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After four failed attempts, Chennai-based space start-up Agnikul Cosmos on Thursday successfully carried out a su-orbital test-flight of its home-built 3D-printed semi-cryogenic rocket -- Agnibaan -- from its own launch pad at Sriharikota, making it India's second private entity to do so. The private company to achieve the feat was Skyroot Aerospace, which launched the Vikram S in November 2022.The test-flight on Thursday was carried out without any live-streaming and in presence of fewer dignitaries at the Sriharikota launch pad located within ISRO's Satish Dhawan Space Centre."Congratulations @AgnikulCosmos for the successful launch of the Agnibaan SoRTed-01 mission from their launch pad. A major milestone, as the first-ever controlled flight of a semi-cryogenic liquid engine realised through additive manufacturing," the ISRO said in a post on X.— isro (@isro) "Elated at the successful launch of Agnibaan SOrTeD by @AgnikulCosmos ! A historic moment for India's space sector. Powered by the world's first single piece 3D printed semi-cryogenic engine, this achievement showcases the brilliance of our young innovators," Pawan Goenka, Chairman, Indian National Space Promotion and Authorisation Centre (IN-SPACe), said on X.This was the fifth attempt by Agnikul to launch the Agnibaan Sub-Orbital Technology Demonstrator (SOrTeD) since March 22.Read More: Space startup Agnikul Cosmos calls off maiden rocket launch for a fourth time"This is a huge boost and a proud moment for India's thriving private space industry and just a glimpse into what the future holds for us, our hearty congratulations to the entire team behind this and best wishes for their future efforts," Lt Gen A K Bhatt (retd) Director General, Indian Space Association (ISpA) said.About Agnikul's Agnibaan:Agnibaan is a customisable, two-stage launch vehicle that can carry a payload of up to 300 kg into orbit of about 700 km, according to the company.The rocket uses a semi-cryogenic engine with a mix of liquid and gas propellants, a technology that is yet to be demonstrated by the Indian Space Research Organisation (ISRO) in any of its rockets.The SOrTeD mission is a single-stage launch vehicle demonstration that will be powered by a semi-cryogenic engine, the Agnilet, a sub-cooled liquid oxygen-based propulsion system developed indigenously.The start-up has readied the vehicle with the first-ever ethernet-based avionics architecture and fully in-house developed autopilot software from India.Powered by sub-cooled Liquid Oxygen (LOX) and Aviation Turbine Fuel (ATF), the vehicle is equipped with four carbon composite fins to provide passive control.The Agnilet engine is the world's first single-piece 3D-printed semi-cryogenic rocket engine. The mission will last just over two minutes from launch to splashdown. Following lift-off, the vehicle is expected to perform a pitch-over manoeuvre nearly four seconds into flight. This manoeuvre involves the controlled rotation of the vehicle to change its orientation from vertical to a predetermined angle with respect to the ground or its flight path.The vehicle will then go into the wind-biasing manoeuvre at just over 39 seconds, which is introduced in rockets to compensate for the effects of wind on the trajectory of the rocket during ascent.At 1 minute 29 seconds, the launch vehicle is expected to reach apogee, the point it will be farthest from the launch site before it splashes down at just over two minutes into the flight, marking the completion of the mission.Among other feats, India now aims to set up 'Bharatiya Antariksha Station' by 2035, and send the first Indian to the Moon by 2040. (with PTI inputs)

Mumbai: The Big Four accountancy firms will have to burn the midnight oil to give foreign portfolio investors (FPIs) the chance to move money faster.At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.Under the regulations, FPIs have to submit confirmation reports to the authorised dealer banks every time they transfer funds out of India to invest elsewhere. The banks, which arrange the remittance and also act as custodians of the FPIs, receive the certificate from the accounting firms to figure out the quantum of tax that has to be withheld before funds are repatriated.After the market closing hours, clearing corporations send the trade information to the custodian banks which share the data with the Big Four and other accounting firms which handle the accounts of the FPIs.The accounting firms receive the information from the custodians later in the evening of the day the trade happens. The tax certificates are generated the next day and shared with the custodian banks by evening. Since the foreign exchange market is not active in the evening, it's not possible for FPIs to remit the money that day.110547882TO GET BENEFITS OF T+1 TRADEAccording to persons aware of the discussions, senior officials of the Securities & Exchange Board of India (Sebi) have made it clear that this must change so that FPIs can reap the benefits of the T+1 (trade plus one day) settlement cycle. Given a choice, FPIs would prefer having the flexibility and time-window to deploy the money in other markets."Sebi wants the custodians and the accounting firms to speed up their systems so that FPIs can remit money the next day of the trade. So, if a Big Four receives data at 8 p.m. or 9 p.m. on the day of the trade, it now has to generate and send the report to the banks by around 9 a.m. the next day. Even though an FPI which sold stocks (on T day) would receive the sale proceeds at about 1 p.m. (on the T+1 day), it can buy dollars between 9 a.m. and 1 p.m. (on the T+1 day) in the forex market, and remit the funds soon after the money is credited to its bank account," said an industry person.Sebi is categorical that the accounting agencies must use the 12 hours, between 9 p.m. (of the previous day) and 9 a.m. (of the next day), to produce the certificate - an instruction that has understandably not gone down well with many in the Big Four."I don't think they have a choice, though the certificate typically takes some time. The tax liability is computed based on FIFO (first in-first out method), corporate actions are considered, and then the calculation is cross-checked and reviewed by another person. Also, depending on the jurisdiction of an FPI, the specific treaty, if any, of that country with India and the applicable tax rate has to be checked," said another person.Besides the chartered accountants, the meeting was attended by officials of custodian banks and clearing houses of the stock exchanges. The T+1 settlement was introduced in 2021 in a phased manner and was fully implemented from January 2023. From the end of March this year, the regulator introduced the T+0 settlement on an optional basis.

Mumbai: The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health insurance circular that seeks to improve services for policyholders by reducing settlement times and ensuring cashless claim processes.The regulator wants insurers to achieve 100% cashless claim settlement in a time-bound manner, minimising the need for reimbursement claims to exceptional circumstances.In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.Further, insurers are required to give final authorisation within three hours of receiving a discharge request from the hospital. If there is any delay beyond this timeframe, the insurer must cover any additional costs incurred by the hospital from their shareholders' funds.The circular allows policyholders to cancel their policies at any time during the term by giving a 7-day notice in writing, down from the previous 15-day grace period.IRDAI has also set a grace period for premium payments, which is 15 days for monthly premiums and 30 days for quarterly premiums.