New IPO norms in a few months, says SEBI chief

SEBI is in the process of reforming the IPO norms to ensure minimum price volatility on the day of listing

SEBI said it will come out with new norms for initial public offer (IPO) in the next few months as the capital market regulator aims at ensuring minimum price volatility on the day of listing.

“May be in next few months,” Securities and Exchange Board of India (SEBI) chairman UK Sinha told reporters when asked about timeline for the new IPO norms.

He was in Gurgaon to address the convocation of Management Development Institute.

SEBI is in the process of reforming the IPO norms to ensure minimum price volatility on the day of listing. In the past, it has barred several companies from raising money from the public for suspected misuse of proceeds from IPOs, pricing irregularities and inadequate disclosure of information.

Addressing the board and executive directors of SEBI on Saturday, finance minister Pranab Mukherjee had asked SEBI to diligently protect the interest of retail investors.

Replying to another query on the proposed General Anti Avoidance Rule (GAAR) provisions, Sinha said the government “is going to have a new look at tax avoidance, so they are going to work in that way”.

In his budget for 2012-13, Mr Mukherjee had said that the government wants to introduce GAAR in order to “counter aggressive tax avoidance schemes, while ensuring that it is used only in appropriate cases, by enabling a review by a GAAR panel”.

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RBI asks banks to locate 1.2 crore inoperative accounts: Government

“RBI has advised all SCBs to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena said.

The Reserve Bank of India (RBI) has asked banks to be pro-active in locating about 1.2 crore account holders whose accounts are inactive for more than 10 years, the government has said.

“Keeping in view public interest, the RBI has advised all SCBs (scheduled commercial banks) to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena told the Lok Sabha in a written reply.

As per the RBI, he said, the number of accounts with SCBs which have not been operated upon for more than 10 years (as on 21 March 2011) is 1,12,49,844.
The RBI has also asked the banks to display the list of inoperative accounts, which are inactive or inoperative for 10 years or more, on their websites by 30 June 2012.

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India’s gold imports may fall 56% to 125 tonnes in January-March

The jewellers have reportedly incurred a loss of about Rs10,000 crore during the strike

Jewellers’ strike coupled with lean season have taken a toll on gold imports during January-March, which is likely to drop by over 56% to 125 tonnes compared to the same period last year.

“It is March, which is a lean period for jewellery business. Moreover the loss in sales incurred during the 10 days of ongoing strike by jewellers will hit imports. It is likely to be less than 125 tonnes in the January-March period,” Bombay Bullion Association president, Prithivraj Kothari, told PTI.

The gold imported during January-March 2011 was 283 tonnes and a total of 969 tonnes was imported from January-December 2011, according to World Gold Council.

The jewellers have reportedly incurred a loss of about Rs10,000 crore during the strike.

Jewellers went on an indefinite strike on 17 March 2012 to protest the Budget proposal to levy excise on unbranded jewellery and to raise the customs duty to 4% from the current 2%. India is the world’s largest importer and consumer of the precious metal.

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