The Reserve Bank of India (RBI) relaxed the provisioning norms for banks with retrospective effect from September 30, 2010, which in turn could help banks post higher profits. The RBI said, banks will have to maintain a provision coverage ratio of 70 percent of their gross bad loans only till September 30, 2010 after which they will have to follow just the standard capital provisioning requirement as per by the Basu committee.
The government is mulling hiking penalty for improper use of names and emblems conveying state patronage or ownership for the purpose of professional and commercial gains to Rs 5 Lakh. At present, the penalty for violating the provisions of the Emblems and Names (Prevention of Improper Use) of 1950 is only Rs 500.
The government should introduce financial support through legislation for preventing corrosion of machines, pipelines and industrial structures as companies lose a whopping Rs 2 lakh crore annually due to such damages, CII today said.
To resolve investors’ grievances and spread financial literacy, market regulator SEBI will set up a toll free helpline to respond to queries of investors and help track the status of their complaints. The investors, according a strategic action plan approved by the SEBI Board earlier, will be able to communicate in their own languages.
The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital. A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which challenged the direction of the Registrar of Companies (ROC) seeking stamp duty on increased amount in authorised share capital.
SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securities and Exchange Board of India (SEBI).
In its new set of rules for an estimated USD-1 trillion wealth management industry, Sebi is planning to set up an intermediary regulatory body with representation from among the wealth managers themselves. In the proposed self-regulatory model, the market watchdog will put the onus entirely on wealth managers for compliance to the regulations and the new entity to be created under Sebi’s guidance would work as the first-stage regulator as also market development authority, a senior official said.
State wise stamp duty rules for eForm 1, Memorandum of Association (MoA), Articles of Associations (AoA), eForm 5 and eForm 44). Download Stamp duty rates for Form 1, MoA, AoA, and Form 5 for all the states in India. Stamp duty rules for Form 44 Rs. 100 for Delhi and Rs. 50 for all other states/ UTs.
Other than the reason of fraud or collusion or any wilful misstatement or suppression of facts or contravention of any of the provisions of this act— In Sub-section (1) Clause (b) The Person Chargeable with duty may, before issue of notice under clause (a) pay on the basis of –(i) his own ascertainment of such duty; or (ii) duty ascertained by the Central Excise Officer, along with interest payable thereon under section 1 1AA.
Market regulator SEBI barred one Reena Bansal from dealing in the capital market and accused her of violating norms by acting as an unregistered sub-broker.”…restrain Reena Bansal from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, either for herself or for her clients or clients of Rajeev Bansal,” SEBI said in an order.
