The newsletter provides economic, regulatory, and market updates from India. It notes that trading markets were closed for state elections in Maharashtra. The Finance Ministry approved several foreign direct investment proposals totaling Rs. 1,546.12 crore. Regulatory announcements included circulars from the Ministry of Corporate Affairs on director refunds and limited liability partnerships. Market indexes such as the Sensex and Nifty declined slightly while the dollar rose against the rupee.

1. PGC NEWSLETTER 1
PGC NEWSLETTER 15th October, 2014
THOUGHT OF THE DAY “A strong positive mental attitude will create more miracles than any wonder drug.” ECONOMIC NEWS
 Trading segments including Indian equity, forex, money and commodity markets are shut today on account of Maharashtra Assembly Elections.
 The Finance Ministry has approved 25 FDI proposals, including six of single- brand retail trade, envisaging a total investment of Rs 1,546.12 crore, and referred a Rs 1,800-crore pharma proposal to the Cabinet for consideration.
SEBI/CORPORATE UPDATES
 General Circular No. 38/2O14 of MCA dated 14th October, 2014 issued to all Regional Directors, all Registrars of Companies regarding Right of persons other than retiring directors to stand for directorship - Refund of deposit under section 160 of the Companies Act, 2013 in certain case.
 General circular No 3712014 issued by MCA to all ROC’s regarding Clarification with regard to trust/trustee as a partner in the Limited Liability Partnerships (LLPS).
 MCA has issued The Companies (Accounts) Amendment Rules,2014 dated 14th October,2014
 MCA has issued Companies (Audit and Auditors) Amendment Rules, 2014 dated 14th October, 2014 for the financial years commencing on or after 1st April. 2015, the report of the auditor shall state about existence of adequate internal financial controls system and its operating effectiveness.
 CLB norms don’t allow co-respondent to file counter reply against respondent, rules HC.
 With the appointment of new FMC chief taking time, the government has given another three-month extension to commodity markets regulator FMC chairman Ramesh Abhishek.
RBI / TAX LAW UPDATES
 Indirect tax collections rose 12.3 per cent in September over a year earlier, to Rs 48,012 crore as compared to Rs 42,738 crore in the same month last year, due to a big rise in customs duty collection.
 No denial of sec. 10(23EA) relief to NSE investor protection fund even if it had already claimed sec. 11 relief
 Supreme Court admits against Delhi High Court's verdict striking down Service Tax valuation Rule 5(1)
MARKET UPDATES SENSEX
26,349.33-34.74 CNX NIFTY
7,864.00-20.25 DOLLAR/ RUPEE
61.410.3 MCX SILVER 38,778.00442.00 MCX GOLD 27,240.00268.00 MCX CRUDE OIL 5,107.00-112.00 Dow Jones Industrial average 16,315.19-5.88 Nasdaq Composite 4,227.1713.52
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