Newsletter dated 20th April, 2015
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The document provides economic, regulatory, and market updates from India. It notes that the finance ministry plans to sell stakes in over a dozen companies to meet disinvestment targets and that the finance minister said the Indian economy is on a recovery path with 7.4% growth in the first three quarters. It also summarizes that SEBI plans new guidelines to define control in mergers and acquisitions and that the RBI will use social media like Twitter to communicate announcements while customers should not pay the proposed higher 14% service tax until the finance bill passes. Market indices such as Sensex and Nifty declined while the dollar rose against the rupee.
Newsletter dated 20th April, 2015
- 1. THOUGHT OF THE DAY “Be as you wish to seem…” ECONOMIC UPDATES The finance ministry will soon approach the Cabinet with plans to sell stakes in about a dozen companies to create an asset-disposal pipeline as it looks to meet a record disinvestment target. The government also needs to sell shares in some listed companies to meet Securities and Exchange Board of India (Sebi) public holding norms by the end of this fiscal year. Finance Minister Arun Jaitley has said that Indian economy is now clearly on a recovery path with a 7.4 per cent growth in the first three quarters and the new government is committed to maintain overall macroeconomic conditions on a sustained basis. SEBI/CORPORATE UPDATES SEBI mulls 'bright line' rules to define control in merger and acquisitions. In a major step towards bringing greater regulatory clarity for M&A deals, Sebi plans to put in place new guidelines to define 'bright lines' identifying the change of control in such transactions. SEBI grants 18 months' time to Cos of non-operational Stock Exchanges to obtain listing in a recognized Exchange.(Circular ref- CIR/MRD/DSA/05/2015 dated April 17, 2015). Vide Notification No. P. 6/3/2006-SEZ dated 06.04.2015 issued by Ministry of Commerce & Industry, SEZ, Govt. directs Development Commissioner to allow setting-up of power plants only in non-processing area of SEZs. RBI/TAX LAW UPDATES RBI specified that With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. Don't pay higher service tax of 14% as Finance Bill not yet passed. Revenue Secretary Shaktikanta Das said customers should lodge a complaint with the local Chief Commissioner if any establishment asks for 14 per cent service tax. MARKET UPDATES SENSEX 28,234.45 -207.65 CNX NIFTY 8,544.45 -61.55 DOLLAR/ RUPEE 62.56 0.18 MCX SILVER 36,547.00 92.00 MCX GOLD 26,872.00 60.00 MCX CRUDE OIL 3,454.00 45.00 Dow Jones Industrial average 17,826.30 -279.47 Nasdaq Composite 4,931.81 -75.98 http://www.proglobalcorp.com