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SC bans production, sale and use of endosulfan for 8 weeks

The court also ordered two separate detailed studies on the adverse effects of endosulfan on human life and environment by two committees and sought their reports within eight weeks

New Delhi: The Supreme Court today banned the production, sale and use of controversial pesticide endosulfan in the country for the next eight weeks, holding that human life is more important than anything else, reports PTI.

"Keeping in mind various judgements of this court under Article 21 (right to life and liberty) of the Constitution and particularly keeping in mind the precautionary principle we, hereby, direct and pass an ad-interim order for immediate ban on production and use of endosulfan all over India," a bench headed by Chief Justice SH Kapadia said.

The bench also directed the statutory authorities to freeze the production licences granted to the manufacturers of the controversial pesticide till its further order.

The bench also ordered two separate detailed studies on the adverse effects of endosulfan on human life and environment by two committees, headed respectively by Indian Council Medical Research (ICMR) director general and the agricultural commissioner and sought their reports within eight weeks.

It said the report submitted to the court will be the amalgamation of the above two expert committees' reports.

The bench said the expert committee will submit its interim report on whether the pesticide should be banned or its existing stock should be eliminated in phases and if there is any alternative to the controversial pesticide.

During the hearing, the bench said that human life is more important than anything else.

The court passed its order on petition filed by CPIM's youth wing Democratic Youth Federation of India (DYFI) seeking country-wide ban on sale and production of endosulfan in its present form or any other derivatives in the market.

DYFI had contended in its petition that a large section of people was directly affected because of the use of endosulfan, already banned in 81 countries.

The petitioner had said several studies had documented that the pesticide could also affect human development. It gave example of serious health hazards caused in Kerala's Kasaragod district.

According to the petitioner, researchers studying children from an isolated village in Kasaragod district have linked endosulfan exposure to delays in sexual maturity among boys.

endosulfan is an off-patent organochlorine insecticide and acaricide.

The petitioner had said that endosulfan was the only pesticide applied to cashew plantations in Kasaragod for 20 years and contaminated the environment there.

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SEBI defers modified reporting format for FIIs

While these clarifications sought by FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format, the regulator said in a notification. The new reporting format will now come into effect from July against the earlier prescribed reporting month of April 2011

While these clarifications sought by FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format, the regulator said in a notification. The new reporting format will now come into effect from July against the earlier prescribed reporting month of April 2011

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has deferred the implementation of modified reporting format for Foreign Institutional Investors (FIIs) by three months following representation from these investors, reports PTI.

SEBI received representation from a number of FIIs seeking various clarifications on the new reporting format.

While these clarifications sought by FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format, the regulator said in a notification.

The modified reporting format seeks more details of their activities in the Indian equity markets.

The new reporting format would come into effect from July against the earlier prescribed reporting month of April 2011.

It has now been decided that the first such monthly report shall be submitted for the month of July before 7 August 2011, it said.

Overseas derivative instruments (ODIs) have Indian equity or debt as underlying securities and are issued by registered FIIs or sub-accounts to clients abroad.

The FIIs issuing such instruments would have to inform the regulator through the seven annexures about their underlying trade activities including equity and debt for every month, with a six-month lag.

This is apart from the monthly summary report FIIs have to file on the seventh of every month, for the previous month.

The annexures SEBI has sought for any trading in the Indian market include details of ODI/PN activity and trades where the type of underlying Indian security is equity, debt and derivatives.

Besides, a separate annexure on assets under management where the underlying Indian security is equity, debt and derivatives has to be filed.

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