The Pran Pratishtha ceremony of Lord Rama’s idol at the Ram Mandir in Ayodhya has prompted the Central Government to declare a holiday on January 22. Consequently, stock market activities are suspended on that day. Securities and Exchange Board of India (SEBI), BSE, and NSE collectively reached this decision. Trading will resume in two phases today.
Adding to the holiday announcement, the Maharashtra government has also declared a holiday on January 22, 2024. As a result, transactions or settlements will not occur in government securities, foreign exchange, money markets, and rupee interest rate derivatives on January 22, 2024. All pending transactions will be settled on January 23, 2024.
Previously, the Department of Financial Services under the Ministry of Finance directed all government banks and insurance companies to close their offices by 2:30 PM on January 18, 2024. Central government offices, central institutions, and central industrial establishments must remain closed until 2:30 PM. The Securities and Exchange Board of India (SEBI) has collaborated with stock exchanges to close the stock markets.
Amazon has been issued a notice by the Central Consumer Protection Authority (CCPA) for selling sweets under the name of Ayodhya’s Ram Mandir Prasad. The complaint, filed by the Confederation of All India Traders, alleges that Amazon is engaged in unethical business practices by selling sweets under the guise of Ayodhya’s Ram Mandir Prasad. The department has given Amazon seven days to respond to the notice.
The CCPA states that if Amazon fails to respond within the stipulated seven days, necessary action will be taken against them under the Consumer Protection Act 2019 provisions. It is noteworthy that misleading information displayed during the online sale of food items under the Consumer Protection (E-commerce) Rules 2020 can lead to confusion about the authenticity of consumer products.
As these events unfold, how the authorities and businesses navigate through the implications of the holiday and regulatory actions remains to be seen. The suspension of stock market activities aligns with the significance of the Ram Mandir ceremony and reflects measures taken to honour the occasion.
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