US Department Of Justice Files Anti-Trust Suit Against Apple, Sebi Rolls Out T+0 Settlement

Sebi Introduces T+0 Settlement System

The Securities and Exchange Board of India (SEBI) is introducing its much-awaited T+0 settlement, which will shorten the trading cycle further -- a move that will benefit retails traders the most. On Thursday, the stock market regulator issued a framework for implementing the beta version of same-day or T+0 settlement on an optional basis, in addition to the T+1 settlement cycle.

To start with, this option will be available in the equity cash segment for 25 scrips and through a limited set of brokers. All investors will be allowed to participate in this segment and trade timing for will be between 9.15 am and 1.30 pm. More here

US Justice Dept Brings Antitrust Suit Against Apple

In one of the most significant antitrust lawsuits filed in the history of the tech industry, the US Department of Justice along with 16 states, has accused iPhone maker Apple Inc. of illegally maintaining its monopoly over high-end smartphones and artificially inflating prices for consumers.

The antitrust complaint alleges that Apple used its control of the iPhone to prevent competitors from offering innovative services such as digital wallets and limited the functionality of hardware products that compete with Apple’s own devices, the Wall Street Journal reported.

The suit also claims that Apple makes it difficult for users to switch to devices that don’t use Apple’s operating system, such as Android smartphones. Apple “has maintained its power, not because of its superiority, but because of its unlawful exclusionary behavior,” said US Attorney General Merrick Garland. Read more 

In India, Apple Manufacturing Facilities Breaking PLI Scheme Records

Apple may be under fire in the United States over antitrust violations but in India, it is setting records. A Business Standard report said Apple has hit the milestone of producing Rs 1 lakh crore free-on-board value in the first 11 months of FY 2023-24. 

Produced in India for the last three years by three of its contract manufacturers, the US major has surpassed its target of producing Rs 1 trillion worth of iPhones by the fifth year of the production-linked incentive (PLI) scheme two years ahead of schedule. It has also exceeded its target for the third year, in which the eligibility for incentives was fixed at a maximum of Rs 75,000 crore for the three vendors. More here 

Electric 2-Wheeler Makers Upset Over Subsidy Cuts In EMPS 2024

Electric two-wheeler makers don’t seem too happy with the new Electric Mobility Promotion Scheme (EMPS) 2024 for subsidies, the Business Standard reported. The new scheme, they fear, could result in a hit of over Rs 300 crore.

The Ministry of Heavy Industries notified EMPS 2024 operational guidelines recently, which is effective from April 1 replacing the earlier FAME II scheme. Under EMPS, which has an outlay of Rs 500 crore for the four months beginning April 1, the subsidy for electric two-wheelers has been halved to Rs 5,000 per KWH, with a cap of only Rs 10,000 per vehicle against Rs 22,500 previously. The scheme also includes electric three-wheelers. More here 

P2P Lenders To Stop 'Liquid Funds' Following RBI Warning

In a concerted attempt at self-regulation, a grouping of the country’s peer-to-peer (P2P) lending platforms has asked its members — including Liquiloans, Lendbox and Faircent — to stop offering instant withdrawal products to customers after March 31, people aware of the move said. 

The initiative by the Association of P2P Lending Platforms comes on the back of sharp displeasure expressed by the Reserve Bank of India over a spate of such products offering attractive interest rates and instant liquidation options to retail investors. Read more

Ban On 25 Dog Breeds Hits Dog Breeders Industry, Rottweiler Inclusion Bemoaned

The Indian government’s decision to prohibit the import, sale and breeding of 25 dog breeds, has hurt the dog breeding business, the Business Standard reported. The banned breeds include pitbulls, Rottweilers, American bulldogs and wolf dogs, due to their perceived aggressiveness and potential risk to human safety.

The report quoted a breeder from Kerala as saying the ban not only threatened the breeders’ livelihood, but also raised concerns about the welfare of these dogs since they could be abandoned. The breeders aren’t happy about the much-in-demand Rottweiler being included in the prohibited list. The Delhi High Court is hearing a plea against the ban. More here