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Showing posts from September 12, 2018

Co-location case: Sebi directs senior NSE officials to stay 'out of action'

Securities and Exchange Board of India (Sebi) has directed the NSE to keep four senior officials, served show-cause notices (SCN) in the co-location case, out of action. Sources said these four key managerial personnel (KMP) will have to remain out of the bourse’s “sensitive” and “confidential” matters until the probe is complete. The move is to ensure a fair trial in the colo case, which is nearing conclusion. “These KMP have also been directed to recuse themselves from key decisions of the NSE. Further, they have been told not to participate in any of the core activities,” said a regulatory official. Meanwhile, the NSE has filed another consent application with Sebi based on fresh SCNs served on July 4. Notices have also been served to about 20 individuals. These include Ravi Varanasi, the exchange’s chief of business development, and Suprabhat Lala, senior vice-president (regulatory and investor services cell). Sebi had, in March, returned the NSE’s previous consent application citin…

White Goods Cos Not Passing on GST Benefits Come Under Lens

India’s antiprofiteering officials will look into complaints alleging that many consumer goods companies have not fully passed on a recent reduction in the goods and services tax on their products to consumers. According to the complaints, some makers of refrigerators, televisions, washing machines and water heaters haven’t reduced the prices of their products to reflect the cut in GST to 18% from 28%. However, white goods companies said the entire benefit has been passed on. “We have received many complaints... These will be looked into as per the process,” said a senior official with the National Anti-Profiteering Authority, the government entity that ensures traders don’t realise unfair gains by charging high prices from consumers in the name of GST. The GST Council, which administers the tax, cut the rate for a host of white goods to 18% from 28% on July 21. Companies were directed to affix stickers with the new prices on old stock to ensure that the tax cuts are passed on to consu…

Amidst falling rupee, RBI adds another 6.8 tonnes of gold to forex reserves

AmidstCentre may be gradually adding gold equivalent to the sale of sovereign gold bonds, says an analyst Rajesh Bhayani.The Reserve Bank of India (RBI) is becoming consistent in adding gold to its foreign currency reserves. In July the central bank added 6.8 tonnes, the highest monthly accretion after 2009. This came at a time when the central bank spent more than $25 billion defending the falling rupee. After buying 200 tonnes from the International Monetary Fund in 2009, the RBI made its first token purchase in December last year with 300 kg and then added more than 2.2 tonnes in March this year. In 2018-19, in four months, it added 12.7 tonnes, of which 11.2 tonnes was purchased in June and July, according to the data released by the World Gold Council. Analysts tracking the international gold reserves say the RBI’s action shows it is buying gold and adding it to its reserves without disturbing markets. The need was felt because Russia, Turkey and even China, along with some other …