Under a new disclosure clause brought in by the RBI on Thursday, commercial real estate players will have to mention in their advertisements the name of the bank to which a property has been mortgaged
Mumbai: The Reserve Bank of India (RBI) on Thursday asked banks to bring in a disclosure clause under which commercial real estate players will also have to mention in their advertisements the name of the bank to which a property has been mortgaged, reports PTI.
“On a review, it has been decided that the provisions contained therein (relating to disclosures) will be applicable to commercial real estate also,” the central bank said yesterday.
Earlier, the central bank has made it mandatory for banks to inculcate the provisions relating to disclosure of a mortgage property in advertisements for ‘private builders’ at the time of inviting public to buy flats or a property.
Currently, a builder or a developer or a company has to disclose in its advertisements like pamphlets or brochures the name of the bank to which the property is mortgaged.
With this notification, commercial realty will also come under the ambit of such disclosures.
Since most of the incumbent operators will have to renew their licences in the next 3-5 years, they might have to shell out Rs10,972.45 crore for acquiring start-up 2G spectrum as against to Rs1,658 crore paid earlier
New Delhi: Mobile tariffs could go up in the near future as the Telecom Regulatory Authority of India (TRAI) Thursday stood by its recommendation of over six-fold jump in second generation (2G) spectrum price, reports PTI.
Since most of the incumbent operators will have to renew their licences in the next 3-5 years, they might have to shell out Rs10,972.45 crore for acquiring start-up 2G spectrum as against to Rs1,658 crore paid earlier.
TRAI has sent back its recommendations to the Department of Telecom (DoT) which had sought clarifications from the regulator before finalising the National Telecom Policy 2011.
With regard to the one-time charge for additional spectrum beyond the contracted limit of 6.2 MhZ, TRAI has left it to the government to take an appropriate decision.
In its response to DoT, TRAI said “...should the government decide to charge the spectrum beyond the initial spectrum (6.2 MHz) by way of amending the licence conditions, the current price would be what has been estimated by the experts” which is Rs10,972.45 crore for pan-India licence.
In its recommendations earlier this year, TRAI had said that each MhZ of additional spectrum, after the 6.2 MHz limit, held by operators should cost one-time Rs 4,571.87 crore (all-India).
However, it would vary from circle to circle and the operators would have to pay only for those where they hold extra spectrum.
According to TRAI recommendations, all licencees would have to pay for spectrum at the current price at the time of renewal of licences, or else at price to be discovered through auction or any other market-driven mechanism.
TRAI said the price of spectrum in the 800 MhZ band and 900 MhZ band (both are considered to be of superior quality) would be 1.5 times of the price of 1800 MhZ band spectrum.
The regulator, however, recommended some relief by way of suggesting a uniform licence fee of 6% —to be achieved over the next four years—of the adjusted gross revenue (AGR.)
Those with above 35% but less than 60% would be referred to TRAI for its recommendation. The regulator would carry out a detailed examination to ensure that there is no abuse of market dominance.
If an entity ends up having over 60 % market share, TRAI will not consider the particular merger or acquisition.
“The limit for spectrum holding would be 25% of the spectrum assigned in a service area,” TRAI added.
On spectrum sharing, TRAI said, “Spectrum sharing would be permitted between any two licensees holding spectrum subject to the condition that the total spectrum would not cross the permissible limit under mergers.”
The permission would be for a period of five years, subject to renewal for one more term of five years, it added.
On the issue of identifying additional spectrum, TRAI said it is separately initiating an exercise to review the usage of spectrum available with the government agencies.
The regulator would also separately initiate a consultation process to explore the feasibility of liberalisation of spectrum.
It is also looking at limiting the auction of 700 MHz band auction initially to those not having spectrum in the 800/900 MHz band, subject to the condition that holders of the 800 and 900 MHz band would pay the market price.
On exit policy, TRAI said it would initiate a consultation process and forward its recommendations to the government in due course.
The Index futures registered Rs625.43 crore turnover with 23,940 contracts. Among others Index Option (call) registered a turnover of Rs68.44 crore, Index Option (Put) Rs12.73 crore and equity future Rs 53.03 crore, BSE said, adding 128 broker-members participated in the trading
Mumbai: The country’s premier bourse Bombay Stock Exchange’s (BSE) derivatives trading volume crossed Rs750-crore mark on Thursday, reports PTI.
The volume of derivatives trading touched Rs759.64 crore with trading in 30 underlying shares, the exchange said in a statement.
The Index futures registered Rs625.43 crore turnover with 23,940 contracts. Among others Index Option (call) registered a turnover of Rs68.44 crore, Index Option (Put) Rs12.73 crore and equity future Rs 53.03 crore, BSE said, adding 128 broker-members participated in the trading.
The exchange launched market-making scheme, known as the liquidity enhancement incentive programmes or LEIPs in September with the expectation that it would improve liquidity and benefit the retail stock market investors.
The scheme aims to generate more investor interest in derivatives, based on its benchmark Sensex and the underlying 30 stocks. The BSE has earmarked a total of Rs107 crore for the scheme that will be in force for seven months in two phases.