Top headlines: FPIs seek six more mths from FinMin, 1st India chip fab soon

FPIs seek six more months from FinMin to comply with PMLA tweaks

Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges.

Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. Read more

SVB collapse: Start-ups seek govt's help to bring money to India

Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting on Tuesday with the government over the fallout of Silicon Valley Bank’s collapse.

Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups. Read more

First India chip fab to be announced in a few weeks: Ashwini Vaishnaw

India’s first semiconductor fabrication unit will be announced in the next few weeks, Union minister Ashwini Vaishnaw said on Tuesday, as he expressed confidence that the country will soon join the league of a select few countries which have a vibrant semiconductor industry.

“We are almost at an inflection point when the first fab should be declared in a few weeks. And that is just the beginning,” Vaishnaw said at the Confederation of Indian Industry’s (CII) Partnership Summit. Read more

SoftBank management leadership team visits add weight to India market

A top management leadership team from SoftBank has been coming to India in the last few days to meet the founders of start-ups and other investors, signalling the country’s emergence as a pivotal market for the global investment giant.

Based on current estimates, India accounts for nearly 10 per cent ($20 billion) of SoftBank’s invested assets under management (AUM) globally. That makes the country its third largest market after the US and China. Read more

Rise in average value of card, internet banking frauds: Govt data

The value of the average banking fraud involving cards and internet banking was up 8.5 per cent to Rs 34,802 in 2021-22 (FY22), even as the number of such instances declined year-on-year.

There were 65,045 such instances of fraud in FY22, according to data released in the Lok Sabha (LS) on Monday. Read more