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
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.
The operations of such mule accounts can be minimised if banks follow the guidelines contained in various RBI Circulars on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of banks under PMLA, 2002. State and central Co-operative Banks are, therefore, advised to strictly adhere to the guidelines on KYC/AML/CFT issued from time to time and to those relating to periodical updation of customer identification data after the account is opened and also to monitoring of transactions in order to protect themselves and their customers from misuse by such fraudsters.
Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him.
The Reserve Bank today announced reduction of Statutory Liquidity Ratio (SLR), requirement for lenders to keep a portion of deposits in government securities, cash and gold, by one percentage point to 24 per cent for regional rural banks (RRBs).This
Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents; and to open the accounts of beneficiaries of Indira Gandhi National Old Age Pension Scheme.
