Top multinational accounting firms (MAFs) — PriceWaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu —have flouted norms to provide services in India, a report by an Institute of Chartered Accountants of India (ICAI) committee has said.
The government plans to introduce a separate legislation to speed up insolvency proceedings and help distressed firms wind up operations quickly. The new law will shorten the legal processes involving insolvency operations of small and medium entities. The government is keen to make bankruptcy proceedings a time-bound procedure.
Reduces time for disclosing results; solvency position to be disclosed every 6 months. The Securities and the Exchange Board of India (Sebi) has reduced the period within which companies can announce their annual financial numbers. The regulator has also made it mandatory for all listed entities to disclose their asset-liability and solvency positions every six months.
With a view to improve transparency and corporate governance, market regulator SEBI made it mandatory for all listed companies to disclose their financial results within 45 days of the end of every quarter. Companies would also be required to disclose their audited financial statements within 60 days of every financial year end, the Securities and Exchange Board of India (Sebi) said while amending the equity listing agreement.
The Council of The Institute of Cost and Works Accountants of India has approved the release of Exposure Draft Cost Accounting Standards on Cost of Service Cost Centres as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute on March 27, 2010.
1. This has reference to circular No. SEBI/CFD/DIL/ASBA/1/2009/30/12 dated December 30, 2009 in the captioned matter, wherein as para 2(c)(i), ASBA facility was available to all the investors except Qualified Institutional Buyers (QIBs). In this regard SEBI has decided to extend the ASBA facility to QIBs in public issues opening on or after May 1, 2010.
Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the users to have an access to all the applicable circulars at one place, Master Circular for Depositories has been prepared. This Master Circular is a compilation of the circulars issued by SEBI up to March 31, 2010 and shall come into force from the date of its issue.
ASK is a one stop computerized center for the taxpayers to obtain services promised by the Department in its Citizens’ Charter in a time bound manner. ASK provides a front office backed by re-engineered processes and a new outlook of the officials to quickly redress grievances of taxpayers and also to prevent grievances. The first ASK was inaugurated in Pune on 18th May 2009, followed by two more ASKs at Kochi and Chandigarh.
1. The office desires to engage CAs as consultants for a period of 11 months. 2. The Consultant will be required to assist this office in gathering and evaluating audit evidence within the framework of methods and techniques followed by this office which may be also at client’s sites/offices.
The income tax department will recommend de-freezing of about 100 demat accounts after it found the claims of a few individuals in the frozen accounts to be genuine. The department has been probing more than 6,300 frozen demat accounts, which had Rs 6,700 crore of unclaimed stocks.
