MSME exports cross USD 147,390 Million in 2017-18

Feb 11, 2019: Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Giriraj Singh has said that the value of MSME related products’ exported during 2017-18 has reached USD 147,390.08 million, as per the information received from Directorate General of Commercial Intelligence and Statistics (DGCIS).

All-India House Price Index (HPI) Annual Growth in Q2:2018-19

The Reserve Bank recently (Feb 06, 2019) released the quarterly house price index (HPI) (base: 2010-11=100) for Q2:2018-19, based on transactions data received from housing registration authorities in ten major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).

Time series on All-India and city-wise HPI are available in the Database of Indian Economy (DBIE portal > Statistics > Real Sector > Price & Wages > Quarterly).

Highlights:

Quarterly Growth:

> The All-India HPI recorded a sequential increase of 0.8 per cent in Q2:2018-19 over Q1:2018-19.

> City-wise, large variance was observed, with Chennai recording the highest rise (6.2 per cent) and Kanpur recording the maximum contraction [(-) 5.6 per cent].

Format for Annual Secretarial Audit / Compliance Report for Listed Entities

SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, regarding "Format for annual secretarial audit report and annual secretarial compliance report for listed entities and their material subsidiaries", reads as follows:-

1. The Committee on Corporate Governance, constituted under the Chairmanship of Shri Uday Kotak, in its report dated October 05, 2017, recommended the following in view of the criticality of secretarial functions to efficient board functioning:
 a. Secretarial audit to be made compulsory for all listed entities under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Regulations”) in line with the provisions of the Companies Act, 2013.
 b. Secretarial audit to be extended to all material unlisted Indian subsidiaries in line with the recommendations of the Committee on strengthening group oversight and improving compliance at a group level for listed entities.

[SEBI] Framework for utilization of Financial Security Deposit (FSD)

Framework for utilization of Financial Security Deposit (FSD) available with Clearing Corporations and WDRA

SEBI Circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2019/29 dated February 11, 2019

1. SEBI vide its circular SEBI/HO/CDMRD/DMP/CIR/P/2016/103 dated September 27, 2016 had inter alia specified the norms requiring Financial Security Deposit (FSD) to be furnished by Warehouse Service Providers (WSPs) linked to the value of goods stored in the warehouses. In addition to this, Warehousing Development Regulatory Authority (WDRA) vide notification dated July 06, 2017 has also specified Security Deposit to be maintained by warehouse/warehouseman with the WDRA, linked to the value of outstanding negotiable warehouse receipts for the registered warehouses of the warehouseman. Thus, on the same goods, security deposits are required to be maintained with both WDRA and Recognized Clearing Corporations, putting additional financial burden on the warehouse operators.

How Can Your Business Survive A Lawsuit

Whether it’s large or small, every company may face business litigation. While it remains a frightening experience for business owners, it’s essential to conduct thorough planning and preparation to ensure your survival in a lawsuit. If you’re looking to overcome the stresses of litigation and come out stronger after, read on this article to learn more on how your business can survive a lawsuit.

1.    Hire a competent business lawyer.

Relaxation on PAN copy need for share transfers by non-residents in listed cos.

SEBI Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2019/30 dated February 11, 2019 :-

1. Para (A)(1) of Schedule VII of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”) specifies that the transferee(s) as well as transferor(s) shall furnish a copy of their PAN card to the listed entity for registration of transfer of securities.

2. It has been brought to the notice of SEBI that many non-residents such as Non- Resident Indians (NRIs), Overseas Citizens of India (OCIs), Persons of Indian Origin (PIOs) and foreign nationals have been facing difficulties in transferring shares held by them since many of them do not possess PAN card.

SEBI circular on Physical Settlement of Stock Derivatives

SEBI Circular No. SEBI/HO/MRD/DOP1/CIR/P/2019/28 dated February 08, 2019 addressed to all Recognized Stock Exchanges :—

1. Please refer to SEBI circular SEBI/HO/MRD/DP/CIR/P/2018/67 dated April 11, 2018 and circular SEBI/HO/MRD/DOPI/CIR/P/2018/161 dated December 31, 2018 on the captioned subject.

2. In furtherance to the aforesaid circulars, it has been decided, in consultation with Secondary Market Advisory Committee (SMAC) of SEBI, that in addition to the existing schedule of stock derivatives moving to physical settlement, if a stock satisfies any of the following criteria, then derivative on such stock shall be moved to physical settlement from the new expiry cycle.

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