UK Sinha, a 1976-batch IAS officer, had served as joint secretary in the Finance Ministry and joined SEBI after serving as the CMD of UTI AMC
UK Sinha, the chairman of Securities and Exchange Board of India (SEBI) on Friday got a two-year extension till 2016.
The Finance Ministry has issued a notification to this effect. “The notification for SEBI Chairman’s extension has been sent to SEBI late last night,” a senior Finance Ministry official said.
The extension will be with effect from 18 February 2014 till 2016.
Sinha’s three predecessors — CB Bhave, M Damodaran and GN Bajpai — had a three-year term. Only DR Mehta had served as SEBI chairman for the longest duration from 1995 to 2002.
Sinha, a 1976-batch IAS officer, had served as Joint Secretary in the Finance Ministry and joined SEBI after serving as the Chairman and MD of UTI AMC.
Foseco India declared a final dividend of Rs15.50, taking its full year dividend to Rs24.50 per share even as its December quarter net profit fell 47%
Foseco India, a supplier of metallurgical chemicals for the ferrous and non-ferrous industry, reported 47% fall in its fourth quarter net profit due to subdued demands and lower margins.
For the quarter to end-December, Pune-based Foseco India said its net profit fell to Rs2.16 crore from Rs4.04 crore, while, its total revenues, including sales, declined 3% to Rs56.26 crore from Rs57.81 crore, a year ago period.
During the quarter, the company reported a 2% increase in its expenditure at Rs53.24 crore from Rs52.40 crore a year ago period.
However, as on 31 December 2013, Foseco India’s reserves and surplus stood at Rs94.16 crore, a 13% increase than a year ago period.
Foseco India announced a cumulative dividend of Rs24.50 per share including final dividend of Rs15.50 and an interim dividend of Rs9 per share.
Foseco India closed Friday marginally down at Rs497 on the BSE, while the 30-share benchmark ended the day flat at 20,387.
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India needs to allow Iran to open accounts in banks other than UCO Bank and from all the major port cities, which would result in increased trade between the two countries
It may be recalled that Iran signed on 24 November 2013 an accord with US and European Union (world powers, really), agreeing to curtail its nuclear ambition in exchange for as much as $7 billion in relief from sanctions, and reassuring them that the Iranian nuclear programme has been set up only for peaceful purposes.
Iran had reiterated that it is only refining uranium to fuel a planned network of nuclear power plants, though the world knows that the same material can also be processed to provide fissile core of an atomic bomb, if it was "enriched" more! However, true to its word, Iran has been playing by the book and even the recent visit of the UN Inspectors to the Gchine mine in Southern Iran was with the assistance and cooperation of the Iranian Atomic Organisation.
The sanction, as we had stated earlier, did not very clearly spell out the procedures in case of insurance cover for vessels carrying Iranian cargo to and from that country. Two Iranian ship underwriters (Kish P & I Club and Moallem Insurance Co) have been given six months extension by the Director General of Shipping (DGS) from 28th December 2013, while asking for a Rs2,300 crore bank guarantee in rupees to pay for damages in the event of a mishap occurring in the Indian waters. Iran has sought some more time to resolve this issue.
At the moment, the National Iranian Tanker companies like Hafiz Darya Shipping Lines and Safiran Payam Darya Shipping Lines carry crude to India. Iranian supplies of crude fell to 13.3 million tonnes (mt) in 2013 against 18.1 mt in the previous year and is likely to touch only 11 mt by March 2014.
Recently, while attending and event organised by the Federation of AP Chambers of Commerce and Industry, Gholam Reza Ansari, the Iranian Ambassador met press persons, on the sidelines, and expressed the Iranian desire and the urgent need to operate the trade through multiple banks in the country.
At the moment, Iran maintains a rupee account with UCO Bank in Kolkata from where Indian exporters are paid against their shipments of various goods. With the relaxed condition of the sanction, Iran feels that trade will increase and to facilitate easy payments to exporters in India, it needs to operate from more banks in addition to UCO Bank in Kolkata. This is not an unfair or impractical demand, and the Ministry of Finance must immediately permit the opening of accounts with banks of their choice operating from all the major port cities like Mumbai, Mangalore, Cochin, Chennai, Vishakapatnam, Paradip and Kolkata, in addition to other cities that they may choose. In any case, almost all banks are government-owned, and Ministry should not waste time in meeting this reasonable request.
Agricultural products like basmati rice, soya, tea etc have found a good market in Iran besides engineering and pharmaceutical items. Trade visits to Iran are a must and when the government of India are willing to consider subsidy for Shipping Corporation of India to ply to Yangoon (Myanmar), there should be no reason for them to shy away to visit Iranian ports. Only 8% of Indian vessels out of 1,150 ships go to Iran. This must be increased.
If necessary, it must take the lead in providing sovereign guarantee for Indian vessels to ply, until sanctions are relaxed and normalcy is restored.
In the meantime, why not the Indian government take the lead in offering long or medium term credit facilities to build the 165 km railway line between Rasht in Iran and Astara in Azerbaijan? This will also help India to trade even more with CIS countries.
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)