The Securities and Exchange Board of India has in a circular observed that “unauthenticated news related to various scrips is being circulated” through various online channels by employees of broking houses and other intermediaries, which violates the Code of Conduct for Stock Brokers
Market watchdog, the Securities and Exchange Board of India (SEBI), has decided to clamp down on the staff of various broking houses and financial intermediaries, because these employees have been circulating "unauthenticated news related to various scrips."
SEBI has come down hard on various entities dealing in securities, especially the quality and calibre of staff that these market brokers tend to recruit. In a hard-hitting statement issued today, the watchdog has said: "In various instances, it has been observed that the intermediaries do not have proper internal controls and do not ensure that proper checks and balances are in place to govern the conduct of their employees. Further, due to lack of proper internal controls and poor training, employees of such intermediaries are sometimes not aware of the damage which can be caused by circulation of unauthenticated news or rumours."
SEBI has gone a step further, saying, "It is a well-established fact that market rumours can do considerable damage to the normal functioning and behaviour of the market and distort the price discovery mechanisms," and it has directed market intermediaries to prevent such kind of activities.
The market regulator has also directed market intermediaries to impose a proper internal code of conduct and controls so that employees/temporary staff/voluntary workers, etc, employed/working in the offices of market intermediaries do not encourage or circulate rumours or unverified information obtained from client, industry, any trade or any other sources without verification.
Market intermediaries should impose restrictions on access to blogs, chat forums and messenger sites. Logs for any usage of such blogs, chat forums or messenger sites (called by any nomenclature) shall be treated as records and the same should be maintained as specified by the respective regulations which govern the concerned intermediary, SEBI said in the statement.
Employees should be directed that any market related news received by them, either in their official mail or personal mail/blog, or in any other manner, should be forwarded only after the same has been seen and approved by the concerned intermediary's compliance officer. If an employee fails to do so, he/she shall be deemed to have violated the various provisions contained in SEBI Act/Rules/Regulations, etc, and shall be liable for action, and the compliance officer shall also be held liable for breach of duty in this regard, the market regulator said.
Maharashtra deputy chief minister Ajit Pawar today presented a Rs58 crore surplus budget, hiking taxes on soft drinks and liquor while exempting foodgrains and essential commodities. The presentation of his maiden budget was marked by slogan-shouting by opposition members
Mumbai: Maharashtra deputy chief minister Ajit Pawar today presented a Rs58 crore surplus budget, hiking taxes on soft drinks and liquor while exempting foodgrains and essential commodities, reports PTI.
Presenting his maiden budget in the Legislative Assembly, which was marked by slogan-shouting by opposition members, the finance minister said that in 2010-11, revenue receipts were Rs1,07,159 crore as against Rs86,910 crore in 2009-10, showing an increase of 23.3%.
Mr Pawar said there was 26% increase in sales tax mop up in 2010-11 and 31% rise in stamp duty collections.
"We have not increased sales tax rates like some other states have done, yet sales tax receipts registered an increase," he said.
During the year 2011-12, revenue receipts are expected at Rs1,21,503 crore and revenue expenditure at Rs1,21,445 crore.
Mr Pawar said revenue deficit is proposed to be eliminated for coming fiscal and a marginal revenue surplus of Rs58 crore expected during the period.
Last year, revenue receipts had been estimated at Rs97,043 crore, Mr Pawar said. Considering the trend of revenue collection during the year, revised estimates of revenue receipts were fixed at Rs1,07,159 crore.
Revenue expenditure at the beginning of the year was expected to be around Rs1,04,698 crore. In the revised estimates, this expenditure has been fixed at Rs1,12,846 crore.
Mr Pawar also said that tax on declared goods under the Central Sales Tax Act in the state is proposed to be raised from 4% to 5%. The government also proposes to levy tax on production or import of liquor at 50% of the actual sale price, which shall not exceed 25% of the MRP, he said.
Tax at 20% rate shall be charged on actual sales in hotels-4-star and above. In the case of bars, restaurants and clubs, the rate of tax would be 5%. Set-offs on liquor purchases will not be available to them.
Mr Pawar also proposed to increase the tax on carbonated soft drinks from 12.5% to 20%. Similarly, tax on goggles is proposed to be raised to 12.5% since they are not used as normal corrective spectacles.
Mr Pawar proposed 5% tax on sale of telecast rights of entertainment and sports events.
VAT is levied at concessional rate of 4% on sales made under section 8(5) to electricity generating, transmission, distribution units; telecom industry and to defence and railways. The rate under this provision has been proposed to be increased to 5%.
The minimum rate of excise duty will be increased to Rs 95% litre for country liquor, Rs240 per proof litre for foreign liquor, Rs33 per bulk litre for mild beer and Rs42 per bulk litre for fermented beer.
Mr Pawar also proposed amendments to the Bombay Stamp Act 1958 where uniform stamp duty of 0.005% will be charged on transactions of securities, futures, delivery and non-delivery based transactions for clients as well as own account.
Presently, different transactions are being charged at different rates; uniform stamp duty will simplify it, Mr Pawar said.
Transactions of transfer of long-held tenancy rights of house properties at prime locations in Mumbai will be liable for stamp duty at their market value, he said.
In the Legislative Council, the budget was presented by minister of state for finance Rajendra Mulak.
The telecom industry is receiving incentives and subsidies as part of the efforts to reduce the carbon footprint, but it is not doing enough in the major areas
The Telecom Regulatory Authority of India (TRAI) last month published a consultation paper on "Green Telecommunications" addressing various aspects like carbon footprints for the telecommunications industry. But, industry experts are questioning the incentives and subsidies provided to the sector to push the green agenda.
Professor Girish Kumar, of IIT Bombay, who has been undertaking research on the harmful effects of electro-magnetic radiation (EMR), asks: "Why does industry want incentives for green telecom? Is it not our duty as Indians to not pollute our own country? Should we not care for our people and environment?"
The paper says there are 3.1 lakh towers and about 60% of the power requirement is met through diesel generators and the rest is fulfilled by power from the grid. But Mr Kumar insists that there are more than 4.5 lakh towers in the country as of 2011 and that due to shortage of power nearly 59% of the requirement is met through diesel generators and this causes pollution.
He also pointed out that telecom operators enjoy unnecessary subsidy on diesel. He explained that telecom operators get Rs7 per litre subsidy on diesel. Since their consumption of diesel is 2 billion litres every year, they get a subsidy of Rs1,400 crore per year.
Mr Kumar suggested that the numbers of diesel generators can be reduced if power requirement is curbed by optimising telecom systems. The transmitted power from cell towers must be reduced from 100W to 2W, which will also help to control radiation.
Mr Kumar said, "The government should adopt immediate policy measure to reduce the transmitted power to a maximum 1W to 2W, so the energy requirement will be substantially reduced. Due to low energy requirement, there will be no need for cooling of the high-power amplifier, and thereby air-conditioning would also not be required in most of the cases and then this reduced power requirement can be provided through solar or other renewable energy."
Mr Kumar also raised the issue of the operators' demand for self-regulation of the industry. Telecom operators present for the discussion on the consultation paper had said that the government should try to regulate everything and operators must be allowed to self-certify that they are meeting all norms.
Mr Kumar said operators should not be allowed self-certification and that the government should introduce stringent policies and third-party monitoring of radiation levels and air pollution levels near cell towers. "Heavy penalties should be slapped in case of any violation as it is directly related to the health of people, birds, animals and the environment," he said.
Activist Jehangir Gai, said, "There should be an independent and competent third party regulation." Mr Gai explained, "Assuming that the telecom companies say that there are no health hazards, then of course there are some. Even if there is no conclusive study proving the health hazards due to cell towers, necessary precautions should be taken. It is always better to be on the safer side."
Moneylife has reported on the health hazards arising out of cells towers and the negligence on the part of the government to look into the issue. (Read 'Cell towers violate health and safety norms' , and 'DoT group proposes low radiation levels for cell towers' )
Mr Kumar said it is not enough for service providers to move indoor base transceiver stations (BTS) to outdoor BTS, switch off a few transmitters, and to adopt an automatic frequency plan and air cooling instead of air-conditioner to reduce carbon footprint.
He also recommended that telecom service operators emphasise on research and development to develop solutions, and that the government should come up with rules for 90% of telecom-related products to be manufactured in India, which would also help create millions of jobs in the country. (Also read,'Industry does not want to spend on more cell towers that will lower radiation'. )