Monthly Archives: June 2021

Jhanak Jhanak Payal Baaje

This is a kind of a combination of a music and dance movie somewhat like Grease but on a more classical scale, directed by the legendary Director V. Shantaram.

Starring Gopi Krishnan, an acclaimed dancer in the kathak style of dancing and coming from a family of distinguished classical dancers, this movie is all about Gopi Krishnan. Forget about anything else, just go and watch this movie purely for Gopi Krishnan dancing, its sensational, beautiful, lyrical, scintillating and magnificent.

Its basically a love story between two dancers against a rigid patriarchal society which frowns on romances. Shantaram has invested a lot in this movie, including his wife Sandhya in the lead role against Gopi Krishnan. Besides, the script, dialogues, music, singing, art direction, – all are top class.

Madan Puri comes in as villain in one of his early villainous roles whilst Manorama and Bhagawan provide some comic relief. Keshavrao Date as Gopi Krishnan has played a good role as the stern father. IMDB 6/10

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6.63 kms

6.63 kms for the morning, did some strength training for beach volleyball yesterday so that helped, i guess. Have a great weekend folks!

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A Brighter Summer Day

Edward Yang’s magnum opus “A Brighter Summer Day” (1991), the Taiwanese movie about teen crime drama.

It is based on a real life incident of a student killing his girlfriend, but Yang has woven a family drama around it. There are two strands to the movie, one about school children getting involved in street crime, debts, girl friends, jealousies, etc. and another about a family of a government bureacrat and his family. The connection is that two of his sons are involved in both the strands – one with a debt problem another who is tormented at such young age with a girl whom he thinks that she loves him.

The girl Ming (Lisa Young) plays around and has many affairs going on. The boy Xiao S’ir (Chang Chen) is the central character in the movie. Yang has woven other sub plots into the movie such as tension with mainland China, (this family has migrated from Shanghai), the father is arrested by the secret police and interrogated for days about his associates and the stress in the family.

Yang has kept the focus on different aspects of the movie beautifully, but the length of the movie at 3.56 hours is way too long, i feel. All the actors have played their roles very well, there is nary any bad scene in the entire movie. This movie got a lot of awards at the international circuit and is considered one of the landmark movies in Taiwanese cinema.

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investment advisors

SEBI has brought in a concept of an Investment Advisor Administration and Supervisory Body which will regulate the registered investment advisors in the country under the SEBI (Investment Advisors) Regulations. For that purpose they have granted recognition to BSE Administration & Supervision Limited as an Investment Advisor Supervisory Body. This body i.e. BASL, shall have the following responsibilities, viz.

i. Supervision of IAs including both on-site and offsite
ii. Grievance redressal of clients and IAs
iii. Administrative action including issuing warning and referring to SEBI for enforcement action
iv. Monitoring activities of IAs by obtaining periodical reports
v. Submission of periodical reports to SEBI
vi. Maintenance of database of IAs

SEBI shall also concurrently administer and supervise the RIAs (registered investment advisors) and shall be subject to periodic inspection by SEBI. So there will be a dual supervisor body for RIAs going forward.

Pursuant to this grant of recognition to BASL, all RIAs are required to ensure compliance with the following:
i. Membership of IAASB – they have to take membership of BASL within 3 months of the recognition of BASL, which has been recognized from 1st June, 2021. So all RIAs have to perforce take membership of BASL by end August, 2021
ii. Payment of fees: All RIAs have to pay the membership fees to BASL. The fee structure is given below:

SEBI has also modified its fee structure w.e.f. 1st April, 2021 vide its amendment notification dated 11th January, 2021. It appears that fees to SEBI has been discontinued, instead the fees have to be paid to BASL.

Detailed SOPs and FAQs have been issued by BASL with respect to the membership of BASL and other incidental matters. That can be found here.

https://www.sebi.gov.in/media/press-releases/jun-2021/bse-administration-and-supervision-limited-granted-recognition-for-administration-and-supervision-of-investment-advisers_50540.html

Get ready for increased supervision and more compliances – RIAs


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repayment of gold (metal) loans

RBI has vide its circular dated 23rd June, 2021 advised some changes in the repayment of gold (metal) loans (GML) which was extended to jewellery exporters or domestic manufacturers of gold jewellery. These loans are normally repaid in the Indian rupee equivalent of the borrowed loan amount on the relevant dates.

Now RBI has decided that Banks shall provide an option to the borrower to repay a part of the GML in physical gold in lots of one kg or more, provided:

  1. the GML has been extended out of locally sourced / GMS-linked gold;
  2. repayment is made using locally sourced IGDS (India Good Delivery Standard)/ LGDS (LBMA’s Good Delivery Standards) gold;
  3. gold is delivered on behalf of the borrower to the bank directly by the refiner or a central agency, acceptable to the bank, without the borrower’s involvement;
  4. the loan agreement contains details of the option to be exercised by the borrower, acceptable standards and manner of delivery of gold for repayment;
  5. the borrower is apprised upfront, in a transparent manner, of the implications of exercising the option.

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guidelines for “other service providers” – telecom

https://pib.gov.in/PressReleasePage.aspx?PRID=1729725

The Ministry of Electronics & Information Technology, announced in a press interaction today that Department of Telecommunication has further liberalized the guidelines for Other Service Providers (OSPs).  These entities are business process outsourcing (BPO) organisations giving Voice based services, in India and abroad.  The Guidelines issued today further liberalized the special dispensation given to OSPs in addition to the major measures already announced and implemented in November, 2020. 

The main features of the liberalised guidelines announced today are :-

  1. Distinction between Domestic and International OSPs has been removed. A BPO centre with common Telecom resources will now be able to serve customers located worldwide including in India.
  2. EPABX (Electronic Private Automatic Branch Exchange) of the OSP can be located anywhere in the world. OSPs apart from utilising EPABX services of the Telecom Service Providers can also locate their EPABX at third Party Data Centres in India.
  3. With the removal of the distinction between Domestic and International OSP centres, the interconnectivity between all types of OSP centres is now permitted.
  4. Remote Agents of OSP can now connect directly with the Centralised EPABX/ EPABX of the OSP/ EPABX of the customer using any technology including Broadband over wireline/ wireless.
  5. No restriction for data interconnectivity between any OSP centres of same company or group company or any unrelated company.
  6. It may be recalled that DoT has already exempted Data Based Services from the OSP regulations.  In addition, the regulations exempted OSPs from requirement of any registration.  Also, no Bank Guarantees were to be furnished. Work from Home and Work from Anywhere was also permitted.
  7. Penalties for violations were removed altogether reaffirming the trust Government has in business.
  8. Further liberalization of Guidelines today will provide a big fillip for growth of OSP industry in India.  This will create immense opportunities, income and employment in India.

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5.96 kms

5.96 kms after a 3 day break, struggle continues

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negotiated large trade facility

IFSCA has vide its circular dated 22nd June, 2021 introduced a concept of negotiated large trade (NLT) facility in the stock exchanges situated in IFSC i.e. at GIFT City, Ahmedabad. The facility is applicable only for derivatives on its stock exchanges. The salient features of this facility is given below:

a) The NLT Window shall be open throughout normal trading hours of the stock exchanges.
b) The orders placed shall be within +/- 1% of the applicable Reference price. The Reference price shall be the Volume Weighted Average Price (VWAP) of trades executed in the 30 minutes preceding the NLT order execution.
c) The minimum order size in terms of notional value, for execution of trades, shall be USD 1 million.
d) The NLT transactions shall not be considered for calculation of the daily Open, High, Low, Close (OHLC), VWAP or Daily Settlement Price (DSP) or the Final Settlement Price (FSP) of the derivatives contract for which the transaction has been executed.
e) The NLT trades on behalf of clients shall not be executed against the trading member’s own account. The Trading Members shall execute NLT trades on behalf of their clients only after obtaining explicit written consent from their respective clients.
f) The position limits applicable to the normal market shall be applicable to the NLT window.
g) The Stock Exchange shall ensure that all appropriate trading and settlement practices as well as surveillance and risk containment measures as applicable to the normal trading segment are made applicable and implemented with respect to the NLT window.
h) The Stock Exchange shall disseminate details of the NLT trades to the public on the same day, after the market hours.

Copy of the circular can be found at the IFSCA site https://ifsca.gov.in/Circular

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monetary penalty on mogaveera

RBI has vide its circular dated 21st June, 2021 levied a penalty of Rs.1.2 million on Mogaveera Co-operative Bank Limited for violation of provisions of section 26a and 56 of the banking regulation act, 1949 and also for non compliance of the provisions of directions issued by RBI on maintenance of deposit accounts and KYC provisions.

As usual RBI is very shy in giving more details of the non compliance for the general public to know.

Section 26A of BR act pertains to establishment of depositor education and awareness fund and it is not clear what provisions of section 56 has been violated.

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51769

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Come Sundown

This is a kind of a mother of all western novel from Mike Blakely. It straddles generations as Honore Greenwood aka The Plenty Man, a runaway from France lands in an unlikely wild west to live a life as a Comanche, an Indian tribe. Greenwood or On’ry as he is sometimes called is a kind of do it all handy man for settling all kind of disputes among the tribes and also between the tribes and the white people.

He takes the side of the Union against the Texans and later fights the blue coats to stave off destruction of his Comanche tribe. Greenwood is a brilliant mind that could have become a doctor yet he ends up learning medicine from the local chieftain. He takes in a Cheyenne wife Westerly and that ends in a kind of tragedy.

Large section of the book dwells upon the indigenous Indians and their never ending fight against the white people who are out to massacre them and grab their lands and cattle and property. The narrative of Mike Blakely is absolutely magnificent in the sense that you start flowing with his words among the wild west territory and feeling for the natives of the land. Goodreads 5/5

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5.14 kms

Running after one week exactly (last run was last Monday). Legs were not moving at all, need to be more consistent, Happy International Yoga Day everyone

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GST exempt on exam fees

CBIC has clarified vide its circular dated 17th June 2021 that GST is exempt on exam fees in respect of exams conducted by central board or state boards. This includes conduct of entrance examination for admission to educational institutions.

Operative part of their circular is reproduced below:

(i) GST is exempt on services provided by Central or State Boards ( including the boards such as NBE – National Board of Examinations) by way of conduct of examination for the students, including conduct of entrance examination for admission to educational institution [under S. No. 66 (aa) of notif No. 12/2017-CT(R)]. Therefore, GST shall not apply to any fee or any amount charged by such Boards for conduct of such examinations including entrance examinations.
(ii) GST is also exempt on input services relating to admission to, or conduct of examination, such as online testing service, result publication, printing of notification for examination, admit card and questions papers etc, when
provided to such Boards [under S. No. 66 (b) (iv) of notif No. 12/2017-CT(R)].
(iii) GST at the rate of 18% applies to other services provided by such Boards, namely of providing accreditation to an institution or to a professional (accreditation fee or registration fee such as fee for FMGE screening test ) so as to authorise them to provide their respective services.

Copy of the circular can be found at the below site

https://www.cbic.gov.in/htdocs-cbec/gst/cgst-circ-idx-2017

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Indian certification of medical devices

The Quality Council of India (QCI), and the Association of Indian Manufacturers of Medical Devices (AiMeD) have added further features to the ICMED the Scheme that had been launched for Certification of Medical Devices in 2016. The ICMED 13485 PLUS, as the new scheme has been christened, will undertake verification of the quality, safety and efficacy of medical devices. The ICMED 13485 PLUS Scheme was launched digitally today . The Chairperson, Quality Council of India graced the occasion along with other dignitaries.

 ICMED 13485 Plus has been designed to integrate the Quality Management System components and product related quality validation processes through witness testing of products with reference to the defined product standards and specifications. This is the first scheme around the world in which quality management systems along with product certification standards are integrated with regulatory requirements. This scheme will be an end to end quality assurance scheme for the medical devices sector in India.

This scheme provides the much-needed institutional mechanism for assuring the product quality and safety. It will go a long way in assisting the procurement agencies to tackle the challenges relating to the menace of counterfeit products and fake certification. This will also help in eliminating the circulation and use of sub-standard medical products or devices of doubtful origin that could prove to be serious health hazards.

https://pib.gov.in/PressReleasePage.aspx?PRID=1728368

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minimum vesting period

SEBI has vide its notification dated 15th June, 2021 removed the minimum vesting period of one year for an employee under the SEBI (Share Based Employee Benefit) Regulations in case of a death of the said employee. Hitherto there was a one year vesting period in case of employee stock options and stock appreciation rights.

The regulations already specified that in case of death of an employee during the vesting period, all the options, stock appreciation rights, benefits etc. shall vest in his legal heirs or nominees. Now taking this further SEBI has relaxed the requirement of minimum vesting period of one year in case of death of any employee. This right shall immediately devolve onto his legal heirs/ nominees even where the one year vesting period is not over.

This is applicable only in case of deaths occurring after 1st April, 2020.

https://www.sebi.gov.in/legal/circulars/jun-2021/relaxation-from-the-requirement-of-minimum-vesting-period-in-case-of-death-of-employee-s-under-sebi-share-based-employee-benefit-regulations-2014_50545.html

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reporting of LRS remittances

RBI has mandated vide its circular dated 17th June, 2021 that all reporting by banks in respect of remittances under liberalised remittance scheme should be done in XBRL format from July 2021 onwards.

Its a monthly return to be submitted by the 5th of the succeeding month and captures figures of no. of applications under the LRS scheme and amount remitted.

The XBRL site for this purpose can be accessed at  https://xbrl.rbi.org.in/orfsxbrl

In case there is no remittances, then NIL report should be submitted.

This is what gets my goat, India is a return friendly country, for every tom dick and harry government department wants multiple returns and forms to be submitted and NIL in case there is no data for that particular month. I don’t understand why they want NIL returns also to be submitted, can it not be presumed to be NIL in case the return is not filed, why specifically and NIL return to be filed.

I guess returns and forms is the way the government controls our activities to ensure that the businesses do not stray from the line of compliance. In some jurisdictions, there are forms like 15CA, 15CB where apart from the multiple returns for any ridiculous rule, there are CA certificates also insisted. Like that we have BB, CC, DD ZZ files and returns to be submitted. Damn!!

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