PGC Newsletter dated 30th September,2014

1. PGC NEWSLETTER 1
PGC NEWSLETTER 30th September, 2014
THOUGHT OF THE DAY “Clear thinking produces definite results.” ECONOMIC NEWS
 Acknowledging that the Supreme Court order on mass cancellation of coal block licenses may impact banks asset quality, Financial Services Secretary G S Sandhu said yesterday that banks will approach RBI for restructuring such assets.
 In line with market expectations, Reserve Bank of India kept the repo rate unchanged at 8%. CRR, SLR and reverse repo rate were also maintained at status quo.
 Employees in India will see a 10.8% increase in their paychecks the coming year, according to a study by compensation tracker Towers Watson
SEBI/ CORPORATE LAW UPDATES
 SEBI has issued CIRCULAR vide reference no- CIR/MRD/DP/28/2014 dated September 29, 2014 To All Stock Exchanges regarding Modification to Investor Protection Fund (IPF) / Customer Protection Fund (CPF) Guidelines.
 SEBI has issued Press release vide PR No. 120/2014 for Grant of Recognition to National Securities Clearing Corporation Ltd. On certain conditions
 SEBI has issued Press release vide PR No. 121/2014 regarding Grant of Recognition to MCX-SX Clearing Corporation Ltd. on certain conditions.
 SEBI has issued Press release vide PR No. 119/2014 regarding Grant of Recognition to Indian Clearing Corporation Ltd. On certain conditions.
 Where petitioner-director was removed from directorship without complying with statutory provisions of section 284 of the 1956 Act and conduct of respondents towards petitioner had been consistently unfair, harsh and lacked probity, same amounted to illegality and acts of oppression
RBI / TAX LAW UPDATES
 As per RBI vide Notification No.- RBI/2014-15/245 DBOD.AML.No.4952/14.06.001/2014-15 dated September 29, 2014, clarifications for Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1988(2011) Taliban Sanctions List has been provided.
 As per RBI vide Notification No- RBI/2014-15/244 DNBS (PD).CC. No 411/03.10.42/2014-15 dated September 29, 2014 clarifications related to Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999)/1989(2011) Committee’s Al Qaida sanctions list to all NBFC’s has been provided.
 Excise Department to clamp down on hotels evading luxury tax.
MARKET UPDATES SENSEX
26,626.1729.06 CNX NIFTY
7,966.257.35 DOLLAR/ RUPEE
61.680.15 MCX SILVER 39,311.00-43.00 MCX GOLD 26,909.00-4.00 MCX CRUDE OIL 5,851.001.00 Dow Jones Industrial average 17,071.22-41.93 Nasdaq Composite 4,505.85-6.34
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