All Posts By

Sachin Trivedi

Extension of Last Date XBRL Filing FY 2016-17 to March 2018

By | XBRL India | No Comments

Announcement of Extension of Last Date XBRL Filing FY 2016-17 to March 2018

The Ministry of Corporate Affairs (MCA) vide its Circular dated 26th October 2017 has given relaxation of additional fees and extended the last date for filing of E-Forms AOC-4 XBRL (Ind AS) for the financial year 2016-17 without additional fee till March 31, 2018.

We have also unofficially received a copy of the Circular Extending the Dates of Filing until 31st March 2018.

Click here to view the Circular – MCA Circulars

SEBI goes strict on startups – angels investor’s wings clipped

By | SEBI, Startups | No Comments

Startups and their early-stage lifelines — angel networks — will now have to walk a thin line to be on the right side of law. A few weeks ago, Sebi told these networks that they can in no way violate the rules of ‘private placement’ of securities — a stricture that would restrict these crowdfunding agencies as well as the startups they help to raise money from offering and selling stocks to more than 200 investors.

Networks that break the rules will be labelled as “unrecognised stock exchanges” and penalised for misusing their platforms; along with their startup clients, the networks can be pulled up under various laws like Companies Act, Sebi Act, and Securities Contract (Regulation) Act.

“Sebi is correct in directing the platforms to ensure that the entities raising capital through such platforms are not in violation of the private placement norms prescribed under the Companies Act.

The directive comes more than a month after the Indian capital market regulator asked half a dozen angel networks to share details of their fund-raising business. Startups, under the circumstances, may have to play around the law to escape regulatory glare. For instance, even if they knock on the doors of thousands of investors in order to sense their interest about a startup, the final stock offering specifying the subscription price could be limited to 200 investors. Indeed, Sebi’s direction could force these fund-raising platforms to change tack.

There are about a dozen angel networks in India, some in existence for 7 to 10 years. At present, their password-protected websites can be accessed by investors (or, members paying annual fees) to find out more about companies before betting on them. In the recent letter, Sebi has also laid down that angel platforms cannot be used for trading of stocks after a company issues securities to raise fund. For the regulator, it’s equally important that investors do not mistake the networks for stock exchanges. According to the Sebi directive, an angel network will have to clearly spell out in its websites and communiques to companies and investors that it is not a Sebi-recognised stock exchange and securities offered on the platform are not traded on any regulated bourse in India.

(Source: Economic Times)

Govt. providing subsidy on Vehicles?

By | Climate Change | No Comments

The Govt. of India has rolled out FAME India a scheme which offers subsidy on Electric Vehicles. Cars include Toyota Camry, Maruti Ciaz, Mahindra Reva to name a few.

FAME India – Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India – is a part of the National Electric Mobility Mission Plan. The scheme envisages Rs 795 crore support in the first two fiscals starting with the current year.

Based on the outcome and experience gained in the first phase, the scheme will be reviewed for implementation after March 31, 2017, with appropriate fund allocation in future.

It entails provision of funds to the tune of Rs 260 crore and Rs 535 crore for the first two years, respectively, to be spent on technology platform (including testing infrastructure); demand incentives; charging infrastructure; pilot projects and operations.

Did you know about Algo Trading

By | Securities Market | No Comments

What is Algo Trading: Algorithm trading is a system of trading which facilitates transaction decision making in the financial markets using advanced mathematical tools.

How it works: Algo trading employs software or facility by the use of which, upon the fulfillment of certain specified parameters, without the necessity of manual entry of orders, buy/sell orders are automatically generated and pushed into the trading system of the Exchange for the purpose of matching. SEBI has allowed Exchanges to extend Algorithmic trading facility to members involving usage of various Decision Support Tools / algorithms / strategies

Though not a very alien concept in developed securities market, traders in Wall Street have been using Algo Trading for trades.

Benefits: In this type of trading, the need for a human trader’s intervention is minimized and thus the decision making is very quick. This enables the system to take advantage of any profit making opportunities arising in the market much before a human trader can even spot them.

As the large institutional investors deal in a large amount of shares, they are the ones who make a large use of algorithmic trading. It is also popular by the terms of algo trading, black box trading, etc. and is highly technology-driven. It has become increasingly popular over the last few years.

Procedure to apply for Decision Support Tools / Algorithms trading (Algo)

UN agency agrees to control emissions from international aviation

By | Climate Change | No Comments

Government, industry and civil society representatives have agreed today on a new global market-based measure (GMBM) to control CO2 emissions from international aviation.

The historic move came as the Plenary Session of the UN aviation agency’s 39th Assembly agreed to recommend adoption of a final Resolution text for the GMBM.

“It has taken a great deal of effort and understanding to reach this stage, and I want to applaud the spirit of consensus and compromise demonstrated by our Member States, industry and civil society,” remarked ICAO Council President Dr. Olumuyiwa Benard Aliu. “We now have practical agreement and consensus on this issue backed by a large number of States who will voluntarily participate in the GMBM – and from its outset. This will permit the CORSIA to serve as a positive and sustainable contributor to global greenhouse gas emissions reduction.”

ICAO’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is designed to complement the basket of mitigation measures the air transport community is already pursuing to reduce CO2emissions from international aviation. These include technical and operational improvements and advances in the production and use of sustainable alternative fuels for aviation.

Implementation of the CORSIA will begin with a pilot phase from 2021 through 2023, followed by a first phase, from 2024 through 2026. Participation in both of these early stages will be voluntary and the next phase from 2027 to 2035 would see all States on board. Some exemptions were accepted for Least Developed Countries (LDCs), Small Island Developing States (SIDS), Landlocked Developing Countries (LLDCs) and States with very low levels of international aviation activity.

“I would like to thank all those who have been part of this process”, said Dr. Fang Liu, Secretary General of ICAO. “This Resolution is the reflection of the spirit of cooperation and tremendous efforts. The ICAO GMBM endorsed today is an important addition to the basket of measures aviation is pursuing to address CO2 emissions.”

Source: ICAO

Volition Receives HMRC Recognition

By | UK GAAP | No Comments

18 April, 2014

On Friday, the 18th of April, we received HMRC’s recognition as iXBRL Managed Tagging Service Providers, and have been listed on the HMRC’s website as well. You could visit our site dedicated for iXBRL, to know more about iXBRL services.

Apart from iXBRL services in the UK, our geographical coverage spans across XBRL services US SEC reporting in the USA,  XBRL Filing as per MCA in India, ACRA Singapore and others.

Enactment of the Companies Act 2013

By | Regulatory Update | No Comments

29 August, 2013

The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013. The Act consolidates and amends the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013. Some of the provisions of the Act have been implemented by a notification published on 12th September, 2013. The provisions of Companies Act, 1956 is still in force.

http://www.mca.gov.in/MinistryV2/companiesact.html