No proposal for mechanism to regulate Internet content: Government

“The government does not regulate content and there is no proposal to formulate any mechanism to regulate the content on the Internet,” minister of state for communications and IT Sachin Pilot informed the Lok Sabha

New Delhi: Amid a raging controversy over monitoring of the Internet, the government today said there is no proposal to formulate a mechanism to regulate content on the world wide web, reports PTI.

“The government does not regulate content and there is no proposal to formulate any mechanism to regulate the content,” minister of state for communications and IT Sachin Pilot said in a written reply to a question in the Lok Sabha.

He said during the April 2010 to November 2011 period, a total of 57 incidents of misuse of social networking sites in terms of publishing objectionable content pertaining to political leaders, religions, national security and individuals were reported to the Indian Computer Emergency Response Team (CERT-In).

Last week, telecom minister Kapil Sibal had met officials of leading Internet firms, including Google, Facebook and Microsoft, with a view to put a halt to offensive and defamatory content on the Internet, a move that sparked off controversy.

Different and strong views have emerged on the government’s move to police the Internet.

Social networking sites have emerged as an online platform that enables users to share ideas, activities and express views/opinions on specific topics. Such sites can be accessed by all sections of societies.

“Most of such sites are hosted outside the country.

Morphed photographs of our national leaders and other celebrities have been uploaded on some social networking sites,” Mr Pilot said.

The government has notified the Information Technology (Intermediaries Guidelines) Rules, 2011, under Section 79 of the Information Technology Act, 2000. These rules provide for intermediaries to observe due diligence and safeguards, he said.


Weakness may continue: Wednesday Closing Report

If the Nifty goes past today’s low it may hit 4,660

Brushing aside the decline in headline inflation for November, the choppy market settled lower on bleak global cues. The weakening of the rupee to an all-time low of 53.80 to a dollar also added to the woes. Although today the Nifty managed to keep itself above yesterday’s low, it closed in the negative. The fall has been on lower volume of 51.33 crore shares on the National Stock Exchange (NSE). If the index breaches 4,750 decisively, the fall may extend to 4,660. To regain strength, the benchmark will not only have to keep itself above today high of 4,840 but beyond 4880.   

The market opened lower on weak global cues. Wall Street closed in the negative in the absence of any stimulus announcement from the Federal Reserve in its two-day meeting which began on Tuesday. Tracking the US and the still to be resolved European crisis, markets in Asia, including India, opened lower this morning. The Nifty opened at 4,789, down 12 points, and the Sensex lost 39 points to resume trade at 15,964. Oil & gas, power, PSU, metal and capital goods stocks pulled the market down in initial trade.

Select buying amid volatile trade pushed the indices into the positive a short while later. Reports of headline inflation for November easing to 9.11% enabled the market touched the day’s high. At the highs, the Nifty hit 4,840 and the Sensex went up to 16,133.

However, the gains were short-lived as market witnessed a sharp fall half an hour later with the indices entering into the red. Choppy trade saw the benchmarks fluctuating between negative and positive in the second half of trade. Profit booking by institutional investors in post-noon trade resulted in the market declining further and touching its intraday low at around 3pm. At the day’s low, the Nifty fell to 4,750 and the Sensex went back to 15,855. The indices closes near those levels with the Nifty declining 37 points to 4,763 and the Sensex settling at 15,881, down 121 points from its previous close.

The advance-decline ratio on the NSE was in favour of the decliners at 498:1129.

Among the broader indices, the BSE Mid-cap index tanked 0.95% and the BSE Small-cap index declined by 0.81%.

Barring the BSE Fast Moving Consumer Goods index (up 0.23%), all other sectoral gauges closed lower. BSE Realty (down 2.42%); BSE Metal (down 2.16%); BSE Power (down 2.09%); BSE PSU (down 1.63%) and BSE Consumer Durables (down 1.44%) were the top losers.

The top-five Sensex stocks were Sun Pharma (up 1.68%); ITC (up 1.17%); Bharti Airtel (up 0.71%); Jaiprakash Associates (up 0.25%) and Wipro (up 0.08%). The declining stocks were led by Tata Power (down 3.98%); Tata Steel (down 3.94%); DLF (down 3.58%); Mahindra & Mahindra (down 3.53%) and Coal India (down 2.76%).

The main gainers on the Nifty were Sun Pharma (up 1.55%); ITC (up 1.44%); Ambuja Cements (up 0.86%); Bharti Airtel (up 0.84%) and JP Associates (up 0.75%). Tata Steel (down 4.46%); Reliance Infrastructure (down 4.19%); Tata Power (down 4.14%); M&M (down 3.94%) and BPCL (down 3.88%) settled at the bottom of the index.

Markets in Asia closed lower as the US Federal Reserve on Tuesday failed to announce any new stimulus to boost the economy and added that downside risks still remain. The fears of downgrade in sovereign ratings for European countries by global ratings agencies also weighed on investors.

The Shanghai Composite declined 0.89%; the Hang Seng fell 0.50%; the Jakarta Composite slipped 0.32%; the KLSE Composite was down 0.87%; the Nikkei 225 fell 0.39%; the Straits Times declined 0.50% and the Seoul Composite shed 0.34%. Bucking the trend, the Taiwan Weighted rose 0.38%.

Back home, foreign institutional investors were net sellers of equities to the tune of Rs560.80 crore on Tuesday. On the other hand, domestic institutional investors were net buyers of shares totalling Rs481.93 crore.

State-owned Indian Oil Corporation (IOC) is in talks with L&T-Tata Steel-owned Dhamra Port Company for setting up a 5 million tonnes per year LNG terminal in Orissa. The proposed LNG import and regasification facility at Dhamra port will be besides the Rs4,320 crore terminal IOC is planning to set up at Ennore in Tamil Nadu. IOC settled skidded 3.05% to close at Rs268.40 on the NSE.

Jewellery exporter and retailer Rajesh Exports plans to ramp up its retail chain ‘Shubh Jewellers’ to 550 outlets in south India by 2014, and is eyeing revenue of over Rs20,000 crore from retail alone by 2014-15.

The company hopes to acquire 8% share in the Indian retail gold jewellery trade, which would translate into retail revenue of about Rs25,000 crore, making it the biggest player in the Indian retail space,” the company said on Wednesday. The stock gained 0.11% to close at Rs133.15 on the NSE.

Pesticides manufacturer, Excel Crop Care, on Wednesday said that following the Supreme Court order to allow export of unused stock of endosulfan, the company would be able to ship 1,188 kilolitres of the chemical. The export is allowed subject to fulfilment of and compliance with specific conditions, it added. The stock tumbled 9.67% to settle at Rs131.25 on the NSE.


Companies Bill introduced in Lok Sabha

The Bill makes it mandatory for firms to maintain their documents in electronic format, introduces the concept of e-governance, makes provision for encouraging ethical corporate behaviour and rewards employees for their integrity

New Delhi: The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today, reports PTI.

The 2011 Bill was introduced by corporate affairs minister M Veerappa Moily after he withdrew a similar legislation of 2009 on the ground that the revised measure incorporating several recommendations and suggestions made by the Parliamentary Standing Committee on Finance and various stakeholders.

For the first time, the Bill makes it mandatory for firms to maintain their documents in electronic format, introduces the concept of e-governance, makes provision for encouraging ethical corporate behaviour and rewards employees for their integrity.

Among the measures proposed in the fresh bill to enhance accountability are those which provide for additional disclosure norms, facilitate raising of capital, mergers and acquisition and protection of investors and minority shareholders, the Statement on Objects and Reasons of the Bill said.

The original Companies Act was enacted way back in 1956 and has been in operation ever since.

In view of changes in the national and international economic environment and growth in the economy, the need was felt to enact a new law, it said.

The Companies Bill 2009 was then introduced in Parliament and sent to the Standing Committee, which presented its report in August 2010. A large number of recommendations were made by it and suggestions came in from several stakeholders.

Many of these were accepted by the government, which then decided to withdraw the 2009 measure and introduce a fresh legislation incorporating the recommendations.


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