Top headlines: Bourses to pay for tech glitches; Zomato IPO gets Sebi nod

Awaiting bail for eternity, rights activist Stan Swamy passes away, Centre tells HC twitter no longer enjoys immunity from prosecution. Business Standard brings you the top headlines of the day

Sebi to penalise bourses for tech glitches

Market regulator Sebi on Monday issued a detailed framework for penalising market infrastructure institutions (MIIs)— which includes stock exchanges, clearing corporations and depositories— for technical glitches.

“MIIs are systemically important institutions as they provide infrastructure necessary for the smooth and uninterrupted functioning of the securities market….For any downtime or unavailability of services, beyond such predefined time, there is a need to ensure that ‘financial disincentive’ is paid by the MIIs as well as managing director (MD) and chief technology officer (CTO) of the MII," Sebi said in a circular. Read here

Zomato's mega IPO may hit market as early as this month

Food delivery company Zomato has obtained market regulator Sebi’s greenlight to launch its Rs 7,875-crore initial public offering (IPO). Investment banking sources said the mega issue could hit the market as early as this month.

Zomato had filed its offer document with Sebi on April 28. The company, backed by China’s Ant Group, is planning to issue fresh shares worth Rs 7,500 crore in the IPO. Read here

Twitter failed to comply with new IT Rules: Centre tells Delhi HC

Microblogging platform Twitter did not comply with the new Information Technology Rules, and has therefore lost its immunity, provided to intermediaries under Section 79(1) of the Information Technology Act, 2000, the government has told the Delhi High Court.

This was said in an affidavit filed by lawyer Amit Acharya, who filed a petition against Twitter over non-compliance with the new Information Technology rules that went into effect on May 26, 2021. Read here

Awaiting bail for eternity, activist Stan Swamy passes away

Priest-activist Stan Swamy, arrested under an anti-terror law in the Elgar Parishad case, died at a Mumbai hospital on Monday in the middle of his fight for bail on health grounds.

The 84-year-old Jesuit priest had been on a ventilator since Sunday after his health worsened rapidly. Read here