Section 25 Companies as Business Correspondents (BC) to Banks

It has since been decided that banks can engage companies registered under Section 25 of the Companies Act, 1956, as Business Correspondents (BCs) provided that the Section 25 companies are stand-alone entities or Section 25 companies in which NBFCs, banks, telecom companies and other corporate entities or their holding companies do not have equity holdings in excess of 10%.

Further, while engaging Section 25 companies as BCs, banks will have to strictly adhere to the distance criterion of 15 kms. / 5 kms, as applicable, between the place of business of the BC and the branch.

Click here for details.

[FEMA]import of Platinum, Palladium, Rhodium and Silver, Credit <= 90 days

It has been decided that Suppliers’ and Buyers’ credit, including the usance period of Letters of Credit opened for import of Platinum, Palladium, Rhodium and Silver should not exceed 90 days from the date of shipment. The revised directions will come into force with immediate effect.

AD Category – I banks should ensure that due diligence is undertaken and Know-Your-Customer (KYC) norms and Anti-Money Laundering (AML) guidelines, issued by the Reserve Bank are adhered to while undertaking import of these metals. Further, any large or abnormal increase in the volume of business should be closely examined to ensure that the transactions are bonafide and are not intended for interest / currency arbitrage. All other instructions relating to import of these metals shall continue.

RBI/2008-09/147A. P. (DIR Series) Circular No. 12 dated 28th August 2008

Crop Loan - 80% Short Term Prodution & 20% Clean Credit Limit

A new simplified cyclical credit product for financing crop production while also ensuring year round liquidity for farmers, particularly in rain-fed areas of the country.

Simplified cyclical credit product for farmers

Please refer to paragraphs 138 and 139 of the Annual Policy Statement for the year 2008-09

Accordingly, each commercial bank as also RRB may select one rain fed district for introduction, on a pilot basis, of a new product for financing crop production whereby

(a) 80 per cent of the crop loan requirement of individual borrowers may be released through a short term production loan in conformity with the present norms / practices, and

(b) the remaining 20 per cent representing the ‘core component’ (expenses for land preparation, pre-sowing operations etc. besides self labour/ consumption) may be sanctioned as a ‘clean credit limit’ to ensure year round liquidity.

Please find the Notification here.

Banks should accept Cash Over the Counter

Acceptance of cash over the counter
It has been brought to our notice that some banks have introduced certain products whereby the customers are not allowed to deposit cash over the counters. Further it is also understood that these banks have also incorporated a clause in the terms and conditions that cash deposits, if any, are required to be done through ATMs.
2. In this connection, it may be mentioned that banking by definition means acceptance of deposits of money from the public for the purpose of lending and investment. As such, banks cannot design any product which is not in tune with the basic tenets of banking. Further, incorporating such clauses in terms and conditions which restricts deposit of cash over the counters also amounts to an unfair practice.
3. Banks are therefore advised to ensure that their branches invariably accept cash over the counters from all their customers who desire to deposit cash at the counters. Further, they are also advised to refrain from incorporating clauses in the terms and conditions which restricts deposit of cash over the counters.

Find Notification here.

[SEBI-ASBA] Self Certified Syndicate Banks (SCSB) list

List of Self Certified Syndicate Banks under the ASBA process
ASBA - Applications Supported by Blocked Amount

1. As on date, there are 57 banks registered with SEBI as Bankers to an Issue
under the SEBI (Bankers to an Issue) Regulations, 1994. In terms of the SEBI Circular no. SEBI/CFD/DIL/ DIP/31/2008/ 30/7 dated July 30, 2008 on Applications Supported by Blocked Amount (ASBA), all these banks are eligible to act as Self Certified Syndicate Bank for the purpose of ASBA subject to their submitting a self certification to SEBI ,inter-alia certifying that they have undertaken the mock trial run of their systems with the Stock
Exchange(s) and Registrar(s) and have satisfied themselves that they have adequate systems/ infrastructure in place at their Controlling Branch/ Designated Branches to fulfill their responsibilities/ obligations as envisaged in the ASBA process within the timelines specified therein.

2. Once the banks submit this self certification, their names shall be included in
SEBI’s list of Self Certified Syndicate Banks (SCSBs) whereafter these SCSBs shall be eligible to accept ASBAs in public issues.

Find details here...

CS friends, now email your Queries, wonderful initiative by ICAI

SOLUTIONS
TO STUDENTS’ QUERIES THROUGH TOLL FREE MODE AND DIRECT
E-MAIL
An awesome
initiative by ICAI, by which many can be benefitted in the positive
sense. Use the facility.

The Board of Studies is happy to inform the CA students that the following facilities have been provided by the Board of Studies for facilitating quick solutions of CA students’ queries:

1. Toll Free Number : 1800-200-2501
2. Individual telephone numbers of respective faculty members
3. Individual e-mail i.d. of respective faculty members
4. Facilitating of answering through Gyandarshan Lecture Channel – Toll free number 1800-11-2345 and e-mail i.d.
gyandarshanbos@icai.org
(during studio timings only)
Students may ask queries of general as well as technical nature through toll free number (on Monday to Friday between 2.00 P.M. to 4.00 P.M.). Students are advised to use toll free facility for short answer questions. Queries requiring elaborate answers should preferably be addressed to the respective faculty members through e-mail.

CS friends can trouble, [these are very few], Trouble more following
http://www.icai.org/post.html?post_id=3218&c_id=219

On Tuesdays
giridharan@icai.org.in for Corporate & Allied Laws;

On Thursdays
nnsengupta@icia.org.in & nnsengupta@icia.org.in for Cost Accounting & Management Accounting respectively;
ashish.gupta@icai.org.in & zaidi@icai.org.in for Financial Management Queries;

On Fridays
priya@icai.org.in & ruchika@icai.org.in for Direct Taxes;
smita@icai.org.in & ashish.bhansali@icai.org for Indirect Taxes.

CS Chennai Inter Classes from September 5, 2008 [Company Secretary Executive]

Yes,

Considering the students requests and Introductory Session held on 27th August 2008 @ 0630 AM at Learn Labz, its decided to kick off CS Executive Program Sessions from 5th September 2008 till 15th November 2008 as per the SCHEDULE

Congrats for budding CS on this results. This is just the ICSI's evaluation of you and you can be much more than this !

Learning CS, as exciting ever.Keep Experimenting to Excel !

Submit your Registration Forms Now

NOTICE

Notice is hereby given that the First "CS Executive Students Sessions" of Learn Labz will be held from Wednesday, the 5th day of September 2008 up to 15th day of November 2008 at the Registered Office of Learn Labz - 128 Veeraperumal Koil Street, (Land Mark: Vivekananda College), Mylapore, Chennai-04 from 06:15 AM to transact the following businesses:
1. To Learn, Experiment and Excel with us the SCHEDULE

2. For such interesting learning sessions, our Labz SHALL accommodate 20 Students ONLY.

3. Learning Fee Rs.1,500/- Per Paper and Rs.4,000/- Per Module.

Contact Course Director: A.N.S. VIJAY @ +91 93829 35598 for any detail.

Experience the Theoretical Learning - the Experimental Way....

EPF online employees provident fund claim status

The Employees' Provident Fund Organisation (EPFO) has launched a facility for online verification of status of the claim under the EPF.

The facility can be availed at http://epfindia. nic.in/indiaepf/ loginnew. aspx the user needs to select,

the State, the EPF office, Establishment Code, Extension code, if any and then enter the employee number to ascertain the claim status.

Last date for filing of applications and applicability of late cut, for Schemes under Chapter 3 of FTP, clarification thereof

As per http://164.100.9.245/exim/2000/cir/cir08/cir2708.htm
1. For exports made from 1-4-2006 till 31-3-2008 that have already been realized up to 31-3-2008, the last date for filing the application for obtaining benefits under Chapter 3 of the Foreign Trade Policy will be 30.11.2008, and if the realization is after 31.3.2008, then the last date for filing the application will be as per the provisions of Para 3.23.10 of HBP Vol. 1 (RE-2008) as amended vide Public Notice No. 64 (RE-2008) / 2004-2009 dated 14.8.2008.

2. Further, it is clarified that late cut, in terms of Para 3.23.2 HBP Vol. 1 (RE-2008) read with Para 9.3 of HBP Vol. 1 (RE-2008), shall be applicable for applications filed after the prescribed last date as above, even for exports made from 1.4.2006 till 31.3.2008.

This issues with the approval of the DGFT.

Eligibility of supplies to EOUs for deemed export benefits

Yes,

The supplies of goods from DTA to EOU / EHTP / STP / BTP are regarded as deemed exports and DTA supplier is eligible for deemed export benefits.

Based upon disclaimer from DTA supplier, EOU / EHTP / STP / BTP units can also claim these benefits.

This is as per DGFT Policy Circular No. 23 (RE-2008)/2004-2009 dated 28th July 2008

IEC modification, when 100% EoU becomes DTA

Yes,

You will get a Fresh Import Export Code (IEC) from RA, once your 100% Export Oriented Unit (EoU) gets converted into a Domestic Tariff Area (DTA) unit.

Same is NOT the case when an existing DTA gets converted into 100% EoU. Meaning, it will continue with the same IEC.

This is as per the Clarification issued by Commerce Ministry which can be accessed in http://164.100.9.245/exim/2000/cir/cir08/cir2608.htm

CS exam Results 2008 Out - Pass or Will Pass?

Yes,

Company Secretary Foundation, Inter & Final Results are out by 12 noon today @ www.icsi.edu

Hope you enjoyed with your Pass or Will Pass status ....

Do Scrap your Results here to enthuse others.

Click here to enjoy CS Exams December 2008.

Join the CS Fraternity to celebrate & learn more.

[SEBI-FVCI] how to get registered as a Foreign Venture Capital Investor

HOW TO GET REGISTERED AS A FOREIGN VENTURE CAPITAL INVESTOR (FVCI)

1. The Applicant is advised to go through the SEBI (Foreign Venture Capital Investors) Regulations, 2000 for checking the eligibility criteria (Reg 4) and such other information while submitting the application to SEBI.

The application in Form A as specified in First Schedule to SEBI (Foreign Venture Capital Investors) Regulations, 2000 and other documents should be filed along with requisite fees (Application fees of US $ 5000) as prescribed under Second Schedule to the Regulations.

2. The application in Form A along with other documents as enumerated below should be submitted in duplicate. One set of Application along with all the documents is forwarded by SEBI to Reserve Bank of India (RBI) for its approval from FEMA angle.

Click here to know the Procedural Detail

[SEBI] Internal Audit for stock brokers/clearing members by Chartered Accountant

Stock Broker / Clearing Members to carry out COMPLETE INTERNAL AUDIT on HALF YEARLY BASIS by Independant Qualified CHARTERED ACCOUNTANTS.

The first such audit period should be from October 1, 2008 to March 31, 2009.

The scope of such audit shall cover, inter alia,
1. The existence, scope and efficiency of Internal Control System;
2. Compliance with the provisions of,
a. SEBI Act, 1992; b. Securities Contracts (Regulation) Act 1956; c. SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
3. Compliance of circulars issued by SEBI, agreements, KYC requirements & Bye-Laws of the Exchanges;
4. Data security and insurance in respect of the operations of stock brokers/clearing members.

Click here for more details.

[FEMA] Advance Remittance USD 50lakhs Without Bank Guarantee/Standby Letter of Credit

RBI/2008-09/134 A. P. (DIR Seris) Circular No. 09 dated August 21, 2008

Advance Remittance for Import of Goods - Liberalisation

In cases where the importer (other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government) is unable to obtain bank guarantee from overseas suppliers and the AD Category – I bank is satisfied about the track record and bonafides of the importer, the requirement of the bank guarantee / standby letter of credit may not be insisted upon for advance remittance up to USD 1,000,000 or its equivalent. AD Category – I banks may frame their own internal guidelines to deal with such cases as per a suitable policy framed by the bank's Board of Directors [cf A. P. (DIR Series) Circular No.15 dated September 17, 2003].

Now, it has been decided to enhance the limit of USD 1,000,000 mentioned above to USD 5,000,000 or its equivalent, with immediate effect.

Find full detail in http://rbidocs.rbi.org.in/rdocs/notification/PDFs/86458.pdf

[FEMA] USD 10lakhs per Export Shipment, Despatch Shipping Documents to Export Destination

RBI/2008-09/127 A. P. (DIR Series) Circular No. 06 dated August 13, 2008

Attention of Authorised Dealer Category – I (AD Category - I) banks is invited to the paragraph C .7 of A. P. (DIR Series) Circular No.12 dated September 9, 2000, in terms of which AD Category – I banks/exporters have been allowed, in certain cases, to dispatch shipping documents direct to the consignee. All other cases of dispatch of shipping documents by the exporter direct to the consignee are considered by the Reserve Bank on a case to case basis.

With view to further liberalise the facilities available to the exporters and to simplify the procedure, it has been decided to allow AD Category - I banks, to regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions:

a) The export proceeds have been realized in full.

b) The exporter is a regular customer of AD Category - I bank for a period of at least six months.

c) The exporter's account with the AD Category – I bank is fully compliant with Reserve Bank's extant KYC / AML guidelines.

d) The AD Category – I bank is satisfied about the bonafides of the transaction.

In case of doubt, the AD Category – I bank may consider filing Special Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India).

The directions for Status Holder Exporters and Units in Special Economic Zones issued vide A. P. (DIR Series) Circular No. 35 dated April 1, 2002 and A. P. (DIR Series) Circular No. 10 dated August 14, 2002, respectively, shall remain unchanged.

SEBI (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2008

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2008

In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993: -

(i) in regulation 6, in sub regulation (2), in clause (d), for the words 'experience as portfolio manager or stock broker or investment manager' the words 'experience in related activities in portfolio management or stock broking or investment management' shall be substituted;

(ii) in regulation 7, -

(a) for the words "fifty lacs rupees" occurring at the end, the words "two crore rupees" shall be substituted;

Yes, the Networth should be Two Crore Rupees & for the existing Portfolio Managers should raise the Networth to 1 Crore in 1st 6 months & should have total Networth of 2 Crores by the end of 12 months from the date of Regulations (11th August 2008). The Capital Adequacy requirement has to be complied in addition to the Networth.

(iii) in regulation 16, for sub - regulation (8), the following shall be

inserted namely:-

" (8) The portfolio manager shall not hold the listed securities, belonging to the portfolio account, in its own name on behalf of its clients either by virtue of contract with clients or otherwise:

Provided that any portfolio manager holding the listed securities belonging to the portfolio account in its own name on behalf of its clients on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008 shall segregate each clients' listed securities and keep them separately within six months from such commencement:

Provided further that the Board may in the interest of investors or for the development of securities market, on an application made in this behalf by a portfolio manager with respect to any specific investment existing on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008, relax the strict enforcement of this regulation."

Find full detail in http://www.sebi.gov.in/acts/pmamendreg.pdf

SEBI (Stock Brokers & Sub Brokers) and (Intermediaries) Amendment Regulations, 2008

Amendment to the Securities and Exchange Board of India (Intermediaries) Regulations, 2008

4. In the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, in regulation 2, in sub-regulation (1), in clause (g), after the words "a derivative segment" the words "or currency derivatives segment" shall be inserted.

SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK BROKERS AND SUB- BROKERS) (AMENDMENT) REGULATIONS, 2008

In the Securities and Exchange Board of India (Stock Brokers And Sub- Brokers) Regulations, 1992–

(i) in regulation 2-

a. in clause (ae), after the words "derivatives segment of an exchange" the words "or currency derivatives segment of an exchange" shall be inserted;

b. in clause (gd), after the words "derivatives segment of a stock exchange" the words "or currency derivatives segment of a stock exchange" shall be inserted.

(ii) In regulation 16 I, in sub-regulation (4), for the words "regulation 26" occurring at the end, the words "Chapter VI" shall be substituted.

(iii) After Chapter IIIA, the following Chapter and regulations shall be inserted, namely:-

CHAPTER III B

REGISTRATION OF TRADING AND CLEARING MEMBERS OF CURRENCY DERIVATIVES SEGMENT

Find full detail in http://www.sebi.gov.in/acts/stockbramend.pdf

[Investor Protection] SEBI (Depositories and Participants) (Second Amendment) Regulations, 2008

In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 -

(i) for regulation 32, the following shall be substituted, namely:-

Mechanism for investor protection.

32.

The depository shall satisfy the Board (means SEBI) that it has a mechanism in place to ensure that the interests of the persons buying and selling securities held in the depository are adequately protected."

Its worth to read the Old Provision (which is repealed) to track the difference:
Erstwhile Regulation 32,
32. Transfer to be affected only after payment.—The depository shall satisfy the Board that it has a mechanism in place to ensure that the interest of the persons buying and selling securities held in the depository are adequately protected and shall register the transfer of a security in the name of the transferee only after the depository is satisfied that payment for such transfer has been made.

Click to see amendment through SEBI (Depositories and Participants) (Second Amendment) Regulations, 2008 w.e.f. 8th August 2008.

[NOT Amended]MCA e-Forms NOT updated, need not delete the downloaded forms

Relax, so-many e-Forms 8 & others, that you have already filled to file, is still worth.

Wait before you DELETE your Old e-Forms 23AC-A, 66, 20B, 21A, 1, 5, 18, 10, 17 & 8 from your System as MCA has NOT updated the forms.

Scheduled version change wef 19th August, 2008 of eForms - 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 has been postponed.


Ministry of Corporate Affairs (MCA) has previously informed that:
New version of Form 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 will be available on the Portal, effective August 19, 2008, (6.00 AM). All Stakeholders are requested to use new version wef August 19, 2008 (6.00 AM) as the current version of these forms will be discontinued.

The said e-Forms are same and has not been updated. Continue uploading the downloaded forms itself.

Don't know, whether its an advantage or disadvantage of Electronic Publications as Ministries have gone Online !

Keep e-filin...

[CS Inter Book] Company Secretary Executive Program Book / Notes / Materials

Law Labz - Determination of CS Studies

Experiment:
Are your exams nearing with no progress in studying and finishing it???


Now what..!!!!


Observation:
Law Labz has resolved,
A book which is meant only for CS students exclusively written from examination point of view.
An exclusive book which makes law more than just sections and mugging up, for CS friends to enjoy the subjects rather than forceful reading.


Inference:
Law Labz, gives you the learning process with a student's perspective. After all, in Law Labz, the Professionals were once students before becoming Experts in their domain and who else , other than themselves, can empathise with the Aspirants who wish to move forward but find themselves lost, like a rudder-less boat, in the enormity of the sea of syllabus to be covered.
You will get a stylish Book, evincing interests in CS friends to Win the Exams. Something like http://yehseeyes.blogspot.com/2008/04/dividendiepf-timeline-charts-concepts.html


Yes,
We want to give entire Module in a Single Book, say Module II papers - Company Law, Economic & Labour Laws and Securities Law & Compliances in a Single Book is what we have worked on.


Many a time, it is not uncommon for students pursuing courses like ACS, to feel that they have bitten more than what they can chew. But, we make it, in all certainty, to the students in such a way that they enjoy it like having 'a cheese stuffed pizza' with a soft drink. After all, the fact that enjoying one's study is the essential recipe for success, needs no great emphasis.


We wish to share your Passion, Interests & Opinion.


Send your views to csexecutiveprogram@gmail.com


Do help us to reach you.


Do submit your Interests in http://creator.zoho.com/csexecutiveprogram/form/8/

[FEMA] Project Offices - an additional Foreign Currency Account in India

Dear All,

 

Project Offices — Foreign Currency Accounts in India

As per Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, notified vide Notification No. FEMA 22/2000-RB dated May 3, 2000, Foreign Exchange Management (Remittance of Assets) Regulations, 2000, notified vide Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time and A.P. (DIR Series) Circular No. 44 dated May 17, 2005, foreign companies having Project Offices in India are permitted to open only one foreign currency account for each project, subject to the terms and conditions as mentioned in A. P. (DIR Series) Circular No. 44 dated May 17, 2005. With a view to avoid currency exposures, many foreign companies have been approaching the Reserve Bank for permission to open more than one foreign currency account, usually in their home currency and another in US Dollar.

 

It has, therefore, been decided to liberalise the procedure and allow AD Category – I banks to open an additional foreign currency account for each Project Office (established under the general/specific approval of Reserve Bank) subject to the same terms and conditions as applicable to the existing foreign currency account provided that both the foreign currency accounts are maintained with the same AD Category – I bank. The other conditions mentioned in the abovementioned circular shall continue.

The above instructions shall come into force with immediate effect.

Source: A. P. (DIR Series) Circular No. 02 dated 31st July 2008

 

Thanks & Regards
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Moble: 919884731993/ 919790906827

Online Grievance Redressal facility for Indians, a Government of India Initiative

Credit to Mr. Kotharis

Lodge Your Grievance now to Government of India

Its India, where unimaginable is also possible !



Government of India has an online Grievance forum at http://darpg- grievance. nic.in/

Can you imagine this is happening in INDIA?

The govt. wants people to use this tool to highlight the problems they faced while dealing with Government officials or departments like Passport Office, Electricity board, BSNL/MTNL, Railways etc.

I know many people will say that these things don't work in India, but this actually works as one of our colleague in CSC found. The guy I'm talking about lives in Faridabad. Couple of months back, the Faridabad Municipal Corporation laid new roads in his area and the residents were very happy about it. But 2 weeks later, BSNL dug up the newly laid roads to install new cables which annoyed all the residents including this guy. But it was only this guy! Who used the above listed grievance forum to highlight his concern. And to his surprise, BSNL and Municipal Corporation of Faridabad were served a show cause notice and the guy received a copy of the notice in one week. Government has asked the MC and BSNL about the goof up as it's clear that both the government departments were not in sync at all.

So use this grievance forum and educate others who don't know about this facility. This way we can at least raise our concerns instead of just talking about the ' System ' in India.

ESOS for Nominee Directors & amendment in Amortisation of Accounting Value for ESOS

Yes,

 

Now, Nominee Directors (Directors appointed by Financial Institutions, etc... as their Representatives in the Company) are now eligible for ESOS (Employees Stock Option Scheme).

 

Employees Stock Option Plan / Scheme [ESOP / ESOS] – an option to Whole-time Directors / Nominee Directors / Officers / Employees to purchase / subscribe securities @ a future date @ a pre-determined price.

 

Such Nominee Directors has to comply with following conditions:

1. The Contract / Agreement entered into between the Nominating Institution and the Director so appointed, specifically provides for acceptance of ESOS of the company by SUCH Director.

2. That options (ESOS), if granted to the Director, shall NOT be renounced in favour of the Nominating Institution.

3. A copy of SUCH Contract / Agreement thereof, is filed with the company for the purpose of Company filing to Stock Exchange.

4. Such Director has to furnish a copy of SUCH Contract / Agreement at a Board Meeting, held NEXT to such Appointment. 

 

The Amortisation Clause in the Accounting Policies of ESOS has been amended to SYNC in line with ICAI Guidance Note on "Employee Shared Based Payments".

'Guidance Note on Accounting for Employee Share-based payments' is revised to provide Companies/entities the option of related compensation cost to be recognised and accounted on a straightline basis over the total requisite service period for the entire award, provided that the amount of Compensation cost recognised at any date at least equaled the fair value of the vested portion of the award at that date.

Where the accounting value is accounted for as employee compensation in accordance with Clause (b), the amount shall be AMORTISED as under :

Clause (b) - The accounting value of options shall be equal to the aggregate, over all employee stock options granted during the accounting period, of the intrinsic value of the option or, if the company so chooses, the fair value of the option.

(i) Where the scheme does not provide for graded vesting, the amount shall be amortised on a straight-line basis over the vesting period.

(ii) Where the scheme provides for graded vesting -

(1) the vesting period shall be determined separately for each separate vesting portion of the option, as if the option was, in substance, multiple option and the amount of employee compensation cost shall be accounted for and amortised accordingly on a straight-line basis over the vesting period;

OR

(2) the amount of employee compensation cost shall be accounted for and amortised on a straight-line basis over the aggregate vesting period of the entire option (that is, over the vesting period of the last separately vesting portion of the option): Provided that the amount of employee compensation cost recognized at any date at least equals the fair value or the intrinsic value, as the case may be, of the vested portion of the option at that date."

Find the Amendments vide SEBI/CFD/DIL/ESOP/4/2008/04/08 dated August 4, 2008, which shall come into force WITH immediate effect.

Find amended SEBI (ESOS & ESPS) Guidelines, 1999

EEFC Current Accounts, no more interests because of no Interest Rate from 1.11.08

Yes,

 

RBI has reviewed & will withdraw the facility of, Interest on Exchange Earners' Foreign Currency (EEFC) accounts, to the extent of outstanding balances of USD 1 million per exporter from 1st November 2008, which will be existing till 31st October 2008, as said.

 

Till 31.10.2008 - EEFC A/C - Interest will be credited for Actual Balance OR USD 1 million per Exporter, whichever is less.

From 01.11.2008 - EEFC A/C - only be permitted to be opened and maintained in the form of Non-Interest bearing Current Accounts.

 

Do read the Notification in RBI/2008-09/118 A. P. (DIR Series) Circular No. 04 dated 4th August 2008

Exchange Traded Currency Futures (ETCF) in Recognised Stock Exchanges for Person Resident in India (PRII)

Yes, now Person Resident In India (PRII) can trade in CURRENCY FUTURES through Recognised Stock Exchanges from the Country. Yes, yet another product in the line of Over The Counter (OTC)

Futures - a STANDARDISED Contract(coz Stock Exchange will act as a Counter Party, if a party to the contract defaults) traded on a Futures Exchange to buy or sell a certain Underlying Instrument @ a certain Date in the Future @ a Specified Price.

Currency Futures - Futures Contract of a Specified Currency.

Exchange Traded Currency Futures (ETCF) Contract - Such Currency Futures Contract are LISTED in the Stock Exchange, thereby confering a BENEFIT on them to be traded in Open Market. Thus facilitating efficient price discovery, enabling better counterparty credit risk management, having wider participation, trading of standardized product, reduce transaction costs, et al.

Persons Resident In India (PRII) are permitted to participate in the currency futures market in India subject to directions contained in the Currency Futures (Reserve Bank) Directions, 2008 [Notification No.FED.1/DG(SG)-2008 dated August 6, 2008] (Directions) issued by the Reserve Bank of India, a copy of which is annexed (Annex-I).

Do read the full RBI Notification in RBI/2008-09/122 A.P. (DIR Series) Circular No. 05 dated 6th August 2008

Also read the relevant SEBI Circular http://www.sebi.gov.in/circulars/2008/dnpdcir38.pdf

Filing RTI Complaints online, yes e-filing of RTI applications

Filing of RTI applications online now possible

Thanks Mr. CS Dattatri of CS Mysore

 

File your Complaint Now

 

Filing queries under the Right to Information (RTI) Act has become a matter of minutes with the Central Information Commission (CIC) launching an online system for submission of appeals.

"The new system was started last week. Now all Internet and tech savvy RTI users can file their complaints and appeals online," a CIC official said Tuesday.

The RTI Act was passed by parliament in 2005 for promoting transparency and accountability in the functioning of government departments.

Every department has a public information officer (PIO) to whom RTI applications can be submitted. However, if the user does not get the information or receives incomplete information, he can file first an appeal with the appellate authority within the same department. In case the applicant still remains unsatisfied, he can file a second appeal to their respective information commission.

Now, the applicants will just have to log on to the website of CIC (www.cic.gov.in) and click on the 'RTI complaints and appeal' link, which will provide them with an application form.

"Filling of the form is very easy. The user has to just fill mandatory fields like name, address, citizenship status, ministry, department or public authority that the appeal is against and whether the complainant is below the poverty line," the CIC official said.

The applicant may also fill other details like whether he has applied to any PIO for information related to their complaint and whether the issue at hand is a matter of life or liberty. "The applicants can even upload documents related to their complaint. The applicants will also be able to check the status of their complaints online," the official added.

The official said that people living outside the national capital and abroad would be benefited the most since the online system would help them save both time and resources, ending their dependence on the postal department.

[SEBI-ASBA] now Block your Share Application money in your Account itself, till allotment

ASBA - Applications Supported by Blocked Amount

 

Yes, this is a way to subscribe for Shares through Book Building, which is in addition to the existing way of subscription.  It helps to block the application money in your very own Bank Account.  Your normal Bank Account itself will serve the purpose.  No special request to be given in this regard, provided your bank is an SCSB.

 

The banks with ASBA facility are called "Self Certified Syndicate Bank" (SCSB), the list of which is maintained by SEBI.  Check out whether your bank is there in the list from www.sebi.gov.in

 

Ask yourself, Are you a Retail Investor who is DIRECTLY bidding @ Cut Off in a Book Built issue and has no plans to change your Bid.  In Book Building, three type of Prices to be known,

1. Floor Price - the lowest price fixed in the issue;

2. Cap Price - the highest price fixed in the issue;

3. Cut Off Price - the Final Price, which is determined by the Company & Merchant Banker in consultation with Stock Exchange.

 

Do read the detailed Guidelines now.