Latest news with #MII
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Business Standard
05-08-2025
- Business
- Business Standard
Sebi issues new norms for MIIs to review or waive regulatory penalties
Markets watchdog Sebi on Tuesday issued new guidelines for market infrastructure institutions (MIIs) -- stock exchanges, clearing corporations and depositories -- for handling requests to review or waive penalties related to regulatory actions. Under the new guidelines, if the action was taken by the Internal Committee (IC) or based on a pre-approved policy of the MII, then the Member Committee (MC) will still handle the review, appeal, or waiver requests, Sebi said in its circular. If the action was taken by the MC itself, such requests will now be handled by a new mechanism formed by the governing board of the MII. This new body will include public interest directors and/or independent external professionals, who are not part of the MC. The governing board are also required to establish a Standard Operating Procedure (SOP) for handling such cases. If members or participants are not satisfied with the outcome of this process, they are free to approach the appropriate legal authorities as per the applicable laws. Under the current guideline, any request for review, appeal, or waiver of a penalty needs to be presented to the Member Committee (MC) of the concerned MII. These provisions will come into effect 45 days from the date of this circular.
News18
05-08-2025
- Business
- News18
Sebi issues guidelines for MIIs to review penalty waiver requests
New Delhi, Aug 5 (PTI) Markets watchdog Sebi on Tuesday issued new guidelines for market infrastructure institutions (MIIs) — stock exchanges, clearing corporations and depositories — for handling requests to review or waive penalties related to regulatory actions. Under the new guidelines, if the action was taken by the Internal Committee (IC) or based on a pre-approved policy of the MII, then the Member Committee (MC) will still handle the review, appeal, or waiver requests, Sebi said in its circular. If the action was taken by the MC itself, such requests will now be handled by a new mechanism formed by the governing board of the MII. This new body will include public interest directors and/or independent external professionals, who are not part of the MC. The governing board are also required to establish a Standard Operating Procedure (SOP) for handling such cases. If members or participants are not satisfied with the outcome of this process, they are free to approach the appropriate legal authorities as per the applicable laws. Under the current guideline, any request for review, appeal, or waiver of a penalty needs to be presented to the Member Committee (MC) of the concerned MII. These provisions will come into effect 45 days from the date of this circular. PTI SP SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 05, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
30-07-2025
- Business
- Time of India
American Arista Networks to make data center gear, access points in India
NEW DELHI: American Wi-Fi gear and enterprise connectivity solutions provider Arista Networks on Wednesday said it is increasing investments in India to domestically manufacture its high-performance data center, campus network switches, and enterprise access points. As part of its comprehensive Make in India (MII) strategy, the vendor will also increase its focus on sourcing critical components locally. Arista said its Make in India strategy enhances India's role as a hub for trusted and scalable networking infrastructure across cloud, artificial intelligence (AI), and security use cases. Arista joins other multinational vendors, including Swedish Ericsson and Finnish Nokia , among others, that already manufacture selected equipment in India. 'I welcome the commitment of technology leaders like Arista Networks in advancing the government of India's Make in India and Digital India missions,' said R Shakya, deputy director general (DDG), Department of Telecommunications (DoT). 'Indigenous innovation and local manufacturing in critical domains such as cloud and AI networking are essential for securing our digital future and unlocking high-value employment opportunities for Indian talent,' Shakya said. Arista's equipments have been deployed by Zoho Corporation and IIT Jammu, among others, in India. MU Nair, national cybersecurity coordinator (NCSC), government of India, said that the country's national security and digital sovereignty increasingly hinge on trusted, high-performance infrastructure. 'Arista's Make in India initiative, combined with its investment in cybersecurity-enabled AI networking, represents a significant stride toward building resilient, self-reliant digital ecosystems,' Nair said, adding that the efforts strengthen India's strategic autonomy and advance its global leadership in secure and trusted technologies. Arista has been operating in India for over 20 years. Most recently, it strengthened its campus networking portfolio by acquiring Mojo Networks, a major Indian networking vendor and wireless intrusion prevention (WIPS) vendor. 'Over the last decade, Arista has already invested over a billion dollars in India through its multiple development centers,' said Sameer Padhye, vice president (global services & India sales), Arista Networks. 'Now by redoubling our efforts through Make in India and other initiatives, the company is focused on driving an additional billion dollars of investment over the next 3-5 years,' Padhye said. Arista said it is partnering with government bodies and academic institutions to train over 100,000 engineers over the next decade in areas such as 'AI for Networking' and 'Networking for AI' to prepare a future-ready workforce and strengthen India's role in the global digital economy.
Hindustan Times
25-07-2025
- Business
- Hindustan Times
India-UK FTA: A bold pathway to closer trade ties
India and the UK have signed a historic free trade agreement (FTA). Coming on the heels of India's other key FTAs with Australia and the UAE, the India-UK FTA promises to give a significant boost to the existing bilateral trade of $56 billion between the two countries. Spanning 30 chapters and comprehensively covering a wide range of issues, from trade in goods and services to labour, environment, and gender, the FTA is a new deal for businesses and people in India and the UK. India's labour-intensive sectors, such as textiles, leather, gems, and jewellery, are going to be significant beneficiaries of this FTA, as the UK will eliminate its tariff rates on these products. India, on its part, will lower tariff rates for passenger automobiles and other goods that are of interest to Britain. For instance, as per India's Schedule of Tariff Commitments, the tariff rates on passenger automobile vehicles will be reduced to 11%. However, this reduction has been placed in the staging category E10, which means that the tariff rate shall be reduced in ten equal annual installments. Thus, India has negotiated a more extended transition period, which will allow Indian industry ample time to prepare for the competition it will face from British cars. Moreover, the Indian automobile industry — a key success story of India's economic liberalisation — is robust and competitive enough to ward off import competition. Thus, the fear that the Indian automobile industry will suffer, as some have opined, due to the India-UK FTA, is exaggerated. A key area covered by the India-UK FTA is government procurement. India has opened its government procurement market to British bidders, marking a significant shift in Indian policy, which has historically restricted foreign competition in this area. However, India has also protected its national interests by ensuring that the provisions related to government procurement do not apply to procurements made for national security purposes, to preferences established under public procurement policies for micro and small enterprises (MSEs), and to the procurement of agricultural products made to support agricultural programmes. Additionally, Articles 15.4(8) and 15.4(9) reference the Make in India (MII) programme. Article 15.4(9) explicitly allows India to adjust its MII programme as per national needs, while still adhering to the overall requirement of non-discrimination. The environment chapter is another vital part of the India-UK FTA. Naysayers had held that the inability of the two sides to see eye to eye on the so-called carbon tax issue — the UK's Carbon Border Adjustment Mechanism (CBAM), which would impose a tax on India's carbon-intensive products, such as steel, aluminium, and cement — could derail the FTA. This did not happen. There is no mention of a carbon tax in the environment chapter. While concerns regarding the UK's CBAM, which is set to come into force in 2027, and its potential to encumber India's market access are genuine, Article 21.3(5) may save the day for New Delhi. This article states that domestic environmental laws should not be imposed in a manner that constitutes arbitrary or unjustifiable discrimination or results in a disguised restriction of international trade. India can utilise this provision to ensure that the UK does not use the CBAM or any environmental law for protectionist reasons. The chapter on labour illustrates India's ongoing shift away from its traditional stance of not linking trade to labour issues. A major concern among those who oppose this trade-labour connection is the fear that developed countries might exploit labour standards as a means of trade protectionism. To address this concern, Article 20.2(3) of the India-UK FTA clearly states that labour standards should not be utilised for protectionist purposes. Furthermore, Article 20.3 explicitly acknowledges the right of countries to develop their labour laws according to their own priorities, thereby providing India with sufficient policy space. As part of the chapter on services and movement of natural persons, India is also expected to benefit from a more liberalised trade in services regime. This would facilitate the movement of Indian professionals to work in the UK. A significant part of the India-UK FTA is Chapter 29, covering dispute settlement. This chapter is important because it demonstrates the continued reliance of India and the UK on the judicialisation of their international economic relations, i.e., a proclivity to use judicial mechanisms rather than diplomacy to settle their trade disputes. The dispute settlement chapter allows the two sides a choice of forum to bring a dispute. Article 29.5 explicitly states that if a dispute arises over a matter under the FTA and a substantially equivalent matter under any other international agreement that binds both countries, including WTO, the complaining country may select the forum in which to settle the dispute. Such a possibility is real since obligations that countries accept under an FTA may significantly overlap with those in WTO. A critical element of Chapter 29 is Article 29.11(8), which provides that a panel constituted under the FTA to settle a dispute between the two countries shall consider relevant interpretations contained in the WTO panel and Appellate Body reports. This provision, also present in other FTAs such as the India-UAE and Australia-UK, demonstrates the importance that India and the UK attach to the WTO jurisprudence that the US has sought to discredit. Notably, the dispute settlement chapter does not apply to chapters on government procurement, environment, and labour. This, arguably, gives India elbow-room for policy manoeuvre. In summary, the India-UK FTA represents a bold attempt to restructure the bilateral economic relationship between the two countries. Its significance, however, goes beyond just advancing bilateral trade. It validates that bilateralism and plurilateralism will be the mainstay of international trade law-making in the foreseeable future, as WTO stands essentially crippled. Furthermore, the FTA would reinvigorate India's trade negotiations with other countries, including the European Union. Prabhash Ranjan is a professor and vice dean (research), Jindal Global Law School. The views expressed are personal.
Economic Times
04-07-2025
- Business
- Economic Times
MakeMyTrip completes share repurchase to cut China-based Trip. com's stake
ANI Nasdaq-listed MakeMyTrip has completed repurchase of over 3.4 crore Class B shares held by China-based bringing down the latter's voting power in the travel booking platform to 16.90 per cent from 45.34 per cent. The Gurugram-headquartered MakeMyTrip informed the US stock exchange that three directors have resigned with immediate effect following the completion of the repurchase, as the number of nominated directors on its Board has been reduced from five directors earlier, to two directors pursuant to the Terms of Issue of the Class B shares. "On July 2, 2025, MakeMyTrip completed the repurchase of 34,372,221 Class B shares in MakeMyTrip from Group Limited pursuant to the amended and restated share repurchase agreement dated June 23, 2025 between MakeMyTrip and All of the 34,372,221 Class B shares repurchased from by MakeMyTrip have been cancelled," MakeMyTrip informed in the filing. Following the completion of the repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding, comprising 89,851,697 ordinary shares, 5,295,690 Class B shares and 236,012 ordinary shares held as treasury shares (of which holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares, representing approximately 16.90 per cent of the voting power in MakeMyTrip), the company stated. MakeMyTrip's board of directors will continue to consist of ten members, comprising three management directors, four directors (including one Mauritius resident director) who will qualify as Independent Directors (as defined in the amended and restated investor rights agreement dated April 26, 2019 between MakeMyTrip and one other Mauritius resident director and two directors nominated by Regarding the changes in composition of its Board, MakeMyTrip informed that three nominated directors including James Jianzhang Liang, Moshe Rafiah and Paul Laurence Halpin have each notified the board of directors of MakeMyTrip of his intention to resign as a director with effect from the completion of the repurchase. The board of directors of MakeMyTrip accepted their resignations with immediate effect. The board of directors of MakeMyTrip approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen and Mohit Kabra (its Group Chief Financial Officer) as directors with effect from July 2, 2025, the travel booking platform said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. How Balrampur Chini, EID Parry are stirring up gains amid melting sugar stocks Are Sebi's MII evaluations driving real change or just more paperwork? Delhivery survived the Meesho curveball. Can it keep on delivering profits? Drones have become a winning strategy in war; can they be in investing? Stock Radar: Trent stock showing signs of bottoming out; stock still down over 25% from highs – what should investors do? Buy, Sell or Hold: Motilal Oswal initiates coverage on Inox Wind; Gabriel top pick for Elara Securities One simple reason to own & trade them: 5 large-caps from different sectors with upside potential of up to 46% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
