This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with Section 10 of the Securities Contracts (Regulation) Act 1956,
Stock Exchanges are directed to implement the above requirement with immediate effect and take necessary disciplinary action wherever such facility is being misused by any member.
SEBI, vide its circular dated February 21, 2000, specified principles of corporate governance and introduced a new clause 49 in the Listing agreement of the Stock Exchanges.
The stock exchanges are advised to communicate to SEBI immediately, the steps taken by them in this regard as well as in the Monthly Development Report commencing from the month of August 2003.
As regards para 4 of DOR Circular No.48/2003-Cus. it is clarified that the jurisdictional Superintendent of Central Excise shall also issue certificate about export performance in terms of para 3.1(c) in respect of units which are not in Central Excise control. This is to ensure that no frauds are further perpetrated by obtaining bogus claims of exports.
.Please refer to the deliberations during the meeting held on August 5, 2003, when apprehensions were raised stating, inter-alia, that some of the brokers/sub-brokers are using un-authorised software which is not in the interest of the securities market.
Commissioning or installation of plant, equipment or machinery by a commissioning or installation agency, is chargeable to service tax. A doubt has been raised as to whether the services like a plumber putting up a water tank, fitting pipes and tubing, an electrician putting up electric wire and fittings, installation of booster motors, air conditioners, water filters, hand-pumps, water heaters etc. will be chargeable to service tax
As you are aware, the provisions of Section 4A do no apply to the readymade garments, as they have not been notified under that section. But under notification No. 20/2001-C.E. (N.T.) dated 30.4.2001, tariff value (at the rate of 60% of the retail sale price declared or required to be declared) was fixed on readymade garments and other articles of apparel. Vide Board’s letter F. No. B.3/4/2003, dated 01.04.2003, it was clarified that for valuation, the provision of section 4
Some Export Promotion Councils have opined that it is difficult to collect data from all the exporters exporting a particular product and requested for relaxation of this condition. It is hereby clarified that it is not the intention of the Policy Circular No.8 dt. 20th June, 2003 to call for data from each and every exporter of a particular product and the intention is only in getting representative data. Export Promotion Councils can forward data related to 60-65% of total exports under a particular DEPB entry and also they should get themselves satisfied that the data forwarded is representative.
The SEBI Board, after considering the recommendations of the Committees and public comments thereon, has approved certain modifications to be incorporated in the captioned Guidelines.
