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SBI Life, ICICI Prudential Life and HDFC Life could lead the way The Insurance Regulatory and Development Authority of India ( Irdai) will make it mandatory for large life insurance companies to list within a specific period. So far, none of them, barring one, has shown interest in going to public, even after completing 10 years of operations. According to sources familiar with the developments, privatesector life insurance companies with assets under management ( AUMs) of more than Rs.60,000 crore will be the first ones that will have to list. The three largest insurance companies at present are SBI Life Insurance, ICICI Prudential Life Insurance and HDFC Life. Only HDFC Life has so far shown any inclination to list. As on March 31, 2015, SBI Life had a total AUMof Rs.71,339 crore, HDFC Life had Rs.67,000 crore, and ICICI Prudential Life had Rs.1,00,183 crore. According to Irdai norms, a company has to be in the insurance business for 10 years to be eligible to list on the e

Trade unions say the proposed reforms are pro-corporate and the govt is taking a unilateral approach towards it Within days of Prime Minister Narendra Modi assuring business leaders that the government will create enabling environment for investment, the Prime Minister's Office (PMO) has asked the labour ministry to step on the reforms paddle. Officials of the labour ministry met those of the PMO on Friday , and then a day later they met the top brass of NITI Aayog, the government's policy think tank, to lay down the strategy for action. While the planned labour reform may bring cheer to industrialists and investors, it is unlikely to go down well with trade unions, which earlier this month went on a nationwide strike saying the measures will endanger jobs and make lay-offs easy . A senior government official told ET that the labour ministry made an informal presentation to top offices of the government to convey the reforms undertaken by the ministry and the way for ward

S.No. Message 1 TODAY (07.09.15) is Extended last date to file Income Tax Returns, as per CBDT order dated 02.09.15. Regards, Webecreator  2 No Extension of Due Date for filing ITRs for AY 15-16 by Assessees whose Accounts are required to be Audited & Companies. Press Release of 9-9-15. Rgds,Webecreator  3 Today(10.09.15) is Last Date to file ER-1,2& 6 for Excise returns by Non SSI assesses, EOUs,& by units paying duty of more than 1Cr respectively, for Aug,2015. 4 Contents of Much awaited forms AOC-4 & AOC-4 CFS have been released in Companies (Accounts) second Amendments Rules, 2014 dt. 4.9.15.E-forms yet to be released. 5 Practising Company Secretary,Chartered Accountant,Cost Accountant are authorised to certify FormAOC-4 & AOC-4 CFS.Companies(Accounts)Second Amendment Rules,2015 6 XBRL Draft C&I Taxonomy 2015 and Draft Business Rules 2015 released for conversion of Financial Statement for FY 2014-15 into XBRL Mode. Regards WebeCreator  7 New e-Form

Punters could soon get to trade in cross-currency futures pairs at a much cheaper cost on local bourses. Capital market regulator the Securities and Exchange Board of India (Sebi), which regulates currency derivatives jointly with the Reserve Bank of India (RBI), is mulling a proposal by stock exchanges to offer these pairs in addition to dollarand eurorupee futures they currently offer. “We are considering the proposal as we want to introduce new products and are in discussions with the RBI,“ said a regulatory official aware of the development. “Once the central bank approves it, exchanges could launch cross-currency pairs like dollar-euro, dollar-pound and dollar-yen.“ Currency derivatives were launched first on NSE and the erstwhile MCX Stock Exchange, now MSEI, in 2008.Currently , punters can take a view on how the rupee will move against the dollar, euro, yen and pound on bours es like NSE, BSE and MSEI. Currency brokers like Suresh Nair, director at Admisi Forex, said,

Owners of freehold properties in Delhi will soon be able to maintain their records with the Delhi Development Authority. The authority generally stops keeping ownership records of properties once they are converted from leasehold to freehold. This ‘obligatory’ service being offered by the DDA would simplify the sale and purchase process of properties because it would prevent any buyer from running pillar to post in registrar offices for checking property records, sources said. Property owners can avail of this facility, which will be launched soon, by paying a onetime nominal fee. “In prevailing circumstances, people at times have to pay thousands of rupees to touts in the registrar offices just to verify the title of any property, besides getting a hand on entire trail when the property changed hands. With this facility, the owner will be able to maintain the progeny of property in de-materialized form. Anybody willing to check the property records can get it verified with t

The Reserve Bank of India (RBI) has decided to allow resident importers to raise trade credit in rupees, with riders. It can be raised after entering into a loan agreement with a foreign lender. “Trade credit can be raised for import of all items, except gold, permissible under the extant Foreign Trade Policy,” said the regulator on Thursday. The credit period for import of non- capital goods can be up to a year from the date of shipment or up to the operating cycle, whichever is lower. RBI says the trade credit period for import of capital goods can be up to five years from the date of shipment. No roll- over or extension can be permitted by a bank beyond the permissible period. Banks can permit trade credit up to $ 20 million equivalent per import transaction. They may give a guarantee, letter of undertaking or letter of comfort in respect of trade credit for a maximum period of three years from the date of shipment. RBI said the all- in- cost of such rupee- denominated tra

The service tax issue has returned to upset the 90,000strong mutual fund ( MF) distributor community. In a note sent on Tuesday, the Association of Mutual Funds in India (Amfi) asked fund houses to continue the current practice in collection and payment of service tax, and continue deducting the 14 per cent tax from the commission paid to distributors. Last month, the Central Board of Excise & Customs ( CBEC) had put out advertisements that asset management companies ( AMCs) would have to bear the service tax burden. Distributors took this to mean they would be exempt from paying the tax from their own pockets. However, in a recent meeting between Amfi and CBEC, the latter clarified it was not concerned about who bore the tax, as long as it was collected. “ The loading of service tax in the commission amount is a subject matter of commercials between two parties and service tax authorities have nothing to do with it,” it said. In a note to its members, Amfi asked fund hou