Sharings

 




 




SEBI Notifications

  • 17 Aug 2017 22:00:02 +0530


  • Adjudication Order in respect of 22 Noticees in the matter of Brooks Laboratories Ltd  (16 Aug, 2017 +0530)

    Adjudication Order in respect of 22 Noticees in the matter of Brooks Laboratories Ltd


    Online Registration Mechanism for Securities Market Intermediaries  (16 Aug, 2017 +0530)

    Online Registration Mechanism for Securities Market Intermediaries


    Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017  (14 Aug, 2017 +0530)

    Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017


    Securities And Exchange Board of India(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017  (14 Aug, 2017 +0530)

    Securities And Exchange Board of India(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017


    Order in the matter of RBN Infrastructure India Ltd  (14 Aug, 2017 +0530)

    Order in the matter of RBN Infrastructure India Ltd


    Settlement Order in the matter of Mudit Finlease Ltd  (14 Aug, 2017 +0530)

    Settlement Order in the matter of Mudit Finlease Ltd


    Adjudication Order in respect of Ms. Vidya Srinivasan, Shri V Srinivasan, Ms. Suchitra Murali Balakrishnan, Shri Narayan Sethuraman, Shri Murali Srinivasan Venkataraman in the matter of Hydro S & S Industries Ltd.  (14 Aug, 2017 +0530)

    Adjudication Order in respect of Ms. Vidya Srinivasan, Shri V Srinivasan, Ms. Suchitra Murali Balakrishnan, Shri Narayan Sethuraman, Shri Murali Srinivasan Venkataraman in the matter of Hydro S & S Industries Ltd.


    Adjudication Order in the matter of SW Capital Private Ltd  (14 Aug, 2017 +0530)

    Adjudication Order in the matter of SW Capital Private Ltd


    Settlement Order in respect of Sun Pharmaceutical Industries Limited & 10 Others  (10 Aug, 2017 +0530)

    Settlement Order in respect of Sun Pharmaceutical Industries Limited & 10 Others


    Order of the Hon’ble Supreme Court in the matter of Saharas  (10 Aug, 2017 +0530)

    Order of the Hon’ble Supreme Court in the matter of Saharas


    SEBI signs Memorandum of Understanding on bilateral cooperation with the Securities & Exchange Organization, Iran  (10 Aug, 2017 +0530)

    SEBI signs Memorandum of Understanding on bilateral cooperation with the Securities & Exchange Organization, Iran


    Order in the matter of Kerala Housing Finance Ltd. (KHFL)”.  (10 Aug, 2017 +0530)

    Order in the matter of Kerala Housing Finance Ltd. (KHFL)”.


    Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015-Liquidity Enhancement Scheme.  (10 Aug, 2017 +0530)

    Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015-Liquidity Enhancement Scheme.


    Adjudication order In respect of Clarity Financial Services Limited in the matter of SCORES  (10 Aug, 2017 +0530)

    Adjudication order In respect of Clarity Financial Services Limited in the matter of SCORES


    Online Registration Mechanism for Custodian of Securities  (09 Aug, 2017 +0530)

    Online Registration Mechanism for Custodian of Securities


    Adjudication Order in respect of Asahi Infrastructure Project Limited in matter of non-redressal of investor grievance(s)  (09 Aug, 2017 +0530)

    Adjudication Order in respect of Asahi Infrastructure Project Limited in matter of non-redressal of investor grievance(s)


    Interim Order in the matter of The Canning Industries Cochin Limited  (09 Aug, 2017 +0530)

    Interim Order in the matter of The Canning Industries Cochin Limited


    Adjudication proceedings in respect of 1) M/s Beetal Livestocks & Farm Private Limited, 2) Shri Nizzamuddin Sabbir, 3) Shri Abdul Slam, 4) Shri Manish Girdhari, 5) Shri Raju Jhunni, 6) Shri Sarif Khan and 7) Shri Bharat Kumar.  (09 Aug, 2017 +0530)

    Adjudication proceedings in respect of 1) M/s Beetal Livestocks & Farm Private Limited, 2) Shri Nizzamuddin Sabbir, 3) Shri Abdul Slam, 4) Shri Manish Girdhari, 5) Shri Raju Jhunni, 6) Shri Sarif Khan and 7) Shri Bharat Kumar.


    Order in the matter of Prosperity Agro India Limited  (08 Aug, 2017 +0530)

    Order in the matter of Prosperity Agro India Limited


    Interim order in the matter of Surakshaplus Infrastructure & Projects Limited  (08 Aug, 2017 +0530)

    Interim order in the matter of Surakshaplus Infrastructure & Projects Limited


    Adjudication proceedings in respect of M/s Nitin Alloys Global Ltd  (08 Aug, 2017 +0530)

    Adjudication proceedings in respect of M/s Nitin Alloys Global Ltd


    Adjudication Order in respect of M/s.Abhimanu Exports Ltd in the matter of M/s.Abhimanu Exports Ltd  (08 Aug, 2017 +0530)

    Adjudication Order in respect of M/s.Abhimanu Exports Ltd in the matter of M/s.Abhimanu Exports Ltd


    Order in respect of Galaxy Broking Limited  (08 Aug, 2017 +0530)

    Order in respect of Galaxy Broking Limited


    Adjudication Order in respect of Piramal Enterprises Ltd  (08 Aug, 2017 +0530)

    Adjudication Order in respect of Piramal Enterprises Ltd


    Order in the matter of Godavari Biorefineries Ltd  (07 Aug, 2017 +0530)

    Order in the matter of Godavari Biorefineries Ltd


    Adjudication order in respect of Baba Arts Ltd.  (07 Aug, 2017 +0530)

    Adjudication order in respect of Baba Arts Ltd.


    Adjudication Order in respect of M/s.Veer Energy & Infrastructure Ltd, M/s.Veerhealth Care Ltd and Shri Yogesh Mahasuklal Shah in the matter of Veer Energy & Infrastructure Ltd & Veerhealth Care Ltd  (07 Aug, 2017 +0530)

    Adjudication Order in respect of M/s.Veer Energy & Infrastructure Ltd, M/s.Veerhealth Care Ltd and Shri Yogesh Mahasuklal Shah in the matter of Veer Energy & Infrastructure Ltd & Veerhealth Care Ltd


    Settlement order in respect of Abhay Transformers Pvt. Limited, Bhutoria Brothers Limited, Bhutoria Investments Pvt. Limited, Howrah Warehouse Pvt. Limited (merged with Rajasthan Transformers and Switchgears Pvt. Limited), Rajasthan Transformers and Switchgears Pvt. Limited, Abhay Bhutoria HUF, Rajendra Bhutoria HUF, Hemlata Bhutoria, Rajendra Bhutoria, Sharad Bhutoria, Abhay Bhutoria, Rachna Bhutoria, Sadhna Bhutoria, Bhutoria Transformers and Rectifiers Pvt. Limited and Ladnum Agricultural Farms Pvt. Limited in the matter of RTS Power Corporation Limited.  (04 Aug, 2017 +0530)

    Settlement order in respect of Abhay Transformers Pvt. Limited, Bhutoria Brothers Limited, Bhutoria Investments Pvt. Limited, Howrah Warehouse Pvt. Limited (merged with Rajasthan Transformers and Switchgears Pvt. Limited), Rajasthan Transformers and Switchgears Pvt. Limited, Abhay Bhutoria HUF, Rajendra Bhutoria HUF, Hemlata Bhutoria, Rajendra Bhutoria, Sharad Bhutoria, Abhay Bhutoria, Rachna Bhutoria, Sadhna Bhutoria, Bhutoria Transformers and Rectifiers Pvt. Limited and Ladnum Agricultural Farms Pvt. Limited in the matter of RTS Power Corporation Limited.


    Settlement order in respect of Chanakya Investments Limited.  (04 Aug, 2017 +0530)

    Settlement order in respect of Chanakya Investments Limited.


    Settlement order in respect of Laser Shaving India Pvt. Limited, Laser Shaving Products Pvt. Limited, Malhotra Fincon Pvt. Limited, Malhotra International Pvt. Limited and Watco Engineering Company Pvt. Limited in the matter of Chanakya Investments Limited.  (04 Aug, 2017 +0530)

    Settlement order in respect of Laser Shaving India Pvt. Limited, Laser Shaving Products Pvt. Limited, Malhotra Fincon Pvt. Limited, Malhotra International Pvt. Limited and Watco Engineering Company Pvt. Limited in the matter of Chanakya Investments Limited.


     




    RBI Notifications



  • Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18  (Wed, 16 Aug 2017 19:30:00)

    RBI/2017-18/48
    FIDD.CO.FSD.BC.No.14/05.02.001/2017-18

    August 16, 2017

    The Chairman / Managing Director & CEOs
    All Public & Private Sector Scheduled Commercial Banks

    Madam/Dear Sir:

    Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18

    Please refer to our circular FIDD CO.FSD.BC.No.29/05.02.001/2016-17 dated May 25, 2017 conveying continuation of Interest Subvention Scheme on the interim basis. In this regard, it is advised that Government of India has approved the implementation of the Interest Subvention Scheme for the year 2017-18 for short term crop loans up to ₹ 3.00 lakhs with the following stipulations:

    1. In order to provide short-term crop loans upto ₹ 3 lakh to farmers at an interest rate of 7% p.a. during the year 2017-18, it has been decided to offer interest subvention of 2% per annum to lending institutions viz. Public Sector Banks (PSBs), Private Sector Commercial Banks (in respect of loans given by their rural and semi-urban branches only) on use of their own resources. This interest subvention of 2% will be calculated on the crop loan amount from the date of its disbursement/ drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks whichever is earlier, subject to a maximum period of one year.

    2. To provide an additional interest subvention of 3% per annum to such of those farmers repaying in time i.e. from the date of disbursement of the crop loan upto the actual date of repayment by farmers or upto the due date fixed by the banks for repayment of crop loan, whichever is earlier, subject to a maximum period of one year from the date of disbursement. This also implies that the farmers paying promptly as above would get short term crop loans @ 4% per annum during the year 2017-18.

    3. In order to discourage distress sale and to encourage them to store their produce in warehouses, the benefit of interest subvention will be available to small and marginal farmers having Kisan Credit Card for a further period of upto six months post the harvest of the crop at the same rate as available to crop loan against negotiable warehouse receipts issued on the produce stored in warehouses accredited with Warehousing Development Regulatory Authority (WDRA).

    4. To provide relief to farmers affected by natural calamities, an interest subvention of 2 percent per annum will be made available to banks for the first year on the restructured loan amount. Such restructured loans will attract normal rate of interest from the second year onwards.

    5. To avoid multiple loaning and to ensure that only genuine farmers avail concessional crop loan through the mechanism of gold loans, the lending institutions may conduct due diligence and ensure proper documentation including recording of land details even when the farmer avails gold loans for such purposes.

    6. To ensure hassle-free benefits to farmers under Interest Subvention Scheme, the banks are advised to make Aadhar linkage mandatory for availing short-term crop loans in 2017-18.

    2. All lending banks are requested to send to us the eligible pending audited claims of 2015-16 latest by August 31, 2017 as already advised vide our email dated August 11, 2017. Please note that under no circumstances further extension will be granted in this regard. The claims for 2016-17 may also be submitted within the time limit as per procedure laid down and contained in our circular RBI/2016-17/32 FIDD.CO.FSD.BC.No.9/05.02.001/2016-17 dated August 4, 2016.

    3. Banks may give adequate publicity to the above scheme so that the farmers can avail the benefits.

    4. It is also advised as under:

    1. Claims in respect of 2% interest subvention and 3% additional interest subvention may be submitted in Formats I and II (enclosed herewith) respectively to the Chief General Manager, Financial Inclusion and Development Department, Reserve Bank of India, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001.

    2. In respect of 2% interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2017 and March 31, 2018, of which, the latter needs to be accompanied by a Statutory Auditor's certificate certifying the claims for subvention for the entire year ended March 31, 2018 as true and correct. Any remaining claim pertaining to the disbursements made during the year 2017-18 and not included in the claim for March 31, 2018, may be consolidated separately and marked as an 'Additional Claim' duly audited by Statutory Auditors certifying the correctness.

    3. In respect of the 3% additional subvention, banks may submit their one-time consolidated claims pertaining to the disbursements made during the entire year 2017-18 latest by April 30, 2019, duly audited by Statutory Auditors certifying the correctness.

    Yours faithfully,

    (Ajay Kumar Misra)
    Chief General Manager

    Encl: As above


    Format I

    Claim for 2 Per cent Interest Subvention on
    Short-term Crop Loan up to Rs.3 lakh for the year 2017-18

    Name of the Bank: ___________________________________________

    Statement for the half year ended
    September 2017 / March 2018/ Additional Claim.

      Total short term production credit at 7% p.a Amount of subvention claimed
    (Rs. in actuals)
    No. of accounts.
    (in thousands)
    Amount
    (Rs. lakh)
    Loans up to Rs.50,000/-      
    Loans above Rs.50,000/- and up to Rs.3 lakh.      
    Total      

    We certify having disbursed the above loans at 7% p.a. up to Rs.3 lakh by way of short-term production credit to the farmers during the year 2017-18.

    Authorised Signatory

    Date :

    (This claim format needs to be duly certified by Statutory Auditors with the Firm Registration Number and Membership Number of all Signatories)


    Format II

    One - time Claim for Additional 3 per cent Subvention for timely
    Repayment of Short-term Crop Loans up to Rs.3 lakh disbursed in 2017-18

    Name of the Bank: ___________________________________________

      Total short term production credit upto Rs.3 lakh Total short term production credit which were repaid in time Amount of additional subvention claimed @3%
    (Rs. in actuals)
    No. of accounts.
    (in thousands)
    Amount
    (Rs.lakh)
    No. of accounts.
    (in thousands)
    Amount
    (Rs.lakh)
    Loans up to Rs.50,000/-          
    Loans above Rs.50,000/- and up to Rs.3 lakh.          
    Total          

    We certify that the above loans for which the claim is being made were repaid in time and the benefit of additional 3 percent incentive subvention has already been passed on to the account holders, thereby bringing down the interest rate for such farmers to 4 per cent per annum for short term production credit up to Rs.3 lakh disbursed during 2017-18 for these farmer.

    Authorised Signatory

    Date :

    (This claim format needs to be duly certified by Statutory Auditors with the Firm Registration Number and Membership Number of all Signatories)



    Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)  (Wed, 16 Aug 2017 17:00:00)

    RBI/2017-18/47
    DCBR.BPD.PCB.Cir.No.03/09.18.300/2017-18

    August 16, 2017

    Chief Executive Officers
    All Primary (Urban) Co-operative Banks

    Madam / Dear Sir,

    Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)

    Please refer to our circular DCBR.CO.PCB.Cir.No.14/09.18.300/2015-16 dated April 13, 2016 announcing the Scheme for providing financial assistance to urban co-operative banks for implementation of Core Banking Solution (CBS).

    2. As stated therein, a document dealing with the functional and technical requirements for Core Banking Solution in Urban Co-operative Banks has been prepared by the Institute for Development and Research in Banking Technology (IDRBT) in consultation with the Reserve Bank. The document can be accessed at the IDRBT website under the link http://www.idrbt.ac.in/assets/publications/Reports/CBS_Requirements_for_UCBs.pdf

    3. The document is expected to serve as a reference material for implementing and improving CBS in the banks.

    Yours faithfully,

    (Neeraj Nigam)
    Chief General Manager



    Auction of Government of India Dated Securities  (Mon, 14 Aug 2017 21:15:00)

    RBI/2017-18/46
    Ref.No.IDMD/443/08.02.032/2017-18

    August 14, 2017

    All Scheduled Commercial Banks
    All State Co-operative Banks/All Scheduled Primary
    (Urban) Co-operative Banks /All Financial Institutions/
    All Primary Dealers.

    Dear Sir/Madam,

    Auction of Government of India Dated Securities

    Government of India has offered to sell (re-issue) four dated securities for notified amount of ₹ 15,000 crore as per the following details:

    Sr No Security Notified Amount
    (in ₹ crore)
    GoI Notification Auction Date Settlement date
    1 6.84% GS 2022 3,000 4(7)-W&M/2017 dated
    August 14, 2017
    August 18, 2017
    (Friday)
    August 21, 2017
    (Monday)
    2 6.79% GS 2029 7,000 4(7)-W&M/2017(i)dated
    August 14, 2017.
    3 6.57% GS 2033 2,000 4(7)-W&M/2017(ii) dated
    August 14, 2017.
    4 6.62% GS 2051 3,000 4(7)-W&M/2017(iii) dated
    August 14, 2017.
      Total 15,000      

    The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

    2. We wish to draw your attention, in particular, to the following:

    (i) The Stocks will be issued for a minimum amount of ₹ 10,000/- (nominal) and in multiples of ₹ 10,000/- thereafter.

    (ii) In all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities. Each bank or PD on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding.

    (iii) Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 18, 2017. Bids in physical form will not be accepted except in extraordinary circumstances. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

    (iv) An investor can submit more than one competitive bid at different prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of auction.

    (v) On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions. Bids quoted at rates lower than the minimum price determined by the Reserve Bank of India will be rejected. Reserve Bank of India will have the full discretion to accept or reject any or all bids either wholly or partially without assigning any reason.

    (vi) The result of the auctions will be announced on August 18, 2017 (Friday) and payment by successful bidders will be on August 21, 2017 (Monday).

    (vii) The Government Stocks will be issued by credit to Subsidiary General Ledger Account (SGL) of parties maintaining such account with Reserve Bank of India or in the form of Stock Certificate. Interest on the Government Stock will be paid half-yearly.

    (viii) The Government Stocks will be repaid at par on December 19, 2022; December 26, 2029; December 5, 2033, and November 28, 2055 respectively.

    (ix) The Stocks will qualify for the ready forward facility.

    (x) The Stocks will be eligible for “When Issued” trading during the period August 16 - August 18, 2017, in accordance with guidelines on ‘When Issued’ transactions in Central Government Securities issued by Reserve Bank of India vide circular No.RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

    Yours faithfully

    (Latha Vishwanath)
    General Manager



    Auction for Sale (Re-issue) of 6.84 per cent Government Stock 2022  (Mon, 14 Aug 2017 21:05:00)

    Government of India
    Ministry of Finance
    Department of Economic Affairs
    Budget Division

    New Delhi, dated August 14, 2017

    NOTIFICATION

    Auction for Sale (Re-issue) of 6.84 per cent Government Stock 2022

    F.No.4 (7) W&M/2017: Government of India hereby notifies sale (re-issue) of ‘6.84 percent Government Stock 2022’ (hereinafter called 'the Stock') for an aggregate amount of ₹ 3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

    Method of Issue
    2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

    Allotment to Non-competitive Bidders
    3. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

    Place and date of auction
    4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on August 18, 2017. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 18, 2017. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

    When Issued Trading
    5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

    Tenure
    6. The Government Stock will be of ‘6 years, 3 months and 7 days’ tenure commencing from September 12, 2016. The Stock will be repaid at par on December 19, 2022.

    Date of issue and payment for the stock
    7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on August 18, 2017. The payment by successful bidders will be on August 21, 2017 i.e. the date of re- issue. The payment of the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e. June 19, 2017 to August 20, 2017.

    Interest
    8. Interest at the rate of 6.84 per cent per annum will accrue on the nominal value of the Stock from date of last coupon payment and will be paid half-yearly on December 19 and June 19.

    By Order of the President of India

    (Prashant Goyal)
    Joint Secretary to the Government of India



    Auction for Sale (Re-issue) of 6.79 per cent Government Stock 2029  (Mon, 14 Aug 2017 21:05:00)

    Government of India
    Ministry of Finance
    Department of Economic Affairs
    Budget Division

    New Delhi, dated August 14, 2017

    NOTIFICATION

    Auction for Sale (Re-issue) of 6.79% Government Stock 2029

    F. No.4 (7) W&M/2017(i): Government of India hereby notifies sale (re-issue) of 6.79 percent Government Stock 2029 for an aggregate amount of ₹ 7,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

    Method of Issue
    2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

    Allotment to Non-competitive Bidders
    3. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

    Place and date of auction
    4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on August 18, 2017. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 18, 2017. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

    When Issued Trading
    5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

    Tenure
    6. The Government Stock will be of ’13 year’ tenure commencing from December 26, 2016. The Stock will be repaid at par on December 26, 2029.

    Date of issue and payment for the stock
    7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on August 18, 2017. The payment by successful bidders will be on August 21, 2017 i.e. the date of re-issue. The payment of the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e. June 26, 2017 to August 20, 2017.

    Interest
    8. Interest at the rate of 6.79 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon payment and will be paid half-yearly on December 26 and June 26.

    By Order of the President of India

    (Prashant Goyal)
    Joint Secretary to the Government of India



    Auction for Sale (Re-issue) of 6.57 per cent Government Stock 2033  (Mon, 14 Aug 2017 21:00:00)

    Government of India
    Ministry of Finance
    Department of Economic Affairs
    Budget Division

    New Delhi, dated August 14, 2017

    NOTIFICATION

    Auction for Sale (Re-issue) of 6.57% Government Stock 2033

    F. No.4 (7) W&M/2017(ii): Government of India hereby notifies sale (re-issue) 6.57 percent Government Stock 2033 of for an aggregate amount of ₹ 2,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

    Method of Issue
    2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

    Allotment to Non-competitive Bidders
    3. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

    Place and date of auction
    4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on August 18, 2017. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 18, 2017. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

    When Issued Trading
    5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

    Tenure
    6. The Government Stock will be of ’17 year’ tenure commencing from December 05, 2016. The Stock will be repaid at par on December 05, 2033.

    Date of issue and payment for the stock
    7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on August 18, 2017. The payment by successful bidders will be on August 21, 2017 i.e. the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of the last coupon payment i.e. June 5, 2017 to August 20, 2017.

    Interest
    8. Interest at the rate of 6.57 per cent per annum will accrue on the nominal value of the Stock from the date of coupon payment and will be paid half-yearly on December 5 and June 5.

    By Order of the President of India

    (Prashant Goyal)
    Joint Secretary to the Government of India



    Auction for Sale (Re-issue) of 6.62 per cent Government Stock 2051  (Mon, 14 Aug 2017 20:55:00)

    Government of India
    Ministry of Finance
    Department of Economic Affairs
    Budget Division

    New Delhi, dated August 14, 2017

    NOTIFICATION

    Auction for Sale (Re-issue) of 6.62 per cent Government Stock 2051

    F. No.4 (2) W&M/2017(iii): Government of India hereby notifies sale of 6.62 per cent Government Stock 2051 (hereinafter called “The Stock”) for an aggregate amount of ₹ 3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

    Method of Issue
    2. The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

    Allotment to Non-competitive Bidders
    3. The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

    Place and date of auction
    4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on August 18, 2017. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 18, 2017. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

    When Issued Trading
    5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

    Tenure
    6. The Government Stock will be of ’35 year’ tenure commencing from November 28, 2016. The Stock will be repaid at par on November 28, 2051.

    Date of Issue and Payment for the Stock
    7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on August 18, 2017. The payment by successful bidders will be on August 21, 2017 i.e. the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of last coupon payment i.e. May 28, 2017 to August 20, 2017.

    Interest
    8. Interest at the rate of 6.62 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon payment and will be paid half yearly on November 28 and May 28.

    By Order of the President of India

    (Prashant Goyal)
    Joint Secretary to the Government of India



    Eligible Credit Rating Agencies- Rating of Fixed Deposits by Infomerics Valuation and Rating Private Limited (IVRPL)  (Mon, 14 Aug 2017 19:10:00)

    RBI/2017-18/45
    DNBR (PD).CC.No.89/03.10.001/2017-18

    August 14, 2017

    All Deposit Taking NBFCs
    (except Residuary Non-Banking Companies)

    Madam/Sir,

    Eligible Credit Rating Agencies- Rating of Fixed Deposits by Infomerics Valuation and Rating Private Limited (IVRPL)

    A reference is invited to para 9 of the Master Direction DNBR. PD.002/03.10.119/2016-17 dated August 25, 2016 on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, wherein, the names of six approved Credit Rating Agencies and their minimum investment grade credit ratings have been listed.

    2. It has been decided that NBFCs can also use the ratings of Infomerics Valuation and Rating Private Limited (IVRPL) for the purpose of rating the fixed deposit portfolios of NBFCs with IVR BBB as the minimum investment grade credit rating.

    3. The updated para 9 of the above referred Directions is enclosed.

    Yours faithfully,

    (C D Srinivasan)
    Chief General Manager



    Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017  (Mon, 14 Aug 2017 13:25:00)

    RBI/2017-18/44
    DNBR (PD) CC.No.088/03.10.001/2017-18

    August 14, 2017

    To

    All NBFCs notified as ‘Financial Institutions’ under sub clause (iv) of clause (m) of sub section (1) of section 2 read with section 31A of the SARFAESI Act, 2002

    Madam/ Sir,

    Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017

    In Writ Petition (C) No. 1088 of 2017 (M/s J.K Jewellers vs. Capri Global Capital Ltd), the Hon’ble High Court of Delhi at New Delhi was pleased to pass the following order:

    “5. The underlying purpose of issuing directions to the RBI as mentioned in the order dated 08.02.2017 is to ensure that when a party files a petition in this court for seeking interim orders/ directions against any NBFC, the Court has adequate assistance from the other side. It was with the said intention that RBI was directed to issue a Circular calling upon all the NBFCs to appoint nominated counsels in the High Court for them to receive advance copies of petitions and be ready with necessary instructions.

    6. …… it is deemed appropriate to direct RBI to issue a Circular within two weeks, asking all NBFCs empowered to invoke Section 14 of the SARFAESI Act to appoint nominated counsels in the High Court and convey their names to the Registry within four weeks from the date of receipt of the Circular so that henceforth, advance copies of petitions can be served directly on the said counsels and they are ready with instructions at the stage of admission itself.”

    2. In pursuance of the above directions of the Hon’ble High Court, all NBFCs notified as “Financial Institutions” under sub clause (iv) of clause (m) of sub section (1) of section 2 read with section 31A of the SARFAESI Act, 2002 are hereby advised to take necessary action.

    Yours faithfully

    (C.D. Srinivasan)
    Chief General Manager



    Reserve Bank Commercial Paper Directions, 2017  (Thu, 10 Aug 2017 20:40:00)

    RBI/2017-18/43
    FMRD.DIRD.2/14.01.002/2017-18

    August 10, 2017

    To

    All market participants

    Dear Sir/Madam

    Reserve Bank Commercial Paper Directions, 2017

    Reserve Bank had issued draft directions on Commercial Paper for public comments on February 02, 2017. Taking into account the comments received, The Reserve Bank Commercial Paper Directions, 2017 have been finalised and enclosed herewith.

    Yours faithfully

    (T. Rabi Sankar)
    Chief General Manager


    RESERVE BANK OF INDIA
    FINANCIAL MARKETS REGULATION DEPARTMENT
    1st FLOOR, CENTRAL OFFICE, FORT
    MUMBAI 400 001

    FMRD.DIRD.01/CGM (TRS) - 2017 dated August 10, 2017

    Reserve Bank Commercial Paper Directions, 2017

    Whereas the Reserve Bank of India, in exercise of the powers conferred by Sections 45J, 45K, 45L of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf, notified the Non-Banking Companies (Acceptance of Deposits through Commercial Paper) Directions 1989 vide Notification No.IECD.1/87(CP)-89/90 dated December 11, 1989;

    And whereas the said directions having been amended from time to time vide Notification No.IECD.14/08.15.01/96-97 dated September 6, 1996; Notification No.IECD.21/08.15.01/97-98 dated June 17, 1998, Notification No IECD 3/08.15.01/2000-2001 dated October 10, 2000 and IDMD.PCD. 1284 /14.01.02/2012-13 dated October 16, 2012 respectively;

    And whereas Section 45W of the Reserve Bank of India Act provides that the Bank may, in public interest, and to promote the development of the financial system of the country to its advantage, determine the policy relating to interest rates or interest rate products and give directions in that behalf to all agencies or any of them, dealing in securities, money market instruments, foreign exchange, derivatives, or other instruments of like nature as the Bank may specify from time to time;

    And whereas Commercial Paper is a ‘money market instrument’ under Section 45W of the Reserve Bank of India Act;

    Now therefore, in exercise of the powers conferred under sections 45J, 45K, 45L and 45W, and in supersession of the Notifications referred hereinabove, and all other instructions issued in this behalf, on the subject, the Reserve Bank of India, having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit and financial system to the advantage of the country, hereby issues the following directions:

    1. Short Title and Commencement

    These directions shall be called the Reserve Bank Commercial Paper Directions 2017 and shall come into force on the date of their publication.

    Provided that the requirement of two ratings as specified in paragraph 6.2.a shall be effective from October 01, 2017.

    2. Definitions

    For the purpose of these directions, unless the context otherwise requires:

    1. ‘All India Financial Institution’ (AIFI) means an all India Financial Institution specified in the RBI Master Direction DBR.FID.No.108/01.02.000/2015-16 and as amended from time to time.

    2. ‘Bank’ means a banking company as defined in clause (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949) or a “corresponding new bank”, “State Bank of India” or a “subsidiary bank” as defined in clause (da), clause (nc) and clause (nd) respectively thereof and includes a “cooperative bank” as defined in clause (cci) of Section 5 read with Section 56 of the said Act. Banks would also include branches of foreign banks operating in India.

    3. ‘Commercial Paper’ (CP) is an unsecured money market instrument issued in the form of a promissory note. The original tenor of a CP shall be between seven days to one year.

    4. ‘Company’ means a company as defined in section 2 (20) of the Companies Act, 2013.

    5. ‘Issuing and Paying Agent (IPA)’ means a Scheduled Bank acting as an IPA.

    6. ‘RBI’ means the Reserve Bank of India.

    7. ‘Related parties’ shall be as defined in section 2 (76) of the Companies Act, 2013

    8. ‘Scheduled bank’ means a bank included in the Second Schedule of the RBI Act, 1934.

    9. ‘Standalone Primary Dealer’ (PD) means a Non-Banking Financial Company (NBFC) that holds a valid letter of authorisation as a PD issued by the Reserve Bank, in terms of the "Guidelines for Primary Dealer in Government Securities Market" dated March 29, 1995, as amended from time to time.

    10. Words and expressions used but not defined herein and defined in the Reserve Bank of India Act, 1934 shall have the same meaning as assigned to them in the said Act.

    3. Eligible Issuers:

    1. Companies, including Non-Banking Finance Companies (NBFCs) and All India Financial Institutions (AIFIs), are eligible to issue CPs subject to the condition that any fund-based facility availed of from bank(s) and/or financial institutions is classified as a standard asset by all financing banks/institutions at the time of issue.

    2. Other entities like co-operative societies/unions, government entities, trusts, limited liability partnerships and any other body corporate having presence in India with a net worth of ₹ 100 crore or higher subject to the condition as specified under 3 (a) above.

    3. Any other entity specifically permitted by the Reserve Bank of India (RBI).

    4. End use

    The exact end use shall be disclosed in the offer document at the time of issue of a CP.

    5. Eligible Investors:

    1. All residents, and non-residents permitted to invest in CPs under Foreign Exchange Management Act (FEMA), 1999 are eligible to invest in CPs; however, no person can invest in CPs issued by related parties either in the primary or secondary market.

    2. Investment by regulated financial sector entities will be subject to such conditions as the concerned regulator may impose.

    6. Form of the instrument, mode of issuance, rating and documentation procedures

    6.1 Form

    1. A CP shall be issued in the form of a promissory note (format in Annex I) and held in a dematerialized form through any of the depositories approved by and registered with SEBI.

    2. A CP shall be issued in minimum denomination of ₹ 5 lakh and multiples thereof.

    3. A CP shall be issued at a discount to face value.

    4. No issuer shall have the issue of a CP underwritten or co-accepted.

    5. Options (call/put) are not permitted on a CP.

    6.2 Rating Requirement

    Eligible issuers, whose total CP issuance during a calendar year is ₹ 1000 crore or more, shall obtain credit rating for issuance of CPs from at least two CRAs registered with SEBI and should adopt the lower of the two ratings. Where both ratings are the same, the issuance shall be for the lower of the two amounts for which ratings are obtained.

    The minimum credit rating for a CP shall be ‘A3’ as per rating symbol and definition prescribed by SEBI.

    6.3 Documentation Procedures

    Issuers, investors and Issuing and Paying Agents (IPAs) shall follow the standard procedures and documentation prescribed by Fixed Income Money Market and Derivatives Association of India (FIMMDA) as ‘Operational Guidelines on CPs’.

    6.4 issue of CP-Credit Enhancement, limits etc.

    1. A CP shall be issued as a ‘stand-alone’ product.

    2. Banks and FIs may, based on their commercial judgement, choose to provide stand-by assistance/credit, back-stop facility etc. by way of credit enhancement for a CP issue.

    3. Non-bank entities (including corporates) may provide unconditional and irrevocable guarantee for credit enhancement for CP issue provided the offer document for CP properly discloses the net worth of the guarantor company, the names of the companies to which the guarantor has issued similar guarantees, the extent of the guarantees offered by the guarantor company, and the conditions under which the guarantee will be invoked.

    7. Secondary market trading and settlement of CP

    1. All OTC trades in CP shall be reported within 15 minutes of the trade to the Financial Market Trade Reporting and Confirmation Platform (“F-TRAC”) of Clearcorp Dealing System (India) Ltd.

    2. The settlement cycle for OTC trades in CP shall be T+0 or T+1.

    3. OTC trades in a CP shall be settled through the clearing corporation of any recognized stock exchange or any other mechanism approved by RBI.

    8. Buyback of CP

    1. The buyback of a CP, in full or part, shall be at the prevailing market price.

    2. The buyback offer should be extended to all investors in the CP issue. The terms of the buyback should be identical for all investors in the issue.

    3. The buyback offer may not be made before 30 days from the date of issue.

    4. CPs bought back shall stand extinguished.

    9. Duties and Obligations

    The duties and obligations of the Issuer, Issuing and Paying Agent (IPA) and Credit Rating Agency (CRA) are set out below:

    I. Issuer – The issuer of CP shall

    1. Appoint an IPA for issuance of a CP.

    2. Comply with all relevant requirements under these directions and furnish a declaration in this regard to the IPA.

    3. Ensure that the proceeds from CP issues are for declared end uses.

    4. Furnish the board resolution authorizing the company to borrow through issuance of a CP to the IPA.

    5. Keep the bank(s) from whom it has outstanding fund or non-fund based credit facility(ies) informed of its market borrowings, including through CPs, latest by the end of the month in which a CP was issued.

    6. Arrange for crediting the CP to the demat account of the investor with the depository through the IPA within 7 days of issue.

    7. Route all subscriptions/redemptions/buybacks/payments and default details through the IPA.

    8. Make disclosures in the offer document as given in Annex II.

    9. Submit a certificate from the CEO/CFO to the concerned IPAs on quarterly basis that CP proceeds are used for disclosed purposes, and certifying adherence to other conditions of the offer document and the CP directions. The certificate may be provided within 15 days from the close of the quarter.

    10. Inform the CRA and IPA on the same day about any default/delay in CP related payments.

    11. The issuer who has defaulted on a CP shall not be allowed to access the CP market for six months from the date of repayment of the defaulted obligation.

    II. Issuing and Paying Agent – The IPA for a CP issuance shall

    1. Ensure that the borrower is appropriately authorised to borrow through CPs.

    2. Verify all information disclosed in the offer document before issuance.

    3. Verify all documents submitted by the issuer and ensure that they are in order and issue a certificate to this effect (Annex III).

    4. Make available the IPA certificate in electronic form on the website of the depositories for the CPs. IPAs are encouraged to shift to issue of digital signature certificates.

    5. Verify and hold certified copies of original documents and/or digitally signed documents in its custody.

    6. Report the details of issuance of a CP, or its buyback and instances of default on the F-TRAC platform (after these functionalities are made operational), by close of business hours, of the day of issuance, buyback or default as the case may be. Until CCIL advises full operationalisation of F-TRAC, the current reporting arrangements shall continue.

    III. Credit Rating Agency

    1. A Credit Rating Agency (CRA) must act responsibly in rating CP issuances and continuously monitor the rating assigned to an issue and disseminate rating revisions, if any, to public through its publications and on its website.

    2. A CRA must publicly disseminate the ratings of the CP and any subsequent change in the ratings, on the date of rating or change in rating, as the case may be.

    10. Applicability of other directions/regulations etc

    Issuers of CPs shall abide by any direction/regulation/guideline issued by any regulator or other authority in respect of issue/investment of CPs provided that such directions/regulations/guidelines do not conflict with these directions.

    11. Non-applicability of Certain Other Directions

    Nothing contained in the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 shall apply to the raising of funds by issuance of CP, by any NBFC when such funds are raised in accordance with these directions.

    12. The extant directions on Commercial Paper in the Master Directions on Money Market (Section II) are being replaced by these Directions.

    (T. Rabi Sankar)
    Chief General Manager