This newsletter provides a summary of recent changes and updates in the areas of:
1) Indirect taxes - Changes in duty rates for gold, silver, and other goods through new notifications.
2) FEMA regulations - Qualified foreign investors now allowed direct investment in Indian stock markets.
3) Corporate law - Guidelines issued on KYC regulations and in-person verification as per new SEBI rules. The newsletter also provides a brief overview of the company and its mission.
NTPC Tax Free Secured Redeemable Non Convertible Bonds.
Public issue by NTPC Ltd. of tax-free secured redeemable non-convertible
green Bonds of face value of Rs. 1,000 each in the nature of debentures having
tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, for an amount
of Rs. 400 crore with an option to retain oversubscription of up to Rs. 300
crore for issuance of additional bonds aggregating to a total of up to Rs. 700*
crore during fiscal 2016.
Issue Opening Date : 23rd of September, 2015
Issue Closing Date : 30th of September, 2015.
The Issue shall remain open for subscription from 10.00 A.M. to 5.00 P.M
Rating AAA (Stable) by ICRA, AAA by CRISIL & AAA (Triple A) by CARE
SEBI order in the matter of M/s. Nakoda Limited,
Adjudicating/ WTM orders, HINT OF THE MONTH,
Latest Open Offers, Regular Section : Concept of Control,
MINING INDUSTRY: A critical analysis through application of Rule 12(10) of MC...Biswajit Das
There may be multiple routes available for achieving one objective/goal. Some of them are constructive & some are destructive. Without doubt & without debate, the Governed should note that it carries the sole responsibility to secure their just governance in sync with the objective of law. Thus beckoning, enlightening & securing the constructive route of governance is its responsibility. Not only it has the onus to discover that constructive route but also it has to traverse the same & assert for it. Having acted itself, it also has the onus to secure that the Governor stays on the course.
NTPC Tax Free Secured Redeemable Non Convertible Bonds.
Public issue by NTPC Ltd. of tax-free secured redeemable non-convertible
green Bonds of face value of Rs. 1,000 each in the nature of debentures having
tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, for an amount
of Rs. 400 crore with an option to retain oversubscription of up to Rs. 300
crore for issuance of additional bonds aggregating to a total of up to Rs. 700*
crore during fiscal 2016.
Issue Opening Date : 23rd of September, 2015
Issue Closing Date : 30th of September, 2015.
The Issue shall remain open for subscription from 10.00 A.M. to 5.00 P.M
Rating AAA (Stable) by ICRA, AAA by CRISIL & AAA (Triple A) by CARE
SEBI order in the matter of M/s. Nakoda Limited,
Adjudicating/ WTM orders, HINT OF THE MONTH,
Latest Open Offers, Regular Section : Concept of Control,
MINING INDUSTRY: A critical analysis through application of Rule 12(10) of MC...Biswajit Das
There may be multiple routes available for achieving one objective/goal. Some of them are constructive & some are destructive. Without doubt & without debate, the Governed should note that it carries the sole responsibility to secure their just governance in sync with the objective of law. Thus beckoning, enlightening & securing the constructive route of governance is its responsibility. Not only it has the onus to discover that constructive route but also it has to traverse the same & assert for it. Having acted itself, it also has the onus to secure that the Governor stays on the course.
Takeover Panorama June 2013: A monthly Newsletter by TakeoverCode Team of Corporate Professionals
SEBI Order in the matter of M/s Gujarat Organics Limited, SEBI Order in the matter of M/s Educomp Solutions Limited, CONSENT ORDER IN THE MATTER OF M/S MEUSE KARA & SUNGRACE MAFATLAL LTD., CONSENT ORDER IN THE MATTER OF CHINAR INDUSTRIAL INVESTMENT AND FINANCE LIMITED, Adjudicating/WTM orders, Latest Open Offers, Crossing the threshold pursuant to Buy Back: Applicability of SEBI Takeover Regulations, 2011
Global Regulatory Update”, a compilation of global and domestic news, opinions on regulatory issues, CII initiatives and representations on regulatory issues.
The Update is aimed at keeping CII membership apprised of developments in the international and domestic corporate governance and regulatory landscape.
The Reserve Bank of India (RBI) has formulated the framework for External Commercial Borrowings by Startups. The Banking Regulator vide RBI circular , dated 27 October, 2016 has now permitted Startup Enterprises to access loans under ECB framework. The said Article provides complete details of the circular and also the personal views of the Author.
Takeover Panorama June 2013: A monthly Newsletter by TakeoverCode Team of Corporate Professionals
SEBI Order in the matter of M/s Gujarat Organics Limited, SEBI Order in the matter of M/s Educomp Solutions Limited, CONSENT ORDER IN THE MATTER OF M/S MEUSE KARA & SUNGRACE MAFATLAL LTD., CONSENT ORDER IN THE MATTER OF CHINAR INDUSTRIAL INVESTMENT AND FINANCE LIMITED, Adjudicating/WTM orders, Latest Open Offers, Crossing the threshold pursuant to Buy Back: Applicability of SEBI Takeover Regulations, 2011
Global Regulatory Update”, a compilation of global and domestic news, opinions on regulatory issues, CII initiatives and representations on regulatory issues.
The Update is aimed at keeping CII membership apprised of developments in the international and domestic corporate governance and regulatory landscape.
The Reserve Bank of India (RBI) has formulated the framework for External Commercial Borrowings by Startups. The Banking Regulator vide RBI circular , dated 27 October, 2016 has now permitted Startup Enterprises to access loans under ECB framework. The said Article provides complete details of the circular and also the personal views of the Author.
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
In a move to further rationalize and liberalise the overseas investment central Government and Reserve Bank of India notified Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022 respectively on 22 Aug 2022.
The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics. Immense clarity on Overseas Direct Investment and Overseas Portfolio Investment has been brought in and various overseas investment related transactions that were earlier under approval route are now under automatic route, significantly enhancing "Ease of Doing Business".
RBI and SEBI Updates - Acquisory News bytes
1. Amendment to Master Direction on KYC – Operationalisation of Central KYC Registry (CKYCR) and KYC norms for Foreign Portfolio Investors (FPIs)
2. Master Direction - Priority Sector Lending – Targets and Classification
3. Master Direction - Regional Rural Banks - Priority Sector Lending – Targets and Classification
4. Master Direction on Money Market Instruments: Call/Notice Money Market, Commercial Paper, Certificates of Deposit and Non-Convertible Debentures (original maturity up to one year)
5. Discontinuation of Reporting of Bank Guarantee on behalf of service importers
SEBI
1. Consultation paper for Disclosure of financial information in offer document/placement memorandum and for Valuation in respect of SEBI (Infrastructure investment trusts) Regulations, 2014
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The RBI has issued circular No. 32 dated 24th Nov 2015 revising the regulations related to External commercial borrowings. There are lot of key changes brought for ease of obtaining foreign funds by Indian parties. The list of eligible borrowers have been increased. the list of lenders from which the ECB can be taken, have been increased. The end use restrictions have mostly been removed with only the small negative list of end-use restrictions for which it cannot be used……therefore in the Foreign Funds world now, we may say that Negative is the new positive.
INVESTMENT BY A FVCI REGISTERED UNDER SEBI; TRAI SHOW CAUSE NOTICE TO AIRTEL, VODAFONE AND IDEA; RBI POLICIES ON FOREIGN INVESTMENT IN “OTHER FINANCIAL SERVICES; SEBI MANDATES FREEZING OF PROMOTERS’ DEMAT ACCOUNTS ON NON-COMPLIANCE WITH CERTAIN PROVISIONS OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015; RBI POLICIES ON REVIEWS OF SECTORAL CAPS; MCA TO ESTABLISH A STEERING COMMITTEE TO CONDUCT ITS OWN NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD
Long Term Visa (LTV) is granted to the following categories of persons of Bangladesh, Afghanistan and Pakistan coming to India on valid travel documents i.e. valid passport and valid visa, and seeking permanent settlement in India with a view to acquire Indian citizenship:-
i. Members of minority communities in Bangladesh/ Afghanistan/ Pakistan, namely Hindus, Sikhs, Buddhists, Jains, Parsis and Christians.
ii. Bangladesh/ Pakistan women married to Indian nationals and staying in India; or Afghanistan nationals married to Indian nationals in India and staying in India.
iii. Indian origin women holding Bangladesh/ Afghanistan/ Pakistan nationality married to Bangladesh/ Afghanistan/ Pakistan nationals and returning to India due to widowhood/ divorce and having no male members to support them in Bangladesh/ Afghanistan/ Pakistan.
iv. Cases involving extreme compassion.
Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/PIOs which is spread all across the world and which despite being away from India is making significant contribution to the Indian economy on a global platform and to the economic, financial and social benefits which have been brought to India; therefore, it attempts to provide benefits to them to attract their investments. They are also called for taking part in the economy. The Indian government gives lot of benefits to NRI not only with respect to ease of making investment in India but also in Taxation. The investment from NRIs is easy money available and provides the much needed leverage to the economy. The Indian Diaspora today constitutes an important, and inimitable, part of the Indian economy. The PPT discusses about he various account that can be opened by NRIs in India
As per section 92 of the Income Tax Act,1961 “Any
income arising from an international transaction shall
be computed having regard to the arm's length
price” Where in an international transaction two or
more associated enterprises enter into a mutual
agreement or arrangement for the allocation or
apportionment of, or any contribution to, any cost or
expense incurred or to be incurred in connection with
a benefit, service or facility provided or to be
provided to any one or more of such enterprises, the
cost or expense allocated or apportioned to, or, as
the case may be, contributed by, any such enterprise
shall be determined having regard to the arm's
length price of such benefit, service or facility, as the
case may be.
The 2008 Financial Crisis changed the world of Banking. Many malpractices by the Banks and various financial institutions came into light and the regulators started scrutinizing and penalizing them. The world’s most important number “LIBOR” came under the sword of the Regulators. In this article we will explore the origins and the fall of the once revered LIBOR rate.
THERE ARE QUITE A FEW REGULATORY SPACES
WHICH NEEDS TO BE KEPT IN CONSIDERATION
WHILE MAKING THE REPORT. IN THIS ARTICLE WE
SHALL DISCUSS REGARDING DRAFTING AND THE
CONTENT OF VALUATION REPORT ONE BY ONE IN
DETAIL.
One of the important aspect of Start up is raising of funds. Fundraising is a necessary, and most important task in the life of Start ups. IN THIS ARTICLE GIVES PRELIMINARY INSIGHTS INTO FUND RAISING BY STARTUPS
The secret way to sell pi coins effortlessly.DOT TECH
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
when will pi network coin be available on crypto exchange.DOT TECH
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Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
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Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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1. TAXPERT PROFESSIONALSOUTLOOK
Volume – I March 2012
Taxpert Professionals Private Limited.
Office Newsletter
Adding value with quality and commitment
For the month of March 2012
2. If you have built castles in the air, your work
need not be lost; that is where they should
be. Now put foundations under them.
Henry David Thoreau
It gives me immense pleasure to introduce this Newsletter . Taxpert
Professionals was born 19 May 2009, Since then the company has
been scaling new heights year after year. It has been the group
effort to bring the Company to the level it is now.
Success, it is said that is continuous journey. Always continue the
climb. It is possible for you to do whatever you choose, if you first
get to know who you are and are willing to work with a power that
is greater than ourselves to do it.
This newsletter is an effort to bring the team Taxpert updated about
the recent changes in the law and also the keep all of us closer.
Taxpert believes in hardwork ,faith and Patience. It endeavours
continuously to provide the best quality service to its clients and
values its human resource and thrives to provide most employee
friendly environment for its employees.
…………………………….From the Desk of CA. Vinay Bhushan
11 March 2012
3. Indirect Tax Update (Notification No. 2 /2012 – C. E. dated 16th January, 2012)
(B) This notification amends the rate of duty of plain gold and silver
TARIFF NOTIFICATIONS: Jewellery. The old rate of duty has been amended from ` 750 per
10gms to max 5% ad valorem and ` 1500 per Kg. to max 6% ad
1. Exemption to Khandsari Sugar and other parts of Sewing Machine valorem respectively. Notification No. 23/2003 has been amended
to this effect. This notification has come into force w.e.f 17th,
Through this notification, Khandsari Sugar and other parts of sewing January 2012.
machine have been exempted from the levy of Central Excise Duty
and the corresponding notifications no. 3/2006 and 6/2006 (Notification No. 3 /2012 – C.E dated 16th January, 2012)
respectively has been amended to this effect.
(Notification No. 1 /2012 – C.E. dated 3rd January, 2012)
2. Change in the rate of duty of Gold and Silver
(A) This notification amends the rate of duty of Silver and Gold bars
as follows:
Description Sr. No. in Old rate of duty Amended rate of
of goods notification duty
Silver and 21A Rs. 200 per 10 gms. 1.5%
Gold Bars 21B Rs. 1500 per kg 4%
.
21C Rs. 300 per 10 gms. 2%
Rs. 1500 per kg 6%
Notification No. 5/2006 has been amended to this effect. This
notification has come into force w.e.f. 17th January 2012.
4. Accordingly the RBI has issued a circular on January 13, 2012 to
allow QFIs to purchase on repatriation basis equity shares of Indian
FEMA companies subject the terms and conditions specified in the
circular.
Qualified Foreign Investors allowed to invest directly in Indian Further SEBI has also allowed investment by QFIs vide its Circular
equity market – Scheme for Investment by Qualified Foreign No. CIR/ IMD/FII&C/3/2012 dated January 13, 2012
Investors in equity shares
The QFIs shall include individuals, groups or associations, resident in
Press Release dated January, 1st 2012 issued by GOI a foreign country which is compliant with FATF and that is a
signatory to IOSCO’s multilateral MoU. QFIs do not include FII/sub-
A. P. (DIR Series) Circular No. 66 dated January 13, 2012
accounts.
Presently, only FIIs/sub-accounts and Non-Resident Indians (NRIs)
are allowed to directly invest in Indian equity market. In this
arrangement, a large number of foreign investors termed as
Qualified Foreign Investors (QFIs – defined to mean non-resident
investors, other than SEBI registered FIIs and SEBI registered FVCIs,
who meet the KYC requirements of SEBI), in particular, a large set of
diversified individual foreign nationals who are desirous of investing
in Indian equity market do not have direct access to Indian equity
market. In the absence of availability of direct route, many QFIs find
difficulties in investing in Indian equity market.
As a first step in this direction, QFIs have been permitted direct
access to Indian Mutual Funds schemes. As a next logical step, the
Government of India (GOI) has now been decided to allow QFIs to
directly invest in Indian equity market in order to widen the class of
investors, attract more foreign funds and reduce market volatility
and to deepen the Indian capital market.
5. It has also been decided to allow credit of dividend payments to
QFIs on account of units of mutual funds held by them to the single
Revision in Scheme for Investment by Qualified Foreign rupee pool bank account subject to the condition that in case
Investors in Rupee Denominated Units of Domestic Mutual dividend payments are credited to the single rupee pool bank
Funds account they shall be remitted to the designated overseas bank
accounts of the QFIs within 5 working days (including the day of
A. P. (DIR Series) Circular No. 66 dated January 13, 2012 credit of such funds to the single rupee pool bank account). Within
these 5 working days, the dividend payments can be also utilized for
As per the extant provisions, the funds received from the QFIs into
fresh purchases of units of domestic mutual funds under this
this account shall be remitted to the domestic MF either on the
scheme, if so instructed by the QFI.
same day of the receipt of the funds from QFIs or by next business
day in case money is received after business hours, failing which the
funds would be immediately repatriated back to the QFI’s overseas
bank account. The redemption proceeds of the units shall be
repatriated to the overseas bank account of the QFI within 2
working days of the same having being received in the rupee pool
account of the DP.
It has been decided that the time period for which funds (by way of
foreign inward remittance through normal banking channels from
QFIs as well as by way of credit of redemption proceeds of the units
of domestic Mutual Funds by QFIs in India) can be kept in the single
rupee pool bank account of the DP under the scheme for
investment by QFIs in units of domestic Mutual Funds has been
increased to 5 working days (including the day of credit of funds
received by way of foreign inward remittance through normal
banking channels from QFIs as well as by way of credit of
redemption proceeds of the units of domestic Mutual Funds by QFIs
in India).
6. Corporate Law update (Reserve Bank) Directions, 2010 dated June 23, 2010 issued by
Internal Debt Management Department, Reserve Bank of India. It is
now advised by the RBI that all NBFCs may note that the issue of
NCDs of original or initial maturity up to one year are governed
GUIDELINES ON KYC REGULATIONS AND ON IN-PERSON
under the above mentioned Directions and these Directions may be
VERIFICATION [www.sebi.gov.in]
followed for meticulous compliance.
The SEBI has issued Circular No. MIRSD/Cir- 26 /2011 dtd.
23.12.2011 in relation to the Know-Your-Client Registration
Agencies Regulations, 2011 (KRA Regulations) issued earlier and has
now issued guidelines to implement the KRA Regulations effectively.
The guidelines are specifically issued for intermediaries, the KRAs
and on In-person verification (IPV). The guidelines provide that the
KRA system shall be applicable for all new client accounts opened SEBI
from January 1, 2012. Only for the client accounts opened between
January 1 and January 31, 2012, the intermediaries may upload the RBI
KYC data on the KRA system and send the relevant KYC documents
to KRA, by February 15, 2012. However, for client accounts opened ROC
from February 1, 2011, the intermediaries shall continue to follow
the requirement of sending the same within 10 working days as
provided in this circular. The existing clients can continue to
trade/invest/deal with their intermediaries as per the current
practice.
Taxpert Professionals Private Limited
ISSUANCE OF NON-CONVERTIBLE DEBENTURES BY NBFCs
[www.rbi.gov.in]
The RBI has issued Circular No. DNBS.CC.PD.No.255/03.10.01/2011-
12 dtd. 30.12.2011 stating that it has come to its notice that some
NBFCs have raised funds under private placement by issuing non-
convertible debentures (NCDs) of maturity less than 90 days. This is
in clear violation of the Issuance of Non-Convertible Debentures
7.
Laugh it off
I've run away to join a different circus.
I will be out of the office for the next two weeks for medical
reasons. When I return, please refer to me as 'Lucille'
This is a compilation of some of the best out of office Automatic instead of Steve.
email replies...
I am currently out of the office at a job interview and will
reply to you if I fail
to get the position. Please be prepared for my mood.
You are receiving this automatic notification, because I am
out of the office. If I was in, chances are you wouldn't have
received anything at all.
Sorry to have missed you, but I'm at the doctor's having my
brain and heart removed so I can be promoted to our
management team.
I will be unable to delete all the emails you send me until I
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8. Achievement and Success:
Milin Shah passed the CA Inter Exams and has entered into
Finals.
Niral Doshi passed the CA Inter Group.
Hemalata got exemption in CA Exams.
Ca. Garima Aggarwal Joined the Taxpert family
CA. Sudha G. Bhushan addressed the members of Institute
of Company Secretaries of India on the regulatory
framework of Cross border Transactions