Corporate

Indore: Madhya Pradesh BJP MLA Akash Vijayvargiya, the son of senior party leader Kailash Vijayvargiya, was arrested on Wednesday for allegedly assaulting a municipal corporation officer with a cricket bat during an argument over a demolition drive in Ganji compound area. A local court rejected Akash Vijayvargiya's bail plea and he was sent to jail in the evening. A case was registered against Vijayvargiya and nine others after the video of the incident went viral on social media. The corporation's team had come to demolish a dilapidated house at Ganji Compound of Indore. #WATCH Madhya Pradesh: Akash Vijayvargiya, BJP MLA and son of senior BJP leader Kailash Vijayvargiya, thrashes a Municipal Corporation officer with a cricket bat, in Indore. The officers were in the area for an anti-encroachment drive. pic.twitter.com/AG4MfP6xu0 — ANI (@ANI) June 26, 2019 Here Vijayvargiya got into a dispute with the officer who had come for an anti-encroachment drive in Indore. The … [Read more...] about Indore: BJP MLA Akash Vijayvargiya Thrashes Municipal Corporation Officer With Bat, Denied Bail

Kolkata: Multi Commodity Exchange Clearing Corporation Limited (MCXCCL), the first clearing corporation in India for commodity derivatives market and a wholly owned subsidiary of Multi Commodity Exchange of India Limited (MCX) has been granted recognition by European Securities & Markets Authority (ESMA) as a third-country CCP under Chapter 4 of the Title III of the European Market Infrastructure Regulation (EMIR). Based on the ESMA recognition, European participants shall be able to apply lower risk weightage towards their exposures to MCXCCL and be benefitted towards lower capital requirements. Narendra Ahlawat, MD & CEO, MCXCCL said, "Being recognised as third-country CCP by ESMA marks an important development, especially in the light of MCXCCL being the first clearing corporation in the commodity derivatives market in India. It is in line with our strategy to support a vibrant commodity market in India. Moreover, it is a step towards our integration with global financial … [Read more...] about MCXCCL first Indian clearing corporation to get ESMA recognition

Mumbai: The Securities and Exchange Board of India (Sebi) has prescribed that all recognised clearing corporations in International Financial Services Centre (IFSC), need to maintain Rs 50 crore net worth in the form of liquid assets on commencement of operations. Also, every such clearing corporation will raise over a period of three years from commencement of operations, its net worth, to be maintained in the form of liquid assets, to a minimum of Rs 100 crore or capital as determined in accordance with the aforementioned Sebi circular dated April 10. Clearing corporations will also regularly review their net worth requirement and ensure that the same does not fall below the prescribed threshold. In exceptional cases, where the net worth of a clearing corporation falls below the prescribed threshold, it should inform Sebi of the reasons behind the same, and measures it intends to adopt in order to re-attain the prescribed net worth. … [Read more...] about Sebi fixes minimum net worth for clearing corporations at IFSC

Mumbai: The Securities and Exchange Board of India (Sebi) on Tuesday granted Multi Commodity Exchange Clearing Corporation (MCXCCL) qualifying central counterparty (QCCP) status. The QCCP status is in view of the fact that it is regulated by Sebi under SEBI Act, 1992, Securities Contract (Regulation) Act, 1956 (SCRA) and Rules and Regulations made there under, the regulator said. It is also subjected on an on-going basis, to rules and regulations that are consistent with the principles for financial market infrastructures (PFMIs) issued by the committee on payment and settlement systems (CPSS) and International Organization of Securities Commissions (IOSCO). MCXCCL is functioning as clearing corporations to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on recognized stock exchanges. Clearing corporations are designated as Market Infrastructure Institutions (MII) for oversight considering its … [Read more...] about Sebi grants ‘qualifying central counterparty’ status to MCX Clearing Corporation

New Delhi: The ongoing trade war between the US and China was an impetus for India to slash corporate tax rates through an ordinance, and waiting for the FY21 budget was a delay which the government wanted to avoid, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman had in September announced corporate tax rate cut from an effective 35% (including surcharges and cesses) to an effective 25.17% while the rate for new manufacturing companies reduced to 15% from 25%. The Rajya Sabha on Thursday gave its assent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth. The Rajya Sabha cleared the legislation with a voice vote without any changes. The Lok Sabhahas already passed the bill. As per rules, the Rajya Sabha cannot amend a money bill but can recommend amendments. “Considering the trade war between the US and China, which was looming large, everybody was speculating, there were several … [Read more...] about While trade war between US & China escalated, couldn’t have waited to slash corporate tax: Nirmala Sitharaman