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.
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.
The Securities and Exchange Board of India (Sebi) may soon frame a stringent set of rules for funds investing in art works, antiques, coins and stamps, with an aim to check black money flow into these products and safeguard the interest of genuine investors. Sebi considers investment funds focussed on art works, antiques, coins and […]
he Reserve Bank of India has been decided with the Government that the Ways and Means Advance limits will changed and interest rate will also changed. It has been decided in consultation with the Government of India that the limits for Ways and Means Advances (WMA) for the financial year 2011-12 would be:
As many as 57 Indian companies including Reliance Industries , State Bank of India and Oil & Natural Gas Corp. figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. Reliance with sales of $45.3 bn is ranked 121st in the list with three public State Bank of India Group (136, $29.1 bn), Oil & Natural Gas Corp. (172, 22.6 bn) and Indian Oil (243, $52.1 bn) taking the next three places among the Indian firms.
Many NGOs and whistleblowers have complained to authorities that Indian money worth several thousands crore was illegally routed to many tax havens and urged government to take strict measures to put a bar on it. Finance Ministry admits it has “no authentic figures” about the quantum of black money deposited in Swiss banks. It is stated that efforts have been made from time to time to seek details of the bank accounts held by Indians in Swiss Confederation under the existing Double Taxation Avoidance Agreement (DTAA) between India and Switzerland .
Government is planning 100 per cent foreign direct investment in sea plane operations as there is scope of phenomenal growth of sea plane, general aviation and helicopter travel. With India having a long coast line, there is a need for concerted efforts to promote sea plane operations. They are significant for the economy of islands like Anadaman and Nicobar Islands and Lakshadweep,” said S N A Zaidi, Civil Aviation Secretary while addressing a seminar on “Operations of Sea plane in India.
In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their reporting.
The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors
