BSE Current Affairs

BSE’s iconic Phiroze Jeejeebhoy Towers secures trademark

Stock exchange major Bombay Stock Exchange (BSE) has secured image trademark for its iconic building, Phiroze Jeejeebhoy Towers located on Dalal Street in Mumbai, Maharashtra under Trade Marks Act, 1999. With this, Phiroze Jeejeebhoy Towers joins elite club of distinguished structures around the world that have secured trademark rights.

Significance: Henceforth no one can use images of the  Phiroze Jeejeebhoy Towers for commercial purposes without consent from BSE or paying it licensing fee. Violators are liable to be prosecuted under Trade Marks Act, 1999.

Key Facts

BSE’s Phiroze Jeejeebhoy Towers serves as barometer of Indian economy. It is 28-floor building and was bulit almost 10 years, completed in 1980. At the time of its completion, it was the tallest building in India. Initially it was known as BSE Towers and was later renamed after late chairman of BSE, Sir Phiroze Jamshedji Jeejeebhoy. BSE was founded in 1875. It began as small group of brokers who functioned under a banyan tree on Dalal Street.

Trademark

Trademark refers to graphical representation of goods or services to make it distinguishable from others. It can be words, symbols, sound, colours, shape of goods, graphics representation or packaging etc. It protects owner against unfair competition, prevents damage to reputation of owner and consumer welfare.

In India, trademarks are governed under Trademarks Act, 1999 ( it deals with precise nature of rights one can acquire in respect of trademarks), under aegis of Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce. The implementing body is Controller General of Patents, Designs and Trademarks.

Mumbai’s Taj Mahal Palace hotel was first building in India to acquire image trademark under Trademark Act of 1999 in June 2017. Other iconic structures (builings) in the world that have received trademarks are Empire State Building, New York, USA; Eiffel Tower, Paris, France; Opera House, Sydney, Australia etc.

Month: Categories: Art & Culture Current Affairs 2018

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India’s Largest Municipal Bond Programme Launched

Union Urban Development Minister Venkaiah Naidu has launched India’s largest municipal bond programme.

Salient Highlights

The Pune Municipal Corporation (PMC) became the first municipal corporation in the country to tap money through municipal bonds in 14 years. The AA+ rated PMC’s municipal bonds raised Rs 200 crore at 7.59 per cent rate at the Bombay Stock Exchange (BSE).

This is the first-ever mobilisation of debt capital by a municipal corporation on the BSE BOND platform. This will also be the first issuance since the publication of ‘Issue and Listing of Debt Securities by Municipalities Regulations, 2015’ by Securities and Exchange Board of India (SEBI).

The 10-year bonds will be used by the Pune Municipal Corporation (PMC) for a Rs 2,300-crore water project. The scheme is aimed at providing water 24×7 for all residents of Pune.

Pune Municipal Corporation (PMC) was assisted by the US Department of Treasury to create a debt policy. PMC has also planned to prepare a case study based on its experience and share it with other urban bodies to help them raise money from the bond markets.

Since the bonds do not have any guarantee from the state government, an escrow account has been created to deposit the funds for the comfort of investors.

Municipality Bonds

Municipality bonds can be issued by the city corporations to fund developmental projects. Institutional investors, as well as the public, can buy these bonds. The corporations can use the revenues earned from the developmental projects like Metro rail network to repay the interest and principal on these bonds. These municipal bonds have now been permitted for public offering by SEBI.

Municipal bonds have been in existence in India from the year 1997. Cities such as Ahmedabad, Bengaluru, Nashik and Madurai have already issued them. These bonds will help the city corporations to directly raise funds without the help of grants from the state governments or agencies such as World Bank.

Month: Categories: Business & Economy Current Affairs 2018

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