Companies & Sectors
FMC appoints SN Ananthasubramanian as independent director on MCX
FMC has nominated SN Ananthasubramanian as an independent director on the board of MCX, following resignation from retired IAS officer RM Premkumar 
 
Commodities market regulator Forward Markets Commission (FMC), has nominated SN Ananthasubramanian, president of the Institute of Company Secretaries of India (ICSI) as an independent director on the board of Multi Commodity Exchange of India Ltd (MCX).
 
In a regulatory filing, MCX informed that, “FMC has appointed SN Ananthasubramanian, president of ICSI, as FMC nominated independent director on the Board of the company up to 31 March 2016, under clause 1.1(i) of the revised FMC guidelines for constitution of the Board of Directors, in place of FMC nominated independent director retired IAS RM Premkumar, who has resigned from the board.”
 
FMC in its recent order has termed Jignesh Shah, Financial Technologies (India) Ltd (FTIL) and two other directors, Joseph Massey and Shreekant Javalgekar as 'unfit' to run MCX.
 
Earlier in November, MCX appointed Satyanand Mishra, the former chief information commissioner as its new chairman.
 
MCX also recommended to FMC the appointment of Miten Mehta as a shareholder director of its promoter FTIL on its board.
 
Earlier in November, Paras Ajmera, the last nominee of promoter FTIL and Shreekant Javalgekar, managing director and chief executive officer of MCX have also resigned from the commodity exchange's board due to Rs5,600 crore payment crisis at the FTIL-promoted NSEL.
 
On 31st October, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator FMC issued a notice to him and FTIL. MCX fiasco was due to the imposition of commodity transaction tax (CTT) applied in July and recent payment crisis at NSEL.
 

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SEBI to soon formulate new code on corporate governance: Sinha
According to the SEBI chief out of the listed companies, more than 1,100 are non-compliant of Clause 40A of the Listing Agreement and over 900 entities do not adhere to Clause 49
 
Market regulator Securities and Exchange Board of India (SEBI) will soon come out with a new code on corporate governance based on consultative paper, says a top official.
 
UK Sinha, chairman of SEBI said, new set of corporate governance guidelines for listed companies are being finalised and are expected to be announced shortly.  
 
“For listed companies, I will like to tell you, we are going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of large corporates,” he said.
 
Formulation of new set of rules for listed companies will be done in consultation with all stakeholders, Sinha said at a corporate governance summit organised by industry body CII.
 
“We have already placed our document for consultation. Our consultation is almost over. So, we are now going to promulgate our rules very soon.”
 
Sinha said out of the listed companies, more than 1,100 are non-compliant of Clause 40A of the Listing Agreement and over 900 entities do not adhere to Clause 49. Enforcement action against such companies is justified, he added.
 
Clause 40A of the agreement deals with minimum level of public shareholding, while Clause 49 deals with corporate governance, with a focus on the constitution of the board and top management.
 
“My request to all of you (corporates) is to help SEBI to ensure that we reach a level that is much higher and which is in keeping with the best in the world,” he said.
 
The SEBI chief assured that the regulator will not veer off from the spirit of Companies Act in formulating the norms.
 
Sinha said there is a need to align ‘our’ rules with the best in the world as there are many corporates already working outside India in a multi-national environment or have aspirations to do so.
 
“Now, we don’t only have the problems of foreign guidelines and standards, also we have to deal with extra-territoriality of foreign laws, we have to cope with them.”
 
Sinha asked companies to show real commitment towards corporate social responsibility (CSR). “The commitment to CSR has to be built as a culture in the organisation.”
 
A joint CII- Deloitte publication titled 'Global Trends in Corporate Governance - since the financial crisis' was released by Sinha at the summit. The paper gives an overview not only of the national trends but also global trends in corporate governance.
 

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International law enforcement shuts down holiday counterfeiters

Law enforcement agencies seized 706 domain names that were selling fake products like headphones, sports jerseys, personal care products, shoes, toys, luxury goods, cell phones and electronic accessories

In an effort to crack down on counterfeit merchandise, the US Immigration and Customs Enforcement (ICE) teamed with foreign law enforcement to seize 706 domain names selling fake products. The operation, deemed Project Cyber Monday IV, was the fourth such action targeting counterfeit sellers across the globe.
 

“Counterfeiters take advantage of the holiday season and sell cheap fakes to unsuspecting consumers everywhere,” said ICE Acting Director John Sandweg in a press release. “Consumers need to protect themselves, their families, and their personal financial information from the criminal networks operating these bogus sites.”
 

According to the National Intellectual Property Rights Coordination Center, the most popular counterfeit products include headphones, sports jerseys, personal care products, shoes, toys, luxury goods, cell phones and electronic accessories. Law enforcement officials warn that buying such goods from online sellers puts financial information at risk.
 

For more on fakes sold online around the holidays and tips of what to beware of, click here.

 

Courtesy: TruthInAdvertising.org 

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