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Legislative and Regulatory Update
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In This Issue [No.38] Jan 20, 2003
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Primary Market Division
Application procedure for registration / renewal as Portfolio Manager
Circular No. RPM Circular No 2 (2002-2003) Dated 14.01.2003 : SEBI, in its endeavor, to make processing of application for registration/renewal simpler, speedier and effective has advised all the existing/prospective 'Portfolio Managers' to furnish all the information as specified in 'Additional Information', as required to be given, alongwith 'Form A'.
Secondary Market Division
Order under Section 11 of the Securities Contracts (Regulation) Act, 1956 superseding the Council of Management of Bhubaneshwar Stock Exchange
Notification No. SO5(E) Dated 03.01.2003 : SEBI has superseded the Council of Management of Bhubaneshwar Stock Exchange with effect from January 3, 2003 for a period of one year and appointed Shri. Jai Prakash Verrna as an administrator to exercise and perform all the powers and duties of the Council of Management. Shri. Jai Prakash Verma may take the assistance of such persons as he deems necessary in discharge of his duties as administrator.
Amendment to Listing Agreement – Clause 32 and Clause 41
Circular No. SMD/Policy/Cir-2 /2003 Dated 10.01.2003 : The Accounting Standards Committee of SEBI (ASC) has been set up as a Standing Committee, under the Chairmanship of Shri Y H Malegam, the recommendations of which have been implemented by taking the following steps.
Clause 32 of the listing agreement has been amended to incorporate additional disclosure requirements. Clause 41 has been amended wherein it shall be prescribed for the listed companies that un-audited quarterly results shall be subjected to Limited Review from the quarters ending on or after June 30, 2003 and also to provide that publication of consolidated annual financial results along with stand-alone annual financial results shall be mandatory and the companies shall continue to have the option to publish consolidated financial results along with stand alone financial results on a quarterly/half yearly basis.
Press Releases
Secondary Market Advisory Committee
Press Release No. PR 21/2003 Dated 16.01.2003 : SEBI Secondary Market Advisory Committee met on 13th January 2003 under the Chairmanship of Dr. R. H. Patil, Chairman, Disinvestment Commission, GoI and Chairman, Clearing Corporation of India. It deliberated at length on issues relating to investor protection and market integrity in the context of the rapidly growing unregulated private placement market for debt securities. The Committee recommended a regulatory framework for issuance and trading of all corporate debt securities, including those issued through the private placement route, for protecting the interests of investors as also for imparting a high degree of transparency to this market.
Introduction of Futures and Options on additional stocks
Press Release No. PR 11/2003 Dated 09.01.2003 : SEBI has granted permission to the Exchanges to introduce futures and options contracts on 31 additional stocks on the F&O segment of NSE and additional 21 stocks on F&O segment at BSE. The combined list of total 31 additional stocks is as under out of which on first 21 stocks trading would be permitted both on NSE and BSE and on the remaining 10 stocks, trading would be permitted only at NSE for the present
Introduction of T+2 rolling settlement in equity market from April 01, 2003
Press Release No. PR 06/2003 Dated 03.01.2003 : SEBI had introduced T+5 rolling settlement in equity market from July 2001 and subsequently shortened the settlement cycle to T+3 from April 2002. After having gained experience of T+3 rolling settlement and also taking further steps such as introduction of STP, it has now further reduced the settlement cycle to T+2 thereby reducing the risk in the market and to protect the interest of investors.
Tamil Nadu Spirit Corporation Limited and the Tamil Nadu State Marketing Corporation Limited, Order, (Amalgamation) 2002
Order No. S.O26(E ) Dated 09.01.2003 : The Central Government has made the Tamil Nadu Spirit Corporation Limited and the Tamil Nadu State Marketing Corporation Limited, Order, (Amalgamation) 2002 to provide for the amalgamation of M/s. Tamil Nadu State Marketing Corporation Limited with M/s. Tamil Nadu Spirit Corporation Limited.
Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2003
Notification No. GSR5(E) Dated 03.01.2003 : In Annexure 'A' to the Companies (Central Government's) General Rules and Forms, 1956, the following forms have been substituted.
1. Form No. 25-A : Form of Application to the Central Government for approval of appointment/ re-appointment and remuneration payable to managing / whole-time director(s) or manager, has been substituted.
2. Form No. 26 : Form of Application to the Central Government for increase in remuneration of managing / whole-time director/manager, has been substituted.
Central Provident Fund Commissioner, Employees' Provident Fund Organisation specified for Section 138(1)(a)(ii)
Notification No. 9/2003 Dated 07.01.2003 : Central Government has specified Central Provident Fund Commissioner, Employees’ Provident Fund Organisation, India or any other officer, not below the rank of Regional Provident Fund Commissioner, duly authorised by him in writing in respect of specific case for the purpose of the Section 138(1)(a)(ii).
Notifications u/s 10(23C)(iv) and Section 10(22B)
Notification No. 1/2003 to No. 8/2003 Dated 07.01.2003 : LRG Ranganayaki Ammal Charities, Coimbatore, Association of Metropolitan Development Authorities, New Delhi, Maharishi Ved Vigyan Vishwa vidya Peetham, New Delhi, Tagore Society for Rural Development, Kolkatta, Bengal Social Services League, Kolkata, Swami Ramananda Tirtha Memorial Committee, Hyderabad, the Asiatic Society of Bombay, Mumbai has been notified U/S 10(23C)(iv) and the Press Trust of India Limited, New Delhi have been specified for Section 10(22B) of the Income Tax Act, 1961.
Maintenance of records by First Stage and Second Stage dealers and pre- authentication of invoices issued by Second Stage dealers/ dealers of imported goods
Circular No. 5/689/2003 Dated 14.01.2003 : It is clarified that while the maintenance of proper records by the first stage or second stage dealers is as per the requirement of the Central Excise Law, the pre-authentication of invoices issued by second stage dealers/ dealers of imported goods by the Central Excise officers has not been provided for.
Amendment to First Schedule to Customs Tariff Act, 1975
Notification No. 11/2003 Dated 15.01.2003 : In the First Schedule to the said Customs Tariff Act, in Section II, in Chapter 7, against sub-heading 0703.20 occurring in column (2), for the entry in column (4), the entry “100%” has been substituted and for the entry in column (5), the entry “90%” has been substituted.
Anti-Dumping Duty on Hydrofluoric acid
Notification No. 10/2003 Dated 15.01.2003 : Anti Dumping Duty has been imposed on Hydrofluoric acid when imported from specified countries.
Amendment to Notification No. 40/2002 Dated 12.04.2002
Notification No. 9/2003 Dated 15.01.2003 : In the said notification, in the Annexure, in Condition No.3, in sub-para (iii) of para A, for the figures “7,500”, the figures, “10,000” have been substituted.
Warehousing - Grant of extension of warehousing period by Chief Commissioners under Section 61 of the Customs Act, 1962
Circular No. 3/2003 Dated 14.01.2003 : It has been decided that in case an importer makes a request to permit re-export of the goods under Section 69 of the Customs Act, 1962, such a request may be allowed even if the permitted period for bonding has expired and demand notice has been issued, or it has been decided to put the goods under auction. Before permitting re-export in each such case, however, it will be necessary to extend the period of warehousing under Section 61 of the Customs Act to enable the importer to export the goods within the permitted period of warehousing.
Shri B. K. Mishra appointed as Director General (Specific Safeguard) for Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002
Notification No. 4/2003 NT Dated 16.01.2003 : The Central Government has appointed Shri B. K. Mishra, Director General (Safeguard), as Director General (Specific Safeguard) for the purposes of the said rules.
Amendment to Notification No.62/94 Dated 21.11.1994
Notification No. 3/2003 NT Dated 14.01.2003 : In the Table, against serial number 8 relating to the State of Maharshtra, in column (3), against item (10) relating to Vijaydurg, in column (4), for the entry, the following entry has been substituted,
“Loading of following goods for export, namely :
(i) Molasses
(ii) Bauxite Ore
(ii) Silica Sand.”.
Foreign Exchange Management (Insurance) Regulations, 2000 - Life Insurance Memorandum (LIM)
Circular No. A.P. (DIR Series) Circular No.72 Dated 17.01.2003 : The major change in procedure brought about by the Memorandum of Exchange Control Regulations is that the earlier instructions of LIM covered only LIC which was the only institution permitted to undertake the business of Life Insurance. The present instructions contained in the Memorandum are applicable to LIC as well as Life Insurance Companies which are registered with IRDA. Authorised Dealers have been advised to bring the contents of this circular to the notice of their constituents concerned
Acquisition of immovable property outside India-Branches/trading offices overseas
Circular No. A.P. (DIR Series) Circular No.71 Dated 13.01.2003 : It has now been decided to permit Indian corporates who have set up overseas offices to acquire immovable property outside India for their business as also staff residential purposes with the prior permission of Reserve Bank. Applications in the form prescribed may be submitted to the Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Trade Division (Exports), Amar Building, Mumbai through the authorised dealer.
External Commercial Borrowings - Parking of funds abroad
Circular No. A.P. (DIR Series) Circular No.70 Dated 13.01.2003 : It has now been decided that corporates raising ECBs may retain the funds abroad in a bank account for their future forex requirements subject to the following :-
1. The debits in the account should be only for approved purposes for which the loan is raised.
2. The payment to the overseas supplier, if any, shall be made against usual import documents including Bill of Lading/Airway Bill. Further, documentary evidence in support of imports made into India should be submitted to the concerned Regional Office of Reserve Bank alongwith the ECB2 return, duly certified by a Chartered Accountant.
3. The deposit held abroad should not be utilised for any fund based or non-fund based facilities in India.
4. The account should be closed as soon as the forex requirements are met and any unspent balance should be repatriated to India immediately.
Retention of Proceeds of ADRs/GDRs abroad
Circular No. A.P. (DIR Series) Circular No.69 Dated 13.01.2003 : It has now been decided that Indian companies may retain abroad funds raised through ADRs/GDRs, for any period to meet their future forex requirements. Further, pending repatriation or utilisation of foreign resources raised, the Indian company may invest the foreign currency funds in :-
1. deposits or Certificate of Deposit or other products offered by banks who have been rated not less than AA(-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s;
2. deposits with branch outside India of an authorised dealer in India; and
3. treasury bills and other monetary instruments of one year maturity having minimum rating as indicated at (i) above.
Acquisition of Foreign Securities by Resident Individual under ESOP Scheme
Circular No. A.P. (DIR Series) Circular No.68 Dated 13.01.2003 : It has now been decided to remove the limit of USD 20,000 for purchase of foreign securities by resident individual. Accordingly, remittances for the acquisition of foreign securities under ESOP Scheme may be permitted by authorised dealers as per the terms of offer without any monetary limit. The other conditions as indicated below remain unchanged :
(i) The shares under ESOP should be offered at the concessional price.
(ii)The foreign equity holding in the Indian company should not be less than 51 per cent.
Facilities to NRIs/PIOs and Foreign Nationals-Liberalization
Circular No. A.P. (DIR Series) Circular No.67 Dated 13.01.2003 : It has now been decided to remove the present dispensation of permitting different amounts for different purposes and also to enhance the overall limit to USD 1 million per calendar year. Accordingly, it will be in order for authorised dealers to allow remittance/s upto USD 1 million, out of balances held in NRO accounts/sale proceeds of assets, on production of an undertaking and certificate by a person making the remittance, as stipulated in A.P. (DIR Series) Circular No.27 dated September 28, 2002 read with A.P. (DIR Series) Circular No.56 dated November 26, 2002.
Overseas Investments
Circular No. A.P. (DIR Series) Circular No.66 Dated 13.01.2003 : At present residents are not permitted to make investments in equity of companies registered overseas except by way of setting up joint ventures or wholly owned subsidiaries. It has now been decided to permit certain relaxations to Corporates, Individuals and Mutual Funds in this regard.
Report of the Joint Parliamentary Committee on Stock Market Scam
Notification No. DBOD. No. Appt. BC. 61/08.139.001/2002-03 Dated 17.01.2003 : The Joint Parliamentary Committee (JPC) on Stock Market Scam have observed in paragraph 10.89 of their report that it is imperative for the banks to follow strategies and techniques which are basic to the tenets of sound corporate governance, which include
1. capable and experienced Directors
2. efficient management
3. coherent strategy and business plan and
4. clear lines of responsibility and accountability.
Banks have been advised to follow the same.
Trading of Government Securities on Stock Exchanges
Notification No. DBOD.No.FSC.BC. 60 /24.76.002/2002-03 Dated 16.01.2003 : With a view to encouraging wider participation of all classes of investors, including retail, in government securities, it has been decided to introduce trading in government securities through a nation wide anonymous, order driven, screen based trading system of the stock exchanges, in the same manner in which trading takes place in equities. This facility of trading of government securities on the stock exchanges would be available to banks in addition to the present NDS of the Reserve Bank, which will continue to remain in place.
Introduction of New Software for Form A Returns - Revised version
Notification No. DBOD.CO.Ret.BC. 57/12.05.005/2002-03 Dated 11.01.2003 : A new Software has been developed for submission of Form A returns to RBI. CDs of the revised version have already been made available to all scheduled commercial banks through Regional Offices. It has been decided to implement the package with immediate effect. Accordingly, all scheduled commercial banks may submit a soft copy of Form A returns (provisional and final) along with an authenticated hard copy in the new software format to the Regional Offices as hitherto and an additional set of all the above returns should also be furnished to the Central Office, Returns Section of the Department.
NBFC - Acceptance of Public Deposits
Notification No. DNBS. 164 / CGM(CSM) - 2003 Dated 08.01.2003 : The RBI has directed that the provisions of Section 45-IA, 45-IB, 45-IC, 45MB and 45MC of the Reserve Bank of India Act, 1934 and provisions of Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions contained in Notification No. DFC.118 / DG(SPT)-98, the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 contained in Notification No. DFC. 119/DG(SPT)-98 dated January 31, 1998 shall not apply to any non-banking financial company not holding or accepting public deposit as defined in paragraph 2(1)(xii) of the Notification No. DFC.118/DG(SPT)-98 dated January 31, 1998, and -
(a) doing the business of insurance,
(b) being a stock exchange
(c) doing the business of a stock-broker or sub-broker
Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2003
Notification No. GSR34(E) Dated 15.01.2003 : In Regulation 6, in sub-regulation (2) :
(a) in clause (i) for the proviso, the following proviso has been substituted, namely
"Provided that in respect of commitment in Joint Ventures/Wholly Owned Subsidiaries in Myanmar and SAARC countries (other than Nepal, Bhutan and Pakistan) the total commitment shall not exceed US $ 150 million or equivalent in any one financial year."
(b) in clause (ii), for the words and figures " Rupees 350 crores" the words and figures "Rupees 700 crores" has been substituted.
Daily Return on Reciprocal Line Facility
Circular No. MPD.BC.229/07.01.279/2002-03 Dated 13.01.2003 : It was clarified in circular No. MPD.BC.225/07.01.279/2002-03 dated November 14, 2002 that in order to provide greater flexibility in liquidity management by banks, rupee resources drawn under Reciprocal Line Facility by a foreign bank in India is initially exempted for one year from the prudential limits specified for call/notice money transactions.In order to facilitate monitoring of such operations on Reciprocal Line Facility on a daily basis, Banks have been requested to submit the requisite data in the form of a daily return to Adviser-in-Charge, MPD, RBI by fax No. 2270-0849/ 2270-0850/2265-1685/2269-3204 at the end of each working day as per the format contained in the Annex.
Amendment in import policy
Notification No. 25/2002-07 Dated 17.01.2003 : The Central Government has made amendments in Chapter-7 under Exim Entry No. 07032030, in the ITC(HS) Classifications of Export and Import Items , 2002-2007 published on 31st March, 2002 as amended from time to time.
Amendment in the Handbook of Procedures (Vol. L)
Public Notice No. 59/2002-07 Dated 15.01.2003 : The Director General of Foreign Trade has made certain amendments in the Handbook of Procedures
Amendments in the Export and Import Policy, 2002-2007
Notification No. 24/2002-07 Dated 15.01.2003, No. 23/2002-2007 Dated 10.01.2003, No. 22/2002-2007 Dated 09.01.2003 : Certain Amendments, Corrections and Additions have been made in the Export and Import Policy, 2002-2007.
Amendment to P.N.No. 38 (2002-2007) dated 4.10.2002 - Procedure for import of various items under Tariff Rate Quota (TRQ)
Public Notice No. 57/2002-2007 Dated 08.01.2003 : The last line of para 2 of the said Public Notice has been amended to read as below:
“The completed application forms along with required/prescribed documents must reach the Office of DGFT on or before 22nd January,2003.”
Suggestion Scheme
Trade Notice No. 18/2002 Dated 06.01.2003 : It has been decided to invite suggestions from both the employees of this Organization as well from members of the Trade and Industry for improvement in the DGFT Organization which will include suggestions on improvement in working environment, trade facilitation as well as EXIM Policy matters.
Central Capital Investment Subsidy Scheme, 2003 for Uttranchal and Himachal Pradesh
Notification No. 1(10)/2001-NER. Dated 08.01.2003 : The Government of India has made the Central Capital Investment Subsidy Scheme, 2003 of Central Grant or Subsidy for Industrial units in the states of Uttranchal and Himachal Pradesh with a view to accelerating the industrial development in the States.
Recognition to Online Commodity Exchange of India Ltd. Ahemdabad Under Sec 5 of Forward Contracts (Regulation) Act, 1952
Notification No. SO29(E) Dated 10.01.2003 : Central Government has granted recognition to the Online Commodity Exchange of India Ltd. Ahemdabad on a permanent basis in all the commodities in which Section 15 is applicable and the commodities to which neither Section 17 nor Section 15 of the Forward Contracts (Regulation) Act 1952 is applicable, with the prior permission of the Forward Markets Commission.
Forest (Conservation) Rules, 2003
Notification No. 23(E) Dated 10.01.2003 : The Central Government has issued the Forest (Conservation) Rules, 2003, extending the whole of India except the State of Jammu and Kashmir to be effective from 10.01.2003
Withdrawal of Notification No. SO563(E) Dated 23.05.2002
Notification No. SO22(E) Dated 08.01.2003 : The Gazette Notification S.O. No. 563(E) dated 23-5-2002, published in the Gazette of India Extraordinary in Part II, Section 3(ii) and issued in exercise of power conferred under Section 26(2A) of the Minimum Wages Act, 1948, has been withdrawn.
Fixation of Price as Ceiling Price of Formulations Specified
Notification No. SO1353(E) to No. SO1363(E) Dated 24.12.2002 : The National Pharmaceutical Pricing Authority has fixed the ceiling prices exclusive of the excise duty and local tax, if any, of each of the scheduled formulations specified.
Withdrawal of Notification No. 403(E) Dated 10.05.2001
Notification No. SO1364(E) Dated 24.12.2002 : Consequent upon the Order No. 8/11/01-PI-I dated 10th September, 2002 of Government of India, Ministry of Chemicals and Fertilizers, Department of Chemicals and Petrochemicals under Para 22 of DPCO, 1995, the notification S.O. No. 403(E) dated 10.5.2001 in respect of Multivitamin Injection 10 ml Ampoule is withdrawn with immediate effect:
Appointment of Shri Justice S. N. Phukan as Head of Single Member Commission of Inquiry for Tehelka Case
Notification No. SO12(E) Dated 04.01.2003 : In exercise of powers conferred by Section 3(3) of the Commissions of Inquiry Act, 1952, the Central Government has appointed Shri Justice S.N. Phukan, a retired Judge of the Supreme Court of India, to head the Single Member Commission of Inquiry;
President's assent to bills
Dated 20.01.2003, 17.01.2003, 14.01.2003, 13.01.2003 and 10.01.2003 : President has given his assent to Control of National Highways (Land and Traffic) Bill, 2002, Companies (Second Amendment) Bill, 2002, Competition Bill, 2002, Scheduled Castes and Scheduled Tribes Orders (Second Amendment) Bill, 2002, High Court Judges (Salaries and Conditions of Service) Amendment Bill, 2002, the Supreme Court Judges (Salaries and Conditions of Service) Second Amendment Bill, 2002, Freedom of Information Bill, 2002 and the Representation of the People (Second Amendment) Bill, 2002.
President Promulgates Ordinance to amend Customs Tariff Act
Dated 20.01.2003 : The President has promulgated an Ordinance amending the Customs Tariff Act, 1975 with prospective effect from February 1, 2003 to enable the trade, commerce and industry to ready themselves to the emerging new commodity classification code.
Working Group on Non-Resident Taxation Submits its Report
Dated 15.01.2003 : The Working Group on Non-Resident Taxation constituted by the government on the recommendations of the Task Force on Direct Taxes has submitted its report. The Group has recommended certain administrative measures, the main one being the setting up of an Emerging Issue Task Force to make timely suggestions to the CBDT on cross border transactions as and when they emerge and based on such recommendations the CBDT has been advised to issue public circulars to provide certainty to the taxpayers.
UTI - II transferred to a new Mutual Fund sponsored by SBI, PNB, BOB and LIC
Dated 15.01.2003 : The Government has signed an agreement with SBI, PNB, BOB and LIC to give effect to the provisions of the Unit Trust of India (Transfer of Undertaking and Repeal) Act 2002.
CAS for Metros notified
Dated 15.01.2003 : The Ministry of Information and Broadcasting has issued a notification under the Cable Television Networks (Regulation) Act 1995, notifying the 15th Day of January, 2003 as the date within six months from which it shall be obligatory for every cable operator to transmit/re-transmit programmes of every pay channel through an addressable system in the Chennai Metropolitan area; Municipal Council of Greater Mumbai area; Kolkata Metropolitan area and National Capital Territory of Delhi.
Amendment of Consumer Protection Act
Dated 15.01.2003 : The Consumer Protection Act, 1986, which has been amended recently to make it more effective and consumer friendly, is proposed to be amended further to deal with the challenges posed by e-commerce transactions that are predominantly consumer transactions.
FM announces measures to facilitate NRI economic activity
Dated 10.01.2003 : The Union Minister of Finance and Company Affairs, Shri Jaswant Singh has announced a series of measures to facilitate greater participation by Non Resident Indians in the economic growth of the country. For the purpose certain relaxations have been announced on capital account transactions for a period of six months beginning from January 10, 2003.
No need for tax clearance certificate before leaving the country
Dated 09.01.2003 : The Ministry of Finance & Company Affairs has decided that from now onwards, any person, who is not domiciled in India or who is domiciled in India at the time of his departure but intends to leave India as an emigrant or intends to proceed to another country on a work permit with the object of taking up any employment or other occupation in that country will not be required to obtain a tax clearance certificate from Income-Tax Authorities and furnish the same to airlines etc. before leaving the territory of India by land/sea/air except in cases of those persons where the Income-Tax Authorities specifically notify the emigration authorities to the effect that such persons should not be allowed to leave India without obtaining a Tax Clearance Certificate.
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