Top 10 biz headlines: No relief for FPIs, more trouble for TikTok, and more

From super-rich tax to RCom's SIM swap fraud, Business Standard brings you the top headlines that made news on Thursday

FPIs get no relief from FM Nirmala Sitharaman on 'super-rich' tax

The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted as Parliament passed the Finance Bill, 2019, on Thursday. Finance Minister Nirmala Sitharaman dismissed the argument of the Opposition that the tax would lead to a flight of FPIs. Read more...

Sebi tightens disclosure framework for listed banks; to address issue of abrupt auditor exits

Sebi said that all listed banks will have to disclose if their additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies. Meanwhile, the market regulator has also proposed stricter norms to strengthen audit processes and curb abrupt resignations of auditors in publicly traded companies. On the other hand, it said that recent budget proposals could undermine its role as regulator, particularly with respect to the recommendation that the minimum public shareholding be raised to 35 per cent from 25 per cent. Read more...

EY finds no major lapses in IndiGo dealings after Gangwal points finger

An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company. The forensic review of the airline, done by consultancy firm EY, says all such transactions since its public listing were done at “arm’s length”, approved by the audit committee. Read more...

Jet Airways interim RP receives claims of over Rs 24,000 crore from lenders

The interim resolution professional (IRP) handling Jet Airways insolvency has received claims of more than Rs 24,000 crore from its lenders, vendors, travel agents, and employees. The IRP has admitted 33 claims from banks worth Rs 8,462 crore, and is verifying Rs 15,044-crore claims from operational creditors and staff. Read more...

Standard Chartered becomes first foreign bank to launch operations at IFSC in GIFT City 

The GIFT City said Standard Chartered will be the first foreign bank to launch operations at International Financial Services Centre (IFSC). Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). The US-based lender is expected to start operations at IFSC by the end of this year, FE reported.

RCom asked to compensate for bank fraud after SIM swap 

Maharashtra's principal secretary (IT) S V R Srinivas has directed Reliance Communications to compensate for over Rs 12.2-lakh bank fraud after it issued a duplicate SIM card to a third party, which enabled the crime online. The complainant is likely to face fresh challenges as the telecom company is facing insolvency proceedings, according to a report by TOI.

LIC offers Rs 25,000 cr credit line to NHAI for funding highway projects

Life Insurance Corporation (LIC) has offered a credit line of Rs 25,000 crore to the National Highways Authority of India (NHAI) for funding highway projects. It is learnt the funds will be raised for 30 years and the interest rate will be revised every 10 years. Read more...

Flipkart co-founder Sachin Bansal in talks to buy Essel's mutual fund arm

Flipkart co-founder Sachin Bansal is in talks with Essel group to buy its mutual fund (MF) business, according to people in the know. “We are in talks with a few interested parties. We don’t want to give out names, as no deal has been finalised yet,” Essel Finance said in a response. Read more...

Startups face 200% fine for non-compliance with govt norms on angel tax

In a move to encourage only genuine start-ups, a penalty of 200 per cent has been introduced for not complying with the government’s conditions while availing angel tax exemption. Besides exemption from angel tax, Finance Minister Nirmala Sitharaman had said in the Budget speech that start-ups will face reduced scrutiny from tax authorities. Read more...

Centre, 5 state govts for ban on TikTok, Helo; 2 more may join in

It is open season on short-video platform TikTok and social media portal Helo, both owned by Chinese tech major Bytedance, with at least five state governments, as well as the Centre, gunning for a ban on them. According to sources, Tamil Nadu, Telangana, Maharashtra, West Bengal and Gujarat are planning to ban the apps. The governments of Punjab and Karnataka are likely to follow suit. Read more...