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The Unique Identification Authority of India (UIDAI) introducing a virtual ID and limited KYC to address privacy and security concerns is a case of too little, too late, say experts.

The UIDAI, the agency that administers Aadhaar, said on Wednesday it will now let Aadhaar number holders have a virtual ID, which will come with an expiration data, mapped to the Aadhaar number. It also said only some entities will be allowed to store a person's Aadhaar number.

"This is just as attempt at plugging the loopholes in the system," said Ramanjit Singh Chima, India Policy Director at Internet advocacy group ‎Access Now. He called the proposal "complex and unworkable".

While the Aadhaar debate has many facets, the issue of citizen data leakage and privacy has been in the news since the past week after The Tribune reported that an anonymous seller was, through WhatsApp, offering access to the entire Aadhaar database for as low as Rs 500.

There have also been other reported instances of Aadhaar numbers being available publicly, but the UIDAI has always maintained that there is no threat to citizen data as long as their biometrics are safe and authorised agencies have access to their Aadhaar numbers.

While the UIDAI had been considering the use of virtual ID and tokens since some time, the new measures still do not completely eliminate the need to access the biometric database of citizen data for authentication, and would also require people to re-enroll for the measures to be effective, said Chima.

The new measures also do not specify what happens to Aadhaar numbers that have already been collected by different agencies and entities such as telecom companies, banks or educational institutions.

"What Aadhaar needs is an overhaul of its defective-by-design architecture and not stopgap measures. On January 9 another security researcher found issues in its Android app. It's not a constructive use of time and financial resources to force any inherently insecure system on the citizens," said technology lawyer Mishi Choudhary.

While the lack of a proper data protection and privacy framework has been a longstanding roadblock in deciding how stored data can be treated. There is currently a consultation underway to decide a data protection framework in India.

A large part of the Aadhaar debate is played out nearly every day on social media channels such as Twitter.

"#Aadhaar is here to stay! Happy that the @UIDAI has introduced virtual ID and limited KYC in the spirit of continuous innovation to enhance privacy and security," tweeted Aadhaar architect Nandan Nilekani after UIDAI's announcement.

There were also several contrarian views put out against the new features.

"We are all into this together as security breaches don't discriminate based on political affiliations. We need a nuanced discussion on law, policy, tech and impact on society for any project that has largescale implications and not Twitter yelling," added Choudhary.

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The Unique Identification Authority of India (UIDAI) introducing a virtual ID and limited KYC to address privacy and security concerns is a case of too little, too late, say experts.

The UIDAI, the agency that administers Aadhaar, said on Wednesday it will now let Aadhaar number holders have a virtual ID, which will come with an expiration data, mapped to the Aadhaar number. It also said only some entities will be allowed to store a person's Aadhaar number.

"This is just as attempt at plugging the loopholes in the system," said Ramanjit Singh Chima, India Policy Director at Internet advocacy group ‎Access Now. He called the proposal "complex and unworkable".

While the Aadhaar debate has many facets, the issue of citizen data leakage and privacy has been in the news since the past week after The Tribune reported that an anonymous seller was, through WhatsApp, offering access to the entire Aadhaar database for as low as Rs 500.

There have also been other reported instances of Aadhaar numbers being available publicly, but the UIDAI has always maintained that there is no threat to citizen data as long as their biometrics are safe and authorised agencies have access to their Aadhaar numbers.

While the UIDAI had been considering the use of virtual ID and tokens since some time, the new measures still do not completely eliminate the need to access the biometric database of citizen data for authentication, and would also require people to re-enroll for the measures to be effective, said Chima.

The new measures also do not specify what happens to Aadhaar numbers that have already been collected by different agencies and entities such as telecom companies, banks or educational institutions.

"What Aadhaar needs is an overhaul of its defective-by-design architecture and not stopgap measures. On January 9 another security researcher found issues in its Android app. It's not a constructive use of time and financial resources to force any inherently insecure system on the citizens," said technology lawyer Mishi Choudhary.

While the lack of a proper data protection and privacy framework has been a longstanding roadblock in deciding how stored data can be treated. There is currently a consultation underway to decide a data protection framework in India.

A large part of the Aadhaar debate is played out nearly every day on social media channels such as Twitter.

"#Aadhaar is here to stay! Happy that the @UIDAI has introduced virtual ID and limited KYC in the spirit of continuous innovation to enhance privacy and security," tweeted Aadhaar architect Nandan Nilekani after UIDAI's announcement.

There were also several contrarian views put out against the new features.

"We are all into this together as security breaches don't discriminate based on political affiliations. We need a nuanced discussion on law, policy, tech and impact on society for any project that has largescale implications and not Twitter yelling," added Choudhary.

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Topic :- Share Market Closing Note

Benchmark indices recovered in last hour of trade to end rangebound session flat with negative bias as investors turned cautious after crude oil prices hit fresh three-year high.

Banks and auto stocks drove the market lower but that was offset by sharp rally in IT stocks ahead of TCS and Infosys earnings later this week.

The 30-share BSE Sensex snapped four-day winning streak to close down 10.12 points at 34,433.07 while the 50-share NSE Nifty fell for the first time in last seven sessions, ending down 4.80 points at 10,632.20.

The consolidation for last two sessions after fresh record highs indicated that investors may prefer to stay on sidelines ahead of earnings and Union Budget 2018.

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Topic :- Time:3.00 PM

Nifty spot close above 10650 will result in some quick upmove in coming trading session and if it closes below above mentioned level then some sluggish movement is expected. Avoid open positions for tomorrow if not recommended by us.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 190.40. If it breaks and trade below 190 level then some softness can be seen in it and above 191.40 level some further upmove can follow in the market.

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Topic :- Time:2.00 PM

Nifty spot is trading at 10623 and is expected to turn more volatile soon. Nifty spot if manages to trade and sustain above 10630 level then some upmove is expected and below 10600 some fall can take place. Overall stocks are showing some strength now.

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Topic :- Time:1.45 PM

GOLD Trading View:

GOLD is trading at 29215. If it manages to trade and sustain above 29220 level then expect some further upmove in it however 29280-29300 will act as immediate resistance to watch out for and if it breaks and trade below 29180 level then some softness can be seen in GOLD.

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Topic :- Time:1.00 PM

Nifty is covering a bit. Nifty spot if manages to trade and sustain above 10620 level then expect some further upmove in the market and if it breaks and trade below 10600 level then some softness can follow in the market.

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Topic :- Time:12.30 PM

ALUMINIUM Trading View:

ALUMINIUM is trading at 137.60. If it manages to trade and sustain above 137.80 .level then expect some further upmove in it and if it breaks and trade below 137.30 level then some decline can be seen. 

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Topic :- Time:12.10 PM

AirAsia CEO Tony Fernandes says India unit explores IPO:

Malaysia-based carrier AirAsia Bhds India unit is looking at a potential initial public offering, the groups chief executive, Tony Fernandes, said on Wednesday.

The company will seek approval at AirAsia Indias next board meeting to pick a banker to start the preliminary process for the IPO, Fernandes said on Twitter.

Analysts (are) giving zero value to AirAsia India. Not far from 20 planes and a potential IPO, Fernandes tweeted.

Its a very valuable asset with huge growth potential, he said.

AirAsia India, a tie-up between Asias biggest low-cost airline and Indias Tata Sons conglomerate, made revenue of 6 billion rupees ($94.24 million) in 2016 and expects revenue to double to 12 billion rupees in 2017.

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Topic :- Time:12.00 PM

Nifty trading lower now. Nifty spot if breaks and trade below 10580 level then expect some further decline in the market and if it manages to trade and sustain above 10625 level then some upmove can be seen in the Nifty.Nifty is quite volatile at the moment.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex turns flat after hitting new high, Nifty holds 10,600

2. Double-digit earnings growth for Nifty companies in Q3; base effect in play

3. India has enormous potential, says World Bank, projects 7.3% growth in 2018

4. Nissan-Renault partnership plans $1 bn fund for auto tech startups

5. RBIs first defaulter list: Liquidation value of steel firms at Rs 540 bn

6. Pharma companies focus on limited competition drugs for the US market

7. Markets welcome 2018 with a smart rally; BSE SmallCap up 3.5% so far

8. Mid-cap information technology firms outshine larger peers with 25%

9. Fundraising through SME IPOs hits all-time high, rises Rs 134.2 mn in 2017

10. Donald Trump, Modi may meet at Davos.

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Topic :- Time:11.00 AM

After positive opening nifty slides a bit in negative zone. Nifty spot if breaks and trade below 10600 level then further decline is expected and above 10640 nifty can show recovery.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 10 Jan,2018:

Nifty is under consolidation state which is healthy for stock market. Soon Nifty is likely to head towards 10750-10800 levels. All declines should be used as an opportunity to go long.

Nifty spot if manages to trade and sustain above 10660 level then expect some upmove in the market and if it breaks and trade below 10600-10580 levels then some decline can follow in the market.

Please note this is just opening view and should not be considered as the view for the whole day.

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Topic :- Share Market Closing Note

Benchmark indices ended at fresh record closing high amid consolidation. The 30-share BSE Sensex was up 90.40 points at 34,443.19 and the 50-share NSE Nifty gained 13.40 points at 10,637.

The market breadth was negative as about 1,616 shares declined against 1,362 advancing shares on the BSE.

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Topic :- Time:3.00 PM

Nifty spot close above 10640 will result in some quick upmove and close below above mentioned level will result in some sluggish movement. Avoid short positions as after this consolidation we are heading for another 10750.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 29200. If it breaks and trade below 29180 level then expect some fall in it and if it manages to trade and sustain above 29245-29250 levels then some upmove can be seen in it.

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Topic :- Time:2.20 PM

Just In:

Playing national anthem not mandatory at cinema halls, Supreme Court modifies own order

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Topic :- Time:2.00 PM

Nifty is consolidating which is again good for the market. Nifty spot immediate support is at 10600 and resistance is at 10640. Avoid big trades and let this consolidation gets over.

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Topic :- Time:1.15 PM

Nifty is trading flat and is not showing any major movement as such. Nifty spot is likely to witness further upmove if it manages to trade and sustain above 10640 level and if it breaks and trade below 10600 level then some softness can be seen in the market.

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Topic :- Time:1.00 PM

Direct tax collections rise 18.2% in April-December:

Direct tax collections soared 18.2 per cent during the first nine months of current fiscal at Rs 6.56 lakh crore, the finance ministry said today.

In a statement, the ministry said provisional numbers for direct taxes collections showed an 18.2 per cent growth during April-December.

Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.

The net direct tax collections represent 67 per cent of the total Budget Estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore), the statement said.

Gross collections (before adjusting for refunds) have increased by 12.6 per cent to Rs 7.68 lakh crore during April to December, 2017.

As many as Rs 1.12 lakh crore refunds have been issued in the period.

The ministry said advance tax collection was up 12.7 per cent at Rs 3.18 lakh crore.

While the growth in corporate income tax advance tax is 10.9 per cent, that in personal Income Tax advance tax is 21.6 per cent.

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Topic :- Time:12.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 3944. It will find its immediate resistance at 3982. If it holds below 3982 level then it is likely to decline towards 3890 level. Sell on every rise till if holds below 3982 is recommended in it.

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Topic :- Time:12.00 PM

Nifty is shedding some of its gains. Nifty spot if breaks and trade below 10620 level then some decline can be seen and if it manages to trade and sustain above 10640 level then some upmove can follow in Nifty.

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Topic :- Time:11.45 AM

Securities in Ban For Trade Date 09-JAN-2018:

1. FORTIS

2. GMRINFRA

3. HDIL

4. IFCI

5. JINDALSTEL

6. JISLJALEQS

7. JPASSOCIAT

8. RCOM

9. RELCAPITAL

10. WOCKPHARMA

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex near record high, Nifty above 10600; realty leads

2. Aadhaar could be a single target for cyber criminals: RBI researchers

3. Vedanta leads Electrosteel race with highest offer

4. Coal India up 5% on hike in non-coking coal prices

5. NMDC stake sale via OFS route begins; stock falls 4%

6. Aarti Drugs surges 7% on board nod for share buyback

7. Bitcoin is plummeting, and its dragging down other cryptocurrencies too

8. Trump may drop plan that could get 500,000 Indian workers deported

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Topic :- Time:11.00 AM

After flat to negative opening nifty is now recovering. Nifty spot if manages to trade and sustain above 10650 level then some further upmove can happen in market and if it breaks and trade below 10620 level then some decline can be seen.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 09 Jan,2018:

Nifty to turn volatile as the day progresses. Trade as per market trend and book timely profit.

Nifty spot if manages to trade and sustain above 10640 level then expect some quick upmove and if it breaks and trade below 10580 level then some softness can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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The US dollar ended sharply higher against the rupee at Rs 63.71/72 per dollar and the Pound sterling also finished higher at Rs 86.23/25 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

Following are the Interbank forex and RBI rates:

(In Rs per unit) Unit Interbank RBI Reference US Dollar 63.71/72 US Dollar Rs 63.4690 Pound Sterling 86.23/25 Euro Rs 75.9153 Euro 75.97/99 Japanese Yen (100) 56.52/54.

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Topic :- Time:3.00 PM

Nifty spot if closes above 10600 level then expect some more upmove in coming trading sessions and if it closes below above mentioned level then some sluggish movement is expected in the market. Avoid open sell positions for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 3893. If it breaks and trade below 3980 level then some profit booking can be seen in it and if it manages to trade and sustain above 3915 level then some upmove can follow in CRUDEOIL.

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Topic :- Time:2.00 PM

Nifty turning from 10600 which is its immediate support level. Nifty spot once sustains above 10620 level then expect immediate upmove and only below 10600 some softness can be seen in the market.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 29175. If it breaks and trade below 29160 level then some profit booking can be seen in it and if it manages to trade and sustain above 29220 level then some upmove can follow in it.

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Topic :- Time:1.00 PM

Nifty is trading in a range. Nifty spot if manages to trade and sustain above 10620 level then upmove is expected and below 10600 level some softness can follow.

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Topic :- Time:12.00 PM

Nifty is trading quite flat now. Nifty spot if manages to trade and sustain above 10625 level then expect some upmove and if it breaks and trade below 10600 level then some softness can be seen in it.

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Topic :- Time:11.40 AM

News Wrap Up:

1. Sensex trades at record high, Nifty hits 10,600 for 1st time

2. Onions making you cry? Increased supply to cool down prices in 2 weeks

3. Domestic airfares get 9-15% cheaper on increase in flights and competition

4. Sobha hits fresh 52-week high post Q3 operational update

5. Goa Carbon hits the roof after turnaround Q3 result

6. Sebi should not discriminate between large and small rating agencies

7. Dream Gateway Hotels to take IPO route to expand Kolkata Holiday Inn

8. L&T Construction bags orders worth Rs 2,265 crore

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Topic :- Time:11.10 AM

After gap up opening nifty is still trading in greenzone at its life time high. Nifty spot if manages to trade and sustain above 10625 level then some upmpove can be seen in the market and if it breaks and trade below 10600 level then some softness can be seen.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 08 Jan,2018:

More volume and participation is expected in the market. Nifty to turn volatile as the day progresses.

Nifty spot if manages to trade and sustain above 10590 level then expect some quick upmove and if it breaks and trade below 10540 level then some softness can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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In the next 12 months, consumer goods companies would see a revival, both in volume and margin terms, with an anticipated revival in the rural sector, said a report.

With a few state elections and expected populist budget, the rural sector is anticipated to be prime beneficiary. This, coupled with improving macros and good monsoon after two consecutive droughts, also augur well, said the report on the consumer good sector brought by Edelweiss.

"After four quarters of muted growth, the consumer goods sector is likely to clock high single to low double digit volume growth in the October-December quarter of the current fiscal, the report said.

Volumes of consumer goods companies, which rebounded marginally from GST-related destocking in the July-September quarter of current fiscal, are likely to see near normalcy, it added.

Rural markets are recovering, albeit at a slower pace, the report noted.

Gross margin expansion will be soft since companies have hardly taken price hikes and have in fact cut prices due to reduced GST rates, it added.

"Partially, companies will start spending on advertising," the report noted. However, cost rationalisation should aid EBITDA margin expansion.

The report said the sector revenue growth will revive from the second half of the current financial year. "With GST pangs largely behind, volumes of most companies to clock high single to low double digit growth."

Paint companies are likely to clock high single digit to low double digit volume growth aided by demand levers as well as soft base, it said.

Prices of raw materials like copra, monomers and menthol, among others, have remained elevated. Prices of other raw materials like sugar, wheat flour and milk have remained flat to slightly declining, the report said.

"To offset rising raw material cost, companies have not been able to take required price hikes, resulting in some gross margin compression. With cost rationalisation, calibrated EBITDA margin expansion can be expected," it noted.

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India has initiated an anti- dumping probe into import of a Chinese chemical used in detergents following complaints from some domestic companies.

Gujarat Credo Mineral Industries and Chemicals India have filed an application before the Directorate General of Anti- dumping and Allied Duties (DGAD) for initiation of an investigation into import of 'Zeolite 4A (Detergent Grade)' from China.

In a notification, the DGAD said prima facie it has found sufficient evidence of dumping of the chemical.

The anti-dumping duty, if imposed, would help guard domestic players in the sector against cheap imports of the product.

"The authority hereby initiates an investigation into the alleged dumping, and consequent injury to the domestic industry," it said.

In the probe, it would determine the existence and effect of the alleged dumping and recommend the amount of anti- dumping duty, which if levied, would be adequate to remove the injury to the domestic industry.

The period from April 2016 to June 2017 (15 months) will be taken for the probe.

Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports.

As a counter measure, they impose duties under the multilateral regime of WTO.

The duty is aimed at ensuring fair trading practises and creating a level-playing field for domestic producers with regard to foreign producers and exporters.

India has already imposed anti-dumping duty on several products to tackle cheap imports, including from China.

The country has imposed the duty on as many as 98 products, as on December 27 last year, imported from China.

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Close to Rs 200 crore allocated for Prime Minister Narendra Modi’s pet Namami Gange project have been lying unused in banks because no action plan has been finalised, the CAG concluded after studying the project from 2014 to March 31, 2017. A report on it was tabled in the Parliament on Tuesday.

The mission to clean the Ganga had started in 2011.

Of the Rs 198.48 crore sanctioned to the Central Pollution Control Board (CPCB) for three projects on monitoring and evaluation of work under the National Mission for Clean Ganga (NMGC), only 7.44 per cent, or Rs 14.77 crore, was used.

The report highlighted delay, lapses or complete non-implementation in areas like cleaning of the river, installation of sewage treatment plants, and construction of toilets in households.

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The government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.

According to a report in Business Standard, the government is set to issue notices who have failed to file returns.

Due to postponement of measures under the GST such as matching returns, the e-way bill, and the reverse change mechanism, assessees have found a way to avoid paying taxes. This has prompted a hardening stand on revenue leakages, as per a government official.

In July, the Central Board of Excise and Customs (CBEC) had asked its officers to go easy on taxpayers till GST’s teething problems were solved. But CBEC Chairperson Vanaja Sarna in a letter to his officers has said “sending out notices to those assessees under your jurisdiction who have failed to file returns may be considered.”

GST collections slowed to their lowest at Rs 83,346 crore in October as the integrated GST was used as credit and rates were revised downward, the report said.

The government official further said that reduction in the GST rates for more than 200 items last month might also affect collections. Fearing a slump in revenue collections, the GST Council on Saturday decided to implement the nationwide roll-out of the electronic way bill on interstate movements of goods from February 1 and for interstate carriage from June 1.