Securities and Exchange Board of India [SEBI] has, on 5 April 2010, directed Stock Exchanges [SE] to amend the Equity Listing Agreement [LA]. The amendments to LA puts in place of earlier decisions of SEBI Board meetings held on 22 September 2009 and 9 November 2009 and are applicable to companies listed on SE in India. The highlights of the amendments to LA are as under:
As part of its review of the existing disclosure requirements and to bring more transparency and efficiency in the governance of listed entities, SEBI has made certain amendments to the Equity Listing Agreement, vide its circular dated 05 April 2010. The key amendments relate to the following:
Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies.
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(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax
The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not only showcases the effort of the Department to collect taxes but can also have a great deterrent effect on the tax evaders. During 2009-10, the Department has collected around Rs 31,242 crone from RAT which is around 8,74% more than the corresponding figure last year. The share of collection from RAT (as a percentage of total collection) has gone up from 921% in 2007-08 to 924% in 2008-09. However there is a great potential in augmenting collection from RAT.
The initial public offer guidelines for the insurance sector is likely to announced next month, the Insurance Regulatory & Development Authority (Irda) said on Monday. “The guidelines could take a month time and Sebi will take the final call,” Irda chairman J Harinarayan said.
The Securities and Exchange Board of India (SEBI) has never been armed with stronger draconian powers over the fate of Indian citizens. A recent opinion of the Supreme Court has held SEBI to be a social welfare organisation, and its powers under Sections 11(4) and 11B of the SEBI Act, 1992 (the Act) as not being “penal” in nature. Consequently, SEBI can issue directions to any person using these powers, even in relation to matters that occurred when these powers did not exist in the Act.
Sources said the Sebi committee was comprehensively reviewing open offers and may raise the open offer trigger to 25 per cent from 15 per cent now — the reason being that 26 per cent shareholding in India gives acquirers the power to block special resolutions for important decisions during shareholder meetings.
VAT rate of 4% proposed to be increased to 5% on all goods except declared goods. VAT rate of 12.50% proposed to be increased to 13.50%. VAT rate of 12.50 % on tobacco products proposed to be increased to 15%.
