Modi govt pays heed to Anil Singhvi's demands! Now, SEBI puts Chinese investment in Indian companies under scrutiny

Whether it's putting the national economy on track, interest rate relief, or extension of the ITR return filing deadline, the Indian government has paid heed to Anil Singhvi's advice.

Zee Business Managing Editor Anil Singhvi's demands are being taken very seriously by the PM Modi government and various other government institutions.

Zee Business Managing Editor Anil Singhvi's demands are being taken very seriously by the PM Modi government and various other government institutions. Whether it's putting the national economy on track, interest rate relief, or extension of the ITR return filing deadline, the Indian government has paid heed to Anil Singhvi's advice. Singhvi has been raising various issue in public interest quite forcefully for quite some time. Just yesterday Zee Business sting operation on small lending institutions that were forcing loan borrowers to pay EMIs despite RBI moratorium is a big example. This operation was praised by the public and experts alike and brought immediate relief to loan borrowers.

Today, the Singhvi effect was seen in SEBI's crackdown on Chinese investment in India. Singhvi had raised this issue immediately after it was revealed that Chinese Central Bank was buying 1.75 crore shares in a leading private bank in India — HDFC Bank. After this eye opening message reached the Narendra Modi Government, SEBI went into active mode and it has put the entire issue under watch.

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Raising doubts over Chinese intentions over its investment in HDFC Bank, Anil Singhvi, just a few days ago, had said, "China has raised its investment in HDFC Bank, which should not be taken lightly. SEBI needs to be vigilant in regard to the Chinese investment in Indian companies through portfolio investment." He said that in coming months, the Government of India (GoI) needs to keep an eye on the quantity and intention of the Chinese investment in Indian companies. He advised SEBI to look a the route from which Chinese money is getting pumped into Indian companies.

Paying heed to this demand by Anil Singhvi, the GoI has directed market regulator SEBI on 17th April 2020 to find out the investment details in the Indian companies from the Hong Kong FIIs (Foreign Institutional Investors). The GoI has asked SEBI to give details of the investments in the Indian companies from Hong Kong with each and every minute detail. These include date, quantity of investment and the source of investment.

See Zee Business video below:

ज़ी बिज़नेस की सुनती है सरकार, चीन से निवेश पर SEBI की कड़ी निगरानी, ज़ी बिज़नेस ने उठाया था ये मुद्दा...#ZeeBusinessNumber1 @AnilSinghvi_ @PMOIndia @SEBI_India @FinMinIndia @nsitharamanoffc @Anurag_Office @ianuragthakur @NSEIndia @ashishchauhan @BSEIndia pic.twitter.com/yy8cfCOgPJ

— Zee Business (@ZeeBusiness) April 17, 2020

Another such impactful action was seen some time back when due to the rise in Coronavirus fears, Anil Singhvi on 4th March 2020 had said that the Reserve Bank of India (RBI) should cut interest rates. He once again forcefully repeated the same on 11th March 2020 saying, "Current status of the national economy demands interest rate cut as majority of the central banks in the world are doing this and RBI should follow suit."

As a result, RBI Governor Shaktikanta Das on 27th March, announced a 0.75 per cent Repo Rate cut to boost the national economy.

Earlier also, it has been found that Finance Minister Nirmala Sitharaman has paid heed to Zee Business demands when she cut corporate rate tax and increased the deadline to file ITR from 31st March 2020 to 30 June 2020.

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