Top 10 biz headlines: No relief for FPIs, more trouble for TikTok, and more



FPIs get no relief from FM Nirmala Sitharaman on 'super-rich' tax
The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted as Parliament passed the Finance Bill, 2019, on Thursday. Finance Minister Nirmala Sitharaman dismissed the argument of the Opposition that the tax would lead to a flight of FPIs.

Sebi tightens disclosure framework for listed banks; to address issue of abrupt auditor exits
Sebi said that all listed banks will have to disclose if their additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies. Meanwhile, the market regulator has also proposed stricter norms to strengthen audit processes and curb abrupt resignations of auditors in publicly traded companies. On the other hand, it said that recent budget proposals could undermine its role as regulator, particularly with respect to the recommendation that the minimum public shareholding be raised to 35 per cent from 25 per cent.
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