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Newsletter dated 17th July,2015
1. THOUGHT OF THE DAY
“Coming together is a beginning; keeping together is
progress; working together is success…”
ECONOMIC UPDATES
Cabinet gives nod to foreign investment composite cap. The ministry has
proposed a composite foreign investment cap (FDI + FPI (FII, QFI) + NRI
+ FVCI) in sectors, including agriculture, tea, mining, broadcasting, media,
airports, retail (single brand and multi-brand), e-commerce, asset
reconstruction companies, banking, commodity exchange and insurance.
SEBI/CORPORATE UPDATES
Securities and Exchange Board Of India issued FAQs on Merchant Bankers
under SEBI Investor Education Programme.
Vide SEBI CIR/MRD/DP/15/2015 dated July 16, 2015 issued Policy for
annulment of trades undertaken on stock exchanges.
CCI issues order against Public Sector Insurance Companies for Bid
Rigging. The Competition Commission of India (CCI) has imposed a total
penalty of Rs. 671.05 crores upon 4 Public Sector Insurance Companies for
manipulating the bidding process initiated by Government of Kerala.
RBI/TAX LAW UPDATES
Vide Notification RBI/2015-16/133 DBS.CO.ARS.No. BC. 208.91.021/
2015-16 dated July 16, 2015 issued revised guidelines in respect of
Concurrent Audit System in Commercial Banks.
Vide RBI/2015-16/128 A.P. (DIR Series) Circular No.4 dated July 16, 2015
notified Issue of shares under Employees Stock Options Scheme to
persons resident outside under which face value of the shares to be allotted
should not exceed 5 per cent of the paid up capital of the issuing company.
Vide RBI/2015-16/131 A.P.(DIR Series) Circular No.6 July 16, 2015
notified that all future investments by an FPI within the limit for
investment in corporate bonds shall be required to be made in corporate
bonds with a minimum residual maturity of three years.
Vide Notification RBI/2015-16/126 DBR.No.BP.BC.30/21.04.048/2015-16
notified Prudential Norms on Income Recognition, Asset Classification
and Provisioning pertaining to Advances – Credit Card Accounts.
MARKET UPDATES
SENSEX
28,463.62 17.50
CNX NIFTY
8,610.75 2.70
DOLLAR/ RUPEE
63.48 -0.04
MCX SILVER
34,433.00 -71.00
MCX GOLD
25,720.00 -51.00
MCX CRUDE OIL
3,238.00 -17.00
Dow Jones Industrial
average
18,120.25 70.08
Nasdaq Composite
5,163.18 64.24
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