MAM
ASCI looks into 533 objectionable ads in March-April
MUMBAI: During the months of March and April 2020, ASCI investigated complaints against 533 advertisements, of which 115 advertisements were promptly withdrawn by the advertisers on receipt of communication from ASCI. The Consumer Complaints Council (CCC) evaluated the remaining 418 advertisements, of which complaints against 377 advertisements were upheld. Of these 377 advertisements, 187 belonged to the healthcare sector, 132 belonged to the education sector, 15 to the food & beverages sector, nine belonged to the real estate sector, five to the personal care and the immigration sector each and 24 were from the ‘others’ category.
The ministry of AYUSH sought help from the ASCI team to alert them about such advertisements. The ASCI team picked over 50 such COVID cure advertisements in April, notifying the advertisers to withdraw them forthwith within a week. ASCI closely monitored digital media, social media handles and web-sites of the advertisers. Over 90 cases of potential violation of the drugs and magic remedies regulations were also flagged to the regulator. During this period, the CCC continued their meetings over video conferencing.
According to ASCI chairman Rohit Gupta, “I am very proud of our ASCI team that has remained accessible and responsive to all stakeholders during this pandemic situation. Our Consumer Complaints Council has been very efficient as we continue to deliberate via video conferencing. We appreciate the cooperation being extended by the complainants as well as the advertisers to ensure self-regulation of advertising content by ensuring time bound compliance.”
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Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
