Real Estate TV: Themed lifestyles now come from developers

Theme based projects are the buzz-word these days. Developers of housing societies today are competing with each other to lure customers with theme based projects. Each theme promises a unique experience, but are they actually practical and a desirable option or is it just a mere marketing gimmick?

Theme based projects are the buzz-word these days. Developers of housing societies today are competing with each other to lure customers with theme based projects. Each theme promises a unique experience, but are they actually practical and a desirable option or is it just a mere marketing gimmick?

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Storyboard: Parle Agro re-launches Frooti

Parle Agro has re-launched its flagship brand Frooti. The 30 year old iconic mango drink has a new packaging, logo and of course marketing strategy. The aim is to widen Frooti's consumer base, increase market share by 10-15 percent and clock a 50 percent growth.

Parle Agro has re-launched its flagship brand Frooti. The 30 year old iconic mango drink has a new packaging, logo and of course marketing strategy. The aim is to widen Frooti's consumer base, increase market share by 10-15 percent and clock a 50 percent growth.

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Here's how Klay is helping new moms get back to work

It is not easy for new mothers to go back to work for various reasons and one of them is the challenge of finding a good day care center and that is what pushed Priya Krishnan to startup Klay an acronym for Kids Learning and You, a preparatory school that provides day care services to working parents.

It is not easy for new mothers to go back to work for various reasons and one of them is the challenge of finding a good day care center and that is what pushed Priya Krishnan to startup four years ago. Bangalore based Priya Krishnan setup Klay an acronym for Kids Learning and You, a preparatory school that provides day care services to working parents.

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Coal Block Auctions: Winning Bid Rejected!

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sat, Mar 28,2015 | 15:53, Updated at Sat, Mar 28 at 15:59Source : CNBC-TV18 |   Watch Video :

Can a winning bidder lose the auction? The recent coal block auctions threw up an interesting twist when the government rejected the winning bids of Jindal Power and Balco. The news broke on twitter when Coal Secretary Anil Swarup said winning bids for 8 blocks were re-examined and only 5 passed muster. The government rejected Balco's winning bid for Gare Palma IV/1 and Jindal Power's winning bids for Gare Palma IV/2 & 3 and Tara. Coal minister Piyush Goyal says the bids were rejected because they were 'outliers'?!?

Can a winning bid, that has cleared technical eligibility criteria and is above the mandated price thresholds, be rejected for being too low? Can the government's 'outlier' argument sustain in court? To discuss this, Menaka Doshi is joined by well known Counsels, Vikram Nankani and Gopal Jain.

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The Death Of Section 66A

Published on Sat, Mar 28,2015 | 15:53, Updated at Sat, Mar 28 at 15:53Source : CNBC-TV18 |   Watch Video :

In a landmark judgment the Supreme Court this week stood up for free speech. A two member bench of Justice Chellameswar & Justice Nariman struck down Section 66A of the IT Act as unconstitutional and reassured the nation that the right to freedom of speech and expression is sacred and paramount. But as Payaswini Upadhyay reports this is only half the battle won!

It was the winter of 2008. On December 22nd, an otherwise slow moving Parliament showed great efficiency when it passed 8 Bills in less than 15 minutes. One of those bills amended the Information Technology Act, 2000 and thus Section 66A was born - with no discussion or debate on the reasons or consequences of the amendment. The genesis of Section 66A can be traced back to the 2007 Parliamentary Standing Committee, Chaired by MP and former Delhi Police Commissioner- Nikhil Kumar. The committee wanted the government to address the issue of spam emails. In response the Department of Information Technology drafted Section 66A. The Committee wasn't convinced but it let the Section be.

Gautam Bhatia
Lawyer- Civil Liberties  
Lecturer, National Law School of India University
"You'll see the purpose was to tackle very specific internet related offences like identity theft, phishing, spam, cyber bullying and so on. But of course, the drafting was so poor that over time it evolved into something totally different."

Darius Khambata
Senior Counsel
Former Advocate General, Maharashtra
"There is some indication that the terminology used in the Section is similar to the terminology used in the UK Post Office Act, 1953 and their Telecommunications Act, 2003. We have not used exactly the same language but I also presume there was some sort of a reaction of the parliament to cases of misuse of exploitation of electronic media to cause injury and I think this must have been a reaction to cases such as those."

The poorly drafted and hurriedly passed Section 66A prescribes 3 years of imprisonment for a person who sends information that is grossly offensive and messages that are likely to cause annoyance, inconvenience, danger, obstruction, insult...etc via a computer or communication device.

A legal provision meant to deal with spam email became a menace against free speech. In the last few years 66A has been used to silence tweets, Facebook likes, cartoons and comedy. It was used to arrest 2 girls criticizing the Bal Thackeray funeral procession for causing a traffic jam.

Palghar Girl Arrested in 2012 under Sec 66A for a Facebook comment on Mumbai's traffic situation after Bal Thackeray's demise.  
"Last week was really like a bad dream…it wasn't against someone; it was just a point of view. I think there should be freedom of speech as we live in 2012 and a democratic country."

It was used to arrest a businessman for tweeting against a Minister's son.

Ravi Srinivasan,  Businessman, Puducherry arrested under Sec 66A for a tweet against P Chidambaram's son
"Certainly I don't think I need to be arrested for tweeting. I have not used any foul language; nor have I abused anybody or made comment that is anti-national."
 
Soon after the arrest of the Palghar girls, 21 year old Delhi law student Shreya Singhal filed a petition in the Supreme Court arguing that Section 66A violates freedom of speech guaranteed by Article 19 in the Constitution.. After almost 3 years, the Supreme Court agreed with Singhal and 8 others who fought the battle with her.

Shreya Singhal, Petitioner
"They have upheld the rights of the citizens today because internet is far reaching and so many people use it that it is very important for us to protect this right today"

Renu Srinivasan- Palghar Girl Arrested For Facebook Comment
"I am very happy...we have got justice after 2 years. Our post was not abusive. It should not have led to an arrest."

The apex court held that expressions such as "grossly offensive" or "menacing" used in Sec 66A are so vague that there is no manageable standard against which an offence can be measured. Emphasizing on the chilling effect this could have on free speech, the SC held that Section 66A "arbitrarily, excessively and disproportionately invades the right of free speech and upsets the balance between such right and the reasonable restrictions that may be imposed on such right."

Darius Khambata
Senior Counsel
Former Advocate General, Maharashtra
"The judgment of the SC in Shreya Singhal is perhaps one of the most important judgments our Supreme Court has given in the recent times. It's important, firstly, for the freedom of speech that it advocates but the Supreme Court has consistently upheld Art 19(1)(a) and used it to strike down laws that impinge upon freedom of speech. To my mind, it's really important because it upholds the right of the citizen to know and it upholds the right of the individual to put out his information or his freedom of expression on the net – a facility not available few years ago- usually freedom of speech was thought of in terms of the media or a more public expression like a public meeting but now every individual citizen has the right to go on the net and express himself and herself freely."

It's been a week of celebrations for those who braved arrests and those who fought in court for our freedom of speech. But before you uncork the bubbly remember this. The Supreme Court has paved the way for a new 66A. It has also upheld Section 79 – thus allowing intermediaries such as Internet Service Providers and websites to take down content. And this battle does not extend to several Indian Penal Code provisions that do exactly the same as 66A.

In the Shreya Singhal case, one of the arguments by the petitioners was that a new medium like the internet did not need new laws, as laws to moderate freedom of speech already existed. The Supreme Court disagreed – paving the way for a new Section 66A. But in drafting it the Government will have to heed this judgment and the distinction it makes between advocacy and incitement. It says only advocacy which can lead to imminent public disorder can be restricted under Article 19(2) of the Constitution.

Gautam Bhatia
Lawyer- Civil Liberties  
Lecturer, National Law School of India University
"In a case called Rangrajan, the court said that the relationship between speech and disorder must be like a spark and a powder keg. And in a different case, the court said that there must be imminent incitement to lawless action. So, in this case, the ocurt endorses the second viewpoint and it says that advocacy of subversive ideas in itself cannot be a ground for punishment and restriction. Only when it rises to the level of incitement can it be so punished and in doing that, the court ensures that mere ideas, thoughts cannot be punished. There most be a close proximity between your speech and the evil that the government wants to curtail."

Sidharth Luthra
Senior Advocate, SC
Former Additional Solicitor General of India
"The idea of the Supreme Court was to draw a distinction between what can be protected by the exceptions in Article 19 (2) and what can't and what should not. And that has been done specially in the context of internet, which as a medium, has the widest reach and it was important for the Supreme Court to lay down this distinction. I am hopeful the government, when and if, it chooses to frame a new legislation will keep these principles in mind which are very salutary guiding principles."

The Shreya Singhal petition also challenged Section 79 of the IT Act. This section exempts intermediaries like websites and internet service providers from any liability if they take down information used to commit unlawful acts. That meant any complaint could prompt an intermediary to take down information. The Supreme Court has read down the Section to say that intermediaries will now be expected to take down information only if a court or government order demands it.

Darius Khambata
Senior Counsel
Former Advocate General, Maharashtra
"I think the restrictions imposed by Section 79, as read down, are reasonable. A court order obviously has to be followed. But even government orders are important because there are areas of national security, there are areas of incitement to an offence, there are areas of communal or religious incitement where the government must and should intervene swiftly- you can't wait for a court order. Yes; that can be misused as everything can be but you have recourse to courts and I would encourage any citizen who feels that a government order is misused to go to court and to prevent action under Section 79."

So the 'annoying' 66A will be re-written and the 'inconvenient' Section 79 has been read down. But what the Information Technology Act can't do, the Indian Penal Code can. So watch those tweets and Facebook likes, cartoons and roasts – or you could very well be back in jail!

Section 153A of the Indian Penal Code prohibits spoken or written words that can promote enmity between different groups based on religion, language etc. It was applied alongwith 66A to arrest the Palghar girls. Standup comedy group AIB was booked under Sec 292 of the IPC that prohibits selling, distributing, circulating and publicly exhibiting obscene content. Section 298 was used to file an FIR against film director Ram Gopal Varma after he tweeted against Dera Sacha Sauda's leader Gurmeet Ram Rahim Singh.

Sidharth Luthra
Senior Advocate, SC
Former Additional Solicitor General of India
"So far as these provisions which have been held constitutionally valid – they are still on the stature book; they are still capable of being used and in some cases, they are still being used to prosecute citizens even today and in the context of electronic communications, electronic record and content on the internet. So that position has not really changed except that those provisions, unlike Sec 66A, are a lot more specific – some have been upheld by the SC. Therefore the likelihood of an arrest, the likelihood of a prosecution exists under those provisions even today if, of course, the act is found to be offending."

Darius Khambata
Senior Counsel
Former Advocate General, Maharashtra
"I think this judgment has to be viewed in a broader context. You have to view it as a judgment that upholds civil liberties as opposed to the tyranny of the majority. And I think that principle will affect a number of provisions- I would hope including the curative petition that has been filed on the judgment under Sec 377 of the IPC- and several other matters because the heart of our Constitution is protection of individual and civil liberties and rights against the will and tyranny of the majority and that's why this judgment is so important."

In a thin skinned country, full of holy cows, including those of Azam Khan – this judgment reminds the State – that it may disapprove of what we say but it ought to defend to the death our right to say it.

In Mumbai, Payaswini Upadhyay

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Multiples PE to invest at faster pace over next 2-yrs: CEO

Talking about the investment cycle in India, Multiples PE is basically a sector agnostic fund and looks at opportunities in each and every sector, says managing director and chief financial officer, Prakash Nene.

Multiples Alternate Asset Management Private Limited (Multiples) is an investment advisory firm that manages more than USD 400 million of Private Equity Funds. Multiples believes there are three ingredients to successful investing in India – careful selection based on conviction in the entrepreneur and opportunity; finding a solution beyond just providing capital; and mutual selection between the entrepreneur and the fund.

Multiples PE is now coming out with a second fund which is a 10-year fund with commitment amount of USD 650 million to be invested in 5-year time frame. However, they would be aggressively investing in the first two years on back of hopes that the Indian economy is now turning around, says Nene.

We are quite positive about the changes which are being made on the economic front. There are many incremental changes which are taking place and that is very heartening," adds Nene.

Althought the fund is sectors agnostic, spaces banking financial insurance (BFSI), e-commerce, healthcare will continue to be most attractive sectors, says Nene.

Below is the transcript of Prakash Nene's interview with CNBC-TV18's Kritika Saxena.

Q: Multiples PE since 2010 till date has been a roaring success if you compare it to the other domestic funds. You have raised USD 300 million funds which have been deployed already. How has the growth been given the fact that investing climate has been slightly slow ever since you setup. How have you been able to retain the investment pace and get the kind of success that you have gotten already?

A: We started in 2010 and the fund is slight bigger than what you thought because the dollar has depreciated otherwise we started with USD 400 million commitment. In terms of pace of investment we have been doing investment on a steady basis every year. We have a very strong investment team and lot of us came from another private equity venture and everybody is very experienced. So, we know the game and after all with all this whatever you do ultimately there has to be some external factors also which lead to success. So, we have to be very careful about where do you invest. In fact when you say our pace investment has been good, to begin with our pace of investment was very slow. We were very measured, our first investment took about a year to make.

Thereafter we really gathered pace because the team has to come together. Once the team came together that is how we started going forward at a faster pace.

Q: In your first fund what were your focus areas in terms of the average ticket size that you are looking at and the sectoral focus?

A: We are sector agnostic fund. We look at opportunity in each and every sector. In terms of verticals we look at certain percentage – 10-15 percent for early stage companies and rest of the companies are later stage companies. Our bias is towards later stage companies because our ticket size will be larger than early stage companies. So, USD 30 million would be our ticket size in the first fund. Obviously in the second fund it will be larger than that.

Q: Let us talk about your second fund; USD 500 million is the amount that you are looking at raising. What is the process and by when will you start deploying that? The fund amount is larger than what your other peer, which have seen average of USD 150-300 million, so what really according to you would be the focus areas and do you feel that now that this is a larger fund you would have a larger investment power to invest over the next couple of years?

A: First of all USD 500 million would be the main fund. We also have another vehicle. So, our total amount available for commitment will be USD 650 million. So, we would be deploying USD 650 million which is the target of this fund. We would be deploying that in just a matter of time now, we already have lot of commitments from our core investors. They are all coming back with larger tickets, so we have a number of documents already with us. We are just waiting to do a formal close.

Q: Typically, USD 650 million, roughly across how many year do you see that spanning out or rather the majority investment, would it be a 5 or 10 year timeframe?

A: Technically, the fund is a 10-year fund but what we call as commitment period, the commitment period would be about 5 years. So, 5 year is the timeframe where most of the investment will be made. However thereafter as well once you invest in a company there is a follow-on investment. The companies keep needing money from time to time and it is not that after 5 years company will not require any money. So, you set aside some amount 10-15 percent for follow-on investments beyond 5 years.

For the first 5 years normally we invest at a steady pace. It is not that you have to just divide by 5 and every year you invest USD 120 million. Our bias would be more towards the early years. So, the first couple of years we perhaps would be investing at a faster pace than the earlier year because we are quite positive that the economy is now turning around.

Q: Since 2010 till 2014 things were fairly difficult but the new government came in and we have seen things turn on ground. We have been talking about how the ease of doing business is now one of the top priorities for the government and how there is a pickup in the reform cycle. Do you feel that foreign investors are now looking at India differently and more positively in 2015 than they did in the last two years?

A: Absolutely. I would not say the last two years, I would say year before 2014, the pace of investment all of us know was very slow and things were pretty gloomy. However last year has been a decent year I would say. In the private equity sector I think about 400-450 deals have happened and the capital deployed is about USD 11 billion, which is a sizeable sum which was deployed. Exits have also improved now. Last year we had about USD 4-5 billion of exits and I think that pace will continue.

We are quite positive about the changes which are being made on the economic front. There are not too many what they call big bang changes, lot of people expect that suddenly things will be different and that doesn't happen but I would say there are many incremental changes which are taking place and that is very heartening. We believe that the government's policies are moving in the right direction. However once you change a policy there is some time lag once the economic activity picks up. So, on the ground the economic activity especially in manufacturing sector is yet to pickup, it is slowly picking up but certain other sectors things have started moving faster. So, we are looking very positively, the next two years that is the reason I said that perhaps the pace of investment which we are going to make in the next couple of years will be faster.

Q: Let us talk about taxation in that case; in the Budget this time around the government has created a big positive for the PE industry by allowing tax pass throughs. How significant is that for PE players and for Multiples PE?

A: I would say that pass through is one of the things which the domestic industry was looking forward to and which has now been granted. It is definitely positive for the industry. However what happens is that what you do at one place, you do something else in another place. What has been introduced in this Budget is something called Place of Effective Management (P.O.E.M). In the speech the Finance Minister has said that they are encouraging Indian fund managers like us to really manage foreign money without going abroad. Many of our colleagues have moved abroad simply from that angle.

Place of effective management is considered if you are based in India and if you are managing money in Mauritius or in other jurisdictions and those funds are called resident in India. If those funds are resident in India then they are not eligible for what is called treaty benefits. So, that is one clause – P.O.E.M has come.

Government has created what they call safe harbour rules. Safe harbour rules mean certain sectors of the economy and certain fund managers would be excluded. However what I find that most of those changes which have been made they are for FIIs – foreign institutional investors. Government has not looked very carefully as to what are the requirements of a fund manager who is not an FII but using FDI money.

FII is a regulated concept under Sebi but most of the funds especially private equity funds are not of that type. We typically will have 5-25 investors and not hundreds of investors. So, when you say that no single investor can have more than 10 percent in a company and all of us have an anchor investor which will be more than 10 percent. So, in that situation we will be excluded then you say 5 investors put together cannot own more than 10 percent and you cannot do a buyout.

Even in our first fund we own a company which is completely owned by us – 100 percent and buyout is a very important concept for a private equity. When a policy framework is made this is something which looks like inadvertently it has not been taken into account and I am quite hopeful that before the Budget is finally approved I think there will be some changes on this.

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Take a look at Dalmia Bharat Smart City Contest

To catch up with rapid urbanisation the government of India has allocated Rs 6000 crore towards Smart Cities project. Joining this national movement is Ashoka University which has conducted the Dalmia Bharat Smart City Contest in collaboration with NASA Research Park based Singularity University.

To catch up with rapid urbanisation the government of India has allocated Rs 6000 crore towards Smart Cities project. Joining this national movement is Ashoka University which has conducted the Dalmia Bharat Smart City Contest in collaboration with NASA Research Park based Singularity University. The idea behind this contest was to help identify innovative business pitched that can help India build a 100 smart cities over the next three to five years.

Watch video for more.

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GenNext Innovation Hub: Helping startups accelerate growth

Startups are the flavour of the season. Both the Modi government and corporate India are putting their time and money behind nurturing innovative entrepreneurial ventures. To encourage disruptive tech startups Reliance Industries in partnership with Microsoft Ventures has setup the GenNext Innovation Hub, startup accelerator.

Startups are the flavour of the season. Both the Modi government and corporate India are putting their time and money behind nurturing innovative entrepreneurial ventures. To encourage disruptive tech startups Reliance Industries in partnership with Microsoft Ventures has setup the GenNext Innovation Hub, startup accelerator.

Watch video for more.

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The big event : NSE funancial national finale

NSE's Funancial Quest, Season 4, this is the national finale. Three outstanding teams battled hard in the semi-finals to qualify as the winners of each of them and here in the national finals they will battle again and this time it is for the title of a national champion.

NSE's Funancial Quest, Season 4, this is the national finale. Three outstanding teams battled hard in the semi-finals to qualify as the winners of each of them and here in the national finals they will battle again and this time it is for the title of a national champion. Each of these teams has had a victory at their city level, semi-finals and one victory is all that stands in their way towards being crowned national champion.

Watch videos for more..

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Here's an exclusive chat with FCB's Nigel Jones

Storyboard caught up with FCB's Global Chief Strategy Officer, Nigel Jones to understand how the explosion of digital, especially, social media has changed planning the growing importance of collaboration between creative and planning and why defining the brand purpose has become the need of the hour.

Storyboard caught up with FCB's Global Chief Strategy Officer, Nigel Jones to understand how the explosion of digital, especially, social media has changed planning the growing importance of collaboration between creative and planning and why defining the brand purpose has become the need of the hour.

Watch video for more.

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Watch exclusive preview of Snapdeal's new TVC

At a time when e-commerce advertising is concentrated on discounts, Snapdeal is looking to make an emotional connect with its consumers. It has a new tag line and has also roped in actor Aamir Khan as its new brand ambassador. Noticeboard segment of Storyboard showcases an exclusive preview of its new TVC.

At a time when e-commerce advertising is concentrated on discounts, Snapdeal is looking to make an emotional connect with its consumers. It has a new tag line and has also roped in actor Aamir Khan as its new brand ambassador. Noticeboard segment of Storyboard showcases an exclusive preview of its new TVC.

Watch video for more...

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Storyboard: Etihad's new global campaign

Storyboard's top story today looks at the new global campaign of Etihad Airways that was launched this week. UAE's national carrier has a new tag line and a new brand ambassador in Oscar winning actor Nicole Kidman.

Storyboard's top story today looks at the new global campaign of Etihad Airways that was launched this week. UAE's national carrier has a new tag line and a new brand ambassador in Oscar winning actor Nicole Kidman. The aim is simple - the 11 year old airline is on an expansion spree and will add 9 new destinations this year. In an exclusive chat, Etihad's Chief Commercial Officer Peter Baumgartner tells us what the new brand positioning hopes to achieve and how this will play out in Etihad's new markets.

Watch video for more...

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Car sales growth to accelerate to 7% in FY16: Icra

The used car market has been a beneficiary of the declining interest in new car market, it said, adding other factors like entry of organised players, increasing awareness and financing option have also helped. "ICRA expects Indian used car market to outpace domestic new car sales growth in the near to medium term".

Improvement in customer sentiment and new model launches will push up car sales growth to up to 7 percent in FY16 and further to 8-10 percent the year after, rating agency Icra said on saturday.

"We expect growth momentum in domestic passenger vehicle industry to accelerate with 5-7 percent in FY16 and 8-10 percent growth thereafter," it said in a note. The expansion will be largely driven by an improvement in customer sentiment, which is correcting on lower cost of ownership because of fuel price corrections, and also the new launches which are in the pipeline, it said.

A sizeable chunk of the car sales is contributed by the first time buyers (FTB), whose purchase decision rests on the operating costs and macroeconomic factors. The number of FTBs declined to 37 percent in 2014, which witnessed a spurt in fuel prices and also headwinds on the macroeconomic front, from a high of 50 percent in 2012, the rating outfit maintained.

"Over the last one year, gradual decline in fuel prices (especially petrol), easing financing norms and overall improved customer sentiment have helped in return of FTBs (in car market) in the current fiscal." The small car segment, the FTBs' favourite, will witness improved volume traction, it said.

The used car market has been a beneficiary of the declining interest in new car market, it said, adding other factors like entry of organised players, increasing awareness and financing option have also helped. "ICRA expects Indian used car market to outpace domestic new car sales growth in the near to medium term".

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NSEL: Govt attaches Jignesh Shah's FTIL stake, assets

The Maharashtra Protection of Interest of Depositors' (MPID) Court has notified the auctioning of Financial Technologies' promoter Jignesh Shah's 46 percent stake in the company as well as his assets, reports CNBC-TV18's Prerna Baruah.

The Maharashtra Protection of Interest of Depositors' (MPID) Court has notified the auctioning of Financial Technologies'  promoter Jignesh Shah's 46 percent stake in the company as well as his assets, reports CNBC-TV18's Prerna Baruah.

Please watch video for the full report.

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Mineral development fund to apply to all coal mines: Goyal

In an interview with CNBC-TV18, Power Minister Piyush Goyal reflected upon the successfully-concluded coal block auctions as well as the passage of the MMDR bill. Please watch video for the full interview.

In an interview with CNBC-TV18, Power Minister Piyush Goyal reflected upon the successfully-concluded coal block auctions as well as the passage of the MMDR bill.

Please watch video for the full interview.

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Tax concerns, regulatory issues ailing REITs: Experts

It took the securities market regulator 6 years to frame regulations for real estate investment trusts or REIT's. Yet over a year on since the rules were announced, little has moved on ground.

It is an investment structure that's been a non-starter despite several nudges from the regulator and the government. Despite Sebi bringing out real estate investment trusts (REIT) guidelines last year, the product is yet to find takers in the Indian market. CNBC-TV18's Sajeet Manghat and Alexander Mathew report.

It took the securities market regulator 6 years to frame regulations for real estate investment trusts or REIT's. Yet over a year on since the rules were announced, little has moved on ground.

Sebi chief UK Sinha acknowledges the lack of enthusiasm but adds that the delay is just an initial hiccup. 

"I am not discouraged because even if I look at data from the US for example first few years were areas and periods of learning. The growth started happening only after the first 5 or 6 years..." Chairman of Sebi, UK Sinha says.

Sinha has invited industry to place its issues before the regulator. There are several sticky areas. For instance the level of subsidiaries permitted to hold real estate assets, the industry seeks a relaxation in current norms to allow at least two levels of subsidiaries to facilitate easier consolidation between different SPVs.

Control is another issue. Current regulations require the trust to hold at least 50 percent equity of interest to have control over the asset. This is in contrast with public listed companies where control is not linked to the level of share holding. Current norms also do not permit REITs to mix up different asset classes like residential, commercial and retail. REIT holders also don't have any preferential rights under a particular asset classes. 

The industry is seeking a relaxation in these norms.  One of the most important demands is to bring REITs under the ambit of the securities Contract Regulation Act. This will allow units to be treated at par with securities enlisted in the act  and allow institutions like insurance companies to trade and participate in the REITs market. 

Experts believe some of these issues will get resolved as the first couple of issues hit the market.

"I can envisage a fairly intense negotiation at evolving an appropriate listing agreement. That conversation will happen both with the stock exchange as well as with Sebi. And who ever is the first volunteer to do this has to address this." says Cyril Shroff, Managing Partner, Amarchand Mangaldas.

While Sebi will be looking at some of the regulatory issues, the industry also requires clarity on taxation. Investors are hoping for a resolution of issues relating to the levy of minimum alternate tax and dividend distribution tax on the SPV and REIT level. Clarity on foreign capital investment limits in these trusts is also awaited.

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What it takes to create India's first int'l finance centre

The Gujarat International Financial Technology (GIFT) City Project is Prime Minister Narendra Modi's eight-year-old ambition. His aim is to create a financial hub in the East of Gujarat, which will stand up to the might of Hong Kong, Dubai and Singapore, or maybe even London or New York in future.

CNBC-TV18's Latha Venkatesh caught up with SS Thakur, Chairman of the Policy Making Committee of  International Financial Centre; Neeraj Gambhir, co-head, Nomura India; and eminent lawyer Jayesh H of JurisCorp, to discuss what it will take to create one.

"The original proposal was to set up an offshore international financial centre in New Mumbai," Thakur said. "[But] land acquisition unfortunately became a problem… so the project has been shifted to Gujarat."

He foresaw capital account convertibility -- currencies are freely convertible in most financial centres -- to be an issue and said GIFT may adopt the Malaysian model (like the rupee, the ringgit is partially convertible).

Below is the transcript of the interview on CNBC-TV18.

Q: What exactly is the government envisaging in the first phase of setting up this International Financial Centre? Legally what will be available to attract companies to gift city?

Thakur: Originally the proposal was to set up an off shore international financial centre in New Mumbai because Mumbai is only the domestic financial capital so we wanted to make it an international financial capital. However question arose that the land acquisition became unfortunately a problem in Mumbai so the project has shifted to Gujarat. This project will be divided in to two parts - the domestic sector and the international financial sector. Now the special economic zone (SEZ) act which was enacted in 2005 and came into force in 2006 there is a clause sec 18 of this SEZ zone that the central government may set up an off shore international financial centre in a SEZ and the rules and regulations will be formulated in consultants with the regulators that is the Reserve Bank of India (RBI), Sebi and Insurance Regulatory development Authority (IRDA) so these provisions are already made in the act of parliament. Pursuant to this act then the rules and regulations have been formulated, draft regulations which the government of India will have to announce sooner or later their rules and regulations.

Q: At the moment what do you envisage could be the first set of rules for the international financial centre? When you say there is a domestic area and am area for the international centre. Is it that entry and exit from that place physically will be a accordant of or you have other rules specific to companies that will be registered in that area? If you can give me an idea what are the rules that you have in mind?

Thakur: The International Financial sector will be completely encircled by from the domestic financial sector because all transactions in the International Financial Sector will be held in foreign currency they will be held particularly in US dollar. All banking - non banking, foreign exchange transactions, insurance - re- insurance transactions, mutual fund - stock exchange transactions will be done only in that centre in dollars. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have already entered into agreement to set up stock exchanges in this centre. Where the overseas companies, the Indian companies will be listed instead of Indian companies going to New York and London they can be listed here. Similarly LIC in the insurance sector can set up a branch there. International insurance company can also set up their branch, and the transactions will be done all over the world not merely in India all over the world just like Singapore and Hong Kong they are doing international transactions this deemed territory it will be a foreign territory. All international transactions, financial transactions will be done in foreign currency particularly US dollars.

Q: When you say all transactions in dollars do you mean that I pay even my taxi driver in dollars within that international city? What I mean is even retail transactions or only wholesale and the second question the more important one is who regulates? Will there be a separate regulator set up for capital markets, banking in that area? Will there be different kind of capital adequacy norms so who does the banking regulation, who does the capital markets regulations as well what are the tax laws applicable?

Thakur: Regulators will be the existing regulators as I mentioned RBI, IRDA for insurance regulations and Sebi for all securities transactions these will be the regulators. Proposal is to set up an office of these regulators and there will be a board where the senior level representatives will be the members of the board. The applications for setting up an off shore banking system, international insurance sector and capital market they will receive their applications in a prescribed form. They will get the approval of their concerned regulator for necessary approval. Once this centre gets the approval the applicant will be informed about this clearance for their application that they have been made. We are discussing what is needed to make the proposed International Financial Centre in gift city in Gujarat a financial destination comparable to Hong Kong or London.

Latha: From what you have heard Mr. Thakur explaining in terms of way the way in which the international centre is likely to be laid out, what is your best guess? Will this be enough to attract a lot of foreign brokerages and banks to this centre?

Gambhir: My true sense here is that if you are trying to compare with what happens in a jurisdiction such as Singapore or Hong Kong or for that matter Dubai, there is a vast difference between the regulatory framework which is applicable in those jurisdictions versus how we treat financial services industry in India both with respect to the regulatory framework as well as with respect to the taxation framework. So, at a very high level whether people will be interested in coming up and setting up here besides the issues of accessibility, ability to communicate, an ability to travel easily, the other issue will also be that how closely we can come to some of these jurisdictions in terms of our regulatory and taxation framework. A large number of multinational foreign institutions such as ourselves today have a vast number of employees in setups where these employees undertake various activities which are not necessarily financial transactions but support services for our global offices. So, in some senses this SEZ concept which has been already in existence is being used by global financial services industry to offshore and send a lot of business into India. Now the question is whether we can upgrade that to actual financial transactions in the sense of a financial centre and we need a fairly comprehensive framework for that. Latha: What can be the tax concessions or tax regime for companies located in the international financial centre? Obviously there will not be Indian tax laws like a 30 percent if you make a interest income and capital gains 20 percent. It will not be that, it would be something comparable globally? Thakur: Let me first clarify that in this centre the offshore International Financial Centre will not be adopted on the model of Singapore or Hong Kong. Their currencies because Indian rupee is not fully convertible so I would like to say that what we are following is a Malaysian model because Malaysian currency is also like Indian rupee, is not fully convertible. But in this territory of international financial, it will be separated; it will be a deemed foreign territory within India for all regulatory and procedural approvals. It will be a totally and secure from the domestic market where the transactions…(interrupted)

Latha: What about tax?

Thakur: The tax also we are recommending that whatever the tax implication available for the special economic zone (SEZ) sectors, the same will be applicable in this international financial centre also.

Latha: What have you made of this concept legally and would you have any further questions for Mr. Thakur?

Jayesh: If you are asking me how do I design this to make it really work and what would be a success measure; if we can get even 10 percent of the Indians employed in Singapore into the centre, it will be a great success. That is a success measure at a starting point. So, then what do I need to have in place to make it a success and this is what the regulator and the government financial institution(FIs) should really give it a serious thought. Start from that I will be permitting everything, let me just set out what I will not permit so okay I will not permit gambling and casinos maybe, obviously but otherwise any financial product, any securities market transactions even commodities, derivatives, what not, everything should be permissible. If you are a really talking of an International Financial Centre, you need to completely depart from the domestic mindset where we have a huge control mechanism in place for the various segments of the financial and commodities market and for me International Financial Centre has to include commodities, otherwise there is a huge gap out there and even the same thing for insurance. I will give you a simple product which is not there in Indian markets which is there offshore; third party warrants. Today if I want to take a three year view on Infosys , I have to buy the share, there is no other way I can do it but third party warrants means I go and buy a warrant which is nominal investment and I get to take a three year-five year view on that stock. So, like that …(interrupted)

Latha: Or for that matter a Credit Default Swaps (CDS) on an Indian corporate bond?

Jayesh H: Absolutely and also listing of rates from whichever neighbouring country or globally you want to—we have Indian rates effectively getting less than Singapore, you would be allowing the other way round. Second you asked a fair question that what does it mean for in day to day terms that, tax drivers and all that. I would have thought you very much still continue transact in Indian rupees for your daily transactions. It is the actual financial transactions which get denominated in dollars or any of the global convertible currencies as these seven currencies or G8 now rather and also from a perspective of the regulator yes, as Mr. Thakur rightly said, each of them will set up a division there and be manned from there and it becomes ring fence but from a physical entry perspective it is no different from you entering BKC; it is just an island by itself so speak and that is how you enter and exit and what matters is the transaction being booked within how we are being booked and accounted for. Two key things according to me which can really make a huge difference, one is the court infrastructure and we really need to really look at the Dubai model there. Increasingly global transactions are now referring to Dubai International Financial Centre (DIFC) courts as a dispute resolution mechanism and the reason they have managed to inspire that confidence is those courts are actually manned by judges coming in from England and Singapore, completely technology driven, completely efficient in time-bound disposal of matters so, it is a huge radical change from what we are used to in India. So, being able to have that mindset and okay I will do what it takes and second is on the tax side we talked about SEZ; we have to some extent muddled up the taxation of SEZ. First we talked of tax-free and then we imposed MAT. Again you need to be completely clear that this is not domestic area, this is a deemed foreign area. They are transacting with India as if they are transacting with India as if they are transacting sitting in Singapore or Dubai so what Indian tax am I talking about?

Q: You got an idea of what the legal and the financial experts are envisaging. Is this doable?

Thakur: No, this year the thing which I would like to clarify about the capital market or securities transactions, the National Stock Exchange (NSE) and Bombay Stock Exchange have already agreed to set up and sign an agreement. The international financial centre in London, New York can also set up their branches and offices and the listing of Indian companies and also the overseas companies in south-east Asia other things, the can be listed there but the transactions will be done, the trading will be done only not in Indian rupees, but they will be done only in foreign currency, particularly in USD. Just as if the Indian company lists in London, they are done in pound sterling, if they are listed in New York, they are done in dollars. Similarly, listing of companies in India and other overseas countries in the Gujarat International Finance Tech (GIFT) City market, they will be done transactions only in dollars, not in rupees also. Similarly, if LIC opens a branch there, LIC cannot issue policies in dollars from India. But once they open a branch, they can issue policies all over the world, collect premium in dollars and settle claims in dollars.

Q: I take your point, I followed that. Jayesh was just speaking about the Dubai international financial centre's courts, that they have been able to get judges from London and other western nations, will that be set in this Dubai pattern, in GIFT city?

Thakur: No, dispute will be settled by… There will be a separate commission will be set up of the regulators there. The dispute as far possible, but if the dispute are in terms of the Indian regulations, they cannot be settled by that. But as far as possible, the board to be set up of their senior representatives of all the regulators will be there and they will like to resolve to the extent possible all the disputes and they can do it.

Q: I just want one sentence from all three of you. Mr Thakur, you go first. What is the time you are envisaging when we may have at least a body of transactions and a reasonable body of companies listed in this international centre? Are we looking at 2020?

Thakur: I think so because first of all the infrastructure has to be set up in GIFT city. The construction has already been going on there. The infrastructure has to be set up for the overseas companies and Indian companies to settle their off road offices there or branches there. That will take some time, maybe five years, six years. That is the infrastructure once it is set up and then in the mean time, once the regulations are announced by the government of India, marketing will be done so that overseas offices anything who want to set up their branches can set up this. They can acquire the property either on a ownership basis or on a lease basis in this centre.

Q: So, you are looking at a minimum of three or at least a minimum of five years?

Thakur: At least 3-5 minimum years will be taken for creating the construction activities.

Q: I get your point. What does it look like to you Jayesh? Does it look like within five years this could be a thriving centre or at least a fledgling?

Jayesh: Barring the infrastructure timeline, which I have no idea, but otherwise this can become a thriving centre. It can be a game changer which for years we have been trying for about exporting the Indian capital market, the financial markets to centres all around the world. This could be the game changer which can bring those markets to a large extent back.

Q: Last thoughts. In five years even some of Indian capital controls could disappear perhaps.

Gambhir: Perhaps Indian regulations will also move towards a more liberal regime and I do remember visiting the IFC when it was just launched maybe in 2001, 2002. It takes a fairly long period of time to convince the investors that you have a fairly stable regulatory and tax regime. It takes a bit of a time to get the international financing committee to look upon you as a interesting destination where you could house yourself from a jurisdictional perspective. So, I think all of these things take a little bit of a time, but I will be very happy to see if over the next five years, we have a very clearly enunciated policy stance around how we want to develop this project, what kind of products and services we think that the firms should be engaging in, what is the kind of infrastructure we want to put in place. If all of these things are amply clarified and they from international stand point, they are competitive, they are good enough for people to start looking at this venue as an attractive venue to house their businesses, I think it will be a good achievement.

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First look at Dulux's new ad shoot

In this action-packed show, we also visited the sets of Dulux's new ad shoot. The TVC is for its premium range of interior paints, Velvet touch, and stars actor Farhan Akhtar who has been endorsing Dulux for the last 7 years. Here's what happened on the sets.

In this action-packed show, we also visited the sets of Dulux's new ad shoot. The TVC is for its premium range of interior paints, Velvet touch, and stars actor Farhan Akhtar who has been endorsing Dulux for the last 7 years. Here's what happened on the sets.

Watch video for more...

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Exclusive chat with Havas Chairman CEO, Yannick Bollore

Havas's chairman and CEO, Yannick Bolore was in the country recently. Storyboard's Editor, Anant Rangaswami caught up with him to understand the communication holding company's 'Together' strategy, how it helps its clients and the challenges in managing procurement costs.

Havas's chairman and CEO, Yannick Bolore was in the country recently. Storyboard's Editor, Anant Rangaswami caught up with him to understand the communication holding company's 'Together' strategy, how it helps its clients and the challenges in managing procurement costs.

 Watch video for more...

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Motomiu Katanga Uno first ride review

After seeing that intro line you might ask me, What in heck do you mean? Aren't all customs better than stock? Phooey! But the answer to that question is a matter of perspective. Most people think of custom bikes as good-looking. Not entirely inaccurate. But to many that's all that matters. Unfortunately I cannot be that person. Not thinking about riding a bike - and that includes customs - is like going to an unlimited buffet with your mouth sewn closed. Painful, uselessand frustrating. And if I'm honest, I've seen so... Read More

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Buy Pipavav Defence; target of Rs 80: ICICIdirect

Brokerage house ICICIdirect.com is bullish on Pipavav Defence and Offshore Engineering and has recommended buy rating on the stock with a target price of Rs 80 in its research report dated March 13, 2015.

Icici Direct.com's report on  Pipavav Defence and Offshore Engineering

"Pipavav Defence and Offshore Engineering (PDOECL), spanning over 861 acres of land with two dry docking facilities of 662 m x 65 m (Dry Dock-1) and 750 m x 60 m (Dry Dock-2 under construction), is one of the largest defence shipbuilding facilities in India. The shipyard is capable of accommodating 400,000 dwt capacity ships along with construction and repair of a wide range of vessels starting from coastal and naval vessels together with repair and fabrication of offshore platforms and rigs. It also has a dedicated offshore yard with 175 m x 16.89 m quay consisting of both launching and loading platform together with installation of bollard and mooring rings. Recently, along with Larsen & Toubro, PDOECL was shortlisted for a potential Rs 60000 crore order to build six submarines for Indian Navy."

"Reliance Infrastructure together with its wholly-owned subsidiary Reliance Defence Systems Pvt Ltd has decided to acquire 13,00,00,000 equity shares from the promoters of PDOECL at Rs 63/share aggregating to ~18% shareholding in the company with an investment to the tune of | 819 crore. Reliance Defence Systems, a subsidiary of Reliance Infrastructure, has launched a mandatory open offer to acquire a 26% stake from the public shareholders of the company at | 66/share aggregating to | 1263 crore. In case Reliance Infrastructure is unable to acquire a total shareholding of 25.1%, it will acquire additional shares to the extent of the shortfall from the promoters at | 63/share. Post the transaction, existing promoters of PDOECL will continue to hold a minority stake in the company, together with two non executive Board seats. The acquisition would result in a change in management and control of the company. Post completion of the transaction, Anil D Ambani, will become the chairman of PDOECL."

"PDOECL, with one of the largest shipyards in the country, is well placed to take advantage of any policy change towards foreign direct investment (FDI) in the defence segment as the company already has a significant presence in the defence sector. The Government of India has approved 49% FDI in defence and is expediting indigenisation of defence procurement. PDOECL stands at a vantage point for the same owing to its superior infrastructure. Defence projects are usually long gestation. With Reliance Infra at the helm, we believe PDOECL is better placed than before to capture the humongous opportunity presented by the indigenisation of Indian defence procurement. We value PDOECL at 2.7x FY17 P/BV to arrive at a target price of Rs 80 with a BUY recommendation on the stock. We recommend that investors with a long term view not tender their shares in the open offer", say Icici Direct.com research report. Exhibit 3: P/BV trend.

For all recommendations,  click here  

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Storyboard: Aviva's new product stars Sachin Tendulkar

Aviva's new product - Extra Cover stars Sachin Tendulkar. Watch the accompanying video to see how the master blaster preps up.

Aviva's new product - Extra Cover stars Sachin Tendulkar. Watch the accompanying video to see how the master blaster preps up.

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The Tribunal Warrior

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sat, Mar 14,2015 | 16:35, Updated at Sat, Mar 14 at 16:35Source : CNBC-TV18 |   Watch Video :

Over the last decade, Supreme Court Senior Counsel Arvind Datar has been fighting a winning battle against India's tribunals – their composition and hence ability to pass judicial orders. In 2010, his arguments on behalf of petitioner Madras Bar Association and against Company Law Tribunals prompted the Supreme Court to lay down guidelines for the functioning of tribunals – this is the famous R. Gandhi case. In 2014, he argued on behalf of the Madras Bar Association against the national tax tribunal and won. The Supreme Court declared the National Tax Tribunal Act unconstitutional. The Madras Bar Association and Arvind Datar have also challenged the validity of the National Company Law Tribunal & Appellate Tribunal as under the Companies Act, 2013 – and that petition has now been referred to the Supreme Court's constitution bench. This week, 'tribunal warrior' Arvind Datar had another victory. The Madras High Court has struck down as unconstitutional several provisions determining the selection and qualification of members on the intellectual property appellate board – IPAB. To discuss the highlights of this decision and the fate of all tribunals in India – CNBC-TV18's Menaka Doshi speaks to the man himself – Arvind Datar!

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Storyboard: Behind the scenes of 7UP Nimbooz’s new product

Storyboard on the sets of 7up's Nimbooz Masala Soda which stars actor Anushka Sharma. Watch the accompanying video to see what happened on the sets.

Storyboard on the sets of 7UP's Nimbooz Masala Soda which stars actor Anushka Sharma. Watch the accompanying video to see what happened on the sets.

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2015 Renault Lodgy image gallery (India)

Renault's product offensive for this year starts with this, the Lodgy MPV . Based on the same platform as the Duster, the Lodgy is a seven-seater with an option to carry one more passenger depending on the trim selected. The familiar 1.5-litre K9K diesel engine from the Duster is available in 85PS and 110PS guise. The Renault Lodgy is all set to be in showrooms come this... Read More

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FDI=FPI?

Published on Sat, Mar 14,2015 | 16:33, Updated at Sat, Mar 14 at 16:33Source : CNBC-TV18 |   Watch Video :

After 3 committee reports & 5 years of pontification – the government of India has finally moved to simplify foreign investment limits in the country. Arun Jaitley says FDI is now equal to FPI. Payaswini Upadhyay studies the implications, especially for protected sectors like banking, defence & retail.

Arun Jaitley, Finance Minister On 28th Feb'15
"To further simplify the procedures for Indian Companies to attract foreign investments, I propose to do away with the distinction between different types of foreign investments, especially between foreign portfolio investments and foreign direct investments, and replace them with composite caps  The sectors which are already on a 100% automatic route would not be affected."

That announcement by Finance Minister Arun Jaitley will go a long way in de-confusing India's foreign investment policies. Currently some sectors allow 100% foreign investment, portfolio or strategic, under the automatic route. In others like banking the total foreign investment limit is 74% but portfolio investments are capped at 49%.  Why even in credit information companies – the overall limit is 74% but portfolio investment is capped at 24%

FPI = FDI?!
100% FDI via Automatic Route
- Agriculture & Animal Husbandry
- Mining
- Coal and Lignite...etc
*subject to sectoral rules

FPI = FDI?!
Banking
- Total foreign investment limit: 74%
- FPI cap: 49%

FPI = FDI?!
Credit Information Companies
- Total foreign investment limit: 74%
- FPI cap: 24%

Pratibha Jain

Partner, NDA
"Let's say if the foreign investment limit was 49% or 74%, if the foreign portoflio investment was restricted to 23%, even if FPIs were interested to invest further, you couldn't have. And if the FDI investment was not available for that sector, there was an artificial shortage created for foreign investment availability. So all of this will get sorted if you provided a composite cap and remove the artificial distinction currently."

Akash Gupt

Leader- Regulatory Services, PwC
"The intent is not to merge or collapse these windows and as the FM had mentioned in the speech as well that the concept of composite cap will apply to sectors where there is an FDI cap and it's not a new concept. Look at sectors like telecom, broadcasting and recently in defence and insurance, the principle of composite cap has been adopted and the objective seems to be to bring simplicity in the way foreign investment cap is to be calculated in sectors where there is either a conditionality or an approval requirement or there is a limit on the foreign ownership."

There are some clear beneficiaries of this new announcement. In banking for instance, the Axis Bank stock rose 8% the day after the Budget, on the promise that the portfolio investment limit for the sector will increase from the current 49% to the total foreign investment limit of 74% giving portfolio investors more headroom to buy the company's shares. In the power exchange sector the foreign investment limit is 49% but FDI is capped at 26% leaving FPI only 23% room.

FPI = FDI?!
Banking
- Total foreign investment limit: 74%
- FPI cap: 49%
- Policy Impact: FPI investment can go up from current 49% to 74%

FPI = FDI?!
Power Exchange
- Total foreign investment limit: 49%
- FDI cap: 26%
-  FPI cap: 23%
- Policy Impact: FPI can go up to 49%

Pratibha Jain

Partner, NDA

"For banking, even though the total foreign investment limit was 74%, that is restricted for the FPIs to 24%, then going up to 49% with Board approval and beyond that, you couldn't go. So there is headroom in most banks for further foreign investment and with the removal of the restriction, the banks can get the investment via the FPI route."
 
But this effort to simplify foreign investment limits has also raised new complexities for sectors like Multi-brand retail and pharmaceuticals! In all these sectors foreign portfolio investors will be able to avail of only the automatic limits or the limit sans conditions.

Akash Gupt

Leader- Regulatory Service, PwC
"There are sectors like Brownfield Pharma which may not have a sectoral cap but have conditionalities. So, how would the government keep in mind that that if an Indian pharma company is attracting more FII investment, say more than 26%, then will it need to comply with all those conditions that a foreign company needs to when making an acquisition? That would make it difficult for Indian pharma companies to raise money on stock exchange and that headroom would come with some sort of sacrifice and these are some of the aspects that the government may need to look into from a practical standpoint to make it more effective."

Vivek Gupta

Partner, BMR Advisors
"You take a sector like multi-brand retail. Today investment in multi-brand retails is allowed only with certain conditionalities and therefore under automatic route, investment in multi-brand retail is 0%. However, under the general dispensation of Schedule II, 24% FII investment can be permitted in listed multi-brand retail companies. So once they notify a composite cap, it'll be essential for them to take one composite cap where the existing FII investment is not affected. So multi-brand retail is an example where there will be straight implementation issue."

Matters are more complex for companies in the defence sector. Last year the Modi govt permitted foreign direct investment upto 49% but with prior Government approval. The policy did not allow FPI investment in companies holding a defense license. Existing portfolio investments were capped and fresh investments not permitted. If now a composite cap is allowed for defense then it will open the door to fresh FPI investments. But only up to the automatic limit of 26%.

FPI = FDI?!
Defence

FDI: 49% (up to 26% via automatic route)
FPI investments not allowed
Existing FPI investments capped; fresh investments disallowed
Policy Impact: FPI can invest up to 26% (automatic route)

Defence, multi-brand retail and pharma – more clarity will emerge for these sectors once the Budget announcement takes the shape of a detailed policy circular. The hope is that the action is in line with the intent of facilitating ease of doing business in India.

In Mumbai, Payaswini Upadhyay

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Storyboard in conversation with GREY's T Myhren S Nair

Watch the interview of GREY Group's Chief Creative Officer Tor Myhren, and Global Strategic Planning Director Suresh Nair with Storyboard's Anant Rangaswami.

Watch the interview of GREY Group's Chief Creative Officer, Tor Myhren and Global Strategic Planning Director, Suresh Nair with Storyboard's Anant Rangaswami.

They were in the country this week and Storyboard caught up with them to understand what famously effective advertising entails, how marketers demands have changed over the last few years and the challenge of creating brand loyalty.

For entire interview, watch accompanying videos.

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Spied: 2015 Chevrolet Trailblazer SUV testing in India

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video of the day Budget 2015-16: Revive capex through savings on cheap crude says Kotak Sec

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Steve Thomas clinches the pole position for the super qualifier in Tata T1 Prima Truck Racing Championship 2015

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It is season two and the hard charging behemoths from Tata's stables are back at the Buddh International Circuit at Greater Noida in India. The Tata T1 Prima Truck Racing Championship, compared to the inaugural 2014 season, promises to be an even more exciting and action packed event this year and the qualifying session that was held today showcased that the leaps by which the Prima race truck's performance has increased. Last year's winner Stuart Oliver, missed the pole by just a few tenths of a second. The Team Castrol Vecton driver's... Read More

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F1 2015: Lewis Hamilton claims pole at Australian GP

The 2015 season of Formula 1 could well be another season of Mercedes domination. The performance of the Silver Arrows in testing indicated they'd be strong this year and their performance during qualifying at the Australian GP is another indicator of just how strong the team is likely to be in 2015. Lewis Hamilton took pole position at Melbourne, followed home in a close second position by Nico Rosberg with the team locking out the front row. It wasn't an easy run for Rosberg in Q3 though, and errors meant that he was not able to take the... Read More

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Experts discuss water security at Vibrant Gujarat Summit

At the 7th Global Business Summit of Vibrant Gujarat 2015 dignitaries of major international organisations business leaders and expert speakers came together to exchange their opinions on improving the practices of water security, climate change and sustainable development.

Water unlike many other natural resources is a renewable resource and thus can be used if treated properly and reused again. At the 7th Global Business Summit of Vibrant Gujarat 2015 dignitaries of major international organisations business leaders and expert speakers came together to exchange their opinions on improving the practices of water security, climate change and sustainable development.

Watch video for more.

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Kaaryah, a fashion portal offering clothing in 18 sizes

On Young Turks Women's Day special meet Nidhi Agarwal and her fashion portal Kaaryah.com. Kaaryah.com claims to help women discover the perfect fit and variety of western wear for their wardrobes. Believing that one size cannot fit all, Kaaryah's entire range of clothing comes in 18 sizes especially designed for the Indian silhouette.

On Young Turks Women's Day special meet Nidhi Agarwal and her fashion portal Kaaryah.com. Kaaryah.com claims to help women discover the perfect fit and variety of western wear for their wardrobes. Believing that one size cannot fit all, Kaaryah's entire range of clothing comes in 18 sizes especially designed for the Indian silhouette.

Watch video for more.

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Storyboard: Goa Fest to be held from April 9 to 11 2015

The 10th edition of the Indian advertising industry's annual event Goa Fest will take place from April 9 to 11. However there is uncertainty around the creative Abbys. Storyboard editor Anant Rangaswami spoke with the advertising club's President to understand what they are doing to address the concerns.

Goa Fest dates are out - the 10th edition of the Indian advertising industry's annual event will take place from April 9 to 11. However as usual, there is uncertainty around the creative Abbys. While Lowe Lintas and Ogilvy will continue to keep away from the awards - other big agencies including McCann, Leo Burnett and BBDO will also not be participating. Storyboard editor Anant Rangaswami spoke with the advertising club's President and Chairman of the awards governing council, Pratap Bose to understand what the organisers are doing to address the concerns.

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Storyboard in conversation with Grey Group's Jim Heekin

CNBC-TV18 Pavni Mittal caught up with Grey's Chairman & CEO, Jim Heekin to understand what's driving creative change at Grey and how traditional agencies are competing with digital hot shops.

Grey group had a fantastic 2014 - it won 20 of the 22 accounts it pitched for - including Papa Johns and Volvo and was also the top ranking WPP agency in revenue growth. It was also D&AD's most awarded agency last year - a far cry from being written off as a stuffy and irrelevant network a few years ago. CNBC-TV18 Pavni Mittal caught up with Grey's Chairman & CEO, Jim Heekin to understand what's driving creative change at Grey and how traditional agencies are competing with digital hot shops.

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Ivy Camp: Leverages on growing potential across campuses

IvyCap Ventures presents IvyCamp Innovation and Entrepreneurship Conclave, a summit showcasing the potential of the global alumni network to take India to the top innovation and entrepreneurship.

IvyCap Ventures presents IvyCamp Innovation and Entrepreneur ship Conclave, a summit showcasing the potential of the global alumni network to take India to the top innovation and entrepreneur ship.  

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Overdrive takes a look at the new Volvo XC90

CNBC-TV18's Jamshed Patel drives the new Volvo XC90 to find out what this flagship SUV from Volvo has to offer.

CNBC-TV18's Jamshed Patel drives the new Volvo XC90 to find out what this flagship SUV from Volvo has to offer.

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Bertrand D'Souza solves viewer queries in 'Auto Selector'

CNBC-TV18's Bertrand D'Souza solves all the viewer queries on 'Auto Selector'. Also, take a sneak peak into the very best of motor racing action, 'Mobil 1 The Grid'.

CNBC-TV18's Bertrand D'Souza solves all the viewer queries on 'Auto Selector'. Also, take a sneak peak into the very best of motor racing action, 'Mobil 1 The Grid'.

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Four of India's top SUVs go on a Rajasthan ride

The Overdrive team drives four SUVs - Audi Q7, BMW X5, Range Rover Sport and Mercedes Benz GL-Class – into the sultry desserts of Rajasthan but their journey met with an unexpected twist.

The Overdrive team drives four SUVs - Audi Q7, BMW X5, Range Rover Sport and Mercedes Benz GL-Class – into the sultry desserts of Rajasthan but their journey met with an unexpected twist.

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VResorts, a chain of boutique resorts in offbeat locations

On Young Turks Women's Day special meet Aditi Balbir whose venture VResorts takes up private properties in offbeat locations, refurbishes them and runs them as boutique resorts sharing 10-15 percent of the sales with property owners.

On Young Turks Women's Day special meet Aditi Balbir whose venture VResorts takes up private properties in offbeat locations, refurbishes them and runs them as boutique resorts sharing 10-15 percent of the sales with property owners.

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Young Turks: Meet one of India's few women VCs

On Young Turks Women's Day special meet Vani Kola of Kalaari Capital and Bharati Jacob of Seedfund Advisors who are two of the very few women VCs in India. Bharati and Vani reveal that most often what holds women back are their own demons.

On Young Turks Women's Day special meet Vani Kola of Kalaari Capital and Bharati Jacob of Seedfund Advisors who are two of the very few women VCs in India. Bharati and Vani reveal that most often what holds women back are their own demons. They strongly believe that women make great entrepreneurs and leaders and it is only a matter a time before women are better represented in the startup community in India.

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