The original copy of a record is to be maintained till trial or investigation proceedings have concluded, instead of the current practice of keeping papers only for five years, the market regulator has said
Market regulator Securities and Exchange Board of India (SEBI) on Wednesday asked bourses to preserve original records related to an investigation till the trial is completed, instead of the current practice of keeping papers only for five years, reports PTI.
"If a copy is taken by such enforcement agency either from physical or electronic record then the respective original is to be maintained till the trial or investigation proceedings have concluded," SEBI said in a circular to all stock exchanges.
The regulator said that enforcement agencies like the Central Bureau of Investigation (CBI), police and the crime branch collect a copy of documents during the course of an investigation but original records, either in physical or electronic form, are required at the time of the trial.
According to the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, every stock broker is required to preserve the specified books of account and other records for a minimum period of five years.
In case such documents are maintained in electronic form, provisions of the Information Technology Act, 2000, would have to be complied with, SEBI said.
Further, as per the Securities Contracts (Regulation) Rules, 1957, bourses and their members are required to preserve the specified books of account and documents for a period ranging from two years to five years.
India is one of the fastest-growing aerospace markets in the world, driven by continued economic growth, resulting in growing passenger traffic and domestic aircraft demand
The rapidly-expanding aviation sector of India can absorb as much as $120 billion in investments by the year 2020, civil aviation secretary Madhavan Nambiar has said.
"As per reports, the Indian aviation sector has the potential to absorb up to $120 billion of investment by 2020. Analysts predict that domestic traffic can reach 160 million-180 million by 2020, with the international traffic in excess of 50 million," Mr Nambiar said in his keynote address to the US-India Aviation Partnership Summit in Washington, reports PTI.
The summit is being attended by around 200 corporate leaders from the sector from both India and the US. "Airport infrastructure in India is the one area which has huge opportunity for investors. The airport upgrade action and modernisation plan, launched by the government of India, will see an investment of approximately $10 billion by 2010," he said.
Mr Nambiar said that the Indian aerospace industry is one of the fastest-growing aerospace markets in the world, driven by continued economic growth, resulting in growing passenger traffic and domestic aircraft demand.
"As per estimates, the Indian civil aircraft market is valued at $90 billion involving sale of 1,000 aircraft during the period 2008 to 2020. At present, the sector has around 407 aircraft with almost the same number on order as well," he said.
In 2008, scheduled operators and companies were given permission to import 62 aircraft.
"However, it is a fact that the current downturn has seen many deliveries being deferred, but significantly not cancelled. It is in this growth that lies our challenge in creating safe, secure, efficient and environment-friendly systems conducive to meet this growth," he said.
India is also emerging as a potential international hub for manufacturing and Maintenance, Repair & Overhaul (MRO) on the back of its talent and engineering workforce, manpower cost competitiveness, fast-developing engineering services, research and development (R&D) expertise and strategic position in South-east Asia.
"India’s MRO segment is estimated to grow at 10%, reaching $1.17 billion by 2010 and $2.60 billion by 2020," Mr Nambiar said.
Aerospace products have also emerged as the fastest-growing component of US exports to India. Mr Nambiar said that the successful retention of India in Category-I status by the US Federal Aviation Administration (US-FAA) has helped India bring back aviation safety into the spotlight. "This reaffirms that Indian safety standards are compliant with international safety standards," he noted.
The FAA audit under the International Aviation Safety Assessment Programme gives the Directorate General of Civil Aviation (DGCA) a level playing field in the area of safety and maintenance standards.
This, Mr Nambiar said, paves the way for allowing Indian carriers to expand service into the US by adding flights through new access points and code-share agreements with US carriers.
In the automotive industry, where globalisation and diversification proceed in parallel, both VW and Suzuki are planning to establish a cooperative relationship while respecting each other’s independence as a stand-alone entity
Europe's largest car manufacturer Volkswagen Aktiengesellschaft (VW) said it has signed a pact with Japan’s Suzuki Motor Corp (Suzuki) to establish a long-term strategic partnership and would also buy a 19.9% stake in Suzuki for 2,061 yen per share or for 222.5 billion yen (about $2.54 billion).
In a release, the company said that Suzuki, in turn, intends to invest up to one half of the amount received from the stake sale into Volkswagen.
“Two of the world’s leading car-makers are joining forces and preparing to meet the growing challenges that lie ahead. Together we can maximize our opportunities for growth. We are proud to be cooperating with such an esteemed and valued partner,” VW chief executive Martin Winterkorn said.
Representatives of both the companies signed a framework agreement on Wednesday. The companies plan a joint approach to the growing worldwide demand for environmentally friendly vehicles, the release said.
The deal is expected to close by January 2010 subject to approval of relevant authorities."Both parties are focused on achieving synergies in the areas of rapidly growing emerging markets as well as in the development and manufacturing of innovative and environmentally friendly cars", Suzuki said in a release.
In the automotive industry, where globalisation and diversification proceed in parallel, both companies will establish a cooperative relationship while respecting each other’s independence as a stand-alone entity, the release added.
Commenting on the deal, Suzuki's chairman and chief executive, O Suzuki, said,"“We were very much impressed by the enthusiasm of Volkswagen towards manufacture of splendid automobiles. The companies shall cooperate taking advantage of the strength of the other with the maximum consideration to the global environment. We will also continue to extend our utmost efforts for customer satisfaction."
As demand continues to rise for smaller cars and for powertrains with higher fuel efficiency and lower CO2 output, Volkswagen and Suzuki will offer a compelling solution for customers in emerging markets buying a car for the first time and also for customers in advanced economies seeking to lower their CO2 footprint while still enjoying the freedom of transport offered by an exciting range of cars, the release added.
Suzuki, Japan's third-largest car-maker, holds a 54% stake in India's largest car-maker, Maruti Suzuki India Ltd.