Ltd; NSE Clearing Ltd; India

International Clearing Corp.

Ltd; NSE IFSC Clearing Corp.
Ltd; and Multi Commodity
Exchange Clearing Corp. Ltd.
ESMA said on 31 October,
“not all of cumulative conditions
under EMIR for recognition of
these six central counterparties
are met, as no cooperation
fine will be levied if they do not
inform users affected and the proposed
Data Protection Board.
To safeguard children, the bill
has proposed a penalty of ₹200
crore on an entity that does not
take parental consent for processing
data of a child, processes data
that may harm a child, tracks or
enables behaviour monitoring of
children or undertakes targeted
advertising directed at children.
A penalty of ₹150 crore will be
levied if a significant data fiduciary,
which has been notified by the
government, does not appoint a
data protection officer and independent
data auditor and fails to
undertake data protection impact
assessments and periodic audits.
The significant data fiduciary
will be determined based on the
volume and sensitivity of the personal
data processed, risk of harm
to users or electoral democracy,
and potential impact on India’s
sovereignty, security and public
order.
Minister of state for electronics
and IT Rajeev Chandrasekhar said
that the bill was part of a comprehensive
framework of laws and
rules that include IT rules, the
Digital Personal Data Protection
Bill, the National Data Governance
Framework Policy and a new Digital
India Act.
The latest bill also proposes
penalties on users—or data principals—
up to ₹10,000 for registering
a false or frivolous grievance,
TURN TO PAGE 18
The bill outlines that companies
and organizations should ensure
that no unauthorized collection or
processing of user data takes place
and make reasonable efforts to keep
accurate and updated data of users.
“We’ve made sure small businesses
and the startup ecosystem
are not burdened by compliance.
We’ve tried to create a digital-bydesign
compliance framework, so it
becomes an easily accessible way for
implementing the bill,” said communications
and information technology
minister Ashwini Vaishnaw.
The draft bill states that entities
that fail to prevent a personal data
breach will be penalized up to ₹250
crore, and an additional ₹200 crore
Jet Airways to slash salaries as
takeoff delay bites uP19
Embassy Group co in talks with
HDFC over loan default uP19
and user impact of a data breach.
Non-personal data and criminal
penalties have been dropped from
the new bill, even as cross-border
data flows have been made easier.
India also proposed to notify foreign
countries to which the transfer
of personal data would be permitted.
Legal experts said this provision
could aid India in its
ongoing FTA negotiations.
“This is likely to make it relatively
easier for global enterprises to operate
and process data with their current
set-up rather than mandatorily
developing large infrastructure in
India for storing and processing personal
data,” said Manish Sehgal, a
partner at Deloitte India.
Gulveen Aulakh & Prasid Banerjee
NEW DELHI
India has unveiled a new draft
data privacy law that allows
multinational companies to
store user data overseas, diluting
proposals to restrict crossborder
data transfer in a previous
draft that alarmed companies such
as Meta Inc. and Google.
Under the revised draft law, the
government retained its powers to
exempt state agencies from the
privacy law in the interest of
national security.
The latest version, released for
public consultations on Friday,
replaces a 2019 draft withdrawn by
the government three months ago
following opposition from big tech
and startups who feared compliance
costs would soar if the law
was implemented.
“The bill proves that the Indian
government is pro-industry, trade
and investments. This also comes at
a strategic time where it will positively
impact India’s ability to enter
into best-in-class digital agreements
in its free-trade agreements
(FTAs),” said Rohan Gupta, Asia-
Pacific manager of government
relations and regulatory affairs at
the London Stock Exchange Group.
The new bill also proposes transparent
usage of the personal data
collected, limited use of the data,
and ensuring that it is not retained
perpetually. It also proposes to
impose penalties of as much as
₹500 crore on organizations,
depending on the severity, duration
Law promises stiff fines for breaches; govt agencies remain exempt from purview
Relief for Big Tech as data
law okays storage abroad
lection of footwear priced at
₹75,000-1.20 lakh to target the
booming wedding season.
Companies said the Indian
luxury consumer is coming of
age, and higher disposable
gest lender has kicked off a
restructuring to return to its
wealth management roots
after reporting a loss of $4.07
billion in the third quarter.
“The bank is undergoing
strategic directional change;
they have cut down their focus
on financing, and some people
over 500 staff wrote farewell
messages on Thursday, a person
familiar with the notes said.
A poll on the workplace app
Blind, which verifies employees
through their work email
addresses and allows them to
share information anonymously,
had showed 42% of 180
respondents opting for “Taking
exit option, I’m free!”
A quarter said they had chosen
to stay “reluctantly”, and
only 7% of the poll participants
said they “clicked yes to stay, I’m
hardcore.”
The exact number of employees
intending to leave could not
be established.
Twitter did not respond to a
request for comment.
The departures include many
engineers responsible for fixing
bugs and preventing service
outages, raising questions about
the stability of the platform amid
the loss of employees.
On Thursday evening, the
version of the Twitter app used
by staff began slowing down, a
source familiar with the matter
said, who estimated that the
public version of Twitter was at
risk of breaking during the night.
“If it does break, there is no one
left to fix things in many areas,”
the person said, who declined to
be named for fear of retribution.
Twitter’s new owner, Elon Musk.
ing” investments that will bear
results in the future.
Mint had earlier reported
that since 2019, companies
such as ABFRL and Reliance
Retail have announced associations
with or invested in close
to 20 brands in the Indian market,
the majority of them in the
luxury couture segment.
ABFRL has invested in luxury
designer Tarun Tahiliani;
the company also acquired a
51% stake in Indian luxury couture
designer label Sabyasachi,
owned by Sabyasachi Mukherjee.
Reliance Brands Ltd is
associated with brands such as
Burberry, Clarks, Coach, Kate
Spade New York, Manish Malhotra
and Michael Kors, among
TURN TO PAGE 18
store chain Galeries Lafayette
on Thursday, ABFRL managing
director Ashish Dikshit said the
partnership is a “coming-of-theage”
moment for Indian luxury.
Harminder Sahni, managing
director at consulting firm
Wazir Advisors, said the entry of
such high-end retail is a strong
validation that the luxury market
in India is at a take-off point.
“For the last 15 years, it’s been
building slowly and steadily,
now it has reached a point where
the large retail groups like
ABFRL and Reliance Retail are
recognizing that the market may
be ready,” said Sahni, who consults
on retail brands.
Sahni said the moves by homegrown
conglomerates to expand
their portfolios to include premium
brands are “forward-lookincomes
at the upper end of the
pyramid are stoking domestic
demand. Others said the presence
of such stores and the availability
of brands would also be a
catalyst in expanding the market.
To be sure, luxury brands
entered the Indian market in
the early 2000s—with companies
setting up mono-brand
stores. However, the market
evolved slowly, with several
brands also exiting the country,
citing a lack of demand.
However, the consumption
landscape has since changed—
a general uptick in the incomes
of white-collared workers, rising
entrepreneurship and the
growth of social media are driving
demand for branded goods.
Announcing the partnership
with French luxury department
Balenciaga, Burberry, Bulgari,
Calvin Klein, Céline, Christian
Dior, Louis Vuitton and Prada.
Recently, Reliance Brands
Ltd signed a deal to bring the
luxury couture brand Balenciaga
to India. And last month,
online beauty and fashion marketplace
Nykaa announced the
launch of Revolve, an international
premium lifestyle brand
that sells apparel, footwear and
accessories. The move was
aimed at expanding the retailer’s
global brand portfolio in India.
Additionally, to underscore
the growing importance of India,
ultra-premium brands already
present in the market are
launching India-specific collections
to woo local shoppers. Earlier
this month, Louis Vuitton
launched a limited edition col-
Suneera Tandon
suneera.t@livemint.com
NEW DELHI
Luxury brands are chasing
growth in India, as wellheeled
shoppers and local
partners with deep pockets throw
up opportunities in the market.
On Thursday, Aditya Birla
Fashion Retail (ABFRL)
announced a partnership with
Galeries Lafayette to open the
French luxury retailer’s high-end,
large-format shopping stores in
India. The flagship stores in
Mumbai and Delhi will house
more than 200 luxury brands.
Present in Paris, Shanghai,
Nice and Luxembourg, Galeries
Lafayette retails an assortment
of high-end luxury
designers, including Armani,
More luxury brands make a beeline for India on growing affluence
Indians are among the top-5
shoppers at The Galeries
Lafayette’s Boulevard Haussmann
store in Paris, analysts said. REUTERS
SENSEX 61,663.48 87.12 EURO ₹84.81 ₹0.19
The e-scooter industry is split down the middle on
charges of foul play to claim FAME-II subsidies by a few
EV original equipment manufacturers. EV
manufacturers lobby SMEV said “detractors” with
vested interests are trying to get the most advanced escooter
firms out of the FAME-II programme. >P18
E-scooter industry split down the
middle on charges of foul play
The maximum tenure of CEO and MD of public sector
banks has been raised to 10 years, a move that will
help the Centre retain top talent. As per a notification
dated 17 November, the term for the appointment
has been extended from the earlier 5 years, subject to
superannuation age of 60 years. >P19
Government raises maximum term of
CEO and MD of public sector banks
India’s economy is on track to expand by
about 7% this fiscal year as supply responses
gain strength, demand improves amid
easing inflation and the banking system
returns to health, the country’s central bank
said >P19
India’s economy on track to
grow at around 7% in FY23: RBI
Food delivery platform Zomato said cofounder
Mohit Gupta has stepped down in
the third major exit of a senior executive this
month. Gupta, who leaves after a four-anda-
half-year stint at the Gurugram-based
firm, was leading the food delivery unit. >P19
Zomato sees third senior
executive exit this month
DON’T MISS
FIFA and Qatar on Friday banned beer sales around
World Cup stadiums in a stunning policy U-turn two
days before the start of the tournament. Football’s
world governing body said the decision was taken
following talks with the hosts, an Islamic state which
severely restricts alcohol consumption. AFP
Beer sales banned around
Qatar World Cup stadiums: FIFA
have been moved from the
investment banking team to
wealth management. The
overhaul is ongoing, and
things will take time to settle
down, so one could see more
people leave the bank in the
coming months,” one of the
two people cited above said on
the condition of anonymity.
An outside spokesperson for
Credit Suisse declined to comment
on the exits.
“Credit Suisse expects to
run the bank with approximately
43,000 full-timeequivalent
employees (FTE)
by the end of 2025, compared
with about 52,000 at the end
of 3Q22, reflecting natural
attrition and targeted headcount
reductions. A headcount
reduction of 2,700 FTE,
or 5% of the group’s workforce,
TURN TO PAGE 18
Deborshi Chaki &
Swaraj Singh Dhanjal
MUMBAI
The Indian unit of Credit
Suisse has seen the exit
of several senior executives
at a time the Swiss bank is
navigating a massive global
restructuring, three people
aware of the development
said.
Gaurav Pradhan and Rahul
Bahety, co-head and director,
respectively, of Credit Suisse’s
India investment bank, have
put in their papers, the people
cited above said, adding a few
others at junior levels are also
on their way out.
Ashish Gupta, who heads
Credit Suisse’s equity research
in India, has also quit, CNBC
TV18 reported on Friday.
Switzerland’s second-bigarrangements...
have been concluded”.
Following the 2008
global crisis, the EU adopted the
European Market Infrastructure
Regulation (EMIR) in August
2012 to increase transparency
and reduce risks in over-thecounter
derivatives market.
Article 25 of EMIR requires
CCPs in global jurisdictions providing
services to European
banks to be approved by ESMA.
Mint reported on 11 November
that India signed a pact with
ESMA in 2017, which lapsed in
March. While ESMA now
wants to revise the pact, Indian
regulators have not agreed to
some clauses on including
supervisory powers to inspect
Indian clearing corporations.
“We will have to approach the
regulators abroad and request
them to defer this by a year or so.
TURN TO PAGE 18
Shayan Ghosh &
Gopika Gopakumar
MUMBAI
Foreign banks in India are
likely to request European
Union’s financial markets
regulator to defer by a year its
decision to derecognize a clutch
of Indian clearing houses from
30 April, a person familiar with
the development said.
The issue stems from the
European Securities and Markets
Authority (ESMA) reviewing
the status of six Indian clearing
houses and deciding to
derecognize them. The step will
affect European banks’ ability to
settle trades and conduct treasury
operations in India. The
ones listed for derecognition are
the Clearing Corp. of India Ltd;
Indian Clearing Corp. Ltd; India
International Clearing Corp.
Sheila Dang, Paresh Dave &
Hyunjoo Jin
REUTERS
Hundreds of Twitter Inc
employees are estimated
to have decided to quit the
beleaguered social media company
following a Thursday deadline
from new owner Elon Musk
that staffers sign up for “long
hours at high intensity,” or leave.
The departures highlight the
reluctance of some of Twitter’s
3,000 or so employees to
remain at a firm where Musk
earlier fired half of the workforce
including top management,
and is ruthlessly changing
the culture to emphasize long
hours and an intense pace.
Musk took to Twitter late on
Thursday and said he was not
worried about resignations as
“the best people are staying”.
The billionaire owner also
added: “We just hit another all
time high in Twitter usage...,”
without elaborating.
Musk met some top staff on
Thursday to try to convince
them to stay, said one current
employee and a recently
departed employee who is in
touch with Twitter colleagues.
The firm also notified staff that
it will close its offices and cut
badge access until Monday,
according to two people. Security
officers began kicking some staff
out of one office on Thursday
evening, one person said.
Over 110 Twitter employees
across at least four continents
had announced their decision to
leave in public Twitter posts
reviewed by Reuters, though
each resignation could not be
independently verified. About
15 employees, many in ad sales,
posted their intention to stay.
In Twitter’s internal chat tool,
Twitter staff exit
in droves after
Musk ultimatum
Foreign banks may ask ESMA
to defer clearing house action
Credit Suisse’s India unit
sees top executives leave
The exits come at a time the
Swiss bank is navigating a
massive global restructuring.
The ability of foreign banks such
as Deutsche Bank to settle
trades and conduct treasury
operations in India may be hit.
NIFTY 18,307.65 36.25 DOLLAR ₹81.70 ₹0.07 OIL $88.65 $2.13 GOLD ₹52,764 ₹48
COuNTING DOWN
The new draft data privacy law replaces a 2019 draft withdrawn by the Centre
three months ago following opposition from big tech and startups.
18 Nov
APEx court rules that privacy is a fundamental right
2017 in landmark K.S. Puttaswamy vs Union of India case
2018
2019
2021
2022
2022
JusTICE Srikrishna committee submits draft
report on personal data protection (PDP) bill
CABINET okays PDP Bill; bill tabled in winter session
is referred to joint parliamentary committee (JPC)
JPC includes ‘non-personal data’—renames it to Data
Protection Bill (DPB), and tables report in Parliament
GOvT scraps DPB; MoS for IT Rajeev Chandrasekhar
tweets about new ‘Digital’ Data Protection (DDP) bill
REvIsED draft of DDP bill released for consultation;
final date for submission of consultation is 17 Dec
24 Aug
was India’s first private space
mission.
Space startup Skyroot Aerospace
launched its maiden
demonstrator mission at 11.30
am from the Satish Dhawan
Space Centre at Sriharikota in
Andhra Pradesh.
TURN TO PAGE 18
Shouvik Das
shouvik.das@livemint.com
MUMBAI
A six-minute flight by a
test rocket carrying
three mock payloads
made history on Friday in a
nation that places dozens of satellites
in space every year—it
India launches first
privately made rocket
New beginnings
PAYLOAD: Three non-deployable payloads;
in commercial missions, these will be
replaced by satellites
IN THE PIPELINE: IIT-Madras incubated
Agnikul Cosmos to launch Agnibaan
in the coming months
Rocket
Vikram-S
Launched at
11:30:31
Mission
Prarambh
MANUFACTURER: Skyroot Aerospace
(helmed by former Isro scientists
Naga Bharath Daka and Pawan Chandana)
ROCKET'S BUILD:
Carbon fibre body, 3D printed rocket engines
Mach 5 speed attained at:
11:30:52
Maximum dynamic
pressure (max-q):
11:31:34
Apogee
(peak
altitude):
89.5km
above Earth
Time the
rocket
reached
peak altitude
11:32:55
Splash down
(in Bay of Bengal):
11:35:55
India launched its first privately built
rocket on Friday from the Satish Dhawan
Space Centre at Sriharikota in Andhra
Pradesh. A look at space startup Skyroot
Aerospace's rocket mission:
PHOTOGRAPH FROM REUTERS; GRAPHIC BY PARAS JAIN/MINT
livemint.com
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