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With an aim to recover fines from elusive offenders, capital markets regulator SEBI on Thursday introduced a reward system for up to Rs 20 lakh to informants for sharing information about the assets of defaulters. The reward may be granted in two stages - interim and final. While the interim reward amount will not exceed two and a half per cent of the reserve price of the asset regarding which tips were provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less. Coming out with guidelines on the grant of reward to an informant who provides credible information about the assets of the defaulter under recovery proceedings, SEBI said, "information and the identity provided by the informant or the reward paid to him shall be held in confidence." As per SEBI, a person will be considered to be an informant eligible for a reward if he or she furnishes original information in relation to the asset of a defaulter concerning the dues which are certified as 'Difficult to Recover'. The difficult-to-recover dues are the ones which could not be recovered even after exhausting all the modes of recovery. Also, the regulator issued a list of 515 defaulters, where information can be provided by any informant. In addition, for the purpose of recommending the eligibility of reward, SEBI will set up an informant reward committee comprising the chief general manager of the <keyword id="14394652" type="General" weightage="80" keywordseo="recovery-and-refund-department" source="Orion">Recovery and Refund Department</keyword>, the concerned recovery officer having jurisdiction in the matter, another recovery officer nominated by the chief general manager and an officer in the grade of deputy general manager or higher, of the <keyword id="16745560" type="General" weightage="80" keywordseo="office-of-investor-assistance-and-education" source="Orion">Office of Investor Assistance and Education</keyword> nominated by the chief general manager in charge of <keyword id="135031" type="General" weightage="80" keywordseo="investor-protection-and-education-fund" source="Orion">Investor Protection and Education Fund</keyword> (<keyword id="277906" type="General" weightage="80" keywordseo="ipef" source="Orion">IPEF</keyword>). The informant reward committee will give its recommendations to the competent authority on the matters pertaining to the eligibility of informants for reward and the determination of the amount of reward payable to informants. SEBI said that the amount reward granted to the informant will be paid from the Investor Protection and Education Fund. The new guidelines have become effective from March 8, the <keyword id="6355630" type="General" weightage="80" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) said. According to SEBI's annual report for 2021-22, the markets regulator segregated dues to the tune of Rs 67,228 crore under "difficult to recover" (DTR) category at the end of March 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-patient-succumbs-to-brain-stroke-every-four-minutes-in-india-says-expert/articleshow/98520040.cms">One patient succumbs to brain stroke every four minutes in India says expert</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/elon-musk-run-tesla-faces-probe-as-reports-of-steering-wheels-falling-off-while-driving-emerge/articleshow/98519867.cms">Elon Musk-run Tesla faces probe as reports of steering wheels falling off while driving, emerge</a>

SEBI introduces reward mechanism for informants providing tips on defaulters

Union Minister for Commerce and Industry Piyush <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword> on Monday (local time) visited <keyword id="107096" type="General" weightage="80" keywordseo="tesla" source="Orion">Tesla</keyword>'s manufacturing facility in California's Fremont and said that the US electric car maker is on its way to double its components imports from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. Goyal stressed that he is proud to see the growing importance of auto component suppliers from India in the <keyword id="7829399" type="General" weightage="50" keywordseo="tesla-ev" source="Orion">Tesla EV</keyword> supply chain. He said that he missed meeting Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and wished him a speedy recovery. He said that he is "delighted" to see Indian engineers and finance professionals working in senior positions and contributing to Tesla's journey to transform mobility. Taking to social media app X, Goyal stated, "Visited @Tesla 's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers &amp; finance professionals working at Senior positions and contributing to Tesla's remarkable journey to transform mobility. Also proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk's magnetic presence and I wish him a speedy recovery." Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning (local time), will participate in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial meeting from November 13-14, 2023. During his visit, he will also attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. Just shortly upon arrival in the US, Goyal met with Singapore's Minister for Trade and Industry Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen economic partnership between India and Singapore. Taking to X, Goyal stated, "Met H.E. Gan Kim Yong, Minister of Trade &amp; Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership." (ANI) He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars. Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation. One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on "India-USA Innovation Handshake Initiative", with the aim to lift up and connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies." During his visit to the US, Goyal will also participate in the investors' roundtable along with one-to-one meetings with CEOs, according to the press release. He will also interact with various stakeholders such as students, entrepreneurs, venture capitalists and the Indian diaspora. Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly, in Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including semiconductors), Technology, FinTech etc. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank">Ind vs NZ in World Cup semis again – Head-to-head, form, key clashes and more</a> <a href="https://www.businessinsider.in/tech/news/ex-apple-employees-launch-ai-pin-a-wearable-which-wants-to-replace-your-smartphone/articleshow/105113255.cms">Ex-Apple employees launch AI-Pin, a wearable which wants to replace your smartphone</a> <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a>

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

The <keyword id="13535043" type="General" weightage="20" keywordseo="india-australia-economic-cooperation" source="Orion">India-Australia Economic Cooperation</keyword> and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said <keyword id="269080" type="General" weightage="20" keywordseo="union-commerce-minister" source="Orion">Union commerce minister</keyword> Piyush Goyal. "Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India," Goyal said. The Australian parliament has announced the passing of the <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword> (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years. Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal. The Minister underscored that the Agreement was finalized after extensive and exhaustive stakeholder consultations and pointed out that it was "unanimously accepted" and supported by all quarters. The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes, India's Ministry of Commerce and Industry said in a statement on Tuesday evening right after minister Goyal's presser. Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The trade relationship facilitated through the deal will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. This Economic Cooperation and Trade Agreement is the first trade agreement of India with a developed country after more than a decade, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/googles-parent-company-alphabet-prepares-to-lay-off-10k-employees/articleshow/95691119.cms" style="">Google's parent company Alphabet 'prepares' to lay off 10K employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a>

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

<ul><li>The Securities and Exchange Board of India finally came down hard on the NSE for giving certain brokers preferential access to its trading systems. </li><li>The <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> found that between 2011 and 2014, some brokerages availed of faster access to the NSE’s <keyword id="152818" type="COMPANY" weightage="20" keywordseo="Algorithmic-trading">algorithmic trading</keyword> system, giving them an unfair trading advantage over other brokers. </li><li>The markets regulator levied a <keyword id="52103" type="ORGANIZATION" weightage="20" keywordseo="Fine">fine</keyword> of nearly ₹10 billion on the NSE and disallowed it from tapping capital markets for funds for a period of six months. </li><li>The order has been a long time coming. The lapses in the NSE’s algorithmic trading platform and co-location services.first came to light in mid-2015. </li></ul>After deliberating for a few years, the Securities and Exchange Board of India (SEBI) <a href="https://www.sebi.gov.in/enforcement/orders/apr-2019/order-in-the-matter-of-nse-corporate-governance-in-respect-of-nse-and-others-_42888.html">finally came down hard </a>on the National Stock Exchange (NSE), one of the country’s two major bourses, for giving certain brokers preferential access to its trading systems. The SEBI found that between 2011 and 2014, some brokerages, the likes of which include OPG Securities, Way2Wealth Brokers, and GKN Securities, allegedly availed of faster access to the NSE’s algorithmic trading system, giving them an unfair trading advantage over other brokers. The markets regulator levied a fine of nearly ₹10 billion on the NSE - comprising a principal amount of ₹6.25 billion along with an annual interest rate of 12% since 2014 - to be paid to the Investor Protection and Education Fund (IPEF). Furthermore, the NSE has been disallowed from tapping capital markets for funds for a period of six months while its two former CEOs and co-founders - Ravi Narain and Chitra Ramakrishna - will have to return as a portion of the salaries they earned during the years the lapses took place. OPG Securities, alleged to be the main beneficiary from preferential access, was also given a fine in separate <a href="https://www.sebi.gov.in/enforcement/orders/apr-2019/order-in-the-matter-of-opg-securities-private-limited_42879.html">order</a>, and barred from accessing securities markets for five years. In response, the CEO of the NSE, Vikram Limaye, told <a href="https://www.livemint.com/companies/people/we-are-exploring-all-legal-options-vikram-limaye-nse-ceo-1556646548090.html">Mint</a> that the SEBI’s ruling would be reviewed and that legal options were being considered. The order has been a long time coming. The lapses in the NSE’s algorithmic trading platform and co-location services.first came to light <a href="https://www.moneylife.in/article/blowing-the-whistle-on-manipulation-in-nse/42337.html">in mid-2015</a>, when a <keyword id="97974" type="PERSON" weightage="20" keywordseo="Whistleblower">whistleblower</keyword> reported the events to the SEBI. As a result, the SEBI commenced a probe into the bourse’s high speed trading system. The issue of “preferential access” was <a href="https://economictimes.indiatimes.com/markets/stocks/news/nse-ex-staffer-reveals-how-some-brokers-got-preferential-access-to-servers/articleshow/58136897.cms">confirmed</a> by another former NSE employee in April 2017. With the culmination of the legal saga, the NSE’s plans for an <keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword> (IPO) could be revived again. The bourse’s ₹100 billion IPO has been in the works <a href="https://www.business-standard.com/article/markets/will-nse-ipo-hit-the-market-in-2017-117070400490_1.html">since December 2016</a>, but was effectively put on hold pending the resolution of the trading case. However, it will only be able to move forward with the plans after the six-month period expires. SEE ALSO: <a href="https://www.businessinsider.in/india-sebi-just-made-it-a-lot-cheaper-for-you-to-invest-in-mutual-funds/articleshow/65867646.cms">India, SEBI just made it a lot cheaper for you to invest in mutual funds</a> <a href="https://www.businessinsider.in/indias-market-regulator-has-made-the-ipo-process-easier-for-companies/articleshow/64695655.cms">India’s market regulator has made the IPO process easier for companies</a>

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SEBI introduces reward mechanism for informants providing tips on defaulters

PTI

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

ANI

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

ANI

India’s market regulator finally slapped a fine on the National Stock Exchange for giving preferential access to certain brokers

Dilsher Dhillon

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