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Showing posts from July 14, 2015

Exchanges fine companies for not having women directors

The BSE, Asias oldest stock exchange, has penalised 530 firms for not appointing women on their boards. Similarly, the National Stock Exchange ( NSE) has sent notices to 260 companies, an NSE spokesperson said. Metropolitan Stock Exchange of India ( MSEI), formerly known as MCX Stock Exchange, has sent notices to three companies, its spokesperson said. The Securities and Exchange Board of India ( Sebi), the capital markets regulator, had asked all listed companies to make these appointments by March 31, 2015. Sebi had prescribed an escalating penal structure for those not meeting the deadline. Those complying between April 1 and June 30, were to pay a fine of Rs.50,000. The BSE has 5,711 companies listed on it, while the NSE has about 1,300. MSEI has 108. Sebi had ordered a daily penalty of Rs.1,000, in addition to Rs.50,000 fine, on those who miss the June deadline. Business Standard, New Delhi, 14th July 2015

Sebi raises derivatives contract size to Rs.5 lakh

The Securities and Exchange Board of India, in a circular on its website, said it had raised the minimum size of equity derivatives contracts to Rs.5 lakh, from Rs.2 lakh at present. The revision will be made effective from the next trading day after expiry of October 2015 contracts. Business Standard, New Delhi, 14th July 2015

Updates of the Day !!!!!

1. CBDT released notification No. 2/2015 Dated 13-July-2015 on Electronic verification Code (EVC) for verification of ITR's. On the basis of –
a) internet banking ,
b) AADHAR authentication ,
c) Bank ATM card and
d) email and mobile number (where income is below Rs 5 lakhs).
2. File TDS return for the quarter ended on 30th June, 2015 by 15th July, 2015 and Avoid inconvenience and fine.
3. Input Credit is admissible even if Inputs are discarded during manufacturing process. [Union of India v/s. Asahi India Safety Glass Ltd [(2015) 58 taxmann.com 237 (Supreme Court)].
4. SSI exemption available to job worker on goods manufactured under brand name of principal manufacturer [Vir Rubber Products P. Ltd. v/s. CCE (Supreme Court)].
5. RBI introduces 2 new annual return forms NBS8 and NBS9 for NBFC- ND with assets size of Rs100-500 Crore and with assets size below Rs 100 Crore Respectively Notification of 09.07.2015.
6. NIRC of ICAI is organising Seminar on Banking on 18 July at 10 AM at Hotel Le…