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Showing posts from December 28, 2015

Sebi mulls collective issue of orders, not via a single officer

In a bid to improve accountability and ensure every order is looked upon as a regulatory action, the Securities and Exchange Board of India ( Sebi) might get its orders passed by a panel. Currently, orders are passed by a single officer from one department. “To make orders a collective responsibility of the regulator and to prevent one officer from being singled out, we are mulling to have a panel to pass orders,” said a source. Another source says this would increase the quality of orders and ensure different perspectives are taken into account while issuing these. “ We want to have orders with more of quasi- judicial quality. Being passed by a panel would make sure these cannot be questioned easily,” added the person. This was suggested by some independent members who are a part of the Sebi board of directors. Lawyers agree this would help improve the applicability. “It will bring more perspective.Ideally, this panel should include at least three officers and one of them should be from …

Approves IPO reform proposal, new system could start by March

Chinas top legislature on Sunday approved a proposal to revamp the countrys initial public offering ( IPO) system, authorising the government to implement changes to the system that could be in place as early as March, the official Xinhua news agency said. The State Council, or cabinet, had been awaiting approval on its plans to shift to aUS- style registration system for stock market floations. In the latest reform aimed at developing Chinas financial market, the changes are expected to help companies raise money more efficiently and reduce the involvement of regulators in the capital market. The widely expected approval by the National Peoples Congress, announced on Sunday, paves the way for regulators to draft detailed rules that will be implemented after seeking public feedback. Xinhua reported the approval on its official microblog. The next step for the State Council is to come up with specific details of the new IPO system. The cabinet could do so and implement a new IPO mechanism …

Updates of the day...

Updates Of the Day

1.Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.
2.Disallowance cannot be made of expenditure not claimed as deduction in profit and loss account. [ITAT Delhi: Sunaina Tower Pvt. Ltd. vs. ACIT.]
3.Interest in leasehold property includable in net wealth of assessee if he exercises power of owner on it. Bombay High Court: Jaya Hind Sciaky Limited.
4.Government of the Republic of India and the Government of the Republic of Macedonia enters DTAA for the avoidance of double taxation. Notification No. 94/2015.
5.SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297/2015.

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