Monthly Archives: January 2013

Software Firms Will Continue To Get Benefits Under IT Act, Assures Tax Body

By Nazish Alam, Partner In a big relief to IT companies, the finance ministry has clarified that software developed aboard at a client’s place would be deemed exports and thus eligible for tax benefits. It also said income from deputation … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , | Leave a comment

SEBI Issues Clarification With Respect to ASBA Facility: Banks to Use Their Accounts in Other SCSBs When Applying in Public/Rights Issues

By Ashutosh Sharma, Associate Market regulator Securities and Exchange Board of India (“SEBI”) has issued a circular CIR/CFD/DIL/1/2013 dated January 2, 2013 asking the banks providing Application Supported by Blocked Amount (“ASBA”) facility for public offers to use their accounts … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , | Leave a comment

SEBI: FIIs to Have More Flexibility With Respect To Debt Holdings

By Taralika Das, Associate The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 permits Foreign Institutional Investors (“FIIs“) to invest ,inter alia, in government and corporate debt securities. To enable FIIs/sub-accounts to invest in debt securities, debt … Continue reading

Posted in Uncategorized | Tagged , , , , , , | Leave a comment

Investment Advisers in SEBI Net: Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 notified in Official Gazette

By Ushasi Das, Associate The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (the “Investment Advisers Regulations”) has been notified in the Official Gazette on January 21, 2013.  Effective Date The Investment Advisers Regulations shall be effective from … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , , , , , | Leave a comment

Hon’ble Supreme Court: The Views of the Chief Justice of the High Court have No Primacy in the Appointment of the Karnataka Lokayukta

By Rudrajyoti N. Ray, Associate In a recent judgment of the Hon’ble Supreme Court in the matter of Mr. Justice Chandrashekaraiah (Retd.) Vs. Janekere C. Krishna & Ors., (Civil Appeal Nos. 197-199 of 2013 arising out of SLP (Civil) Nos. … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , | Leave a comment

RBI Amends Provisions on Issue of Shares for Import of Capital Goods

By Naren BS, Senior Associate The Reserve Bank of India (“RBI“) had issued a circular (“Circular“) dated June 30, 2011 amending the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (“FEMA 20“) … Continue reading

Posted in Uncategorized | Tagged , , , , , , , | Leave a comment

Anti-Money Laundering (“AML”) standards/Combating the Financing of Terrorism (“CFT”) Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

By Taralika Das, Associate The objective of prescribing the KYC/AML/CFT guidelines established in terms of the Prevention of Money Laundering Act, (“PMLA”), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 is to prevent the system of cross border … Continue reading

Posted in Uncategorized | Tagged , , , , , , , | Leave a comment