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Will India’s IPO rush continue in FY25?

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Companies managed to raise Rs 62,000 crore through IPOs in the fiscal year 2024.

In Short

  • Companies raised Rs 62,000 crore through IPOs in FY24
  • The market could see offerings worth up to Rs 70,000 crore in FY25
  • 19 companies await SEBI approval to raise Rs 25,000 crore

The primary market has seen a lot of activity, driven by robust liquidity and investor interest in new public issue issues.

Companies raised Rs 62,000 crore through IPOs in fiscal year 2024, and the following fiscal year appears to be no exception.

Looking ahead, forecasts indicate that the market might see offerings worth up to Rs 70,000 crore in FY25, with some well-known names likely to make their Dalal Street debut.

According to Primedatabase.com, 19 firms are awaiting approval from the Securities and Exchange Board of India (Sebi) to fund up to Rs 25,000 crore. In addition, 37 more companies have filed documents with Sebi seeking to raise Rs 45,000 crore.

Nine of these companies are new-age technology companies looking to raise around Rs 21,000 crore. This demonstrates a good market trend, as more companies choose to go public.

Experts think that this tendency will continue in the coming fiscal year, with even larger transactions projected. According to Mahavir Lunawat of Pantomath Capital, “There’s a positive sentiment towards fundamentally good businesses along with robust business models.”

Despite the forthcoming general elections, observers expect the market to stay lively.

“The impending elections may result in some short-term volatility, especially closer to the election date. However, Abhishek Jain of Arihant Capital told The Economic Times that the long-term picture appears to be optimistic.

Here are several initial public offerings to keep an eye on:

Bharti Hexacom IPO – Bharti Hexacom, a subsidiary of Bharti Airtel, plans to raise Rs 4,275 crore through an IPO. It delivers mobile services throughout Rajasthan and the Northeast.

The public issue will be available for subscription beginning April 3 and will consist completely of an offer for sale (OFS), with TCIL selling 7.5 crore shares.

Go Digit Insurance IPO – This insurance company, sponsored by cricket star Virat Kohli, is planning an IPO valued approximately Rs 3600 crore. The IPO includes a fresh issue of shares worth Rs 1,250 crore and the sale of over 11 crore shares, according to the preliminary prospectus.

Ola Electric IPO – Ola Electric has filed preliminary paperwork for an initial public offering, with the goal of raising Rs 5,500 crore in fresh stock.

The company is presently awaiting regulatory approval, and the IPO is slated to launch in the second part of the year.

The public offering will comprise the selling of existing shares by current shareholders, known as an offer for sale (OFS), for a total of 9,51,91,195 shares. Promoter Bhavish Aggarwal intends to sell up to 4,73,94,014 shares through OFS, while Indus Trust, another member of the promoter group, proposes to sell up to 41,78,996 shares.

Brainbees Solutions IPO – Brainbees Solutions, which sells childcare goods under the brand name FirstCry, is preparing an IPO with new shares worth up to Rs 1,816 crore and a sale of up to 5.4 crore existing shares.

Waaree Energies IPO – Waaree Energies has submitted draft documents in preparation for an initial public offering. This IPO would consist of new shares worth Rs 3,000 crore and the sale of 32 lakh existing shares.

Waaree Energies is India’s top maker of solar PV modules, having 12 GW of installed capacity as of June 2023.

Tata Electric IPO – Tata Group is considering listing its electric car company on the stock market, which may happen within the next one to two years. If all goes as planned, the IPO might occur at the end of FY25.

Swiggy IPO – Swiggy is also considering going public later this year, according to many sources. According to Entrackr, they may submit their paperwork in May with the goal of launching the IPO during the holiday season.

Other notable firms expected to go public next fiscal year include Allied Blenders, Mobikwik, PayU, Garuda Aerospace, and NTPC Green, among others.

This article was published on India Today.

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Bill Gates and PM Modi spoke about India’s digital revolution, from AI to UPI: “Indians are paving the way,” the Microsoft CEO claims.

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During his conversation with PM Modi, Bill Gates commended Indians for their capacity to lead the way and adopt technology quickly.

During a free-flowing conversation on Friday at the PM’s residence, Microsoft co-founder Bill Gates and Prime Minister Narendra Modi talked about a wide range of topics, including artificial intelligence, digital public infrastructure, and measures to address climate change. During the conversation, PM Modi urged the Microsoft CEO to snap a selfie with the PM’s Namo App’s Photo Booth, while Bill Gates commended Indians for their quick adoption of technology and ability to set the standard.

“We had extensive discussions before the G20 Summit and as you might have seen, the Summit’s proceedings took a lot of turns,” Prime Minister Modi stated, speaking about the 2023 G20 Summit, which took place last year while India was serving as host. We have, in my opinion, now brought the G20’s fundamental goals and purposes into the mainstream. I hope that your personal experience confirms this.

Bill Gates retorted, saying, “G20 is much more inclusive, so it’s great that India is hosting it. It really emphasized issues like digital breakthroughs and how partnership between the south and north can go well beyond merely talking to each other.Our foundation is so enthusiastic about the prior accomplishments you have made in India that we would like to collaborate with you to try to expand it into many other nations.”

Bill Gates and PM Modi discuss India’s digital revolution
Speaking about India’s digital revolution, Prime Minister Modi stated, “At the G20 Summit in Indonesia, delegates from all over the world expressed interest in learning more about the country’s digital revolution. I told them that in order to avoid monopolies, technology has been made more accessible. For the people, and by the people, it is.

Bill Gates praised India and said that the country has a “digital government”. He said, “India is not only adapting technology but it is actually leading the way.”

PM Modi tells Bill Gates about ‘Namo Drone Didi’ scheme

PM Modi told Bill Gates about ‘Namo Drone Didi’ scheme and highlighted the ways in which it is helping in promoting technology in the country, specifically among women.

He said, “When I used to hear about the digital divide in the world, I used to think that I would not allow anything like that to happen in my country. Digital public infrastructure is a major requirement in itself…Women are more open to adopting new technology in India…I have started ‘Namo Drone Didi’ scheme…This is going on very successfully. I interact with them these days, they are delighted. They say that they didn’t know to ride a bicycle but they are now pilots and can fly drones. The mindset has changed.”

‘AI is very important’, PM Modi says

PM Modi also told Bill Gates how he AI was used during 2023 G20 Summit. He also shared that his Hindi speech was translated into Tamil during Kashi Tamil Sangamam event using AI.

PM Modi said, “Historically, during the first and second industrial revolutions we lagged behind because we were a colony. Now, in the midst of a fourth industrial revolution, the digital element is at its core. I am confident that India will gain a lot in this. AI is very important. Sometimes, I jokingly say that in our country, we call our mother ‘Aai’. Now I say that when a child is born, he says ‘Aai’ as well as AI as children have become so advanced.”

Sourced From Hindustan times News!

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“Startup Mahakumbh” is the largest conference of investors, businessmen, and startups in India, and it will begin in Delhi!

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Startup Mahakumbh: PM Modi addressed thousands of prospective entrepreneurs, investors, and business visitors at the event.

Important domestic and international players including corporates, industry leaders, unicorn startups, and venture investors will also be present.

Startup Mahakumbh

More than 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries are expected to attend the Startup Mahakumbh 2024, an innovative initiative led by top industry associations such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association. Prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar are among those attending this three-day event, which is sponsored by the Department for Promotion of Industry and Internal Trade (DPIIT) and aims to foster innovation and collaboration across many sectors.

About Startup Mahakumbh

A Celebration Of Innovation & Collaboration:

Startup Mahakumbh, which is slated to take place at the renowned Bharat Mandapam in New Delhi on March 18–20, 2024, will be an unprecedented event in terms of scope and scale.

Coming Together For A Transformative Journey:

The event is expected to have participation from more than 1000 high-potential startups from India and the globe, with key global and Indian stakeholders such as unicorn startups, global and domestic venture capitalists, corporates, and industry leaders also participating.

Positioning India As A Global Innovation Hub:

The National Association of Software and Service Companies (nasscom), TiE, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Bootstrap Incubation & Advisory Foundation, and the Indian Venture and Alternate Capital Association (IVCA) are organizing Startup Mahakumbh, a visionary event that is being thoughtfully envisioned.

Startup mahakumbh 2024 highlights

At the Startup Mahakumbh event, which drew thousands of potential entrepreneurs, investors, and business visitors, Prime Minister Narendra Modi spoke on Wednesday morning. His speech was centered on the government’s efforts to advance developing industries such as deep tech, agritech, biotech, medtech, and artificial intelligence.

From March 18–20, Bharat Mandapam in New Delhi will host the Startup Mahakumbh. Apex industry associations Indian Venture and Alternate Capital Association (IVCA) and Bootstrap Incubation & Advisory Foundation together conduct the event. The Department for Promotion of Industry and Internal Trade (DPIIT) provides support for this initiative.

The event was highlighted by Commerce and Industry Minister Piyush Goyal last month, who emphasized how Indian entrepreneurs are transforming industries and establishing themselves as the backbone of the national economy. In order to make India a developed country by 2047, he stressed that connecting an ambitious India with the startup ecosystem will spur economic growth in the years preceding India’s 100th anniversary of independence, or Amrit Kaal.

The commerce and industry ministry said in a statement on Tuesday that the event has so far drawn participation from prominent investors, innovators, and aspiring entrepreneurs in addition to hosting over 2,000 startups, over 1,000 investors, more than 100 unicorns, 300 incubators and accelerators, 3,000 delegates, 3,000 future entrepreneurs, and over 50,000 business visitors from across the nation.

  • Central Theme: ‘Bharat Innovates’
    • Focused on AI+SaaS, D2C/consumer brands, agritech, fintech, and more.
    • Introduction of a dedicated pavilion for B2B manufacturing, a first in India.
  • Diverse Lineup of Industry Leaders
    • Esteemed speakers include Amitabh Kant, Sivasubramanian Ramann, Falguni Nayar, Sridhar Vembu, Prashanth Prakash, and Sanjeev Bikachandani. 
  • Engaging Activities for Startups
    • Mentorship clinics, pitch competitions, and multi-track conferences.
    • Leadership talks, panel discussions, workshops, and other interactive sessions.
  • Future Entrepreneurs Day
    • Focus on nurturing entrepreneurial spirit among students. 
    • Engagement of 3,000 selected students for mentorship and collaboration opportunities.
    • Investor Insights and Learning Opportunities
  • Masterclasses on pitching and storytelling. 
    • Interactions with angel investors to understand their expectations.
    • Introduction of a structured 30-hour online entrepreneurship learning program leading to certification.

Startup Mahakumbh is an era that unites thousands of industry experts from diverse sectors, investors, incubators, and accelerators. It is more than just an event. The most brilliant individuals come together on this platform to exchange ideas, look into joint ventures, and present innovative goods and services.

Startup mahakumbh 2024 entry fee

Name:
Startup Mahakumbh


Start Date & Time:
18th March 2024 I 10 AM

Address:
Bharat Mandapam, Pragati Maidan, New Delhi

Attendance Mode:
Offline		Related Technology:
AI + SaaS, D2C/Consumer brands, Agritech, Fintech, Deep Tech, Biotech & Pharma, Incubators, Climate Tech, E-sports, and B2B Manufacturing

End Date & Time:
20th March 2024 | 6 PM

Event Status:
Scheduled

Organizer Name:
ASSOCHAM, NASSCOM, IVCA, TiE & Bootstrap Incubation & Advisory Foundation

Startup mahakumbh 2024 location

Located in the heart of New Delhi, Pragati Maidan is easily accessible by public transport and private vehicles. The venue is well-connected with major roads and highways in the city.

If you are using public transport, you can take the metro to Pragati Maidan Metro Station and then follow the signs to Bharat Andapam.

If you are driving, you can use GPS navigation to reach Pragati Maidan and then look for signage directing you to Bharat Andapam.

Startup mahakumbh Bharat Mandapam

PM Inaugurates Start-up Mahakumbh at Bharat Mandapam, New Delhi

  • “This is indeed a Mahakumbh in its truest form creating an unprecedented energy and vibe”
  • “Any Indian visiting the Start-up Mahakumbh will witness the unicorns and decacorns of the future”
  • “Startup has become a social culture and no one can stop a social culture”
  • “More than 45 percent start-ups in the country are women-led”
  • “I believe that Indian solutions for global applications will become a helping hand for many nations in the world”

Today at Bharat Mandapam in New Delhi, the Prime Minister, Shri Narendra Modi, officially opened the Start-up Mahakumbh. He also had a tour of the exhibition that was on display during the event.

In his speech, the prime minister highlighted the significance of Start-up Mahakumbh and the nation’s plan to work toward establishing Viksit Bharat by 2047. The Prime Minister highlighted how India has emerged as a leader in the software and technology sectors over the past three decades as well as the new trends in creativity and start-up culture. The Prime Minister stated that this highlights the significance of today’s event because individuals from the startup industry are present. The Prime Minister focused on the innovation factor that supports the development of start-ups in the nation. He remarked, “It’s great to see investors, incubation facilities, academics, researchers, industry people, and current and future business owners here.”

“This is a Mahakumbh in the pure form, exuding an unparalleled energy and energy.” When he visited the sports and exhibition stands, where people displayed their innovations, the Prime Minister said he felt the same energy. “The rainbows and decacorns of the future will be seen by any Indian who attends the Start-up Mahakumbh,” Prime Minister Modi declared.

PM Modi “Startup Mahakumbh”

“Startup Mahakumbh”: Today at Bharat Mandapam, PM Modi will speak to entrepreneurs | Details

Startup Mahakumbh is a three-day event organized by the government with the goal of attracting investments and enhancing the startup ecosystem.

Startup mahakumbh Bharat Mandapam

Prime Minister Narendra Modi is expected to be present at the government-organized three-day “Startup Mahakumbh” on Wednesday at Bharat Mandapam in New Delhi. The purpose of the event is to support the startup ecosystem and draw capital to the industry.

The event will end on Wednesday, having started on March 18. The Department for Promotion of Industry and Internal Trade (DPIIT) has provided assistance for the Startup Mahakumbh, which is being jointly organized by prominent industry bodies such as the Indian Venture and Alternate Capital Association (IVCA) and the Bootstrap Incubation & Advisory Foundation.

Startup mahakumbh FAQ

Startup mahakumbh 2024 location?

Bharat Mandapam in New Delhi. 

Startup mahakumbh 2024 timing?

07.00 am until around 09.00 pm.

What is startup mahakumbh 2024?

Startup Mahakumbh Event 2024 LIVE: Startup Mahakumbh is a three-day event showcasing the country’s startup ecosystem.

After the US Fed’s rate announcement, the gold rate reaches a new high of ₹66,778. Is it better to buy or not? Will it rise even higher?

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On March 21, gold prices began trading higher at ₹66,100 per 10 grammes on the Multi Commodity Exchange (MCX) for the April 2024 expiry.

Gold prices on March 21: The price of gold continued to rise after the US Federal Reserve decided to maintain interest rates at a 23-year high for a fifth straight meeting and indicated that it still intends to make three cuts this year. At ₹66,100 per 10 gm, the Multi Commodity Exchange (MCX) gold futures contract for the April 2024 expiry opened higher. Shortly after the commodities market opened, it reached an intraday high of ₹66,778 per 10 gm.

Although authorities would want to see more proof that prices are declining, US Fed Chair Jerome Powell noted that “most people’s view that we will achieve that confidence and there will be rate cuts” is still plausible.

What experts stated about the spike in gold prices?

According to Bloomberg, Chris Weston, head of research at Pepperstone Group Ltd., stated: “What we saw last night was really the green light for gold traders to come back in.” The Federal Reserve has stated that, as of right now, it is tolerant of the inflation that has been observed and that the strength of the job market will not be a barrier.

What are the gold spot prices for March 21st?

In Singapore, spot gold increased 0.7% to $2,201.94 per ounce at 9:40 a.m. While palladium, platinum, and silver all saw increases, the Bloomberg Dollar Spot Index saw a 0.2% fall.

Why has the price of gold been rising?

Since the middle of February, the price of gold has increased due to several factors, such as increased geopolitical threats and buying by central banks, primarily China. Experts believe that expectations for looser monetary policy in the US have contributed to the rally.

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Ludhiana’s 47th Vice-Chancellors’ Convention focuses on food security and farmer welfare!

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Dr. Paroda discussed the developmental impact of the green, white, blue, and rainbow revolutions in India, and offered measures for farmers’ security, such as healthy soils and adequate water, timely supply of inputs.

Ludhiana's 47th Vice-Chancellors

On Sunday, the 47th Vice-Chancellors’ Convention began at Guru Angad Dev Veterinary and Animal Sciences University in Ludhiana with the topic “Food and nutritional security and farmers’ welfare: Vision India-2047 and beyond”.

The three-day convention, organized by the Indian Agricultural University Association (IAUA), will include a panel discussion on food security, climate change, and farmer welfare.

Dr. RS Paroda, chairman of the Trust for Advancement of Agricultural Sciences (TAAS), New Delhi, attended the inauguration function as principal guest, as did former director general of the Indian Council of Agricultural Research (ICAR). Dr. GS Khush, known as the “Father of the Rice Revolution,” and a World Food Prize winner, attended as a special guest.

Dr. Paroda discussed the developmental impact of India’s green, white, blue, and rainbow revolutions and proposed strategies for farmers’ security, such as healthy soils and good water, timely input supply, good knowledge and efficient extension services, access to low-interest credit, linking to markets for better income, and respect and dignity for farming communities.

Dr. Khush advocated for bringing in professionals with strong leadership characteristics and morals to help establish world-class institutions.

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Dr. RC Agrawal, Deputy Director General (Agricultural Education), ICAR, New Delhi, stated that the trend of pursuing higher education in agriculture is on the rise, and the majority of start-ups in India come from the agriculture and livestock sectors. He also underlined the need of digital initiatives in agricultural education.

Earlier, Dr. Inderjeet Singh, vice-chancellor of the vet varsity, invited dignitaries to the dais, as well as vice-chancellors and other officials from major agricultural universities in India. He stated that this convention would act as a platform for developing proposals and strategies to benefit the agriculture and livestock farming communities across the country.

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Explained: Why Paytm shares hit the 5% upper circuit today

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At the start of the trading session, Paytm’s shares rose by 5 per cent to 370.70 rupees, marking its most prominent gain in two weeks.

Paytm

In Short

  • Paytm shares rose 5% after NPCI approval to operate as UPI service provider
  • Paytm to offer digital payment services in partnership with 4 banks
  • Paytm users and merchants assured of seamless transition.

Shares of Paytm surged by 5 per cent, reaching the upper circuit limit on Friday, March 15, after securing approval from the National Payments Corporation of India (NPCI) to operate as a third-party application provider for Unified Payments Interface (UPI) services.

This development came in the wake of Paytm Payments Bank facing regulatory actions leading to the termination of its operations on March 15 due to non-compliance, as directed by the Reserve Bank of India (RBI).

The approval granted by NPCI to One97 Communications, the parent company of Paytm, allows it to offer digital payment services under a multi-bank model in partnership with four major banks; Axis Bank, HDFC Bank, State Bank of India, and Yes Bank.

Under this new arrangement, existing users and merchants will experience uninterrupted service continuity as the “@Paytm” handle will be redirected to YES Bank.

The company, in an exchange filing, assured a seamless transition for users and merchants, urging them to migrate to the new payment service provider banks as required.

At the start of the trading session, Paytm’s shares rose by 5 per cent to 370.70 rupees, marking its most prominent gain in two weeks. Despite this positive momentum, the stock has witnessed a decline in value since late January when regulatory measures compelled Paytm Payments Bank to halt fresh deposits.

Analysts from brokerage firms like UBS and Jefferies weighed in on the implications of the third-party app provider licence for Paytm. While UBS noted that Paytm would now operate similarly to its competitors like Google Pay and PhonePe, Jefferies highlighted the potential necessity for Paytm to utilise its cash reserves to retain customers and merchants, pegged at 85 billion rupees ($1.02 billion).

Global brokerage firms view NPCI’s approval as a positive step, removing the regulatory hurdles for Paytm’s smooth transition. However, uncertainties remain regarding customer and merchant retention and the normalisation process for its lending business.

Despite these challenges, Jefferies remains optimistic about Paytm’s prospects, predicting a modest increase in payment value and app usage, and suggesting that the company is likely to tap into its cash reserves for retention purposes.

“The company’s business model is moving to a pure payment company. Paytm is likely to dip into less than $1 billion cash reserve for merchant/customer retention,” said Jefferies.

This article was published on India today.

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Sensex, Nifty open marginally lower; Paytm down nearly 3%

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The S&P BSE Sensex was down 67.80 points at 72,694.09 at 9.44 am, while the NSE Nifty50 fell 10.40 points to 21,987.30.

Paytm down

In Short

  • Stock market indices opened lower on Thursday
  • Nifty Bank, Financial Services and IT traded lower
  • Paytm shares fell nearly 3% ahead of RBI deadline for PPBL

Benchmark stock market indices opened marginally lower on Thursday and continued their sluggish run.

The S&P BSE Sensex was down 67.80 points at 72,694.09 at 9.44 am, while the NSE Nifty50 fell 10.40 points to 21,987.30. The domestic-focused broader market indices rose, but remain under pressure amid sustained profit booking.

Among sectoral indices, heavyweights Nifty Bank and Nifty Financial Services traded 0.5 per cent lower, while Nifty IT fell 0.3 per cent. Nifty Realty fell over 1 per cent and was the top loser among sectoral indices.

On the other hand, Nifty Oil & Gas and Nifty Media gained over 1.2 per cent.

The top five gainers on the Nifty50 were Adani Enterprises, Adani Ports, Hero MotoCorp, M&M and Hindalco. Meanwhile, the top drags on the 50-share index were JSW Steel, Tata Steel, LTIM, TCS and Bajaj Finance.

It is worth noting that shares of digital payments firm Paytm fell nearly 3 per cent in early trade ahead of the Reserve Bank of India’s March 15 deadline for its associate, Paytm Payments Bank, to wind down some key operations.

Deven Mehata, research analyst at Choice Broking, said, “The market had a severe downturn yesterday, as Nifty closed almost at its daily low below 22,000 levels following an abrupt sell-off from higher levels.”

“It is highly recommended that traders trade with extreme caution and strictly adhere to stop-loss levels. If Nifty continues to fall toward the strong support level of 21,800, investors might view this as a good time to make new medium- to long-term investments,” he added.

This article was published on India Today.

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Sensex, Nifty open at a high, ITC shares gain 6%

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The S&P BSE Sensex rose by 0.32 per cent to 73,906.61 points, while the NSE Nifty50 witnessed a gain of 0.28 per cent reaching 22,397.55 points.

ITC shares

Benchmark stock market indices opened higher on Wednesday as the Indian stock exchange kicked off with a positive note.

The rise was primarily driven by a surge in ITC shares following British American Tobacco’s announcement of selling a stake at a premium. Upward trend in Asian markets also contributed to the optimistic start of the trading day.

As per the latest update, the NSE Nifty50 witnessed a gain of 0.28 per cent, reaching 22,397.55 points. Similarly, the S&P BSE Sensex rose by 0.32 per cent, reaching 73,906.61 points. ITC emerged as the top gainer on the Nifty, experiencing a notable surge of 6.3 per cent. 

This article was originally published on India Today!

Also read Paytm Payments Bank Removed from FASTag issuers list. These are authorised banks: Check full list here!

Paytm Payments Bank Removed from FASTag issuers list. These are authorised banks: Check full list here!

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Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback.

FASTags authorised banks: The National Highway Authority of India (NHAI) updated list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. This comes after the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from certain operations including FASTags citing non-compliance and supervisory concerns. Paytm Payments Bank has been removed from the list of authorised banks for FASTags.

This means that Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback. Although you will be able to close their old FASTag and request for a refund, as per frequently asked questions (FAQs) announced by the RBI.

“It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience,” RBI said in the FAQs.

Which banks are included in FASTag list?

The list includes 39 banks and NBFCs which can issue FASTags to vehicle owners. Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank are in the list.

Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank and UCO Bank are also in the list.

This article is originally published on Hindustantimes.News!

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Two election commissioners likely to be appointed on March 15: Report

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Rajiv Kumar, the Chief Election Commissioner, is the only member of the poll authority currently. Anup Chandra Pandey retired on February 14 after reaching the age of 65 years.

election commissioners
Two election commissioners to be appointed on March 15

Two election commissioners are expected to be appointed by March 15, as per sources. These appointments are set to fill the vacancies left by the retirement of Anup Chandra Pandey and the sudden resignation of Arun Goel. Goel resigned on Friday morning, just days before the poll panel is likely to announce the Lok Sabha polls schedule. His resignation was accepted by President Droupadi Murmu on Saturday, which was followed by a formal announcement from the Law Ministry. 

Rajiv Kumar, the Chief Election Commissioner, is the only member of the poll authority currently. Pandey retired on February 14 after reaching the age of 65 years.

A search committee led by Law Minister Arjun Ram Meghwal and including the Home Secretary and the Department of Personnel and Training (DoPT) Secretary is set to prepare two separate panels of five names each for two posts, as per sources who told news agency PTI. 

Following this, a selection committee, chaired by the prime minister and including a Union minister and the Leader of the Congress party in the Lok Sabha, Adhir Ranjan Chowdhury, will choose two individuals for appointment as election commissioners. The President will make the final appointments. 

According to sources, the selection committee may convene on either March 13 or 14, based on the members’ availability, with the appointments expected to be finalised by March 15.

Under the recently enforced law regarding the appointment of Chief Election Commissioner (CEC) and Election Commissioners (ECs), these positions were filled by the President based on government recommendations, with the senior-most typically taking up the role of CEC. This is in line with Clause 2 of Article 324 of the Constitution. 

Amidst this, questions have arisen regarding the resignation of Goel, a senior official. Sources have indicated that personal reasons may have led to his decision, dismissing any suggestions of differences between Goel and Kumar. They highlighted that records of internal communication and decisions show no recorded dissent by Goel.

 Goel, a 1985-batch Indian Administrative Service officer from the Punjab cadre, had joined the Election Commission in November 2022. His tenure was due to end on December 5, 2027, and he was expected to become the CEC following the retirement of the incumbent, Rajiv Kumar, in February next year.

 Notably, Goel was absent from a critical meeting between the EC and top home ministry and railway officials regarding the deployment and movement of central forces across India for poll duty.

This article was published on Business today.

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