Skip to main content

Sebi gives more time to brokers for data on clients’ funds

Sebi gives more time to brokers for data on clients’ funds
Stock brokers can submit monthly data on their clients’ funds to the exchanges within three trading days after the month-end, the Securities and Exchange Board of India (Sebi) said on Monday. Currently, brokers need to submit this data by the next trading day.

Sebi received representations from the exchanges expressing operational difficulties faced by the brokers on uploading data of the clients.

Accordingly, Sebi asked them to “submit the data as on the last trading day of every month to the stock exchanges on or before the next three trading days till March 31, 2018”. After that, the uploading of that data by the broker to the exchanges will be on weekly basis.

BSE asks brokers to submit info on surplus, loss by Oct 31

To keep a check on the financial strength of brokers, the BSE has asked its members to submit details about surplus, accumulated loss in a prescribed format by October 31. Besides, they need to provide data about share capital; collaterals and margins from customers; value of loans given to group companies; and value of investments in group firms. In a circular, the exchange has asked brokers to submit the information for the period 2015-16 and 2016-17. “Due date for the submission of the details is October 31, 2017,” BSE said.

The Business Standard, New Delhi, 26th September 2017


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Firms with sales below Rs.50 crore out of ambit

The tax department has reiterated that the PoEM rules, which require foreign firms to pay taxes in India if the effective control is here, will not apply to companies withaturnover of Rs.50 crore or less inafinancial year. Last month, the tax department had come out with the longawaited Place of Effective Management (PoEM) rules, which require foreign companies in India and Indian firms with overseas subsidiaries to pay local taxes if their businesses are effectively controlled by Indians. Then the rules did not setathreshold above which they were to apply. However, the accompanying press release states that the rules will not apply to companies withaturnover of up to Rs.50 crore inayear. That created confusion whether the threshold will be adhered to. Inacircular to clarify things, the Central Board of Direct Taxes (CBDT) said the provision "shall not apply toacompany havingaturnover or gross receipts of ~50 crore or less inafinancial year".

PoEM rules essentially target shell …