disclosures

it will be in the interest of justice to set aside the final order passed by the Settlement Commission and to remand the matter back to the Settlement Commission for hearing parties afresh and to pass orders as per law. Facts and circumstances noted in respect of writ petition no.2191 of 1999 are also relevant for the remaining writ petitions and, therefore, it will be necessary that the final orders passed in all these proceedings should be set aside. Full Article

The market regulator SEBI on Monday asked mutual fund companies to make all the disclosures about market risks involved in the products more prominent in their communication. "To make these statements more prominent, it is advised that the disclosures as stated in the clauses 10, 13 and 14 of schedule VI of SEBI (Mutual Funds) Regulations of 1996 on Advertisement Code shall be printed in bold," the regulator said in a circular here today. Full Article

It is essential for the investors to be aware that the investments made in mutual funds are subjects to risk and that the scheme related documents should be read before investing. Hence it was mandated that statements appearing in Clauses 10, 13 and 14 of Schedule VI of SEBI (Mutual Funds) Regulations, 1996 on Advertisement Code should appear in all advertisements. However, it is noted that the advertisements issued are generally lengthy and hence these disclosures are n.. Full Article

In order to increase transparency in the financial statements of banks, Reserve Bank of India has from time to time issued circulars to banks requiring disclosures in the ‘Notes to Accounts’ to their Balance Sheet. These instructions were consolidated in the Master Circular No.DBOD.BP.BC.NO.22/21.04.018/2009-10 dated July 1, 2009. Full Article

ALL practicing chartered accountants in the country may now have to keep a close tab on their clients, as the accounting rule-maker , the Institute of Chartered Accountants of India (ICAI), is considering a proposal to devise a set of know your customer (KYC) norms to be followed by its members before taking up business. Full Article

The word “document” is used to refer to a written or printed paper that bears the original, official, or legal form of something and can be used to furnish decisive evidence or information. “Documentation” refers to the act or an instance of the supplying of documents or supporting references or records. Full Article

Circular No. SEBI/IMD/DOF-1/BOND/Cir-5/2009- 100% Asset Cover: To align the Listing Agreement with the provisions of the Companies Act, 1956, the amended Listing Agreement requires issuers to maintain 100% asset cover sufficient to discharge the principal amount at all times for the debt securities issued. Further, to provide more information to investors, the periodic disclosures to the stock exchange shall now require disclosure of the extent and nature of security cre.. Full Article

The Institute of Chartered Accountants of India (ICAI) is planning to introduce sector-specific accounting standards to bring in more transparency in handling corporate accounts. ICAI Committee for Members in the Industry (CMII) has already formed three groups in sectors such as insurance, retail and hospitality  and is in the process of forming another 19 groups [...] Full Article