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Facial Authentication Mandatory for All Aadhar-related Authentication, Australia Gets A New PM et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 24, 2018 12:38 PM 2 min read
Editorial

End of Day Wrap-up (Friday / Aug 24, 2018) #SBI #TataSons #CyrusMistry #NCLAT #GMR #KSKMahanadi #RBI #SEBI #MutualFunds #AMCs #Government #5G #Spectrum #UIDAI #Aadhaar #AustraliaPM #MalcolmTurnbull #ScottMorrison

Editor's Comment: NCLAT says Tata Sons cannot force Cyrus Mistry to sell his shares in the company till his appeal is pending. The bench declined to pass any order on Mistry's plea to prevent Tata Sons converting the company to a private firm.

 

SBI lays out resolution plan for 6 stressed power assets, incl. plants of GMR and KSK Mahanadi. Other lenders not on board to date with RBI's deadline for beginning insolvency proceedings due on August 27th. SBI's exposure amounts to INR70,000cr.

 

SEBI Chairman expresses concern over growing AUM concentration among top 7 AMCs selling Mutual Funds. Top 7 AMCs currently manage 70% of the industry AUM. He mentioned higher competition is needed to ensure a uniform growth.

 

Government's high level 5G forum suggests announcement of a 5G spectrum allocation policy by end of the year. Recommends demarcating additional airwave bands with free bandwidth to be assigned for time-bound trials to allow setting up of a next generation network.

 

UIDAI makes facial recognition mandatory for all services requiring Aadhaar authentication incl. banking and mobile operators and government welfare schemes. Additional measure to complement existing authentication procedures of iris and fingerprint scans.

 

Conservative lawmaker Scott Morrison unseats Malcolm Turnbull to becomes Australia's Prime Minister. Ruling coalition makes a rightward shift. This is the 6th time Australia has switched Prime Ministers in a decade.