Mumbai: The Direct Taxes Code (DTC) Bill, which aims to overhaul the over 50-year-old I-T Act, is almost ready and will be taken up in the Monsoon session of Parliament, Finance Minister P Chidambaram said on Friday. "I am just writing the Direct Taxes Code. We will introduce it in the Monsoon session. We have another week's work on that," he said.
The Finance Minister was in Mumbai to attend the Silver Jubilee celebrations of market regulator SEBI.
The DTC Bill was introduced in Parliament in 2010 and was referred to the Standing Committee on Finance headed by senior BJP leader Yashwant Sinha.
Among other things, the Committee had suggested raising the income tax exemption limit to Rs 3 lakh as against Rs 2 lakh proposed in the original DTC Bill. On corporate tax, it recommended that the rate be retained at 30 per cent....
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08:38 PM, May 24, 2013
New Delhi: Prime Minister Manmohan Singh will on Friday attend the silver jubilee celebrations of market regulator Securities and Exchange Board of India (SEBI) in Mumbai. A commemorative postage stamp and a book on the history of the Indian securities market will be released on the occasion. Singapore Deputy Prime Minister T Shanmugaratnam, who also holds the finance portfolio, will be the guest of honour. He is scheduled to deliver...
06:23 AM, May 24, 2013
New Delhi: Abu Dhabi carrier Etihad's Rs 2,058-crore stake purchase in Jet Airways has hit a regulatory air pocket, as regulators are seeking more clarity on the deal to ensure overall competition in the aviation market is not affected and interests of public shareholders and consumers are protected. Separate clarifications have been sought on the deal, which involves a 24 per cent stake purchase in Jet by Etihad and is...
01:59 PM, May 23, 2013
SEBI Chairman UK Sinha said, "If you look at SEBI act section 11 AA, it has several exemptions - chit funds, cooperatives, Nidhi are exempted. ...
10:09 AM, May 21, 2013
Kolkata: In the backdrop of the chit fund scam, the State Bank of India on Saturday said Reserve Bank of India or Securities and Exchange Board of India should take up major campaigns to create awareness among investors being lured to ponzi schemes. "RBI...or SEBI should begin a major campaign in line with Jago Grahak Jago, woolmark or hallmark (gold) to create awareness among the investors about these ponzi schemes,"...
08:20 AM, May 19, 2013
Mumbai: Jet Airways on Tuesday said it has got regulatory extension to meet the mandatory 25 per cent public shareholding norm in the private airline. In a filing to BSE, Jet said Sebi, on May 13, relaxed the requirement of 12-week cool-off period after the proposed inter se transfer of shares to enable the company to undertake the offer for sale through stock exchange mechanism to achieve the minimum level...
11:26 PM, May 14, 2013
New Delhi: In the high profile Sahara case involving over Rs 24,000 crore raised through "various illegalities", market regulator SEBI has begun the process of refund to individual investors who have been verified by it. The money is being refunded only in those cases where SEBI has not found any multiplicity during its verification process. Refund for others will have to wait till the next direction from the Supreme Court,...
05:17 PM, May 14, 2013
New Delhi: The Supreme Court on Thursday dismissed a plea which had challenged the validity of the Cairn-Vedanta deal and said there was nothing malafide in the transaction. The court was hearing a petition challenging the validity of the $8.5 billion Cairn-Vedanta deal and had sought a CBI probe into it. "There were no extraneous considerations involved in the deal and it should not be interfered with by the court....
11:59 AM, May 09, 2013
New Delhi: The SEBI should come out with a mechanism to verify the genuineness of investors, who had invested in the Sahara Group, and start refunding money to them, the Supreme Court said on Wednesday. A bench of justices KS Radhakrishnan and JS Khehar also sought an affidavit detailing their assets from Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC), the two companies...
10:48 PM, May 08, 2013
New Delhi: Amid a large-scale usage of smartphone messaging services like BlackBerry Messenger (BBM) and WhatsApp by manipulators to spread sensitive information about their target stocks, market watchdog SEBI is mulling over steps it can take to check risks being posed by these new-age mobile applications. To strengthen its probe and oversight on stock market transactions, SEBI has already got software tools in place along with IT experts to analyse...
12:59 PM, May 05, 2013
New Delhi: The Supreme Court on Thursday stayed proceedings on pleas filed by Sahara group and its chief Subrata Roy against refunding Rs 24,000 crore to investors and attachment of their properties after the SEBI accused them of approaching different forums for delaying the process. A bench comprising by Justices KS Radhakrishnan and JS Khehar also issued notice to them on SEBI's plea seeking transfer of all cases filed by...
12:25 AM, May 03, 2013
Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha. Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected...
06:38 PM, May 01, 2013
New Delhi: With lakhs of investors believed to have been defrauded by Ponzi schemes in West Bengal, Securities and Exchange Board of India (SEBI) chairman UK Sinha on Wednesday said there should be a single regulator for all collective investment schemes, including chit funds. "Within the powers given to us, SEBI is working extremely hard to ensure that savings of small investors are not put to risk," he added. Sinha,...
12:28 PM, May 01, 2013
Bhubaneswar: With investors hitting the streets across Odisha demanding return of their deposits with Saradha Group, the state government on Monday asked the police crime branch to take up the matter with their West Bengal counterparts. The government also instructed the police to take help of RBI and SEBI to nail the ponzy scheme outfits. "The Economic Offence Wing (EOW) of the crime branch of police will take up the...
02:19 AM, Apr 30, 2013
Mumbai: Jet Airways on Monday said its promoter and chairman Nareh Goyal will bring down his stake in the company to 51 per cent to meet the Sebi requirement of 25 per cent floating shares. The airline has decided to give three director posts to Etihad Airways following the stake sale deal last week, it told exchanges in a filing. However, it is learnt that one of the three Etihad...
09:26 PM, Apr 29, 2013
New Delhi: The Securities and Exchange Board of India (SEBI) on Monday filed a fresh petition in the Supreme Court seeking all cases related to two Sahara firms be heard by the court itself. According to SEBI, the SC was in best position to interpret its own order and all petitions filed by Sahara were linked to the apex court's order. The SC is likely to hear SEBI's plea on...
05:43 PM, Apr 29, 2013
Kolkata: West Bengal Chief Minister Mamata Banerjee is getting ready to face the Opposition fire in the state Assembly. A special 2-day session has been called by Governor MK Narayanan from Monday to discuss the chit fund scam in the state. It has not just wiped away crores of investor money but also dragged the Trinamool Congress and Congress ministers into the mess. The scam is also getting bigger with...
10:44 AM, Apr 29, 2013
New Delhi: The Supreme Court has asked SEBI to deal sternly with companies indulging in manipulative and deceptive practises to send a clear message that market abuse will not be tolerated in the country. "SEBI, the market regulator, has to deal sternly with companies and their Directors indulging in manipulative and deceptive devices, insider trading etc. or else they will be failing in their duty to promote orderly and healthy...
06:01 PM, Apr 27, 2013
New Delhi: Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and Northeastern states have become a hotbed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO (Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the...
01:54 PM, Apr 26, 2013
Kolkata: The chit fund scam in West Bengal is getting bigger with market regulator Sebi turning the heat on over a dozen other companies running similar Ponzi schemes. People are rushing to withdraw Rs 20,000 crore invested in these companies. Sebi has asked the government to look into the operations of all these companies. One such company is the Rose Valley Group, which has now approached West Bengal Chief Minister...
09:45 AM, Apr 26, 2013
