Top headlines: Cairn makes peace with India; Sebi to speed up settlements

Business Standard brings you the top headlines of the day

Cairn Energy said it will drop cases slapped against the Indian government and accept a $1-billion refund offer. The Income-Tax department is working on a new tax portal which will integrate with stock exchange and help in tracking trade transactions.

Read more on these and other top headlines for the day.

Cairn Energy to drop cases against India, accepts $1-billion offer

Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament. Read more

Cabinet may discuss a relief package for stressed telecom sector today

The Union Cabinet is likely to discuss a relief package for the financially stressed telecom sector on Wednesday, according to sources in the government. As part of the package, there could be some relaxation on payment of levies to the government including a one-year moratorium on spectrum installment due in April 2022. Read more

 

Tax portal 2.0 to integrate with bourses to track trade transactions

The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options.

The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. Read more

Qualcomm's chips to power Ola's newly launched electric scooters

From powering mobile devices, US chip designer Qualcomm has tied up with Ola Electric to power its newly just launched electric scooters.

Qualcomm is providing the key 4G connected octa core android platform which provides connectivity, computing capabilities and enables rich immersive displays with power saving software. Read more

Sebi asks exchanges to move to T 1 settlement cycle on an optional basis

The Securities and Exchange Board of India (Sebi) has introduced an optional T+1 settlement cycle for the markets. T+1 means that settlements will have to be cleared within one day of the actual transactions taking place.
 

The regulator has put the onus on the stock exchanges to decide whether they want to opt for the shorter settlement cycle for any of the listed scrips. This can be done after giving a one-month prior notice to all stakeholders. Read more