LIC to acquire controlling stakes in IDBI
The cabinet approves the acquisition of controlling stakes in IDBI Bank Limited by LIC. Cabinet also approves the reduction of the stake of GOI in IDBI Bank Limited below 50% and relinquishment of its management control in the Bank.
[Source: Ministry of Finance vide Press release dated 1st August, 2018]
RBI increase the Bank Rate
RBI vide its notification dated 01st August, 2018 has adjusted the ‘Bank Rate’ by 25 basis points from 6.5 % to 6.75 %with immediate effect. Bank rate is the rate of interest charged by RBI on the loan extended to commercial banks.
[Source: RBI notification DBR.No.Ret.BC.03/12.01.001/2018-19 dated August 01, 2018]
Fugitive Economic Offenders Act, 2018 received the assent of President
The Act aiming to deter the offenders who are involving in economic offences amounting minimum Rs. 100 crores from evading the process of law in India by staying outside the jurisdiction of Indian courts. The bill has been cleared by Rajya Sabha and Lok Sabha on 25thJuly, 2018 and 19th July, 2018 respectively and received the assent of president on 31st July, 2018.
[Source: Act notified in the gazette by Ministry of Law & Justice on 31st July, 2018]
SEBI directives to dematerialise the shares by 5th December, 2018
SEBI vide notification dated 8th June, 2018 has amended the SEBI (Registrars to an issue and Share Transfer Agent) Regulations 1993 to restrict the transfer of shares held in physical forms after 5th December, 2018.
[Source: No. SEBI/LAD-NRO/GN/2018/25 dated 8th June, 2018]
