Market regulator Securities and Exchange Board of India (Sebi) on Friday returned the scheme of arrangement mooted by Chennai-based Equitas Holdings with regard to Equitas Small Finance Bank, citing that draft scheme was not in compliance with the regulatory provisions.

In filing to stock exchanges, Equitas Holdings, promoter of ESFB, said it will initiate necessary steps to list its shares through Initial Public Offer (IPO)which is expected to be completed by March 2020 under normal circumstances.

The domestic equity market on Thursday snapped the five day winning streak as investors became cautious ahead of announcements of IIP data for July, retail inflation data for August and European Central Bank's policy meeting later in the day.

The S&P Sensex closed 166.54 points, or 0.45% lower at 37104.28 after falling 222.15 points intra-day. NSE Nifty 50 slipped below 11000-level as it closed 52.90 points, or 0.48% lower at 10982.80.

Red Corner Notice (RCN) has been issued by Interpol against fugitive diamantaire Nirav Modi's brother Nehal Deepak Modi in connection with a money laundering case. It is alleged that Nehal had set up entities to launder money which was received by Niral Modi.

Forty-year-old Nehal was born in Belgium and is now under the scanner in connection with the case. Nehal is based out of New York City. Investigations revealed that he was director of now defunctFirestar Diamonds USA.

The Ministry of Electronics and Information Technology on Friday constituted a committee under the chairmanship of Infosys co-founder Kris Gopalakrishnan (pictured) to study issues related to non-personal data and suggest how the government should look at regulating it.

“There is a growing trend towards platformisation of the digital economy, and in such a platform economy, data could play a critical role as a community or public resource,” the ministry said.

A regulatory sandbox will help companies manage risk during the testing phase, which will enable more innovative ideas to be tested in the market, said the insurance regulator on Friday.

If such an idea becomes successful, it will be introduced in the market, said Sujay Banarji, member (distribution) at the Insurance Regulatory and Development Authority of India (Irdai).

New Delhi: Public sector lender Bank of Baroda on Friday said its capital raising committee will meet next week to consider raising funds through bonds.

"The capital raising committee (CRC) of whole time directors of the bank is scheduled to be held on September 18 to consider raising of debt capital for the bank through issuance of Basel III compliant tier II bonds /additional tier 1 bonds," the bank said in a regulatory filing.

Pune: Mahindra & Mahindra, India's biggest utility vehicle maker, on Thursday rolled out a subscription-based service for retail buyers of its personal range of cars to boost sales ahead of festive season and amid worst slowing demand.

Under this scheme, Mahindra's vehicles in Delhi (NCR), Mumbai, Pune, Bengaluru, Hyderabad, Kolkata, Chandigarh and Ahmedabad will be available at a subscription price starting from Rs 19,720 per month.

Oil and Natural Gas Corporation on Wednesday said it would invest more than Rs 13,000 crore in exploring oil and gas in Assam by drilling over 220 wells across the state in the next five years.

The company said in a statement that it has signed an MoU with the Assam government to enhance its exploration and production activities in the state.

Sebi on Thursday asked listed companies to settle their outstanding dues with the capital markets regulator, bourses and depositories before filing “schemes of arrangement” such as mergers and demergers with the exchanges.

The markets regulator also said listed entities will be liable for punitive action in case of furnishing any false information.

The government has set a tall divestment target of ₹1.05 trillion for FY20. Needless to say, it would need to sell stakes in some of the large public sector companies to achieve the target.

Here, state-run oil marketing and refining company, Bharat Petroleum Corp. Ltd (BPCL), seems to be on the radar.

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