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The government has set up a five member sub-committee under former chief economic adviser Ashok Lahiri to review and understand the impact of the imposition of the central excise duty on jewellery. Jewellers across the country went on a 42-day strike after finance minister Arun Jaitley announced a 1% excise tax on non-silver jewellery sales in his Budget speech. According to a finance ministry note, all associations and industry bodies will be given an opportunity to submit their representations before the sub-committee. Hindustantimes New Delhi,23 April 2016

The Securities and Exchange Board of India (Sebi) might allow new participants such as banks, mutual funds and foreign portfolio investors in the commodity market. The regulator met commodity market participants on Friday, where the issue was discussed. This was part of the regulator’s effort to increase participation in the segment. The participation of these entities and certain other alternative investment funds in commodity derivatives trading has been awaiting regulator approval for a while. Sebi is contemplating ways to integrate the commodity and equity space, to reduce asymmetry between the two, said people who attended the meeting. The regulator is also planning measures to reduce risks and improve liquidity in the commodity market. "The purpose is to have seamless operations in both the segments, which has been a challenge since the Forward Markets Commission was merged with Sebi in September 2015," said a source who participated in the meeting. It saw repre

To deal more effectively with bad issue, the finance ministry has sent a draft note for the cabinet to amend the relevant laws to help banks recover dues faster in wilful defaults. The draft, by the department of financial services, has gone for inter-ministerial consultation. It proposes amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) and debt recovery tribunal (DRT) laws. An official said the changes, in the form of Bills, could be introduced in Parliament next week. The total of stressed assets of the banking system is Rs 8 lakh crore, both restructured loans and non-performing assets (NPAs). The Sarfaesi law was enacted to enable banks to recover NPAs speedily and without intervention of courts. The DRT will likely be streamlined to shift its processes online and an effort taken to compress the period taken to decide on a case there. “DRT will become country’s the first online court,” finance minister

RBI/2015-16/377 A.P. (DIR Series) Circular No. 63 April 21, 2016 To All Category – I Authorised Dealer Banks Madam/ Sir, Foreign Investment in units issued by Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000, notified vide Notification No. FEMA 1/2000-RB dated May 3, 2000, as amended from time to time and Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time (Principal Regulations). 2. With a view to rationalising foreign investment regime for Alternative Investment vehicles and to facilitating foreign investment in collective investment vehicles for real estate and

RBI/DBR/2015-16/21 Master Direction DBR.PSBD.No.95/16.13.100/2015-16 April 21, 2016 Master Direction - Issue and Pricing of shares by Private Sector Banks, Directions, 2016 In exercise of the powers conferred by 35 A of the Banking Regulation Act, 1949 the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified. CHAPTER – I PRELIMINARY 1. Short Title and Commencement These Directions shall be called the Reserve Bank of India (Issue and Pricing of Shares by Private Sector Banks) Directions, 2016. These directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India (RBI). 2. Applicability The provisions of these Directions shall apply to all private sector banks licensed by RBI to operate in India. 3. Definitions (i) In these Directions, unless the context otherwise requires, the terms herein shall bear the me

The Reserve Bank has asked banks to offer Investment Advisory Services (IAS) through a seprate subsidiary,to avoid any conflict of intrest. The directive may make the country's largest lender,State Bank of India,rework its arrangement for IAS. Business Standard New Delhi,22 April 2016

Capital markets regulator Sebi today made electronic book mandatory for all private placement issues on debt basis for more than Rs 500 crore. Business Standard New Delhi,22 April 2016