India’s efforts at retrieving the black money its corrupt citizens have stashed abroad are being helped by some countries. The Income Tax has made a list of 135 individuals and entities, who received payments of more than Rs 1 crore from companies abroad, and sent it to the Director General of Investigation in cities where they are supposed to be residing for further investigation.
As part of efforts to attract more retail investors to the stock market, regulator SEBI is considering making applications forms simpler and shorter for public offers, including IPOs. Concerned over the lukewarm and ever-falling retail response to the primary market, SEBI is mulling over ways to win over small investors in this segment and one of the steps under consideration is a simpler investment process.
Foreign direct investment in new form of business, limited liability partnerships (LLPs), could be allowed without a cap, a highly placed source said.”The officials have reached a consensus for 100 per cent FDI in LLPs,” he said. Officials in the ministries of industry, finance and corporate affairs have been in regular consultations on the issue of allowing foreign direct investment (FDI) since the LLP form of business was notified in 2009.
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The wait is now over for the US investors who wants to bet on the Indian stock markets, with the Chicago Mercantile Exchange starting the trade in Nifty Futures from Monday. The Chicago Mercantile Exchange (CME) is introducing two new contracts — E-mini and E-micro S&P CNX Nifty (Nifty 50) Futures — designed to access the Indian market opportunities.
The country’s accounting regulator is doing a reality check on whether Indian accountants stand to gain from the opening up of the sector, ahead of a fresh meeting between officials from India and Singapore for reviewing a bilateral trade pact.
A committee constituted by India’s securities market regulator, the Securities and Exchange Board of India, or Sebi, is considering a proposal to separate the role of chairman and managing director (MD) or CEO of listed companies to prevent concentration of management powers in the hands of one individual.
Fearing that their fiscal autonomy will be impacted by the uniform tax structure, state finance ministers are likely to bargain for some flexibility on proposed Goods and Services Tax when they meet Union Finance Minister Pranab Mukherjee on July 21.
Takeovers are set to get costlier with a Sebi panel favouring making it mandatory for the acquirer to make an offer for up to 100 per cent stake in any listed company.As of now, an open offer for a minimum of 20 per cent in the target company is required to be made by any entity that has purchased 15 per cent equity, either from the promoters or from the open market.
ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Section 3 of the Cost and Works Accountants (Amendment) Bill, 2010 (Bill No. XXVI of 2010).
