SEBI Amends Refund Process for 15 Centres

SEBI has vide circular no. SEBI/CFD/DIL/DIP/18/2006/20/1 dated 20 January, 2006 amended the SEBI (Disclosure and Investor Protection (DIP) Guidelines, 2000 to ensure that applicants residing in 15 centres get IPO / Rights, etc to get refunds through direct credit (ECS) to their bank accounts. The details of the bank accounts would be taken directly from their depository details. Refund orders of value Rs.1500/- or more are required to be sent by registrered post. Merchant Bankers have been adviced to change the subscription forms accordingly. This amendment is effectively immediately and hence would be applicable to all issues where the draft offer documents are filed with SEBI on / after 20th January, 2006. The 15 centres are: Ahmedabad, Hyderabad, Bangalore, Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram.

NSE & BSE recognised Stock Exchanges for Sec 43(5)(d) of IT Act

The CBDT has notified the BSE and NSE as recognised stock exchanges for the purposes of the proviso to section 43(5)(d) of the Income Tax Act. Thus, any derivative trading transaction of these stock exchanges will not be deemed to be speculative transactions .