The feasibility report on the project is almost complete; land acquisition is expected to start soon and is likely to be completed over the next six months
Land acquisition for the Mumbai-Vadodara Expressway, which now gains more importance due to the planned connectivity to the Mumbai-Pune Expressway, is likely to begin soon. The land acquisition is likely to be completed in the next six months.
“The feasibility report for the Mumbai-Vadodara Expressway has been almost completed and the land-acquisition process is likely to start soon. Ideally, we should complete the land-acquisition process within (the next) six months,” said DO Tawade, project officer, National Highways Authority of India (NHAI).
The study to connect the Mumbai-Vadodara expressway to the Mumbai-Pune expressway has been completed. Both of these expressways are likely to connect beyond a point near Panvel, Navi Mumbai. However, the final details of this connectivity and its positioning will depend on the final approvals which are required.
The 400 km Mumbai-Vadodara expressway will be developed on a public-private partnership (PPP) model similar to all other NHAI projects awarded in the recent past. This six-lane expressway project will assume added significance once it is connected to the Mumbai-Pune Expressway.
The Mumbai-Vadodara Expressway is part of the National Highway Development Programme, which is running behind schedule. In a Rajya Sabha session held in July 2009, minster of state for road transport and highways RPN Singh had stated, “The process of land acquisition would most likely begin by April 2010, and construction would start by April 2012.”
The NHAI official also stated that work on the development of three more national highways in Maharashtra will start soon, as the request for quotations (RFQs) for these projects are expected within this month.
The regulator has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences
In order to curb illegal trading in commodity markets, regulator Forward Markets Commission (FMC) has asked exchanges to impose a penalty of Rs1 lakh-Rs5 lakh, with effect from 1st April, on brokers carrying unauthorised trading activities.
Besides introducing a penalty for illegal trading, the Forward Markets Commission (FMC) has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.
“Interest of market participants will be served better only if exchanges implement the uniform penalty structure in its true spirit,” a senior official from FMC told PTI.
“As there was no structured penalty for illegal trading, we have asked the commodity exchanges to levy a penalty of a minimum of Rs1 lakh and a maximum of Rs5 lakh on their members (brokers) involved in unauthorised trading,” he added.
The penalty for illegal trading, which is also part of a common penalty structure, will be effective from 1st April.
FMC has come out with the uniform penalty structure after it found during audits that national commodity exchanges were imposing different penalties for the same offence committed by brokers. It was also observed that for a few offences, exchanges were imposing a very low penalty.
Currently, for instance, MCX is levying Rs10,000 per client as penalty on brokers (members) who are issuing more than one identity code to a client, while NCDEX and NMCE do not have any penalty in place for the same offence.
However from 1st April, exchanges have been asked to impose Rs10,000 per client as penalty on members for issuing more than one identity code, the regulator said.
Similarly, the penalty on brokers, who are using one client’s fund for trading in another client’s account, has been kept uniform at Rs25,000, against the current penalty range of Rs10,000 to Rs50,000 by various bourses, it said.
The penalty for 'non-maintenance of client code' and 'know your customer norms' has been kept at Rs10,000 per client, respectively, it added.
“The penalty provisions have been changed keeping in mind that penalties should be adequate to act as a deterrent and should be uniform across exchanges so as to rule out the possibility of regulatory arbitrage,” the FMC official said.
At present, there are four national level and 19 regional level exchanges. The turnover of these exchanges stood at Rs73,50,974 crore till 15th February in 2009-10, up by 50% from the same period last year.
In her new position, Ms Gidwani will be responsible for business development and brand positioning
The Royal Bank of Scotland Group (RBS) has appointed Leena Gidwani as market head, Western Region, for its private banking business in India, reports PTI.
Ms Gidwani will be based in Mumbai, overseeing a team of 15 staff comprising private bankers and client-relationship associates, a statement issued by the Bank here said.
She will be responsible for driving business development, delivering the strategic growth plan and positioning the brand in the market. She will report to Shiv Gupta, head of RBS private banking business in India, it further said.
“Leena’s appointment is an important step forward for the business as we implement our strategic plan in India with a view to significantly growing our staff base and assets under management (AUM) over the next four to five years,” Mr Gupta said.
"The western region, with Leena's stewardship, will feature heavily in our plans to grow overall country AUM by 30% over this period,” Mr Gupta said.
The western region currently accounts for 40% of overall AUM of the RBS private banking business in India, the release said.