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Singapore: <keyword id="20036942" type="General" weightage="100" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="83" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="83" meta.entityid="Vistara">Vistara</keyword> with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="83" meta.entityid="Air India">Air India</keyword>, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="83" meta.entityid="Tata Group">Tata Group</keyword> and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and <keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword> received to-date, represent a significant development towards the completion of the proposed merger," the airline said in the filing to the Singapore Stock Exchange. The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months. "At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024," it added. According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024. The merger, which will create one of the biggest airline groups, was approved by the National Company Law Tribunal (NCLT) in June. In March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal. Prior to that in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions. "SIA will make the necessary announcement(s) upon completion of the proposed merger or in the event that there are other significant developments," the filing said on Friday.

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

<ul class="summary-list"><li><keyword id="19903774" type="General" weightage="100" keywordseo="Paramount" source="keywords">Paramount</keyword>'s three <keyword id="20122085" type="General" weightage="20" keywordseo="CEOs" source="keywords">CEOs</keyword> told staff it was "<keyword id="22369465" type="General" weightage="20" keywordseo="business-as-usual" source="keywords">business as usual</keyword>" until its <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword> closed, <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">Deadline said</a>.</li><li>They reminded employees that <keyword id="19916567" type="General" weightage="20" keywordseo="layoffs" source="keywords">layoffs</keyword> loomed, following a plan unveiled in June.</li></ul>Paramount's CEO trio told employees it was "business as usual" until the formal close of its megamerger with Skydance, while reminding them that layoffs loomed. Paramount's board approved the merger on Sunday, marking the end of tumultuous talks that were nearly torpedoed in June when Shari Redstone, who owns a controlling stake in Paramount through National Amusements, walked away from the negotiations. Skydance CEO David Ellison, the son of Oracle's cofounder Larry Ellison, is set to serve as chair and CEO of the newly combined company, and former NBCUniversal CEO Jeff Shell plans to serve as its president. Still, the deal is far from sealed — and <a target="_blank" href="https://www.businessinsider.com/ftc-needs-approve-paramount-and-skydance-merger-antitrust-competition-khan-2024-7">may yet face Federal Trade Commission scrutiny</a> over antitrust concerns. In a note to staff <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">obtained by Deadline</a>, Paramount <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">co-CEOs</a> George Cheeks, Brian Robbins, and Chris McCarthy said the transaction would likely close in the first half of 2025 because of "<keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword>" and other factors. Until then, the execs are moving forward with a plan that includes "streamlining teams, eliminating duplicative functions and reducing the size of our workforce," they wrote. They added that Paramount would explore "divesting some of our assets." A representative for Paramount declined to comment on who would be affected by the layoffs. The trio discussed job cuts earlier this year. At an investor meeting in June, they shared plans to run Paramount as a stand-alone company. This included $500 million in cuts, <a target="_blank" href="https://www.latimes.com/entertainment-arts/business/story/2024-06-04/despite-sale-paramount-announces-business-plan-and-job-cuts">the Los Angeles Times reported</a>, including layoffs, asset sales, and a joint venture for Paramount+. At a town hall last month, the CEOs said they'd made progress in identifying duplicative roles, <a target="_blank" href="https://variety.com/2024/biz/news/paramount-ceos-town-hall-layoffs-bankers-asset-sales-1236047993/">Variety reported</a>, including in the legal and corporate-marketing departments, but did not provide a timeline. In February, Paramount <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#paramount-global-is-laying-off-800-employees-days-after-record-breaking-super-bowl-21">cut 800 jobs</a> — about 3% of its workforce. In terms of asset sales, Variety reported that BET, VidCon, and the Paramount Pictures lot could be in play. Correction: July 9, 2024 — An earlier version of this story misstated Shari Redstone's role at Paramount. She's the controlling shareholder of the company and its chair, not its owner.

Paramount co-CEOs tell workers it's 'business as usual' — and remind them that there'll be layoffs

The Securities and Exchange Board of India (<keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword>) on Friday imposed a <keyword id="19915887" type="General" weightage="20" keywordseo="ban" source="keywords">ban</keyword> on businessman <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, 3 key officials of his company and 23 companies associated with him, from <keyword id="20114014" type="General" weightage="20" keywordseo="trading" source="keywords">trading</keyword> in the stock market for a period of five years. This final order of the market regulator comes after a thorough investigation of allegations, which includes significant irregularities related to loan approvals, fund diversion, and non-compliance with regulations among the entities involved. SEBI's investigation revealed a pattern of <keyword id="20803556" type="General" weightage="20" keywordseo="financial-misconduct" source="keywords">financial misconduct</keyword> orchestrated by Anil Amband his associates. The regulatory body found that funds were being diverted under the pretext of loans to entities linked to Anil Ambani, leading to severe breaches of financial regulations. As part of the sanctions, SEBI has issued a comprehensive order stating, "Noticees are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 5 years, from the date of coming into force of this order." SEBI also stated that the ban has been imposed to prevent further <keyword id="20093819" type="General" weightage="20" keywordseo="market-manipulation" source="keywords">market manipulation</keyword> and to uphold <keyword id="20957433" type="General" weightage="20" keywordseo="regulatory-standards" source="keywords">regulatory standards</keyword>. In addition to the trading ban, SEBI also levied a significant penalty of Rs 25 crore on Anil Ambani. SEBI's order elaborates on the nature of the <keyword id="21119934" type="General" weightage="20" keywordseo="fraudulent-scheme" source="keywords">fraudulent scheme</keyword>, stating, "The findings made in this Order have established the existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL (<keyword id="22889177" type="General" weightage="20" keywordseo="Reliance-Housing-Finance-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Housing Finance Limited" meta.hostid="261" meta.entityid="Reliance Housing Finance Limited">Reliance Housing Finance Limited</keyword>)." The charges against Anil Ambani and the key officials of Reliance Housing Finance Limited (RHFL) include the diversion of funds from the company terming as loans to related entities that were never repaid. Despite strong objections from RHFL's board of directors, the company's management, influenced by Anil Ambani and senior officials the management ignored these directives and proceeded with the fraudulent transactions. SEBI investigation highlighted that Anil Ambani's role as the 'chairperson of the ADA group' was pivotal in facilitating the fraudulent activities. The misuse of his position allowed for the orchestration of this scheme, leading to significant financial repercussions. The order by SEBI stated that many of the borrowers failed to repay their loans, which in turn caused RHFL to default on its debt obligations. Additionally, a significant number of these borrowers had close ties to the promoters of RHFL, exacerbating the financial mismanagement. SEBI added that the impact of the conduct by Anil Ambani and entities has been severe, with over 9 lakh shareholders still invested in RHFL facing considerable losses. In February 2022, SEBI issued an interim order restraining RHFL, Anil Ambani, and three other individuals — Amit Bapna, Ravindra Sudhakar, and Pinkesh R Shah from participating in the securities market until further notice. This interim order was a precursor to the more stringent sanctions now imposed in the final order of the market regulator.

SEBI bans industrialist Anil Ambani and 23 entities associated with him for trading in stock markets for 5 years

On Friday, <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">SEBI</keyword> chairperson Madhabi Puri Buch said the capital markets regulator is working on a mechanism to expedite <keyword id="22641553" type="General" weightage="20" keywordseo="IPO-approvals" source="keywords">IPO approvals</keyword>, where companies can simply fill in the blanks in a template to get the go-ahead for IPOs. Separately, SEBI is also developing an <keyword id="20780617" type="General" weightage="20" keywordseo="artificial-intelligence-tool" source="keywords">artificial intelligence tool</keyword> to check IPO documents being filed by companies for faster approvals, Buch said speaking at the Capam event of <keyword id="20126006" type="General" weightage="20" keywordseo="FICCI" source="keywords" meta.keywordsubtype="org" meta.entityname="FICCI" meta.hostid="261" meta.entityid="FICCI">FICCI</keyword>, adding that this tool should be in place by December. Stating that a mystique has been built around the IPO process, like filing of a complex draft red herring prospectus, Buch said the attempt is to demystify the process now. Elaborating on the "demystified <keyword id="21598787" type="General" weightage="20" keywordseo="offer-document" source="keywords">offer document</keyword>" aspect, Buch said SEBI is working on a process which will have a template where companies can just fill in the blanks to prepare the IPO document. There will be a separate column for articulating any complexities and explaining the variations on a particular aspect, she said. "The document will be precise, meaningful and any variation will be explained separately," she said, adding that the new process will smoothen the processing time and also demystify the process. She, however, did not spell out a timeline for implementation of the plan, or also the process that will be followed in the run up. Apart from this, the regulator is also working on a new process of fundraising for listed companies, which will be a combination of rights issue and a preferential allotment. The overall duration for end-to-end process for getting the go-aheads will nearly halve to 23 days from the present 42 days for preferential issues, which is the fastest route of fundraise, she said. Under the innovation, the watchdog is eliminating the need for getting approval from SEBI and will also do away with the requirement for merchant bankers as the fundraising document will be a simple two-page one listing out the necessary details for investors precisely. Buch said this innovation, which will potentially deprive merchant bankers of the fees, is a homegrown solution and the idea has not come from the industry. SEBI will be bringing a consultation paper on this idea before moving ahead with the proposal, she said, adding that the process will be cost-effective and faster. Buch said making the IPO process faster has been a key objective for her, and pointed that there are eight applications which have exceeded the three month threshold at present due to lack of necessary regulatory approvals, judicial interventions and some non-compliances. She also said that SEBI has taken an approach where it prefers to return documents when it discovers things like conflict of interest at merchant bankers' ends, directors being accused of fraud, objects of issue not being clear or it being simply incomplete. "We return the documents to unclutter the path, so that the genuine applications are not delayed," she added. The new system of demystified offer document will help the young companies in its listing process, Buch said, adding that SEBI is also working on rationalising the disclosures to be made by a loss-making company in its listing. The possible solutions will be out in a month, she said, adding that the solutions are being found courtesy the deliberations at the Industry Standard Forum (ISF). The SEBI management will also be taking the ISF to its board with the intent of formalising it, she said. The board will also be seen deliberating on a proposal to streamline the ongoing disclosures to be made under the listing obligation and disclosure requirements (LODR) framework, which have been formulated in consultation with the industry. To help the errant companies who are in violation of securities laws, the regulator has also put in place a settlement amount calculator on its website, she said. It is also working on a benchmarking agency which will help compare the performance of infrastructure investment trusts and real estate infrastructure trusts, she said. Buch also urged the market ecosystem to swiftly adopt solutions offered by regulatory technology companies, adding that this is necessary because the regulator is adopting supervisory technology (SupTech) solutions at a fast pace. Speaking at the same event, largest equity bourse NSE's chief executive and managing director <keyword id="1173259" type="General" weightage="20" keywordseo="Ashish-Kumar-Chauhan" source="Orion">Ashish Kumar Chauhan</keyword> urged small investors to desist from trading in derivatives. He said buying in the morning and selling in the evening should not be confused with "investing", and pitched for right regulations and compliance to it amid the "euphoria". FICCI's president and auto major <keyword id="19967472" type="General" weightage="20" keywordseo="mahindra" source="keywords">Mahindra</keyword> and Mahindra's chief executive Anish Shah said it is necessary for the private companies to push the pedal on investments for driving economic growth. He said for the last three-four years, India's growth is led by government capital expenditures and private capex has been lagging.

SEBI working on a model offer document for firms to 'fill in the blanks' to get IPO approvals, says Buch

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt waives clinical trial requirement for several drugs approved in select countries

Fintech Griffin just secured full regulatory approval. Here's the 12-slide pitch deck it used to raise $24 million as a fully-fledged bank. 

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

New Delhi [India], February 23 (ANI): The Asian Development Bank (ADB) has greenlit a USD 23 million loan to foster the growth of fintech education, research, and innovation at the <keyword id="19906863" type="General" weightage="20" keywordseo="gujarat" source="keywords">Gujarat</keyword> International Finance Tec-City (GIFT) in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services within India. Positioned as the country's premier international financial services center, GIFT has emerged as a burgeoning hub for fostering and nurturing local startups, catalyzing innovation, and propelling economic growth. ADB Economist <keyword id="20688619" type="General" weightage="20" keywordseo="kanupriya-gupta" source="keywords">Kanupriya Gupta</keyword> emphasized the transformative impact of India's fintech industry on business operations, economic prosperity, and future readiness. <keyword id="19983550" type="General" weightage="20" keywordseo="gupta" source="keywords">Gupta</keyword> underscored ADB's commitment to strengthening fintech education to enhance the efficiency and accessibility of digital and financial services across India. Gupta said, "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future. ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future." The ambitious project spearheaded by ADB will see the establishment of an inclusive, sustainable, and climate-resilient International Fintech Institute (<keyword id="20688621" type="General" weightage="20" keywordseo="ifi" source="keywords">IFI</keyword>) within GIFT's premises. The IFI, in collaboration with renowned global institutes and universities, will offer cutting-edge fintech training programs aligned with industry standards and international best practices. A key focus of the institute will be on nurturing innovation and entrepreneurship, with a particular emphasis on supporting women-led startups through tailored incubation and acceleration services. Additionally, the IFI will forge strategic partnerships with industry stakeholders and venture capital funds to facilitate the growth and scalability of fintech startups. In line with ADB's commitment to fostering research and innovation, the program will channel resources towards exploring innovative solutions and technologies in various domains, including climate fintech, regulatory technology, social inclusion, and gender equality in finance. The initiative will also entail the development of a state fintech readiness index to gauge the ecosystem's preparedness and identify areas for improvement. ADB's unwavering dedication to promoting prosperity, inclusivity, resilience, and sustainability in the Asia-Pacific region underscores its broader mission to eradicate extreme poverty and foster sustainable development. With a membership comprising 68 nations, 49 of which are from the region, ADB remains steadfast in its pursuit of catalyzing positive change and driving economic progress across the region. As the fintech ecosystem continues to evolve and expand, ADB's intervention is poised to serve as a catalyst for driving innovation, fostering entrepreneurship, and unlocking new avenues for economic growth and financial inclusion in Gujarat and beyond. (ANI)

ADB approves $23 million loan to catalyze fintech development in Gujarat

<ul class="summary-list"><li>Ethereum has jumped over the past 24 hours as odds of an imminent ETF approval have soared.</li><li>Positive signs have come from the SEC, which needs to make a final decision on two proposals this week.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> rocketed 22% higher on Tuesday on surging confidence that ETFs pegged to the cryptocurrency could be approved as soon as this week.Just as was done for <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bitcoin</a> in January, efforts have been underway to establish an ethereum spot exchange-traded fund, making the cryptocurrency available to a wider array of investors. Though investors have long anticipated regulatory pushback, the Securities and Exchange Commission recently asked potential issuers to update their filings, <a href="https://www.bloomberg.com/news/articles/2024-05-20/ether-jumps-to-lead-crypto-rally-on-etf-approval-speculation" target="_blank" rel="noopener">Bloomberg</a> reported. That's a positive sign ahead of decision deadlines for at least two spot ETFs, one from VanEck and the other from Ark 21Shares.The odds of approval, according to Bloomberg Intelligence ETF analyst Eric Balchunas, jumped to 75% from 25% in a single day on Monday. Meanwhile, odds of approval by May 31 have risen to 61% from 10% on the <a href="https://polymarket.com/event/ethereum-etf-approved-by-may-31?tid=1716298386231" target="_blank" rel="noopener">Polymarket</a> betting platform.According to Standard Chartered Head of FX Research Geoff Kendrick, ETF approvals would cement ether's chances of reaching $8,000 by this year's end. The bullish forecast is one he's held since March, arguing that the funds' approval would drive $15 billion to $45 billion worth of inflows into the token. Eventually, ether could hit $14,000 by end-2025, he reiterated in new research on Tuesday.Further, the ETFs would largely avoid the same situation as bitcoin funds, which have seen outflows and considerable price swings after an initial boom period, he added.For one, Kendrick says inflow volatility will be minimal because ether lacks investment alternatives that could compete with the ETFs, such as a <a href="https://markets.businessinsider.com/stocks/mstr-stock">Microstrategy</a> equivalent. This company's massive hoard of bitcoin means that its stock move in line with the token.Secondly, big outflows are also less likely to be an issue for ether, Kendrick pointed out. This was a challenge for bitcoin after its ETFs hit markets, as the funds became as major competitor to the <a href="https://markets.businessinsider.com/news/currencies/ftx-sold-grayscale-bitcoin-etf-sec-approval-gbtc-novogratz-btc-2024-1">pre-existing Grayscale Bitcoin Trust</a>, leading to a bout of selling. "The ETH Grayscale trust is smaller in percent of market cap than the BTC one was, so any forced selling as occurred with BTC post ETF approval should be less important," Kendrick said in written commentary.Once ether funds are established, the price highs that it can achieve bode well for bitcoin, Kendrick added. Already, the apex token has jumped as much as 6.7% this week on the back of ether's gains."An ETH ETF approval will further legitimise the sector and therefore be BTC positive as well. I would expect a fresh all-time high in BTC by the weekend (through the 14 March USD 73,798 level)," Kendrick wrote.

Ethereum surges 22% on speculation ETFs could be approved as soon as this week — and a new bitcoin record might not be far behind

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

<ul class="summary-list"><li>Ethereum could reach $4,000 ahead of a likely spot ETF approval in May, Standard Chartered wrote.</li><li>The SEC will probably handle the funds' approval similarly to how the bitcoin spot ETF was approached.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum's</a> price could hit $4,000 before late May, if the token is able to secure its own spot exchange traded fund, Standard Chartered said on Tuesday.Head of FX Research Geoff Kendrick wrote in a note that this will likely happen, marking a 70% price upside from ethereum's current value. "We expect pending applications for ETH US spot ETFs to be approved on 23 May, the final deadline for the first of the ETFs under consideration — the equivalent date to 10 January for BTC ETFs," he said.Kendrick forecasts that the process will look similar to how the Securities and Exchange Commission handled the recent <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bitcoin</a> spot ETF applications, which eventually led to the launch of 11 funds after months of regulatory pushback.In theory, ethereum should follow bitcoin's performance in the run-up to the ETFs' approval. Originally, SEC delays first caused bitcoin to flatline, before Grayscale's <a href="https://markets.businessinsider.com/news/stocks/bitcoin-gets-new-life---federal-appeals-court-rules-sec-was-wrong-to-reject-application-from-grayscale-for-spot-bitcoin-etf-1032589939">court victory against the regulator</a> sent the apex token rallying at the end of 2023. Ethereum has already risen around 19% since Blackrock filed for an ETF on November 16. But that's a modest gain compared to what Kendrick says could happen in May, the final deadline date for VanEck and Ark21Shares' applications.Still, to reach the $4,000 price target, some conditions will have to be met.Expectations for the approval will have to be low, as happened ahead of the bitcoin ETF launch, Kendrick said. Market-side implications for an approval will also have to miss the mark — though some may worry that the SEC's stance that ethereum should be treated as a security could get in the way, the commission has already lost that argument in court, Kendrick outlined.Finally, a number of ETFs must be approved at the May deadline for ethereum to enjoy a boost. While the crypto's pre-ETF price action should resemble that of bitcoin, it's a different story once the funds are active. Though bitcoin jumped to an intra-day high of $49,000 on the ETFs' approval, it has since slid 6.7%. The surprising downside stems from massive outflows from Grayscale's fund, which previously functioned as a bitcoin trust.But the Grayscale Ethereum Trust accounts for a much smaller market cap of the crypto than the bitcoin fund did. "Grayscale ETH Trust's current market cap of USD 6bn is 2.2% of total ETH market cap, whereas the comparable share for BTC was 3.1% at the time of the ETF approval," Kendrick wrote.And while the failed crypto exchange <a href="https://africa.businessinsider.com/markets/ftx-selling-dollar1-billion-of-grayscales-bitcoin-etf-has-spurred-major-outflows-from/frrxmhb">FTX led the Grayscale bitcoin selloff</a>, its holdings in the Ethereum Trust amount to just 0.05% of the token's market cap.

Ethereum could surge 70% if its own ETF gets approved in May, Standard Chartered says

<ul class="summary-list"><li>Credit unions in the US are looking to hold crypto assets following a regulatory guidance letter, Bloomberg reported. </li><li>The National Credit Union Administration said credit unions can work with third-party providers of crypto services. </li></ul>Credit unions around the US are seeking approval to hold crypto assets like bitcoin, with the move following regulatory clarification that they can offer cryptocurrency services by teaming up with third parties, <a href="https://www.bloomberg.com/news/articles/2021-12-21/credit-unions-seek-regulator-approval-to-hold-crypto-assets?sref=GUP2BhaG">according to a Bloomberg report</a>. Credit unions with federally insured deposits can work with third-party providers of crypto services to allow their members to purchase, sell, and hold digital assets if certain conditions are met, the <a href="https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/relationships-third-parties-provide-services-related-digital-assets">National Credit Union Administration said in a letter published last week.</a> The guidance gives credit unions the assurance to form partnerships, clarifying what many thought has been possible under existing rules, Lance Noggle, senior director of advocacy for payments and cybersecurity at the <a href="https://www.bloomberg.com/quote/0556832D:US">Credit Union National Association</a>, told Bloomberg in a report published Tuesday. A larger aim for credit unions is to provide crypto services directly to their members in the same way banks are able to do so for their customers, said Noggle. In July 2020, the Office of the Comptroller of the Currency as the regulator for banks gave them the approval to <a href="https://www.bloomberg.com/news/terminal/R0IHAAT0AFB8">offer custody services for cryptocurrency</a>. It more recently said banks must first obtain written permission from their supervisory office. The National Association of Federally-Insured Credit Unions is also seeking explicit approval for credit unions to provide cryptocurrency custody services, Bloomberg reported. The National Credit Union Administration said in its letter that it will evaluate a federally insured credit union's relationship with third parties offering crypto services and related technologies in the same manner as all other third-party relationships. "This includes a FICU exercising sound judgment and conducting the necessary due diligence, risk assessment, and planning when choosing to introduce or bring together an outside vendor with its members," NCUA wrote. The cryptocurrency market this year has soared in valuation terms as the adoption of crypto services and exposure by institutions and retail investors has accelerated. The market was valued at around $2.4 trillion as of Thursday after hitting a $3 trillion valuation in early November.

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