New Delhi

ED confident of Nirav’s deportation to India

Faced with continued evasion by Nirav Modi, prime accused in the Rs 12,400 cr­ore PNB scam, enforcement directorate said on Thursday sovereign jurisdiction and regulations of different cou­n­tries were behind delay in bringing him back to India.

Though no time limit co­u­ld be given on Modi’s retu­rn, discussion were on with countries relevant on the pr­o­cess of deportation, sources said. They refused to comm­e­nt on the query about cu­rr­e­nt address of Modi, and ad­d­ed it would not be in the interest of the investigation.

SFIO grills Bhushan Steel chairman

The serious fraud investigation office (SFIO) on Thursday questioned debt-ridden Bhushan Steel’s chairman Brij Bhushan Singal about alleged siphoning of Rs 1,000 crore, a source said.

The agency, which comes under the corporate affairs ministry, has been probing allegations of fund diversi­o­ns at the firm since last year.

According to the source, Singal was questioned by SFIO here in the matter related to alleged siphoning of huge amount of funds.

GSTR-3B may be extended

In a bid to provide relief to trade and businesses, the GST council at its meeting on Saturday may consider allowing them to file their returns in a simplified GSTR-3B form for another six months beyond March.

It will also discuss the proposal to merge 3 monthly return forms into one to simplify the process and reduce compliance burden. Among other proposals on the GST council agenda is to further de­l­ay rolling out the digital pa­ss system for transporting goods for another few mon­t­hs and levying GST on co­n­cent­rated form of alcohol.

Equity MF inflows intact despite sharp market fall

The mutual fund industry, comprising 42 players, received higher inflows of Rs 16,268 crore in pure equity funds and lower inflows of Rs 5,026 crore in equity-oriented balanced funds in February, even as stock market indices fell sharply.

Data released by the Association of Mutual Funds in India (Amfi) shows February inflows were higher than the inflows of Rs 15,390 crore in pure equity funds in January. But the inflows to balanced funds were lower than the figure of Rs 7,665 crore in January.

FPIs allowed to invest Rs 5,000cr more via interest rate futures

In order to attract more foreign funds, markets regulator Sebi on Thursday decided to allocate a separate limit of Rs 5,000 crore to FPIs for taking long position in Interest Rate Futures (IRFs).

Currently, the foreign portfolio investor (FPI) limit for government securities is fungible between investments in securities and investment in bond futures.

The decision comes after Reserve Bank of India in August had proposed to institute a separate limit of Rs 5,000 crore for investment by FPIs in IRF.

Market volatility may remain until MSCI rebalances indices

The domestic market may remain volatile till a final picture of the MSCI stance on Indian equities emerge in May. New York-based MSCI Inc (formerly Morgan Stanley Capital International) will be rebalancing its global indices on May 14, the first after three Indian exchanges decided to end licensing agreements with overseas bourses.

TDP ministers resign, to remain in NDA

Two TDP ministers in the BJP-led NDA government, Ashok Gajapathi Raju and YS Chowdary, submitted their resignations to prime minister Narendra Modi soon after he had a telephonic conversation with Andhra Pradesh Chief Minister N Chandrababu Naidu on Wednesday evening. Raju later told reporters that his party will continue to part of the ruling alliance.