OPINION, P6 SANDEEP PAREKH ECONOMY, P2 Sebi’s investor charter is a step towards investor protection MARKETS, P9 EDITORIAL TOUGH STAND TYAGI-SPEAK At 12th WTO ministerial, a raft of issues relevant for India will come up for discussion Loan defaulters won’t go scot-free, will get back all the money: FM Don’t invest based on market rumours: Sebi chief cautions investors NEW DELHI, WEDNESDAY, NOVEMBER 24, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 228, 22 PAGES, `8.00 (PATNA `8.00, RAIPUR `8.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 58,664.33 ▲ 198.44 NIFTY: 17,503.35 ▲ 86.80 NIKKEI 225: 29,774.11 ▲ 28.24 HANG SENG: 24,651.58 ▼ 299.76 `/$: 74.42 ▼ 0.02 `/€: 83.79 ▲ 0.14 BRENT: $79.75 ▲ $0.05 GOLD: `47,669 ▼ `1,041 IN THE NEWS GST rates: GoM to meet on Nov 27 to finalise report THE PANEL of state finance ministers looking into GST rate rationalisation will meet on November 27 and finalise its report on rate changes to expand the tax base, reports PTI. Sources said the Fitment committee has made many "sweeping" recommendations. Centre transfers `95,082 crore to states as tax share THANKS TO robust tax receipts, the Union government on Tuesday released to `95,082 crore to states as November as their share of divisible tax pool, twice the monthly devolution corresponding to the Budget Estimate, reports fe Bureau in New Delhi. Winter Session: Bill to repeal farm laws, 25 others lined up BESIDES A Bill to repeal the three contentious farm laws, the Centre has lined up 25 new Bills, including one on facilitation of launch of an official cryptocurrency and prohibiting private ones, and another to amend banking laws to facilitate bank privatisation, for the Winter Session of Parliament, reports fe Bureau in New Delhi. NEW UNICORN NoBroker valuation soars to $1 billion FRESH FUNDRAISE Proptech start-up raises $210 m from General Atlantic, Tiger Global & others NoBroker has The start-up FE BUREAU Bengaluru, November 23 REAL ESTATE AGGREGATOR NoBroker,which helps tenants skip brokers by directly connecting them with property owners, has raised $210 million in funding in its latest Series E round. The start-up was valued at nearly$1 billion in the current round, making it the 38th unicorn to achieve the billiondollar valuation mark so far in the start-up ecosystem. The round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures. NoBroker has raised a total registered more than has raised a total of properties on the portal in funding till date 75 lakh $361 m ■ Fresh funding to be utilised to grow apartment community management app NoBrokerHood of $361 million in funding so far.It first raised seed funding from Elevation Capital in 2013. Continued on Page 2 Latent View shares zoom 148% on debut SHARES OF Latent View AnalyticsonTuesdaymadea stellarmarketdebutandsettled with a premium of 148%againsttheissueprice of `197, reports PTI. The stock listed at `530,reflecting a huge gain of 169% from the issue price on BSE. During the day, it jumped 178.55% to `548.75. It gained 148.02% to close at `488.60. On NSE, the company shares made its debut at`512.20,a jumpof160%. ■ Report on Page 9 TRADE TALKS India,US to expand agri market access In departure from WHAT BOTH SIDES AGREED TO DO Trump-era policy, both agree to facilitate movement of skilled professionals FE BUREAU New Delhi, November 23 INDIA AND THE US agreed on Tuesday to ensure greater market access in certain farm commodities, continue their engagementonthecriticalvisa issues and facilitate the movementofskilledprofessionals,as thetwosidesheldthetradepolicyforum (TPF) meeting after a gap of four years to provide a freshimpetustobilateraltrade. Both commerce and industry minister Piyush Goyal and UStraderepresentativeKatherine Tai,who co-chaired the TPF meeting, agreed to pursue a social security totalisation agreement.Thedecisiontowork towardsfreermovementofprofessionals and the totalisation pact,long sought by New Delhi mainlytoprotectitsITindustry against US’ non-tariff barriers, seemingly marks a departure fromthestringentUSpoliciesin recent years, especially under Commerce minister Piyush Goyal with US trade representative Katherine Tai Continue engagement on visa issues, and to facilitate movement of skilled workers Pursue a social security totalisation pact Find mutually-agreed solutions on bilateral disputes atWTO Work towards building secure supply chain in health theTrump administration. Domestic IT firms pay over $1 billion ayearto complywith the social security norms for their Indian employees in the US despite the fact that these people don’t work there long enough to be eligible for such benefits.A totalisation agreementremovesdualsocialsecurity taxation. However, the US Finalise work on market access for mangoes and pomegranates from India, and cherries and alfalfa hay from the US Bolster engagement in legal, nursing, accountancy and electronic payment services, and digital economy Explore joint principles to ensure internet remains open for free exchange of ideas, goods, and services has remained non-committal onacompleterestorationofthe GSP (Generalised System of Preferences) benefits to India. UnderGSP,India could ship out duty-free goods worth $6-6.5 billion a year (but the potential tariffforgonebytheUSwasonly $240 million in 2018). Continued on Page 2 PREPAID RATES Voda Idea follows Bharti,raises tariffs Debt-ridden telco currently has lowest Arpu at `109 FE BUREAU New Delhi, November 23 RATE CARD Current New (in `) 79 99 FOLLOWING BHARTI AIRTEL, Vodafone Idea on Tuesday raised prepaid tariffs across the board by 20-25% in its bid to improve realisations.The company,which is debt-ridden and weakest among the telecom operators,currentlyhasanaveragerealisationperuser(Arpu)of `109 — the lowest among mobileoperators.Thisisthefirst major tariff hike by the telco since December 2019,when all the companies had raised rates. Both Bharti and Vodafone Idea had undertaken a limited tariff hikeincorporatepostpaidplans and entry-level prepaid plan in Julythisyear. Reliance Jio may also hike 28 479 459 399 379 179 149 28 56 Validity (days) 84 VODAFONE IDEA (BSE) Prev close: 10.6 11.0 10.8 10.6 10.47 10.58 10.4 10.2 Open Close tariffsinthedaystocomebutits tariffs are still expected to remainlowerthanthatofBharti andVodafone Idea. Continued on Page 2 India to release 5 m barrels of crude oil INDIA HAS joined the US, China,Japan and the Republic of Korea and others, in releasingcrudeoilfromtheir respective strategic resources to counter the Opec+ group’s decision to extend the production cuts, even as oil prices remain firm, reports fe Bureau in NewDelhi.“Indiahasagreed torelease5millionbarrelsof crude oil from its strategic petroleumreserves,”thegovernment said in statement onTuesday. ■ Page 5 www.shriramcity.in We have One Crore stories to tell. And they are yours. Sneaked a ride on your father’s scooter while you were in school. Rescued a puppy on a bike and welcomed her into your home. Took your mother on the bike you bought with your money. First long ride with your love and a challan for speeding. A rainy day when you gave a lift to someone unknown. Cried when you exchanged it for a new one. Named your bike & kissed it goodnight. Gave your daughter her ﬁrst scooter. These are stories in your life. Stories to cherish. Stories for life. Stories on two wheels. Shriram Proud ﬁnancier of 1 Crore two wheelers. Proud to be a part of 1 Crore happy stories. We thank OEMs, dealers & customers in helping us achieve this milestone. New Delhi
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.