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The Securities and Exchange Board of India plans to ask companies floating draft papers for initial public offering to also make an audiovisual representation of the disclosures in the prospectus.The capital market regulator has sought public comments on the same by April 9.Currently, companies who plan to raise capital through a public issue are required to file a draft red herring prospectus with the market regulator with a detailed representation of all the required information that will allow investors to make informed decisions before investing in a company’s shares.“It is proposed that the disclosures made in the DRHP and RHP of public issues shall also be made available in Audiovisual (AV) format by the issuer companies desiring to list on the main board,” Sebi said. Further, the audiovisuals on the public issues will be in bilingual version i.e. English and Hindi, and made available in the public domain. The duration of each bilingual version of the audiovisual shall be a maximum of 8 minutes.The total duration should be equitably distributed among the material disclosures made under various sections of the public issue offer documents such as risk factors, capital structure, objects of the offer, business of the issuer, financial information, litigations and material developments etc. Sebi believes that the AV will provide ease in understanding the salient features and also provide reference to various disclosures of the proposed public issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

India's net direct tax collection recorded a growth of 19.88 per cent to over Rs 18.90 lakh crore till March 17, the government data showed on Tuesday. The Income tax department data also stated that the net direct tax collection of Rs 18,90,259 crore (as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17.On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period."The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in a statement.The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh croreFinance minister Nirmala Sitharaman, during her budget speech on February 1, had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the current fiscal from the budget estimate of Rs 18.20 lakh crore.Gross direct tax collections before refunds stood at Rs 22.25 lakh crore as of March 15, up 13.5 per cent compared to the same period last year, ET had reported earlier, citing a second official.

Nifty on Tuesday ended 238 points lower to sneak below its 50-DEMA for the first time in the last four months and form a long bear candle on the daily chart.The overall chart pattern of Nifty is weak and one may expect further decline in the near term. The next lower levels to be watched are around 21,500 in the next one week. Any rise up to 22,000 could be a sell-on-rise opportunity, Nagaraj Shetti of HDFC Securities said.The daily and hourly momentum indicators have a negative crossover which is a sell signal. Nifty is making lower lows both on the daily and weekly charts, which is not a positive sign.Analysis of the Open Interest (OI) data revealed the highest OI on the call side at the 22,000 strike price, followed by the 22,200 strike price. On the put side, the highest OI was observed at the 21,500 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanThe next crucial support level comes in at 21,740 and below that potentially towards 21,530. We believe that Nifty is at the fag end of the fall and hence the selling may not be that sharp.Osho Krishan, Angel OneWhile on the higher front, the 22,000 zone is likely to be seen as an immediate hurdle, followed by the sturdy wall of 22,150-22,200. A sense of caution is warranted going ahead, focusing more on the stock-centric front. Also, one needs to follow the aforementioned levels thoroughly with proper risk management, refrain from bottom fishing, and wait for clear bullish reversal signals before considering aggressive long positions.Tejas Shah, Technical Research, JM Financial & BlinkXWe expect the downward trending activity to continue and the index should test 21,500-550 levels either continuously from the current levels or may be after a minor pullback rally. The resistance zone of 22,200-22,250 remains important as a barrier and the market needs to cross this on a closing basis for any major strength in Nifty. Support for the Nifty is now seen at 21,800 and 21,500-550 levels. On the higher side, an immediate resistance for Nifty is at 22,000 and the next resistance zone is at 22,200-250 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019. The legislature passed the Safeguarding National Security Law during a special session Tuesday. It comes on top of a similar law imposed by Beijing four years ago, which has already largely silenced opposition voices in the financial hub. Hong Kong's Legislative Council, which is packed with Beijing loyalists following an electoral overhaul, expedited the process. Since the bill was unveiled on March 8, a committee held daily meetings for a week, following an appeal by Hong Kong leader John Lee to push the law through "at full speed." The law threatens stringent penalties for a wide range of actions authorities call threats to national security, with the most severe - including treason and insurrection - punishable by life imprisonment. Lesser offenses, including the possession of seditious publications, could also lead to several years in jail. Some provisions allow criminal prosecutions for acts committed anywhere in the world. Legislative Council President Andrew Leung said he believed all lawmakers were honored to have taken part in this "historic mission." "I fully agree with what the Chief Executive said: the sooner the legislation is completed, the sooner national security will be safeguarded," he said. Critics worry the new law will further erode civil liberties that Beijing promised to preserve for 50 years when the former British colony returned to Chinese rule in 1997. Hong Kong's political scene has changed dramatically since the massive 2019 street protests that challenged China's rule over the semi-autonomous territory, and the imposition of Beijing's National Security Law. Many leading activists have been prosecuted, while others sought refuge abroad. Influential pro-democracy media such as Apple Daily and Stand News were shuttered. The crackdown prompted an exodus of disillusioned young professionals and middle-class families to the U.S., Britain, Canada, and Taiwan. Hong Kong's mini-constitution, the Basic Law, requires the city to enact a home-grown national security law. A previous attempt in 2003 sparked a massive street protest that drew half a million people, and forced the legislation to be shelved. Such protests against the current bill were absent largely due to the chilling effect of the existing security law. Both Chinese and Hong Kong governments say the Beijing-imposed law restored stability after the 2019 protests. Officials insist the new security law balances security with safeguarding rights and freedoms. The city government said it's needed to prevent a recurrence of the protests, and that it will only affect "an extremely small minority" of disloyal residents. The measure targets espionage, disclosing state secrets, and "colluding with external forces" to commit illegal acts, among others. Its provisions include tougher penalties for people convicted of endangering national security by certain acts if they're also found to be working with foreign governments or organizations to do so. Those who damage public infrastructure with the intent to endanger national security could be jailed for 20 years, or, if they colluded with external forces, for life. In 2019, protesters occupied Hong Kong's airport and vandalized railway stations. Businesspeople and journalists have expressed fears that a broad law against disclosure of state secrets and foreign interference will affect their day-to-day work. Observers are closely watching to see if the authorities will extend enforcement to other professional sectors and its implications on liberties for Hong Kongers.