TCS to set up new campus in Nagpur for Rs600 crore

The TCS Nagpur campus will be build in two phases, the first of which will contain 8,200 seats for IT services and BPO services

The country's largest software exporter Tata Consultancy Services said it will build a new software development unit in Maharashtra at an initial investment of Rs600 crore, creating jobs for over 8,200 professionals.

The campus will be located at Nagpur, Maharashtra, in the Mihan Special Economic Zone (SEZ), Tata Consultancy Services (TCS) said in a filing to the BSE.

“Nagpur has the potential to become the next big hub for knowledge-based industries like IT and engineering with its strong eco-system of universities, talented people and infrastructure,” TCS CEO and MD N Chandrasekaran said.

The TCS Nagpur campus will be build in two phases, the first of which will contain 8,200 seats for IT services and BPO services. The second phase will be of similar scope, it said. Once the project is completed, the campus will accommodate 16,000 associates, the filing added.

In the late afternoon, TCS was trading at around Rs1,145 per share on the Bombay Stock Exchange, 0.13% up from the previous close.

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Investors not to pay for maintaining KYC data: SEBI

Under the new process, once the investor has undergone the KYC process, an intermediary shall perform the initial KYC of its clients and upload the details on the system of the KRA

The Securities and Exchange Board of India, which is working on simplifying the Know Your Client process for easy investing, said there will be no burden on investors for maintaining their data with the KYC Registration Agency (KRA).

“I do not think there will be any burden of charges on investors for maintaining their KYC data as it is likely to be borne by intermediaries,” SEBI executive director, PK Nagpal, said on the sidelines of CII organised Financial Market Conclave.

In case of demat, an investor has to pay a certain annual maintenance and usage charges for their account with the two depositories. In case of single KYC data, KYC Registration Agency will do the record keeping. Mr Nagpal said the KRA regulations had been notified and SEBI was working closely with stock exchanges and intermediaries for the rollout of the new simplified norm.

Under the new process, once the investor has undergone the KYC process, an intermediary shall perform the initial KYC of its clients and upload the details on the system of the KRA. If the investor intends to open account with another intermediary, the intermediary concerned can verify and download the client’s details from the system of the KRA.

This will help the investor in avoiding going through KYC process every time he makes an investment through a single or multiple intermediaries. SEBI has issued guidelines for uniform KYC process for the investors who intend to open accounts with different intermediaries in the securities market.

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Value of cheque transactions dip 6% in October: RBI

During the April-October period, the total value of transactions carried out using cheques stood at Rs57.41 lakh crore

The total value of transactions carried out using cheques across the country amounted to Rs8.53 lakh crore in October, down 6% vis-a-vis the same month last year.

Banks had cleared cheques worth Rs9.07 lakh crore in October 2010, according to the Reserve Bank of India (RBI).

The number of cheques cleared by banks in October also went down by 8.9% compared to the same month last year. In all, 11.34 crore cheques were cleared by banks during the month, compared to over 12.44 crore in October 2010.
During the April-October period, the total value of transactions carried out using cheques stood at Rs57.41 lakh crore, against Rs58.23 lakh crore in the same period a year ago, a dip of 1.4%.

A total of 77.97 crore cheques were cleared by banks during the first seven months of the current fiscal, a decline of almost 3.5% from 80.82 crore in the April-October period a year ago. In October, the Mumbai region reported the highest number of cheque clearances, as well as the maximum transaction value for any zone.

Banks in the Mumbai region cleared a total of 2.17 crore cheques, with total value of over Rs1.37 lakh crore. In the Delhi region, banks reported that 1.31 crore cheques, with a total value of over Rs1.08 lakh crore, were cleared in September.

The Chennai region stood third, with banks reporting a total 60.2 lakh cheque clearances worth over Rs44,600 crore.

Cheque transactions have been on the decline during the past few years with the growth of the electronic transfer medium, according to experts. The value of cheque transactions in the country declined by 2.6% year-on-year to Rs101.33 lakh crore in 2010-11. Delhi and Bangalore were the only major centres to report a rise in the value of clearances last fiscal.

However, the total number of cheques cleared by banks across the country grew marginally by 0.4% in 2010-11. Over 1.38 lakh crore cheques were cleared by banks across the country last fiscal, as against 1.30 lakh crore in 2009-10.

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