While these clarifications sought by FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format, the regulator said in a notification. The new reporting format will now come into effect from July against the earlier prescribed reporting month of April 2011
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has deferred the implementation of modified reporting format for Foreign Institutional Investors (FIIs) by three months following representation from these investors, reports PTI.
SEBI received representation from a number of FIIs seeking various clarifications on the new reporting format.
While these clarifications sought by FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format, the regulator said in a notification.
The modified reporting format seeks more details of their activities in the Indian equity markets.
The new reporting format would come into effect from July against the earlier prescribed reporting month of April 2011.
It has now been decided that the first such monthly report shall be submitted for the month of July before 7 August 2011, it said.
Overseas derivative instruments (ODIs) have Indian equity or debt as underlying securities and are issued by registered FIIs or sub-accounts to clients abroad.
The FIIs issuing such instruments would have to inform the regulator through the seven annexures about their underlying trade activities including equity and debt for every month, with a six-month lag.
This is apart from the monthly summary report FIIs have to file on the seventh of every month, for the previous month.
The annexures SEBI has sought for any trading in the Indian market include details of ODI/PN activity and trades where the type of underlying Indian security is equity, debt and derivatives.
Besides, a separate annexure on assets under management where the underlying Indian security is equity, debt and derivatives has to be filed.
The finance ministry on Thursday issued a letter giving Rs11,027 crore in cash compensation to IOC, Rs 4,595 crore to BPCL and Rs 4,379 crore to HPCL. The cash subsidy payout is more than half of the over Rs78,000 crore that the three firms lost on selling auto and cooking fuel below their imported cost in FY10-11
New Delhi: The government on Thursday approved Rs20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in the last fiscal, reports PTI.
With this, the government has paid a total of Rs40,912 crore in subsidy to oil companies in 2010-11, an oil ministry official said here.
"The finance ministry yesterday issued a letter giving Rs11,027 crore in cash compensation to Indian Oil Corporation (IOC), Rs 4,595 crore to Bharat Petroleum Corporation (BPCL) and Rs 4,379 crore to Hindustan Petroleum Corporation (HPCL)," the official said.
It had in two previous instalments given Rs20,911 crore to make up for part of the revenues oil companies lost on selling diesel, domestic LPG and kerosene below cost.
The cash subsidy payout is more than half of the over Rs78,000 crore that the three firms lost on selling auto and cooking fuel below their imported cost in FY10-11.
Upstream firms like Oil and Natural Gas Corporation (ONGC) will chip in about Rs25,750 crore, leaving the fuel retailing firms to fed over Rs11,000 crore of revenue losses by themselves.
The official said fuel retailers were demanding Rs30,000 crore in cash compensation but finance ministry gave only Rs20,001 crore today.
While, petrol price was freed from the government control in June, state oil firms continue to sell diesel, domestic LPG and kerosene at government-ruled prices which is substantially lower than cost of production.
IOC, BPCL and HPCL currently lose Rs18.19 per litre on diesel, Rs29.69 per litre on kerosene and Rs329.73 per 14.2-kg LPG cylinder.
In the 2010-11, the three firms lost Rs78,202 crore, but the government has provided only Rs40,912 crore in compensation. The oil marketing firms lost Rs2,227 crore on selling petrol below imported cost during April and June before its price was freed from the government control.
They lost Rs34,384 crore on sale of diesel, Rs19,566 crore on PDS kerosene and Rs22,025 crore on sale of domestic LPG.
The official said at current prices, the total revenue loss in current fiscal is estimated at Rs180,208 crore. A fuel price hike is on cards to contain the revenue loss.
J Jayalalithaa looks set for two-third majority in Tamil Nadu; Trinamool establishes lead in three-fourths of constituencies in West Bengal; Congress-led United Democratic Front has edge over Left in Kerala
J Jayalalithaa’s All India Anna Dravida Munnetra Kazhgam (AIADMK) surprised most pollsters this morning, establishing a huge lead in counting of votes to the Tamil Nadu state assembly, while Mamata Banerjee was sweeping through West Bengal with leads in nearly three-quarters of the constituencies for which trends were available till 11 am.
In Kerala, the other Left-ruled state, the ruling CPI(M)-led alliance was struggling to hang on to power. Kerala has never returned a ruling party for a second consecutive term. The Left Front was ahead in 53 of the constituencies and the Congress-led United Democratic Front (UDF) was leading in 57 of the about 120 constituencies for which counting trends were available. The LDF had won 13 of the seats for which results were declared so far and the UDF 15. The LDF previously had 98 seats against the UDF’s 42 in the 140-member Kerala state assembly.
In West Bengal, it was a clear knockout, with the CPI(M) suffering heavy losses across the state which it has ruled uninterrupted for over three decades. Mamata Banerjee’s Trinamool Congress (TMC) in alliance with the Congress party appeared likely to win about 216 of the 285 constituencies for which trends were available. This is even bigger than the 176 seats the CPI(M) had in the 294-member house of elected representatives. The TMC had just 31 members and the Congress 20 in the previous legislative assembly.
While the TMC was expected to win easily, the surprise perhaps was in Tamil Nadu, where poll pundits had given the corruption-tainted DMK a chance. The principal opposition AIADMK was leading in 192 of the constituencies till 11 am, while the ruling DMK-Congress alliance was ahead in only 41, which is a huge comedown from the 163 seats it had in the 234-member house. Exit poll predictions had given the DMK 102-114 and the AIADMK alliance 120-132.
In Assam and Puducherry, the ruling Congress party was making good gains to be able to strengthen its position further in the two states.
In Assam, the Congress was leading in counting in 74 constituencies, compared to only seven with the Asom Gana Parishad (AGP). Other parties including the Bharatiya Janata Party were ahead in 34 constituencies, but the Congress may not need much support from the smaller parties to form the new government this time. The Congress previously had 53 members in the 126-member house.
In Puducherry, the Congress-DMK alliance was leading in 11 constituencies, against 10 with the AIADMK-AINRC, with others ahead in three constituencies. Puducherry has a 30-member legislative assembly.