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After merger with FMC, Sebi likely to bring the regulations in line with those that govern commodity bourses Securities and Exchange Board of India (Sebi) may have to relax shareholder norms for stock exchanges to bring them in line with those that govern commodity bourses following the capital markets regulator’s merger with its commodity markets counterpart, according to three people, including one who is familiar with Sebi’s policymaking processes. They requested anonymity because of the confidential nature of these discussions. The commodity markets regulator Forward Markets Commission (FMC) was merged with Sebi last month. “Sebi is working on ways to harmonize the norms for both classes of exchanges especially in terms of the ‘fit and proper’ criteria laid down by the regulator for securing a licence for running an exchange,” said the person familiar with the regulator’s policymaking processes. The difference in shareholding norms is a critical issue that needs to be add

As the capital markets gear up for more listings of start- ups, the chairman of the Securities and Exchange Board of India (Sebi) assured willingness to consider suggestions that could make fund raising easier for such companies. UK Sinha, the chairman, emphasised their effort was to create a conducive climate for such entities, and to ensure these raised money domestically through the markets, rather than from places such as Singapore or America. To attract new- age companies into the capital market, Sebi, in August, notified relaxed listing norms for such entities. Participating at an event here on start- ups, organised by the PHD Chamber of Commerce and Industry, he said the regulator was willing to consider suggestions for possible changes in the listing norms. Business Standard, New Delhi, 13th Oct. 2015

Plans to prune offer documents to 10 pages The Securities and Exchange Board of India ( Sebi) has indicated it will not allow wordy or incomprehensible Initial Public Offering ( IPO) documents. (IPO is the act of offering the stock of a company on a public stock exchange for the first time.) "Very soon, we will come out with ( rules for an) abridged prospectus... It will be really understandable for investors. Whatever ( information) is required to take well informed decisions will be available in 10 pages," said P K Nagpal, executive director, Sebi. He was speaking at an event here, organised by the PHD Chamber of Commerce and Industry. As a rule, IPO documents run into hundreds of pages and investors often find it difficult to comprehend the key information. What Sebi appears to be planning is to have a rule that the entire offer document only be available on a soft copy format on the websites of Sebi, the company in question and the investment bankers to an IPO

The Centre and states have completed the drafting of model Goods and Services Tax ( GST) law as well as an integrated- GST ( iGST) law, which will be put up in public domain by early November. According to a government official, the Empowered Committee of state Finance Ministers is likely to meet this month to discuss the legislations —Central GST ( CGST), State GST ( SGST) and iGST. “The model GST law and iGST law has been circulated among the states. The Empowered Committee would meet soon to discuss them,” a senior official told PTI. The CGST will be framed based on the model GST law. Also the states will draft their own SGST based on the draft model law with minor variation incorporating state based exemption. “Trade and Industry should also be a part of the law because ultimately they would pay the tax. Hence their views are essential. The drafts will be put up on website by first week of November,” the official added. The drafts of the proposed legislations are based

Allegedly illegal foreign exchange transactions at a Bank of Baroda (BoB) branch in New Delhi are likely to prompt the central bank to tighten anti-money laundering norms. Sources at the Reserve Bank of India (RBI) say systemic implications have been ruled out. The government-owned lender has already suspended two officials, while the Central Bureau of Investigation (CBI) is carrying out searches at many other branches of the bank. The allegedly illegal transactions came to light after BoB noticed its Ashok Vihar branch in the national capital had unusually heavy foreign exchange transactions. Between May 2014 and August 2015, 5,853 outward foreign remittances, amounting to Rs 3,500 crore, primarily for “advance remittances for import” were recorded. In a communication to stock exchanges, the bank said the funds were transferred through 38 current accounts to foreign parties, numbering 400, primarily based in Hong Kong, and one in the UAE. BoB: Anti-money laundering norms may

Updates Of the Day 1.Finance ministers from India and other G- 20 countries have endorsed the final detailed plan for putting in place a coherent and transparent global tax regime. 2.The dealers are entitled to ITC on the purchase of DEPB which is used in making payment of custom duty. Jagriti Plastics Limited and N.F. Impex Private Limited. Dated 01.10.2015. 3.Delhi Government announces award scheme named as 'Bill Banvao, Inaam Pao'. Government is of opinion that it is expedient in the interest of revenue to introduce an award scheme. 4.Difference between stamp duty value and sale price being lesser than 10%, section 50C will not applicable. [ITAT Kolkatta vs LGW limited.] 5.No penalty on additions sustained on alleged Bogus purchase for mere non-production of parties. ITAT Ahmedabad in the case of [M/s Ruchi Developers vs. ITO.] 6.Losses cannot be set-off against Bogus /unexplained cash credit Income. Kerala High Court in the case of [M/s Kerala Sponge Iron Ltd. vs. CI

Some of the key recommendations include fixation of wages for domestic workers as per the Minimum Wages Act, which could be divided on hourly basis, keeping in view the number of hours of duty performed by them. Minimum wages, weekly offs, medical leave, mater nity benefits and other social security measures are some of the key recommendations of an expert committee formed to improve the working conditions of domestic workers in the Capital. The panel has also suggested insurance cover for domestic workers and their families. The special committee under the chair manship of Delhi assembly deputy speaker Baadana Kumari submitted its report to labour minister Gopal Rai on Friday. The committee has recommended that the gover nment should decide on immediately formulating a legislation and/or rules and regulations for domestic workers. It should contain exhaustive provisions on the working conditions, wages and other social security steps as well as punitive measures for employer