Hindenburg Says SEBI Helped Adani After Its Report; NITI Aayog Seeks Rules On Facial Recognition

Hindenburg Research Gets SEBI Notice, Says Regulator Helped Adani Group 

US-based short seller Hindenburg Research has said that it has received a "show cause" notice from the Securities and Exchange Board of India (SEBI) on June 27 "outlining suspected violations of Indian regulations" and alleged that the regulator came to Adani Group's aid after the January 2023 report was released, the Business Standard reported.

"Our understanding from discussions with sources in the Indian market is that SEBI's surreptitious aid of Adani commenced almost immediately post-publication of our January 2023 report," it said in a blog post on Tuesday. "Following our report, we were told that SEBI pressured brokers behind the scenes to close short positions in Adani under the threat of expensive, perpetual investigations, effectively creating buying pressure and setting a ‘floor’ for Adani’s stocks at a critical time." Read More 

NITI Aayog Report Seeks Policy Curbs On Damage Caused By Facial Recognition Tech

The NITI Aayog has proposed imposing liability for any harm or damages caused by the use of facial recognition technology (FRT), the Economic Times reported.

The Aayog has suggested the constitution of an ethical committee at organisations that deploy FRT to address issues of transparency, accountability and biases pertaining to its use. “These issues warrant separate regulation, either through codes of practice, industry manuals and self-regulation, or through more formal modes like statute and rules made thereunder,” it said in a report, prepared by the Vidhi Centre for Legal Policy on behalf of the Aayog. The report calls for the need to put in place policy and legal reforms to regulate the use of facial recognition technology in India. More here

RBI To Partner With 4 ASEAN Nations To Connect Respective National UPI-Like Platforms 

The Reserve Bank of India has said it is in the process of creating a platform that will link the fast payments system (FPS) in India and the payments systems of four ASEAN countries, the Economic Times reported

The RBI has now joined Project Nexus, an international effort to bring about instant cross-border payments by interlinking local fast payment systems.  “Nexus, conceptualised by the innovation hub of the Bank for International Settlements (BIS), aims to connect the FPSs of four Asean countries (Malaysia, Philippines, Singapore and Thailand); and India, who would be the founding members and first mover countries of this platform,” the RBI said. The platform, which is expected to go live by 2026, can be extended to more countries going ahead. More here 

Govt Proposes To Clear Power Connection For EV Charging Stations In 3 Days 

The government has proposed to cut the approval time for electricity connection for Electric Vehicle charging stations to three days for metropolitan areas from seven days earlier and seven days in municipal areas from 15 days, the Economic Times reported.

The draft revised guidelines on charging infrastructure for EVs by the power ministry states charge point operators in rural areas should get a connection in 15 days against 30 days. The views on the draft guidelines are to be submitted within 30 days. As per the draft norms, distribution companies will have to create customer customer-friendly online single-window clearance system to expedite the grant of electricity connections to EV chargers. More here

Meta’s Ad-Free Versions Of Facebook, Instagram Get EU Warning

Meta Platforms Inc. has warned by the European Union over its subscription model for ad-free services on Instagram and Facebook, the Economic Times reported. 

The Bloomberg report said it risks potentially heavy fines. EU regulators announced the so-called pay-or-consent policy falls foul of the EU’s Digital Markets Act, because the new model “forces users to consent to the combination of their personal data,” while not being offered a less personalised version of either Facebook and Instagram. “Our preliminary view is that Meta’s advertising model fails to comply with the Digital Markets Act,” said Margrethe Vestager, the European Commission’s antitrust chief.  Meta introduced separate, ad-free versions of Facebook and Instagram in November, to ward off growing regulatory pressure over its processing of users’ personal data. More here 

Coal Ministry Wants Changes In Auction Norms To Benefit Small Businesses

The coal ministry is in the process of proposing changes in the way coal auctions are done so that small businesses from a diverse range of sectors are able to get steady and long-term supplies of the fossil fuel, Livemint reported.

It will shortly circulate a Cabinet draft note outlining changes in the policy on the auction of supply contracts to benefit small businesses in sectors such as steel, cement, fertilisers and captive power producers. It will also advocate setting up a separate window of e-auctions for long-term coal linkage without ‘end-use restrictions’ that determine what the coal is being used for. So far only power companies and large steel and cement makers were allowed to participate in supply auctions. More here