High-level panel suggests setting up of FRA
Posted Date : 03-May-2014 , 10:19:23 am | Posted By CASANSAAR
The high-level working group set up to suggest strengthening of the resolution regime, on Friday, recommended setting up of a single Financial Resolution Authority (FRA) that is institutionally independent of regulators and the Government.
“The mandate of FRA will be to resolve failed...
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Banking |
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Sebi can now seek call data records, says Bombay high court
Posted Date : 02-May-2014 , 09:58:09 am | Posted By CASANSAAR
The Bombay high court recently allowed the Securities and Exchange Board of India (Sebi) to ask for call data records (CDR) of any person it feels necessary.
The stock market regulator has for the past several years sought sensitive data of subscribers from telecom and Internet service prov...
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SEBI |
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Zone Shifting of Candidates for May / June 2014 CA Exams - ICAI
Posted Date : 01-May-2014 , 07:25:09 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
May 1st, 2014
Subject: Zone-shifting of candidates for May / June - 2014 CA Exams
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, Indore and Mumbai, some of the candidates have bee...
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ICAI |
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Correction Window-CPT (Examination) June 2014 - ICAI
Posted Date : 01-May-2014 , 07:23:12 pm | Posted By CASANSAAR
It is seen that candidates while filling the exam application forms ( either online or physical) donot exercise reasonable care and commit errors. This creates lots of difficulties for them as wellas the office at Admit Card stage and thereafter.
With a view to provide them an additional op...
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Students Zone |
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0 | Hits : 996
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MCX managing director & CEO Manoj Vaish quits on health grounds
Posted Date : 01-May-2014 , 07:20:15 pm | Posted By CASANSAAR
Manoj Vaish has resigned as Managing Director and Chief Executive Officer of the country’s leading commodity exchange MCX exactly three months after joining the bourse, citing health reasons.
The resignation comes amid a tussle between Multi Commodity Exchange of India and erstwhile p...
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Shares & Stock |
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0 | Hits : 752
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Rotating Auditor rule to impact Companies
Posted Date : 01-May-2014 , 08:17:16 am | Posted By CASANSAAR
Come April 2017, there is likely to be chaos in corporate India. Not because of bad economic conditions or some policy paralysis of the next government, but because of the newly introduced Companies Act. According to the Section 139 of the Companies Act, all companies (with public deposits of a...
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Auditing |
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0 | Hits : 1695
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A class V girl offered to help RBI Governor Raghuram Rajan
Posted Date : 01-May-2014 , 08:15:37 am | Posted By CASANSAAR
One doesn't expect a fifth grade student to be worried about the state of the economy and the country's foreign exchange reserves, much less pen a letter to the Reserve Bank of India governor offering help.But last September, when the government and RBI were battling a major crisis with the rupee hi...
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RBI |
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Sebi sets foreign portfolio investor limit of 10% per firm
Posted Date : 30-Apr-2014 , 07:31:47 pm | Posted By CASANSAAR
A foreign portfolio investor will be allowed to buy additional shares in a company only if its holding is less than 10%, according to norms for the new overseas investment regime that starts in June.
Market regulator Sebi has said one FPI can hold a maximum of 10% of a company's...
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SEBI |
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Return Preparation Utility (RPU) V 3.9 and File Validation Utility (FVU) V 4.2 & 2.138 released
Posted Date : 30-Apr-2014 , 07:26:10 pm | Posted By CASANSAAR
New versions of the Return PreparationUtility (RPU) version 3.9 and File Validation Utility (FVU) version 4.2 and 2.138 have been released by NSDL. The above versions are now mandatory to be used with effect from April 26, 2014, for TDS statements pertain...
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Income Tax |
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0 | Hits : 1757
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Bank of America's accounting blunder overlooked by auditors and regulators
Posted Date : 30-Apr-2014 , 06:58:15 am | Posted By CASANSAAR
Bank of America's accountants shouldn't be the only ones blushing about their recent blunder. External auditors and federal regulators for five years overlooked the mistake, too.
Charlotte-based BofA on Monday disclosed its regulatory capital ratios since 2009 had been ...
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International Business |
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0 | Hits : 1665
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PwC report on MCX: FTIL threatens legal action against Auditor
Posted Date : 29-Apr-2014 , 10:06:53 pm | Posted By CASANSAAR
Financial Technologies, which has 26 per cent stake in MCX, today rejected the PwC special audit report on the corporate governance issue at the commodity exchange and said it will take legal action against the bourse and PwC for painting a wrong picture in the report. Financial Technologies In...
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Auditing |
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0 | Hits : 1179
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Allow
Posted Date : 29-Apr-2014 , 07:26:14 am | Posted By CASANSAAR
The CA Institute has urged the Corporate Affairs Ministry to allow the concept of “materiality” to the fraud reporting requirement now cast on statutory auditors.
The current legal provisions requiring a statutory auditor to report all frauds (without bringing in materiality) to...
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Corporate Law |
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1 | Hits : 2892
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RBI directs RTGS participants to use correct transaction code
Posted Date : 29-Apr-2014 , 07:23:07 am | Posted By CASANSAAR
The Reserve Bank on Monday directed the entities using the Real-Time Gross Settlement (RTGS) payment system to use the correct transaction code so as to avoid unintended consequences.
RBI said some of the RTGS participants were using the transaction code alloted to customers for settling their own ...
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RBI |
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0 | Hits : 1031
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Govt may ease IPO norms, tax code
Posted Date : 29-Apr-2014 , 07:22:12 am | Posted By CASANSAAR
India's finance ministry will propose regulatory and tax-code changes to help the next government spur foreign currency inflows and corporate fundraising when it takes power after elections end next month, said people familiar with the matter.
If approved by the next a...
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Shares & Stock |
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0 | Hits : 875
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ICAI raises concerns on fraud reporting in Companies Act
Posted Date : 28-Apr-2014 , 08:18:07 am | Posted By CASANSAAR
The accounting regulator Institute of Chartered Accountants of India (ICAI) has raised concerns over the demand of reporting every fraud to the Central government by auditors within 60 days under the new Companies Act.
The ICAI has also urged the ministry of corporate affairs to relax the cap on nu...
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ICAI |
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Finance ministry wants public banks to report wilful defaults straight to Sebi
Posted Date : 28-Apr-2014 , 08:11:43 am | Posted By CASANSAAR
The finance ministry wants public sector banks (PSB) to send information on listed firms declared as wilful defaulters directly to Sebi instead of routing the same through the RBI, which is the present norm. Necessary changes in the relevant laws are being initiated.
The idea, official sour...
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Finance |
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0 | Hits : 870
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Nearly 1 lakh new companies registered in India during 2013-14
Posted Date : 28-Apr-2014 , 08:09:12 am | Posted By CASANSAAR
Nearly one lakh new companies were registered in India last fiscal year (FY14), with a substantial chunk set up in the business services sector. On the other hand, just 216 foreign companies were set up during the year.
98,473 companies together having an authorised capital of nearly Rs....
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Corporate Law |
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0 | Hits : 1026
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e-TDS/TCS RPU (Version 3.9) & e Validation Utility (FVU) version 2.138 applicable from 26th April, 2014
Posted Date : 28-Apr-2014 , 07:53:40 am | Posted By CASANSAAR
e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are availablefor download from TIN website and the same is mandatory with effect from April 26, 2014.
&...
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Income Tax |
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0 | Hits : 1470
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Private banks shun ARC route to offload bad loans
Posted Date : 27-Apr-2014 , 10:41:20 pm | Posted By CASANSAAR
Even as public sector banks have made a beeline to dispose of their bad loans to asset reconstruction companies (ARCs) in the March quarter, private banks are not only unenthused in adopting this route, but have virtually shunned this.
State-run banks, which are sitting on a mountain of bad...
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Banking |
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0 | Hits : 839
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ICSI issues draft guideline on use of Individual Logo by Company Secretaries in Practice
Posted Date : 26-Apr-2014 , 10:47:10 pm | Posted By CASANSAAR
The Practising Company Secretaries Committee of the Council of the Institutein its 64th meeting held on April 23, 2014 held at ICSI headquarters, New Delhi has decided that the views and suggestions on the draft Guidelines for Use of Individual Logo by Company Secretaries&nb...
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ICSI |
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0 | Hits : 1003
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MCX to reveal summary of PwC audit report on BSE, NSE websites on Monday
Posted Date : 26-Apr-2014 , 10:12:54 pm | Posted By CASANSAAR
The board of directors of MCX has decided to share the summary of PricewaterhouseCoopers report public through BSE and NSE on Monday. The decision was taken at a board meeting here on Saturday.
“Being price sensitive information, the PwC audit report cannot be disclose...
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Auditing |
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0 | Hits : 1043
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ICSI hopeful of de-notifying contentious sections in Companies Act
Posted Date : 26-Apr-2014 , 08:10:22 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) today said it was hopeful the next government would simplify the contentious sections of newly-notified sections of Companies Act, 2014.
“We have written to the Ministry of Corporate Affairs of the newly-notified sections of ...
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ICSI |
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0 | Hits : 1038
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I-T dept to set up data centre to check tax evasion
Posted Date : 25-Apr-2014 , 03:43:28 pm | Posted By CASANSAAR
To fasten the process of identifying tax evaders, the Income Tax department has decided to set up a major data centre of such classified information on the lines of the existing two such centres on e-filing and TDS information.
The new office which has been named Centralised Processing...
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Income Tax |
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Tax terrorism: Share deals of hundreds of unlisted companies under I-T dept scrutiny
Posted Date : 25-Apr-2014 , 08:33:23 am | Posted By CASANSAAR
A recent move by the tax department has flummoxed corporates and businessmen who are calling it 'tax terrorism' - a phrase that has gained currency after it found its way into BJP's manifesto. Hundreds of closely held firms, many owned by the country's top business houses, have been questioned ...
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Income Tax |
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0 | Hits : 2184
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Now, RBI to solely decide which loan is an NPA
Posted Date : 25-Apr-2014 , 08:17:07 am | Posted By CASANSAAR
The Reserve Bank of India has now become the sole regulator of borrowing and lending in the country.
The Gujarat High Court in a ruling on Thursday took away powers to determine whether asset is NPA or not and the period of non-payment that would make an asset NPA from all regulators except...
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Income Tax |
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0 | Hits : 1914
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SC orders special audit of Kerala's Padmanabhaswamy temple
Posted Date : 25-Apr-2014 , 08:11:17 am | Posted By CASANSAAR
The Supreme Court on Thursday entrusted the administration of the Sri Padmanabhaswamy temple in Kerala to a five-member committee headed by the district judge of Thiruvananthapuram.
The bench of Justice RM Lodha and Justice AK Patnaik said former comptroller and auditor general (CAG) Vi...
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Category :
Auditing |
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0 | Hits : 930
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ICAI to issue norms on fraud reporting by Auditors
Posted Date : 24-Apr-2014 , 07:27:44 am | Posted By CASANSAAR
Accounting watchdog the Institute of Chartered Accountants of India (ICAI) will bring out a guidance note for auditors on detecting corporate fraud. This follows the new Companies Act making it mandatory for auditors to report corporate frauds to the government within a specified time fram...
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ICAI |
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0 | Hits : 1377
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RBI prescribes uniform accounting norms for asset reconstruction firms
Posted Date : 24-Apr-2014 , 07:26:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) prescribed uniform accounting standards for asset reconstruction companies(ARCs) for acquiring non-performing loans, recognising revenue and management fees to ensure common treatment for firms.
The new norms will be effective from accounting yea...
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RBI |
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0 | Hits : 938
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Sebi revises norms for liquidity enhancement schemes
Posted Date : 23-Apr-2014 , 09:56:17 pm | Posted By CASANSAAR
The Securities and Exchange Board of India has revised norms governing the incentives that stock exchanges can provide members for trading on their platforms. The new norms allow exchanges to provide incentives for a maximum period of three years, according to a circular on the regulator's website.
...
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SEBI |
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0 | Hits : 833
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RBI for two-stage verificationfor online transactions
Posted Date : 23-Apr-2014 , 08:07:21 am | Posted By CASANSAAR
Worried over rising number of frauds in online banking, the Reserve Bank of India (RBI) has suggested that banks introduce two-stage authentication to ensure security of transactions.
The RBI report on ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ sai...
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RBI |
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