SEBI scrutiny on funding tightens, PE with fewer investors under the lens. Turbulence even before takeoff Jet Airways launch likely delayed once again due to unresolved negotiations between its management and engine makers on more favourable terms. From one delay to another ET learns Netflix, Microsoft, Spotify and Disney Hotstar reach out ahead of the tokenisation deadline for October 1. In global news, local media reports Hong Kong may finally lift its quarantine requirements after months of strict testing and rules of isolation.
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 19. And here is what we are tracking the continuing big story from economic times. Startup Funding under scrutiny. Now private equity and venture capital funds holding money for five or fewer investors have drawn the attention of the capital market regulator to senior industry persons told et while the intent of the regulator is unclear, the Securities and Exchange Board of India that SEBI has in an email on September 12, a week after it asked P E. That's private equity and venture capital funds about the valuation practices sought various information on funds formed with a small club of investors. These funds have to give details of investors in a scheme name of the investors whether it's an individual company limited liability partnership or trust, the country of the investor, the amount it has committed and the quantum of fundraised, they have to also submit the name of the investi company, its country of origin, nature of business and the instrument issued that equity debt convertible etc to raise money. Another snag in takeoff Jet Airways whose potential new owners the Jalon call rock consortium have been trying to relaunch operations this month is facing more delays. The latest bottleneck stems from unresolved negotiations between its management and engine makers on more favorable terms in its proposed leasing contracts. People in the know said Meanwhile, another issue dragging down its takeoff plan is unresolved talks between the consortium and jets formal lenders who are seeking settlement of their deals before the airline buys or leases aircraft. Netflix Microsoft, Spotify and Disney Hotstar are among the top global service providers that have raised questions on the feasibility of making recurring payments through mandatory tokens from October 1. Seeking central bank intervention through an industry body to ensure glitch free transactions in a regime that will bar merchants from storing subscriber card details. tokenization is a process by which card details are replaced by a unique code or token allowing online purchases to go through without exposing sensitive card details. Central Bank rules require all merchants to delete customer debit and credit card details before October 1 and replace card payments with unique tokens. Merchants are meeting on Monday and will likely request a deferral of this deadline. In global news, local media reports that Hong Kong may scrap hotel quarantine and pre flight COVID PCR test requirements for incoming travelers. This would be the financial hubs most significant move yet to end years of global isolation. Under the current three plus four arrangement, travelers are required to undergo quarantine in a designated hotel for three days and spent for more under home medical surveillance with their movement around the city limited. You have been listening to Roopsha Dasguupta, tune into et play Economic Times latest platform for all audio content.