Skip to main content

Sebi extends deadline for stockbrokers to set up records of client orders

Sebi extends deadline for stockbrokers to set up records of client orders
Sebi has extended till 1 April deadline for stockbrokers to comply with the requirement of keeping evidence of every instruction given by clients for equity and equity derivative trades
The Securities and Exchange Board of India (Sebi) on Thursday extended the deadline for stockbrokers to comply with the requirement of keeping evidence of every instruction given by clients for equity and equity derivative trades. This rule will now be applicable from 1 April, instead of the earlier specified date of 1 January
On 26 September, the markets regulator had directed all brokerages to compulsorily record every phone call of their clients or keep evidence of all trade-related instructions in writing, email or text message formats in a bid to prevent any risk arising from unauthorized trading.
The market watchdog had also directed brokerages to keep a record of the logs of internet transactions by their clients and all other legally verifiable records for share transactions.
On 10 November, Mint reported that bourses and brokers were protesting the Sebi order, claiming it was impossible to have adequate phone recording systems at every terminal with sufficient accuracy of voice identification and then retrieve such records.
On Thursday, Sebi said in a circular that it had received representations from the BSE Brokers Forum and the Association of National Exchanges Members of India expressing difficulties in implementing the circular. Sebi said it would grant no further extension than 1 April.
In its September circular, Sebi had put the onus on stock brokers to produce proof of clients’ activities in the event of any dispute arising out of a stock trade.
The Mint, New Delhi, 12th January 2018 

Comments

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…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit