Report Wire

Tag: Jayant Sinha

  • Parliamentary panel on finance discusses information use insurance policies of Big Tech firms

    NEW DELHI : The Parliamentary standing committee on finance, led by Bharatiya Janata Party’s Jayant Sinha, on Tuesday met representatives of digital financial system companies and mentioned enterprise fashions as a part of its examine on the aggressive practices within the sector.

    The panel had a “constructive and congenial” discussion about digital economy, opportunities created for small businesses, investments by these new age companies and their revenue streams with the representatives of the companies, said a person familiar with the discussions, seeking anonymity. The companies will have to submit written answers to specific queries later, he added.

    The interaction with representatives of Big Tech companies will help the panel find out about ‘anti-competitive practices by Big Tech companies,’ according to information on the Lok Sabha website, and is one of the 12 key economic subjects taken up by the committee for a detailed study.

    The extensive and detailed recommendations submitted by the Sinha-led panel on bankruptcy reforms last year formed the basis for proposals to amend the Insolvency and Bankruptcy Code, which are being finalized.

    An email query sent to the panel seeking comments for the story remained unanswered till press time.

    Meta Platforms Inc, Microsoft Corp., Google LLC and Apple Inc. declined to comment for the story.

    The committee discussed issues such as the profitability of e-commerce platforms, extent of investments, data collected by social media networks from users, advertisement on social media platforms and types of business opportunities being created for small businesses by e-commerce platforms, the person said.

    “The revenue model and ad business of big tech have been at the centre of a number of CCI investigations,” mentioned Prasanto Okay. Roy, a expertise coverage marketing consultant.

    Many large tech firms are underneath Competition Commission of India (CCI)‘s lens for alleged anti-competitive practices. Investigations embody alleged advert bias and abuse of dominance by a search engine, promotion of manufacturers owned by an e-commerce platform that’s purported to be impartial, and a telephone maker allegedly abusing its dominant place as an app market supplier and forcing builders to make use of its proprietary fee system.

    When large tech firms are taken to regulators, issues haven’t gone properly for them, mentioned Roy. “The parliamentary panel might assist present some stability. This may even assist the Parliament look into competitors regulation by way of adequacy and implementation,” he mentioned.

    Policymakers are exploring the necessity for a brand new Digital Markets Act, or to introduce sure tips on information assortment and utilization within the Competition Act to control companies, Mint reported on 18 August.

    [email protected]

    Catch all of the Technology News and Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates & Live Business News.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a legitimate electronic mail

    * Thank you for subscribing to our publication.

    First article

  • Jayant Sinha led Par panel to assemble views from cryptocurrency exchanges, stakeholders

    Representatives of crypto exchanges, Block chain and Crypto Assets Council (BACC), trade our bodies and different stakeholders will make their submissions on crypto finance on Monday earlier than a parliamentary panel chaired by BJP chief Jayant Sinha.
    This would be the first assembly on the topic to be convened by the Parliamentary Standing Committee on Finance on the topic, which has generated a variety of curiosity in addition to considerations in varied quarters round funding potential and dangers.
    The panel, headed by Sinha, who can also be a former Minister of State for Finance, will even collect inputs from academicians from IIM Ahmedabad.
    The panel’s assembly, scheduled to be held within the afternoon, assumes significance because it comes days after Prime Minister Narendra Modi chaired a high-level assembly with officers from varied ministries and RBI on the problem of cryptocurrency. Talking concerning the assembly, panel chairman Sinha mentioned the assembly on crypto finance will focus on the alternatives and challenges this quick evolving trade presents to the regulators and coverage makers.
    We have known as stakeholders from throughout the trade together with operators of main exchanges, members of CII in addition to lecturers from the Indian Institute of Management (IIM) Ahmedabad, who’ve finished a really thorough research on the crypto finance, Sinha advised PTI.
    He additional mentioned the panel has additionally known as representatives from the India Internet and Mobile Association of India, of which Blockchain and Crypto Assets Council (BACC), a particular physique that offers with cryptofinance gamers. We will hear from them about their views on the fitting regulatory framework for this trade because it continues to develop and evolve, he mentioned.
    The Supreme Court in early March 2020 had nullified the RBI round banning cryptocurrencies. Following this on February 5, 2021, the central financial institution had instituted an inside panel to counsel a mannequin for the central financial institution’s digital forex. The RBI had introduced its intent to return out with an official digital forex, within the face of proliferation of cryptocurrencies like Bitcoin about which the central financial institution has had many considerations.
    Private digital currencies/digital currencies/crypto currencies have gained reputation up to now one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive concerning the related dangers. It will be famous that on March 4, 2021, the Supreme Court had put aside an RBI round of April 6, 2018, prohibiting banks and entities regulated by it from offering companies in relation to digital currencies.

  • For a price, House Finance panel head Jayant Sinha affords to advise, safe funds for agency

    Raising questions of propriety and battle of curiosity, BJP MP Jayant Sinha, who’s chairperson of the influential Parliamentary Standing Committee for Finance, has supplied his providers for an unspecified month-to-month price to an leisure firm for which he has additionally supplied to assist safe “sufficient financing at the right terms”.
    On February 12, information present, after a gathering with NRI investor Arminder Singh Sawhney wherein they reportedly mentioned the challenge, Sinha wrote to B4U Network CEO Ishan Saksena in reference to Tiger Media, an organization linked to B4U.
    “I will dedicate significant time to this project,” Sinha wrote. “My goal is to assist Tiger Media in becoming a true champion in the global entertainment industry…My pricing for this project would be Rs XX lakhs per month plus GST. I would bill you at the end of every month.” He informed Saksena he may start work March 1.
    The key targets of the connection, Sinha wrote, have been to ascertain a strategic plan for Tiger Media to reap the benefits of the “disruptive trends roiling the global media and entertainment sector,” and safe financing.
    Sinha was Minister of State, Finance, from November 2014 to July 2016 when he turned MoS Civil Aviation till the tip of the primary time period of the Modi authorities.
    Since September 2019, Sinha, has served as chairperson of the Parliamentary Standing Committee for Finance. With 21 members of Lok Sabha and 10 members of Rajya Sabha, the committee’s job is legislative oversight on insurance policies and decision-making of the ministries of Finance, Corporate Affairs, Statistics and Programme Implementation, apart from the Niti Aayog.
    It examines Bills launched by the ministries involved and as chairperson, Sinha has a say in summoning chiefs of personal and public sector banks, and sectoral regulators for deposition.
    When requested by The Indian Express in regards to the propriety of such an task, Sinha stated: “Members of Parliament routinely continue their professions. My profession is that of a management consultant providing strategic inputs through speeches and advisory assignments. To avoid any conflicts, I only accept advisory assignments dealing with strategic issues outside of India. I do not do any work for any firms in the financial sector. I also do not undertake any assignments focused on any type of financial transactions.”
    Incidentally, his letter to Saxena mentions that he’ll assist Tiger Media in “securing sufficient financing at the right terms.”
    “”I’ve identified Arminder Singh Sawhney for greater than 25 years. We had initiated preliminary discussions on offering inputs to Tiger Media on its international technique.No settlement has been finalized and no work has been undertaken thus far,” Sinha informed The Indian Express. “All my professional work is fully disclosed to the appropriate tax and regulatory authorities. As is standard professional practice, client matters are confidential.”

    Responding on behalf of Saksena, a Tiger Media spokesperson informed The Indian Express: “Tiger Media is an international group, subject to legal requirements across multiple jurisdictions. Arminder Singh Sawhney is not an investor in Tiger Media or any of our group entities. There is no other relationship between our group and him. For ethical and legal reasons our group does not engage any politically affiliated person for seeking any services anywhere in the world. Hence, there is no question of approaching any politically affiliated person for engagement of any nature.”
    Registrar of Companies information present Sawhney’s addresses in Delhi, London and Bangkok. In 2015, he was ranked thirty first with a deposit of $3.97 million within the Swiss Leak listing of 100 Indians with Swiss financial institution accounts. Sawhney couldn’t be reached via his Delhi-based accounting agency for feedback.
    Launched in 1999 within the UK and in 2003 in India, B4U claims to be the foremost Asian community to pioneer Bollywood and Indian leisure worldwide. Since then, the model has diversified “across multiple platforms, including TV, cinema, press, new media and digital”. Today, the community is accessible in additional than 100 international locations with a viewership of over 200 million.