• DoT, TRAI differ over cap on number of operators
• Government may set time frame for SEZ approvals
• SEBI may tighten norms for pref warrant conversion
• June FDI inflow at $ 2.58 b; up 8%
• CCI seeks formal request to scan RIL gas dispute
• Following DoT’s move to ask TRAI to reconsider its earlier recommendations, where it had said that there should not be a cap on the number of telcos that are allowed to offer telecom services in a circle, TRAI had replied that it could not look at the issue in isolation as in view of the ‘criticality and complexity of the issues involved, the entire subject required detailed and in-depth analysis’ while adding that it would issue its recommendations by November-end. The communications ministry has now said that it cannot wait until November-end for TRAI’s recommendations on capping the number of players in a circle. It has also said that according to the TRAI Act, the regulator is required to respond to DoT within 60-days and must therefore submit its recommendations latest by September 5, 2009. (ET)
• According to sources, Govt has decided to put in place a mechanism for time-bound clearance of pending approvals in a bid to fast-track approvals for setting up units in SEZs. In a recent amendment to SEZ Rules, it has been laid down that the unit approval committees, which approve SEZ units, should meet every fifteen days for vetting proposals and granting approvals.(ET)
• Norms for preferential allotment of equity warrants are learnt to be back under the SEBI scanner, following complaints from institutional investors that this instrument is being misused by promoters. SEBI is said to be reviewing two aspects: the timeline for converting the warrant into shares and the upfront margin to be paid at the time of allotment of the warrants. SEBI may cut the time line of conversion to 12 months from 18 months, and may increase the upfront margin to be paid — anywhere between 30% and 50% —at the time of allotment of the warrants. (ET)
• Inflow of FDI into India picked up in June, recording an annual growth of 8% and stood at $ 2.58 billion as against $ 2.39 billion in the year ago month. (FE)
• Competition Commission of India (CCI) has said it will look into the high-voltage gas dispute between the Ambani brothers provided someone makes a reference to CCI. So far nothing has come to CCI.
