SEBI Updates Shri Prashant Saran takes charge as Whole Time Member, SEBI NISM to conduct Currency Derivatives Certification Examination

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1 'ICSI House', 22 Institutional Area, Lodi Road, New Delhi , India. Phone-(011) , , Fax-(011) , - info@icsi.edu Forthcoming Programmes Two Day Non-residential National Workshop on Diligence Report for Banks at Coimbatore on May 22-23, 2009 Similar programmes are being organised at Chennai(May 29-30, 2009), Bangalore (June 12-13, 2009)& Jaipur (June 19-20, 2009). Ministry of Commerce & Industry Updates Applicability of 36 months Export Obligation Period (EOP) under Duty Free Import Authorisation (DFIA) Scheme SEBI Updates Shri Prashant Saran takes charge as Whole Time Member, SEBI NISM to conduct Currency Derivatives Certification Examination RBI Updates Levy of service charges for electronic payment products and outstation cheque collection and Standardisation of charges for transfer of surplus clearing funds ICSI National Award for Excellence in Corporate Governance, 2009 Draft Questionnaires for Comments and Suggestions Disclaimer: - CS Update contains government notifications, case laws and contributions received from the members. Due care and diligence is taken in compilation of the CS Update. The Institute does not own the responsibility for any loss or damage resulting from any action taken on the basis of the contents of the CS Update. Anyone wishing to act on the basis of the contents of the CS Update is advised to do so after seeking proper professional advice

2 FC Two Day Non-residential National Workshop on Diligence Report for Banks at Coimbatore on May 22-23,

3 Two Day National Workshop On Diligence Report for Banks The Reserve Bank of India vide its Circular dated September 19, 2008 has advised all Scheduled Commercial Banks to obtain Diligence Report by a professional, preferably a company secretary, regarding compliance of various statutory prescriptions that are in vogue, as per the specimen given in the said circular and the subsequent circular(s). With a view to enable Practicing Company Secretaries to obtain a thorough understanding of the background, scope and the detailed knowledge level required for undertaking assignments of Diligence Report for Banks, the CCRT-ICSI Mumbai jointly with Coimbatore Chapter is organizing a workshop on Diligence Report for Banks as per the following details:- Day(s) & Date(s) Friday & Saturday, May 22-23, 2009 Timing 9:30 am to 5:00 pm Venue Jenneys Residency, Avanashi Road, Coimbatore Proposed Coverage Background, Scope & Professional Responsibility Format of Diligence Report Methodology Compliance Inputs & Checklists Competency Building Fees Rs. 2500/- for members of ICSI & Rs. 3000/- for nonmembers of the ICSI (to cover cost of Backgrounder, Lunch and other organizational expenses) Programme Director Shri R Sridharan, Council Member, The ICSI (Cell ) Programme Co-ordinator Shri C Thirumurthy, Chairman, Coimbatore Chapter of the SIRC of The ICSI (Cell ) For registration, please send a Bank Draft favouring The Institute of Company Secretaries of India payable at Coimbatore to Shri C Thirumurthy, Chairman, Coimbatore Chapter of the SIRC of The ICSI, ICSI Coimbatore House, 556, Mettupalayam House, Coimbatore ( coimbatore@icsi.edu, icsicbechapter@gmail.com) Phone: The Program is on nonresidential basis. Members attending the workshop would be entitled to 8 Programme Credit Hours & a Certificate of Participation. Note : Similar programmes are being organised at Chennai(May 29-30, 2009), Bangalore (June 12-13, 2009)& Jaipur (June 19-20, 2009). BACK - 3 -

4 MCA Applicability of 36 months Export Obligation Period (EOP) under Duty Free Import Authorisation (DFIA) Scheme - 4 -

5 Government of India Ministry of Commerce and Industry Directorate General of Foreign Trade Udyog Bhawan, New Delhi POLICY CIRCULAR No. 86 (RE-2008)/ Dated: 4 th May, 2009 To All Regional Authorities; All Commissioners of Customs; Exporting Community. Sub: Clarification regarding applicability of 36 months Export Obligation Period (EOP) under Duty Free Import Authorisation (DFIA) Scheme regarding. Attention is invited to Public Notice Nos. 151 dated 26 th February, 2009, 160 dated , wherein the original Export Obligation Period (EOP) under the Advance Authorisation Scheme was increased to 36 months from the earlier original EOP of 24 months. Further, it was clarified vide Policy Circular No. 80 dated that the said facility had been extended for all Advance Authorisations which are within 36 months from the date of issuance of the authorisation, as on or thereafter. 2. Now representations have been received from the Trade & Industry as to whether the aforesaid facility of EOP upto 36 months shall be available under Duty Free Import Authorisation (DFIA) Scheme as well. 2. Matter has been examined in detail. It is informed that since paragraph 4.64 of the HBP v1 related to EOP and its extension under DFIA scheme refers to paragraph 4.22, the facility of EOP upto 36 months, as stated in the aforesaid Public Notices and Policy Circular, is equally applicable under DFIA Scheme. This issues with the approval of the Competent Authority. Sd/- (C. Gangadharan) Dy. Director General of Foreign Trade Tel: / Ext c.gangadharan@nic.in (F. No. 01/94/180/09-10)/DFIA-EOP/AM 10/PC 4) BACK - 5 -

6 MICI Shri Prashant Saran takes charge as Whole Time Member, SEBI NISM to conduct Currency Derivatives Certification Examination - 6 -

7 Shri Prashant Saran takes charge as Whole Time Member, SEBI Shri Prashant Saran took charge as Whole Time Member, Securities and Exchange Board of India in Mumbai today. Prior to this assignment, he held the position of Chief General Manager (CGM) in Reserve Bank of India and was heading the Department of Banking Operations and Development (DBOD). He possesses a Master s Degree in Physics from Panjab University, Chandigarh. During his stint in the Reserve Bank of India, he has had a wide experience in regulatory and other functions. Shri Saran has held membership of a number of committees like International Liaison Group (ILG) and International Liaison Group on Capital (ILGC) of Basel Committee on Banking Supervision (BCBS), National Advisory Committee on Accounting Standards and Empowered Committee on External Commercial Borrowings. Mumbai May 18, 2009 BACK - 7 -

8 NISM to conduct Currency Derivatives Certification Examination National Institute of Securities Markets (NISM) has specified Series- I: Currency Derivatives Certification Examination (Series-I:CD) for approved users and sales personnel of the trading members of the Currency Derivatives Segment of a recognised stock exchange. SEBI has approved the said Series-1:CD, vide Gazette notification dated May 13, 2009, as the required certification for approved users and sales personnel of trading members of the Currency Derivatives Segment of recognized stock exchanges. A trading member of the Currency Derivatives Segment of a recognised stock exchange has to ensure that all its approved users and sales personnel obtain Series-I: CD certification by August 10, A trading member of the Currency Derivatives Segment of a recognised stock exchange, hereafter cannot engage or employ any approved user or sales personnel who does not have valid Series-I: CD certification. For details of examination, please visit or contact National Institute of Securities Markets, UTI House, Plot No: 82, Sector 17, Vashi, Navi Mumbai (Telephone No: ) Mumbai May 14, 2009 BACK - 8 -

9 tax Levy of service charges for electronic payment products and outstation cheque collection and Standardisation of charges for transfer of surplus clearing funds - 9 -

10 RBI Circular RPCD.CO.RRB.BC.No dated 15 May 2009 All Regional Rural Banks Dear Sir, Levy of service charges for electronic payment products and outstation cheque collection and Standardisation of charges for transfer of surplus clearing funds 1. We enclose copies of circulars DPSS. CO. No. 1001/ / dated January 8, 2008, DPSS. CO. No. 2092/ (P)/ dated June 20, 2008 and DPSS. CO. No. 611/ (P)/ dated October 8, 2008 issued by our Department of Payment and Settlement Systems (DPSS), Central Office, advising the framework of charges to be levied by banks for offering various electronic payment products, for outstation cheque collection services and transfer of surplus clearing funds, for your information and necessary action. 2. The framework of charges to be levied by banks for various electronic payment products (RTGS/NEFT/ECS) has been prescribed vide circular dated October 8, 2008 referred to above. These charges are also applicable to all inter-bank transfers using the electronic mode. It is clarified that these charges are applicable for transfer of surplus clearing funds under Remittance Facilities Scheme (RFS), 2007 also. Yours faithfully C.K. Shah, Deputy General Manager BACK

11 ICSI National Award for Excellence in Corporate Governance, 2009 Draft Questionnaires for Comments and Suggestions The process of organizing the ninth ICSI National Award for Excellence in Corporate Governance" which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit. The award is based on the outcome of concerted and comprehensive process which includes the evaluation of responses of the participating companies to questionnaires designed by the Institute. The draft first questionnaire, the draft second questionnaire and the suggested evaluation methodologies for the respective questionnaires that are proposed to be used for the year 2009 are placed on the website of the Institute at the following link : We shall highly appreciate your comments and suggestions on the draft questionnaires and the evaluation methodologies thereon. These will help us to further improve the process of evaluation of participating companies in the ICSI National Award for Excellence in Corporate Governance. Comments and suggestions may please be sent at alka.kapoor@icsi.edu to reach before June 15,