking about UGC reforms, Javadekar said that thrust is to give more autonomy to good institutes and “monitor mid-level and monitor more those in the lower rungs”. “Everybody would be incentivised to go upwards,” Javadekar told reporters in Delhi.
Referring to the IIM Bill, which is expected to come up in the current Parliament session, Javadekar said it indicates the shape of things to come. He referred to SWAYAM which is a MOOCs platform and said that it would become what ATM is for money.
“It will be any time learning and anywhere learning,” he said while thanking Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the budget provisions.
The HRD minister also referred to the announcement made in 2016 budget about creating 20 world class institutions, and said that consultations are complete and guidelines finalised. He said institutions would be asked to file applications and the process would start soon. They wold be know as institutions of excellence, Javadekar said.
Javadekar also said that the HRD ministry is working in a major way to bring reforms in teachers’ education. Asked about exceptionally high cut offs in some DU colleges, the HRD minister said that it is true that a situation has come where even after scoring 90 per cent students are disappointed and said that the issue will be looked into.
About the names for VC in Aligarh Muslim University, he said that the decision will be taken as per procedure. He was also asked about certain UGC regulations on admission in PhDs related to which some students were agitating in JNU. Javadekar said if required the students could come and meet him regarding their grievances.
The HRD ministry will bring in a “graded regulatory mechanism” as part of key reforms in the University Grants Commission (UGC) to usher in greater transparency, freedom and autonomy, Union Minister Prakash Javadekar said Sunday.
The HRD minister also announced that ‘SWAYAM’, an open web based platform from which 2000 courses will be run for students across the country, will be launched next month . Referring to the Union Budget 2017, Javadekar said that it reflects the government’s vision of raising quality in the education sector, which has got additional funds this time to the tune of Rs 6,000 crore.
He said that as per the Right to Education Act, learning outcomes are being defined and will be part of the coming academic session. Another initiative is an innovation fund of Rs 100 crore for schools which will be introduced in educationally backward districts, he said.
He said a separate exam agency has also been announced which will conduct major exams, many of which are being conducted by an “overburdened” CBSE, he said. The CBSE’s main focus is to look after school education.
Speaking about UGC reforms, Javadekar said that thrust is to give more autonomy to good institutes and “monitor mid-level and monitor more those in the lower rungs”. “Everybody would be incentivised to go upwards,” Javadekar told reporters in Delhi.
Referring to the IIM Bill, which is expected to come up in the current Parliament session, Javadekar said it indicates the shape of things to come. He referred to SWAYAM which is a MOOCs platform and said that it would become what ATM is for money.
“It will be any time learning and anywhere learning,” he said while thanking Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the budget provisions.
The HRD minister also referred to the announcement made in 2016 budget about creating 20 world class institutions, and said that consultations are complete and guidelines finalised. He said institutions would be asked to file applications and the process would start soon. They wold be know as institutions of excellence, Javadekar said.
Javadekar also said that the HRD ministry is working in a major way to bring reforms in teachers’ education. Asked about exceptionally high cut offs in some DU colleges, the HRD minister said that it is true that a situation has come where even after scoring 90 per cent students are disappointed and said that the issue will be looked into.
About the names for VC in Aligarh Muslim University, he said that the decision will be taken as per procedure. He was also asked about certain UGC regulations on admission in PhDs related to which some students were agitating in JNU. Javadekar said if required the students could come and meet him regarding their grievances.
Sasikala Natarajan appointed Legislative Party leader of AIADMK, set to be Tamil Nadu chief minister
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In a big change of guard in Tamil Nadu government, Sasikala Natarajan was on Sunday elected as the Legislative Party leader of the AIADMK. She was unanimously elected by the AIADMK MLAs at a party meeting in Chennai. The roads are now clear for Sasikala, the general secretary of AIADMK, to replace O Panneerselvam as the chief minister of Tamil Nadu. It was Panneerselvam who proposed the name of V K Sasikala as the leader of AIADMK legislature party leader.
O Panneerselvam cited personal reasons and tendered his resignation from the post of the Chief Minister of Tamil Nadu.
“Following the demise of Honourable Amma, it was Thiru. O.Paneerselvam who urged me first to take charge as the GS of AIADMK. It was Paneerselvam who insisted first, that I become the Chief Minister of the State,” Sasikala Natarajan after being appointed the head of the legislative party.
“We are very happy and hope that Sasikala Natarjan becomes Chief Minister as she will follow Jayalalithaa’s steps”, said party members outside AIADMK Headquarters.
According to government sources, VK Sasikala will be sworn in as Tamil Nadu Chief Minister on February 7.
Earlier, Panneerselvam and other ministers met Sasikala at the Poes Garden residence of Jayalalithaa where Sasikala continues to live. The meeting of the legislators was called at short notice, a day after Sasikala appointed some former ministers and others who had been earlier shunted out by Jayalalithaa to various party posts.
Jayalalithaa died in December following a prolonged illness. Sasikala had been the erstwhile AIADMK leader’s confidante for a long time.
On Friday, Sasikala had appointed senior leaders, including some former Ministers and a former Mayor, to key party posts. Former Ministers K A Sengottaiyan, S Gokula Indira and B V Ramana, besides ex-Mayor Saidai S Duraisamy were made the AIADMK’s Organisation Secretaries.
The appointments also included that of Fisheries Minister D Jayakumar to a key party post. She had also announced removal of Ambattur MLA V Alexander as AIADMK’s MGR Youth Wing Secretary. He will, however, continue as the party’s Tiruvallore (East) District Secretary, Sasikala had said in a statement.
Last month, Thambidurai had said that the leadership in both the party and governance should be with the same person, while urging Sasikala to take over as Chief Minister. He had cited the political tussle in Samajwadi Party in Uttar Pradesh to drive home his point that the control of government and party should vest with the same person.
Sasikala was appointed as General Secretary by AIADMK’s top decision-making body General Council on December 29. She took charge of the post on December 31, pledging to take forward the legacy of Jayalalithaa.
In December last year, four state ministers had asked Sasikala to become the Chief Minister, besides AIADMK General Secretary. A resolution to this effect was passed at a meeting of Tirunelveli Urban Jaya Peravai (Forum), led by state AIADMK secretary and revenue minister R B Udhayakumar on December 17.
In a big change of guard in Tamil Nadu government, Sasikala Natarajan was on Sunday elected as the Legislative Party leader of the AIADMK. She was unanimously elected by the AIADMK MLAs at a party meeting in Chennai. The roads are now clear for Sasikala, the general secretary of AIADMK, to replace O Panneerselvam as the chief minister of Tamil Nadu. It was Panneerselvam who proposed the name of V K Sasikala as the leader of AIADMK legislature party leader.
O Panneerselvam cited personal reasons and tendered his resignation from the post of the Chief Minister of Tamil Nadu.
“Following the demise of Honourable Amma, it was Thiru. O.Paneerselvam who urged me first to take charge as the GS of AIADMK. It was Paneerselvam who insisted first, that I become the Chief Minister of the State,” Sasikala Natarajan after being appointed the head of the legislative party.
“We are very happy and hope that Sasikala Natarjan becomes Chief Minister as she will follow Jayalalithaa’s steps”, said party members outside AIADMK Headquarters.
According to government sources, VK Sasikala will be sworn in as Tamil Nadu Chief Minister on February 7.
Earlier, Panneerselvam and other ministers met Sasikala at the Poes Garden residence of Jayalalithaa where Sasikala continues to live. The meeting of the legislators was called at short notice, a day after Sasikala appointed some former ministers and others who had been earlier shunted out by Jayalalithaa to various party posts.
Jayalalithaa died in December following a prolonged illness. Sasikala had been the erstwhile AIADMK leader’s confidante for a long time.
On Friday, Sasikala had appointed senior leaders, including some former Ministers and a former Mayor, to key party posts. Former Ministers K A Sengottaiyan, S Gokula Indira and B V Ramana, besides ex-Mayor Saidai S Duraisamy were made the AIADMK’s Organisation Secretaries.
The appointments also included that of Fisheries Minister D Jayakumar to a key party post. She had also announced removal of Ambattur MLA V Alexander as AIADMK’s MGR Youth Wing Secretary. He will, however, continue as the party’s Tiruvallore (East) District Secretary, Sasikala had said in a statement.
Last month, Thambidurai had said that the leadership in both the party and governance should be with the same person, while urging Sasikala to take over as Chief Minister. He had cited the political tussle in Samajwadi Party in Uttar Pradesh to drive home his point that the control of government and party should vest with the same person.
Sasikala was appointed as General Secretary by AIADMK’s top decision-making body General Council on December 29. She took charge of the post on December 31, pledging to take forward the legacy of Jayalalithaa.
In December last year, four state ministers had asked Sasikala to become the Chief Minister, besides AIADMK General Secretary. A resolution to this effect was passed at a meeting of Tirunelveli Urban Jaya Peravai (Forum), led by state AIADMK secretary and revenue minister R B Udhayakumar on December 17.
ED slaps PMLA case in Rs 3700 crore Noida ponzi scam, conducts raids in UP
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The Enforcement Directorate (ED) on Sunday conducted searches in various cities across Uttar Pradesh after it registered a money laundering case in Lucknow to probe the alleged Rs 3,700 crore ponzi scam case perpetrated by seeking fake social media ‘likes’ from lakhs of gullible investors by a Noida-based firm. The agency conducted raids at the business and residential premises of the owners of the said firm and others in Noida, Ghaziabad and Kanpur, officials said adding “incriminating documents”, that reveal assets worth crores of rupees of the accused, were seized. They said the Enforcement Directorate’s zonal office in Lucknow registered a criminal case under the Prevention of Money Laundering Act (PMLA) based on an FIR of the UP police’s Special Task Force (STF) which unearthed the alleged illegal ponzi or multi-level marketing scam few days back.
The fraudsters are said to have allegedly cheated about 6.5 investors of an estimated Rs 3,700 crore, which is many more times in value than the Saradha chit fund scam of West Bengal and Assam which was pegged to about Rs 2,500 crore.
The UP STF had arrested the owner of the company Anubhav Mittal, its CEO Sridhar and the technical head Mahesh on February 2.
“Modus Operandi of the accused according to their business scheme as alleged were that through their web portal they promoted a scheme where by liking the webpage, which were fictitiously shown associated to international social media groups like Google and Facebook, the users will earn money.
“The accused persons propagated a false story that the promotional web pages linked on these international social media portals pay Rs 6 per likes out of which they pay Rs 5 to the investment/user,” the agency said. The ED said the accused also “promoted four systematic investment plans offering various incentives depending upon the investment made by the user.”
“The multi-level marketing and ponzi schemes were run by Ms Ablaze Info Solutions Private Ltd, Ms Social Trade India Pvt Ltd, Ms 3W Digital Pvt Ltd and Ms Intmaart India Pvt Ltd,” it said. The agency added all these firms were the “brain child” of Mittal and others.
Sources said the agency will soon prepare to attach the assets of the accused and the firm under PMLA laws in order to protect the interest of the investors who were allegedly cheated. The agency, they said, will also write to the banks from where Mittal, his firm and associates were conducting their transactions.
The ED will also co-ordinate with the STF and the Income Tax department to unearth the proceeds of the crime generated in this case, they added.
The fraudsters are said to have allegedly cheated about 6.5 investors of an estimated Rs 3,700 crore, which is many more times in value than the Saradha chit fund scam of West Bengal and Assam which was pegged to about Rs 2,500 crore.
The UP STF had arrested the owner of the company Anubhav Mittal, its CEO Sridhar and the technical head Mahesh on February 2.
“Modus Operandi of the accused according to their business scheme as alleged were that through their web portal they promoted a scheme where by liking the webpage, which were fictitiously shown associated to international social media groups like Google and Facebook, the users will earn money.
“The accused persons propagated a false story that the promotional web pages linked on these international social media portals pay Rs 6 per likes out of which they pay Rs 5 to the investment/user,” the agency said. The ED said the accused also “promoted four systematic investment plans offering various incentives depending upon the investment made by the user.”
“The multi-level marketing and ponzi schemes were run by Ms Ablaze Info Solutions Private Ltd, Ms Social Trade India Pvt Ltd, Ms 3W Digital Pvt Ltd and Ms Intmaart India Pvt Ltd,” it said. The agency added all these firms were the “brain child” of Mittal and others.
“The multi-level marketing and ponzi schemes were run by Ms Ablaze Info Solutions Private Ltd, Ms Social Trade India Pvt Ltd, Ms 3W Digital Pvt Ltd and Ms Intmaart India Pvt Ltd,” it said. The agency added all these firms were the “brain child” of Mittal and others.
Sources said the agency will soon prepare to attach the assets of the accused and the firm under PMLA laws in order to protect the interest of the investors who were allegedly cheated. The agency, they said, will also write to the banks from where Mittal, his firm and associates were conducting their transactions.
The ED will also co-ordinate with the STF and the Income Tax department to unearth the proceeds of the crime generated in this case, they added.
Whenever Modi is nervous, he starts giving labels; PM jittery due to alliance: Rahul Gandhi at Kanpur rally
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Attacking Prime Minister Narendra Modi over his ‘SCAM’ remark, Rahul Gandhi on Sunday alleged that one who is involved in corrution, sees scam in everything. Addressing a joint rally in Kanpur, with Uttar Pradesh Chief Minister Akhilesh, Rahul said, “Whenever Modi is nervous, he starts giving labels PPE, ABC, DEF, GHY. Now this SCAM…. A person, who is in the wrong, sees scam everywhere because this is his reality.” Giving a new defintion to SCAM, Rahul said, “S infact stands for ‘service’, C for ‘courage’, A for ‘ability’ and M for ‘modesty’.”
Congress’ ally and SP chief Akhilesh Yadav said the acronym stood for “save country from Amit Shah and Modi”. In his address, Rahul urged voters to ensure that the outcome of Bihar election is repeated, where BJP was defeated by a coalition led by Nitish Kumar. He added that the Congress-Samajwadi alliance in the state had made Modi jittery.
Taking a jibe at PM Modi over note ban, the Congress vice president said, “Demonetisation has hurt the poor most. Do not raise these slogans (denouncing Modi) but vote for Congress-SP alliance and ensure that Modi never utters the name of Uttar Pradesh again, like he forgot to say Bihar after the Assembly elections there”. Rahul said that Modi is “afraid of the youths, who will give a befitting response to him in UP elections as he gave the slogan of Make in India, made promises, but provided no jobs”.
Akhilesh Yadav, who reached an hour ahead of Rahul, also took on the Prime Minister for his Saturday’s SCAM taunt, where Modi had asked people of Uttar Pradesh to “rid the state of SCAM – S for Samajwadi (party), C for Congress, A for Akhilesh (Yadav) and M for Mayawati”. The SP leader said, “SCAM means ‘save the country from Amit Shah and Modi’. But why has Modi included ‘bua’ Mayawati’s party as it was BJP which had thrice formed government with BSP and both of you have amiable ties.” He alleged that the Modi government has given nothing to the people but false promises in its tenure while the Samajwadi Party had delivered in Uttar Pradesh.
Congress’ ally and SP chief Akhilesh Yadav said the acronym stood for “save country from Amit Shah and Modi”. In his address, Rahul urged voters to ensure that the outcome of Bihar election is repeated, where BJP was defeated by a coalition led by Nitish Kumar. He added that the Congress-Samajwadi alliance in the state had made Modi jittery.
Taking a jibe at PM Modi over note ban, the Congress vice president said, “Demonetisation has hurt the poor most. Do not raise these slogans (denouncing Modi) but vote for Congress-SP alliance and ensure that Modi never utters the name of Uttar Pradesh again, like he forgot to say Bihar after the Assembly elections there”. Rahul said that Modi is “afraid of the youths, who will give a befitting response to him in UP elections as he gave the slogan of Make in India, made promises, but provided no jobs”.
Akhilesh Yadav, who reached an hour ahead of Rahul, also took on the Prime Minister for his Saturday’s SCAM taunt, where Modi had asked people of Uttar Pradesh to “rid the state of SCAM – S for Samajwadi (party), C for Congress, A for Akhilesh (Yadav) and M for Mayawati”. The SP leader said, “SCAM means ‘save the country from Amit Shah and Modi’. But why has Modi included ‘bua’ Mayawati’s party as it was BJP which had thrice formed government with BSP and both of you have amiable ties.” He alleged that the Modi government has given nothing to the people but false promises in its tenure while the Samajwadi Party had delivered in Uttar Pradesh.
US Court denies Donald Trump request to immediately restore travel ban
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A federal appeals court denied early Sunday the Justice Department’s request for an immediate reinstatement of President Donald Trump’s ban on accepting certain travelers and all refugees.
The Trump administration appealed a temporary order restraining the ban nationwide, saying late Saturday night that the federal judge in Seattle overreached by “second-guessing” the president on a matter of national security.
Now the higher court’s denial of an immediate stay means the legal battles over the ban will continue for days at least. The 9th US Circuit Court of Appeals in San Francisco asked challengers of the ban respond to the appeal, and for the Justice Department to file a counter-response by Monday afternoon.
Acting Solicitor General Noel Francisco forcefully argued Saturday night that the president alone has the power to decide who can enter or stay in the United States — an assertion that appeared to invoke the wider battle to come over illegal immigration.
“The power to expel or exclude aliens is a fundamental sovereign attribute, delegated by Congress to the executive branch of government and largely immune from judicial control,” the brief says.
Earlier Saturday, the government officially suspended the ban’s enforcement in compliance with order of the order of US District Judge James Robart. It marks an extraordinary setback for the new president, who only a week ago acted to suspend America’s refugee program and halt immigration from seven Muslim-majority countries the government said raise terrorism concerns.
Trump, meanwhile, mocked Robart, who was appointed by President George W. Bush, calling him a “so-called judge” whose “ridiculous” ruling “will be overturned.”
“Because the ban was lifted by a judge, many very bad and dangerous people may be pouring into our country. A terrible decision,” he tweeted.
Trump’s direct attack recalled his diatribes during the campaign against the federal judge of Mexican heritage who oversaw lawsuits alleging fraud by Trump University, and may prompt some tough questions as these challenges rise through the courts.
But the government’s brief repeatedly asserts that presidential authority cannot be questioned by judges once the nation’s security is invoked.
Congress “vests complete discretion in the President” to impose conditions on alien entry, so Trump isn’t legally required to justify such decisions, it says. His executive order said the ban is necessary for “protecting against terrorism,” and that “is sufficient to end the matter.”
The Justice Department asked that the federal judge’s order be stayed pending resolution of the appeal, so that the ban can “ensure that those approved for admission do not intend to harm Americans and that they have no ties to terrorism.”
The order had caused unending confusion for many foreigners trying to reach the United States, prompted protests across the United States and led to multiple court challenges. Demonstrations took place outside the White House, in New York and near his estate in Palm Beach, Florida, where Trump was attending the annual American Red Cross fundraising gala.
“We’ll win,” Trump told reporters Saturday night. “For the safety of the country, we’ll win.”
The State Department, after initially saying that as many as 60,000 foreigners from Iraq, Syria, Iran, Sudan, Libya, Somalia or Yemen had their visas canceled, reversed course on Saturday and said they could travel to the US if they had a valid visa.
The department on Saturday advised refugee aid agencies that refugees set to travel before Trump signed his order will now be allowed in. A State Department official said in an email obtained by The Associated Press that the government was “focusing on booking refugee travel” through Feb. 17 and working to have arrivals resume as soon as Monday.
The Homeland Security Department no longer was directing airlines to prevent visa-holders affected by Trump’s order from boarding US-bound planes. The agency said it had “suspended any and all actions” related to putting in place Trump’s order.
Hearings have also been held in court challenges nationwide. Washington state and Minnesota argued that the temporary ban and the global suspension of the US refugee program harmed residents and effectively mandated discrimination.
In his written order Friday, Robart said it’s not the court’s job to “create policy or judge the wisdom of any particular policy promoted by the other two branches,” but rather, to make sure that an action taken by the government “comports with our country’s laws.”
The Justice Department countered that “judicial second-guessing of the President’s national security determination in itself imposes substantial harm on the federal government and the nation at large.”
Robart’s order also imposes harm on US citizens “by thwarting the legal effect of the public’s chosen representative,” it says.
A federal appeals court denied early Sunday the Justice Department’s request for an immediate reinstatement of President Donald Trump’s ban on accepting certain travelers and all refugees.
The Trump administration appealed a temporary order restraining the ban nationwide, saying late Saturday night that the federal judge in Seattle overreached by “second-guessing” the president on a matter of national security.
Now the higher court’s denial of an immediate stay means the legal battles over the ban will continue for days at least. The 9th US Circuit Court of Appeals in San Francisco asked challengers of the ban respond to the appeal, and for the Justice Department to file a counter-response by Monday afternoon.
Acting Solicitor General Noel Francisco forcefully argued Saturday night that the president alone has the power to decide who can enter or stay in the United States — an assertion that appeared to invoke the wider battle to come over illegal immigration.
“The power to expel or exclude aliens is a fundamental sovereign attribute, delegated by Congress to the executive branch of government and largely immune from judicial control,” the brief says.
Earlier Saturday, the government officially suspended the ban’s enforcement in compliance with order of the order of US District Judge James Robart. It marks an extraordinary setback for the new president, who only a week ago acted to suspend America’s refugee program and halt immigration from seven Muslim-majority countries the government said raise terrorism concerns.
Trump, meanwhile, mocked Robart, who was appointed by President George W. Bush, calling him a “so-called judge” whose “ridiculous” ruling “will be overturned.”
“Because the ban was lifted by a judge, many very bad and dangerous people may be pouring into our country. A terrible decision,” he tweeted.
Trump’s direct attack recalled his diatribes during the campaign against the federal judge of Mexican heritage who oversaw lawsuits alleging fraud by Trump University, and may prompt some tough questions as these challenges rise through the courts.
But the government’s brief repeatedly asserts that presidential authority cannot be questioned by judges once the nation’s security is invoked.
Congress “vests complete discretion in the President” to impose conditions on alien entry, so Trump isn’t legally required to justify such decisions, it says. His executive order said the ban is necessary for “protecting against terrorism,” and that “is sufficient to end the matter.”
The Justice Department asked that the federal judge’s order be stayed pending resolution of the appeal, so that the ban can “ensure that those approved for admission do not intend to harm Americans and that they have no ties to terrorism.”
The order had caused unending confusion for many foreigners trying to reach the United States, prompted protests across the United States and led to multiple court challenges. Demonstrations took place outside the White House, in New York and near his estate in Palm Beach, Florida, where Trump was attending the annual American Red Cross fundraising gala.
“We’ll win,” Trump told reporters Saturday night. “For the safety of the country, we’ll win.”
The State Department, after initially saying that as many as 60,000 foreigners from Iraq, Syria, Iran, Sudan, Libya, Somalia or Yemen had their visas canceled, reversed course on Saturday and said they could travel to the US if they had a valid visa.
The department on Saturday advised refugee aid agencies that refugees set to travel before Trump signed his order will now be allowed in. A State Department official said in an email obtained by The Associated Press that the government was “focusing on booking refugee travel” through Feb. 17 and working to have arrivals resume as soon as Monday.
The Homeland Security Department no longer was directing airlines to prevent visa-holders affected by Trump’s order from boarding US-bound planes. The agency said it had “suspended any and all actions” related to putting in place Trump’s order.
Hearings have also been held in court challenges nationwide. Washington state and Minnesota argued that the temporary ban and the global suspension of the US refugee program harmed residents and effectively mandated discrimination.
In his written order Friday, Robart said it’s not the court’s job to “create policy or judge the wisdom of any particular policy promoted by the other two branches,” but rather, to make sure that an action taken by the government “comports with our country’s laws.”
The Justice Department countered that “judicial second-guessing of the President’s national security determination in itself imposes substantial harm on the federal government and the nation at large.”
Robart’s order also imposes harm on US citizens “by thwarting the legal effect of the public’s chosen representative,” it says.
Business Affairs
RBI likely to maintain status quo on Feb 8
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With banks flush with funds post demonetisation and surging oil prices likely to fuel inflation, the Reserve Bank may refrain from lowering benchmark interest rate at its policy review meet this week. However, with services sector contracting for the third straight month in January, there are hopes that the central bank will be accommodative in its monetary policy.
Banks are flush with low cost deposits on account of demonetisation of high value currency notes of Rs 500 and 1,000, as a result of which their lending rates fell by up to 1 per cent last month. Although banks and industry have been pitching for cut in benchmark repo rate (short-term lending rate), the six-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel may adopt a cautious approach on February 8, especially in view of spike in crude oil prices and growing protectionist sentiment with Donald Trump taking charge as the US President.
Oil (Brent) prices have risen to USD 56.8 per barrel, while President Trump has announced a host of protectionist measures which will impact the global economy, including India.
For calculating the subsidy expenses, the Finance Ministry has taken into account average crude oil price of USD 65-70 for the next fiscal.
According to Bandhan Bank Chairman and Managing Director Chandra Shekhar Ghosh, RBI is unlikely to cut rate as banks are flush with funds.
This will be the third policy which will be based on recommendations of the MPC.
In Patel’s first policy review as RBI Governor in October, which was also the maiden review of the MPC, the repo rate was reduced by 0.25 per cent to 6.25 per cent.
In the following policy meet in December, the repo rate was retained at 6.25 per cent. However, RBI has cut repo by 1.75 per cent since January 2015.
According to industry body Ficci, the RBI is likely to maintain status quo in the upcoming monetary policy meet and cut rates in the first half of fiscal year 2017-18.
The MPC has been mandated to maintain retail inflation at 4 per cent (with plus/minus 2 per cent range) till 2021.
Rising for the fifth straight month, retail inflation or CPI quickened to 5.61 per cent in December, mainly on costlier vegetables and cereals, limiting the headroom for the RBI to lower rates.
However, WPI or wholesale inflation fell in December but the rate of decline at 0.73 per cent was the slowest in last one year as food prices shot up, indicating return of inflationary pressures.
Some bankers, however, expect RBI to cut benchmark lending rate by 0.25 per cent as macroeconomic indicators are favourable for an easy monetary policy stance.
“We are expecting 25 basis point cut in repo rate because macro economic factors like inflation, fiscal deficit are conducive for reduction. Given the growth oriented budget, there is widespread speculation that RBI would respond in the same spirit,” Bank of Maharashtra Executive Director R K Gupta told PTI.
There are expectations of 25 basis point rate cut as there is excess liquidity in the system, UCO Bank MD CEO R K Takkar said.
Banks are flush with low cost deposits on account of demonetisation of high value currency notes of Rs 500 and 1,000, as a result of which their lending rates fell by up to 1 per cent last month. Although banks and industry have been pitching for cut in benchmark repo rate (short-term lending rate), the six-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel may adopt a cautious approach on February 8, especially in view of spike in crude oil prices and growing protectionist sentiment with Donald Trump taking charge as the US President.
Oil (Brent) prices have risen to USD 56.8 per barrel, while President Trump has announced a host of protectionist measures which will impact the global economy, including India.
For calculating the subsidy expenses, the Finance Ministry has taken into account average crude oil price of USD 65-70 for the next fiscal.
According to Bandhan Bank Chairman and Managing Director Chandra Shekhar Ghosh, RBI is unlikely to cut rate as banks are flush with funds.
This will be the third policy which will be based on recommendations of the MPC.
In Patel’s first policy review as RBI Governor in October, which was also the maiden review of the MPC, the repo rate was reduced by 0.25 per cent to 6.25 per cent.
In the following policy meet in December, the repo rate was retained at 6.25 per cent. However, RBI has cut repo by 1.75 per cent since January 2015.
According to industry body Ficci, the RBI is likely to maintain status quo in the upcoming monetary policy meet and cut rates in the first half of fiscal year 2017-18.
The MPC has been mandated to maintain retail inflation at 4 per cent (with plus/minus 2 per cent range) till 2021.
Rising for the fifth straight month, retail inflation or CPI quickened to 5.61 per cent in December, mainly on costlier vegetables and cereals, limiting the headroom for the RBI to lower rates.
However, WPI or wholesale inflation fell in December but the rate of decline at 0.73 per cent was the slowest in last one year as food prices shot up, indicating return of inflationary pressures.
Some bankers, however, expect RBI to cut benchmark lending rate by 0.25 per cent as macroeconomic indicators are favourable for an easy monetary policy stance.
“We are expecting 25 basis point cut in repo rate because macro economic factors like inflation, fiscal deficit are conducive for reduction. Given the growth oriented budget, there is widespread speculation that RBI would respond in the same spirit,” Bank of Maharashtra Executive Director R K Gupta told PTI.
There are expectations of 25 basis point rate cut as there is excess liquidity in the system, UCO Bank MD CEO R K Takkar said.
FIPB phase out mechanism to be ready in couple of months: Shaktikanta Das
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In another two months, the government hopes to put in place a new mechanism to replace the existing Foreign Investment Promotion Board (FIPB), which will further improve ease of doing business, Economic Affairs Secretary Shaktikanta Das has said. Finance Minister Arun Jaitley in his Budget 2017-18 announced abolishing FIPB saying 90 per cent of the foreign investment approvals are via the automatic route and only 10 per cent go to the Board.
“We will come out with a revised mechanism. The powers will be delegated to the regulators or to the individual ministries or department (for dealing with remaining 10 per cent FDI proposal which requires government approval),” Das told PTI in an interview.
“The modality of how (the power of approval) will be delegated, who will deal with it…are what we are working on. I would expect this raodmap to be final within couple of months,” he said.
“FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our roadmap for the same will be announced in the next few months,” Jaitley had said.
Currently, FIPB offers single-window clearance for applications on FDI in India that are under the approval route. The sectors under automatic route do not require any prior approval and are subject to only sectoral laws.
FIPB was initially constituted under the Prime Minister’s Office (PMO) in the wake of the economic liberalisation drive of the early 1990s.
The Board was reconstituted in 1996 with transfer of the FIPB to the Department of Industrial Policy and Promotion (DIPP). It was again transferred to the Department of Economic Affairs, under the Ministry of Finance, in 2003.
FDI into the country increased by 30 per cent to USD 21.62 billion during April-September this fiscal.
Last year, the government relaxed FDI policy for several sectors including defence, civil aviation and stock exchanges.
“We will come out with a revised mechanism. The powers will be delegated to the regulators or to the individual ministries or department (for dealing with remaining 10 per cent FDI proposal which requires government approval),” Das told PTI in an interview.
“The modality of how (the power of approval) will be delegated, who will deal with it…are what we are working on. I would expect this raodmap to be final within couple of months,” he said.
“FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our roadmap for the same will be announced in the next few months,” Jaitley had said.
Currently, FIPB offers single-window clearance for applications on FDI in India that are under the approval route. The sectors under automatic route do not require any prior approval and are subject to only sectoral laws.
FIPB was initially constituted under the Prime Minister’s Office (PMO) in the wake of the economic liberalisation drive of the early 1990s.
The Board was reconstituted in 1996 with transfer of the FIPB to the Department of Industrial Policy and Promotion (DIPP). It was again transferred to the Department of Economic Affairs, under the Ministry of Finance, in 2003.
FDI into the country increased by 30 per cent to USD 21.62 billion during April-September this fiscal.
Last year, the government relaxed FDI policy for several sectors including defence, civil aviation and stock exchanges.
Tax department scans 1-cr accounts under ‘Operation Clean Money’
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In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1-crore accounts in its data bank and done matching with the taxpayer profile of the holder, a top source said.
As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over 7 lakh companies, 9.40 lakh Hindu Undivided Families (HUFs) and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15. Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the financial inclusion drive.
Sources said I-T department is scrutinising all categories of accounts and will send out more SMS/emails for suspicious deposits under ‘Operation Clean Money’.
“We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base,” the source told PTI.
In order to reduce harassment of taxpayers, the revenue department has mandated only officers in the rank of Assistant Commissioners and above to issue notices in case of unsatisfactory response received about bank deposits post demonetisation.
Under ‘Operation Clean Money’ launched by the Income Tax department on January 31, the department has sent SMS and emails to 18 lakh people who have made suspicious deposits of Rs 5 lakh and above between November 10 and December 30.
“If the department is convinced with the reply of the assessee, the case will be closed and that will be communicated by SMS and email. But, in case of unsatisfactory reply, the decision to issue notice will be taken by Assistant Commissioner and Commissioner rank officers,” the source said.
The department has used data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in its database to identify tax-payers whose cash transactions do not appear to be in line with the tax-paying profile.
It has also asked taxpayers to e-verify the deposits they made in their accounts post demonetisation and respond to queries of any mismatch on the tax e-filing portal.
The source further said people who have received queries from the tax department about their deposits while replying in the e-filing website can also offer their remarks if it was their cash in hand.
“If the cash in hand is as per the balance sheet, no questions will be asked and the case would be closed. We have put enough safeguard to ensure that there is no harassment to tax-payers,” the source added.
As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over 7 lakh companies, 9.40 lakh Hindu Undivided Families (HUFs) and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15. Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the financial inclusion drive.
Sources said I-T department is scrutinising all categories of accounts and will send out more SMS/emails for suspicious deposits under ‘Operation Clean Money’.
“We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base,” the source told PTI.
In order to reduce harassment of taxpayers, the revenue department has mandated only officers in the rank of Assistant Commissioners and above to issue notices in case of unsatisfactory response received about bank deposits post demonetisation.
Under ‘Operation Clean Money’ launched by the Income Tax department on January 31, the department has sent SMS and emails to 18 lakh people who have made suspicious deposits of Rs 5 lakh and above between November 10 and December 30.
“If the department is convinced with the reply of the assessee, the case will be closed and that will be communicated by SMS and email. But, in case of unsatisfactory reply, the decision to issue notice will be taken by Assistant Commissioner and Commissioner rank officers,” the source said.
The department has used data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in its database to identify tax-payers whose cash transactions do not appear to be in line with the tax-paying profile.
It has also asked taxpayers to e-verify the deposits they made in their accounts post demonetisation and respond to queries of any mismatch on the tax e-filing portal.
The source further said people who have received queries from the tax department about their deposits while replying in the e-filing website can also offer their remarks if it was their cash in hand.
“If the cash in hand is as per the balance sheet, no questions will be asked and the case would be closed. We have put enough safeguard to ensure that there is no harassment to tax-payers,” the source added.
Disinvestment receipts to touch Rs 45,000 crore: Arun Jaitley
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With less than two months to go for the current financial year to come to a close, Finance Minister Arun Jaitley has exuded confidence that receipts from PSU disinvestment will touch Rs 45,000 crore in 2016-17. About Rs 30,000 crore have been raised through minority share sale by way of OFS, share buyback and CPSE ETF, so far in the current fiscal.
“It’s true this government does not make a song and dance about disinvestment. I fix a target in every Budget…this year, I am going to touch Rs 45,000 crore in one year,” he said at a panel discussion on TV channel Times Now. Referring to his Budget Speech, Jaitley said that he had announced listing of a large number of PSUs on the stock exchanges.
“So, PSUs which are not listed, will now be going into the stock exchange…(and) once they go into stock exchange again will necessarily entail disinvestment of each one of them, and some of them are huge,” the Finance Minister said. In his Budget speech on February 1, the Finance Minister had also said that the government will put in place a revised mechanism and procedure to ensure time-bound listing of identified CPSEs as listing will foster greater public accountability and unlock their true value.
The government aims to raise Rs 72,500 crore through disinvestment of PSUs, including listing of three railway PSUs IRCTC, IRFC and IRCON during 2017-18. Besides, the government also plans to sell its stake in five PSU general insurance companies which is expected to fetch about Rs 11,000 core. Fiscal 2016-17 is the seventh year in a row when the government would not be meeting the disinvestment target fixed in the Budget. As much as Rs 56,500 crore was budgeted to be raised through PSU disinvestment in the current fiscal.
“It’s true this government does not make a song and dance about disinvestment. I fix a target in every Budget…this year, I am going to touch Rs 45,000 crore in one year,” he said at a panel discussion on TV channel Times Now. Referring to his Budget Speech, Jaitley said that he had announced listing of a large number of PSUs on the stock exchanges.
“So, PSUs which are not listed, will now be going into the stock exchange…(and) once they go into stock exchange again will necessarily entail disinvestment of each one of them, and some of them are huge,” the Finance Minister said. In his Budget speech on February 1, the Finance Minister had also said that the government will put in place a revised mechanism and procedure to ensure time-bound listing of identified CPSEs as listing will foster greater public accountability and unlock their true value.
The government aims to raise Rs 72,500 crore through disinvestment of PSUs, including listing of three railway PSUs IRCTC, IRFC and IRCON during 2017-18. Besides, the government also plans to sell its stake in five PSU general insurance companies which is expected to fetch about Rs 11,000 core. Fiscal 2016-17 is the seventh year in a row when the government would not be meeting the disinvestment target fixed in the Budget. As much as Rs 56,500 crore was budgeted to be raised through PSU disinvestment in the current fiscal.
Budget hike for kids-related schemes nominal: Kailash Satyarthi, CRY
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Budgetary allocations for child welfare schemes for 2017-18 may have been raised but rights advocates have termed as “disappointing” this “nominal increment” for programmes for children who account for 39 per cent of the country’s population. Noting that the Budget for 2017-18 allocates just 3.32 per cent of the total funds for child welfare schemes, rights body CRY said the allocations fail to meet National Plan of Action for Children (NPAC) recommendations of 5 per cent funds.
Nobel Laureate and social activist Kailash Satyarthi said he was disappointed with the “nominal” increase for the National Child Labour Plan. “Like last 15 years, budgets for children have remained stagnant with Union Budget 2017-18 allocating just 3.32 per cent to children. While the need is that of exponential increase, allocations for children have seen only an incremental increase with Rs 71,305.35 crore from Rs 65,758.45 crore in 2016-17 budget,” Komal Ganotra, director (policy, research and advocacy) at CRY told PTI.
She said the recently-released NPAC chalks out targets for children for next five years, and states and recommends that atleast 5 per cent of the Union Budget must be spent on schemes and programmes directly related to children. “This budget does not even meet the conservative recommendation stated in NPAC,” she claimed. In the Budget presented by Finance Minister Arun Jaitley on February 1, the increase has been largely in four children-related schemes — Sarva Shiksha Abhiyan (from Rs 22,500 crore to Rs 23,500 crore), Midday meal scheme (Rs 9,700 crore to Rs 10,000 crore), Integrated Child Development Schemes (Rs 14,000 crore to 15,245 crore) and increase of Rs 339 crore in NRHM flexible pool.
Satyarthi, however, welcomed the eight per cent increase in the budget for empowerment and protection of children and said the government’s decision to raise the fund for women and child development from Rs 1.56 lakh crore to Rs 1.84 lakh crore is reassuring. But he added that it was “disappointing that there is nominal increment for the National Child Labour Project”.
“I have always emphasised on the criticality of safeguarding the child’s environment to ensure their development. “The outcome indicators of children’s progress show huge deficiencies at present. These can be addressed only with enhanced allocation and expenditure under different child welfare programs,” Satyarthi said. “The increased outlays to the social sector do not necessarily benefit children. Children comprise 39 per cent of our population yet are allotted only 3.32 per cent of the budget,” he said, adding, “a more proportionate investment will create opportunities for the whole country to thrive.”
On education front, CRY said the country is still struggling to meet the Right To Education (RTE) targets and fulfil huge gaps in areas like teacher vacancy, infrastructure and quality learning. “The mere increase in the allocation of budget in SSA (Sarva Shiksha Abhiyan) by 1,305 crore will be distributed among 10,80,757 elementary schools in India,” Ganotra said. The non-profit body although lauded the government opening its coffers for the scheme for Child Protection and National Nutrition Mission.
“The scheme for Child Protection saw a revival in the revised estimate stage last year (from Rs 397 to 597 crore) and has seen further increase of Rs 50 crore in the 2017-18 budget at Rs 648 crore. Hopes for an early revival of the National Nutrition Mission, which has been in the pipeline for over two years, have also resurfaced, with an allocation of Rs 1,100 crore as against Rs 360 crore which was largely unutilised in 2015-16,” she said.
Budgetary allocations for child welfare schemes for 2017-18 may have been raised but rights advocates have termed as “disappointing” this “nominal increment” for programmes for children who account for 39 per cent of the country’s population. Noting that the Budget for 2017-18 allocates just 3.32 per cent of the total funds for child welfare schemes, rights body CRY said the allocations fail to meet National Plan of Action for Children (NPAC) recommendations of 5 per cent funds.
Nobel Laureate and social activist Kailash Satyarthi said he was disappointed with the “nominal” increase for the National Child Labour Plan. “Like last 15 years, budgets for children have remained stagnant with Union Budget 2017-18 allocating just 3.32 per cent to children. While the need is that of exponential increase, allocations for children have seen only an incremental increase with Rs 71,305.35 crore from Rs 65,758.45 crore in 2016-17 budget,” Komal Ganotra, director (policy, research and advocacy) at CRY told PTI.
She said the recently-released NPAC chalks out targets for children for next five years, and states and recommends that atleast 5 per cent of the Union Budget must be spent on schemes and programmes directly related to children. “This budget does not even meet the conservative recommendation stated in NPAC,” she claimed. In the Budget presented by Finance Minister Arun Jaitley on February 1, the increase has been largely in four children-related schemes — Sarva Shiksha Abhiyan (from Rs 22,500 crore to Rs 23,500 crore), Midday meal scheme (Rs 9,700 crore to Rs 10,000 crore), Integrated Child Development Schemes (Rs 14,000 crore to 15,245 crore) and increase of Rs 339 crore in NRHM flexible pool.
Satyarthi, however, welcomed the eight per cent increase in the budget for empowerment and protection of children and said the government’s decision to raise the fund for women and child development from Rs 1.56 lakh crore to Rs 1.84 lakh crore is reassuring. But he added that it was “disappointing that there is nominal increment for the National Child Labour Project”.
“I have always emphasised on the criticality of safeguarding the child’s environment to ensure their development. “The outcome indicators of children’s progress show huge deficiencies at present. These can be addressed only with enhanced allocation and expenditure under different child welfare programs,” Satyarthi said. “The increased outlays to the social sector do not necessarily benefit children. Children comprise 39 per cent of our population yet are allotted only 3.32 per cent of the budget,” he said, adding, “a more proportionate investment will create opportunities for the whole country to thrive.”
On education front, CRY said the country is still struggling to meet the Right To Education (RTE) targets and fulfil huge gaps in areas like teacher vacancy, infrastructure and quality learning. “The mere increase in the allocation of budget in SSA (Sarva Shiksha Abhiyan) by 1,305 crore will be distributed among 10,80,757 elementary schools in India,” Ganotra said. The non-profit body although lauded the government opening its coffers for the scheme for Child Protection and National Nutrition Mission.
“The scheme for Child Protection saw a revival in the revised estimate stage last year (from Rs 397 to 597 crore) and has seen further increase of Rs 50 crore in the 2017-18 budget at Rs 648 crore. Hopes for an early revival of the National Nutrition Mission, which has been in the pipeline for over two years, have also resurfaced, with an allocation of Rs 1,100 crore as against Rs 360 crore which was largely unutilised in 2015-16,” she said.
General Awareness
IDFC MD Vikram Limaye Named New CEO & MD of National Stock Exchange (NSE)
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Managing Director of IDFC, Vikram Limaye has been named as the new Managing Director & CEO of the National Stock Exchange (NSE) on February 3, 2017.The position was lying vacant after Chitra Ramakrishna quit the exchange on December 2 citing personal reasons. Thus the stock exchange set up a four-member panel on December 5, to look for the next MD of the bourse.
- Chitra Ramkrishna unexpectedly quit as Chief Executive Officer of NSE on December 2, 2016, ending her 24-year career at the country’s largest bourse. She was one of the founding members of NSE in 1992.
- She was to retire in March 2018. She took charge as Managing Director and CEO in April 2013 succeeding Ravi Narain, who was also part of the founding team of the exchange.
- After this, J. Ravichandran, who used to serve as group president of finance and legal and company secretary at NSE, was named the interim MD and CEO. He will serve in the position until Limaye takes charge.
- The panel included M&M group chairman Anand Mahindra, former RBI deputy governor Usha Thorat, NSE independent directors T V Mohandas Pai and Dinesh Kanabar as members.
- The panel suggested the name of Limaye. His name will now be send by NSE for verification to SEBI and after its approval, Limaye would take the office.
About Vikram Limaye
Limaye would be the first NSE CEO from outside the founding team that set up the exchange in the 1990s.
- He is a chartered accountant with an MBA from The Wharton School. Limaye started his career with Arthur Andersen in Mumbai in 1987 working in the audit and business advisory services groups of Arthur Andersen and EY and the consumer banking groups of Citibank and Credit Suisse.
- On January 30, Limaye was named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI). Limaye served as the head of IDFC for four years.
- He is believed to be down to earth and a public spirited person. NSE believes that his unquestionable ethics and integrity will bring credibility for NSE especially when it is facing reputational crisis
- Limaye will have various crucial job to handle at a time when NSE is preparing to launch its IPO, which is estimated to be over Rs 10,000 crore.
- Besides, SEBI is also examining allegations against NSE that it gave preferential and unfair access to some brokers on its algorithmic trading platform.
About National Stock Exchange
The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. It was established in 1992.
- NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the country.
- National Stock Exchange has a total market capitalization of more than US$1.41 trillion. It is the world’s 12th-largest stock exchange as on March 2016.
- NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and currency derivatives segments.
- It is the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country.
- NSE has 2500 VSATs and 3000 leased lines spread over more than 2000 cities across India.
Managing Director of IDFC, Vikram Limaye has been named as the new Managing Director & CEO of the National Stock Exchange (NSE) on February 3, 2017.The position was lying vacant after Chitra Ramakrishna quit the exchange on December 2 citing personal reasons. Thus the stock exchange set up a four-member panel on December 5, to look for the next MD of the bourse.
- Chitra Ramkrishna unexpectedly quit as Chief Executive Officer of NSE on December 2, 2016, ending her 24-year career at the country’s largest bourse. She was one of the founding members of NSE in 1992.
- She was to retire in March 2018. She took charge as Managing Director and CEO in April 2013 succeeding Ravi Narain, who was also part of the founding team of the exchange.
- After this, J. Ravichandran, who used to serve as group president of finance and legal and company secretary at NSE, was named the interim MD and CEO. He will serve in the position until Limaye takes charge.
- The panel included M&M group chairman Anand Mahindra, former RBI deputy governor Usha Thorat, NSE independent directors T V Mohandas Pai and Dinesh Kanabar as members.
- The panel suggested the name of Limaye. His name will now be send by NSE for verification to SEBI and after its approval, Limaye would take the office.
About Vikram Limaye
Limaye would be the first NSE CEO from outside the founding team that set up the exchange in the 1990s.
- He is a chartered accountant with an MBA from The Wharton School. Limaye started his career with Arthur Andersen in Mumbai in 1987 working in the audit and business advisory services groups of Arthur Andersen and EY and the consumer banking groups of Citibank and Credit Suisse.
- On January 30, Limaye was named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI). Limaye served as the head of IDFC for four years.
- He is believed to be down to earth and a public spirited person. NSE believes that his unquestionable ethics and integrity will bring credibility for NSE especially when it is facing reputational crisis
- Limaye will have various crucial job to handle at a time when NSE is preparing to launch its IPO, which is estimated to be over Rs 10,000 crore.
- Besides, SEBI is also examining allegations against NSE that it gave preferential and unfair access to some brokers on its algorithmic trading platform.
About National Stock Exchange
The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. It was established in 1992.
- NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the country.
- National Stock Exchange has a total market capitalization of more than US$1.41 trillion. It is the world’s 12th-largest stock exchange as on March 2016.
- NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and currency derivatives segments.
- It is the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country.
- NSE has 2500 VSATs and 3000 leased lines spread over more than 2000 cities across India.
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