India markets regulator mulls allowing ratings agencies to rate instruments not regulated by it
Any agency that expands ratings to such instruments will need to set up a new unit within six months, the Securities and Exchange Board of India (SEBI) said in a consultation paper.
SEBI, under new chairman Tuhin Kanta Pandey, has signalled a more pragmatic approach to oversight and also relaxed certain regulations.
Agencies that rate non-SEBI-regulated instruments must charge a fee for the same and maintain arm's length from the business that rates SEBI-regulated entities, the regulator said.
"SEBI has been receiving feedback from the industry towards permitting credit ratings agencies to undertake rating of financial instruments under the purview of other regulators," it said, including instruments such as unlisted securities.
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The Independent
a few seconds ago
- The Independent
Japanese PM Shigeru Ishiba reportedly preparing to resign by end of August
Japanese prime minister Shigeru Ishiba is preparing to step down by the end of August, according to local media reports, following a significant electoral defeat and the conclusion of a high-stakes trade agreement with the United States. Mr Ishiba, who has faced mounting criticism from within his Liberal Democratic Party (LDP) after his coalition lost its majority in Sunday's upper house election, has reportedly informed close aides of his intention to resign. Japan 's Yomiuri newspaper reported that Mr Ishiba told his inner circle on Tuesday that he would explain how he planned to take responsibility for the election results once trade negotiations with the US had been resolved. The Mainichi and the Sankei newspapers also reported that his formal announcement is expected next month, once key national events conclude. On Wednesday, US president Donald Trump wrote on his Truth Social platform that he had finalised a 'massive' trade deal with Japan involving $550bn in Japanese investments into the US economy. The agreement also includes a reduction of tariffs on Japanese goods from a proposed 25 per cent to 15 per cent. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan,' he wrote on Truth Social. Mr Ishiba responded cautiously when asked about the impact of the deal on his political future. He said he will make a decision on resigning after closely studying the tariff deal just struck with the US. 'I can't say until I scrutinise the outcome of the agreement,' he told reporters, adding that he intended to speak with Mr Trump once he had been briefed by Japan's chief trade negotiator, Ryosei Akazawa. Auto exports, which represent more than a quarter of Japan's total exports to the US, will also see reduced tariffs under the agreement, Mr Ishiba noted, calling the 15 per cent rate 'the lowest figure among countries that have a trade surplus with the US'. Despite widespread calls for him to step down, the prime minister had argued that it would be irresponsible to vacate his position amid ongoing economic challenges. 'I will stay in office and do everything in my power to chart a path toward resolving these challenges,' Mr Ishiba said in a news conference on Monday. He is expected to meet senior LDP figures and three former prime ministers later on Wednesday to discuss the implications of the election results and his likely resignation. Once Mr Ishiba formally steps aside, the ruling party must organise a leadership election to select his successor. However, with the LDP-Komeito coalition no longer holding a majority in either house of parliament, the new leader may face difficulty securing the required support in a parliamentary vote to become prime minister. August is traditionally a politically significant month in Japan. This year, it includes commemorations of the atomic bombings of Hiroshima and Nagasaki, the anniversary of the end of World War II on 15 August, and the Tokyo -hosted international conference on African development from 20 to 22 August. Sources suggest Mr Ishiba is likely to resign only after these events have concluded. Meanwhile, Mr Ishiba's approval ratings have dropped sharply in recent days, with a major national poll showing support for his administration falling to just above 20 per cent – a threshold often considered unsustainable for a sitting government. 'What this means is that we're sort of entering a period of speculation as to who's going to be the next leader,' William Chou, deputy director of the Japan Chair at the Hudson Institute, told Bloomberg. 'Right now it's just a lot of speculation.'
The Independent
a few seconds ago
- The Independent
Japan's Ishiba says he will decide on resignation over election loss after studying US tariff deal
Japanese Prime Minister Shigeru Ishiba said he will make a decision on resigning over a historic defeat of his ruling party in a weekend election after closely studying the tariff deal just struck with the United States. Ishiba has been under growing pressure to step down as his ruling Liberal Democratic Party and its junior coalition partner, Komeito, lost their majority in the 248-member upper house, the smaller and less powerful of Japan's two-chamber parliament on Sunday, shaking his grip on power and Japan's political stability. The loss means Ishiba's ruling coalition, which also lost a majority in the more powerful lower house in October, now lacks a majority in both houses of parliament, making it even more difficult for his government to achieve any policy goals and worsening Japan's political instability. Ishiba had announced his intention Monday to stay on to tackle pressing challenges, including tariff talks with the U.S., without creating a political vacuum, sparking calls from inside and outside his own party for a quick resignation to respond to the election results. With the tariff deal with the U.S. paving the way for his possible departure, Japanese media said he is expected to soon announce plans to step down in August. Ishiba welcomed the trade agreement Wednesday, which places a 15% tax on Japanese cars and other goods imported into the U.S. from Japan, down from the initial 25%, saying it was a product of tough negotiations to protect the national interest and that it would help benefit both sides as they work together to create more jobs and investment. But Ishiba declined to comment on his possible move and only told reporters that he has to closely examine the trade deal first. In Sunday's election, voters frustrated with price increases exceeding the pace of wage hikes, especially younger people who have long felt ignored by the ruling government's focus on senior voters, rapidly turned to emerging conservative and rightwing populist parties, like the Democratic Party for the People and Sanseito. None of the opposition parties have shown interest in forming a full-fledged alliance with the governing coalition but they have said they are open to cooperating on policy.
Reuters
a minute ago
- Reuters
Japan's PM Ishiba to quit after election drubbing and Trump trade deal, source
TOKYO, July 23 (Reuters) - Japanese Prime Minister Shigeru Ishiba plans to step down following a bruising upper house election defeat, a source told Reuters, as the embattled premier announced a long-sought trade deal with U.S. President Donald Trump. Ishiba chose not to quit straight after the election to prevent political instability as an August 1 deadline for clinching the trade deal approached, the source close to the prime minister said, asking not to be identified because they are not authorised to talk to the media. Ishiba will announce his resignation next month, Japanese media reported earlier. Ishiba andTrumpon Tuesday unveiled a trade deal that lowers tariffs on imports of Japanese autos and spares Tokyo punishing new levies on other goods. His departure less than a year after taking office will trigger a succession battle within the ruling Liberal Democratic party as it contends with challenges from new political parties, particularly on the right, that are stealing its support. Among them is the "Japanese First" Sanseito far-right group which surged in Sunday's vote, growing its representation in the 248-seat upper house to 14 from one. The party has attracted voters with pledges to curb immigration, slash taxes, and provide financial relief to households squeezed by rising prices. Ishiba defeated hardline conservative Sanae Takaichi in a party leadership runoff last year. Whoever succeeds him as head of the LDP would have to govern without a majority in either house of parliament following the government's lower house election defeat in October. The new leader's immediate priority will be to secure support from enough opposition party lawmakers to win confirmation as prime minister. The incoming leader is unlikely to call a general election straight away, instead holding off on strengthening the party's appeal before seeking a mandate from voters, the source said.
