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Task force to review I-T laws gets 3 months more The task force rewriting the income-tax laws has been granted three months more till August to submit its report to the government, the finance ministry said on Tuesday. The finance ministry had in november last year set up the task force to draft direct tax laws in line with laws prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country. The panel, under Central Board of Direct Taxes(CBDT) member arbind  modi, set up to draft a law to replace the income Tax Act, which has beene in force since 1961, was to submit its repport by this month-end "The Government has extended the term of said Task force by a period of three month," the CBDT said in a statement. In March this year, the task force had sought stakeholders' feedback oon their experienc of filing income returns on the I-T portal as well as scrutiny procedure and levy of penalty. In sought t

NSE sues Singapore Exchange in the Bombay HC over India product launch The NSE is trying to stop SGX from launching derivatives that could replace the Nifty 50 contracts that have traded in the city-state for 18 years. The National Stock Exchange (NSE) has sued the Singapore Exchange (SGX) in the Bombay High Court, escalating a dispute that threatens to leave international investors without one of the world’s most widely used offshore futures contracts. The NSE is trying to stop SGX from launching derivatives that could replace the Nifty 50 contracts that have traded in the city-state for 18 years. Global funds use these instruments to hedge their positions in one of Asia’s biggest equity markets. Indian exchanges ended agreements that allowed offshore derivatives in February, leaving SGX and others scrambling This is a big mess. I can’t see how SGX would go through with the launch when this is in the air. There’s a lot of gray here, because if investors do trade the new contra

SEBI to ease norms for MF in derivative investment by raising cap on F&O Sebi has also reached out to other regulators including RBI, IRDAI asking them to consider relaxing the derivative investment rules for institutions under their jurisdictions Market regulator the Securities and Exchange Board of India (Sebi) is planning to ease the norms for mutual funds (MF) participation in the derivative markets. According to the sources, the regulator is considering measuring such as, allowing domestic funds to 'write' options and increasing cap on F&O investments. The move is a part of Sebi’s efforts to deepen the Indian derivative markets. Until now, Sebi has adopted a cautious approach towards allowing MFs to invest in derivatives since the asset class is considered highly risky compared to equities or debt. Currently, there are several restrictions on MF investments in equity derivatives. For instance, current rules permit MFs to invest in derivatives only for hedgi

Cabinet may consider amendments to Insolvency & Bankruptcy Code today The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session.T he Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday. The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said. A draft note circulated to various stakeholders says it is looking at treating homebuyers on a par with financial creditors in legal rights of insolvent firms. This was also a recommendation of a committee, set up to review the insolvency law under the chairmanship of Corporate Affairs Secretary Injeti Srinivas. The panel had also suggested Section 29A clause in the insolvency law be made less stringent. It lists entities barred from bidding for companies under insolvency. The Centre is considering this proposal as well, sources said. The idea is to limit the prohi