The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients
Mumbai: Market watchdog Securities and Exchange Board of India (SEBI) has allowed sub-brokers to carry out ‘in-person’ verification (IPV) of clients, reports PTI.
“... the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients,” SEBI said in a circular.
However, the ultimate responsibility for ‘in-person’ verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records, it added.
The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients.
In July 2008, SEBI mandated the stock brokers to carry out ‘in-person’ verification of their clients by their staff while registering them and also ensure that this function is not outsourced.
While imposing a complete ban on mining in Karnataka, in August, the apex court had directed to conduct a macro level environment impact assessment of the areas by Indian Council of Forestry Research and Education, together with other expert agencies in the field of forestry
New Delhi: Sesa Goa expects the mining ban in Karnataka to be lifted by December, enabling the Vedanta group firm to resume normal production in the state from early 2012, reports PTI.
In an investor conference call, the top company management said the case on illegal mining, pending before the Supreme Court, is likely to be resolved in the next two months.
“Inspection of our mine (by apex court nominated agency) is over... Hopefully, by this quarter, it (the case) will come to a conclusion and by next quarter, we can have normal production and sales from the state,” Sesa Goa managing director PK Mukherjee said.
“We are one of the cleanest. That is what we get to feel from the way they (the inspecting agency team) were talking,” he added while talking about the company’s second quarter results on Tuesday.
While imposing a complete ban on mining in Karnataka, in August, the apex court had directed to conduct a macro level environment impact assessment (EIA) of the areas by Indian Council of Forestry Research and Education (ICFRE), together with other expert agencies in the field of forestry.
The court had directed to submit the EIA report within three months.
Following the ban, Sesa Goa had stopped production from its only mine in Karnataka’s Chitradurga district. The mine has an annual production capacity of 6 million tonnes.
Mr Mukherjee said annual production of the company will remain at the last year’s level or marginally higher, if production from Karnataka resumes in the January-March quarter.
He added that the company can produce up to 2 million tonnes of iron ore from the state in the fourth quarter, if the mining ban is lifted.
The private sector mining major, which produced 18.8 million tonnes of iron ore in the last fiscal, had earlier said that ban on mining in Chitradurga will affect its gross revenues by up to 15%.
Before the mining ban, the company had an inventory of 8,00,000 tonnes of iron ore in its mine from Karnataka. Of this, 2,92,000 tonnes were sold through e-auction, which is being monitored by an apex court appointed panel.
The company is expecting to sell rest of the stock in the coming months via the e-auction route, Mr Mukherjee said.
For the quarter ended 30 September 2011, Sesa Goa’s consolidated net profit plunged over 99% to Rs1.28 crore due to foreign exchange losses and lower realisation from iron ore.
The government has already earmarked Rs6,000 crore towards capital infusion in the state-owned banks during 2011-12 and the additional amount would be sought through second batch of supplementary demands for grants to be tabled in the Winter session of Parliament
New Delhi: The finance ministry on Thursday said it is likely to approve capital infusion into PSU banks, including State Bank of India (SBI), by mid-November, reports PTI.
The capital requirement of PSU banks in the current fiscal has been estimated between Rs10,000 and Rs20,000 crore.
“We will hopefully decide on the capital infusion for banks by Tuesday,” financial services secretary DK Mittal told reporters after the second meeting of the Committee on Capital Requirements of Financial Institutions.
Once this committee takes a decision, the proposal will go to finance minister Pranab Mukherjee for his approval, Mr Mittal said, adding the process is likely to be completed by 15th November.
The first meeting of the panel headed by finance secretary RS Gujral was held last week.
Capital infusion proposal after the approval from the finance minister will go to the Cabinet, he said.
About five to six banks, including SBI, Bank of Baroda, Syndicate Bank and Union Bank of India would require capital during the current fiscal, he said.
The capital is either required to raise government holding to 58% or Tier I capital to 8%.
For current fiscal, he said, “The requirement...in different scenarios for all public sector banks is between Rs10,000 crore to Rs20,000 crore."
The committee is examining proposals for capital requirement during the current fiscal as well as for long-term (2021). By that time banks will have to meet Basel III norms as well.
With India set to implement Basel III norms on capital adequacy, Mr Mittal said the PSU banks would be requiring about Rs3.5 lakh crore in the next 10 years.
The government has already earmarked Rs6,000 crore towards capital infusion in the state-owned banks during 2011-12 and the additional amount would be sought through second batch of supplementary demands for grants to be tabled in the Winter session of Parliament.
The government during 2010-11 had provided capital support to the tune of Rs20,157 crore to public sector banks.
The lenders which got funds from the government last fiscal include Punjab National Bank, Bank of Baroda, Union Bank of India, Oriental Bank of Commerce and UCO Bank.