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The Tatas

One of the best books on a business house i have read in a long long time.

Girish Kuber’s The Tatas does full justice to the almost 200 year old salt (well they don’t have salt anymore!!) to software conglomerate. Right from the times of Nusserwanji Tata of Navsari who set out to do business instead of priestly duties which his forefathers had done till then.

Nusserwanji’s son Jamshetji took over the reins and had tremendous vision of building a strong foundation in India. He was the one who started steel manufacturing in Mayurbhanj which later came to be renamed as Jamshedpur.

His cousin RD Tata’s son JRD (Jehangir R. Tata) took over the group to even rarified heights by forming an aviation company and making his dream a reality. It was a hard blow for him to see his pet project being nationalised by the government. It was fortunate that he was around the times of socialist policies of Nehru and Indira Gandhi which saw a distrust for business leaders.

His successor Ratan Tata who was the son of Naval Tata who was adopted for Ratan Tata (son of Jamshetji) who died young leaving behind a young widow. The fights of Ratan Tata with the stalwarts like Darbari Seth, Russy Mody, the fracas behind Ajit Kerkar and Dilip Pendse, all this is truthfully captured in this beautiful book. And then the ugly fight with Cyrus Mistry, though the actual reasons for why the bitterness arose between Ratan Tata and Cyrus Mistry is not divulged, I hope someday we come to know of it.

There are many pleasant surprises in the book, for instance the milk tabelas that you find in Goregaon and Jogeshwari belt is because of the Tatas who took to dairy farming in the then Bombay so many years ago. The iconic group has made many yeoman contributions to India in the form of Indian Institute of Science, Bangalore, Tata Institute of Fundamental Research, Tata Institute of Social Sciences, the improvement in worker conditions, like provident fund and gratuity were first thought of by the Tatas much before it was brought into statute. Their quiet contribution to various charities in the field of arts, science, education etc.

Recently one idiot minister called the Tatas as anti nationals. After reading this book it is very clear that the Tatas were anything but that, in fact they were very much involved in nation building during war time also and during natural calamities like earthquake in Latur, the 26/11 terrorist attack in Bombay, they were the first ones on the spot with their relief and rehabilitation efforts.

For somebody like me who was worked in the Tatas for a brief while, it is nostalgic homecoming of sorts. Goodreads 5/5

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11.02 kms

11.02 kms on a humid weather here in Mumbai. Have a great day folks.

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govt securities – retail investors

RBI has laid down guidelines for participation of retail investors in government securities as per the above circular link. The salient features are as follows:

Scheme for Non-Competitive Bidding Facility in the auction of
Government of India Dated Securities and Treasury Bills

I. Scope: With a view to encouraging wider participation and retail holding of Government securities, retail investors are allowed participation on “non- competitive” basis in select auctions of dated Government of India (GoI) securities and Treasury Bills.

II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:

  1. Retail investor is any person, including individuals, firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may be prescribed by RBI.
  2. ‘Aggregator/Facilitator’ means a Scheduled Bank or Primary Dealer or Specified Stock Exchange or any other entity approved by RBI, permitted to aggregate the bids received from the investors and submit a single bid in the non-competitive segment of the primary auction.
  3. ‘Specified stock exchange’ means SEBI recognised Stock Exchange, which have received No Objection Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction segment.
  4. ‘Eligible Provident Funds’ are those non-government provident funds governed by the Provident Funds Act 1925 and Employees’ Provident Fund and Misc. Provisions Act, 1952 whose investment pattern is decided by the Government of India.

III. Eligibility:

(A) Participation on a non-competitive basis in the auctions will be open to a retail investor who:

  1. does not maintain current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India; and
  2. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
  3. maintains the ‘Retail Direct Gilt Account’ (RDG Account) with RBI

Exceptions:

a. Regional Rural Banks (RRBs) and Cooperative Banks:

  1. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme only in the auctions of dated securities in view of their statutory obligations.
  2. Since these banks maintain SGL account and current account with the Reserve Bank of India, they shall be eligible to submit their non- competitive bids directly.

b. State Governments, eligible provident funds and Others:

  1. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal Monetary Authority of Bhutan and any Person or Institution, specified by the Bank, with the approval of Government, shall be covered under this scheme only in the auctions of Treasury Bills.
  2. These bids will be outside the notified amount.
  3. There will not be any restriction on the maximum amount of bid for these entities.

IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of five percent of the aggregate nominal amount of the issue within the notified amount as specified by the Government of India, or any other percentage determined by Reserve Bank of India.

V. Amount of Bid:

1. The minimum amount for bidding will be ₹10,000 (face value) and thereafter in multiples in ₹10,000 as hitherto.

2. In the auctions of GoI dated securities, the retail investors can make a single bid for an amount not more than Rupees Two crore (face value) per security per auction.

VI. Other Operational Guidelines:

1. The retail investor desirous of participating in the auction under the Scheme would be required to maintain a depository account with any of the depositories or a gilt account under the constituent subsidiary general ledger (CSGL) account of the Aggregator/ Facilitator or ‘Retail Direct Gilt Account’ (RDG Account) with RBI.

2. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect that the investor is making only a single bid will have to obtained and kept on record by the Aggregator/Facilitator.

Submission of Bids:

3. Each Aggregator/Facilitator on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary circumstances such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber) system, non-competitive bid in physical form will not be accepted.

Allotment of Bids:

4. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The securities will be issued to the Aggregator/Facilitator against payment on the date of issue irrespective of whether they have received payment from their clients.

5. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro rata allotment would be made. In case of partial allotments, it will be the responsibility of the Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent manner.

6. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

Issue of Security:

7. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly indicate at the time of tendering the non-competitive bids the amounts (face value) to be credited to their main SGL or CSGL account.

8. Delivery in physical form from the Main SGL account is permissible at the instance of the investor subsequently.

9. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients. Except in extraordinary circumstances, the transfer of securities to the clients should be completed within five working days from the date of issue.

Commission/Brokerage charged to Clients

10. The Aggregator/Facilitator can recover up to six paise per ₹100 as brokerage/commission/service charges for rendering this service to their clients. Such costs may be built into the sale price or recovered separately from the clients.

11. In case, the securities are transferred subsequent to the issue date of the security, the consideration amount payable by the client to the Aggregator/Facilitator will include accrued interest from the date of issue.

12. Modalities for obtaining payment from clients towards cost of the securities, accrued interest, wherever applicable, and brokerage/commission/service charges may be worked out by the Aggregator/Facilitator as per agreement with the client.

13. It may be noted that no other costs, such as funding costs, should be built into the price or recovered from the client.

VIII. Reporting Requirements:

Aggregators/Facilitators will be required to furnish information relating to operations under the Scheme to the Reserve Bank of India (Bank) as may be called for from time to time within the time frame prescribed by the Bank.

IX. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered necessary, the Scheme will be modified.

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jute packaging

https://pib.gov.in/PressReleasePage.aspx?PRID=1770511

The Cabinet Committee on Economic Affairs chaired by Prime Minister, Shri Narendra Modi, has approved reservation norms for mandatory use of jute in packaging for the Jute Year 2021 -22 (1st July, 2021 to 30th June, 2022) on 10th November, 2021. The Mandatory packaging norms approved for Jute Year 2021-22 provide for 100% reservation of the foodgrains and 20% of sugar to be compulsorily packed in jute bags.

The reservation norms in present proposal would further protect the interest of domestic production of raw jute and jute packaging material in lndia, thereby, making India self-reliant in consonance with Aatmnirbhar Bharat. Reservation for packaging in jute packaging material consumed around 66.57% of the raw jute produced in the country (in 2020-21). By bringing into effect the provision of JPM Act, the Government will provide relief to 0.37 million workers employed in jute mills and ancillary units as well as support the livelihood of around 4.0 Million farm families. Besides, it will help protect environment because jute is natural, bio- degradable, renewable and reusable fibre and hence fulfills all sustainability parameters.

The Jute industry occupies an important place in the national economy of India in general and Eastern Region in particular i.e. West Bengal, Bihar, Odisa, Assam, Tripura, Meghalaya, Andhra Pradesh and Telangana. It is one of the major industries in the eastern region, particularly in West Bengal.

The reservations norms under JPM Act provide for direct employment to 0.37 million workers and 4 million farmers in the Jute Sector. JPM Act, 1987 protects interest of Jute farmers, workers and persons engaged in jute goods’ production. 75% of the total production of the Jute Industry is Jute Sacking Bags of which 90% is supplied to the Food Corporation of India (FCl) and State Procurement Agencies (SPAs) and remaining is exported/sold directly

Government of India purchases Jute sacking bags worth approximately Rs. 8,000 crore every year for packing of foodgrains, hence ensures guaranteed market for the produce of Jute Farmers and Workers.

Average Production of Jute Sacking Bags is about 30 lakhs bales (9 lakh MT) and Government is committed to ensure complete off-take of the sacking production of the jute bags in order to protect the interest of Jute farmers, workers and persons engaged in the Jute Industry.

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mineral conservation

https://pib.gov.in/PressReleasePage.aspx?PRID=1770484

Ministry of Mines has notified the Mineral Conservation and Development (Amendment) Rules, 2021 on 3rd November, 2021 to amend the Mineral Conservation and Development Rules, 2017 [MCDR].

The MCDR have been framed under section 18 of the Mines and Minerals (Development and Regulation) Act, 1957 [MMDR Act] to provide rules regarding conservation of minerals, systematic and scientific mining, development of the mineral in the country and for the protection of environment.

The amendment rules have been framed after extensive consultations with the State Governments, industry associations, miners, other stakeholders and general public. The highlights of amendments in the Rules are as follows:

(i) Rules prescribed that that all plans and sections related to mine shall be prepared by combination of Digital Global Positioning System (DGPS) or Total Station or by drone survey in relation to certain or all leases as may be specified by Indian Bureau of Mines (IBM).

(ii) New Rule inserted to provide for submission of digital images of mining area by lessees and Letter of Intent holders. Lessees having annual excavation plan of 1 million tonne or more or having leased area of 50 hectare or more are required to submit drone survey images of leased area and up to 100 meters outside the lease boundary every year. Other lessees to submit high resolution satellite images. This step will not only improve mine planning practices, security and safety in the mines but also ensure better supervision of mining operations.

(iii) Requirement of submitting satellite images obtained from CARTOSAT-2 satellite LISS-IV sensor on the scale of cadastral map deleted in view of the insertion of provision for submission of high resolution Georeferenced Ortho-rectified Multispectral satellite and use of drone survey as per Rule 34A.

(iv) Provision of daily return omitted to reduce compliance burden. Power of taking action against incomplete or wrong or false information in monthly or annual returns given to IBM, in addition to State Govt.

(v) Allowed engagement of a part-time mining engineer or a part-time geologist for category ‘A’ mines having leased area below 25 hectares. This will ease compliance burden for small miners.

(vi) In order to increase employment opportunity, diploma in mining and mine surveying granted by duly recognized institute along with a second class certificate of competency issued by the Director General of Mines Safety is added in qualification for full time Mining Engineer. Also, qualification for part time Mining Engineer added.

(vii) Penalty provisions in the rules have been rationalized. Previously, the rules provided for penalty of imprisonment upto 2 years or fine upto 5 lakh rupees or both for violation of each and every rule irrespective of the severity of the violation. Amendment in the rules categorized the violations of the rules under the following major heads:

  1. Major Violations: Penalty of imprisonment, fine or both.
  2. Minor Violations: Penalty reduced. Penalty of only fine for such violations prescribed.
  3. Violation of other rules has been decriminalized. These rules did not cast any significant obligation on the concession holder or any other person. Thus, violation of 24 rules has been decriminalized.

(viii) Provision of forfeiture of financial assurance or performance security of the lease holder added in case of non-submission of final mine closure plan within the period specified.

(ix) Amount of financial assurance increased to five lakh rupees for Category ‘A’ mines and three lakh rupees for Category ‘B’ mines from existing three and two lakh rupees, respectively.

Notification of the Amendment Rule is available in the website of Ministry of Mines (www.mines.gov.in).

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6.83 kms

6.83 kms in a pleasant morning. Running after a gap because of a back ache.

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no bite in the WI bowling

West Indies doesn’t look like a potent bowling side, in fact they do not have any wicket takers in their side in the T-20 world cup.

143-8 is not a bad total to defend in T-20s. Many teams have won with even with lower totals than that. But the fact that they got only one South African wicket that of Reeza Hendricks and that too because of a spectacular catch by Hetmeyer off Hosein says a lot.

Dwayne Bravo, Ravi Rampaul, Andre Russell, Keiron Pollard are not the kind of bowlers that will set the turf on fire. The youngsters are still good, but they have too many of aging superstars in their side. Time will tell.

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Hijack Stories

A powerful South African movie “Hijack Stories” (2000) directed by Oliver Schmitz and starring Tony Kgoroge, Rapulana Seiphemo, Moshidi Motshegwa among others.

Sox Moraka (Tony Kgoroge) is a young black South African kid from the upper class white neighbouhood who wants to become an actor in the mould of Wesley Snipes. He fails the audition because he is not able to get the intensity required to play a mobster.

Desperate he goes to Soweto his previous home and tries to integrate with the people over there in order to gain acceptance and learn the ropes. Finally he is sent to meet Zama (Rapulana Seiphemo) who happens to be his boy hood friend but who is now bitter that Sox has left them, left Soweto to be with the white people.

Zama agrees to let him in and Sox goes along with them in their errands. Sox also falls for a girl from Soweto, Grace (Moshidi Motshegwa) while already having a white girlfriend back home.

The real fun starts when they go on a real hijack trip and steal 10 cars and park them in the police compound. In the meanwhile Sox keeps on giving his auditions and each time he keeps on improving and on the last one before the hijacking trip, he gets accepted at the auditions.

Real twist in the story at the end with police chase and shootings and killings. Tony doing his debut has acted well and so has Rapulana but it is Moshidi who steals the show. IMDB 6/10

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credit information

RBI circular dated 14th October, 2021 streamlining the process of submitting credit information data to the credit information companies.

Data Format for Furnishing of Credit Information to Credit Information Companies

Please refer to our circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014, inter alia setting out a Uniform Credit Reporting Format for reporting credit information to the Credit Information Companies (CICs). The Uniform Credit Reporting Format has two Annexes, Annex-I contains two formats for credit reporting, viz., Consumer Bureau and Commercial Bureau, whereas Annex-II contains credit reporting format for Micro Finance Institution (MFI) segment.

2. The Relationship Segment (RS) in the Commercial Bureau format inter alia captures information on relationship fields of the corporates, viz., business category and type of relationship (i.e. contains information on directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies related to the borrower). It is observed that there is a low level of RS details in the databases of CICs.

3. The RS details are very important in establishing cross-linkages across the three modules, viz., Consumer, Commercial and MFI Bureaus, while providing comprehensive credit information of a borrower to Credit Institutions (CIs) by CICs. Accordingly, it has now been decided that the reporting of RS data by CIs to CICs would henceforth be mandatory. In order to ensure implementation in a non-disruptive manner, the reporting requirement may be staggered in the manner indicated below.

(i) The reporting would be mandatory in respect of new loan accounts opened after July 1, 2022.

(ii) A phased approach shall be followed for reporting of legacy data as detailed below:

  1. The accounts opened during the period (July 1, 2021 to June 30, 2022) have to be updated by January 1, 2023.
  2. The accounts opened in past three years (July 1, 2018 to June 30, 2021) have to be updated by July 1, 2023.
  3. A timeline for reporting of the remainder legacy data would be reviewed by the Technical Working Group and the CIs would be advised in due course.

4. The CIs are advised to commence reporting the aforesaid information as per the prescribed timelines to CICs.

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usage of pool a/cs – mutual funds

SEBI has vide its circular dated 4th October, 2021 discontinued usage of pool funds by entities including online platforms except stock exchange platforms for all mutual fund transactions. That means no entity can accumulate funds and then invest it into various mutual funds. It has to go directly from the investor’s bank account to the mutual fund and similarly in case of redemption also, from the mutual fund a/c directly into the investor’s account without any intermediary in between. This will come into effect from 1st April, 2022.

The gist of the circular is given below

  1. SEBI, vide circulars dated October 04, 2013 and October 19, 2016, allowed Mutual Fund Distributors (‘MFDs’) and SEBI registered Investment Advisers (‘IAs’) to use the infrastructure of recognized stock exchanges to purchase and redeem Mutual Fund (‘MF’) units on behalf of their clients.
  2. MFDs, IAs, Mutual Fund Utilities (‘MFU’), channel partners and other entities including online platforms (‘service providers’/ ‘platforms’) are providing services to investors to transact in mutual fund units. It is observed that based on bilateral understanding with AMCs, a few platforms pool the clients’ funds into a nodal account and subsequently transfer to AMCs either on per transaction basis or lump sum basis.
  3. Based on the discussions with stakeholders and recommendations of the Mutual Fund Advisory Committee of SEBI, the following has been decided with respect to transactions in the units of Mutual Funds undertaken through service providers/platforms other than stock exchanges:
    3.1. AMCs shall ensure that the transactions (financial/ non-financial) can be executed only if there is a service agreement between the AMC and the service provider / platform.
    3.2. AMCs shall ensure that intermediate pooling of funds and/or units in any manner by MFDs, IAs, MFU, channel partners or any other service providers/ platforms, by whatsoever name called, are discontinued for MF transactions. However, this requirement shall not apply to the SEBI registered Portfolio Managers subject to compliance with SEBI (Portfolio Managers) Regulations, 2020 and circulars issued thereunder.
    3.3. AMCs shall put necessary systems in place to ensure the following:
    3.3.1. For subscription, funds should be credited directly from the investors’ account into the MF scheme account without any intermediate pooling. For ease of transactions, funds can be routed through payment aggregators authorized by RBI or SEBI recognized clearing corporations, as the case may be.
    3.3.2. For redemption, funds should be directly credited to the investor’s registered bank account from the MF scheme account without any intermediate pooling.
    3.3.3. For subscription, units should be directly credited into the investor’s account by the mutual fund for both demat and non-demat modes without any intermediate pooling.
    3.3.4. For redemption, units should be directly transferred from investor’s account to the mutual fund without any intermediate pooling, in both demat and non-demat modes.
    3.3.5. MFDs / IAs, MFU, channel partners and other entities (including online platforms) facilitating MF transactions shall not accept payment through one-time mandate or issuance of mandates/ instruments in their name for mutual fund transactions.
    3.3.6. Cheque payments from investor shall be made in favor of the respective MF Schemes only.
    3.3.7. For better investor experience and faster transfer of funds, AMCs shall provide different methods of payment through RBI recognized modes of payment.
    3.4. AMFI, in consultation with SEBI, shall issue guidelines for AMCs with regard to mitigating risks of co-mingling of funds at the level of Payment Aggregators/Payment Gateways involved in mutual fund transactions. It shall be mandatory for all AMCs to follow such guidelines.
    3.5. AMCs shall ensure that for the purpose of investor servicing:
    3.5.1. Detailed information at each stage of the relevant transaction, including rejection, shall be made available at the same time to all the stakeholders involved in the transactions, as applicable, including investors, Registrar and Transfer Agents (‘RTAs’), MFDs, IAs, etc. Only payment related information required to ensure reconciliation and traceability shall be made available to the Payment Aggregators.
    3.5.2. Information sharing shall be system generated and adequately secured.
    3.5.3. The information sharing with respect to direct plans of mutual fund schemes shall be in line with the clarifications issued by SEBI to AMFI vide letter dated September 6, 2021 (can be accessed from AMFI website at https://www.amfiindia.com/Themes/Theme1/downloads/circulars/SEBICla
    rificationw.r.t.transactionsunderDirectPlan.PDF)
    3.5.4. Cost towards system development / improvement in this regard, if any, shall not be passed on to the investors.
    B. Other measures to prevent third-party payments and to safeguard the interest of unitholders
  4. For mitigation of the risk of third party payments:
    4.1. The onus of compliance with PMLA provisions and not permitting usage of third party bank account payments continues to lie with the AMCs.
    4.2. In order to ensure that the folio and source bank account belong to the same person, AMCs shall make sure that payment for MF transactions are accepted through only such modes where independent traceability of end investor can be ensured and source account details are available as audit trail without relying on any other intermediary’s records. However, the investment in MF by way of cash/ through e-wallets (Prepaid Payment Instruments) shall be in compliance with SEBI
    Circulars dated September 13, 2012 and May 22, 2014 (for cash) and May 8, 2017 (for e-wallets), respectively.
    4.3. AMCs shall ensure that payment is credited directly to the registered and verified bank account of the investor mapped with the concerned folio, after due verification. The process carried out by AMCs to verify bank account details i.e. investor name, bank account number, bank name, etc. shall be available as audit trail.
    4.4. In case of redemption of units, Two-Factor Authentication (for online transactions) and signature method (for offline transactions) shall be used to authenticate transactions. One of the Factors for such Two-Factor Authentication (for online transactions) shall be a One-Time Password sent to the unit holder at his/her email/ phone number registered with the AMC.
  5. AMC would be liable to compensate for losses, if any, occurred to a unit holder, where unauthorised transaction(s) occur(s) in unit holder’s folio due to fraud/ negligence/ deficiency on the part of the AMC, employee of AMC or persons/ entities whose services have been availed by the AMC including the platform providers, MFDs, RTAs, MFU, and channel partners, irrespective of whether or not the fraud is reported by the unit holder. For this purpose, it is clarified that any unauthorised transaction(s) performed by the Investment Advisors while providing services to the unit holder(s)
    would not be considered as a liability of the AMC.
  6. To strengthen control with respect to verification of key details of investors like Bank account details, email id, mobile number and address etc., AMFI shall, in consultation with SEBI, issue guidelines. It shall be mandatory for all AMCs to follow such guidelines.
  7. The provisions of this Circular shall be applicable with effect from April 1, 2022.

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RIA – audit

SEBI has vide its circular dated 30th September, 2021 extended the timeline by which the annual compliance audit is to be conducted by registered investment advisors to 31st December, 2021. They get further one month time to report the adverse audit findings, if any. Hitherto, the timelines were 30th September, 2021 and 31st October, 2021 respectively.

Read on:

  1. “Guidelines for Investment Advisers” issued vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020 (hereinafter referred as “Circular”) inter alia prescribed timeline of six months from the end of each financial year for Investment Advisers (IA) to conduct annual audit in respect of compliance of SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”) and circulars issued thereunder. Further, a timeline of one month from the date of the audit report but not later than October 31st of each year was prescribed for submitting adverse findings of such audit, if any, for the previous financial year starting with the financial year ending March 31, 2021.
  2. The Circular further specified a timeline of 6 months from the end of the financial year for the IAs to obtain an annual certificate from an auditor confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations.
  3. SEBI is in receipt of representations from IAs requesting for extension of abovementioned timelines prescribed for annual compliance audit and annual certificate confirming client level segregation due to pandemic.
  4. After due consideration, for financial year ending March 31, 2021, it has been decided to extend the timeline for compliance with the aforesaid requirements by three months.
  5. Accordingly, the Circular stands partially modified as under:
    i. In accordance with clause 2 (vii) of the Circular, for financial year ending March 31, 2021, the IAs shall conduct the annual compliance audit by December 31, 2021 and submit the adverse findings of the audit, if any, by January 31, 2022.
    ii. Further, in accordance with clause 2 (i) of the Circular, for financial year ending March 31, 2021, IA shall obtain a certificate from an auditor by December 31, 2021.

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vehicle scrapping policy

https://pib.gov.in/PressReleasePage.aspx?PRID=1761200

Incentives and disincentives of the Vehicle Scrapping Policy of the Govt.

In the Vehicle Scrapping Policy, it is proposed to have a system of incentives and disincentives to nudge vehicle owners to discard old and polluting vehicles, which have higher maintenance and fuel consumption costs.         

          In this regard, the Ministry of Road Transport and Highways has issued a GSR Notification, 714(E) dated 04.10.2021 in the Gazette of India, which shall come into force from the 1st day of April, 2022.  Details are as below:

  1. As an incentive, there will be waiver of the fee for issue of certificate of registration for a new vehicle, purchased against the authority of the Certificate of Deposit (CoD) issued by a Registered Vehicle Scrapping Facility for a vehicle being scrapped. 
  2. As regards disincentives, there will be:
  1. Increase in the fee for conducting fitness test and renewal of fitness certificate for motor vehicles more than 15 years old,
  2. Increase in the fitness certification fee for transport vehicles more than 15 years old, and
  3. Increase in the renewal of registration fee for personal vehicles (non transport vehicles) more than 15 years old.

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The Boy who harnessed the wind

What a beautifully made movie “The Boy who harnessed the Wind” a Malawian based movie on true story life of William Kamkwamba, a boy genius who harnesses the wind power to bring electricity to his village and power the village pump to deliver water to his farm and others in the village.

Directed by Chiwetel Ejiofor and he stars himself as the boy’s father in a grim story of a typical rural village at the mercy of the natural elements. In one year, they had flash floods which destroyed their harvest completely, then the drought comes which ravages the country side, leaving everybody hungry and dying.

It is then that William who is a young bright student chances upon an idea to use wind energy to power electricity. First he tries on a small model which succeeds but for a large scale project, he needs his father’s bicycle to rotate and power the windmill using battery powered gadget.

Chiwetel has woven in a nice story of a family struggle, the political corruption, the sadness, love, family togetherness and affection to carve out a beautiful movie and in which he has acted absolutely magnificently. The boy acted by Maxwell Simba has also done an equally superb role as his mother Aissa Maiga and sister Lily Banda.

This is much like Swadesh made long time ago in which Shahrukh Khan a scientist builds low cost electricity to power rural homes.

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public notice of auction

IBBI has vide its circular dated 30th September, 2021 directed liquidators to post public notices of auction of assets of companies going under liquidation in the IBBI website as well i.e. http://www.ibbi.gov.in apart from publishing such notices in the newspapers as required under the regulations. This will make it like a central place to locate which assets are being offloaded and therefore it will be ease of business as well as possibly better price realisations.

Gist of circular is given below.

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blocking of EWB

update from GST portal

Resumption of Blocking of E-Way Bill (EWB) generation facility.

04/10/2021

1. The blocking of E way bill generation facility had been temporarily suspended by Government on account of Covid pandemic. In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08, for consecutive two tax periods or more, whether Monthly or Quarterly.

2. The blocking of EWB generation facility has now resumed on the EWB portal for all the taxpayers. Going forward, from the tax period August, 2021 onwards, the System will periodically check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08 as per the regular procedure followed before pandemic, and block the generation of EWBs as per rule.

3. To avail EWB generation facility on EWB Portal on continuous basis, you are, therefore, advised to file your pending GSTR 3B returns/ CMP-08 Statement on regular basis.

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