as amended SCRA enables, SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 from 26 may 2008

The amendment to Securities Contracts (Regulation) Act, 1956 (SCRA) enabled SEBI to provide for disclosure based regulation for public issue of or listing of securitized debt instruments on the recognized stock exchanges with  a view to develop market for securitized debt instruments. Accordingly, SEBI has notified SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 on May 26, 2008 taking into account the market needs, cost of the transactions, competition policy, the professional expertise of credit rating agencies, disclosures and obligations of the parties involved in the transaction and the interest of investors in such instruments. Salient features of the regulations are as follows : -



(a)The special purpose distinct entity i.e. issuer shall be in the form of a trust, the trustees thereof will require registration from SEBI. The registration granted to a trustee shall be permanent subject to compliance with the provisions with the SCRR and the regulations and payment of appropriate fees.

(b) If a debenture trustee registered with SEBI or a securitization company or a asset reconstruction company registered with Reserve Bank of India or National Housing Bank or the NABARD is the trustee of the issuer no registration from SEBI to act as such shall be required.

(c)  The securitized debt instruments issued to public or listed on recognized stock exchange shall acknowledge the beneficial interest of the investors in underlying debt or receivables assigned to the issuer. The regulations provide flexibility in terms of pay through / pass through structures and do not restrict any particular mode.

(d) The assignment of assets to the issuer shall be a true sale. The debt or receivables assigned to the issuer should be expected to generate identifiable cash flows for the purpose of servicing the instrument and the originator should have valid enforceable interests in the assets and in cash flow of assets prior to securitization.

(e) The issuer shall be a bankruptcy remote from the originator. Originator shall be an independent entity from the issuer and its trustees and the originator and its associates shall not exercise any control over the issuer. However, the originator may be appointed as a servicer. The issuer may appoint any other person as servicer in respect of any its schemes to co-ordinate with the obligors, manage the said pool and collection therefrom, administer the cash flows of asset pool, distribution to investors and reinvestments. The issuer shall not acquire any debt or receivables from any originator who is part of the same group or which is under the same management as the trustee.  Regulations require strict segregation of assets of each scheme.

(f).  The issuer may offer securitised debt instruments to public for subscription through an offer document containing disclosures of all relevant material facts including financials of the issuer, originator, quality of the asset pool, disclosure of various kinds of risks, credit ratings including unaccepted ratings, arrangements made for credit enhancement, liquidity facilities availed, underwriting of the issue etc. apart from the routine disclosures relating to issue, offer period, application, etc.

(g)Rating from atleast two credit rating agencies is mandatory and all ratings including unaccepted ratings shall be disclosed in the offer documents. The rating rationale should include reference to the quality of the said pool and strengthen of cash flows, originator profile, payment structure, risks and concerns for investors, etc.

(h) The instrument shall be in dematerialized form.

(i)The draft offer document shall be filed with SEBI atleast 15 days before opening of the issue.

(j)   In case of public issuances listing will be mandatory. The instruments issued on private placement basis may also be listed subject to the compliance of simplified provisions of the regulations. The securitised debt instruments issued to the public or listed on a recognized stock exchange in accordance with these regulations shall be freely transferable.

(k). It has been proposed to introduce simplified and relaxed listing agreement. Listing of private placement is also permitted subject to the compliance of simplified provisions of the listing agreement and the regulations. The simplified listing agreement is under preparation.

Please find attached the full text of the SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 <http://www.sebi.gov.in/acts/sdireg.pdf> .

Source: PR No.124/2008 dated 19th June 2008

Thanks & Regards

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

SEBI (Intermediaries) Regulations, 2008 from 26th May 2008 & repealed SEBI (Criteria for Fit and Proper Persons) Regulations, 2004 and SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002

SEBI has undertaken redrafting project to consolidate the common requirements which apply to all intermediaries in so far as the common requirements are concerned. Given the fact that many requirements and obligations of most intermediaries are common, SEBI has notified SEBI (Intermediaries) Regulations, 2008 on May 26, 2008. The salient features of the Regulations are as under : -

(a) The Regulations put in place a comprehensive regulation which will apply to all intermediaries. The common requirements such as grant of registration, general obligations, common code of conduct, common procedure for action in case of default and miscellaneous provisions have been provided in the approved Intermediaries Regulations.

(b) The registration process has been simplified. An applicant may file application in the prescribed format alongwith additional information as required under the relevant regulations along with the requisite fees. The existing intermediaries may, within the prescribed time, file the disclosure in the specified Form. The disclosures shall be made public by uploading the information on the website specified by SEBI. The information of commercial confidence and private information furnished to SEBI shall be treated confidential.  In the event intermediary wishes to operate in a capacity as an intermediary in a new category, such person may only file the additional shortened forms disclosing the specific requirements of the new category as per the relevant regulations.

(c)  The Fit and Proper criteria have been modified to make it principle based. The common code of conduct has been specified at one place.

(d).The registration granted to intermediaries has been made permanent subject to the compliance of the SEBI Act, regulations, updation of relevant disclosures and payment of fees.

(e).Procedure for action in case of default and manner of suspension or cancellation of certificate has been simplified to shorten the time usually faced by the parties without compromising with the right of reasonable opportunity to be heard. Surrender of certificate has been enabled without going through lengthy procedures.

(f). While common requirements will be governed by the new Regulations, the intermediaries specific requirements will continue to be as per the relevant regulations applicable to individual intermediaries. The relevant regulations will be amended to provide for the specific requirements. The SEBI (Intermediaries) Regulations, 2008 shall come into force in relation to different classes of intermediaries on the date notified by SEBI.

(g).SEBI (Criteria for Fit and Proper Persons) Regulations, 2004 and SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have been repealed with effect from May 26, 2008.  The Fit and Proper Person criteria and the procedure as specified in the new Regulations for action in case of default shall apply with effect from               May 26, 2008.
 

The full text of the SEBI (Intermediaries) Regulations, 2008 is available on the SEBI website: www.sebi.gov.in


Source: PR No.125/2008 dated 19th June 2008

--
Thanks & Regards

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

SEBI simplifies (Issuance and Listing of Debt Securities) Regulations, 2008

SEBI (Issue & Listing of Debt Securities) Regulations, 2008

 

In order to facilitate development of a vibrant primary market for corporate bonds in India, Securities and Exchange Board of India (SEBI) has notified Regulations for Issue and Listing of Debt Securities to provide for simplified regulatory framework for issuance and listing of non-convertible debt securities (excluding bonds issued by Governments) issued by any company, public sector undertaking or statutory corporations.  The Regulations  will not apply to  issue and listing of, securitized debt instruments  and  security receipts for which separate regulatory regime is in place.

The Regulations provide for rationalized disclosure requirements for public issues and flexibility to issuers to structure their instruments and decide on the mode of offering, without diluting the areas of regulatory concern. In case of public issues, while the disclosures specified under Schedule II of the Companies Act, 1956 shall be made, the Regulations require additional disclosures about the issuer and the instrument such as nature of instruments, rating rationale, face value, issue size, etc.

While the requirement of filing of draft offer documents with SEBI for observations has been done away with, emphasis has been placed on due diligence, adequate disclosures, and credit rating as the cornerstones of transparency. Regulations prescribe certifications to be filed by merchant bankers in this regard. The Regulations emphasize on the role and obligations of the debenture trustees, execution of trust deed, creation of security and creation of debenture redemption reserve in terms of the Companies Act.

The Regulations enable electronic disclosures. The draft offer document needs to be filed with the designated stock exchange through a SEBI registered merchant banker who shall be responsible for due diligence exercise in the issue process and the draft offer document shall be  placed on the websites of the stock exchanges for a period of seven working days inviting comments. The documents shall be downloadable in PDF or HTML formats. The requirements for advertisements have also been simplified.

While listing of securities issued to the public is mandatory, the issuers may also list their debt securities issued on private placement basis subject to compliance of simplified regulatory requirements as provided in the Regulations. The Regulations provide an enabling framework for listing of debt securities issued on a private placement basis, even in cases where the equity of the issuer is not listed. NBFCs and PFIs are exempted from mandatory listing. However, they may list their privately placed debt securities subject to compliance with the simplified requirements and Listing Agreement. A rationalized listing agreement for debt securities is under preparation.

Please find attached the full text of the SEBI (Issue and Listing of Debt Securities) Regulations <http://www.sebi.gov.in/acts/debtregu.pdf> .

Source: PR No.123/2008 dated 19th June 2008
 

Thanks & Regards

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

Section 45-IA, 45K and 45L of the RBI Act –Deposit Taking NBFC- Grant of Certificate of Registration – Requirement of minimum Net Owned Fund of Rs. 200 lakh for all deposit taking NBFCs

To

All deposit taking NBFCs

 

RBI/2007-08/369 DNBS (PD) C.C. No. 114 /03. 02.059/2007-08, 17th June 2008

(a) As a first step, NBFCs having minimum NOF of less than Rs. 200 lakh may freeze their deposits at the level currently held by them.

(b) Further, Asset Finance Companies (AFC) having minimum investment grade credit rating and CRAR of 12% may bring down public deposits to a level that is 1.5 times their NOF while all other companies may bring down their public deposits to a level equal to their NOF by March 31, 2009.(As per Annex).

(c) Those companies which are presently eligible to accept public deposits upto a certain level, but have, for any reason, not accepted deposits upto that level will be permitted to accept public deposits upto the revised  ceiling prescribed  above.

(d) Companies on attaining the NOF of Rs.200 lakh may submit statutory auditor's certificate certifying its NOF. 

(e) The NBFCs failing to achieve the prescribed ceiling within the stipulated time period, may apply to the Reserve Bank for appropriate dispensation in this regard which may be considered on case to case basis.

THE ICSI 6th ALL INDIA NATIONAL MOOT COURT COMPETITION 2008 - RELIVE Co.LTD case

Yes, r u ready to answer these questions..........

 

1.      RELIVE Co.LTD countered the petition on the following grounds, among others:

(1)   RELIVE was under no obligation to pay the alleged debt, if any, as all obligations pertaining to the said contract had been transferred to RELAY Co. LTD by virtue of the demerger.

(2)   Further, the alleged debt was one in respect of which, a bonafide dispute had been raised by RELIVE CO.LTD.

(3)   The machinery of winding up was being used by PL. to coerce the company into making payment of the alleged debt, which RELIVE is under no obligation to pay.

2.      PL.'s contentions, among others, were as follows:

(1)   By terminating the contract, RELIVE had confirmed that it was the relevant party to the contract and therefore, all remedies for PL. lay against RELIVE.

(2)   There was no bonafide dispute, as the liability remained undisputed till the date of demand under Section 434(1) (a). This dispute was merely raised for the purpose of covering up the Company's inability to meet its payment obligations.

(3)   The Company was unreasonably refusing to pay the debt without just cause and with malafide intentions and therefore, the Court could order winding up in such instances.

Yes,

 

Its ICSI Moot Court 2008, the case, which covers Clauses in the Agreement, Demerger, Winding Up, HR issues & lot more.

 

CS friends, believe me, just participation itself can bring a lot of positive change in you.  I assure, you can find a new you in you.

 

So, stop thinking, start reading http://www.icsi.edu/WebModules/LinksOfWeeks/Moot%20Court%20Competn-2008-Case.doc

 

All you have to do is, be thorough with every letter in 13 points of the case.

 

Just remmember, The eloquent man is he who is no eloquent speaker, but who is inwardly drunk with a certain belief.

 

So, read the case as many times as possible.

 

You have to make Submissions from both sides, I mean as a petitioner & as a defendant.  You have make ready all the Court documents with Blue (for petitioners) & Red (for Defendants) and you should know the Court Etiquettes, like My Lord....Do check out http://www.icsi.edu/WebModules/LinksOfWeeks/Moot%20Court%20Competn-2008-Rules.doc

 

Don't say, you don't know, just get to know.  Exams got over, do some brainstorming sessions now, I believe, its the right time for all this.  If you qualify a single round, you can go to the next round to different places, ALL @ Institue's expense.  You can meet so many professional frens, get to know their ideas & learn...........

 

Come on, lets see......how many here, really have the guts to learn.

 

For further details, http://www.icsi.edu/WebModules/LinksOfWeeks/mootcourt2008.htm

 

Keep mootin....

Foreign Direct Investment Policy

Consolidated policy on Foreign Direct Investment.   DIPP issued a Press Note  (7/2008) dated 16th June 2008 detailing the summary of the FDI policy and regulations applicable in various sectors and activities after incorporating the policy changes up to 31-3-2008 .The press note gives details of sectors in whcih FDI is prohibited and sector specific FDI cap , entry route and other conditions .The said press note can be accessed at http://siadipp.nic.in/policy/changes/pn7_2008.pdf.

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Best Jokes, Best Friends, Best Food. Get all this and more on Best of Yahoo! Groups.

RBI Draft Master Circular for public comments

The Reserve Bank has today placed the draft master circular on Foreign Investments in India on its website for public comments. The feedback may be sent to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investment Division, Reserve Bank of India, 11th Floor, Shahid Bhagat Singh Road, Mumbai – 400 001 on or before June 20,2008. The feedback can also be sent by fax to 022-22610623/30 or can be e-mailed.   The Master Circular has been updated taking into account all the Notifications and Circulars issued till date. This Master Circular also covers (i) Acquisition of immovable property;(ii) Establishment of Branch/Liaison Office in India; and (iii) Investment in capital of partnership firms or proprietary concern.   The said circular can be viewed at http://rbidocs.rbi.org.in/rdocs/content/pdfs/85015.pdf..

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RBI - Mobile Payments in India - Operative Guidelines for Banks

Dear All,

With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or another bank in favour of pre-registered beneficiaries have also commenced in a few banks. Considering that the technology is relatively new and due care needs to be taken on security of financial transactions, the Reserve Bank of India has felt the need for a set of operating guidelines that can be adopted by banks.

Accordingly the Reserve Bank has prepared a 'Draft Operating Guidelines for Mobile Payments in India', in consultation with banks and a few industry bodies. The draft guidlines are placed on the website for public comments. Comments can be sent latest by June 30, 2008 to the Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, S.B.S. Marg, Mumbai 400001 or faxed to 022-22659566. Comments can also be e-mailed.

You can access draft guideline for your perusal and comment

Source: Press Release : 2007-2008/1589 dated 12th June 2008.

Thanks & Regards

--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com


--
Vj
Trezrrr every pulsss
http://yehseeyes.blogspot.com/

STANDING COMMITTEE ON COMMERCE INVITES SUGGESTIONS OF PUBLIC ON ‘FOREIGN AND DOMESTIC INVESTMENT IN RETAIL SECTOR’

STANDING COMMITTEE ON COMMERCE INVITES SUGGESTIONS OF PUBLIC ON 'FOREIGN AND DOMESTIC INVESTMENT IN RETAIL SECTOR'

          The Committee has already heard some oral evidence and has also undertaken on-the-spot study visits to some places.  Nevertheless, the Committee would like to receive inputs from a wider cross section of stakeholders and the public at large. 

            The Department Related Parliamentary Standing Committee on Commerce, headed by Dr. Murli Manohar Joshi, M.P., is examining the subject of "Foreign and Domestic Investment in Retail Sector". 

            Those desirous of submitting their views and suggestions to the Committee may send their written memoranda (either in English or Hindi) on the above subject to Shri Surinder Kumar Watts, Director, Rajya Sabha Secretariat, 240, Second Floor, Parliament House Annexe, New Delhi-110001 (Tel: 23034240 and Fax: 23013158) or e-mail at watts@sansad.nic.in within thirty days from the date of publication of this Press Release.  Those desirous of being heard in person may indicate their willingness in their written suggestions/ views. 

            The memorandum submitted to the Committee would form part of the records of the Committee and would be treated as confidential and would not be circulated or disclosed to anyone, violation of which would constitute a breach of privilege of the Committee.

Consultative paper on amendments to SEBI (Prohibition of Insider Trading) Regulations, 1992

Dear All,

 

Consultative paper on amendments to SEBI (Prohibition of Insider Trading) Regulations, 1992

 

Objective of proposed Amendment in SEBI Insider Trading Regulations.  Click the link above.

 

To harmonize requirements of acquisition/sale of shares reported under the SEBI (Prohibition of Insider Trading) Regulations, 1992 and the requirements of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 it was proposed that transaction disclosures made under either regulation (with the same or higher level of disclosure) should be deemed to be good disclosure under the other. It was also proposed to increase the harmonization between the two in terms of threshold limits set.

 

Reduce disclosure time limit under Regulation 13 from total 9 days to 2 days in order to prompt dissemination of price sensitive information and to make it in line with SEBI Takeover regulations.

 

You can send your comment by e-mail upto 26th June, 2008 to jyotis@sebi.gov.in and sunilk@sebi.gov.in

 

Also please find attached Consultative paper for your detailed reference.

 

Thanks & Regards

 Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

[FEMA]Export of Goods and Services - Payments of Claims by Insurance Companies-Write off & deleting export bills from XOS statement

RBI/2007-08/353 A.P. (DIR Series) Circular No. 49 dated 3rd June 2008

Dear All,

 

As per A. P. (DIR Series) Circular No.22 dated September 24, 2003, AD banks were permitted to write off the export bills and delete them from the XOS statement in respect of outstanding export bills where claims were settled by ECGC.

 

Reserve Bank has received representations from Exporters / Trade bodies for extending the 'write off' facility applicable to the claims settled by all insurance companies which are registered with Insurance Regulatory and Development Authority (IRDA). In view of the representations received and in order to liberalise further the procedures, it has been announced in the Annual Policy Statement for the Year 2008-09 (para 133), to permit AD Category – I banks to write off, in addition to the claims settled by ECGC, the outstanding export bills settled by other insurance companies which are regulated by IRDA.

 

Accordingly, AD Category – I banks shall henceforth, on an application received from the exporter, supported by a documentary evidence from ECGC / insurance companies registered with IRDA, confirming that the claim in respect of the outstanding export bills has been settled and that the export incentives, if any, have been surrendered, write-off the relative export bills and delete them from the XOS statement. Such write-off will not be restricted to the limit of 10 per cent indicated in paragraph C 18(b) of the A. P. (DIR Series) Circular No.12 dated September 9, 2000.

 

It is clarified that the claims settled in Rupees by ECGC / insurance companies should not be construed as export realisation in foreign exchange and claim amount should not be allowed to be credited to Exchange Earners' Foreign Currency Account (EEFC) maintained in terms of Regulation 4 of FEMA Notification No.FEMA 10/2000-RB dated May 3, 2000.

 

Thanks & Regards

--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

[FEMA]Overseas Investments - Liberalisation / Rationalisation, Energy & Natural Resource >400%(Networth) - PRBI; Unincorporated Oil Entities by Navratnas,OVL&OIL - Automatic Route & FormODI;for other Indian Entities >400%(Networth) - PRBI&FormODI; FT

Dear All,

  

The RBI has made the following changes in Foreign Exchange Management (Transfer or issue of any foreign security) Regulations, 2001 vide A. P. (DIR Series) Circular No. 48 dated 3^rd June 2008.

Overseas Investment in Energy and Natural Resources Sectors

As you aware of that in terms of A. P. (Dir Series) Circular No. 11 dated September 26, 2007, an Indian Party is allowed to make direct investment in Joint Ventures and / or Wholly Owned Subsidiaries outside India up to 400 per cent of the net worth as on the date of the last audited balance sheet, under the Automatic Route. With a view to provide greater flexibility to Indian parties for investment abroad, it has been decided, in consultation with the Government of India, to allow Indian companies to invest in excess of 400 per cent of their net worth, as on the date of the last audited balance sheet, in the energy and natural resources sectors such as oil, gas, coal and mineral ores. The investments in excess of 400 per cent of the net worth shall be made only with the prior approval of the Reserve Bank.

Investment in Overseas Unincorporated Entities in Oil Sector

As you aware of that In terms of A. P. (DIR Series) Circular No. 59 dated May 18, 2007, Navaratna Public Sector Undertakings (PSUs) are allowed to invest in overseas unincorporated entities in oil sector (i.e. for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits, under the automatic route. This facility is now extended to ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL).

With a view to further liberalise the procedure, it has now been decided, in consultation with the Government of India, to allow a similar facility to other Indian entities (it means including private corporate) to invest in overseas unincorporated entities in oil sector. AD Category – I banks may allow remittance up to 400 per cent of the net worth of the Indian company after ensuring that the proposal has been approved by the competent authority and is duly supported by a certified copy of the Board Resolution approving such investment. Applications by Indian companies, other than by Navaratna PSUs, ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL), for investment in excess of 400 per cent of the net worth of the company as on the date of the last audited balance sheet, in overseas unincorporated entities, where such investments are approved by the Competent authority, should be referred by AD Category - I banks to the Reserve Bank for prior approval, as per the procedure laid down in A. P. (DIR Series) Circular No. 68 dated June 1, 2007.

All investments in unincorporated entities overseas would be required to comply with the reporting requirements as prescribed in Regulation 15 (iii) of Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004], as amended from time to time. Further, all such investments in unincorporated entities overseas by both Navaratna PSUs and other entities will be required to be reported in form ODI, including Annual Performance Report (APR) [cf A. P. (Dir Series) Circular No. 68 dated June 1, 2007.

Capitalisation of Exports

In terms of Regulation 11(1) of Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004], as amended from time to time, an Indian Party making direct investment outside India in accordance with the Regulations, by way of capitalization, in full or part of the amount due to the Indian Party from the foreign entity on account of payment for export of plant, machinery, equipment and other goods / software to the foreign entity, has to obtain the prior approval of the Reserve Bank where such export proceeds have remained unrealized beyond a period of six months from the date of exports. In order to align this provision with the Foreign Trade Policy, Indian parties may, henceforth, approach the Reserve Bank for capitalization of export proceeds only in cases where the exports remain outstanding beyond the prescribed period of realisation.

 

Necessary amendments to Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security), Regulations, 2004] are being issued separately.

 

Thanks & Regards
--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

[FEMA]Export of Goods and Services-Realisation and Repatriation of Export Proceeds <=12 months

 

As per extant provisions of the FEMA, the amount representing the full export value of goods or software exported should be realised and repatriated to India within six months from the date of export.

 

RBI has been receiving representations from Exporters / Trade bodies to extend the period of realisation of export proceeds in view of the external environment. It has, therefore, been, in consultation with Government of India, announced in the Annual Policy Statement for the Year 2008-09 (para 134) to enhance the present period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export, subject to review after one year.  To give effect above said amendment RBI vides its A. P. (DIR Series) Circular No. 50 dated 3d June 2008 has made necessary changes in the relevant guideline. The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in Special Economic Zone (SEZ) as well as exports made to warehouses established outside India with the permission of Reserve Bank remain unchanged.

Thanks & Regards

--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

[FEMA]ECB by Services Sector <= USD 100million - Approval Route

Dear All,

 

External Commercial Borrowings (ECB) by Services Sector -Liberalization

As per present ECB guidelines, borrowers in the services sector are not eligible to avail ECB under the Automatic Route.

Vide A P. (DIR Series) Circular No. 46 dated 2^nd June 2008, It has been decided, in consultation with the Government of India, to allow entities in the service sector viz. hotels, hospitals and software companies to avail ECB up to USD 100 million, per financial year, for the purpose of import of capital goods under the Approval Route. All other aspects of ECB policy shall remain unchanged.

It is also clarified that the existing guidelines on trade credit, allowing companies including those in the services sector, to avail trade credit up to USD 20 million per import transaction, for a period less than 3 years, for import of capital goods, shall continue.

This amendment to ECB guidelines will come into force with immediate effect.

Necessary amendments to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 dated May 3, 2000 are being issued separately.

Also you can refer earlier AP DIR Circulars (A. P. (DIR Series) Circular No. 87 dated April 17, 2004].  A. P. (DIR Series) Circular No. 5 dated August 1, 2005 for your better understanding.

Thanks & Regards
--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

Non Deposit taking, Systematically Important Non Banking Financial Company (NBFC ND SI), Asset Size >= 100 crores - RBI draft guidelines

The Reserve Bank of India (RBI) placed on its website draft guidelines in respect of capital adequacy, liquidity and disclosure norms of non-deposit taking, systemically important non-banking financial companies (NBFC-ND-SI) for public comments. In keeping with its consultative approach, the Reserve Bank has placed the draft guidelines on its website (www.rbi.org.in) for study by a wider audience. Comments/suggestions may be sent to the Chief General Manager-in-Charge, Department of Non-Banking Supervision, Reserve Bank of India, Central Office, 2nd Floor, Centre-I, World Trade Centre, Cuffe Parade, Mumbai-400005 or by email at the earliest but within 30 days of the publication of the guidelines.

It may be recalled that an announcement was made in Annual Monetary Policy Statement of 2008-09 (paragraph 216) that  "it is observed that many systemically important non deposit taking NBFCs are highly leveraged and  use short term sources to fund their activities. In light of international developments and increasing exposure to these systemically important NBFCs, it has now been decided to review the regulations in respect of capital adequacy, liquidity and disclosure norms. Revised instructions will be issued by May 31, 2008."

 

Please find attached herewith said guideliens for your comment.

 

Source: RBI Press Release : 2007-2008/1540 dated 2nd May 2008

[FII, Participatory Notes, Sub Account Registration,ODI, AMC & PIM by NRI, CIS]Amendment to SEBI (Foreign Institutional Investors) Regulations, 1995

Amendment to SEBI (Foreign Institutional Investors) Regulations, 1995

Thanks, Lucknow CA Group

SEBI, vide Notification dated May 22, 2008 has amended SEBI (Foreign Institutional Investors) Regulations, 1995.

The salient features of the amendments are as under:

v The policy measures on Offshore Derivative Instruments (Participatory Notes) and changes to the registration criteria specified in SEBI Press Release dated October 25, 2007 have been incorporated in the regulations.

v In order to streamline the process of registration, the Application Forms for grant of registration as a FII and Sub Account have been modified.

v An asset management company, investment manager or advisor or an institutional portfolio manager set up and/ or owned by non resident Indians (NRIs) shall be eligible to be registered as FII subject to the condition that they shall not invest their proprietary funds. This has been enabled by suitable modification to Explanation II under Regulation 13 of the said regulations.

v The type of securities in which FIIs are permitted to invest has been widened to include schemes floated by a Collective Investment Scheme.

Click to read The amended regulations

Further,

Foreign Institutional Investors & Custodians Division
Investment Management Department
Website: www.sebi.gov. in Fax: 022 26449026
Circular No. IMD/FII & C/ 28 /2008
27th May 2008

To
All Foreign Institutional Investors, and
Custodians of Securities

Dear Sir/Madam,
Undertakings for ODI activity

In partial amendment to SEBI circular reference no IMD/CUST/15/ 2004 dated April 02, 2004, the undertaking required to be provided by the Foreign Institutional Investors (FIIs) and their sub-accounts with respect to the offshore derivative instruments (ODIs) is being revised to state the following w.e.f the Monthly ODI Report from May 2008:

“We undertake that we/ our associates have not issued/ subscribed/ purchased any of the offshore derivative instruments directly to/ from Non Resident Indians/ Indian Residents.”

Further, the following statement may also be included in the monthly ODI report, henceforth

“As of ____________ *, our assets under custody (AUC) in the Indian securities market amount to Rs.________crore and the total value of outstanding offshore derivative instruments issued by us as a percentage of AUC is ____ percent.”

* last date of the monthly reporting period to be mentioned.

This circular is being issued under Regulation 20A of the SEBI (Foreign Institutional Investors) Regulations 1995.

A copy of this circular is available at the web page “F.I.I.” on our website www.sebi.gov. in. The custodians are requested to bring the contents of this circular to the notice of their FII clients.

Rajasthan - Bhilwara, Jaipur, Jodhpur and Udaipur Examination Centres ICSI sudents, Company Secretary Exam optional centres June 2008

 

COMPANY SECRETARIES Exams to be held

                                                   as scheduled FROM 2^ND TO 10^TH JUNE, 2008

 

 

The Company Secretaries (CS) Examination for the Foundation, Intermediate and Final Courses will be held from 2^nd to 10^th June, 2008 as scheduled, at 66 Examination Centres all over India and one Overseas Centre at Dubai.

 

In view of the prevailing situation in some parts of Rajasthan, students enrolled from Bhilwara, Jaipur, Jodhpur and Udaipur Examination Centres have been allowed additional option to appear from any nearby/other Examination Centre of the ICSI in India on production of Admission Certificate.

[USD20million to USD50/100million] External Commercial Borrowing (ECB) policy liberalisation [amendment]

RBI/2007-08/339 A.P.(DIR Series) Circular No.43

To

All Category-I Authorised Dealer Banks

Madam/Sir,

External Commercial Borrowings Policy: Liberalisation

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A. P. (DIR Series) Circular No. 5 dated August 1, 2005, A. P. (DIR Series) Circular No. 60 dated May 21, 2007 and A. P. (DIR Series) Circular No. 4 dated August 7, 2007 relating to External Commercial Borrowings (ECB).

2. Based on a review, it has been decided to modify some aspects of the ECB policy as indicated below:

(a) At present, borrowers proposing to avail ECB up to USD 20 million for Rupee expenditure for permissible end-uses require prior approval of the Reserve Bank under the Approval Route. It has been decided that, henceforth,

(i) borrowers in infrastructure sector may avail ECB up to USD 100 million for Rupee expenditure for permissible end-uses under the Approval Route;

(ii) in the case of other borrowers, the existing limit of USD 20 million for Rupee expenditure for permissible end-uses under the Approval Route has been enhanced to USD 50 million.

(b) The all-in-cost ceilings in respect of ECB are modified as follows:

Average Maturity Period	All-in-Cost ceilings over 6 Months LIBOR*
	Existing	Revised
Three years and up to five years	150 bps	200 bps
More than five years	250 bps	350 bps

s* for the respective currency of credit or applicable benchmark

The above changes will apply to ECB both under the automatic route and the approval route.

3. This amendment to ECB guidelines will come into force with immediate effect. All other aspects of ECB policy such as USD 500 million limit per company per year under the Automatic Route, eligible borrower, recognised lender, end-use of foreign currency expenditure for import of capital goods and overseas investments, average maturity period, prepayment, refinancing of existing ECB and reporting arrangements remain unchanged.

4. Necessary amendments to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 dated May 3, 2000 are being issued separately.

5. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

6. 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.

[FEMA]Foreign Exchange Management (Deposit) Regulations, 2000 – Amendment

Dear All,

As you may be aware of that as per existing Schedule I ( giving the permissible credits to the Non-Resident (External) Rupee (NRE) account) to the Foreign Exchange Management (Deposit) Regulations, 2000 [Notification No. FEMA 5/2000-RB dated May 3, 2000], as amended from time to time, . Further, in terms of Anti-Money Laundering guidelines [cf A. P. (DIR Series) Circular No. 14 dated October 17, 2007], FFMCs are permitted to encash foreign currency and make cash payment only up to USD 3000 or its equivalent. Amount exceeding USD 3000 or its equivalent has to be paid by way of demand draft or bankers' cheque.

RBI vide its A. P. (DIR Series) Circular No. 45 dated 30th May 2008 as a measure of liberalization and also to meet the genuine needs of the NRE account holders, it has been decided that AD Category – I banks and authorized banks may credit proceeds of 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. So, now there is no question of limit for encashment.

Thanks & Regards
--
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

[FEMA][Revised FC-GPR, KYC report & FIRC]Reporting under FDI Scheme - Revised procedure - Amendment

Dear All,

Reporting under FDI Scheme - Revised procedure

Circular Summary by Mr. G. Thirupal, Practising Company Secretary

In a nut shell,
-Format is prescribed for Advanced Reporting
-Advanced reporting should be signed by Authorised Dealer, apart from company
-Advanced report is routed through Authorised Dealer
-KYC made must for allotments in specific format
-KYC should be signed by the remitting bank on behalf of the non resident
-FC-GPR is revised comprehensively
-Now FC-GPR should be filed with RBI directly
-Practising Company Secretaries are recognized in providing certificates.

The RBI vide its APDIR Circular No.44 dated 30th May 2008 amended provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, to modify reporting requirement through Form FC-GPR.

As you aware that In terms of para 9 (1) A of Schedule I to the Notification, Indian companies are required to report the details of the amount of consideration received for issuing shares and convertible debentures under the Foreign Direct Investment (FDI) scheme to the Regional Office of the Reserve Bank in whose jurisdiction the Registered Office of the company operates, within 30 days of receipt of the amount of consideration. Further, in terms of Para 9 (1) B of Schedule ibid, the companies are required to report the details of the issue of shares / convertible debentures in form FC-GPR, to the Regional Office concerned, within 30 days of issue of shares / convertible debentures.

Further, RBI vide its A. P. (DIR Series) Circular No.40 dated April 20, 2007 has revised FC-GPR In order to capture the details of FDI in a more comprehensive manner. The reporting framework was again reviewed and further revisions were proposed and the revised draft of form FC-GPR was placed in public domain on March 14, 2008 inviting feedback from the public. Based on the feedback received, form FC-GPR has been revised. The revised form is enclosed at Annex I. Further, a standard format for reporting of the receipt of the amount of consideration for issue of shares / convertible debentures has been prescribed as Annex II. A format for the KYC report on the non-resident investor from the overseas bank remitting the amount required to be submitted along with the form FC-GPR has also been introduced (Annex III). The KYC report should, henceforth, be submitted at the time of reporting the receipt of the amount of consideration from the non-resident investor.

Accordingly, Indian companies are required to report the details of the receipt of the amount of consideration for issue of shares / convertible debentures in Annex II, together with a copy/ies of the FIRC/s evidencing the receipt of the remittance along with the KYC report on the non-resident investor in Annex III, through an AD Category – I bank, not later than 30 days from the date of receipt of the amount of consideration. The report would be acknowledged by the Regional Office concerned, which would allot a Unique Identification Number (UIN) for the amount reported.

The details of the issue of shares / convertible debentures should, henceforth, be reported in the revised form FC-GPR (Annex I). While forwarding form FC-GPR to the Regional Office concerned, the AD Category – I bank should ensure that the UIN is correctly indicated in the form. It is also clarified that the annual report of all investments which is to be filed in Part B of the revised form FC-GPR, which is hitherto to be submitted by June 30 every year, would now have to be submitted by July 31 every year.

Thanks & Regards
Alagar
Investment Banking
Karvy Investor Services Limited
Chennai
Tel: 044-28151034/3445/3658
Moble: 919884731993/ 919790906827
e-mail: alagar.muthu@karvy.com

Agricultural Debt Waiver and Debt Relief Scheme, 2008

RBI / 2007-2008/ 330
RPCD.No.PLFS. BC.72 /05.04.02/2007- 08 - 23/5/08

The Chairman/Managing Director
All Scheduled Commercial Banks (including Local Area Banks)

Dear Sir,

Union Budget – 2008-09 – Agricultural Debt Waiver and Debt Relief Scheme, 2008

As you are aware, the Hon'ble Finance Minister, in his Budget Speech (paragraph 73) for 2008-09 has announced a debt waiver and debt relief Scheme for farmers, for implementation by all scheduled commercial banks, besides RRBs and co-operative credit institutions.

2. The detailed Scheme notified by the Government of India along with necessary explanations is enclosed. The scheduled commercial banks (including Local Area Banks) may take necessary action towards implementation of the Scheme at the earliest. The implementation of the Debt Waiver and Debt Relief Scheme should be completed by June 30, 2008.

3. Further communication in respect of this Scheme would follow.

4. In case of RRBs and co-operatives, a separate circular is being issued by NABARD.

Find the Scheme here

SEBI-Simplification of Offer Document and Key Information Memorandum of Mutual Funds Scheme

SEBI/IMD/CIR No. 5/126096/08 - May 23, 2008

To,

All Mutual Funds Registered with SEBI

Association of Mutual Funds in India (AMFI)

Sub: Simplification of Offer Document and Key Information Memorandum of Mutual Funds Scheme

1. All offer documents (ODs) of Mutual Fund schemes filed with SEBI in terms of Regulation 28 (1) of SEBI (Mutual Funds) Regulation 1996 (hereinafter referred to as Regulation) are prepared as per the format prescribed in circular dated March 31, 1998. The format for memorandum containing key information (Key Information Memorandum/KIM) of Mutual Fund schemes is prescribed in the circular dated July 28, 2004.

2. AMFI had set up a committee to examine the ways of simplification of OD and KIM to make it more reader friendly. The committee recommended that the existing OD may be split into two parts i.e. Statement of Additional Information (SAI) and Scheme Information Document (SID). SAI shall incorporate all statutory information on Mutual Fund.

3. The formats of Standard OD and KIM specified through circulars dated March 31, 1998 and July 28, 2004 respectively stand revised. Henceforth, Mutual Funds shall prepare SID, SAI and KIM in the simplified format enclosed with the circular. Contents of SID,SAI, and KIM shall follow the same sequence as prescribed in the format.

4. Applicability

i. All ODs of mutual fund schemes filed with SEBI in terms of Regulation 28 (1) on or after June 1, 2008, shall be prepared in the aforesaid format. Accordingly, the format of SID, SAI and KIM enclosed here shall be applicable for draft OD filed with SEBI on or after June 1, 2008.

ii. OD of any scheme already filed with SEBI and for which SEBI has not yet suggested modifications as required under Regulation 29 (2) shall, as far as possible, be recast in the format of the SID and SAI after receiving observations (final) from SEBI.

iii. The schemes for which the observations (final) have already been received from SEBI, can use the old format of the OD, if they are launched on or before July 31, 2008. Such schemes which are launched with the old format of the OD shall adopt the SID along with the other schemes as mentioned in clause v.

iv. A single SAI (common for all the schemes) shall be filed with SEBI as a one time filing. The SAI shall be filed along with first draft SID for any scheme filed on or after June 1, 2008. The SAI can also be filed separately in case no scheme draft SID has been filed with SEBI as soon as possible but not later than July 31, 2008. After receiving the comments, if any, from SEBI, AMC shall upload the SAI on its website.

5. The existing schemes shall adopt the SID and KIM format as soon as possible but not later than 12 months from the date of issuance of this circular. A confirmation in this regard shall be given in the half yearly trustee report.

5. Updation of SID and KIM – Henceforth, clause 1 of circular dated February 9, 2001 pertaining to 'Updating the offer document on a continuous basis' shall not be applicable. The procedure for updation of SID and KIM shall be as follows:

i. For the schemes launched in the first half of a financial year, the SID shall be updated within 3 months from the end of the financial year. However, for the schemes launched in the second half of a financial year, SID shall be updated within 3 months of the end of the subsequent financial year. (For example, for a fund launched in May, 2008 the SID shall be updated by June 30, 2009 and for a fund launched in December 2008, the SID shall be updated by June 30, 2010) Thereafter, the SID shall be updated once every year.

ii. The procedure to be followed in case of changes to the scheme shall be as under:

a. In case of change in fundamental attributes in terms of Regulation 18 (15A) SID shall be revised and updated immediately after completion of duration of exit option.

b. In case of other changes:

· The AMC shall be required to issue an addendum and display it on the website.

· The addendum shall be circulated to all the distributors/ brokers/Investor Service Centre (ISC) so that the same can be attached to all KIM and SID already in stock till it is updated.

· Latest applicable addendum shall be a part of KIM and SID. (For e.g. in case of changes in load structure the addendum carrying the latest applicable load structure shall be attached to all KIM and SID already in stock till it is updated).

· A public notice shall be given in respect of such changes in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of region where the Head Office of the Mutual Fund is situated.

· Further account statements shall continue to include applicable load structure.

iii. A copy of all changes made to the scheme shall be filed with SEBI within 7 days of the change.

iv. KIM shall be updated at least once a year and shall be filed with SEBI forthwith.

6. Updation of SAI – The procedure for updation of SAI shall be as follows:

i. Mutual Funds shall be required to prepare SAI and upload the same on their website and on AMFI website. The printed copy of the same shall be made available to the investor on request. SAI shall be updated within 3 months from end of financial year and filed with SEBI.

ii. Any material changes in the SAI shall be made on an ongoing basis by way of updation on the Mutual Fund and AMFI website. SEBI shall be intimated of the changes made in the SAI within 7 days. The effective date for such changes shall be mentioned in the updated SAI.

7. Other requirements

i. Application forms for schemes of mutual funds for which the offer documents are filed with SEBI shall be accompanied by the KIM in terms of Regulation 29 (4). KIM shall be printed at least in 7 point font size with proper spacing for easy readability.

ii. With effect from June 1, 2008, draft SID of schemes of mutual funds filed with SEBI shall also be available on SEBI's Internet site – www.sebi.gov. in for 21 working days from the date of filing. AMC shall submit a soft copy of SID to SEBI in HTML or PDF format, for this purpose. AMC shall be fully responsible for the contents of soft copies of the SID. AMC shall also submit an undertaking to SEBI while filing the soft copy of SID certifying that the information contained in the soft copy matches exactly with the contents of the hard copy.

iii. SID must reach SEBI before it is issued for circulation. If the printed SID is at variance with the SID which has been filed with SEBI and the variation is in the nature of material alteration or the suggestions made by SEBI under Regulation 29 (2), SEBI shall order immediate withdrawal of the SID from circulation and shall publicise such withdrawal of the SID.

iv. Validity of SID – The scheme shall be launched within six months from the date of the issuance of observations (final) from SEBI. If the AMC intends to launch the scheme at a date later than six months, a fresh SID under Regulation 28 (1) alongwith filing fees shall be filed with SEBI. Further, it is clarified that the mutual funds must file their replies to the modifications suggested by SEBI on draft SID as required under Regulation 29 (2), if any, within six months from the date of the letter. In case of lapse of six-month period, the mutual funds shall be required to file fresh SID alongwith filing fees.

8. Standard Observations – In order to ensure minimum level of disclosures in the SID and SAI, the revised and updated format of Standard Observations as on date of issuance of this circular are enclosed. SEBI may revise the Standard Observations from time to time and in that case the date of revision shall also be mentioned. While filing the SID and SAI, AMC shall highlight and clearly mention the page number of the SAI and SID on which each standard observation has been incorporated.

9. Easy Availability of Offer Document – It has been observed that the ODs are not readily available with all distributors/ISCs of Mutual Funds and investors find difficult to get the same. Trustees and AMCs shall ensure that the SID of the schemes and SAI are readily available with all the distributors/ISCs and confirm the same to SEBI in the half yearly trustee report.

10. SEBI circulars IMARP/MF/CIR/ 06/793/98 dated March 31, 1998, MF/CIR/12/109/ 2000 dated February 22, 2000, MFD/CIR No.2 / 205 /01 dated April 27, 2001, MFD/CIR/ 06 / 275 / 2001 dated July 9, 2001 and SEBI/IMD/CIR No.10/16521/ 04 dated July 28, 2004 stand withdrawn.

11. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Corporate Legal Quiz & Company Secretary (ICSI) exams

Yes,

Exams r very nearing.

Now, refresh your memory, start popping up with answers. Its all on Corporate Laws.

Professional Colleagues, please "add your question & answers" for CS friends benefit.



Get enthused for exams.

Keep quizzin...

Two Indian cos cannot seek international commercial arbitration - SC

Two Indian cos cannot seek international commercial arbitration - SC

Thanks Mr. Dattari of CS Mysore group for this information.

The Supreme Court has ruled that two Indian companies locked in a dispute cannot seek international commercial arbitration, as it tantamounts to condoning the home country's law.

While dismissing a plea by TDM Infrastructure Pvt Ltd for international commercial arbitration (ICA), a bench headed by Justice S B Sinha said: "A companyincorporated in India can only have Indian nationality... Hence, where both parties have Indian nationalities, then the arbitration between such parties cannot be said to be an ICA."

Stating that determination of nationality of the parties played a crucial role in the matter of appointment of an arbitrator, the court said the Chief Justice of India or his designate must bear in mind the nationality of an arbitrator.

Noting that the domicile of a company being an artificial person would depend upon the nature and purport of the statute, it said the nationality of a company is determined by the law of the country in which it is incorporated and from which it derives its personality.

However, for the purpose of taxation, test of residence may not be registration, but where the company does its real business and where the central management and control exists.

"The intention of the legislature appears to be clear that Indian nationals should not be permitted to derogate from Indian law. This is part of the public policy of the country," Justice Sinha observed, adding a distinction, thus, exists in law between a nationality and the residence.

Company Secretary (CS) exams, All the Best!

Yes CS friends,

You are going to enjoy the season, exams are nearing. Get only the positive vibes. Your aim is only to attend the exams at your best. Forget everything, now hero is you & the heroine is your CS exams, atleast till the end of your last exam.

Comeon, its only you & your exam in the exam hall, nobody is going to help you. Just take the maximum advantage of the exams.

Wishing you all the very best, Results are force majeure (act of God), so, the only thing, you have to do is, write your exams to your fullest satisfaction.

I feel the enclosed articles, which was publised in CS Mysore 52nd Newsletter may be helpful, as a last minute enthusiaser for & during the exams.

You may access the same following, Enjoy Passing.

Do communicate & say, Yes, you are the one who has proudly attended the ICSI exam ! there is the Victory...