Govt proposes more sops for scrapping vehicles with BS-II, older emission standard, ET LegalWorld
With an aim to get rid of high-polluting vehicles, the transport ministry has proposed to double the rebate up to 50 per cent in one-time tax on purchase of new vehicles after scrapping those with BS-II and earlier emission standards. At present, a discount of 25 per cent in Motor Vehicle tax is provided on […]
Sebi proposes sachet-sized investments with easier rules, ET LegalWorld
India’s market regulator has proposed that fund houses launch sachet-sized investment plans, offering small investors a way into the financial markets. In a consultation paper released on Wednesday, the Securities and Exchange Board of India (SEBI) asked fund houses to launch systematic investment plans (SIPs) starting at 250 rupees or around $3 with lower costs […]
Sebi proposes broader definition of NPOs, expanded activities under Social Enterprise, ET LegalWorld
Markets regulator Sebi on Monday proposed broadening the definition of Not-for-Profit Organizations (NPOs) and expanding eligible activities to include welfare for disadvantaged groups and promoting arts and culture as social enterprises. Also, the regulator has proposed allowing NPOs to register on the Social Stock Exchange (SSE) for up to two years without fundraising. “Several NPOs […]
Sebi proposes compulsory demat share issuance during stock-split, ET LegalWorld
Sebi is proposing to issue all shares in demat mode in case a company splits or consolidates the face value of its shares. The regulator is also proposing to issue demat shares in case of corporate restructuring. The inherent benefits of demated shares, mainly elimination of risks associated with physical certificates that is loss, theft, […]
Govt proposes new law to restrict unregulated lending; violators to face 10 years of jail, ET LegalWorld
The central government has proposed a new bill to curb unregulated lending and provide for imprisonment of up to 10 years for violators, besides monetary penalties. With a view to curb unregulated lending activities and protect the interest of consumers, the RBI’s Working Group on Digital Lending submitted its report in November 2021. The working […]
Sebi proposes harnessing DigiLocker to reduce unclaimed assets in securities market, ET LegalWorld
Markets regulator Sebi on Tuesday proposed leveraging DigiLocker, a government-backed digital document storage platform, to streamline processes and minimize unclaimed assets in the securities market. In its consultation paper, the regulator has proposed that depositories and mutual funds should provide demat and mutual fund holding statements on DigiLocker. Further, it has been suggested that KYC […]
Sebi proposes auction process to determine stock closing price, ET LegalWorld
Markets regulator Sebi on Thursday proposed introducing a Close Auction Session (CAS) framework in the country to determine the closing price of stocks in the equity cash market. Currently, the closing price of stocks in India is determined using Volume Weighted Average Price (VWAP) of the last 30 minutes of the trading day. While the […]
Sebi proposes online monitoring framework for stock brokers’ system audits, ET LegalWorld
Capital markets regulator Sebi on Tuesday proposed an online monitoring and supervision framework for system audits of stock brokers aimed to enhance the quality and accountability of audits. This online monitoring mechanism will enhance the reach of the exchanges to identify the deficiencies in the audit process before the completion of an audit and also […]
GoM proposes 35% hike in GST on cigarettes, tobacco, aerated drinks, ET LegalWorld
The Group of Ministers (GoM) on GST rate rationalisation has decided to increase tax on aerated beverages, cigarettes, tobacco and related products to 35 per cent from the current 28 per cent, an official said on Monday. “The GoM has agreed to propose a special rate of 35 per cent on tobacco and related products […]
New bill proposes multiple nominees for bank Fixed Deposits to ease fund distribution after death, ET LegalWorld
A crushing experience in the trail of destruction left by Covid was the inability of family members to freely withdraw and distribute money by breaking the bank fixed deposits (FDs) after the death of the prime earner, who, in many cases, was the sole account holder. The bill to change the law allowing banks to […]