The PGC newsletter provides economic, corporate, and market updates for February 27th, 2015. Key points include: - The government approved new norms to appoint private sector candidates as managing directors and CEOs at public sector banks with flexible salary packages. - The commerce ministry has asked to reduce gold import duties to encourage jewelry exports and manufacturing. - The SIT investigating black money has asked RBI for financial transaction details from HSBC India from 2011-2012 and over the past 15 years. - SEBI imposed fines totaling Rs. 86 crore on DLF and associates for failing to disclose sufficient information during its 2008 IPO.

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
27th
February,2015
THOUGHT OF THE DAY
“Whatever you can do, or dream you can, begin it. Boldness has genius,
power and magic in it”
ECONOMIC UPDATES
 The government on Thursday approved new norms for the selection of
managing directors and chief executive officers at five public sector banks
(PSBs), paving way for the appointment of private sector candidates with
flexible salary packages.
 The commerce ministry has pitched for a reduction in the import duty on
gold in its budget recommendations to the ministry of finance to
encourage gems and jewellery exports and manufacturing.
 The special investigation team (SIT) on black money has asked the Reserve
Bank of India (RBI) to provide it with HSBC India’s financial transaction
details for financial years 2011-12 and 2012-13. The SIT will also ask the
RBI for details of transactions over the last 15 years, they have said.
 Finance Minister Arun Jaitley had stated that tax demand of more than Rs
4 lakh crore is under dispute and litigation before various courts and
appellate authorities. In order to reduce litigation in direct taxes need to
make certain legislative and administrative changes.
SEBI/CORPORATE UPDATES
 The new insider trading regulations notified will be applicable to both
listed companies and proposed to be listed. The companies, those filing
draft offer documents will now be subject to scrutiny, according to
regulations notified in January.
 Market regulator SEBI imposed fines aggregating Rs 86 crore on real
estate major DLF, its promoters, officials and associate companies in two
different orders as part of its probe into the Gurgaon-based company's
failure to disclose sufficient information during its IPO in 2008.
 Vide Notification No. LAD-NRO/GN/2014-15/22/366 dated 26th
February, 2015, Securities Exchange Board of India issued SEBI
(Employees' Service) (Amendment) Regulations, 2015.
 Insurance Regulatory and Development Authority of India (IRDA)
announced that insurance companies can appoint individual agents on
their own without license from the regulator from April 1.
MARKET UPDATES
SENSEX
29,005.99 259.34
CNX NIFTY
8,773.35 89.50
DOLLAR/ RUPEE
61.78 0.02.
MCX SILVER
36,480.00 -148.00
MCX GOLD
26,213.00 -3.00
MCX CRUDE OIL
3,052.00 -3.00
Dow Jones Industrial
average
18,214.42 -10.15
Nasdaq Composite
4,987.89 20.75
http://www.proglobalcorp.com