CA Online

  Mumbai: The Securities and Exchange Board of India (Sebi) will now send show cause notices, summons and orders to securities law offenders via instant messaging platforms such as WhatsApp, Telegram and Signal, a move that will make the processes speedier and efficient.This will be in addition to the normal mode of communication including electronic mail, registered post, courier and fax.   "The law and regulation concerning the securities market and the regulatory framework continues to see dynamic changes from time to time," said Zerick Dastur, founder of Zerick Dastur, advocates and solicitors. "In an effort to smoothen the system of adjudication and issuance of timely processes, the manner of service of notices and orders has also undergone changes to meet with the needs of time."   A bench of Chief Justice S A Bobde, and Justices R S Reddy and A S Bopanna agreed with the suggestions of attorney general K K Venugopal and solicitor general Tushar Mehta that noti

  Even as the indirect tax department initiated investigations against several crypto exchanges for escaping Good and Services Tax (GST) liability, it may have also set a precedent around the categorisation of crypto assets for taxation.Legal experts have long debated on the categorization - and tax treatment - of cryptocurrencies. They are yet to converge on whether a cryptocurrency is indeed a currency, a commodity, a service, or something else.   The Directorate General of GST Intelligence (DGGI) conducted searches and raids on several crypto exchanges and asked them to pay GST on their transaction fees or margins.The tax department's stand, say tax experts, could mean that at least part of what exchanges provide can be categorised as services. "GST on cryptocurrency has been a subject matter of dispute from the taxability and valuation perspective," said Abhishek A Rastogi, Partner at Khaitan NSE 0.53 % & Co. "Transaction fees are always paid by senders; thes

  Setting the ball rolling on digital payments through the offline mode, the Reserve Bank of India (RBI) on Monday released a framework for such payments, wherein it stated that the upper limit of an offline payment transaction will be Rs 200, the overall limit Rs 2,000 on a payment instrument at any point in time until the balance in the account is replenished.Offline payments can be made using any channel or instrument like cards, wallets, and mobile devices, the RBI had stated.   According to the RBI, an offline payment means a transaction not requiring internet or telecommunication (telecom) connectivity to take effect.“Offline transactions are expected to give digital transactions a push in areas with poor or weak internet or telecom connectivity, particularly in semi-urban and rural areas,” the RBI said.   In October last year, the central bank had indicated that it would come up with a framework for carrying out small-value digital payments in the offline mode across the country

  The CAG has pulled up the union government for adopting an erroneous process of devolution of IGST to states and short-transfer of cesses to reserve funds, which resulted in under-reporting of deficit figures for the 2017-18 and 2018-19 fiscals.The Integrated Goods and Services Tax (IGST), which is levied on inter-state sale of goods and services, is shared between the Centre and states in the 50:50 ratio.In its report on the union government accounts tabled in Parliament, the Comptroller and Auditor General of India (CAG) found that a sum of Rs 13,944 crore was left unapportioned and retained in the Consolidated Fund of India (CFI) in 2018-19, even though the amended IGST Act now provides for a process for ad-hoc apportionment of IGST.   "Audit of Union Accounts for 2017-18 and 2018-19 disclosed misclassification of revenue expenditure, adoption of an erroneous process of devolution/apportionment of IGST to states, short transfer of cesses to reserve funds and non-adjustment of

  In a relief to small-size firms, the Reserve Bank of India (RBI) on Friday relaxed rules for opening current accounts with the banking system’s exposure of less than Rs 5 crore. The RBI asked banks to take an undertaking from borrowers that they will inform lenders when the credit facilities availed reaches Rs 5 crore or more.   The rules have been tweaked based on feedback received from Indian Banks’ Association (IBA) and other stakeholders, the RBI said. Borrowers with banking system’s exposure of Rs 5 crore or more can maintain current accounts with any one of the banks with which it has CC/OD facility. Such banks must have at least 10 per cent of the exposure of the banking system to that borrower.Further, other lending banks may open only collection accounts, the RBI said. This can be done on condition that funds deposited in such accounts are remitted within two working days of receiving these to the CC/OD account.   The bank having the highest exposure may open current account

  Markets regulator Sebi has confirmed earlier directions passed against former CNBC Awaaz anchor Hemant Ghai, his wife and mother, that barred them from the capital markets for indulging in fraudulent trading practices. In an order passed late on Thursday, Sebi said the findings in the order are "prima facie" and that a detailed investigation in the matter is in progress. In its interim order passed in January, Sebi had noted that Hemant Ghai had advance information about the recommendations to be made on the ''Stock 20-20'' show, co-hosted by him, and he directly or indirectly used it to his advantage. The show featured recommendations on certain stocks to be bought and sold during the day. His wife Jaya Hemant Ghai and mother Shyam Mohini Ghai had undertaken a large number of buy-today-sell-tomorrow (BTST) trades during January 2019-May 2020, in synchronization with the recommendations made in the show, Sebi observed. They generated the proceeds of Rs 2,95,

  PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, has filed its draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (Sebi) to raise Rs 6,017.5 crore via an initial public offering (IPO). The IPO will consist of a fresh issue worth Rs 3,750 crore and an offer for sale (OFS) of Rs 2,267.5 crore. SVF Python II (Cayman) is offloading shares worth Rs 1,875 crore, and other shareholders will sell shares worth Rs 392.50 crore, of which Yashish Dahiya, chairman and CEO of the company, will be selling Rs 250 crore worth of shares. In its DRHP, the company has said it may consider a further issue of equity shares through private placement up to Rs 750 crore before filing the prospectus with the registrar of companies (RoC). Net proceeds from the public offering (fresh issue) will be used to enhance the visibility of the brand. The company said it will use around Rs 1,500 crore out of the net proceeds to fund marketing initiatives over