´ Overreach´: USISPF, Nasscom object to Sebi´s specified digital platform plan

• Nasscom said that digital platforms cannot be treated as REs or intermediaries under the Sebi (Intermediaries) Regulations, 2008.
• Nasscom said that the draft circular exceeds the statutory powers vested with Sebi under Section 11(1) of the Act.
• The proposed approach is also detested by Nasscom which stated that it imposes impractical obligations on intermediaries.
• The USISPF contends that the current legal and regulatory framework is adequate to address the issues highlighted in the draft circular.
• The proposed norms vest the regulator with the final say in disputes arising between entities and platforms on content or advertisements.
• The move comes after Sebi’s earlier circular to limit securities market participants from dealing with unregistered entities.
• These rules intend to curb such activities as stock manipulation, false investment advice, and unauthorized stock and investment recommendations.

3. EPFO´s investible corpus more than doubled in 6 years

Employees’ Provident Fund Organisation’s Investment Corpus Doubles in Five Years

• Employees’ Provident Fund Organisation’s investment corpus doubled in the last five years to ₹ 24.75 trillion in FY24 from ₹ 11.1 trillion in FY19.
• The overall investible corpus increased to 15.8% from ₹ 21.36 trillion in FY22.
• The number of active contributing subscribers increased by 7.6% to 73.7 million in FY24 from 68.5 million in FY23.