The all-India retail inflation index for farm and rural workers increased by 11 points each to stand at 740 points and 741 points, respectively during July
Retail inflation for farm and rural workers has come down marginally to 12.8% and 12.61%, respectively in July, even as the prices of food items and clothing remained high.
“...rate of inflation based on CPI-AL and CPI-RL decreased to 12.80% and 12.61% in July from 12.85% and 12.65% in June,” a statement issued by the labour ministry said.
According to the data inflation based on food index of consumer price index-agriculture labour (CPI-AL) and consumer price index-rural labour (CPI-RL) stood at 13.84% and 13.80%, respectively.
The all-India retail inflation index for farm and rural workers increased by 11 points each to stand at 740 points and 741 points, respectively.
The rise in index varied from state to state. In case of farm workers, the index recorded an increase that varied between 4 to 18 points in various states. Karnataka with 822 points topped the index table, whereas Himachal Pradesh with the index level of 583 points was at the bottom.
In case of rural workers, the index recorded an increase between 3 and 19 points in all states. Karnataka with 818 points topped the index table whereas Tripura State with the index level of 616 points stood at the bottom.
Orissa and Tripura registered the maximum increase of 18 points each for agricultural labourers, while Tripura registered the maximum increase of 19 points for rural labourers.
This was mainly due to increase in the prices of rice, wheat atta, meat goat, pork, poultry, fish fresh, milk, onion, chillies green, vegetables and fruits, tea readymade, pan leaf, dhoti cotton mill, shirting cloth cotton mill and leather chappals, the release said.
The new proposals that would be carried out through amendments in Clause-41 of the listing agreement include mandatory disclosure of half-yearly consolidated results in case of 20% or more variation in revenue, assets, liabilities, profits or losses
Market regulator Securities and Exchange Board of India (SEBI) is planning to overhaul the way companies file their financial results and audit observation with a view to improve disclosure, reduce compliance cost and bring in consistency for listed companies.
The changes are proposed to be carried out through amendments in Clause-41 of the equity listing agreement that deals with the framework for preparation, authentication and submission of financial results by listed companies. SEBI has sought public comments in the draft proposal before 13 September 2013.
The new proposals, which have been decided according to suggestions of SEBI’s Committee on Disclosures and Accounting Standards, include mandatory disclosure of half-yearly consolidated results in case of 20% or more variation in revenue, assets, liabilities, profits or losses.
To replace different reporting formats (such as lakh or millions) that create confusion, SEBI has proposed mandatory reporting all figures in financial statements in ‘Rs crore’ till two decimal points.
In the discussion paper, SEBI also said that the reporting format for all finance companies have been suitably modified so that both banking and non-banking finance companies can use the same format for their results.
Moreover, all listed companies will be required to submit their consolidated financial results in accordance with the notified accounting standard (Indian GAAP).
Companies would also have to mandatorily disclose the book value of their shares and provide cash flow statements every six months, while detailed disclosure needs to be made for discontinued operations along with the financial results.
SEBI debarred two ‘unregistered experts’ after it found the duo offering intraday tips, stock advisory services to investors through SMS and promising daily earnings between Rs5,000 to Rs75,000
Market regulator Securities and Exchange Board of India (SEBI) after noticing that certain entities were offering intraday tips and stock advisory services to through SMS, has debarred two persons from dealing in the markets.
SEBI said, it debarred Imtiyaz Hanif Khanda and Vali Mamad Habib Ghaniwala from providing unauthorised investment advisory and portfolio management services (PMS) via SMS. Both have also been banned from buying, selling or dealing in the securities market.
Investors were promised daily earnings of between Rs5,000 and Rs75,000 through their intraday tips by the duo. SEBI said both Khanda and Ghaniwala operated through proprietary concerns Right Trade, Sai Traders, Bull Trader and Laxmi Traders for providing investment advice without a SEBI registration.
SEBI said they were found making misrepresentations using unrealistic claims, false statements such as having office in various countries, foreign institutional investor (FII)-based calls and jackpot calls.
SEBI found that the website, www.righttrade.in had claimed that it provided PMS and investment advisory services in equity and commodity segments in several countries.
The PMS was designed to grow capital with the help of a fund manager using fundamental analysis and their experience.
Charges and returns were dependent on the investment amount.
The duo provided FII-based calls in equity futures and options, which included intra-day calls, positional calls and jackpot calls in Nifty and the Bank Nifty at $300 per month.
A pay per call scheme was also available on a 30% profit sharing basis, said SEBI.
SEBI found that the duo received money from investors using four bank accounts maintained with ICICI Bank, Rander Branch at Surat in Gujarat. Most of the transactions were cash deposits from various parts of the country and cash was withdrawn through ATMs.
SEBI observed from the bank account details that Right Trade and Sai Traders had a common address. Further, Bull Trader and Laxmi Traders also had a common address.
SEBI found both to have prima-facie solicited enticed and induced investors to deal in securities on the basis of their investment advice and stock tips, and banned both.
Stock exchanges and depositories have been directed to ensure strict enforcement of directions.