Regulations
Suspended DGM of SEBI gets bail in graft case

CBI had arrested Averjeet Singh along with his accomplice on a complaint filed by Ahmedabad-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation

 

Ahmedabad: The Gujarat High court granted bail to Avarjeet Singh, the suspended deputy general manager of Securities and Exchange Board of India (SEBI) in a bribery case lodged by a city-based trader, reports PTI.

Justice JC Upadhyay, while allowing the bail petition of Singh, also directed him not to go to Mumbai, where he used to work at Sebi office, till 31st July.

The court has granted bail to Ashok Mehta, an accomplice of Singh in the case, as well.

"The bail was granted subject to both of them furnishing bonds of Rs25,000 and would need to report once every month to CBI office here which is investigating the case," said Senior Counsel PM Thakkar, who represented Mehta.

The bail applications of the accused currently lodged in Sabarmati Central Jail under judicial custody were rejected by the special CBI court last week.

CBI had arrested Averjeet Singh on 2nd June along with Mehta on a complaint filed by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.

Singh was first sent for three-day remand by a CBI special court. The agency then sought further remand which was refused by the court.

Following this, the investigating agency approached the high court pleading that it needed five more days to interrogate the accused. The court on 15th June allowed another four days' custodial interrogation of Singh.

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TDSAT allows broadcasters to be party in tariff row

The Hinduja group MSO had challenged TRAI's order that the charges collected from the subscription of paid channels or bouquet of paid channels shall be shared in the ratio of 65:35 between MSO and the local cable operator respectively

 

New Delhi: Broadcast tribunal the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) allowed several news channels and the News Broadcaster's Association (NBA) to be a party in the dispute between the sectoral regulator and multi system operator (MSO) IndusInd Media Communications Ltd (IMCL) over tariff as part of proposed digitalisation, reports PTI.

A TDSAT bench allowed news channels - NDTV, Time Global (holding company of Times Now), India TV, TV Today, Total TV and NBA -- to be a party a case filed by IndusInd Media Communications Ltd (IMCL) against the Telecom Regulatory Authority of India (TRAI).

IMCL, a Hinduja group MSO firm, had challenged TRAI's order that the charges collected from the subscription of paid channels or bouquet of paid channels shall be shared in the ratio of 65:35 between MSO and the local cable operator respectively.

The TDSAT also allowed the plea of India Broadcast Foundation (IBF), a lobby group of television broadcasters to be a party in it.

However, the TDSAT also said that broadcasters' impleadment would be subject to the objections raised by IMCL.

Impleadment means to be added as a party.

It also asked TRAI and broadcasters, which has allowed to implead to file a comprehensive reply before it within four weeks and three weeks to MSO to file its rejoinder.

TDSAT asked to list the matter on 7th August for next hearing.

The tribunal's direction came while hearing the petition filed by the Hinduja group owned MSO challenging TRAI's tariff order for digital addressable systems.

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Pricey food, crude oil may have caused inflation in past two years

The evidence for both India and other countries suggests that the impact of monetary policy actions on inflation is modest and subject to lags

 

Mumbai: Rise in food and crude oil prices could have contributed to high in inflation in past two years despite tight monetary policy, says a working paper from the Reserve Bank of India (RBI), reports PTI.

"Despite the monetary tightening by the RBI during 2010 and 2011, inflation remained high and this could be attributed to the structural component of food inflation as well as the surge in international commodity prices beginning the second half of 2010 and continuing into the first half of 2011," the paper has concluded.

However, it said, the evidence for both India and other countries suggests that the impact of monetary policy actions on inflation is modest and subject to lags.

The central bank, however said that the views expressed in the paper are those of authors and not that of the Reserve Bank of India.

Inflation was persistently high during 2010 and 2011. In response, monetary policy was progressively tightened by the RBI beginning March 2010.

The effective policy rate was increased by 525 basis points (bps) from 3.25% in March 2010 to 8.50% in October 2011.

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