Bank of England rushes to the rescue of bonds as the pound crashes and risk of insuring against deault soars to the highest since 2016. ET learns exclusively that Non-banking financial companies (NBFCs) are staring at a liquidity squeeze. SEBI meet on Sept 30 set to bring in sweeping changes on IPO filing and insider trading norms. Finally India has a new Attorney General, Senior advocate R Venkataramani will hold the office for three years starting October 1.
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 29. And here is what we are tracking. Starting with global news, the Bank of England rushed to the bond market rescue as the central bank declared it will start buying government bonds at an urgent pace to help restore orderly market conditions. The move comes after the government unveiled the biggest tax cuts since 1972. With little detail of how they will be financed, the pound has crashed to a record low versus the dollar and the cost of insuring British government debt against the risk of default has soared to the highest since 2016. Shifting to domestic economy and liquidity et learns exclusively that non banking financial companies that NBFC are staring at a liquidity squeeze wrought by an outflow from the debt funds and reduced banking system funding with banks witnessing a multi year high credit demand and chasing deposits the lending cost for non bank lenders with a three to five year corporate bonds. yields have risen 120 to 160 basis points since March all eyes on the RBI which end rate setting meeting on September 30. Majority of the economists expect the central bank to raise rates for the third time. In a big move for IPO aspirants et learns the Securities and Exchange Board of India that SEBI is set to allow companies holding Initial Public Offerings IPOs to submit confidential prefilling of offer documents relax open offer pricing norms for the disinvestment of public sector undertakings. That's ps use and seek enhanced disclosures from startups in offer documents on the IPO issue price the regulator's board which will meet on September 30. We'll also clear a proposal to bring buying and selling by mutual funds under insider trading rules they are currently excluded. The move comes in the wake of the Franklin Templeton episode in which some executives were accused of insider trading. In news from the Capitol Senior Advocate R Venkatramani has been named as the new Attorney General of India. He will hold office for a period of three years R Venkatramani will replace current attorney general KK Venugopal, whose term ends on September 30 20 22k Venugopal, was serving his third extension hailing from Pondicherry Winkle Romani has served as a member of the Law Commission of India in 2010 and 2013. He has represented the central government several state governments, universities and public sector undertakings before the Supreme Court and high courts. You have been listening to Roopsha Dasguupta, tune into et play Economic Times latest platform for all audio content.