This circular is being issued in exercise of powers conferred under section 11(1) of Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
In continuation of the above directions, please note to forward a covering letter from your bank certifying that the quarterly certificate from the concurrent auditor being furnished to the Reserve Bank of India on the operations of the intermediaries’ accounts includes all the intermediaries accounts maintained with your bank.
In the light of developments in the domestic and international financial markets, the extant guidelines on OTC foreign exchange derivatives, commodity price and freight risks have been revised in consultation with the banks, corporates and other stake holders. The Comprehensive Guidelines on Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks are furnished in the Annex. The revised guidelines would be effective from February 01, 2011.
At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent.
G.S.R. (E). -Whereas, the designated authority vide notification No. 15/14/2009-DGAD, dated the 12th May,2010, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 13th May,2010, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessmen
India has imposed anti-dumping duty of up to 266 per cent on imports of an IT equipment also used in the telecom sector to guard the domestic industry from cheap Chinese and Israeli shipments. Revenue department says the restrictive duty on import of
Authorized entities have hitherto been submitting information on the volume and value of transactions, to the Reserve Bank of India. In order to bring in uniformity and facilitate straight through processing, a format in Excel has been prepared and is forwarded herewith. All authorised entities are advised to furnish the data related to the operations of pre paid payment instruments issued on a monthly basis in the attached format.
It is observed that the authorised entities are not adhering to the prescribed time frame laid down for submission of Auditor’s certificate. All authorised entities are advised to furnish a quarterly certificate on the balances held in the Escrow account in accordance with the above Guidelines, from an auditor within a fortnight from the end of the quarter to which it pertains.
All authorised entities are advised to furnish their respective system audit reports from a CISA qualified auditor on an annual basis. Authorised entities which follow an April-March financial year, the system audit report should be submitted within two months i.e. by 1st June of that year. Authorised entities, which follow a calendar year annual closing, are advised to submit their system audit reports by 1st March of the following year.
Raising funds through issuance of NCDs in multiple tranches based on a single valid rating for the consolidated amount, each tranche need not be separately certified by the auditor (in compliance with section 8.2 of the NCD Directions). However, where the issuer obtains a separate/fresh rating for an issuance, such issuance must be backed by an auditor’s certificate confirming the issuer’s compliance with the eligibility criteria for issuance.
