THOUGHT OF THE DAY

“Coming together is a beginning; keeping together isprogress; working together is success…”

ECONOMIC UPDATES

Cabinet gives nod to foreign investment composite cap. The ministry hasproposed a composite foreign investment cap (FDI + FPI (FII, QFI) + NRI+ FVCI) in sectors, including agriculture, tea, mining, broadcasting, media,airports, retail (single brand and multi-brand), e-commerce, assetreconstruction companies, banking, commodity exchange and insurance.

SEBI/CORPORATE UPDATES

Securities and Exchange Board Of India issued FAQs on Merchant Bankersunder SEBI Investor Education Programme.

Vide SEBI CIR/MRD/DP/15/2015 dated July 16, 2015 issued Policy forannulment of trades undertaken on stock exchanges.

CCI issues order against Public Sector Insurance Companies for BidRigging. The Competition Commission of India (CCI) has imposed a totalpenalty of Rs. 671.05 crores upon 4 Public Sector Insurance Companies formanipulating the bidding process initiated by Government of Kerala.

RBI/TAX LAW UPDATES

Vide Notification RBI/2015-16/133 DBS.CO.ARS.No. BC. 208.91.021/2015-16 dated July 16, 2015 issued revised guidelines in respect ofConcurrent Audit System in Commercial Banks.

Vide RBI/2015-16/128 A.P. (DIR Series) Circular No.4 dated July 16, 2015notified Issue of shares under Employees Stock Options Scheme topersons resident outside under which face value of the shares to be allottedshould not exceed 5 per cent of the paid up capital of the issuing company.

Vide RBI/2015-16/131 A.P.(DIR Series) Circular No.6 July 16, 2015notified that all future investments by an FPI within the limit forinvestment in corporate bonds shall be required to be made in corporatebonds with a minimum residual maturity of three years.

Vide Notification RBI/2015-16/126 DBR.No.BP.BC.30/21.04.048/2015-16notified Prudential Norms on Income Recognition, Asset Classificationand Provisioning pertaining to Advances – Credit Card Accounts.

MARKET UPDATES

SENSEX28,463.62 17.50

CNX NIFTY8,610.75 2.70

DOLLAR/ RUPEE63.48 -0.04

MCX SILVER34,433.00 -71.00

MCX GOLD25,720.00 -51.00

MCX CRUDE OIL3,238.00 -17.00

Dow Jones Industrialaverage18,120.25 70.08

Nasdaq Composite5,163.18 64.24

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