Find ICSI/Company Secretary December 2008 Exam Hall Ticket/Admit Card Online

Yes,

Hope you would have got your Hall Ticket for December 2008 exam to enjoy it with a bang!

For those, who have not got the same, not to panic! there is a very easy way to download, which is valid for Exams too from ICSI site itself. Just you have to know your ICSI registration number. (Enter Either Registration number or Roll Number) 17 Digit Registration No (Third character is Zero and not "O") and you will get your Admit Card Extract.

So, don't worry, just prepare well for exams and you will win.

Click here to download ICSI December 2008 hall ticket

For more details, click here

Also you can enter your ICSI registration number to find your Roll No here. It will be there in the Enrollment status link of the page which appears after entering the Registration Number.

All the Best ! Enjoy Passin...Vj

[SEBI-DIP] non-convertible debentures with warrants allowed in QIP

Issuance of "Non-convertible Debentures with Warrants" (i.e., NCDs with warrants) under Chapter XIII-A

SEBI vide circular No. SEBI/CFD/DIL/DIP/33/2008/08/12 dated 8^th Dec 2008 made the following amendments in Chapter XIII-A of the SEBI (DIP) Guidelines on "Guidelines for Qualified Institutions Placement (QIP)" enable a listed company to make a combined offering of Non-Convertible Debentures (NCDs) with warrants. Qualified Institutional Buyers (QIBs) can subscribe to the combined offering of NCDs with warrants or to the individual instruments, i.e., either NCDs or warrants, where separate books are run for NCDs/ warrants.

The company is however required to obtain relaxation from the applicability of the provisions of Rule 19(2)(b), read with Rule 19(4) of the Securities Contracts (Regulation) Rules, 1957 for listing/ trading of the warrants.

The amendments made vide this circular shall come into force with immediate effect.

Click here to get the amended DIP guidelines

Thanks & Regards
Alagar
CSChennai
Mobile: 919790906827 / 919884731993
email id: alagarcs@gmail.com; csalagar@yahoo.in

[FEMA]use only your own debit/credit/prepaid cards for private travel/visit abroad & comply KYC

RBI/2008-09/318
A. P. (DIR Series) Circular No. 40
A. P. (FL Series) Circular No. 03 dated 10th December 2008

Foreign Exchange Management Act, 1999 –
Foreign Travel – Mode of payment in Rupees

Attention of Authorised Dealers Category I & II and Full Fledged Money Changers (FFMCs) is invited to paragraph A.10 of the Annexure to A. P. (DIR Series) Circular No.19 dated October 30, 2000, in terms of which Authorised Dealers may accept payment in cash up to Rs. 50,000 (Rupees Fifty Thousand only) against sale of foreign exchange for travel abroad (for private visit or for any other purpose). Wherever the sale of foreign exchange exceeds the amount equivalent to Rs.50,000, the payment must be received only by a -

(i) crossed cheque drawn on the applicant's bank account

or

(ii) crossed cheque drawn on the bank account of the firm/company sponsoring the visit of the applicant

or

(iii) Banker's cheque / Pay Order / Demand Draft.

2. With a view to provide flexibility in the mode of payment against sale of foreign exchange, in addition to the payment by Rupees / through crossed cheque / Banker's cheque / Pay order / Demand draft, Authorised Dealers Category I & II and FFMCs may also accept the payments made by the traveller through debit cards / credit cards / prepaid cards for travel abroad (for private visit or for any other purpose) provided -

(i) KYC / AML guidelines are complied with,

(ii) sale of foreign currency / issue of foreign currency travellers' cheques is within the limits (credit / prepaid cards) prescribed by the bank,

(iii) the purchaser of foreign currency / foreign currency travellers' cheque and the credit / debit / prepaid card holder is one and the same person.

3. Authorised Dealers Category I & II and Full Fledged Money Changers may bring the contents of the circular to the notice of their constituents and customers concerned.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

[FEMA]BuyBack FCCB@15%/25% discount under Automatic/Approval Route now

Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs) RBI/2008-09/317 A. P. (DIR Series) Circular No. 39 dated December 08, 2008 To, All Category - I Authorised Dealer Banks Madam / Sir, Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs) Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Regulation No. 21 of Part III and Schedule I to the Notification No. FEMA 120 /RB-2004 dated July 7, 2004, as amended from time to time, relating to FCCBs. Attention of AD Category - I banks is also invited to A. P. (DIR Series) Circular No.5 dated August 1, 2005, A. P. (DIR Series) Circular No.60 dated May 21, 2007, A. P. (DIR Series) Circular No. 4 dated August 7, 2007, A. P. (DIR Series) Circular No. 43 dated May 29, 2008, A.P. (DIR Series) No. 16 dated September 22, 2008, A. P. (DIR Series) Circular No.20 dated October 10, 2008 and A. P. (DIR Series) No. 26 dated October 22, 2008 relating to instructions / guidelines in respect of External Commercial Borrowings, which are also applicable, mutatis mutandis, to FCCBs. 2. Under the extant ECB Guidelines, AD Category - I banks are permitted to allow prepayment of ECB up to USD 500 million without prior approval of the Reserve Bank, subject to compliance with the stipulated minimum average maturity period as applicable to the loan. Further, existing ECB can be refinanced by raising a fresh ECB, subject to the conditions that the fresh ECB is raised at a lower all-in-cost and the outstanding maturity of the original ECB is maintained. The existing provisions for prepayment and refinancing will continue, as hitherto. 3. As announced in para 4 (v) of the Press Release 2008:2009/697 dated November 15, 2008, Reserve Bank has been considering proposals, under the approval route, from Indian companies for buyback of their FCCBs, provided the buyback is financed out of their foreign currency resources held in India or abroad and / or out of fresh external commercial borrowing (ECB) raised in conformity with the current ECB norms. 4. As announced in para 12 of the Press Release 2008-2009/842 dated December 6, 2008, the existing policy on the premature buyback of FCCBs has been reviewed and it has been decided to liberalise the procedure and consider applications for buyback of FCCBs by Indian companies, both under the automatic and approval routes, as detailed hereunder: A. Automatic Route: The designated AD Category - I banks may allow Indian companies to prematurely buyback FCCBs, subject to compliance with the terms and conditions set out hereunder : i) the buyback value of the FCCB shall be at a minimum discount of 15 per cent on the book value; ii) the funds used for the buyback shall be out of existing foreign currency funds held either in India (including funds held in EEFC account) or abroad and / or out of fresh ECB raised in conformity with the current ECB norms; and iii) where the fresh ECB is co-terminus with the outstanding maturity of the original FCCB and is for less than three years, the all-in-cost ceiling should not exceed 6 months Libor plus 200 bps, as applicable to short term borrowings. In other cases, the all-in-cost for the relevant maturity of the ECB, as laid down in A. P. (DIR Series) No.26 dated October 22, 2008 shall apply. B. Approval Route: The Reserve Bank will consider proposals from Indian companies for buyback of FCCBs under the approval route, subject to compliance with the following conditions: i) the buyback value of the FCCB shall be at a minimum discount of 25 per cent on the book value; ii) the funds used for the buyback shall be out of internal accruals, to be evidenced by Statutory Auditor and designated AD Category - I bank's certificate; and iii) the total amount of buyback shall not exceed USD 50 million of the redemption value, per company. Applications complying with the above conditions may be submitted, together with the supporting documents, through the designated AD Category - I bank, to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, ECB Division, Central Office, 11th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai-400 001, for necessary approval. 5. General Conditions In addition to the conditions set out above, the following additional conditions shall be applicable for the proposals both under the automatic and approval routes: (i) The FCCB should have been issued in compliance with the extant guidelines. (ii) The FCCB should have been registered with the Reserve Bank; the LRN number obtained and ECB 2 returns submitted up to date. (iii) No proceedings for contravention of FEMA are pending against the company. (iv) The right for buyback is vested with the issuer of FCCBs. However, the actual buyback is subject to the consent of the bond holders. (v) The FCCBs bought back / repurchased from the holders must be cancelled and should not be re-issued or re-sold. (vi) The buyback will not have any effect on the bond holders not opting for the buyback or on the non-participating bond holders of companies opting for the buyback. (vii) The Indian company shall open an escrow account with the branch or subsidiary of an Indian bank overseas or an international bank for buying back the FCCBs to ensure that the funds are used only for the buyback. 6. The existing requirement of submission of ECB 2 return will continue as hitherto. Further, on completion of the buyback, a report giving details of buyback, such as, the outstanding amount of FCCBs, book value of FCCBs bought back, rate at which FCCBs bought back, amount involved, and source/s of funds may be submitted, through the designated AD Category - I bank, to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, ECB Division, Central Office, 11th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai-400 001. 7. This facility will come into force with immediate effect and the entire procedure of buyback should be completed by March 31, 2009. 8. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 9. The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge

SEBI extend observation letter validity, rights entitlement in Demat & no early exit for close ended MF

PRESS RELEASE

PR No.283/2008

SEBI Board Meeting

1. SEBI to extend validity of the observation letter

SEBI Board has approved extension of validity of observation letter issued for public / rights issue from present three months to one year, subject to filing of updated document with SEBI where there are material changes.

2. SEBI to introduce electronic rights entitlements and ASBA in the Rights Issue process.

SEBI Board has approved certain policy measures pertaining to rights issue process, which inter-alia include enabling electronic rights entitlement, which can be traded electronically in Stock Exchanges, introducing alternate mode for making applications in rights issue viz Applications Supported by Blocked Amount (ASBA) mode and mandating that the issuer can get access to rights issue proceeds only after the allotment is finalized.

Currently a shareholder intending to renounce his/her Rights entitlements fills up part B of the rights issue application form. The renouncee can trade this form or apply in the Rights Issue by filling up Part C of the form. Renunciation forms are traded in physical segment in Bombay Stock Exchange. The right entitlement will now be made available in demat form for all shareholders holding the underlying shares in demat form.

The policy measures approved by the Board in this meeting, along with measures undertaken in the recent past for reduction in timelines, are expected to streamline the rights issue process and make it more efficient.

3. It was decided that no early exit will be allowed in any scheme of Mutual Fund in the nature of a close ended scheme. The schemes which have been approved earlier but not yet launched will also have to be amended accordingly. It will be obligatory for the Asset Management Company to list the close ended schemes. The Board also decided that for such close ended schemes the underlying assets will not have a maturity beyond the date on which the scheme expires.

4. The Board decided to adopt a code to avoid conflict of interest for the members of the Board. It was further decided that this code will be put up in the public domain by publishing it on the SEBI website before December 12, 2008.

5. In order to bring transparency in the working of the Board it was decided that the agenda papers submitted to the Board on all policy issues will be made available in the public domain by putting them up on the SEBI website after the Board has taken a decision on the issue. The minutes of the meeting relating to such items will also be made available on the SEBI website after the Board has approved the minutes. Accordingly the agenda papers for today's Board meeting will be made available on the SEBI website by December 15, 2008.

[SEBI-Equity & Derivative]Cross Margining across Exchange traded priority ranked with default positions

Sub: Cross Margining across Exchange traded Equity (Cash) and Exchange traded Equity Derivatives (Derivatives) segments

SEBI/DNPD/Cir- 44 /2008 dated 2nd December 2008

This is in continuation of SEBI Circular No. MRD/DoP/SE/Cir-13/2008 dated May 05, 2008 on the cross margining facility across cash and derivatives segments for institutional trades. In order to improve the efficiency of the use of the margin capital by market participants, it has now been decided to revise the existing facility of cross margining and to extend it across cash and derivatives segments to all categories of market participants. The features of the revised cross margining facility are detailed below:

1. Positions eligible for cross margining benefit

a. The positions of clients in both the cash and derivatives segments to the extent they offset each other shall be considered for the purpose of cross margining as per the following priority:

i. Index futures position and constituent stock futures position in derivatives segment

ii. Index futures position in derivatives segment and constituent stock position in cash segment

iii. Stock futures position in derivatives segment and the position in the corresponding underlying in cash segment

b. A basket of positions in index constituent stock/stock futures, which is a complete replica of the index in the ratio specified by the Exchange/Clearing Corporation, shall be eligible for cross margining benefit.

c. The positions in the derivatives segment for the stock futures and index futures shall be in the same expiry month to be eligible for cross margining benefit.

2. Computation of cross margin

a. To begin with, a spread margin of 25% of the total applicable margin on the eligible off-setting positions, as mentioned in para 1 (a) above, shall be levied in the respective cash and derivative segments.

b. Cross margining benefit shall be computed at client level on an online real time basis and provided to the trading member / clearing member / custodian, as the case may be, who, in turn, shall pass on the benefit to the client. For institutional investors, however, the cross margining benefit shall be provided after confirmation of trades.

3. Separate accounts

To avail the facility of cross margining, a client may maintain two accounts with the trading member / clearing member, namely arbitrage account and a non-arbitrage account, to allow converting partially replicated portfolio into a fully replicated portfolio by taking opposite positions in two accounts. However, for the purpose of compliance and reporting requirements, the positions across both accounts shall be taken together and client shall continue to have unique client code.

4. Settlement

To begin with, a client may settle through a trading member / clearing member / custodian, as the case may be, who is clearing in both the segments or through two trading members / clearing members / custodians, one of whom is a trading member / custodian in the cash segment and the other is a clearing member in the derivatives segment. However, in course of time, a client will settle through only one clearing member who is a member in both the segments.

5. Default

In the event of default by a trading member / clearing member / custodian, as the case may be, whose clients have availed cross margining benefit, the Stock Exchange / Clearing Corporation shall have the option to:

a. Hold the positions in the cross margin account till expiry in its own name.

b. Liquidate the positions / collateral in either segment and use the proceeds to meet the default obligation in the other segment.

6. Agreement

The Exchange / Clearing Corporation shall enter into agreement with client / clearing member / trading member / custodian, as the case may be, clearly laying down the inter-se distribution of liability / responsibility in the event of default.

7. The Stock Exchanges are advised to:

a. put in place the adequate systems and issue the necessary guidelines for implementing the above decision.

b. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

c. specify the legal agreements between the clearing entities for the purpose of margin utilisation in case of liquidation/default etc.

d. bring the provisions of this circular to the notice of the trading members / clearing members / custodians and also to disseminate the same on the website.

8. This circular is being issued in exercise of powers conferred by sub-section (1) of section 11 of the 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.

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While we were students studying for the exams we faced a severe shortage of books that made studying the course fun and interesting. All books we came across had a highly ‘Professional’ approach. We realised that this was because the books were written by veterans with enormous years of experience, who are used to deciphering voluminous cryptography.
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• To serve as and aid from the examination point of view.

We advise students to use the Institute study material wherever they seek clarity.
We further would like to advise them to use Institute published Guideline answers to understand the expected pattern and presentation of answers.
Please feel free to share your thoughts and critical analysis at http://yehseeyes.blogspot.com/ & mails.
Wishing you all the very best for your oncoming exams!

NOTHING SHOULD BE READ, UNLESS OTHERWISE IT’S INTERESTING…

I like doing things that I am passionate about but ‘Reading theory’ (Yawn!) just doesn’t fit the bill. It is a general consensus that Reading theory is as boring as eating Plain rice. It has been our endeavor (me and my fellow chef!) to make it a mouth watering and lip smacking ‘Biryani’ (Only this Much!). To make this dish we needed the right recipe and ingredients.
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Though great care has been taken in preparing this dish, we cannot rule out the possibility that some may not find it to taste. We would be grateful to those readers to point out portions not to their taste, so that we could use it in the next edition of the dish.

FEED BACK / SUGGESTIONS
E-mail - onlythismuch@lawlabz.com
Address - No.128, Veeraperumal Koil Street, Mylapore, Chennai-04
Website - http://onlythismuch.lawlabz.com/

Mobile : + 91 93821 35598
MRP – Rs. 425/-
(Legal Disclaimer: Views and opinions expressed in the book do not reflect those of the organisation but only those of the individual authors)

Keep Communicatin…
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Trezrrr… Every Pulsss

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[FEMA]StandbyLetterOfCredit/BankGuarantee-OverseasCommodityDerivativeContractUPTO 1 year

RBI/2008-09/277
A.P. (DIR Series) Circular No.35
10th November 2008

Remittance related to Commodity Derivative Contract
Issuance of Standby Letter of Credit / Bank Guarantee

Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Regulation 8 of Notification No.FEMA.25/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, as amended from time to time, regarding remittance of foreign exchange related to commodity derivative contract undertaken in accordance with the regulations.

2. The Reserve Bank has been receiving requests from banks for issuance of bank guarantee / standby letter of credit, in lieu of making a direct remittance towards payment obligations arising out of commodity derivative transactions entered into by customers with overseas counterparties. With a view to providing greater flexibility to resident entities who have such payment obligations related to commodity derivative contracts, it has been decided that AD Category-I banks may issue guarantees / standby letters of credit to cover these specific payment obligations subject to the conditions / guidelines given in the Annex to this Circular.

3. AD Category-I banks may issue guarantees / standby letters of credit only where the remittance is covered under the delegated authority or under the specific approval granted for overseas commodity hedging by the Reserve Bank.

4. The issuing bank shall have a Board approved policy on the nature and extent of exposures that the bank can take for such transactions and should be part of the credit exposure on the customers. The exposure should also be assigned risk weights, for capital adequacy purposes as per the extant provisions.

As per the Guideline,
1. It is to be issued for the specific purpose of payment of margin money [not exceeding the margin payments made to the specific counterparty during the previous FY] in respect of approved commodity hedging activities of the company.

2. After marking a lien & for a period UPTO 1 year & compliance of guidelines for overseas commodity hedging.

3. Broker's month-end reports duly confirmed / countersigned by corporate's financial controller have to be submitted and verified by the bank to ensure that all off-shore positions are / were backed by physical exposures.

[FEMA]NRE accounts - credit proceeds of account payee cheques

Foreign Exchange Management (Deposit) Regulations, 2000 Credit to Non Resident (External) Rupee Accounts - Clarification

RBI/2008-09/276
A.P. (DIR Series) Circular No.34

November 10, 2008

To

All Category - I Authorised Dealer Banks and Authorised Banks

Madam / Sir,

Foreign Exchange Management (Deposit) Regulations, 2000
Credit to Non Resident (External) Rupee Accounts - Clarification

Attention of Authorised Dealer Category - I (AD Category-I) banks and Authorised Banks is invited to A.P.(DIR Series) Circular No.45 dated May 30, 2008 on the captioned subject. In this connection, it is clarified that AD Category-I banks and authorised banks may credit proceeds of account payee cheques also in addition to demand drafts / bankers' cheques, issued against encashment of foreign currency to the NRE account of the NRI account holder where the instruments issued to the NRE account holder are supported by encashment certificate issued by AD Category-I / Category-II.

ECN (like Physical Contract Note) in Equity Derivatives Segment

DERIVATIVES AND NEW PRODUCTS DEPARTMENT

SEBI/DNPD/143542 /Cir-43/08

November 06, 2008

To

The Managing Director / Executive Director

of Derivative Segment of NSE and BSE

and their Clearing Houses / Corporations.

Dear Sir,

Sub: Issuance of Electronic Contract Notes (ECNs) in Equity Derivatives Segment

1. This is in continuation of SEBI Circular no. DNPD/Cir-9/04 dated February 3, 2004, on the issuance of electronic contract notes as a legal document for Equity Derivatives like the physical contract note for the equity segment.

2. In consultation with the exchanges, it has now been decided to extend the facility of issuance of ECNs as a legal document using Straight Through Processing (STP) to the equity derivatives segment also.

3. Accordingly a model contract note in electronic form (IFN 515 messaging format) and confirmation of electronic contract note (IFN 598 messaging format) are enclosed as Annexure-A.

4. The Exchanges are advised to modify/amend their bye-laws, rules and regulations to;

a) Permit issuance of electronic contract note including all the standard pre-printed terms and conditions as given in the physical contract note.

b) Permit signing of the electronic contract note with a digital signature so as to make the modified format of the electronic contract note a valid legal document like the physical contract note.

c) Prescribe a standard format for the issuance of the electronic contract note.

5. The standard terms of contract as are required to be mentioned in the Contract Notes as per the Bye-laws and Regulations of exchanges, which are not contained in ECNs, shall be incorporated in the Client Broker Agreement or where applicable, the Tripartite Agreement between the stock broker, sub-broker and the client.

This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Encl : Annexure-A

[RBI] as Customer of Banks, know your rights

As you are aware, Reserve Bank has been time and again issuing various instructions / guidelines in the area of customer service to bring about improvements in the quality of customer service in banks and their branches.

Its good to know our rights...so click to know it.

In order to have all current instructions on the subject at one place, we have compiled many of the important instructions issued by us in the form of a Master Circular. Further, we have also included certain instructions issued only to Public Sector Banks and also by Indian Banks' Association at the instance of the Reserve Bank.

The Master Circular is given in the Annex. It may be noted that the Master Circular consolidates and updates all the instructions contained in the circulars listed in the Appendix to the Master Circular.

[SEBI] SLB to 30 days & normal trade timings

Sub: Review of Securities Lending and Borrowing (SLB) Framework

The framework for SLB was specified vide circular no. MRD/DoP/SE/Dep/ Cir- 14 /2007 dated December 20, 2007. SLB was operationalised with effect from April 21, 2008. Pursuant to feedback from market participants and proposals for revision of SLB received from NSE and BSE, the framework is being revised as under:

1. Tenure

Tenure for SLB may be increased to 30 days from the present 7 days.

2. Corporate Actions during the 30 day SLB contract

The SLB tenure of 30 days will result in the need for appropriate adjustments for corporate actions. The corporate actions may be treated as follows:

a. Dividend: The dividend amount would be worked out and recovered form the borrower at the time of reverse leg and passed on to the lender.

b. Stock split: The positions of the borrower would be proportionately adjusted so that the lender receives the revised quantity of shares.

c. Other corporate actions such as bonus/ merger/ amalgamation / open offer etc: The transactions would be foreclosed from the day prior to the ex-date. The lending fee would be recovered on a pro-rata basis from the lender and returned to the borrower.

3. Time window for SLB

The time for SLB session may be extended from the present one hour (10 am to 11 am) to the normal trade timings of 9:55 am to 3:30 pm.