Accounting Standard-11 relating to “The Effects of Changes in Foreign Exchange Rates” earlier prescribed under the Companies (Accounting Standards) Rules 2006 has been now amended by the Central Government, in terms of the powers conferred on them under the Companies Act, 1956, vide Notification dated 31st March, 2009. The said Notification contains an amendment i.e. a new Paragraph-46 to be inserted in the AS-11 earlier prescribed as aforementioned. The Notification so published by the Central Government is available at
http://www.icai.org/resource_file/15726mca193_and_194.pdf
It may be noted that the amendment as contained in the said Notification shall be applicable to corporates registered under the Companies Act, 1956.
As for entities other than those registered under the Companies Act, 1956, the Accounting Standard-11 as issued by the Institute shall continue to apply.
Sunday, February 21, 2010
Relaxation of 9 months study course period to converted to IPCC students
BOS/Announcement/227/10
February 5, 2010
An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards.
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE):
All students who have been registered for the erstwhile Intermediate under paragraph 2 or 2 A of schedule B to the Chartered Accountants Regulations 28 or who have been registered for the erstwhile Professional Education (Course-II) or who have been registered for the Professional Competence Course (PCC) are eligible for conversion to Integrated Professional Competence Course (IPCC) by paying the prescribed conversion fee along with the conversion application form obtained along with IPCC prospectus or down loaded from http://www.icai.org/resource_file/14262ipcc_re_regform.pdf - IPCC Re-Registration Form to be submitted to the concerned Regional Office for becoming eligible to appear in the May, 2010 and onwards examination before last date for submission of examination application form as notified from time to time.
Students so converted from erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course to Integrated Professional Competence Course (IPCC) and have completed minimum period of nine months from the date of registration in Intermediate/ Professional Education (Course – II) or completed nine months after joining the Professional Competence Course are permitted to appear in the Integrated Professional Competence Examination to be held in May, 2010 and onwards. However, they should successfully complete 35 hours Orientation Programme and also 100 hours Information Technology Training before the commencement of relevant Integrated Professional Competence Examination (IPCE).
CA.R.Devarajan
Director, Board of Studies
Source : http://www.icai.org/post.html?post_id=5453&c_id=219
February 5, 2010
An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards.
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE):
All students who have been registered for the erstwhile Intermediate under paragraph 2 or 2 A of schedule B to the Chartered Accountants Regulations 28 or who have been registered for the erstwhile Professional Education (Course-II) or who have been registered for the Professional Competence Course (PCC) are eligible for conversion to Integrated Professional Competence Course (IPCC) by paying the prescribed conversion fee along with the conversion application form obtained along with IPCC prospectus or down loaded from http://www.icai.org/resource_file/14262ipcc_re_regform.pdf - IPCC Re-Registration Form to be submitted to the concerned Regional Office for becoming eligible to appear in the May, 2010 and onwards examination before last date for submission of examination application form as notified from time to time.
Students so converted from erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course to Integrated Professional Competence Course (IPCC) and have completed minimum period of nine months from the date of registration in Intermediate/ Professional Education (Course – II) or completed nine months after joining the Professional Competence Course are permitted to appear in the Integrated Professional Competence Examination to be held in May, 2010 and onwards. However, they should successfully complete 35 hours Orientation Programme and also 100 hours Information Technology Training before the commencement of relevant Integrated Professional Competence Examination (IPCE).
CA.R.Devarajan
Director, Board of Studies
Source : http://www.icai.org/post.html?post_id=5453&c_id=219
Payment of Interest on Savings Bank Account on Daily Product Basis
Payment of Interest on Savings Bank Account on Daily Product Basis
RBI/2009-10/322
DBOD. No. Dir. BC 77/13.03.00/2009-10
February 19, 2010
All Scheduled Commercial Banks
(Excluding RRBs)
Dear Sir
Payment of Interest on Savings Bank Account on Daily Product Basis
Please refer to our circular DBOD. No. Dir. BC.128/13.03.00/2008-09 dated April 24, 2009 advising banks that in view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis with effect from April 1, 2010. Further, banks were advised that in order to ensure a smooth transition, they may work out the modalities in this regard.
2. We advise that payment of interest on savings bank accounts may be made by banks on a daily product basis with effect from April 1, 2010.
Yours faithfully
(P. Vijaya Bhaskar)
Chief General Manager-in-Charge
RBI/2009-10/322
DBOD. No. Dir. BC 77/13.03.00/2009-10
February 19, 2010
All Scheduled Commercial Banks
(Excluding RRBs)
Dear Sir
Payment of Interest on Savings Bank Account on Daily Product Basis
Please refer to our circular DBOD. No. Dir. BC.128/13.03.00/2008-09 dated April 24, 2009 advising banks that in view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis with effect from April 1, 2010. Further, banks were advised that in order to ensure a smooth transition, they may work out the modalities in this regard.
2. We advise that payment of interest on savings bank accounts may be made by banks on a daily product basis with effect from April 1, 2010.
Yours faithfully
(P. Vijaya Bhaskar)
Chief General Manager-in-Charge
Thursday, February 18, 2010
What to do when you fail an attempt or a number of attempts?
The popular advices for this question are:
· Sit and analyze where you have gone wrong
· Revise more
· Try a different strategy
· Buy a better reference book
· Attend different Coaching classes
The student does all or some of this and again fails! And again he or she is thrown into confusion. What the hell is happening in my life? He or She promptly enters into depression (some even think of suicide), his or her self-esteem takes a beating. Anything can take a beating but never your self-esteem. It is the real wealth and the only wealth you have. All concepts and precepts of religion and morality, success and failure, love and hatred is formed from this. Don’t lose this self-esteem at any cost. We Indians had (and still have to some extent) a tendency to lose our self-esteem at the first given chance. We wait for leaders, inspirers, Gandhis to come and lead us but little do we do an inner-think about ourselves and where we stand.
So let me dissect each of these popular advices to pieces.
“Sit and analyze where you have gone wrong”---It’s easy to say this by people who have cleared the exam or who are not in your shoes. You plain would not do such a thing. Your mind resists the idea of you having to do a post-mortem of the paper which you failed. Mind seeks pleasure always and an undisciplined mind seeks easy pleasure as it cannot stand denial of self-gratification. So sitting and analyzing and being self-judgmental requires a strong mind. If you have a really strong mind (don’t fool yourself, stand before the mirror and look whether you can face yourself) then you can go ahead with the post-mortem work.
“Revise more”—Yes, this is some what of a better advice. But this revision also has a strategy (Read my article on how to revise for success).Also, it is a bore to revise the same portions once enthusiastically read attempt after attempt. The student enters a kind of daze and yawns at the boredom of it all.
“Try a different strategy”—this is what I call a “Non-advice” advice. This looks like a good advice on the face of it but has no meaning. The person who is proffering this advice must be specific. What the heck is the meaning of “different strategy”? It is as good as saying to a person who says he/she is hungry, “Go eat food”. Doesn’t he/she know that?
Buying a better reference book or attending a coaching class is not a sure-shot remedy either. Many a reference book has been referred and many a failure has been encountered(and vice-versa also but the failed student always focuses on failure more and is ever-critical and bitter after his/her failure).The same is the case with Coaching centers.
So what do you do?
You have two options---
Option 1: Quit this whole farce called CA and lead a peaceful life elsewhere doing some other thing.
Option 2: Give the next attempt.
I’m not mentioning a 3rd more dangerous option: Suicide here as it is meaningless.
A sane student/human would go for the second option unless he or she feels that a mistake has really been committed by entering this course. In this context, it would not be out of place to mention that one must analyze one’s aptitude, intelligence level, enthusiasm, etc before taking up CA. And not blindly enter into this course and then later on spend good number years in Articleship and then finally leave this course in disillusionment. Can ICAI or your principal give back your youthful years?
Option 2 must be taken recourse after all this.
Fludity:
What most often weighs you down and brings you misery is the past, in the form of unnecessary attachments, repetitions of tired formulas, and the memory of old victories and defeats. You must consciously wage war against the past and force yourself to react in the present moment. Be ruthless on yourself; do not repeat the same tired methods. Sometimes you must force yourself to strike out in new directions, even if they involve risk. What you may lose in comfort and security, you will gain in surprise, making it harder for your inner failings to tell you what to do. Wage guerilla war on your mind, allowing no static lines of defense, no exposed citadels - make everything fluid and mobile.
If you want cut off friendships which are a burden on your time, change your residence, Change your reference books, Change your coaching centre, change whatever darned thing or things you need to change but CHANGE you must. I will not spoon-feed you here on what you need to do to keep yourself fluid and mobile. I’m just going to throw some hints and then you will be able to catch the whiff of it all. I’m showing a branch and the moon shines between the branch but I don’t show the moon(as it is not possible),I just show the branches and suddenly you have an eureka moment(which is special for you) and you say, “YES! I have found my moon” This is all a true teacher can do. This is all a true teacher should do. Unfortunately we have lot of spoon feeders and they make us weak.
This is an attitude of mind which you must develop to counteract failures. Being fluid is an art.
Calmness:
Learn to emotionally detach from the failure. Say to yourself some student has failed,its not me(even though you keep your marksheet before you!) and then start dissecting like a bio-lab dissector the failure. At the back of you mind, you had a cringing feeling you would not make it in costing yet kept a smiling face before friends cheating everyone, till the D-Day when the results came and you flopped in Costing and then joined the chorus of students who bashed ICAI for the poor results. You had some temporary relief. No doubt!.. but then the gnawing feeling is not over. You cannot cheat yourself, you did a great job cheating everyone around you but you fail before yourself.
So, you pounce on Costing during this calm stage, not as yourself but as analyzing some other student who had failed. It’s always easy to point out mistakes of someone else than to be truthful with oneself and face the music. You have to fool your mind (and mind is easily malleable and ductile! You can bend it to your will, you can fool it easily).You do the post-mortem work now. Anyone who starts with the postmortem work directly without proper mental preparation will not get proper results.And people who claim that they have the mental prowess to analyze their results unbiased are again fooling themselves.No one can really be totally unbiased unless they have a mental dissonance purposely created like this.
If your name is Anirban and you failed last attempt.You take your marksheet and say to yourself, "Why did Anirban1 fail? This is Anirban 2 asking this."Say this actually to your mind.This is not something stupid,this has scientific basis on the concept called cognitive dissonance created by Muller and they use precisely this technique to cure terminal failures in life.
This is at the end of these 2 stages—Fluidity first, then at the end of Calmness.To get the calmness you may meditate,or take a break or go for a vacation completely forgetting all this failure and CA or do something which totally distracts the mind from it temporarily(dont go and drink in the local pub to drown your sorrows in the booze! That is stupid!Its not gonna work!)
That’s about it! This method will make you slowly conquer ground and beat the failure and transmute it alchemically to success.Believe me,it works and has worked for soem of my friends.I helped them with it.
Always great things in life are either free or simple to attain. Everything else you know what to do. Buy new reference books, go to new coaching classes, etc these run-of-the-mill options which people dole out in general to those who fail, you can choose judiciously only after you have carefully destroyed your old weak self which made the mistakes in the first place. You now feel like a new student who starts afresh like a Phoenix which rises from ashes.
Clarity comes forth from simplicity, so un-clutter your life and be fluid and yet retain an unemotional calmness. CA exam is something man-made, so don’t get too worked up or emotional about it.
Then follow what your mind says as true and beneficial. Don’t be cowered by peer-pressure here. Always while in postmortem work take the counsel of one good/genuine friend who is interested in your welfare. Don’t let emotions cover your judgment in this as friends are the first people who will be jealous about your progress, rare is a good friend! And if you have a good friend, you are blessed.
Keep yourself inspired always. Let your room emanate the fragrance of self-confidence. Stick messages of confidence. Keep books of self-help in your vicinity, even if you don’t read them all, their vibrations help.
Keep yourself uncluttered and organized,bold and confident,rise like a thousand lions and elephants in strength.Dont cower down and die a daily death of a coward, live once and die once bravely!
Finally, after all this post-mortem work is done and you have identified problem areas: You immediately focus on resolving those areas. Don’t postpone this.
Then follow the advices I have given in my earlier(and future) articles, regarding revision, positive crisis situation (which should now be bereft of the burden of past failures),strategies to adopt for various subjects,etc. In my profile home page you will find a link to all my articles and postings in forum. Have a look at them all.Best is yet to come!
God Bless Ya!
· Sit and analyze where you have gone wrong
· Revise more
· Try a different strategy
· Buy a better reference book
· Attend different Coaching classes
The student does all or some of this and again fails! And again he or she is thrown into confusion. What the hell is happening in my life? He or She promptly enters into depression (some even think of suicide), his or her self-esteem takes a beating. Anything can take a beating but never your self-esteem. It is the real wealth and the only wealth you have. All concepts and precepts of religion and morality, success and failure, love and hatred is formed from this. Don’t lose this self-esteem at any cost. We Indians had (and still have to some extent) a tendency to lose our self-esteem at the first given chance. We wait for leaders, inspirers, Gandhis to come and lead us but little do we do an inner-think about ourselves and where we stand.
So let me dissect each of these popular advices to pieces.
“Sit and analyze where you have gone wrong”---It’s easy to say this by people who have cleared the exam or who are not in your shoes. You plain would not do such a thing. Your mind resists the idea of you having to do a post-mortem of the paper which you failed. Mind seeks pleasure always and an undisciplined mind seeks easy pleasure as it cannot stand denial of self-gratification. So sitting and analyzing and being self-judgmental requires a strong mind. If you have a really strong mind (don’t fool yourself, stand before the mirror and look whether you can face yourself) then you can go ahead with the post-mortem work.
“Revise more”—Yes, this is some what of a better advice. But this revision also has a strategy (Read my article on how to revise for success).Also, it is a bore to revise the same portions once enthusiastically read attempt after attempt. The student enters a kind of daze and yawns at the boredom of it all.
“Try a different strategy”—this is what I call a “Non-advice” advice. This looks like a good advice on the face of it but has no meaning. The person who is proffering this advice must be specific. What the heck is the meaning of “different strategy”? It is as good as saying to a person who says he/she is hungry, “Go eat food”. Doesn’t he/she know that?
Buying a better reference book or attending a coaching class is not a sure-shot remedy either. Many a reference book has been referred and many a failure has been encountered(and vice-versa also but the failed student always focuses on failure more and is ever-critical and bitter after his/her failure).The same is the case with Coaching centers.
So what do you do?
You have two options---
Option 1: Quit this whole farce called CA and lead a peaceful life elsewhere doing some other thing.
Option 2: Give the next attempt.
I’m not mentioning a 3rd more dangerous option: Suicide here as it is meaningless.
A sane student/human would go for the second option unless he or she feels that a mistake has really been committed by entering this course. In this context, it would not be out of place to mention that one must analyze one’s aptitude, intelligence level, enthusiasm, etc before taking up CA. And not blindly enter into this course and then later on spend good number years in Articleship and then finally leave this course in disillusionment. Can ICAI or your principal give back your youthful years?
Option 2 must be taken recourse after all this.
Fludity:
What most often weighs you down and brings you misery is the past, in the form of unnecessary attachments, repetitions of tired formulas, and the memory of old victories and defeats. You must consciously wage war against the past and force yourself to react in the present moment. Be ruthless on yourself; do not repeat the same tired methods. Sometimes you must force yourself to strike out in new directions, even if they involve risk. What you may lose in comfort and security, you will gain in surprise, making it harder for your inner failings to tell you what to do. Wage guerilla war on your mind, allowing no static lines of defense, no exposed citadels - make everything fluid and mobile.
If you want cut off friendships which are a burden on your time, change your residence, Change your reference books, Change your coaching centre, change whatever darned thing or things you need to change but CHANGE you must. I will not spoon-feed you here on what you need to do to keep yourself fluid and mobile. I’m just going to throw some hints and then you will be able to catch the whiff of it all. I’m showing a branch and the moon shines between the branch but I don’t show the moon(as it is not possible),I just show the branches and suddenly you have an eureka moment(which is special for you) and you say, “YES! I have found my moon” This is all a true teacher can do. This is all a true teacher should do. Unfortunately we have lot of spoon feeders and they make us weak.
This is an attitude of mind which you must develop to counteract failures. Being fluid is an art.
Calmness:
Learn to emotionally detach from the failure. Say to yourself some student has failed,its not me(even though you keep your marksheet before you!) and then start dissecting like a bio-lab dissector the failure. At the back of you mind, you had a cringing feeling you would not make it in costing yet kept a smiling face before friends cheating everyone, till the D-Day when the results came and you flopped in Costing and then joined the chorus of students who bashed ICAI for the poor results. You had some temporary relief. No doubt!.. but then the gnawing feeling is not over. You cannot cheat yourself, you did a great job cheating everyone around you but you fail before yourself.
So, you pounce on Costing during this calm stage, not as yourself but as analyzing some other student who had failed. It’s always easy to point out mistakes of someone else than to be truthful with oneself and face the music. You have to fool your mind (and mind is easily malleable and ductile! You can bend it to your will, you can fool it easily).You do the post-mortem work now. Anyone who starts with the postmortem work directly without proper mental preparation will not get proper results.And people who claim that they have the mental prowess to analyze their results unbiased are again fooling themselves.No one can really be totally unbiased unless they have a mental dissonance purposely created like this.
If your name is Anirban and you failed last attempt.You take your marksheet and say to yourself, "Why did Anirban1 fail? This is Anirban 2 asking this."Say this actually to your mind.This is not something stupid,this has scientific basis on the concept called cognitive dissonance created by Muller and they use precisely this technique to cure terminal failures in life.
This is at the end of these 2 stages—Fluidity first, then at the end of Calmness.To get the calmness you may meditate,or take a break or go for a vacation completely forgetting all this failure and CA or do something which totally distracts the mind from it temporarily(dont go and drink in the local pub to drown your sorrows in the booze! That is stupid!Its not gonna work!)
That’s about it! This method will make you slowly conquer ground and beat the failure and transmute it alchemically to success.Believe me,it works and has worked for soem of my friends.I helped them with it.
Always great things in life are either free or simple to attain. Everything else you know what to do. Buy new reference books, go to new coaching classes, etc these run-of-the-mill options which people dole out in general to those who fail, you can choose judiciously only after you have carefully destroyed your old weak self which made the mistakes in the first place. You now feel like a new student who starts afresh like a Phoenix which rises from ashes.
Clarity comes forth from simplicity, so un-clutter your life and be fluid and yet retain an unemotional calmness. CA exam is something man-made, so don’t get too worked up or emotional about it.
Then follow what your mind says as true and beneficial. Don’t be cowered by peer-pressure here. Always while in postmortem work take the counsel of one good/genuine friend who is interested in your welfare. Don’t let emotions cover your judgment in this as friends are the first people who will be jealous about your progress, rare is a good friend! And if you have a good friend, you are blessed.
Keep yourself inspired always. Let your room emanate the fragrance of self-confidence. Stick messages of confidence. Keep books of self-help in your vicinity, even if you don’t read them all, their vibrations help.
Keep yourself uncluttered and organized,bold and confident,rise like a thousand lions and elephants in strength.Dont cower down and die a daily death of a coward, live once and die once bravely!
Finally, after all this post-mortem work is done and you have identified problem areas: You immediately focus on resolving those areas. Don’t postpone this.
Then follow the advices I have given in my earlier(and future) articles, regarding revision, positive crisis situation (which should now be bereft of the burden of past failures),strategies to adopt for various subjects,etc. In my profile home page you will find a link to all my articles and postings in forum. Have a look at them all.Best is yet to come!
God Bless Ya!
SEBI-cleared IPOs out of 25% public float rule
Companies such as Reliance Infratel and IL&FS Transportation, which have got the regulator’s approval for initial public offers(IPOs) won’t be subject to the 25% mandatory public float proposed by the finance ministry, even if the much-awaited rule is implemented before they open their IPOs for bids.
The increased public holding proposal, first mooted by the ministry in 2008 and then by Pranab Mukherjee in his budget speech on July 6 last year, may be implemented from April, a senior official at the ministry said. But there is no official deadline yet on it. Those companies that are already trading on stock exchanges will get between 3-5 years to comply with the minimum 25% listing requirement, the official said.
“The average public float in Indian listed companies is less than 15%,” Mr Mukherjee had said in his budget speech. “Deep non-manipulable markets require larger and diversified public shareholdings. This requirement should be uniformly applied to the private sector as well as listed public sector companies.”
Many Indian companies, including Reliance Power and Wipro, have a public float of less than 25% which probably doesn’t reflect the true market interest since a lot of global funds avoid buying into companies which have a low float. The government’s measure could boost the confidence of global investors and reduce the chances of price manipulation in stocks.
The increased public holding proposal, first mooted by the ministry in 2008 and then by Pranab Mukherjee in his budget speech on July 6 last year, may be implemented from April, a senior official at the ministry said. But there is no official deadline yet on it. Those companies that are already trading on stock exchanges will get between 3-5 years to comply with the minimum 25% listing requirement, the official said.
“The average public float in Indian listed companies is less than 15%,” Mr Mukherjee had said in his budget speech. “Deep non-manipulable markets require larger and diversified public shareholdings. This requirement should be uniformly applied to the private sector as well as listed public sector companies.”
Many Indian companies, including Reliance Power and Wipro, have a public float of less than 25% which probably doesn’t reflect the true market interest since a lot of global funds avoid buying into companies which have a low float. The government’s measure could boost the confidence of global investors and reduce the chances of price manipulation in stocks.
Saturday, February 6, 2010
Meeting of Articles at 10AM on 8th February, 2009
All the Articles are invited to Meeting at Office (35, NS Marg, Darya Ganj, New Delhi-2) on 8th February, 2009 at 10 AM.
Regards.
Regards.
Friday, February 5, 2010
NTPC issue scrapes through with support from SBI, LIC
Foreign institutional investors and India’s retail investors gave a thumbs down to the prestigious Rs 8,300-crore follow-on public offer of NTPC, the navratna, which owns country’s 20% power generation capacity. The issue managed to sail through and fully subscribed primarily due to the support from the state-owned banks and insurance monolith LIC.
Following the poor response, the senior officials from the company and the department of disinvestment went into huddle to find out the reasons, said a senior executive in the government. “The actual reasons of this poor show can be attributed to method of divestment — French auction, or the sudden change in the market sentiment or the poor performance by the investment bankers is yet to be known, but it will impact all the future issue by the state-owned companies,” said the official.
Despite huge support from state-owned financial firms, the issue was subscribed only 1.2 times. It has received a little over 100,000 applications from the retail investors. Some of the recent public issues of smaller companies have received much better retail response, said a senior executive from the company. DB Corp’s recent issue of Rs 1,500 crore had received 73,000 applications, according to Prime Data base. Similarly, JSW Energy issue received 87,000 retail applications.
The official said that the both forthcoming issues Rural Electrification Corporation and NMDC, which are slated to open on February 19 and March 10 respectively, will have to come under the French auction route. REC has already taken approval from Sebi to complete the FPO under French auction route, said the official and added NMDC has filed the draft red herring prospectus with Sebi under the same route. Now, it is difficult to change the method to book building route, he added.
Source : http://economictimes.indiatimes.com/NTPC-issue-scrapes-through-with-support-from-SBI-LIC/articleshow/5540681.cms
Following the poor response, the senior officials from the company and the department of disinvestment went into huddle to find out the reasons, said a senior executive in the government. “The actual reasons of this poor show can be attributed to method of divestment — French auction, or the sudden change in the market sentiment or the poor performance by the investment bankers is yet to be known, but it will impact all the future issue by the state-owned companies,” said the official.
Despite huge support from state-owned financial firms, the issue was subscribed only 1.2 times. It has received a little over 100,000 applications from the retail investors. Some of the recent public issues of smaller companies have received much better retail response, said a senior executive from the company. DB Corp’s recent issue of Rs 1,500 crore had received 73,000 applications, according to Prime Data base. Similarly, JSW Energy issue received 87,000 retail applications.
The official said that the both forthcoming issues Rural Electrification Corporation and NMDC, which are slated to open on February 19 and March 10 respectively, will have to come under the French auction route. REC has already taken approval from Sebi to complete the FPO under French auction route, said the official and added NMDC has filed the draft red herring prospectus with Sebi under the same route. Now, it is difficult to change the method to book building route, he added.
Source : http://economictimes.indiatimes.com/NTPC-issue-scrapes-through-with-support-from-SBI-LIC/articleshow/5540681.cms
Thursday, February 4, 2010
Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
RBI/2009-10/304
DNBS (PD).CC. No 167 /03.10.01 /2009-10
February 04, 2010
All Non-Banking Financial Companies
Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
NBFCs having FDI whether under automatic route or under approval route have to comply with the stipulated minimum capitalisation norms and other relevant terms and conditions, as amended from time to time under which FDI is permitted.
2. As such these NBFCs are required to submit a certificate from their Statutory Auditors on half yearly basis (half year ending September and March) certifying compliance with the existing terms and conditions of FDI. Such certificate may be submitted not later than one month from the close of the half year to which the certificate pertains, to the Regional Office in whose jurisdiction the head office of the company is registered.
Yours faithfully,
(A.S.Rao)
Chief General Manager In-Charge
RBI/2009-10/304
DNBS (PD).CC. No 167 /03.10.01 /2009-10
February 04, 2010
All Non-Banking Financial Companies
Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
NBFCs having FDI whether under automatic route or under approval route have to comply with the stipulated minimum capitalisation norms and other relevant terms and conditions, as amended from time to time under which FDI is permitted.
2. As such these NBFCs are required to submit a certificate from their Statutory Auditors on half yearly basis (half year ending September and March) certifying compliance with the existing terms and conditions of FDI. Such certificate may be submitted not later than one month from the close of the half year to which the certificate pertains, to the Regional Office in whose jurisdiction the head office of the company is registered.
Yours faithfully,
(A.S.Rao)
Chief General Manager In-Charge
Standard warning in Advertisements by Mutual Funds
SEBI/IMD/CIR No. 17/ 193751/2010
February 04, 2010
All Mutual Funds, Asset Management Companies (AMCs)
Sub: Standard warning in Advertisements by Mutual Funds
1. Please refer to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June
26, 2003 and SEBI Circular No. SEBI/IMD/CIR No.12/118340/08 dated February
26, 2008 on Advertisements through Audio-Visual media and Standard warning in
Advertisements by Mutual Funds, respectively.
2. As per the present guidelines, in advertisements through audio-visual media like
television, a statement “Mutual Fund investments are subject to market risks, read
the offer document carefully before investing” is required to be displayed on the
screen for at least 5 seconds and be accompanied by a voice over reiteration.
However, it has been observed that in some cases the visual and voice over were
run for less than 5 seconds, or if the visual stayed for 5 seconds the voice over
either started late or ended early or both. In some cases extra words were inserted
in the visual and voice over. As a result, the warning was rendered unintelligible to
the viewer/listener.
3. In order to improve the manner in which the said message is conveyed to the
investors it has been decided that with effect from May 01, 2010:
i. The standard warning in audio-visual advertisement shall be displayed as
“Mutual Fund investments are subject to market risks, read all scheme related
documents carefully”.
ii. No addition or deletion of words shall be made in the standard warning.
4. It is evident from the circular dated June 26, 2003, that the visual is to be
accompanied by voice over. It is therefore re-emphasized that both the visual and
the voice over of the standard warning will be run for at least 5 seconds.
5. All other conditions specified in the above mentioned circular remain unchanged.
6. All mutual funds shall comply with the above requirements in letter and spirit.
7. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992, read with the provisions of
Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996, to protect the
interests of investors in securities and to promote the development of, and to
regulate the securities market.
February 04, 2010
All Mutual Funds, Asset Management Companies (AMCs)
Sub: Standard warning in Advertisements by Mutual Funds
1. Please refer to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June
26, 2003 and SEBI Circular No. SEBI/IMD/CIR No.12/118340/08 dated February
26, 2008 on Advertisements through Audio-Visual media and Standard warning in
Advertisements by Mutual Funds, respectively.
2. As per the present guidelines, in advertisements through audio-visual media like
television, a statement “Mutual Fund investments are subject to market risks, read
the offer document carefully before investing” is required to be displayed on the
screen for at least 5 seconds and be accompanied by a voice over reiteration.
However, it has been observed that in some cases the visual and voice over were
run for less than 5 seconds, or if the visual stayed for 5 seconds the voice over
either started late or ended early or both. In some cases extra words were inserted
in the visual and voice over. As a result, the warning was rendered unintelligible to
the viewer/listener.
3. In order to improve the manner in which the said message is conveyed to the
investors it has been decided that with effect from May 01, 2010:
i. The standard warning in audio-visual advertisement shall be displayed as
“Mutual Fund investments are subject to market risks, read all scheme related
documents carefully”.
ii. No addition or deletion of words shall be made in the standard warning.
4. It is evident from the circular dated June 26, 2003, that the visual is to be
accompanied by voice over. It is therefore re-emphasized that both the visual and
the voice over of the standard warning will be run for at least 5 seconds.
5. All other conditions specified in the above mentioned circular remain unchanged.
6. All mutual funds shall comply with the above requirements in letter and spirit.
7. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992, read with the provisions of
Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996, to protect the
interests of investors in securities and to promote the development of, and to
regulate the securities market.
Adj of “Adv FBT” for AY 2010-11 against Advance Tax
CIRCULAR NO. 2/2010.
Dated 29/01/2010
F. N0.385/05/2010-IT (B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT)
on the value of certain fringe benefits as contained in Chapter XII H (Sections 115
W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new
Section 115 WM was inserted to abolish the FBT with effect from Assessment
Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as
perquisites in the hands of employees in terms of amendments to Clause 2 of
Section 17 of Income Tax Act, 1961. However, during the current Financial Year
2009-10 some assessees have paid “advance tax in respect of fringe benefits” for
Assessment Year 2010-11. In such cases the Board has decided that any
installment of “advance tax paid in respect of fringe benefits” for A.Y. 2010-11
shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11.
The assessee can adjust such sum against its advance tax obligation in respect of
income for A.Y. 2010-11 or in case of loss etc claim such payment as refund as
advance tax paid in A.Y. 2010-11.
Dated 29/01/2010
F. N0.385/05/2010-IT (B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT)
on the value of certain fringe benefits as contained in Chapter XII H (Sections 115
W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new
Section 115 WM was inserted to abolish the FBT with effect from Assessment
Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as
perquisites in the hands of employees in terms of amendments to Clause 2 of
Section 17 of Income Tax Act, 1961. However, during the current Financial Year
2009-10 some assessees have paid “advance tax in respect of fringe benefits” for
Assessment Year 2010-11. In such cases the Board has decided that any
installment of “advance tax paid in respect of fringe benefits” for A.Y. 2010-11
shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11.
The assessee can adjust such sum against its advance tax obligation in respect of
income for A.Y. 2010-11 or in case of loss etc claim such payment as refund as
advance tax paid in A.Y. 2010-11.
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