Posts Tagged ‘Clarifications’


Admission to PCE/IPCE November 2012 Examination

Announcement

5th September 2012

The Institute has recently announced Direct Entry Scheme for admission to Intermediate (IPC) course for graduates/post graduates with specified marks and Intermediate level passed students of the Institute of Company Secretaries of India and the Institute of Cost Accountants of India.

As a transition scheme, the Council of the Institute has also permitted existing students of PCE and IPCE to convert to Intermediate (IPC), if they so desire.

The complete text of the Gazette Notification dated 1st August 2012 and the announcement/s dated 16th August 2012 issued by the Director, Board of Studies in this regard are available on www.icai.org.

Certain queries have been raised from the existing students of PCE/IPCE that they have already submitted the examination forms for appearing in PCE/IPCE to be held in November 2012 and also wish to apply for conversion to Intermediate (IPC) immediately, in order to commence articled training and also appear in the PCE/IPCE examination to be held in November 2012.

It is clarified for the information of all students concerned that such students who apply for conversion from existing PCE/IPCE to Intermediate (IPC) and commence articled training shall not be eligible to appear in PCE/IPCE examination to be held in November 2012 and even if they appear, no cognizance of their appearance in November 2012 examination will be taken and their results will accordingly be treated as cancelled.

In other words, it is further clarified that if students have already applied or desirous of applying for conversion to Intermediate (IPC) on or before 30th September 2012, they are not eligible to appear in PCE/IPCE to be held in November 2012.

For any further information/clarification, candidates can contact Examination Help Desk at 0120-3054 851, 3054 852, 3054 853 and 3054 835.

Additional Secretary (Exams)

Source: The Institute of Chartered Accountants of India.

 

 

 


CIRCULAR, CIR/MIRSD/ 11 /2012, dated September 5, 2012

1. Stock Brokers through Recognized Stock Exchanges

2. Depository Participants through Depositories

3. Mutual funds

4. Association of Mutual Funds in India

5. Portfolio Managers

6. KYC Registration Agencies (KRAs)

7. Alternative Investment Funds (AIFs)

8. Collective Investment Schemes (CIS)

 1. This has reference to SEBI circulars No CIR/MIRSD/16/2011 dated August 22, 2011 and MIRSD/SE/Cir-21/2011 dated October 5, 2011 on know your client norms for the securities market.

2. SEBI has received representations regarding operational issues in the implementation of aforesaid SEBI Circulars in case of foreign investors viz. Foreign Institutional Investors, Sub Accounts and Qualified Foreign Investors. In consultation with the Stock Exchanges, Depositories and Intermediaries, certain clarifications are issued, as given in Annexure A, with respect to these investors.

3. Further, the intermediaries shall strictly follow the risk based due diligence approach as prescribed by SEBI Master Circular on AML No. CIR/ISD/AML/3/2010 dated December 31, 2010. Also, they shall conduct ongoing client due diligence based on the risk profile and financial position of the clients as prescribed in the Circular.

4. The provisions of this circular are applicable for both new and existing clients.

5. This circular is 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.

..

..

Annexure A: Clarifications

..

..

Click here to download the complete text of the above Circular in PDF Format- Know Your Client Requirements.

Source: Securities and Exchange Board of India.

 

 

 


Circular No. 164/15/2012-ST, F. No. 356/17 /2012 – TRU, dated 28th August, 2012

Clarification has been sought in respect of levy of service tax on certain vocational education/training/ skill development courses (VEC) offered by the Government (Central Government or State Government) or local authority themselves or by an entity independently established by the Government under the law, as a society or any other similar body.

2. The issue has been examined. When a VEC is offered by an institution of the Government or a local authority, question of service tax does not arise. In terms of section 66D (a), only specified services provided by the Government are liable to tax and VEC is excluded from the service tax.

3. When the VEC is offered by an institution, as an independent entity in the form of society or any other similar body, service tax treatment is determinable by the application of either sub-clause (ii) or (iii) of clause (l) of section 66D of the Finance Act, 1994. Sub-clause (ii) refers to “qualification recognized by any law” and sub-clause (iii) refers to “approved VEC”. In the context of VEC, qualification implies a Certificate, Diploma, Degree or any other similar Certificate. The words “recognized by any law” will include such courses as are approved or recognized by any entity established under a central or state law including delegated legislation, for the purpose of granting recognition to any education course including a VEC.

4. This Circular may be communicated to the field formations and service tax assessees, through Public Notice/Trade Notice. Hindi version to follow.

Source: Directorate of Service Tax.

 

 

 


Gazette Notification GSR 534(E) dated 14/07/2011- Clarification Regarding

Notification, dated 16.08.2012

[F. No. 14/11/2012-CL-VII]

To,

All Regional Directors,

All Registrars of Companies,

The Institute of Company Secretaries of India,

The Institute of Chartered Accountants of India,

The Institute of Cost Accountants of India,

I am directed to refer to the Gazette Notification No. GSR 534(E) dated 15th July, 2011 whereby companies were exempted from obtaining the approval of the Central Government for payment of remuneration exceeding the limits imposed by the Companies Act, 1956 in respect of the managerial persons not having any interest in the capital of the company and not related to the directors or promoters thereof.

In this regard, a number of representations have been received from stakeholders pointing to the corporate practice of allocating shares by way of qualification shares and/or shares under any scheme for allotment of shares to the employees of the company including under Employees’ Stock Option Plan (ESOP).

It is hereby clarified that any employee of a company holding shares of the company up to 0.5% of paid up share capital thereof under any scheme formulated for allotment of shares to such employees including under Employees’ Stock Option Plan or by way of qualification shares are also covered under the category of persons not having any interest in the capital of the company in terms of the Ministry’s notification GSR 534(E) dated 14.07.2011.

Click here to download the complete text of the above Notification in PDF Format- Notification, dated 16.08.2012.

Source: Ministry of Corporate Affairs.

 

 

 


Clarification on Para 46A of Notification Number G.S.R. 914(E) dated 29.12.2011 on Accounting Standard 11 relating to “The effects of Changes in Foreign Exchange Rates”

Circular No. 25/2012, F.No.17/133/2008-CL-V, dated 09.08.2012

All the Regional Directors,

All the Registrar of Companies/Official Liquidators

All Stakeholders

The Ministry has received several representations from industry associations that para 6 of Accounting Standard-11 and para 4(e) of AS-16 are posing problems in proper implementation of para 46A of notification 914(E) dated 29-12-2011. In order to resolve the problems faced by industry, it is hereby clarified that para 6 of Accounting Standard-11 and para 4(e) of the Accounting Standard-16 shall not apply to a company which is applying clause 46A of Accounting Standard-11.

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 25/2012 dated 09.08.2012.

Source: Ministry of Corporate Affairs.