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Finance : This case explains the importance of using SIP calculators for estimating mutual fund returns. It highlights that such tools provi...
Finance : Jammu & Kashmir is rapidly transforming into a major investment destination with strong economic growth. The region offers diverse...
Finance : The development focuses on expansion of trading services in India. The company is enhancing access, support, and education to meet...
Finance : The article examines growing preference for quick digital games. It highlights that instant access, short sessions, and mobile opt...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Finance : The authority identified inconsistent SAC usage across IFSC units, impacting data reliability. It proposes standardised classifica...
Finance : The Government clarified that despite rupee depreciation, strong forex reserves and export competitiveness offset risks. The overa...
Finance : The Government is actively reviewing the economic impact of the West Asia conflict on oil prices and supply chains. Coordinated me...
Finance : The recognition is based on alignment with global regulatory frameworks like PFMI. The ruling highlights India’s commitment to i...
Finance : Inspections revealed absence of Principal and Compliance Officers and inadequate infrastructure. IFSCA initiated regulatory action...
Finance : The issue was whether indemnity obligations arise only after final appellate confirmation. The Supreme Court held that liability a...
Finance : The issue was whether a succession certificate granted without impleading a minor heir was valid. The Supreme Court set aside the ...
Finance : Relying on Supreme Court precedents, the Court held that economic offences involving public money cannot be quashed unless no offe...
Finance : Supreme Court held High Courts cannot use Article 227 to strike off a plaint when CPC remedies exist; suit restored and defendants...
Finance : The ruling emphasizes that registering numerous FIRs in mass fraud cases is unnecessary and burdensome. Courts must focus on wheth...
Finance : The circular prohibits fiduciaries from providing multiple services to the same scheme to avoid conflicts. It ensures independent ...
Finance : IFSCA requires PSPs to obtain approval before joining Rupee Drawing Arrangements. The rule ensures strict adherence to AML, KYC, a...
Finance : IFSCA has revamped reporting norms with updated formats and new intermediary categories. The circular mandates quarterly reporting...
Finance : Pension funds must provide detailed disclosures, reports, and grievance redressal systems. Subscribers gain access to transparent ...
Finance : The circular addresses the need for standardized regulatory knowledge among intermediaries. It mandates certification for key pers...
Life Insurance Corporation of India will file its maiden health insurance product with the insurance regulator by next month. The product will be a long-term policy and have a savings element, said Mr D.D. Singh, Executive Director (Health), LIC. It will have a unit-linked component and be issued as a family floater policy.
DEVELOPMENT AGREEMENT WITH THE BUILDER This Agreement is made here at New Delhi on this ….th day of ………, 200…., between ………………………………………………….. through its…………………………………………………….. s/o ……………………………………… r/o ………………………………………………………., hereinafter called the Owner, the First Party and M/S ………………………………………, ……………………………………… through its Director ……………………………………… s/o ……………………………………… r/o ………………………………………………………, hereinafter called the Developers, Second Party.
The Supreme Court ruled that injured persons must receive immediate first aid and stabilization at hospitals before payment or police formalities are required.
In a setback to the once popular vyaj badla transactions, the Bombay high court recently held that an aggrieved party cannot take their disputes to the arbitration tribunal set up under the byelaws of the Bombay Stock Exchange. Dismissing a petition filed by a Mahim-based partnership firm against a city broker, a division bench of Justice R M S Khandeparkar and Justice D G Karnik held that the tribunal had no jurisdiction to hear cases arising out of such private transactions.
This programme of enterprise-wide risk management was highly successful and resulted in substantial savings and structured decision-making with learnings for the company. The Board appreciated the consulting role of the Internal Audit Department which had fulfilled its role aptly described as ‘Best Practice Transfer and Risk Management’ and directed the CIA to ensure that this programme was spread to all functions of the company. The Board also directed the CIA to submit a list of top 50 risks (along with remedial measure taken and proposals for taking remedial measures, if not already undertaken) identified during the exercise every quarter. The structure of risk management within the company was thus institutionalised.
Using several features of the audit tools, the auditor was able to increase the depth of his audit and also do it faster. In this way, he was able to focus on streamlining processes and spend more time interacting with officials on business issues which were useful sources for analytical information. This was appreciated by the management.
Explore key insights on fraud detection, categories, and prevention strategies essential for safeguarding businesses and individuals against financial crimes.
Using the analysis done offline in India, the auditors were able to focus their energies during a short visit on the core-concern areas and arrive at conclusions that were startling. Considering the focus on accountability in the US with the Sarbanes-Oxley legislation, the CEO and the CFO were taken aback at the status of internal controls in their organisation. Emergency measures to establish an elaborate exercise for implementing a robust internal control system with self- ssessment questionnaires was taken. Considering the success that Raj and his team had in meeting these new challenges, the management asked Raj whether his team would take this assignment in addition to the audit responsibility, which he gladly accepted. This resulted in considerable cost savings. Further, looking at the tremendous cost savings and approach towards auditing by Raj and his team, a performance bonus was sanctioned.
The top management of a chemical company, with 400 crores turnover, is extremely happy with its internal audit department specially with the cost saving measures recommended by the department. The company has two plants in Thane (Mumbai) and Vapi (Gujarat), with its corporate headquarters. The company is presently facing problems with high cost of production and is finding that the products manufactured at its Thane and Vapi plants are not competitive vis-à-vis other chemical manufacturers in the organised sector. The company also finds that the shutdown hours for the factories were quite high. The Managing Director holds a meeting with the Chief Internal Auditor (CIA) and requests him to conduct a review of Thane and Vapi plant production units’ operations and suggest improvement measures to ensure that the plant is more efficient and effective to maintain its competitiveness vis-à-vis the threat from competitors. He also informs the CIA how important it is to reduce cost of operations, failing which he is concerned that the units would have to be closed down in the near future.
Timely preparation of manual for all major processes at CFS helped the company to run the operations effectively and efficiently. The manual preparation exercise created a bond between the internal audit team and the operational staff which resulted in a healthy interaction during continuous monthly internal audit. The internal audit issues raised found acceptability and quick implementation of suggestions by auditees which led to strengthening of the business processes. The Managing Director appreciated the efforts of the internal audit team.
