News Roundup: UID To Be Used As KYC (?), iGate to Acquire Patni Computers

Most of the telecom operators face a big hurdle with KYC process and recently, there was a news report that 60% of prepaid mobile connections in Mumbai were secured through fake documents.

Combating this, DoT is considering using UID as a definitive proof for subscriber verification.

“Serious consideration is being given to make UID the fundamental basis of subscriber verification. This will mean that the present arrangement will continue for a period of time but once UID is up and running the transition could occur very quickly and nationwide.” [source]

Recommended Read: Hygiene in UID Project [Technical Analysis] | UID Project plans to introduce micro-payment platform for Rural India

iGate to Acquire Patni Computers

iGate is set to acquire the country’s sixth largest software exporter, Patni Computer Systems in a $1 billion deal, at a price of around Rs 525 for every share.

The Patni brothers, who hold 46% in the company, are selling their entire stake as is private equity firm General Atlantic, which holds 16%. The three brothers and GA are being advised by Credit Suisse , Ambit and Avendus in the deal. Patni shares ended flat on the BSE on Monday at Rs 486.40. Shares of iGate, were down marginally on Nasdaq in early trading. [source]

SEBI vs. Facebook/Twitter?

These days, a lot of discussions over stock prices/valuation happen in the social networks (like Facebook, Twitter) and SEBI (The Securities & Exchange Board of India) wants to take a stock of the same. SEBI is putting in place new software tools that will analyze discussions on social networking platforms.[source].

Cyber Crimes in AP

Andhra Pradesh witnessed three cyber crimes a week on average in 2010 and a majority of them were Nigerian frauds, according to the state crime investigation department.

Often, it is difficult to catch the foreign nationals involved because they use gullible local people to share their bank accounts, promising 3 or 4 percent of a “huge money transfer[source].