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India's Supreme Court has rejected a plea to conduct a paper audit of votes in the country's ongoing national elections. Petitioners had requested that the Election Commission of India verify each electronic vote with a paper slip generated at the time of voting. Currently, the verification process involves tallying votes with voter-verified paper audit trails (VVPATs) from five randomly selected voting machines in each constituency. The court affirmed the reliability of the electronic voting machine (EVM) system but emphasized the importance of maintaining harmony and trust in democracy. Prime Minister Narendra Modi's party is seeking to extend its power, with the elections set to conclude on June 1. [Extracted from the article]

(Bloomberg) -- India's national emissions trading system should begin operating within two years and could cover about 15% of the country's emissions by 2030, according to an official involved in the preparations. Emissions trading will build on an existing system run by the bureau, where companies can trade energy savings beyond a prescribed mark, Bakre said. [Extracted from the article]

SBI Pension Funds Pvt., which manages $50 billion in assets, is considering investing in corporate and state debt due to the narrowing spreads on longer-maturity Indian government bonds. The fund's chief investment officer, Sandeep Pandey, expressed concern that the lack of term premium for longer-dated securities could impact returns for subscribers. Demand for longer-tenor papers has increased, leading to a compression in the spread between 10-year and 30-year bonds. The fund currently holds a portfolio of about one trillion rupees in corporate paper and 2.5 trillion rupees in sovereign and state debt. [Extracted from the article]

India's yield curve has been nearly flat even amid record borrowing by the government as insurers stepped up purchases of long-term bonds. (Bloomberg) -- India's auction of the debut 50-year bond met with strong demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers. [Extracted from the article]

The Reserve Bank of India in September said it plans to add the 50-year bond in response to market demand for ultra-long papers, extending the nation's yield curve. The nation's burgeoning life insurance and pension fund industries, driven by an expanding middle class, are changing the landscape for India's $1 trillion sovereign debt market. [Extracted from the article]

(Bloomberg) -- India's economy is likely moving into a low inflation regime as supply shocks fade and demand cools, according to a paper co-authored by Reserve Bank of India Deputy Governor Michael Patra. RBI's nowcast model suggested economic activities gathered momentum in February, and real gross domestic product growth for the January-March quarter could be around 5.4%, on track to recover from a surprising dip of 4.4% in the October-December quarter. [Extracted from the article]

(Bloomberg) -- Insurers in India are lining up to grab a share of the nation's debut 50-year bond offering, highlighting the growing heft of long-term investors in the nation's $1 trillion debt market. Even as the government is borrowing a record 15.43 trillion rupees of bonds in the current fiscal year, bonds in India have been relatively less volatile compared to their US counterparts, partly due to higher demand from insurers and pension companies. [Extracted from the article]

(Bloomberg) -- India's record more than $600 billion of foreign exchange reserves might not be good enough, as it falls short on some measures including import cover and liability outflows, according to a new research from the central bank. "While foreign exchange reserves provide cushions against unforeseen external shocks, levels are often deceptive", Reserve Bank of India researchers, led by Deputy Governor Michael Debabrata Patra, wrote in the latest monthly bulletin. [Extracted from the article]

(Bloomberg) -- India's capital markets regulator proposes to seek more disclosures from foreign funds with large holdings in local stocks or companies, following criticism about lack of oversight over inflows into sprawling conglomerates such as the Adani Group. The Securities and Exchange Board of India in a consultation paper Wednesday defined "high-risk" foreign portfolio investors and said these funds must comply with additional disclosure requirements within six months after the norms are implemented. [Extracted from the article]

The Securities and Exchange Board of India in a consultation paper Wednesday defined "high-risk" foreign portfolio investors and said these funds must comply with additional disclosure requirements within six months after the norms are implemented. (Bloomberg) -- India's capital markets regulator proposes to seek more disclosures from foreign funds with large holdings in local stocks or companies, following criticism about lack of oversight over inflows into sprawling conglomerates such as the Adani Group. [Extracted from the article]

The Securities and Exchange Board of India in a consultation paper Wednesday defined "high-risk" foreign portfolio investors and said these funds must comply with additional disclosure requirements within six months after the norms are implemented. (Bloomberg) -- India's capital markets regulator proposes to seek more disclosures from foreign funds with large holdings in local stocks or companies, amid criticism about lack of oversight over inflows into sprawling conglomerates such as the Adani Group. India Proposes More Disclosures from "High-Risk" Foreign Funds. [Extracted from the article]

(Bloomberg) -- The Indian central bank's decision in March to slash interest rates in an unscheduled meeting was the biggest surprise since a Monetary Policy Committee was set up four years ago, according to a new research paper. India's rate-setting panel is due to meet in the first week of August, having already cut the repo rate by 115 basis points so far this year as the economy heads toward its first annual contraction in more than four decades. [Extracted from the article]

(Bloomberg) -- A hawkish pivot by the Indian central bank has money managers scurrying to find safer bets while bracing for potentially the steepest rate hikes in Asia. The yield spread between three-year government papers and similar top-rated company bonds had turned negative in April from around 87 basis points in August, according to Bloomberg data. Yields have risen, and stocks pared gains since the Reserve Bank of India shifted focus to inflation from growth in April and indirectly tightened policy by introducing a higher floor interest rate. [Extracted from the article]

India is experiencing robust economic growth rates and has the potential to become the new engine of global economic growth as China slows down. Prime Minister Narendra Modi aims to turn India into a manufacturing powerhouse and expand its manufacturing capacity to a quarter of the country's GDP. However, India faces challenges such as the need for strategic investments, improved infrastructure, increased labor force participation, and urban development. Despite these challenges, India's economic ambitions have attracted foreign investment and positioned it as a potential partner for the US in countering China's influence. [Extracted from the article]

India plans to sell fewer bonds than initially estimated as the government reins in spending ahead of elections and the inclusion of the nation's debt in global indexes. The finance ministry announced that bonds worth 7.5 trillion rupees ($90 billion) will be sold in the first half of the fiscal year, lower than the 8.5 trillion rupees estimated in a Bloomberg survey. The decision to reduce borrowing is due to the government's desire to avoid sitting on unused cash, according to Finance Secretary TV Somanathan. The sale comes as foreign funds have shown interest in Indian debt ahead of their inclusion in JPMorgan Chase & Co.'s global indexes in June. [Extracted from the article]

India plans to sell fewer bonds than initially estimated as the government reins in spending ahead of elections and the inclusion of the nation's debt in global indexes. The finance ministry announced that bonds worth 7.5 trillion rupees ($90 billion) will be sold in the first half of the fiscal year, lower than the 8.5 trillion rupees estimated in a Bloomberg survey. The reduced borrowing comes as foreign funds have been investing in Indian debt in anticipation of their inclusion in JPMorgan Chase & Co.'s global indexes in June. The government's borrowing plan accounts for 53% of its full-year target, lower than the usual 55%-60% borrowed in the first half. [Extracted from the article]

The yield spread between three-year government papers and similar top-rated company bonds had turned negative in April from around 87 basis points in August, according to Bloomberg data. (Bloomberg) -- A hawkish pivot by the Indian central bank has money managers scurrying to find safer bets while bracing for potentially the steepest rate hikes in Asia. Yields have risen, and stocks pared gains since the Reserve Bank of India shifted focus to inflation from growth in April and indirectly tightened policy by introducing a higher floor interest rate. [Extracted from the article]

(Bloomberg) -- India's market regulator proposed new rules that put the burden of proof on the accused in some cases of insider trading, front running and similar violations, as use of encrypted or disappearing communication and untraceable funding arrangements impede the watchdog's ability to make and win cases. Globalized money trails and tech innovations have prompted more lawmakers and regulators to make such moves, said Amit Desai, a criminal defense lawyer. [Extracted from the article]

The weighted average call rate, which the Reserve Bank of India closely monitors, has held above the policy rate for most of the past month and even breached the emergency funding rate of 6.75% on some days. Yields on shorter commercial paper declined between five and 10 basis points while rates on treasury bills also retreated in secondary trading, traders said. (Bloomberg) -- India's shorter bonds rallied and money market rates eased on bets that a withdrawal of the nation's highest value currency note would leave banks with surplus cash to invest. [Extracted from the article]

Yields on shorter commercial paper declined between five and 10 basis points while rates on treasury bills also retreated in secondary trading, traders said. The weighted average call rate, which the Reserve Bank of India closely monitors, has held above the policy rate for most of the past month and even breached the emergency funding rate of 6.75% on some days. (Bloomberg) -- India's shorter bonds rallied and money market rates eased on bets that a withdrawal of the nation's highest value currency note would leave banks with surplus cash to invest. [Extracted from the article]

(Bloomberg) -- India may sell as much as 250 billion rupees ($3 billion) of green bonds in the next fiscal year and plans to include longer maturity debt to the offering, according to people familiar with the matter. While the finance ministry has assumed green issuances at 1.6% of the overall borrowing of 15.43 trillion rupees next year, the officials said that the actual offering would depend on demand. [Extracted from the article]

(Bloomberg) -- India's central bank has suggestedfinancial institutions scale up green lending andvoluntarily set up green finance targets to mitigaterisks arising out of climate change. Banks need to put in place a mechanism at the board levelfor overseeing climate-risk initiatives, the discussionpaper said, adding that targets must be set forinvestment for sustainable finance. [Extracted from the article]

(Bloomberg) -- India's central bank is working toward a phased introduction of a digital currency and will put forth a final design after it has conducted large scale pilot projects. The Reserve Bank of India is exploring the option of implementation of an account-based central bank digital currency or CBDC for the wholesale segment and token-based currency for the retail sector, it said in a paper released on Friday. [Extracted from the article]

(Bloomberg) -- India's central bank is working towards a phased introduction of a digital currency and will put forth a final design after it has conducted large scale pilot projects. The Reserve Bank of India is exploring the option of implementation of an account-based central bank digital currency or CBDC for the wholesale segment and token-based currency for the retail sector, it said in a paper released on Friday. [Extracted from the article]

The Reserve Bank of India uses retail inflation as a benchmark to set borrowing costs and targets inflation between 2%-6%. (Bloomberg) -- India's retail inflation basket needs to be revised to improve the efficacy of monetary policy, according to a paper by a New Delhi-based economic policy think-tank. [Extracted from the article]

(Bloomberg) -- India's central bank has suggested changes to the valuation of bank investments, including relaxing rules on a key class of long-term investments that are shielded from frequent valuation changes, but tightening those on shifting securities between classes. A Reserve Bank of India discussion paper released late Friday suggests removing caps on the Held-To-Maturity (HTM) class of securities, and allowing more types of instruments to be held within them. [Extracted from the article]

India and Mauritius have opened a new airstrip and jetty on the islands of Agalega, which will enhance military infrastructure in the region. The facilities will help strengthen maritime security and combat terrorism, piracy, and the illegal narcotics trade. The move is significant as countries like the US, France, the UK, India, and China are increasing their presence in the Indian Ocean. India, in particular, will benefit from the new facilities as its warships can refuel there and its surveillance aircraft can land on the airstrip. India has also provided financial aid to Mauritius in recent years. [Extracted from the article]

Indian regulators are cracking down on potential fraud in the financial sector, with Paytm being the first target. The Reserve Bank of India (RBI) has suspended most activities of Paytm's banking affiliate due to lapses in customer verification. This crackdown reflects growing impatience from authorities, and more penalties and stricter measures are expected. The RBI has been concerned about lapses in customer verification, as fraud cases have been on the rise. The central bank has imposed fines and is getting stricter on Know-Your-Customer (KYC) compliance. [Extracted from the article]

India's Supreme Court has ruled that electoral bonds, a political funding tool introduced by Prime Minister Narendra Modi's government, are unconstitutional. The bonds allowed for anonymous donations to political parties, but the court determined that voters have the right to information necessary for casting their vote. The ruling comes just months before an election and is seen as a setback for the ruling Bharatiya Janata Party (BJP), which was the main beneficiary of the funds. However, analysts believe that the ruling may not significantly impact the BJP's chances in the upcoming election. [Extracted from the article]

India's Supreme Court has banned the use of anonymous donation instruments called electoral bonds for political fundraising. These bonds allowed individuals or companies to contribute to political parties through a banking channel while keeping their identities anonymous. The court ruled that voters have the right to information necessary for casting their votes, and anonymous contributions could lead to quid pro quo benefits for large corporate donors. The decision is expected to make India's elections more transparent, although there are no restrictions on the overall amount of political funding. The ruling party, Bharatiya Janata Party (BJP), which benefited the most from electoral bonds, may be particularly affected by the verdict. [Extracted from the article]

India's Supreme Court has ruled that electoral bonds, a controversial political funding tool, are invalid. The bonds allow for anonymous donations to political parties, with the ruling Bharatiya Janata Party (BJP) being the main beneficiary. The court's decision has been praised for promoting transparency, but some argue that it may not significantly impact the BJP's funding so close to the elections. The BJP has collected a significant amount of funding through electoral bonds, while the main opposition party, Indian National Congress, has received a smaller share. [Extracted from the article]

While recent financial incentives under Modi offered Apple a cost-efficient path to set up shop in India, the California-based company is still making a fraction of its iPhones in the nation. (Bloomberg) -- On paper, India's chances of attracting global manufacturers look rosy. [Extracted from the article]

(Bloomberg) -- Rushing to sell Indian state-run lenders to private investors may hinder the government's financial inclusion efforts and monetary policy transmission, staff at the country's central bank warned. "A big bang approach of privatization of these banks may do more harm than good", wrote staff including, Snehal Herwadkar, in a research paper published Thursday. [Extracted from the article]

"Most of the banking system is replacing sovereign debt with state-development loans or credit", said Srinivas Varadarajan, treasury head at the Indian unit of Deutsche Bank. "It makes sense to sell a government bond at 7.5 percent and buy a state development loan at 8.2-8.3 percent, or give the money out as a loan", Mumbai-based Varadarajan said. [Extracted from the article]

Foreign investors can buy India's green bonds through the Fully Accessible Route, one of the people said. A Federal Reserve paper this year found green bonds have a yield spread that is eight basis points lower on average relative to conventional bonds. (Bloomberg) -- Reserve Bank of India, the nation's debt manager, is preparing to sell its first ever batch of sovereign green bonds as early as next month, according to people with knowledge of the matter. [Extracted from the article]

Historically, India's problem was considered to be the opposite - companies were too small and couldn't emulate the productivity gains of big firms. (Bloomberg) -- India's biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said. [Extracted from the article]

Historically, India's problem was considered to be the opposite - companies were too small and couldn't emulate the productivity gains of big firms. (Bloomberg) -- India's biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said. [Extracted from the article]

Warren Buffett, Berkshire's chairman and chief executive officer, wasn't directly involved in the investment in One97 Communications Ltd., his assistant, Debbie Bosanek, said Monday in an email. One97, founded by billionaire Vijay Shekhar Sharma, runs the Paytm brand and is the leading player in India's booming digital-payments market. [Extracted from the article]

The nation's burgeoning life insurance and pension fund industries, driven by an expanding middle class, are changing the landscape for India's $1 trillion sovereign debt market. (Bloomberg) -- India will sell 50-year bonds for the first time, introducing ultra-long maturity debt to cater to the growing demand from insurance and pension funds. The new bond adds to the 30-year and 40-year tenor debt sold, extending the nation's yield curve, according to a borrowing plan released by the Reserve Bank of India on Tuesday. [Extracted from the article]

The new bond adds to the 30-year and 40-year tenor debt sold, extending the nation's yield curve, according to a borrowing plan released by the Reserve Bank of India on Tuesday. (Bloomberg) -- India will sell 50-year bonds for the first time, introducing ultra-long maturity debt to cater to the growing demand from insurance and pension funds. [Extracted from the article]

To contact the reporters on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net; Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.net The men were detained in New Delhi after a night-time police sting operation at the Oil Ministry on Feb. 17 detected the theft. [Extracted from the article]

(Bloomberg) -- India's banks and bondholders stand to recover less in insolvency resolutions under a proposed change in law that would apportion more to junior creditors, such as unpaid vendors and the government, according to restructuring and insolvency professionals. Secured creditors, typically banks and bondholders, would continue to have first claim on proceeds of an insolvency resolution plan, but only up to the liquidation value of the corporate debtor. [Extracted from the article]

India has pledged to become a net zero greenhouse gas economy by 2070, and the regulator has been nudging banks to put in place initiatives to tackle climate-risk. (Bloomberg) -- India's central bank is putting regulations in place to push the nation's lenders to take steps, including bolstering green lending, to mitigate risks emerging from climate change. [Extracted from the article]

The Reserve Bank of India bought 100 billion rupees of the 6.64% 2035 bond at 6.5881% as against 6.58% estimated in a Bloomberg poll and purchased another 110 billion rupees of the 2026 bond at a 5.5442% yield. (Bloomberg) -- India's central bank sold a planned 320 billion rupees ($4.4 billion) of bonds at its weekly sale on Friday, with many traders expecting the monetary authority to buy off the stock later. [Extracted from the article]

Traders who wish to short Indian bonds need to use the CROMS platform to borrow the paper from banks against a short-tenor loan paying them as low as 0.01% at times of high demand. The 6.17% note maturing in 2021 was offered at a negative yield of around 1.5%, according to traders who saw the quote on the Clearing Corporation of India's Negotiated Dealing System -- Order Matching, or NDS-OM platform. [Extracted from the article]

Exporters, facing liquidity issues, receive short-term relief Indian exporters were facing liquidity issues, Jaitley said, noting the government would start refunding exporters for July and August from Oct. 10. [Extracted from the article]

(Bloomberg Gadfly) -- India's King Cash Must Abdicate to Fintech Knights: Gadfly A unified payments interface, which is now live, will enable instant movement of cash from one mobile phone to another, using virtual payment addresses linked to any account at 21 participating banks. [Extracted from the article]

Jindal Poly Films in March agreed to sell a 25% stake in its packaging films business to Brookfield Asset Management for 20 billion rupees ($245 million). (Bloomberg) -- Jindal Poly Films Ltd., the Indian packaging films company backed by the sprawling billionaire Jindal family, is exploring a sale of its European-based business, people familiar with the matter said. [Extracted from the article]

IL&FS unit missed payment on commercial papers in August While it settled the obligations in full within days, the default triggered a central bank rule that bans delinquent issuers from the commercial paper market for six months. Issuance of commercial papers rose almost 50 percent from the previous year to a record 4.9 trillion rupees in June quarter, according to ICRA, reflecting demand for shorter-term instruments as surging bond yields make long-term debt unattractive. [Extracted from the article]