Business & Economy Current Affairs 2017

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SEBI Clears Vikram Limaye for the post of NSE Chief

SEBI has granted conditional approval for the appointment of Vikram Limaye as the MD and CEO of the NSE.

In February 2017, Limaye who is MD and CEO of infrastructure financing company IDFC was selected for the post of NSE chief. However, SEBI had not cleared his appointment as he was also present in the Supreme Court appointed four-member panel managing the affairs of the Board of Control for Cricket in India (BCCI).

Now, the SEBI has cleared the appointment of Limaye subject to the condition that he relieves himself from his BCCI assignment, among other things. Limaye’s term with the BCCI ends in August this year.

The NSE has already assured SEBI that Limaye will not seek an extension on his BCCI assignment. Limaye is expected to take charge of NSE at a time the exchange is facing challenges in multiple fronts. NSE has been functioning headless for the past six months. In addition, the vice chairman and founding member of the NSE Ravi Narain resigned from the board as the SEBI investigation in the algorithmic trading platform issue picked up. SEBI has also issued show cause notices to 14 directors of the exchange for their failure to maintain market sanctity.

NSE plans for an initial public offering in the second half of this year.

Background

Vikram Limaye was selected as the Managing Director of the National Stock Exchange (NSE) after Chitra Ramakrishna had quit the exchange in December 2016 citing personal reasons.

Vikram Limaye is chartered accountant with an MBA from The Wharton School. Earlier, Mr Limaye was also named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI), the apex cricket management body in the country.

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UNCTAD: India among Top FDI Destinations

According to UNCTAD’s World Investment Report 2017, India continues to remain as a favourite destination for FDI even though tax related concerns remain as a deterrent for the foreign investors.

Salient Highlights of the Report

According to the report, the favourite destinations for FDI are the US, China and India. 

As per the report FDI inflows into a developing Asia has reduced by 15% to USD 443 billion in 2016. This decline is the first since 2012. Other than South Asia, the decline has affected the three sub regions of Asia. However, the report has observed that an improved economic outlook in major economies like ASEAN, China and India is expected to boost investor’s confidence thereby increasing the region’s prospects for 2017. In Asian region, major recipients like China, India and Indonesia have renewed their policies to attract FDI. This is expected to increase the FDI inflows in 2017.

In South Asia, FDI inflows increased by 6% to USD 54 billion and outflows declined by 29% to USD 6 billion.

FDI inflows into India remained stagnant at USD 44 billion. India’s outward foreign flows declined by about one third. Cross-border merger and acquisition deals have become important tools in the hands of the foreign multinational enterprises to foray into the rapidly-growing Indian market. The report has also noted that signing of tax treaty with Mauritius would have contributed to decline in instances of round tripping of FDI.

for the first time, China has emerged as the world’s second largest investor of FDI.

BRICS grouping (Brazil, the Russian Federation, India, China and South Asia), which accounts for 22% of the global GDP has received only 11% of the global FDI inflows.

The World Investment Report has been published by the United Nations Conference on Trade and Development (UNCTAD) annually since 1991. The report focuses on trends in foreign direct investment (FDI) worldwide, at the regional and country levels. United Nations Conference on Trade and Development (UNCTAD) was established in 1964.

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BMI Research: India One of Top 5 Consumer Markets in Asia

According to BMI Research, a Fitch group company, India is among the top five consumer markets in Asia offering retailers the strongest consumer spending growth of an average of 6.1% over the next five years. The other four countries are China, Sri Lanka, Vietnam and Indonesia.

BMI Research was founded in 1984 Business Monitor International and later in 2014 was acquired by Fitch Group. The firm performs industry and financial market analysis in 24 industries and 200 global markets.

Salient Highlights

As per the report, the real consumer spending growth in 2017 will be 6.2%.

The factors responsible for increase in consumer spending in India include increase in access to consumer credit, lower inflation and favourable regulatory environment for foreign owned retailers. These factors will continue to boost India’s consumer sectors in the coming years.

India’s thriving e-commerce segment is expected to grow at double-digit rates in the forecast period up to 2021. The report has observed that due to the limitations of activities for overseas retailers, e-commerce has been dominated by local firms like Flipkart and Snapdeal. In India, Bricks-and-mortar retailers have also began to foray into the e-commerce segment supported by the high mobile penetration in the country.

 

 

 

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