Bring the provisions of this circular to the notice of the member brokers/clearing members and listed companies of the Exchange and also to disseminate the same on the website.3.3 communicate to SEBI.
I am directed to refer to Circular No. 704/20/2003-CX dated 31.3.2003 on the subject mentioned above. The circular has been set aside by the Hon’ble High Court of Karnataka in the case of M/s Grasim Industries Ltd. [2004 (163) ELT 10 (Kar.)].
I am directed to say that Board’s attention has been drawn to treatment of CENVAT credit balance lying unutilized at the end of the financial year in Income Tax returns by the manufacturers of excisable goods which would provide possibility of availing unintended double benefit both under Central Excise and Income Tax law.
This circular is being issued in exercise of powers conferred by section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with section 10 of the Securities Contracts(regulation) Act 1956, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Vide order dated 24th September 2003, the Hon’ble Apex Court has at page 15 of the order allowed a time period of 12 months for upgradation of Customs laboratories at gateway ports as well as posting of manned staff. Action has been initiated by C.R.C.L. in this regard.
In this regard, you are advised to note that circulars pertaining to amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 would henceforth be issued only in electronic form with digital signatures in conformity with the information Technology Act, 2000 and that physical dispatch of circulars would be discontinued.
The Stock Exchanges shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and payout of the subsequent settlement/s.
It is hereby reiterated that the Policy of duty free imports through the nominated agencies and 15 nominated banks detailed in Chapter 4 of the EXIM Policy and Handbook of Procedures will continue to be operational. Exporters will continue to have the option to import duty free gold and silver for exports through the nominated agencies or directly under the Advance Licensing Scheme.
Where ICES system is not operational , the hard copies of IGM shall be required to be filed manually, in advance as per the Section 30 of Customs Act,1962.
The Stock Exchanges may shift these companies from TFTS to NRS provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
