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Arun Jaitley flags merger of watchdogs for equities, commodity futures

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By NewsGram Staff Writer

Mumbai: Finance Minister Arun Jaitley on Monday rang the symbolic opening bell to mark the merger of two market watchdogs, the Forward Markets Commission for commodity futures with the Securities and Exchange Board of India, at a function here. While the commodities futures regulator was set up in 1953, the stock and debt markets regulator was set up in 1988 as a non-statutory body and later became an autonomous and fully-independent institution in 1992.

Arun-Jaitley2
www.financialexpress.com

“This merger indicates how the size of our markets have grown and how India has now become more aspirational,” Jaitley said at the function at the Trident hotel in downtown Mumbai.

“It also reflects how sectoral challenges have changed.” The finance minister said India had to continue to change, evolve and reform. “Our nation is no longer satisfied with 6-8 percent band of growth,” he said, adding that this had become even more compelling since the world today was looking at India differently with much expectation.

SEBI chairman U.K. Sinha said the priority post the merger would be to develop trust in India’s commodities market. “All steps will be taken to develop the market,” he said. Jaitley had indicated an early merger of the watchdogs in his budget speech earlier this year.

“I also propose to merge the Forwards Markets Commission with SEBI to strengthen regulation of commodity forward markets and reduce wild speculations. An enabling legislation, amending the Government Securities Act and the RBI Act is proposed in the Finance Bill, 2015,” he said.

The merger on Monday was the result of the suggestions made in May 2003 by the Inter-Ministerial Task Force on Convergence of Securities and Commodity Derivatives Markets, chaired by bureaucrat Wajahat Habibullah.

“Even though there are some differences in commodity and financial derivatives markets, they have close resemblance in so far as trade practices and mechanism are concerned. Indian securities market has witnessed significant structural change since 1990’s,” the task force said.

“If derivatives in commodities resemble securities, then the developmental challenge of obtaining sound institutions for trading commodity derivatives can be eased by using the stable and mature institutions that are found in the securities markets,” it said.

“If the institutions of the securities markets are used, this would speed up the pace at which modern market institutions become available to farmers, and accelerate the growth rate of the agricultural sector.” Other benefits outlined for merger include: Economies of scale and scope, the possibility of strengthening the commodity spot market, better serving of stakeholders, strengthening the price discovery for farmers and desirable impact on the informal market.

(With inputs from IANS)

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GST Council Actively Discusses Relief Measures for Traders and Quarterly Return Filing

The state Finance Minister said that the Council was discussing the issues being faced by small traders.

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Goods and Services Tax (GST) Council is actively discussing relief measures for traders, (ians)

New Delhi, October 6, 2017 : The Goods and Services Tax (GST) Council is actively discussing relief measures for traders, including quarterly return filing and increasing threshold limit for Composition Scheme, sources said on Friday.

“Council members requested quarterly return filings for businesses with turnover less than Rs 1.5 crore,” a Council member said on the sidelines of its ongoing meeting.

The state Finance Minister said that the Council was discussing the issues being faced by small traders.

Raising the threshold limit for Composition Scheme from the current Rs 75 lakh to Rs 1 crore is also under discussion.

“Rs 1 crore threshold in the Composition Scheme is also supported by the GST Council members,” he said. (IANS)

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Delhi CM Arvind Kejriwal Rapped by Delhi High Court for Questioning Judge’s Decision

Arun Jaitley, represented by advocates Rajiv Nayar and Sandeep Sethi, filed a defamation suit against Kejriwal

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Arvind Kejriwal
Arun Jaitley filed a defamation suit against Kejriwal and other AAP leaders. Wikimedia

August 26, 2017: Arvind Kejriwal, the Delhi Chief Minister, was rapped by the Delhi High Court today for questioning a judge’s decision to expedite defamation case filed by Finance Minister Arun Jaitley.

Also Read: Kapil Mishra Questions Arvind Kejriwal’s Absence in the Assembly Meet as Delhi CM skips Fourth Day in a row

Arun Jaitley accuses the AAP leaders of going against DDCA irregularities and disparaging Jaitley and his family on social media. Jaitley alleges that the AAP leaders have harmed his reputation and made defamatory statements.

The accused are Arvind Kejriwal, Kumar Vishwas, Sanjay Singh, Ashutosh, Raghav Chadha and Deepak Bajpai. The five AAP leaders had accused Jaitley of corruption charges as President of Delhi and District Cricket Association (DDCA).

Arun Jaitley, represented by advocates Rajiv Nayar and Sandeep Sethi, filed a defamation suit against Kejriwal.

On 26th July, the joint registrar was directed by the court to expedite the civil defamation suit.

Arvind Kejriwal’s advocate Anoop George Chaudhary was asked by the Judges why Arvind Kejriwal would file such a plea.

The bench comprising of Justice C Hari Shankar and Justice Gita Mittal explained that the high court was answerable to the Supreme Court about the delay of the case.


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UP Chief Yogi Adityanath Hails Centre’s Action for Raising Creamy Layer Bar for the Other Backward Classes (OBCs)

The government is going to set up a commission to implement sub-categorization within the central government reservation bracket for Other Backward Classes

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Yogi Adityanath, Wikimedia
  • Uttar Pradesh CM Yogi Adityanath hailed the actions of the government for raising the creamy layer bar for the Other Backward Classes
  • The central government raised the creamy layer bar from Rs 6 lakh to Rs 8 lakh p.a for OBCs
  • The decision is based on the recommendation of the National Commission for Backward Classes

Lucknow, Aug 24, 2017: Uttar Pradesh CM Yogi Adityanath hailed the actions of the government for raising the creamy layer bar for the Other Backward Classes (OBCs) for an equal distribution of reservation benefits.

“We are thankful to the Prime Minister and the Central Government for further categorizing the OBC and other castes as some of them weren’t able to avail the policies of reservations earlier,” he told ANI.

The central government on Wednesday raised the creamy layer bar from Rs 6 lakh to Rs 8 lakh p.a for OBCs for central government jobs and also declared setting up of a commission to work out sub-categorization.

ALSO READ: Decoding Reservation in India: Is it a Constitutional Flaw or Unnecessary Favor? 

The Commission will work on the following:  identifying the castes, sub-castes, and communities in the central list of the OBCs and dividing them into their corresponding sub-categories. The Commission will present the report within 12 weeks from the date of authorization of the chairman.

According to ANI, Finance Minister Arun Jaitley said the decision is based on the recommendation of the National Commission for Backward Classes (NCBC).

The ‘creamy layer’ is a ceiling which prohibits members of the OBC from availing reservations in employment. Currently, 27 per cent reservation in government jobs and seats in educational institutes if the income of the OBC family is up to Rs. 6 lakh.


NewsGram is a Chicago-based non-profit media organization. We depend upon support from our readers to maintain our objective reporting. Show your support by Donating to NewsGram. Donations to NewsGram are tax-exempt.