EFE, P7 MARKETS, P9 CYBERSECURITY Twitter littered with thieves that are eyeing your assets BACK PAGE, P22 ARTIFICIAL INTELLIGENCE ROAD AHEAD STRATEGY REJIG Survey finds data silos coming in the way of most Indian ITfirms getting best results Credit growth will drive liquidity normalisation: Khara How Amazon pulled the plug on cricket before the IPL auction NEW DELHI, THURSDAY, JUNE 16, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLVIII NO. 91, 22 PAGES, `10.00 (PATNA & RAIPUR `10.00) 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: 52,541.39 ▼ 152.18 NIFTY: 15,692.15 ▼ 39.95 NIKKEI 225: 26,326.16 ▼ 303.70 HANG SENG: 21,308.21 ▲ 240.22 `/$: 78.07 ▼ 0.07 `/€: 81.91 ▼ 0.50 BRENT: $120.53 ▼ $0.64 GOLD: `50,587 ▲ `177 financialexpress.com 9:30 AM, 17th June, 2022 RBI governor Shaktikanta Das and CEAAnantha Nageswaran At a time when the economic and monetary policy is at the centre of all conversations, the event to watch out for is the FE Modern BFSI Summit 2022, to be held in Mumbai tomorrow (June 17). Listen to the Reserve Bank of India governor Shaktikanta Das and Chief Economic Advisor Anantha Nageswaran, as well as a host of leaders from the BFSI sector on the disruptions and opportunities that will shape the future of the sector. Register at: www.financialexpress. com/events/modernbfsi-summit-2022 72 GHZ OF SPECTRUM FOR 20-YEAR PERIOD Cabinet nod to 5G auction; telcos may go slow on bids No price reduction by Cabinet contentious issue for operators, initial rollout may see patchy services FE BUREAU New Delhi, June 15 THEMUCH-AWAITED5Gspectrum auctions will commence fromJuly26,thedepartmentof telecommunications said on WednesdayaftertheUnionCabinetgaveitsapprovaltothesale process.However,with the government sticking to the reserve pricerecommendedbytheTelecom Regulatory Authority of India (Trai), a muted response from the telecom operators is expected,whichislikelytoresult inpatchy5Gservicesinthefirst fewyears. While the operators would bid to some extent for 3,3003,670 MHz band where the reduction in price was 36% compared to what was prescribed in 2018; there's every chance that the premium 700 Mhz band spectrum may go unsold once again. If this happens,itwould be the third consecutive auctions inwhich this At reserve price spectrum across all bands is worth around `4.3 trillion ■ For main 5G band of 3,300-3,670 Mhz, reserve price is `317 crore per Mhz ■ For 24.25-28.5 GHz millimetre band, reserve price is `6.99 crore per Mhz ■ To buy a combination of the two, operators would have to fork out `37,292 crore on pan-India basis ■ Reserve price for 700 MHz is `3,927 crore per Mhz ■ If main 5G bands & 700 Mhz is purchased then total outgo would be up to `57,292 crore ■ No SUC charge will be levied Ashwini Vaishnaw, communications & IT minister Moving forward with PM @narendramodi ji's vision of a Digital India. Spectrum auction announced today is an integral part of developing #BharatKa5G ecosystem band would remain unsold. Industryexecutives told FE that the absence of 700 Mhz band in their portfolio would mean that standalone networks offering both voice and data services would get impacted,whichwould lead to patchy 5G services. The Cabinet has gone fully with the Trai recommendations on almost all the aspects with slight tweaks with regard to some clauses. For instance, on the contentious issue of direct allocation of spectrum to enterprises for building private networks, it has given its approval but with a proviso. It has said that the same would become operational once the government has assessed the demand from the industry after which Trai would be asked to come out with the details relating to assignment. The Cabinet has also reduced the lease of the spectrum to 20 years against 30 years decided by it last year. Though the operators had demanded spectrum for a 30yearperiod,the 20-yeartenure would work out to their benefit in the sense that Trai had saidthatfora30-yearlease,the price would go up by 1.5 times of the 20-year price. As recommended by Trai, the government has accepted easy payment terms where no upfrontpaymentisrequiredby the operators and they are free to pay in equal installments spread over a 20-year period. As decided by the government earlier, there would be no spectrum usage charge on the airwaves bought in the auctions. Continued on Page 2 RELATED STORIES 5G base price to further deepen telcos' debts P4 Enterprises can set up their private 5G networks P4 NCLT must take call on resolution in 30 days: Panel FE BUREAU New Delhi, June 15 AS INORDINATE DELAYS in theresolutionofstressedassets hits recovery, the Insolvency Law Committee has suggested that the Insolvency and Bankruptcy Code (IBC) be amended to stipulate that the National Company Law Tribunal (NCLT) shouldacceptorrejectaresolution plan in just 30 days. If the adjudicatingauthority(AA)fails todoso,ithasto“recordreasons inwriting forthe same”. The committee, headed by corporate affairs secretary Rajesh Verma, has recommendedaslewofchangestothe IBC - including on avoidable transactions, change in the threshold date for look-back periodandcurbingthesubmission of unsolicited resolution plans or frequent revisions in such plans - to make the law more robust and help cut delay with an aim to prevent further erosion ofvalue of toxic assets. Taking cognisance of the delays in the disposal of resolutions plans submitted to the NCLT,the committee said such delays are often caused due to a highnumberofobjectionstothe proposedresolutionplan,ordue to a high degree of pendency of cases. “Nevertheless,delays at the Homebuyers’ framework proposed India seeks review of moratorium on e-comm tariffs FE BUREAU New Delhi, June 15 stage of disposal of the resolution plan are value destructive and discourage prospective resolutionapplicantsfromsubmitting plans,” it said,while recommending a 30-day deadline for the adjudicating authority to disposetheresolutionplans. INDIAONWEDNESDAYasked members of the World Trade Organisation (WTO) to review the continuation of the moratorium on customs duties on e-commerce trade, seeking a change in status quo prevailing over the past 24 years. Speaking at the thematic session on e-commerce work programme and moratorium at the 12th ministerial conference of the WTO, commerce and industryminister Piyush Goyal stressed thatthe financial consequences of such a moratorium have been mostly borne by the developing countries. According to an estimate, 86 out of 95 developing countries are net importers of digital products and only five big tech giant companies are controlling the market. Between 2017 and 2020, developing countries have lost potential tariff revenue of at least $50 billiononlyontheimportof49 digital products,Goyal said. Continued on Page 2 Continued on Page 2 HOMEBUYERS OF stressed realty projects maybegovernedbyaseparate regulatory frameworkifaproposalputforward by the insolvency regulator for public comments is approved, reportsfeBureauinNew Delhi. The IBC was amendedin2018toclarify the status of home buyers as financial creditors. A large number of real estate projects, including those of Supertech and Jaypee Infratech,areundergoing insolvencyprocess. — Full report on Page 3 New Delhi