PGC NEWSLETTER 9th, April 2014
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PGC NEWSLETTER 9th, April 2014






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PGC NEWSLETTER 9th, April 2014 PGC NEWSLETTER 9th, April 2014 Document Transcript

  • PGC NEWSLETTER9th , April 2014 1 PGC NEWSLETTER 9th , April 2014 THOUGHT OF THE DAY “The ones who are crazy enough to think they can change the world are the ones who do” ECONOMICS NEWS  RBI governor Raghuram Rajan is pushing for differentiated banks. Such banks may not drastically change the banking space since many of the ideas floated are not new to India. The central bank’s approach could determine the industry’s road ahead.  Companies raised a little over Rs 51,000 crore through preferential equity issues in the financial year ended March. This was the highest in 14 years and a little more than three times the amount raised through initial public offers, follow- on public offers and offers for sale in the period. CORPORATE LAW UPDATES  MCA 282 vital sections of the new company law have been made effective, giving vent to a modern, resilient regulatory testament. The new law assumes directors and key management personnel to be the sentinels of governance. A mere awareness of a contravention makes a director liable to penal action.  Sebi has issued circular regarding Change in investment conditions / restrictions for FII/QFI investments in government debt securities. RBI / TAX LAW UPDATE  IT: Where value of speculative share transactions exceeded prescribed limit for tax audit under section 44AB, levy of penalty under section 271B for tax audit default was justified  RBI: RBI provided clarification on calculation of net owned funds (NOF) of an NBFC vide DNBS (PD) CC.No.373/03.10.001/2013-14 MARKET UPDATES SENSEX 22,428.21 84.76 CNX NIFTY 6,716.10 21.05 DOLLAR/ RUPEE 60.04 -0.08 MCX SILVER 43252.0 0.12 MCX GOLD 28,532.00 55.00 MCX CRUDE OIL 6158.0 -0.08 Dow Jones Industrial Average 16,256.14 10.27 Nasdaq Composite 4112.99 33.24