New Half yearly reporting Format for Portfolio Managers is prescribed by SEBI, to be submitted within 30 days, as usual

HALF YEARLY REPORTING REQURIEMENTS

by Portfolio Managers
FOR PORTFOLIO MANAGEMENT ACTIVITIES
(To be submitted within 30 days, for the period ended 30/9 & 31/3 of each year after the end of respective period)

Please refer to SEBI circular No.1(93-94) dated October 20, 1993 regarding submission of half yearly report by portfolio managers.

The format for the half yearly report on portfolio management activity has been revised with following format,

1. GENERAL INFORMATION

2. CAPITAL ADEQUACY

3. OTHER INFORMATION

4. List of Corporate Clients

5. Performance of Portfolio Manager

6. Enclosures

Download the New Half Yearly Reporting Format here as per IMD/DOF-1/PMS/Cir-1/2010 dated 15th March 2010.

Stock Exchange's Inspection, Internal Audit by CS/CA/CWA in practice, Default & Implementation - SEBI Master Circular

SEBI/MIRSD/Master Cir-04/2010 dated 17th March 2010

Master Circular on Oversight of Members (Stock Brokers/Trading Members/Clearing Members of any Segment of Stock Exchanges and Clearing Corporations).  This master circular consolidates and updates the requirements/obligations with regard to oversight of members (Inspection by Stock Exchanges/Clearing Corporations, Internal Audit and Default)

 

I. Inspection of Members by Stock Exchanges / Clearing Corporations
The Stock Exchange or the Clearing Corporation shall

1. formulate a policy for inspection of members and follow up action thereon.
2. shall inspect all active members in various segments every year covering,

a. Compliance with the relevant provisions of the Act, Rules and Regulations made there under, Rules and Regulation of the Stock Exchange / Clearing Corporation and the circulars issued by SEBI and Stock Exchanges / Clearing Corporations from time to time, and
b. Efficacy of the investor grievance redressal mechanism and discharge of various obligations towards clients, for the preceding one year unless a longer period is warranted in the circumstances.

An illustrative list of common violations/deficiencies observed by SEBI in its inspections of members are,

• Relating to KYC
• Relating to Contract notes
• Relating to Investor services
• Relating to funds and securities
• Relating to terminals
• OTHERS

The Stock Exchanges and Clearing Corporations are advised to bring this list to the notice of members with an advice to them to avoid these violations/deficiencies.

The Stock Exchange or the Clearing Corporation, as the case may be, shall initiate all the follow up action – remedial, penal and disciplinary - required on inspection findings, within 6 months from the conclusion of the inspection.

II. Internal Audit
The member shall carry out complete internal audit on a half yearly basis by an independent qualified Chartered Accountant, Company Secretary or Cost and Management Accountant who is in practice and does not have any conflict of interest.

The audit shall cover, inter alia,
a. the existence, scope and efficiency of the internal control system,
b. compliance with the provisions of the SEBI Act, 1992, Securities Contracts
(Regulation) Act 1956, SEBI (Intermediaries) Regulations, 2008, SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, circulars issued by SEBI from time to time, Bye Laws and Regulations and circulars issued by the Stock Exchange / Clearing Corporation,
c. data security and insurance in respect of operations, and
d. efficacy of the investor grievance redressal mechanism and discharge of various obligations towards clients.

The internal auditor shall submit the audit report to the member, who shall place it before its Board of Directors/Proprietor/Partners and shall forward the same along with para-wise comments to the respective stock exchange/clearing corporation within 3 months from the end of the half year period.

The Stock Exchange/Clearing Corporation shall initiate appropriate actions – remedial, penal or disciplinary - against the members where deficiencies are noticed in audit reports or where audit report has not been received, and inform the details of action taken to SEBI, within 6 months from the end of the half year period.

III. Default in case of Multiple Membership
Whenever a member of any segment is declared defaulter, the concerned Stock Exchange/Clearing Corporation shall immediately declare it a defaulter in all its segments. It shall also immediately inform all other Stock Exchanges/Clearing Corporations the details of the defaulter member such as name of the member, the names of the proprietors/partners/promoters/dominant shareholders, as applicable.  Immediately on receipt of the information about default of a member, the Stock Exchange / Clearing Corporation shall declare the said member defaulter on all its segments.

The Stock Exchanges / Clearing Corporations shall take appropriate action against the associates of defaulter member. For this purpose, the term ‘associate’ shall include a person:
a. who, directly or indirectly, by itself, or in combination with other persons,
exercises control over the member, whether individual, body corporate or firm or holds substantial share of not less than 15% in the capital of such entities; or
b. in respect of whom the member, individual or body corporate or firm, directly or indirectly, by itself or in combination with other persons, exercises control; or
c. whose director or partner is also a director or partner of the member, body
corporate or the firm, as the case may be.
Explanation: The expression “control" shall have the same meaning as defined under clause (c) of Regulation 2 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

IV. Implementation
For the above purpose, the Stock Exchanges / Clearing Corporations shall take all necessary action, including the following:
a. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately, if the same has not been already made.
b. bring the provisions of this circular to the notice of the members and also to disseminate the same on the website, and
c. communicate to SEBI, the status of the implementation of the provisions of
this circular in the Monthly Development Report (MDR).

The circulars mentioned hereunder stand rescinded:

A. Circular no. SMD(B)/104/22775/93 dated October 29, 1993
B. Circular no. SMD/MDP/CIR/043/96 dated August 5, 1996
C. Circular no. SMD/Policy/Cir-24/97 dated September 26, 1997
D. Circular no. SMDRP/POLICY/Cir-45/2001 dated September 17, 2001
E. Circular no. SEBI/SMD/DBA-1/CIR-27/2003 dated June 25, 2003
F. Circular no. MIRSD/DPSIII/Cir-26/08 dated August 22, 2008, and
G. Circular no. MRD/DMS/Cir-29/2008 dated October 21, 2008

Notwithstanding such rescission, anything done or any action taken under those circulars before the date of this Master circular, shall be deemed to have been done or taken or commenced under the corresponding provisions of this circular. After the rescission of the earlier circulars, any reference thereto in any regulation, guidelines and circulars shall be deemed to be a reference to this Master Circular.

Understand SEBI ICDR with Checklist & download good material to read through the same, its applicable for CS exams now

ICSI has published a good material on ICDR, its an interesting read-through for CS, Non-CS, students, professionals, etc… The content is standardised and really good as a referencer.  Enjoy readin… DOWNLOAD ICDR – An Understanding.

ATTENTION!
STUDENTS OF Company Secretary (CS) PROFESSIONAL/EXECUTIVE PROGRAMME

Supplement on

• ‘Due Diligence and Corporate Compliances Management’ (Module –IV Paper -7)
• ‘Securities Laws and Compliances’ (Module – II Paper -6)

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009 [called SEBI (ICDR) Regulations, 2009] are applicable for June 2010 Examination.  Please click here for download Softcopy of supplement.

Accordingly, a hard copy of the supplement will be available free of cost to the students after 25th March 2010. Students may receive the hard copy of the supplement by sending a self addressed envelope of 25cms x 18 cms size by affixing stamps for Rs. 6/- to Shri Harish Joshi, Administrative Officer (Store), The Institute of Company Secretaries of India, C-37,Sector 62 , Institutional Area , NOIDA -2 01301. Students may also collect the copy of supplement from headquarters at Lodi Road and Regional/Chapter offices i.e. EIRC, NIRC, SIRC, WIRC, Ahmedabad, Poona, Hyderabad, Bangalore, Jaipur & Noida.

1 year Securities law course from SEBI by NISM is power packed and has good career prospects, may be even good placements, go for it

National Institute of Securities Market (NISM) – An Educational Institution by Securities & Exchange Board of India (SEBI).

NISM is established by SEBI which is entrusted with duties also under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets), Regulations, 2007 and it is in the process of mandating few programmes for Market Intermediaries like SEBI NISM Currency Derivatives Exam through BSE/NSE/MCX for brokers made mandatory to operate in securities market.

NISM Schools on Securities Market in India:

1. School for Investor Education and Financial Literacy (SIEFL)
2. School for Certification of Intermediaries (SCI)
3. School for Securities Information and Research (SSIR)
4. School for Regulatory Studies and Supervision (SRSS)
5. School for Corporate Governance (SCG)
6. School for Securities Education (SSE)

The CSMP Programme:

1. CSMP stands for Certified Securities Markets Professional.
2. The CSMP programme is a 1-year full-time certificate programme offered by NISM.
3. It covers Security analysis and Equity Research, Investment Banking, Fund Management, Corporate Re-structuring and Consulting, Investment Advisory Services, Equity and Debt Market Broking and related fields.
4. Aimed at graduates, post graduates and Executives aspiring for careers in securities markets.

Programme Architecture:

The programme is a balanced blend of theory and practice, divided into four terms. The themes of the four terms are:

• Conceptual Phase
• Application Phase
• Industry- Interaction Phase
• Advanced Application Phase

1. 600 hours of teaching.
2. During the first two terms/phases and in the fourth term/phase students are expected to study a total of 24 courses.
3. In the third term/phase is the internship project with an organization in the securities industry.

Admission Process:

1. Nationwide online Test and
2. Personal Interview.

Eligibility Criteria:

• A Post- Graduation (PG) course for 2 years or in the final year of PG course OR
• A Graduate (UG), with 2 years post qualification experience.
• NISM reserves the right to relax any of the above criteria in deserving cases and also accept or reject any application without assigning any reason.
• Should have a personal laptop.

Selection Criteria/Weightage:

1. Profile – 20% ( consists of Academic Qualification / Performance – 10% and Work Experience – 10%)
2. Online Test – 40%
3. Personal Interview – 40%

Course Fees:

1. Tuition fee: Rs.1,50,000/-
2. Examination fee: Rs.10,000/-
3. Library deposit fee: Rs.6,000/-
4. Library fee: Rs.10,000/-
5. Total = Rs.1,76,000/-
6. Plus Hostel/Stay fees.

For further details, contact:

National Institute of Securities Markets, Navi Mumbai.

E: csmp@nism.ac.in

W: www.nism.ac.in

Prospectus: Click Here to download

Registration: Click Here to Register Online [Rs.525/-]

Important Cut off or Due Dates: <><><></></></> Event Date Last date for Online Registration April 15 Online test April 25 Announcement online test results April 28 Personal interviews May 7 - 10 Announcement of first list of selected candidates for admission May 12 Payment of commitment fees for first list May 12 - 24 Announcement of second list of selected candidates for admission May 25 Receipt of First Installment Fee for all admitted candidates May 26 – June 14 Last date of completing all formalities and payment of first installment fee June 14 Inauguration of the programme June 22 Commencement of the programme June 23

Feel free to catch me up for clarifications… Trust me, if you are passionate about or wish to make a career in Securities Market, this is the right time to take a decision, go for it!!!

Understand when lesser penalty of 100%,50% & 30% may be levied under Competition Act Regulations

Understand CCI (Lesser Penalty)

Regulations, 2009

Regulation 2(1)(b): “applicant” means an enterprise, who is or was a member of a cartel and submits an application as per Schedule for lesser penalty to Competition Commission of India (CCI);

Regulation 2(1)(h): “priority status” means the position of the applicant marked for giving the benefit of lesser penalty in the queue of the applicants;

Regulation 2(1)(i): “vital disclosure” means full and true disclosure of information or evidence by the applicant to CCI, which is sufficient to enable CCI to form a prima-facie opinion about the existence of a cartel or which helps to establish the contravention of the provisions of section 3 of the Act.

Regulation 3. Conditions for lesser penalty. – Applicant shall,

(a) cease to have further participation in the cartel from the time of its DISCLOSURE;

(b) provide VITAL DISCLOSURE in respect of violation u/s.3 of the Act;

(c) provide all RELEVANT INFORMATION, documents and evidence as may be required by CCI;

(d) CO-OPERATE genuinely, fully, continuously and expeditiously throughout the investigation and other proceedings before the CCI; and

(e) NOT conceal, destroy, manipulate or remove the relevant documents in any manner, that may contribute to the establishment of a cartel.

The discretion of CCI, in regard to reduction in monetary penalty under these regulations, shall be exercised having due regard to –

(a) the STAGE at which the applicant comes forward with the disclosure;

(b) the EVIDENCE already in possession of the Commission;

(c) the QUALITY of the information provided by the applicant; and

(d) the entire FACTS and circumstances of the case.

Regulation 4. Grant of lesser penalty. – CCI may decide in the following manner,

(a) The applicant may be granted benefit of reduction in penalty [ONLY IF no other applicant has been granted such benefit by CCI] UPTO 100%, if the applicant is the first to make a vital disclosure,

• enabling CCI to form a prima-facie opinion regarding the existence of a cartel and CCI did not, at the time of application, have sufficient evidence to form such an opinion:
• in a matter under investigation and CCI, or the Director General did not, at the time of application, have sufficient evidence to establish such a contravention:
• no other applicant has been granted such benefit by CCI.

(b) Any subsequent applicant may also be granted benefit of reduction in penalty, if CCI opines that it may provide significant ADDED VALUE to the evidence. “Added value” means the extent to which the evidence provided enhances the ability of CCI

or the Director General, to establish CARTEL as alleged. It shall be in the

following order of PRIORITY STATUS:

(i) if the applicant is marked as second, reduction may be UPTO 50% of full penalty;

(ii) the applicant is marked as third, reduction may be UPTO 30% of full penalty;

Regulation 5. Procedure for grant of lesser penalty. –

(1) an application with material information as per the Schedule, or may contact, orally or through e-mail or fax, the designated authority for furnishing the information (which may be followed by written application subsequently within 15 days).

(2) WITHIN 3 working days, the designated authority shall put the matter before CCI.

(3) CCI shall mark priority status of applicant.

(4) Designated authority shall convey the same to the applicant either on telephone, or through e-mail or fax and shall provide the written acknowledgement.

(5) The evidence will be evaluated and only then the next applicant shall be considered by CCI.

(6) CCI may accept the application on satisfaction or reject the same for want of information after giving an opportunity of being heard.

Source: No. L-3(4)/Reg-L.P./2009-10/CCI dated 13^th August 2009

Online Verification of CS Exam Marks after re-totalling, ICSI's New Initiative based on Roll or Registration No. of Student

Are you not satisfied with your CS results? then apply for Verification of marks (casually called revaluation or re-counting) within 30 days from today (ie) within 30 days from declaration of CS results.  For more details, visithttp://yehseeyes.blogspot.com/2009/02/revaluation-retotalling-cs-marks.html

Online Verification of marks based on Roll No. or Registration Number is permissible now…

Yes, its a good news to CS students as they can see the New Mark Sheet after re-totalling or revaluation, what ever you call, of Company Secretary Exams online itself, following the link: http://www.icsi.edu:8888/StudentVerification/verificationQuery.aspx

Now, CS students need not wait till 25th March 2010 to decide – whether to apply for exams or not!!!

Enjoy passin…

IFC, the new NBFC under ECB approval route upto 50% NOF subject to RBI compliances & hedging full currency risk

Why all this?

In view of the thrust given to the development of the infrastructure sector, a separate category of NBFCs viz. Infrastructure Finance Companies (IFCs) has been introduced in terms of the guidelines contained in DNBS Notification.  In view of the new category of NBFCs being in place, the dispensation provided in “Old Position” below is not considered necessary.

New Position

Accordingly, proposals for External Commercial Borrowings (ECBs) by the IFCs, which have been classified as such by the Reserve Bank, for on-lending to the infrastructure sector, as defined in the extant ECB policy may be considered under the approval route, subject to their complying with the following conditions:

i) compliance with the norms prescribed in the aforesaid DNBS Circular dated February 12, 2010;
ii) hedging of the currency risk in full; and
iii) the total outstanding ECBs including the proposed ECB not exceeding 50 % of the Owned Funds.

Old Position

As per the extant ECB policy, Non-Banking Finance Companies (NBFCs), which are exclusively engaged in financing of infrastructure sector, are permitted to avail of ECB from the recognized lender category including international banks, under the approval route, for on- lending to the infrastructure sector, as defined in the extant ECB policy.

Source: A.P. (DIR Series) Circular No.39 dated 2nd March 2010

To know all about ECB notifications, visit http://yehseeyes.blogspot.com/search?q=ECB

New Infrastructure sector definition for ECB to include Cold storage at agricultural & allied levels

Why all this?

As announced in para 54 of the Union Budget for the Year 2010-11, it has been decided to expand the definition of infrastructure sector for the purposes of External Commercial Borrowings (ECB).

New Definition of “Infrastructure Sector”

The infrastructure sector would henceforth be defined to include (i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, exploration and refining and (ix) cold storage or cold room facility, including for farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat.

Old Definition of “Infrastructure Sector”

As per the extant ECB policy, infrastructure sector is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects) and (viii) mining, exploration and refining.

Source: A.P. (DIR Series) Circular No.38 dated 2nd March 2010

To know all about ECB, visit http://yehseeyes.blogspot.com/search?q=ECB

Download or SMS CS December exam results 2010 now for Company Secretary Foundation, Executive & Professional Programme by ICSI

Direct Link for Institute of Company Secretaries of India (ICSI) Exam Results for CS Foundation, Executive and Professional programme: http://icsi.examresults.net/ in addition to www.icsi.in or www.icsi.edu

• Further, to get CS Results in SMS: send “Result” as SMS to 56263.
• Download CS Exam Results here and search (Ctrl + F) for first three digits of your Roll Number and then look for the last 2 digits in the Row.  If your number is available in the PDF, it means you have passed the Exam.

What to do after passing CS Exams? What are the programmes to be completed after every level of CS exams? What are TOP, ADP, EDP, SIP, MSOP, SMTP, etc…? To understand, visit the CHECKLIST after CS Exams in http://yehseeyes.blogspot.com/2010/02/december-cs-exam-results-june-2010.html

December CS Exam Results February 2010 & Checklist of programmes after passing Company Secretary Foundation or Executive or Professional

The results of the CS Foundation Course, Intermediate and Final (Old Syllabus) and Foundation Programme, Intermediate/Executive Programme, and Professional Programme (New Syllabus) examinations of the Company Secretaries held in December, 2009 are scheduled to be declared at 12.00 Noon on 25^th February, 2010 at www.icsi.edu and also try www.icsi.in & http://icsi.examresults.net or details in http://yehseeyes.blogspot.com/2010/02/download-or-sms-cs-december-exam.html

HEARTIEST WISHES FOR EVERY ONE WHO HAS WON & IN THE PROCESS OF WINNING COMPANY SECRETARY EXAMS

Candidates registered upto and including the month of February in a year are eligible for appearing in both the groups of the Executive Programme or all 4 modules of Professional Programme examination held in June of next year. So, its mandatory for you to submit prescribed forms before 2nd March 2010 (also note even 27 & 28th February viz Saturday and Sunday is a full working day for ICSI) to appear for all modules in December 2010.  There is one another new requirement in lieu of TOP, SMTP, etc…which is called Student Induction Programme (SIP), Executive Development Programme (EDP)  and Professional Development Programme (PDP) from 1st September 2009 0nwards.  Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html

Before visiting the nearest ICSI office, make sure you are ready with following things:

For Foundation passed:

1. Click here to register online for CS Executive Program Application -http://www.icsi.in and arrange for fees as per http://www.icsi.edu/LinkClick.aspx?link=http%3a%2f%2fwww.icsi.edu%2fwebmodules%2flinksofweeks%2fREVISION+OF+FEES.doc&tabid=528&mid=3166

2. Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
3. Register for Computer Training with Aptech or produce your Certificates to write Exemption exam on or before February 2010: www.icsi.aptechtrainingsolutions.com
4. Enroll for Student Induction Programme (SIP), a 7 full day program with ICSI which shall be completed within 6 months.  Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
5. Get your Bcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries

6. Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%

7. Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before August 2010.

8. Enjoy reading CS Executive Programme books from http://csbooks.learnlabz.com

For Executive passed:

1. Click here to download & fill CS Professional Program Application -http://www.icsi.edu/webmodules/student/final.doc and arrange for fees as per Apply for Executive Development Program (EDP) and find details from nearest ICSI -http://www.icsi.edu/webmodules/student/TopForm.doc (its a mandatory pre-requisite to commence CS Training). EDP is a 8 full day program offered at ICSI and your training will commence only on completion of this program.  Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html

2. Then, start sending emails & applications of RESUME for CS Training to

   1. List of Company Secretaries in Practice Registered for Imparting Training

   2. Registered Companies for Training

3. For 15-month CS Training related information, you can visit http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html

4. Start looking out for Professional Development Programs (PDP) as its mandatory to attend for 25 hours or you have the option to register for National Convention of ICSI.

5. Get your Mcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries

6. Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%

7. Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
8. Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before February 2010.

9. Enjoy reading CS Professional books @ http://csbooks.learnlabz.com

For Professional passed:

1. Pending Training you are eligible for Licentiate Membership of ICSI -http://www.icsi.edu/webmodules/student/Licentiate.doc and you will get Chartered Secretary (Members magazine) free of cost.

2. Complete your CS Training or Claim exemption from it following http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html

3. Complete RoC Training or Stock Exchange training, if applicable. Send e-mail to training2@icsi.edu to get the sponsorship letter.

4. Complete 25 hours PDP's, 15 full days MSOP’s, etc… in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
5. Then, apply for the esteemed membership of ICSI following, http://yehseeyes.blogspot.com/2009/01/checklistformsfeesguide-to-apply-for.html

Are you not satisfied with your CS results? then apply for Verification of marks (casually called revaluation or re-counting) within 30 days from today (ie) within 30 days from declaration of CS results.  For more details, visit http://yehseeyes.blogspot.com/2009/02/revaluation-retotalling-cs-marks.html

Enjoy passin... Of course, you can keep track of all updates, happenings and all about Company Secretaries by following http://yehseeyes.blogspot.com/and Get See Yes -> Yes, ACS delivered by email

New Format Cheque under Cheque Truncation System (CTS) Standard issued by RBI, in addition to MICR, yet to be notified

"CTS-2010 Standard" for Cheque Forms – Specifications

RBI has proposed a New Cheque Truncation System (CTS) and a Model of proposed cheque, the effective date of which will be intimated soon.

It has since been decided to prescribe certain benchmarks towards achieving
standardisation of cheques issued by banks across the country. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. In addition, certain desirable features are also being suggested which could be implemented by banks based on their need and risk perception. The set
of minimum security features would not only ensure uniformity across all cheque forms issued by banks in the country but also help presenting banks while scrutinising /recognising cheques of drawee banks in an image-based processing scenario. The homogeneity in security features is expected to act as a deterrent against cheque frauds, while the standardisation of field placements on cheque forms would enable straightthrough-processing (STP) by use of optical / image character recognition technology (MICR).

Source: RBI Circular DPSS.CO.CHD.No.1832/04.07.05/2009-2010 dated February 22, 2010

New NBFC Classification: AFC, IFC, Investment & Loan company as per RBI

Consequent upon re-classification of NBFCs, in the proposed structure the following categories of NBFCs will emerge:

1. Asset Finance Company
2. Investment Company
3. Loan Company
4. Infrastructure Finance Company (IFC) – a new category as notified by RBI vide DNBS.PD. CC No.168 /03.02.089 /2009-10 dated 12th February 2010.