SEBI
Guidelines in pursuance of amendment to SEBI KYC Registration Agency (KRA) Regulations, 2011 ( APR 06, 2022 )
SEBI vide its circular MIRSD/Cir- 26 /2011 dated December 23,2011 had issued guidelines to implement the SEBI {KYC Registration Agency (KRA)} Regulations, 2011. SEBI KRA Regulations, 2011, has been amended on January 28,2022 vide a Gazette Notification No. SEBI/LAD-NRO/GN/2022/72 (Annexure A). With a view to implement the regulations effectively, the following additional guidelines are being issued:
- KRAs shall continue to act as repository of KYC data in the securities market and shall be responsible for storing, safeguarding and retrieving the KYC documents and submit to the Board or any other statutory authority as and when required.
- KRAs shall independently validate records of those clients (existing as well as new) whose KYC has been completed using Aadhaar as an OVD. The records of those clients whose have completed KYC using non-Aadhaar OVD shall be validated only upon receiving the Aadhaar Number.
- The KYC records of new clients (who have used Aadhaar as an OVD) shall be validated within 2 days of receipt of KYC records by KRAs.
- KYC records of all existing clients (who have used Aadhaar as an OVD) shall be validated within a period of 180 days from July 01, 2022.
- KRA shall intimate the KRA identifier to the client within 2 working days of receipt of KYC records by the KRAs by post or email and maintain the proof of dispatch.
The validation of all KYC records (new and existing) shall commence from July 01, 2022.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 17 of the SEBI (KYC (Know Your Client) Registration Agency) Regulations, 2011.
SUPREME COURT OF INDIA
Supreme Court of India denies tax deduction on incentives and freebies to medical practitioners ( APR 06, 2022 )
In a significant development in the case of Apex Laboratories Pvt. Ltd (‘the taxpayer’), the Supreme Court of India (‘the Court’) denied a tax deduction on expenses incurred by pharmaceutical and allied health sector industries for incentives and freebies to medical practitioners.
The taxpayer, consistent with the practice in the pharmaceutical industry, provided freebies such as hospitality, sponsorship of conferences and seminars, laptops, and similar benefits to medical practitioners to create awareness and enhance the brand recall value of their products.
The limited question for dispute was whether expenditure incurred by the taxpayer on such freebies is tax deductible. Section 37 of the Income-tax Act 1961 (‘the IT Act’) provides that an expenditure incurred wholly and exclusively for the purposes of business is tax-deductible, provided it is not incurred for any purpose which is an ‘offence’ or for any purpose which is ‘prohibited by law’.
NCLT
Another NCR-based real estate company on verge of bankruptcy? NCLT initiates insolvency process ( APR 06, 2022 )
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Ananda Divine Developers, a step-down company of NCR-based realty firm ATS Infrastructure. A two-member Delhi-based Principal bench of the NCLT had on March 25 admitted a plea filed by ICICI Prudential Venture, claiming a due of Rs 25 crore.
The insolvency tribunal has appointed Harish Taneja as the Interim Resolution Professional to take over the management of the company while suspending the board of Ananda Divine Developers. Meanwhile, ATS Infrastructure in a statement said it has resolved the dispute with ICICI Prudential Venture and will be filing a settlement soon.
BUSINESS
India, Australia should look at USD 100 billion bilateral trade by 2030, says Piyush Goyal (APR 06, 2022 )
Commerce and Industry Minister Piyush Goyal on Wednesday said that India and Australia should look at boosting the bilateral trade to USD 100 billion by 2030 from the current level of around USD 27.5 billion. Goyal, who is in Australia on a three-day visit, said that both the countries are already at an advanced stage of entering into an agreement for greater collaboration in the education sector.
On April 2, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) under which both the countries are providing duty free access to a huge number of goods and relaxing norms to promote trade in services.
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WORLD AFFAIRS
Pakistan: SC adjourns hearing on no-trust motion, Prez wants snap poll dates ( APR 06, 2022 )
The Supreme Court of Pakistan on Wednesday adjourned the hearing on the legality of rejection of the no-confidence motion against Prime Minister Imran Khan through a controversial ruling by the deputy speaker of the National Assembly. The matter will be heard again on Thursday, the court said while seeking minutes of the National Security Council meeting from the government.
A five-judge bench, headed by Chief Justice Umar Ata Bandial, had been hearing the case since Sunday evening when it took suo motu notice of the developments in the National Assembly.
At the court, the chief justice asked Babar Awan, who appeared for the Pakistan Tehreek-e-Insaf (PTI) party, about the minutes of the recent meeting of the National Security Council which had discussed a letter purportedly showing evidence of a foreign conspiracy to oust Khan’s led government. The court asked on what basis did the speaker issue, Dawn newspaper reported.
China minted 62 billionaires last year, more than any other country ( APR 06, 2022 )
China minted more billionaires last year than any other economy globally. That's according to this year's edition of Forbes' annual World's Billionaires' List, which features 236 newly minted billionaires. Of those, 62 are from China.
Despite Beijing's sweeping crackdown on the tech sector, China's tech industry accounted for almost a third of the new billionaires on the list. New entrants from the sector include Hong Kong-based Tang Xiao'ou (net worth $5.7 billion), who built artificial intelligence outfit SenseTime; Chris Xu (net worth $5.4 billion), who founded online fast-fashion retailer Shein; and the creators of China's "Instagram-killer" Xiaohongshu, Miranda Qu and Charlwin Mao (net worth $1.8 billion each).
At the same time, Beijing has been relentless in cracking down on its homegrown tech sector. Over the past year, it's targeted labor and consumer rights issues in the sector, launched antitrust probes against tech companies, and increased oversight on data security. As a result, "a lot of investors are freaked out," an expert told Insider. Earlier this week, the Hang Seng Tech Index was down almost 60% since its most recent peak in February 2021, Bloomberg reported.
These pressures chipped away at many billionaires' net worths. Zhang Yiming, the second-richest person in China and the founder of TikTok's parent company ByteDance, saw his fortune shrink to $50 billion from $59.4 billion last year. Pony Ma, China's third-richest person and the founder of Tencent, saw his net worth fall to $37.2 billion from $49.1 billion in 2021. Zhong Shanshan, the chairman and founder of bottled water producer Nongfu Spring, remains China's richest person with a net worth of $65.7 billion.
WORD OF THE DAY
The DuPont analysis (also known as the DuPont identity or DuPont model) is a framework for analyzing fundamental performance popularized by the DuPont Corporation. DuPont analysis is a useful technique used to decompose the different drivers of return on equity (ROE). The decomposition of ROE allows investors to focus on the key metrics of financial performance individually to identify strengths and weaknesses.
MARKET TODAY ( as on 6.04.2022 )
BSE SENSEX 59,610.41 ▼ 566.09 (0.94%)
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DOLLAR VS RUPEE
1 US Dollar = 75.77 Indian Rupee ( April 6, 7:29 PM )
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