DILIP KUMAR JHAMumbai,2September

TheSecuritiesandExchangeBoardof India (Sebi) has tightened theloopholes in the existing spot pricepollingsystemsofagricommoditiesto bring transparency into the sys-tem and fix accountability on theexchange or the panellist, effectiveSeptember 29.

The price polling assumes sig-nificance,asthesameisusedforset-tlementof contract on theexpiryofthe respective commodities.

The regulator on Friday hasaskedexchanges to laydownadoc-umented policy for the spot pricepolling mechanism and display it

on itswebsitealongwith thenamesand other details of the panellist.Most importantly, theregulatorhasaskedexchanges todisclosecriteriafor selectionof thesepollingpartic-ipants.“Thecommodityderivativesexchanges,orcommexes,havebeenusing a spot price polling mecha-nismtoarrive at theprevailing spotprices.Transparentdiscoveryofspotprices is a critical factor in smoothrunning of futures market, as thesame are used as reference pricesfor settlement of contracts tradedontheexchangeplatform.Toarriveat the prevailing spot prices, theexchangesarepollingthespotpricesfromvarious spot price pollingpar-ticipants. Some exchanges under-

takethisactivitythemselveswhere-as some have outsourced this workto an external agency,” a Sebi circu-lar said.

Theexchange,meanwhile, at itsliberty may assign the code forpolling participants of a particularcontractandrevealhis locationandprice for the day. The exchange hasbeen asked to display the polledprice for three years, even afterexpiry of the contract.

Currently, some commexes areoutsourcingpolledpricethroughanexternal agency, while others do iton their own. Sebi has askedexchangestodisplayentiremethod-ology adopted for polling agri com-modity prices on its website. Sebi

has also directed exchanges toreview, on a monthly basis, theprices polled by the participants toidentify participants habituallypollingunrealisticprices.Thesepar-ticipants could be put under watchandsubsequentlyremovedfromthepanel, if such instances reoccurdespite appropriate communica-tions.

Exchanges are required to pro-videaseparatefeedbackwindowforreceivingcomplaints in this regard.The exchanges shall address suchcomplaints in a time-bound man-ner. Further, the exchanges shallkeep the audit trail of all such com-plaints receivedand steps taken forredressal, the circular said.

SANJAY JOGMumbai, 2 September

The state government hasissued a new housing policyforMaharashtra in the run-upto the BrihanMumbaiMunicipalCorporation (BMC)election.

Itproposes redevelopmentof buildings on 7,000 lots in104 layouts of the state-runMaharashtra Housing &AreaDevelopment Authority(MHADA) inGreaterMumbai.A Floor Space Index (FSI) offourwill begiven forMHADAlayouts. A developer will getan FSI of three for redevelop-ment of a plot up to 2,000 sqmt; for an extra one-FSI, pre-miumwillhave tobepaidandhousing stock shared withMHADA.

The government expectsat least 30,000 houses to beavailable with the new policyon MHADA lots in GreaterMumbai. Redevelopment ofold or dilapidated buildingsin the suburbs will be carriedout under a cluster scheme,currently applicable only tothe island city ofMumbai. Atleast 10,000oldordilapidatedbuildings from the suburbsare expected to get amakeover.

According to ChiefMinister Devendra Fadnavis,thepolicyalsoproposes rede-velopment of transit camps,where people are shifted.

Thepolicywasannouncedat a public meeting byFadnavis, in the presence ofShiv Sena president UddhavThackeray, housingministerPrakash Mehta, his deputyRavindra Waikar, other stateministers,MPsandlegislators.Until recently, the BharatiyaJanta Party and Shiv Sena,coalition allies in the stategovernment,werewarringoncity politics but have decidedto stay together for the BMCpolls. Both Fadnavis andThackeray said Mumbai'scommon citizen is the focusin the newpolicy.

TheCMadded thegovern-

ment was formulating a poli-cy for redevelopmentofAsia'sbiggest slum, Dharavi in thiscity. And, that 85,000 slumdwellers on Mumbai airportlandownedwouldbe rehabil-itated within three km of theexisting location.

16 ECONOMY& PUBLIC AFFAIRS MUMBAI | 3 SEPTEMBER 2016 1>

ADITIDIVEKARMumbai,2September

T he Shipping Corporation ofIndia (SCI), the country'slargest shippingcompany, is

in talkswith its40-year-old Iranianjoint venture partner IslamicRepublic of Iran Shipping Lines toworkoutabusinessmodel thatcanopennewgeographies for trade forthe former.

The joint venture, whichremained dormant for many yearsdue to sanctions imposedon Iran, isnow getting active to explore busi-nessopportunities in theregion.

“There are several plans such asbest tanker route between India andIran, container trade from India toIran.SinceourJVpartnerhas strongties with other central Asian coun-tries, SCI, too, is looking to get tradeentry into these markets,” said B BSinha,chairmanandmanagingdirec-torofSCI.

The state-owned shipping com-pany posted dismal earnings in thequarter ended June due owing togrim business climate across globe.

“Iranitselfisahugeeconomyasitis the second largest exporter of oil.Trade opportunities with Iran arevery high for SCI. Apart from this,

Iran’s ties with countries such asKazakhstan, Turkmenistan andAzerbaijan,amongothers,arestrongandwecantapthesemarketsas thisjointventure,”Sinhaadded.

The jointventure,whichcurrent-ly holds three bulk carriers and onetanker vessel, could charter a con-tainervessel inthenearfuture.

“It is too early to give any projec-

tions in terms of revenue for any ofthe segments as we are only at dis-cussion stage at present. It will taketwoorthreeyearsforthejointventuretobecomeprofitable,”saidSinha.SCIandIslamicRepublicofIranShippingLineshad in2012decided todissolvethe joint venture, after years of sanc-tions against Iran over its disputednuclear programme. Those restric-

tionsbeganeasinginJanuary2016.The sharepriceof SCI rose seven

percentonFridaytoendat~70apieceon the BSE. Intra-day, the companyhad made a high of ~73 on theexchange.

Meanwhile, analysts were of theviewthatthebusinessopportunitiesSCI was looking to tap would notmovetheneedlemuch.

SCI to revive joint venturewith Iran shipping firm

TheJV,whichcurrentlyholds threebulk carriers andone tankervessel, could charter a containervessel soon

“There are several planssuch as best tankerroute between India andIran, container tradefrom India to Iran. Sinceour JV partner hasstrong ties with othercentral Asian countries,SCI, too, is looking toget trade entry intothese markets”

B B SINHAChairman and managing director,Shipping Corporation of India

Maharashtraannouncesnewhousingpolicy

Sebidirects commexes tobringtransparency inpricepolling

THE NEW POLICY| Redevelopmentof

buildingson 77,,000000lloottssin 104 layoutsof thestate-runMaharashtraHousing&AreaDevelopmentAuthority (MHADA) inGreaterMumbai

| Adeveloperwill getanFSIof three forredevelopmentofaplotup to 22,,000000ssqqmmtt;foranextraone-FSI,premiumwillhave tobepaid

| Thegovernmentexpectsat least 3300,,000000houses tobeavailablewith thenewpolicyomMHADA lots inGreaterMumbai

| 8855,,000000 slumdwellersonMumbaiairportlandownedwouldberehabilitatedwithinthreekmof theexisting location

> IN BRIEF

Jet Airways launches wirelessin-flight entertainmentJet Airways has begun offering wirelessstreaming of in-flight entertainment on itsdomestic flights. At present the service isavailable on six Boeing 737 aircraft and itallows passengers to watch movies, televisionshows, listen to music or play games on theirpersonal devices for free. Two of these aircraftoperate Mumbai-Delhi sector. The service willbe extended to airline's 75 Boeing 737 aircraftby next March. Jet Airways is second airlineafter Vistara to introduce the service in Indianskies. Vistara however has not extended theservice beyond one aircraft and still runs it asa trial. On Friday Dragonair, a Cathay Pacificgroup airline, too announced launch of onboard wireless entertainment on its A320 air-craft on Hong Kong-Kolkata route. Jet Airwayshas said it will offer full broad band satelliteconnectivity to allow users to surf internet andsend emails from the plane and is in discus-sions with vendors for the same. Satelliteconnectivity will be offered upon receipt ofregulatory approvals.

ANEESH PHADNIS

Cinepolis takes remainingDT Cinema screensThe seven screens still with DLF’s cinema chain,DT Cinemas, have been acquired by Mexicanmultiplex chain Cinepolis.DLF disclosed in a filing on the BSE exchangethat the screens were sold for ~63.7 crore. Thedeal is subject to approval from theCompetition Commission of India (CCI).The properties in question are in South Delhi—six screens in the locality of Saket and one inGreater Kailash-II. DLF has, thus, exited thecinema exhibition business. The companyused to operate 39 screens and had initiallysigned an agreement with Ajay Bijli’s PVRCinemas for the sale of all. CCI objected andthe deal was reworked; this May, PVR acquired32 of the screens. URVI MALVANIA

Govt to cut excise duty onman-made fibres soonThe government is considering loweringexciseduty on man-made fibre (MMF) inorder to boost investment to meet growingdemand from synthetic textiles industry. TheTextile ministry is set to announce a cut inexcise duty on MMF in the new policy, sched-uled to be announced in a month. While cot-ton fibre attracts no duty, the governmenthas levied 12 per cent excise duty on MMF.The MMF industry had on several occasionsrepresented to the government, seeking anexemption from excise duty on garmentsproduced from MMF. These garments are pri-marily used by the economic weaker sectionof the society. DILIP KUMAR JHA

DevendraFadnavis,chiefminister,Maharashtra

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www.jharkhandgov.in

GOVERNMENT OF JHARKHANDRURAL DEVELOPMENT SPECIAL DIVISION, CHATRA

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fufonk dh 'ks"k 'krsZ iwoZor~ jgsxhAExecutive Engineer

PR No 147712(Rural Development)/16-17 Rural Development Special Division, Chatra.www.jharkhandgov.in