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Mutual Fund: SEBI Warns MF Players To Keep Fees within Limits
The Securities and Exchange Board of India (SEBI) came down heavily on mutual fund (MF) players over the higher agency commissions they charge from customers, warning that if they don’t behave, it will take punitive and corrective measures.
 
Noting that the domestic mutual fund distributors get the highest upfront fees in the world, SEBI chairman UK Sinha asked the industry to keep such fees within ‘manageable limits’ and behave in a self-disciplined manner lest they attract regulatory action. Stating that SEBI does not like to get into capping distributors’ commission, he said that SEBI expects AMFI (Association of Mutual Funds of India) to introduce self-regulation, failing which there would be corrective action.
 
To buttress his point, Mr Sinha reeled out numbers and said that the revenue from MF distribution doubled from Rs2,500 crore in 2013-14 and crossed Rs5,000 crore in 2014-15, while the industry growth has been not so robust.

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Tax: E-filing Improvements from I-T Dept
To put an end to sending paper-based acknowledgement of e-filed income tax returns (ITRs), the CBDT (Central Board of Direct Taxes) is planning to send a one-time password (OTP) on taxpayers’ mobile phones which will be valid for 24-hours after verification from the Aadhaar database.
 
The tax department has decided to usher these new protocols soon, as the new ITRs for the assessment year 2015-16 have recently been notified, heralding the onset of the tax filing season. The deadline for filing ITRs is 31st August.
 
A senior official involved in the processes told PTI that the new ITRs will capture the Aadhaar number of an individual and, after doing a ‘back end’ matching of the Aadhaar number with the mobile number and other vital personal data of the individual, an OTP will be generated and sent for validating and final submission of the return.

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