Sam runs 61 marathons in 2010 for charity

http://www.dailymile.com/blog/dailymileroftheweek/dailymiler-of-the-week-sam-f

Payment by NEFT

MCA has introduced another method of making payment of fees - this time the NEFT method. Presently, there was only the credit card and the internet banking facility as the online facilities available for stakeholders and with the limit placed on fees upto Rs.50,000/- being only by online payments, this was causing considerable difficulty to upload forms, because the credit card facilities were getting used up pretty soon. Internet banking facility was available only from a few banks, not all the banks. So, now they have introduced NEFT method, which will surely alleviate the difficulties to some extent, though it is cumbersome to operate. How it operates is like this; While making payment, choose the NEFT challan, which is an offline challan and then log onto your internet banking of whatever banks,  make transfer to one of the MCA accounts and obtain an Unique Transaction Id. Thereafter, after 4 to 5 working hours, MCA 21 portal needs to be informed of the successful payment. Then MCA will link the challan to the unique transaction id and payee bank details such as bank a/c, IFSC code etc. Looks a bit cumbersome at the present moment, I hope they are able to smoothen it as they go along. But it is a getaway to using internet banking account of all banks in the system, other than those which are expressly authorised by MCA. Also with this method, practising professionals can generate NEFT challan and give it to the companies to make payment by internet banking method. The only concern will be there are many small and medium companies who still operate the cheque book facility.

Mandatory Cost Audits

MCA has vide its order no. F.No.52/26/CAB-2010 dated 30th June 2011 mandated cost audits for some more industries such as cement, glass, tyres & tubes, steel, paper, insecticides, paints & varnishes & aluminium in respect of its accounting year which commences on or after 1st April, 2011. Conditions being turnover should exceed Rs.100 crores or the company is a listed one or about to be listed.

credit rating symbols

The era of confusing rating symbols by different rating agencies like CRISIL, ICRA, CARE etc. are now passe. SEBI has mandated that all rating symbols used by different rating agencies should be uniform. This covers long term and short term debt products, structured finance instruments and mutual fund schemes.

This is good news for investors because we don't need to find out how FAAA is different from CAAA+ and so on.

For existing outstanding schemes, the rating agencies need to disclose the new rating symbols and their meanings in their websites, and inform their clients about the change implying no change in their ratings.

promoter shareholding in demat mode

SEBI had vide its circular dated 2nd September 2010 stipulated that in order for a company's shares to be traded in the normal segment, it should achieve at least 50% non-promoter shareholding in dematerialised mode and also maintained the same on continuous basis. If companies do not fulfill this criteria their shares will be traded on a trade for trade segment.

Now SEBI has issued another circular dated 17th June 2011 stipulating requirement of at least 100% promoter shareholding in demat mode by 30th September 2011. Where companies do not fulfill this condition, their shares would be traded in the trade to trade segment and not in the normal segment.

The above moves by SEBI has been done with a view of increasing transparency in the market besides better price discovery.

SEBI circular is available on the website here

Name change by listed companies

SEBI has vide its circular dated 16th June 2011 amended the requirements to be complied with in the case of name change by listed entities. Hitherto 50% of the revenue for the last 1 year should have been accounted for from the new activity before name change was allowed. However in the case of long projects where the gestation period is longer, this requirement was difficult to be met with. Hence SEBI has modified the stipulations to state that amount invested in the new activity in the form of fixed assets, advances and work in progress should be at least 50% of the total assets of the company. A clarification has been added that advances should only be in respect of the new activity. The company needs to submit auditors certificate to the exchange showing compliance of the stipulations. It may be added that the earlier condition of 50% of revenue has been retained along with the new stipulation. So company opting for name change has option to fulfill any one of the conditions. SEBI circular is available on its website here

tempo run

20 minutes tempo run today in between 15 mins each of warm up and cool down - sheer blinding rain today with very strong head winds - almost toppled me backwards - sharp prickly rains were giving free acupunture treatment to my face - first time i am doing tempo run this season - therefore start with low tempo - need to progress that in the coming weeks - total 7.5 kms in 52.24 mins