GST 2.0 makes it less taxing as govt scrap arrest powers, raise prosecution threshold to Rs 5 crore in major overhauleconomictimes.indiatimes.com
The Goods and Services Tax Council approved comprehensive reforms to simplify indirect tax compliance and reduce business disputes. Finance Minister Nirmala Sitharaman announced that arrest powers will be scrapped and the threshold for prosecution will be raised from 1 crore rupees to 5 crore rupees. Several criminal offenses will be converted to civil matters with implementation scheduled for April 1 next year. The council also adjusted provisions for e-way bills and input tax credits while capping rate modifications at once per year.
Vivriti Asset Management returns over Rs 3,400 crore to investors across two fund vintageseconomictimes.indiatimes.com
Vivriti Asset Management completed and exited its Vintage II performing credit funds, returning over 2,260 crore rupees in capital and income to investors. The funds raised 1,700 crore rupees after launching in early 2022 and deployed more than 3,500 crore rupees across 45 portfolio companies. Investments targeted sectors including infrastructure, clean energy, manufacturing, and financial services. The moderate risk scheme delivered a gross internal rate of return of around 15 percent while the conservative scheme achieved approximately 12 percent.
NSDL hits new low, down 8% vs IPO; CDSL up 748%; analysts decode divergencebusiness-standard.com
Shares of National Securities Depository Limited hit a fresh lifetime low of 734.50 rupees on the Bombay Stock Exchange, trading below its initial public offering price of 800 rupees. In contrast, Central Depository Services Limited shares advanced 0.5 percent to 1,264 rupees, maintaining a substantial gain since its 2017 listing. Analysts attribute the divergence to a moderation in capital markets enthusiasm and a decline in average monthly new demat account additions during the past two years. Technical analysts note that Central Depository Services remains in a downtrend while trading below key resistance zones.
Global Market: Maas Group shares plunge 11% after Nvidia-backed Firmus scraps $5 billion IPOeconomictimes.indiatimes.com
Shares of Australian construction services provider Maas Group plunged nearly 11 percent after Nvidia-backed data center operator Firmus withdrew its planned 5 billion dollar initial public offering. Maas holds a 3.2 percent stake in Firmus and supplies electrical infrastructure through its JLE Group unit. Firmus cited market volatility for abandoning the listing and intends to pursue alternative private funding. Despite the public offering cancellation, Maas confirmed that its construction contracts with Firmus remain active with work orders valued at approximately 1.1 billion Australian dollars.
Tokenization could unleash tens of billions of dollars in trapped capital, Nasdaq CEO sayscnbc.com
Nasdaq Chief Executive Officer Adena Friedman stated that tokenizing financial assets and currency flows could free up tens of billions of dollars in trapped collateral across the global banking system. Speaking at the TOKEN2049 conference in Singapore, Friedman noted that institutional interest has grown following the passage of the Genius Act in the United States. Transitioning financial markets to round-the-clock trading will require continuous risk management supported by artificial intelligence tools. Cryptocurrency exchange Kraken co-Chief Executive Officer Arjun Sethi added that international firms are increasingly seeking tokenization to access American capital markets.
Bonfiglioli eyes ₹2,500-crore IPO as India arm powers 31% of group EBITDAthehindubusinessline.com
Bonfiglioli India is preparing for a public offering of over 2,500 crore rupees through a secondary share sale by its Italian parent company. The Indian subsidiary contributes 31 percent of the global group's earnings before interest, taxes, depreciation, and amortization and 17.6 percent of its revenue. Managing Director Kennady V Kaippally stated that the unit has reached financial maturity after 25 years of operations and capital investments totaling nearly 680 crore rupees. The company holds a dominant market share in wind-turbine drives while expanding its footprint in industrial automation and heavy-duty gearboxes.