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EXCLUSIVE


SUPREME COURT ASKS SEBI TO REFUND RS 300 CR TO NSE

India's Supreme Court on Monday directed the market regulator to refund 3
billion rupees ($36.3 million) to the National Stock Exchange of India in a case
involving alleged lapses in the bourse's systems. The top court also refused to
stay a tribunal order, which had set aside the regulator's ruling against NSE,
the lawyers added.

 * Reuters
 * March 20, 2023, 18:29 IST

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India's Supreme Court on Monday directed the market regulator to refund 3
billion rupees ($36.3 million) to the National Stock Exchange of India in a case
involving alleged lapses in the bourse's systems, lawyers representing the
parties said on Monday.

The top court also refused to stay a tribunal order, which had set aside the
regulator's ruling against NSE, the lawyers added.

In 2019, SEBI passed a series of orders against the NSE and its former chief
executives, Chitra Ramkrishna and Ravi Narain, alleging that the exchange did
not exercise due diligence while setting a network that allowed high-frequency
traders unfair access to some network servers at the exchange.


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SEBI had ordered the NSE to deposit nearly 11 billion rupees, including
interest, in an investor fund and barred it from raising money from the
securities market directly or indirectly for six months.


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 * 3 hrs ago
   
   GOVT TO HOLD EXPO DESPITE FIN CRISIS

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   RBI SEEKS APPLICATIONS FOR DEPUTY GOVERNOR; THESE BANKS’ CHIEFS, MDS IN RACE

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EXCLUSIVE


INDIAN ECONOMY GAINING MOMENTUM SINCE SECOND QUARTER, EMERGES FROM PANDEMIC
STRONGER

RBI’s economic research wing headed by deputy governor Michael Debabrata Patra
argued that the sequential slowing down in successive quarters of 2022-23 is due
to base effect. As for the data, India’s gross domestic product (GDP) for the
October-December quarter moderated to a three-quarter low of 4.4%, according to
data released by the ministry of statistics earlier in the month.

 * Atmadip Ray
 * ET Bureau

Click Here to Read This Story
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The Indian economy emerged from the pandemic stronger than expected and has
gained momentum since the second quarter of the current fiscal even as
year-on-year growth rates do not reflect this pick-up due to the impact of
statistical base effects, Reserve Bank of India said in its monthly state of the
economy report.

RBI’s economic research wing headed by deputy governor Michael Debabrata Patra
argued that the sequential slowing down in successive quarters of 2022-23 is due
to base effect.

As for the data, India’s gross domestic product (GDP) for the October-December
quarter moderated to a three-quarter low of 4.4%, according to data released by
the ministry of statistics earlier in the month.



Citing February-end data from the National Statistical Office, RBI researchers
however said that the recovery from the pandemic was stronger than earlier
believed, led by private consumption and supported by a rebound in government
consumption during 2021-22.


"The Indian economy is intrinsically better positioned than many parts of the
world to head into a challenging year ahead, mainly because of its demonstrated
resilience and its reliance on domestic drivers," it said.

The central bank's monthly report highlighted that on the supply side,
agriculture is into a seasonal uptick while industry is emerging out of
contraction and services have maintained momentum.

Both the government and the central bank expect India to grow by 7% in FY23. RBI
projected GDP growth for FY24 at 6.4%.

The report also suggested that the economic impact of the collapse of Credit
Suisse and three regional banks in the US would be limited. However, “markets
are bracing up for tighter financial conditions which could present a trade-off
between financial stability concerns and the conduct of disinflationary monetary
policy”.

The NSO’s data also revealed that India’s per capita GDP grew by 14.7% in
nominal terms and by 5.9% in real terms in 2022-23. Over the last decade, these
growth rates were 9.5% and 4.5% respectively, making for improvement in
livelihoods. In US dollar terms, India’s per capita GDP has crossed $2,450,
which represents a stride towards becoming a middle-income economy.


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EXCLUSIVE


GOVT TO HOLD EXPO DESPITE FIN CRISIS

The state government, which has slapped an additional tax burden on the public
to shore up its crumbling finances, will organize a nearly two-month-long
exhibition in all districts to trumpet the government’s achievements.

 * Aswin J Kumar

Click Here to Read This Story
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Thiruvananthapuram: The state government, which has slapped an additional tax
burden on the public to shore up its crumbling finances, will organize a nearly
two-month-long exhibition in all districts to trumpet the government’s
achievements. The expo will be held in every district for a minimum of seven
days.

The expo is scheduled from April first week to May end. The expo has been titled
My Keralam 2023 trade fair and expo.

It is from April 1 that the proposed hike in tax and cess as part of additional
revenue mobilization will be implemented in the state.



As per the order issued regarding the expo, the exhibition shall feature the
government’s achievements, the history of the state achieving top places in
different sectors and how departments are being beneficial to the people.
Entertainment activities will be included in the expo.

For publicity, art programmes and other general expenses, the amount for each
district has been capped at Rs 35 lakh.

KIIFB has been entrusted with the task of preparing the infrastructure and
meeting expenses.

Each department can spend a maximum of Rs 5 lakh in one district, and this limit
will not apply to public sector enterprises, according to the order.

When TOI asked Biswanath Sinha, additional chief secretary, finance, whether the
department gave nod for the expo amidst the financial crisis, he asked what the
expo was and directed to check with the parties concerned.

The order issued by the Information and Public relations department has been
copied to the additional chief secretary, finance.

The cabinet notes also show that conducting the expo involves a financial burden
and that it was discussed with the department of finance and incorporated.



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EXCLUSIVE


RBI SEEKS APPLICATIONS FOR DEPUTY GOVERNOR; THESE BANKS’ CHIEFS, MDS IN RACE

As per the Finance Ministry’s notice, applicants need to have at least 15 years
of experience in banking and financial market operations, extensive experience
as a full-time director/ board member. Here are the details:

 * ETBFSI Staff
 * ETBFSI

Click Here to Read This Story
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Reserve Bank of India (RBI) has invited applications for the post of Deputy
Governor for which the chiefs of top banks are at the forefront of the race.

The incumbent MK Jain’s five-year term ends on June 21, 2023. Jain helmed IDBI
Bank and Indian Bank, prior to his appointment as RBI DG.

As reported by The Hindu Businessline, chiefs of Bank of Baroda (BoB), Bank of
Maharashtra (BoM), and Punjab National Bank (PNB) as well as the Managing
Directors of State Bank of India (SBI) are the key contenders for the position.



Requirements for the post

As per the Finance Ministry’s notice, applicants need to have at least 15 years
of experience in banking and financial market operations, extensive experience
as a full-time director/ board member.

As a practising banker, applicant should have an appreciation of the role of
banks in large corporate lending in an environment with strong bond markets, and
an understanding of bankruptcy/ restructuring/ turnaround/ credit models, and/
or has overseen the risk management function in large financial institutions, it
mentioned.

The candidate should not be more than 60 years as on June 22, 2023. The initial
appointment as DG will be for a period of three years, with scope for
re-appointment. The post carries a pay scale of Rs 2.25 lakh per month.



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EXCLUSIVE


INDIA’S STEADYING ECONOMY SHOWS SIGNS OF WEAKENING CONSUMPTION

India’s economic growth unexpectedly slowed to 4.4% in the three months to
December. Economic expansion may be under pressure as the “full-blown impact” of
the Reserve Bank of India’s 250 basis point hike in borrowing cost since May
gets transmitted to end-consumers, Crisil Ltd., the local unit of S&P Global
Ratings, said in a report.

 * Bloomberg

Click Here to Read This Story
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India’s economic activity held steady in February though there were early signs
of slowing consumption amid concerns of future growth prospects and hawkish
monetary policy.

The needle on a dial measuring the so-called animal spirits was unchanged from
January when it moved left after picking up speed for the last month of 2022,
signaling weakening domestic demand is becoming a concern. Eight high-frequency
indicators tracked by Bloomberg showed moderating credit growth, weak tax
revenues and a rising unemployment rate.

India’s economic growth unexpectedly slowed to 4.4% in the three months to
December. Economic expansion may be under pressure as the “full-blown impact” of
the Reserve Bank of India’s 250 basis point hike in borrowing cost since May
gets transmitted to end-consumers, Crisil Ltd., the local unit of S&P Global
Ratings, said in a report.



The central bank is seen to raise rates further in its next policy review due
April 6 after retail inflation breached the central bank’s target for a second
straight month in February. The after-effects of the collapse of Silicon Valley
Bank as well as troubles at Credit Suisse Group AG, and the risk of heat wave on
India’s rural economy could also muddy the outlook ahead.

Bloomberg’s animal spirits barometer uses a three-month weighted average to
smooth out volatility in single-month readings. Here are more details:

Business activity
Purchasing managers’ surveys showed activity in India’s dominant services sector
climbed at the fastest pace in 12 years. Manufacturing activity expanded at its
slowest in four months but remained above the 50-mark. That helped take the
composite index to 59 from 57.5 in January.

However, jobs growth was dampened by a lack of confidence in the business
environment, said Pollyanna De Lima, Economics Associate Director at S&P Global
Market Intelligence. “The degree of optimism recorded in February was the lowest
for seven months and below the historical trend as some companies doubted demand
would remain this resilient.”


Exports
Exports fell 8.82% in February from a year ago, while imports dropped 8.21% —
the biggest decline in more than two years.



“Slowing core exports and imports indicate softening global and domestic
demand,” said Madhavi Arora, economist with Emkay Global Financial Services Ltd.
However, Arora lowered her current account deficit forecast for the fiscal year
ending March to 2.5% of the gross domestic product, from 2.6% earlier on robust
services exports in the last few months.


Consumer activity
Liquidity in the banking system is tightening, and credit growth moderated to
15.52% in February, from 16.33% in January, central bank data showed.

Goods and services tax collections, which help measure consumption in the
economy, fell to 1.49 trillion rupees ($18.1 billion) in February from 1.56
trillion rupees in January though it was 12% higher from a year ago.

New vehicle registrations rose 16% in the month, according to data from the
Federation of Automobile Dealers Associations. But passenger vehicle sales
growth slowed to 10.9% year-on-year, from 22% rise seen a month ago.


Market sentiment
Electricity consumption, a widely used proxy to measure demand in the industrial
and manufacturing sectors, improved. Peak demand in February rose to 181
gigawatt from 173 gigawatt a month ago amid predictions of hotter weather over
the coming months. India’s unemployment rate climbed to 7.45%, from 7.14% a
month ago, according to data from the Centre for Monitoring Indian Economy Pvt.




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EXCLUSIVE


GDP TO GROW 7%, INFLATION TO MODERATE: FINANCE MINISTRY REPORT

Supported by gains from high services exports, the moderation in oil prices, and
the recent fall in import ­intensive consumption demand, India’s current account
deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee
in uncertain times, the ‘Monthly Economic Review’, the ministry said.

 * TNN

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NEW DELHI: Indian economy is expected to grow at 7% in FY23 despite global
headwinds, while retail inflation would moderate in line with wholesale
inflation which fell to a 25­ month low in January, the finance ministry said on
Monday.

Supported by gains from high services exports, the moderation in oil prices, and
the recent fall in import ­intensive consumption demand, India’s current account
deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee
in uncertain times, the ‘Monthly Economic Review’, the ministry said.

This will provide a cushion to the external sector at a time when the Fed is
likely to raise rates further and ensure that the country’s external finances
are not a major cause of concern, it said.



The jump in net service exports over the previous year is a critical development
as India increases its market share in both IT and non­-IT services, whose
demand has been triggered by the pandemic, it said, adding that imports are also
less costly now with the easing of global commodity prices.


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EXCLUSIVE


INDIA INC'S STRONG DEBT PROFILE KEY TO ECONOMY'S MACRO STABILITY: FINANCE
MINISTRY

"Tightening of financial conditions by central banks to tame inflation has
raised concerns regarding the exacerbation of corporate debt vulnerabilities,
with corporates being already highly leveraged," the ministry said, adding such
concerns were limited for India.

 * ET Bureau

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The strong debt profile of Indian companies was key to maintaining the country's
macroeconomic stability, which is expected to further improve as the current
account deficit (CAD) for this fiscal year is set to be smaller than earlier
estimates, a finance ministry report said Monday.

Supported by gains from high services exports, moderation in oil prices and a
recent fall in import-intensive consumption demand, India's CAD is estimated to
narrow in FY23 and FY24, providing a buffer to the rupee in uncertain times, it
said. While most analysts had earlier projected the CAD to remain between 3.0%
and 3.5% of GDP in FY23, the deficit is now expected to come under 3.0%.

This will provide a much-needed cushion to India's external sector at a time
when the US central bank is likely to raise rates further and ensure that the
country's external finances are not a major cause of concern, it said.
With back-to-back shocks like the Ukraine war and interest rate tightening by
key central banks, the risk of a spill-over of the stressed balance sheets of
companies to those of financial institutions had increased, the ministry said in
its monthly economic report for February. But, the report said, citing analysts,
that India was one of the few countries that had a lower corporate debt-to-GDP
ratio in the fiscal third quarter compared with the same period during the
global financial crisis year in 2008.



This indicates there is ample space for the corporate sector to take on more
debt, it said. "The strong debt profile of the corporate sector has proven to be
key in maintaining the macroeconomic stability of the economy," it added.

With a narrowing CAD, jump in net service exports and the highest growth rate
(estimated at 7%) among the major economies in FY23, the Indian economy has
"shown a newfound resilience in sailing through the turbulence caused by the
pandemic and geopolitical stress", the report said.

Growth Momentum
The sequential growth momentum witnessed in the December quarter reinforces the
economy's ability to expand on the strength of domestic demand, despite a
slowdown in global output amid increased external uncertainties, it said.

The growth momentum gathered in Q3 of FY23 is likely to be sustained in Q4, it
added.

The economy grew 4.4% on-year in the December quarter, even on an unfavourable
base, against a 6.3% on-year expansion in the previous quarter. Sequentially, it
expanded 7.2% from the second quarter level.


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EXCLUSIVE


DIXIT JOSHI, THE INDIAN-ORIGIN BANKER WHO WILL BRING CURTAINS DOWN AT CREDIT
SUISSE

Joshi took the Credit Suisse position in August last year hoping to restore
confidence at the troubled banking giant, but now faces the unenviable task of a
smooth transition as UBS takes over.

 * ETBFSI Research
 * ETBFSI

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Dixit Joshi, the chief financial officer at Credit Suisse is not a stranger to
firefighting.

A British citizen, Joshi took over the top finance job of Credit Suisse in
August last year. He also holds the position of Member of the Executive Board of
Credit Suisse Group AG and Credit Suisse AG since 2022.

Before joining Credit Suisse, he was with Deutsche Bank, which faced similar
travails as Credit Suisse and had to reinvent itself. Before spending a decade
at Deutsche, Joshi was with Barclays during the financial crisis.



After joining Deutsche Bank in 2011, Joshi was initially sent to Singapore to
revive the bank’s Asia-Pacific equities business. After a couple of other senior
positions in the investment bank, he took on the role of group treasurer in
2017.

That position required a laser focus on the bank’s finances and maintaining
close relations with its investors, especially bondholders, to keep the capital
flowing in.

Joshi arrived at CS at the juncture when the company was facing a deadline to
announce a restructuring that will strip back its investment bank and cut
thousands of jobs, hoping to restore investor confidence.

According to reports then, Joshi had spent most of his first week talking to the
bank’s biggest clients and investors, as well as regulators. He also spoke to
analysts at S&P Global, who this week reaffirmed their A/A-1 rating on the bank
despite uncertainty over the strategic revamp and speculation it may need to
raise more capital.

The task

When Joshi arrived at Credit Suisse its shares had lost more than half of their
value while the price investors have to pay to insure the bank’s debt hit record
levels. That had prompted some clients at a Credit Suisse business that lends
out shares to pull back.



Experts had hoped that Joshi would bring experience across investment banking,
including overseeing prime broking, institutional debt, listed derivatives and
clearing at Deutsche Bank and an understanding of sales and trading.

Joshi was not a champion of radical change at Deutsche Bank but rather pushed
for a nuanced and careful approach. However, it did not help much as a fast turn
of events has seen the storied bank going down.



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EXCLUSIVE


TN BUDGET PROPOSES SUPPORT SYSTEMS FOR STARTUP INCUBATORS

The proliferation of higher education institutions in the state has made Tamil
Nadu a hub for startup incubation centres, but this vast network has not
translated in the number of startups that have emerged from the state.
Recognizing a need for capacity building and hand-holding for the state's
incubators to achieve desired results, the state finance budget on Monday
proposed support systems for the incubators.

 * Sindhu Hariharan
 * TNN

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CHENNAI: The proliferation of higher education institutions in the state has
made Tamil Nadu a hub for startup incubation centres, but this vast network has
not translated in the number of startups that have emerged from the state.
Recognizing a need for capacity building and hand-holding for the state's
incubators to achieve desired results, the state finance budget on Monday
proposed support systems for the incubators.

"With a view to supporting business incubators who propose to specialise in
areas like climate tech, rural tech, agri tech and marine tech, StartupTN will
assist them in raising funds from various sources to set up centres of
excellence and will also bear up to 40% of the cost of such upgradation," TN
finance minister Palanivel Thiaga Rajan said in his budget speech.

While details of the scheme including funds allocated, ceiling limits of
financial assistance and are yet to be determined, StartupTN CEO Sivarajah
Ramanathan said that this would help in improving the focus of the incubation
centres to specialise in high impact areas. "We will also work with any private
educational institutions or any other entity that wishes to set up centres of
excellence in the mentioned verticals," he said.



Data from the commerce ministry as of 2020 showed that TN housed over 66
business incubators -highest in the country. However, despite this, the pipeline
of startups emerging from the state has lagged behind those in Karnataka,
Telangana and Maharashtra. Lack of trained incubation managers and inadequate
funding across incubators in tier-2 and 3 cities emerge as reasons.

The budget has also proposed setting up of a separate vertical within the nodal
agency for startups -StartupTN- to engage and improve the incubator ecosystem in
the state. This will help in targeted engagements with educational institutions
to identify gaps and put in place a monitoring mechanism.

"TN holds a large market opportunity for technology-led impact in areas such as
sustainability and climate tech, but availability of talent, catalytic financing
and strategic advisory remain as gaps. The budget announcement will be a timely
intervention to address these," Vish Sahasranamam, co-founder, FORGE
Accelerator, said.

"As most of the incubators [in the state] are mixed tech incubators, it would
also help some of them specialize in a vertical of their choice and relevance to
their local needs," Balachandran A, general manager at VIT's tech business
incubator, said.




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EXCLUSIVE


NO DIRECTION ON LOADING RS 2,000 NOTES IN ATMS: FM SITHARAMAN

As per Annual Reports of the Reserve Bank of India (RBI), the total value of Rs
500 and Rs 2,000 denomination bank notes in circulation as at end-March 2017 and
as at March-end 2022 was Rs 9.512 lakh crore and Rs 27.057 lakh crore, Finance
Minister Nirmala Sitharaman said in a written reply in Lok Sabha.

 * PTI

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No instructions have been given to banks for filling or not filling Rs 2,000
notes in Automated Teller Machines (ATMs) as lenders make their own choice for
loading of cash vending machines, Parliament was informed on Monday. As per
Annual Reports of the Reserve Bank of India (RBI), the total value of Rs 500 and
Rs 2,000 denomination bank notes in circulation as at end-March 2017 and as at
March-end 2022 was Rs 9.512 lakh crore and Rs 27.057 lakh crore, Finance
Minister Nirmala Sitharaman said in a written reply in Lok Sabha.

"No instructions have been given to banks for not filling Rs 2,000 notes in
ATMs. Banks make their own assessment of amount and denominational requirement
for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc,"
she said.

Replying to another question, the finance minister said, total amount of the
central government debt/liabilities is estimated at about Rs 155.8 lakh crore
(57.3 per cent of GDP) as on March 31, 2023.



Out of this, she said, external debt valued at current exchange rate is
estimated at Rs 7.03 lakh crore (2.6 per cent of GDP).

"Share of external debt is only about 4.5 per cent of total debt/liabilities of
the central government and less than 3 per cent of GDP. External debt is mostly
financed by multilateral and bilateral agencies at concessional rates.
Therefore, the risk profile stands out as safe and prudent," she said.

RBI in consultation with the government has announced various measures recently
to diversify and expand the sources of forex funding to mitigate exchange rate
volatility and global spillovers, she said.

It included, "fresh FCNR(B) and NRE deposits were exempted from the extant
regulation on interest rates (i.e. interest rates shall not be higher than those
offered by the banks on comparable domestic rupee term deposits) till October
31, 2022."

The external commercial borrowing limit under automatic route has been raised to
USD 1.5 billion and the all-in-cost ceiling has been raised by 100 basis points
in select cases up to December 31, 2022, she said.

In order to promote the growth of exports from India and to support the
increasing interest of the global trading community in the Indian rupee, she
said, RBI has put in place an additional arrangement for invoicing, payment, and
settlement of exports/imports in the rupee on July 11, 2022 etc.

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