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Regulations on corporate bond market to be announced by September: SEBI
New delhi, Feb 10 (IANS) In line with the announcements made by the Finance Minister in the Union Budget, markets regulator Securities and Exchange Board of India (SEBI) will come up with regulations on corporate bond market by September this year, Chairman Ajay Tyagi said here on Saturday.
“In this budget, two announcements which have been made, they will further help in deepening the bond market. One is 25 per cent borrowing by the large borrowers through the bond market,” Tyagi told reporters here.
“We will come out with regulations on this by September of this year. Obviously, those regulations will be light touch regulations because it is to encourage corporates to move towards bond market.”
Stating that the corporate bond market has been a “very good market” during the last two years, Tyagi pointed out that around Rs 6.7 lakh crore was invested through corporate bonds during 2016-17.
“This year it (investment) is likely to be surpassed,” said Tyagi.
Tyagi said the other budgetary announcement on pension funds and insurance companies being allowed to invest in “A-rated” bonds will further develop the bond market.
In the Union Budget announced on February, the Finance Minister Arun Jaitley had proposed that corporate bonds rated ‘A’ grade would be permitted as eligible for investment.
“Corporate bonds rated ‘BBB’ or equivalent are investment grade. In India, most regulators permit bonds with the ‘AA’ rating only as eligible for investment,” Jaitley had said in his budget speech.
“It is now time to move from ‘AA’ to ‘A’ grade ratings. The government and concerned regulators will take necessary action.”
On the budgetary proposal to tax long term capital gains (LTCG) on equities exceeding Rs 1 lakh at 10 per cent, Tyagi said: “What was thought was that markets are booming, and this dicussion has been going on for the last three years. Perhaps, it was felt that this is opportune time to do it.”
In the Indian equity markets, the barometer BSE Sensex has shed around 1,900 points and the NSE Nifty over 500 points since February 1, 2018.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.