Nation
Anna Hazare takes a U-turn, gives clean chit to PM

 

The anti-corruption crusader softened his stand on the Prime Minister and instead appeared to blame Sonia Gandhi without naming her at a rally in Thane
 
Thane: Continuing his flip-flop, social activist Anna Hazare made a U-turn and gave a clean chit to Prime Minister Manmohan Singh on corruption charges against him, reports PTI.
 
Addressing a rally here last night as part of his tour to create awareness about a strong Lokpal, the anti-corruption crusader softened his stand on the Prime Minister and instead appeared to blame Sonia Gandhi, without naming her.
 
"Manmohan Singh is an honest person and there is no direct proof of his involvement in corruption. However, there is a certain remote control which dictates decisions to him and so there is an air of suspicion around him," he said.
 
Hazare had recently said that he had no faith in the Prime Minister and his associates had targeted him on alleged irregularities in allocation of coal blocks.
 
He had said that most of the elected representatives were involved in corruption and took undue advantage of lack of public information and during the last 65 years, not a single law of public interest was passed in Lok Sabha or state Assemblies by the "members elected by public".
 
Earlier, local Congressmen staged an agitation in front of the circuit house here, where Hazare was staying, and demanded an unconditional apology from him for his remarks against the Prime Minister.
 
To a question that whether he would return the Padma award in protest against the failure to pay any heed to his demands, Hazare said, "No, No. The fight will go on till our demands are fulfilled."
 
He said that before the 2014 general elections, he will tour the entire country for one more round of mass awakening to educate the citizens about the corrupt system.

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SEBI revises reporting timeline for FIIs dealing in ODIs, PNs

 

FIIs issuing ODIs or PNs would have to submit details of such transactions along with the monthly summary report by 10th of every month
 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has revised the reporting timeline for Foreign Institutional Investors (FIIs) dealing in Participatory Notes (PNs), reports PTI.
 
On a review, it has been decided to revise the reporting timelines, SEBI said in a circular.
 
As per the revised circular, FIIs issuing Overseas Derivative Instruments (ODIs) or PNs shall submit details of such transaction report along with the monthly summary report by 10th of every month for previous month, it said.
 
The first such report shall be submitted for the month of October 2012 by November 10, 2012.
 
As per the existing guideline, the reporting had to be done by 7th of every month for the previous month transaction.
 
ODIs have Indian equity or debt as underlying securities and are issued by registered FIIs or sub-accounts to clients abroad.
 
The details of ODI/PN transaction report for month of December 2011 to April 2012 shall be submitted with six months lag.

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SEBI tweaks QFI definition to include investors from Gulf nations

 

SEBI relaxed investment norms for overseas individual investors that would allow investors from Gulf countries to invest in Indian stock markets
 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has allowed investors from Gulf countries to invest in stock markets, thereby relaxing investment norms for overseas individual investors, reports PTI.
 
The government had earlier in January allowed Qualified Foreign Investors (QFIs) from 34 Financial Action Task Force (FATF) member countries to invest in the equity market.
 
As per the SEBI circular, countries which are part of International Organisation of Securities Commissions' (IOSCO) and Multilateral Memorandum of Understanding (MMOU), but are not part of the FATF, would be allowed to invest in India.
 
The QFI would now also include "residents in a country that is a signatory to IOSCO's MMOU or a signatory of a bilateral MOU with SEBI", it said in the circular.
 
SEBI further said that in case a person invests in the same company through both QFI route and FDI route, the aggregate holding of the person in such company shall not exceed 5% of paid up equity capital of the company.
 
SEBI also decided to extend the option of appointment of custodian of securities by the QFI.
 
"The QFI may appoint a custodian of securities, who would be obligated to perform clearing and settlement of securities on behalf of the QFI client," SEBI said. The custodians would have to be mandatorily registered with SEBI.
 
"It has been decided to allow QFIs to make fresh purchases of eligible securities, out of the sale/redemption/ dividend proceeds of any of the eligible securities," SEBI said.
 
Further, it said that all the eligible securities shall be held in a single demat account of the QFI.
 
In another important move, SEBI decided to do away with the restriction on number of days a QFIs can keep fund in their bank accounts in India, a move to ease norms for such investments.
 
Earlier money was to be kept Depository Participants in a pooled account and within 5 days the QFIs had to take the investment decision.
 
Besides, every QFI will have separate bank account and they can retain money in bank accounts in India.
 
With an aim to attract QFI, the Finance Ministry is conducting road shows in five Gulf nations, including Kuwait and the UAE, during June 10-14.
 
A QFI is an individual, group or association resident in a foreign country. QFIs do not include FIIs/sub accounts.
 
Last year, the government had created QFI category and allowed them to invest in MF debt schemes initially.

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