Dear Readers,

BlogforCA has recently shifted to a new Platform “CAWEB.IN”.

Due to the above changeover, we stopped updating the Information’s in BlogforCA. And started updating the Information’s in “CAWEB.IN” from February 2013 onwards. Hence, we request all the Readers to keep track of “CAWEB.IN” from now onwards.

All the existing E-Mail Subscribers, Facebook Followers and Twitter Followers of BlogforCA can subscribe to E-Mail, Facebook and Twitter of “CAWEB.IN”.

E-Mail Subscription: Go to CAWEB.IN”, Under Follow by Email, Enter your Email address and Press Submit Button and Kindly Click the Email Subscription Confirmation Link sent in Your Mail from Feedburner.

Join us on Facebook: CAWEB

Twitter: CAWEBIN

CA WEB – An Informative Platform for Professionals [especially for Chartered Accountants (CA) and CA Students]

Aim: To Share the recent Circulars, Notifications, Updates, News, Other Information’s etc. which are relevant for Professionals.

As of Now, We have shared the Information’s relating to the following Categories:

ICAI, CA Course, CA Students, CA CPT, CA Intermediate (IPC), CA Final, Companies, XBRL, Press Information Bureau (PIB), Press Release etc…

Circulars – Income Tax, Ministry of Corporate Affairs, Securities and Exchange Board of India, Service Tax etc…

Notifications – Income Tax, Ministry of Corporate Affairs, Securities and Exchange Board of India, Service Tax etc…

Readers can subscribe to CAWEB.IN to keep track of the Latest and Most relevant Updates, Developments etc.

Regards,

BLOGforCA Team.

Advertisements

Results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M.

IMPORTANT ANNOUNCEMENT

25th January, 2013

The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 31st January, 2013. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the student shall have to enter his registration no. or PIN no. alongwith his roll number.

Further facilities have been made for students of Professional Competence and Integrated Professional Competence Examinations held in November, 2012 desirous of knowing their results with marks on SMS. The service will be available through India Times.

For getting results through SMS students should type:

(i) for Professional Competence Examination result the following

CAPCE(Space)XXXXXX (where XXXXXX is the six digit PCE examination roll number of the candidate)

e.g. CAPCE 000197

(ii) for Integrated Professional Competence Examination result the following

CAIPCE(Space)XXXXXX (where XXXXXX is the six digit IPC examination roll number of the candidate)

e.g. CAIPCE 002971

and send the message to

58888 – for all mobile services – India Times

(G. SOMASEKHAR)

ADDITIONAL SECRETARY (EXAMS.)

Click here to download the above Announcement in PDF Format.

Source: The Institute of Chartered Accountants of India.


Comprehensive Guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism

CIRCULAR, CIR/MRD/DP/04/2013, dated January 25, 2013

1. Comprehensive guidelines on sale of shares through OFS mechanism were issued vide circular no CIR/MRD/DP/18/2012 dated July 18, 2012. Based on past experience of sale of shares through OFS, the mechanism of OFS has been found to be useful by market participants and popular for offloading shares of promoters in listed companies in order to achieve minimum public shareholding. With the deadline of June 2013 to achieve minimum public shareholding approaching, to encourage promoters to offload their shares through OFS route and based on market feedback, it has been decided to modify the OFS framework to make it more economical, efficient and transparent.

2. The aforesaid circular is amended as under:

2.1. Para 1 (b) (ii) shall be replaced by the following:

All promoters/promoter group entities of top 100 companies by market capitalisation in any of the last four completed quarters, market capitalisation being calculated as average market capitalisation in a quarter.

2.2. Para 2(c) shall be replaced by the following:

Indicative Price is the volume weighted average price of all the valid bids.

2.3. Para 5(d) (ii) shall be replaced by the following:

Orders shall be placed during trading hours.

2.4. Para 5 (d) (iii) shall be omitted.

2.5. Para 5(e) (i) shall be replaced by the following:

A separate window for the purpose of sale of shares through OFS shall be created. The following orders shall be valid in the OFS window:

A. Orders with 100% of margin paid upfront by institutional investors and non-institutional investors. Such orders can be modified or canceled at any time during the trading hours.

B. Orders without paying upfront margin by institutional investors only. Such orders cannot be modified or cancelled by the investors or stock brokers, except for making upward revision in the price or quantity.

2.6. Para 5 (e) (ii) shall be replaced by the following:

Cumulative bid quantity shall be made available online to the market throughout the trading session at specific intervals in respect of orders with 100% upfront margin and separately in respect of orders placed without any upfront margin. Indicative price shall be disclosed to market throughout the trading session. The indicative price shall be calculated based on all valid bids/orders.

2.7. Para 6 (a) shall be replaced by the following:

Clearing Corporation shall collect 100% margin in cash from non-institutional investors. In case of institutional investors who place orders/bids with 100% of margin upfront, custodian confirmation shall be within trading hours. In case of institutional investors who place orders without upfront margin, custodian confirmation shall be as per the existing rules for secondary market transactions. The funds collected shall neither be utilized against any other obligation of the trading member nor co-mingled with other segments.

2.8. Para 6 (b) shall be replaced by the following:

In case of order/bid modification or cancellation, such funds shall be released/ collected on a real time basis by clearing corporation.

2.9. Para 8 (i) (b) shall be replaced by the following:

Settlement shall take place on trade for trade basis. For non-institutional orders/bids and for institutional orders with 100% margin, settlement shall take place on T+1 day. In case of orders/bids of institutional investors with no margin, settlement shall be as per the existing rules for secondary market.

2.10. Para 8 (ii) (a) shall be replaced by the following:

In case of default in pay-in by any investor, 10% of the order value shall be charged as penalty from the investor and collected from the broker. This amount shall be credited to the Investor Protection Fund of the stock exchange.

3. All other conditions for sale of shares through OFS framework shall be as per SEBI circular CIR/MRD/DP/18/2012 dated July 18, 2012.

4. Stock Exchanges are directed to:

4.1. take necessary steps and put in place necessary systems for implementation of the above.

4.2. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

4.3. bring the provisions of this circular to the notice of the member brokers of the stock exchange to also to disseminate the same on their website.

5. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Click here to download the complete text of the above Circular in PDF Format.

Source: Securities and Exchange Board of India.


Intermediate (IPC) Course e-Learning on Students Learning Management System

The Institute of Chartered Accountants of India
Board of Studies

Launch e-Learning Course for Intermediate (IPC) Course on

Students Learning Management System (http://StudentsLMS.icai.org)

The Board of Studies is pleased to announce the availability of e-Learning facility Intermediate (IPC) Course on the Students Learning Management System (LMS) (http://StudentsLMS.icai.org), with an objective to provide quality self learning facility. This initiative aims to provide quality education for learning, re-learning and revising anytime and anywhere in an affordable manner. The salient features of this initiative are as follows:

  • Anytime/ Anywhere Online Learning
  • Foundation for understanding concepts and self study of study Materials
  • Examination Oriented Training
  • Online Self-Assessment Quiz
  • Quality Lectures contributed by leading Faculty Members
  • Uniform training across the country
  • Monitoring/ Tracking of Learning

The Intermediate (IPC) Course e-Learning is expected to be enhanced from current 120+ hours to 200+ hours shortly.

Students of the PCC/ IPCC/ Intermediate (IPC) Course of the Institute interested in pursuing the e-Learning course can register themselves on the Students LMS at the following URL and they would be sent an e-Mail providing them the Redeem Code to start accessing this facility:

http://StudentsLMS.icai.org

Students are encouraged to make good use of this online resource to have a better understanding of the subjects and enhance preparation for their forthcoming Examinations. We welcome views and suggestions for improvements through feedback form available on the said LMS.

Director
Board of Studies

Source: The Institute of Chartered Accountants of India.


CCI Holds Round-Table Meeting With Top Corporates, Emphasises Competition Compliance for Good Corporate Governance

Competition Commission of India today held a round-table meeting with top companies of the country on the subject of “Competition Compliance for Good Corporate Governance”. Representatives of trade associations/industry associations such as ASSOCHAM, FICCI, CII and PHDCCI also attended the meeting.

Addressing the representatives of the companies, Mr. Sachin Pilot, Minister of State (Independent Charge), Ministry of Corporate Affairs, stressed that the foremost objective of Competition Commission of India is to ensure protection of consumers. Underlying the importance of healthy competition, the Minister said that a fair Regulatory environment would help the Indian economy in moving up higher in the global business index.

Mr. Sachin Pilot advised CCI that it should keep an eye on situations that appear to be anti-competitive such as rising profit margins inspite of reducing production levels. He emphasized that Govt. believes in consultation before taking a decision. The amendments to the Competition Act have already been sent to the Standing Committee of the Parliament and he was hopeful that after seeking views/ suggestions, the amendments to the Competition Act would be given a legislative sanction.

During the round-table discussion, number of suggestions/ views were put up by the corporates as well as industry associations. Some companies requested the Govt. to ensure level playing field between public and private sector. The Minister assured that no reverse discrimination for govt. companies would be normally allowed though he was of the view that the social objectives of the public sector was also to be kept in mind while deciding a level playing field.

Interacting with the corporate during the round-table discussion, Mr. Ashok Chawla, Chairman, CCI, informed that since its inception, orders have been issued in more than 230 cases out of the 320 cases investigated by CCI. Mr. Chawla sought to nullify any suggestions of any tilt towards govt sector in matters concerning Competition Act and informed that CCI has issued orders in 21 cases where govt. enterprises were a party.

Chairman, CCI suggested the corporates to set up a high level Competition Compliance Committee in their respective organizations to review competition compliance. He also informed that SEBI would be requested to include competition compliance under Section 49 of Listing Agreements.

Representatives of trade associations gave wide gamut of suggestions such as widening of advocacy efforts of CCI, listing the dominant players in each sector, incentives to companies with better competition compliance record etc. CCI assured that the suggestions made in the Round Table meeting would be kept in mind.

The round-table meeting held today by CCI with the corporates was part of advocacy initiatives of Competition Commission of India. Top 100 Indian companies based on the market capitalization were invited for the meeting.

Source: Press Information Bureau.