News Digest: Foreign listing of Indian firms, Katowice talks, and more

Sebi panel has also proposed measures to encourage global companies to list in India.

Sebi panel bats for direct overseas listings for Indian companies

In a move that could open up a fresh source of funding for domestic unicorns and new-age companies, an expert committee constituted by the Securities and Exchange Board of India (Sebi) has endorsed direct listing of Indian firms on foreign exchanges. The panel has also proposed measures to encourage global companies to list in India.

The existing legal framework doesn’t allow a company incorporated in India to directly list on foreign bourses. Similarly, companies incorporated outside India cannot directly list their equity shares on the Indian stock exchanges. Read more

IL&FS board rules out group-level resolution in progress report to NCLT

The government-nominated board of beleaguered Infrastructure Leasing & Financial Services (IL&FS) has effectively ruled out a resolution at the group level and is looking to pursue a business-specific plan. The board, in its second progress report submitted to the National Company Law Tribunal (NCLT), Mumbai, has listed the various steps being taken or planned to revive the infrastructure financier. 

On the assessment of a group-level resolution, the board said, “Based on an outreach conducted by the financial and transactional advisors (to potential investors who could have the ability to undertake and execute such a transaction), the initial assessment seems to indicate that currently, the group-level resolution option is unlikely to materialise.” Read more 

Next round of airport privatisation to be easier than Delhi, Mumbai

The government does not want the next round of airport privatisation to go the Air India way. With that in mind, a high-level government committee has set conditions that are easier to comply with, a source close to the development said. For instance, even a bidder with no prior experience in airport development will be allowed to participate in the privatisation process. While net worth of the companies will be among the key criteria, bidders will be asked to absorb employees of the airports for at least five years.

Soon after the Union Cabinet cleared private management of six more airports on November 8, a high-level committee headed by NITI Aayog Chief Executive Officer Amitabh Kant finalised the guidelines and conditions for the privatisation process. Read more 

Soon, filing income tax returns may get easier with pre-filled forms

Taxpayers may soon get relief from the hassles of filling up income tax (I-T) return forms. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Tuesday said the forms might soon come “pre-filled”. 

Once this starts, details such as income, income sources, and personal details would be filled up by the I-T department. The user would need to endorse the form, which will save their time. This would also enable the government to process it faster, Chandra said on the sidelines of an event organised by the Confederation of Indian Industry (CII). Read more 
 

Katowice climate talks: Progress only on areas US, developed nations favour

Negotiators at the climate conference made some progress behind closed doors on parts of the Paris Agreement rule-book, which developed countries preferred not to block. 

But, work on other provisions of the global climate change pact remained in stalemate on the third day of the Katowice climate talks. Most progress on the rules was registered for the transparency regime — regulations which will govern how countries perform under the Paris Agreement starting 2021 is scrutinised. Read more 

The first book written about a stock market is selling for $300,000

On Tuesday, the first book known to be written about a stock exchange went on sale at Sotheby’s Rare Books and Manuscripts online auction, carrying an estimate of $200,000 to $300,000. Written by Joseph Penso de la Vega in 1688, the Confusion of Confusions is a primer for the Amsterdam stock exchange, which was set up by the Dutch East India company in 1602. Bids close on December 17. Read more 

I-T returns filed in April-Nov up 50% y-o-y owing to demonetisation: CBDT

Direct tax collections have accounted for 48 per cent of the Budget Estimates in the first eight months of the current financial year (FY19), Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on Tuesday. The April–November collection stands at about Rs 5.5 trillion, against the target of Rs 11.8 trillion. “We are very hopeful that we will definitely achieve budget target,” he said on the sidelines of an event organised by the Confederation of Indian Industry on international taxation. Read more