SEBI comes out with Rajiv Gandhi Equity Savings Scheme norms

SEBI said as per the notification, eligible securities brought into the demat account under thr RGESS would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has announced the framework for Rajiv Gandhi Equity Savings Scheme (RGESS), an Indian government initiative aimed at attracting small investors into the capital market, reports PTI.

 

"The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market," SEBI said in a circular.

 

Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs50,000 in the stock market and whose gross total annual income is less than or equal to Rs10 lakh.

 

The scheme was notified by the Department of Revenue, Finance Ministry on 23rd November this year.

 

For transactions undertaken by investors through their Rajiv Gandhi Equity Savings Scheme (RGESS) designated demat account, depositories may seek necessary transactional details from stock exchanges for enforcing lock-in (period), among others.

 

"On receipt of such request from depositories, stock exchanges shall provide the details to depositories on an immediate basis. It shall also be ensured that a uniform file structure is used by stock exchanges and depositories for such intimation of transaction details," the circular said.

 

SEBI said as per the notification, eligible securities brought into the demat account would automatically be subject to lock-in during the first year, unless the new investor specifies otherwise.

 

In case there is any specification, the new retail investors shall submit a declaration indicating that such securities are not to be included within the above limit of investment.

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Infosys plans Rs700-crore project for India Post in next two years

Infosys would help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India


Kolkata: IT company Infosys is planning to roll out in about two years, its Rs700-crore project that would help India Post transform its banking and insurance operations cross 1.5 lakh post offices in the country, reports PTI.

 

Infosys would implement and manage its flagship Finacle Core Banking and McCamish Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India, including a large base of insurance customers.

 

"We are expecting to roll out the project for India Post in 18-24 months. We will roll it out for 150,000 branches across 22 circles. It will change the way India Post operates at present," Infosys Vice-President and Head (India Business) Raghupathi N Cavale told reporters here.

 

Speaking on the sidelines of 'INFOCOM 2012', he said the company is keen on developing similar projects for retail, health and education sectors.

 

"We are looking at mobility as a very strong theme," Cavale said.

 

As per an agreement between Infosys and India Post, the two would embark on a transformational initiative, which encompassed financial services system integration.

 

The project, estimated at Rs700 crore, aimed to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, according to an earlier statement by Infosys.

 

This was part of the 'India Post 2012' modernisation programme that aimed at bringing transparency, agility, flexibility and scalability to India Post's operations.

 

Infosys would be also instal 1,000 ATMs for India Post as part of this programme and implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.

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StanChart says to pay $330 million to settle US Iran probe

The alleged transactions by StanChart mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US sanctions aimed at curtailing Iran's controversial nuclear programme

Hong Kong: British bank Standard Chartered has said it expects to pay around $330 million to settle with US authorities 'very shortly' over allegations it violated sanctions on Iran, reports PTI.

 

The sum comes on top of a $340 million fine it paid in August to settle a case in New York state, where regulators had accused it of hiding some $250 billion in transactions with Iranian banks, charges denied by the lender.

 

"The group remains in active and constructive discussions with the other US agencies on the resolution of the group's historical US sanctions compliance," Standard Chartered said.

 

"We anticipate that these discussions will conclude very shortly and are likely to result in the group paying a sum of approximately $330 million," it added in a statement to the Hong Kong stock exchange, where it is listed.

 

The latest settlement would conclude investigations by the US Justice Department, the Treasury, the Federal Reserve and the Manhattan district attorney's office, the Wall Street Journal reported last week.

 

The alleged transactions mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US sanctions aimed at curtailing Iran's controversial nuclear programme.

 

The New York Department of Financial Services said in August that the activity "left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes".

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