Trading Times revised

 In order to reduce volatility in various scrips at the start of the market and arrive at the ideal opening price of the scrip, the exchanges are introducing call auction process in Pre open session from 18th October 2010. Therefore under this new arrangement, the exchange will collect the orders for the first few minutes of this session. On the basis of orders received, the exchange will arrive at Opening Price and match the tradable orders on that price. Remaining orders will be moved to normal trading session.

The call auction process will be initially introduced for scrips forming part of Nifty and Sensex and trading in Non Nifty / Sensex scrips and F&O contracts will only begin at 9:15 A.M when normal market trading begins. Please note that orders not will get traded during the time when order entry period is on in the Pre open session.
The duration of Pre-Opening Session will be of 15 minutes – from 9:00 A.M. to 9:15 A.M.

 The session will have three phases -

Session Time Action
Order Entry Period9:00am - 9:08am - The client can place new orders, modify / delete the orders. The order entry can stop randomly between 7th and 8th minute.

Order Matching & Confirmation Period (can be called Price Discovery Period)9:08am - 9:12amThe exchange arrives at the

Opening Price, trades the matchable orders @ Opening Price.

The client cannot modify or delete the orders during this period.

Buffer Period9:12am - 9:15am Used as transition period between pre open and continuous trading session.

Normal Market9:15am - 3:30pm Normal Trading resumes.

For more details find the attachment

Regards

S Rahul

ICAI Plans to introduce unique code numbers (UCD) to check the increasing forged attestations

ICAI Plans to introduce unique code numbers (UCD) to check the increasing forged attestations

Copies of the balance sheet, tax audit reports and similar documents attested by chartered accountants as part of several million mandatory filings done by companies across the country each year may soon have a unique code number as authentication.

The Institute of Chartered Accountants of India (ICAI), the apex auditing standard setting body, is planning to introduce such unique code numbers (UCD) to check the increasing instances of forged attestations, said Amarjit Chopra, president. The UCD will be developed as part of Project Parivartan, an 18-month programme initiated by ICAI to change its operational processes to meet global benchmarks. Software major Infosys is assisting it in developing this Unified Digital Technology Platform, which includes creation of UCD.

"We want the banks to insist upon such unique code numbers, as there are several instances where people file different balance sheets or utilization certificates for different purposes without the knowledge or approval of our members," Chopra said.

According to him, there are instances where the financial statement produced before the tax department is different from the one sent to banks or the registrar of companies. "The forgery happens because the chartered accountant's membership number is in the public domain. A UCD can make this difficult," Chopra adds.

The authenticity of attested documents is important enough in curbing corruption for the anti-corruption watchdog, Central Vigilance Commission, to have come out with a code of ethics for chartered accountants.

While the project has been conceptualized, the modalities for operating this are yet to be worked out through Project Parivartan, Chopra said.

Project Parivartan was conceived with an idea of taking ICAI to a qualitatively new way of working, which would bring together both aspiring and existing chartered accountants. It was to take a comprehensive view of existing processes and benchmarks these with global best practices. Infosys, which will partner with ICAI to develop the programme, is also running the programme management office for the institute.

 

Posted by:
Ankitha Singhvi

Nothing moves without money in Tax depts - SC

Stating that nothing moves without money, the Supreme Court has expressed concern over the growing corruption in government machinery, particularly in the Income Tax, Sales Tax and Excise departments.

It is very unfortunate that there is no control over corruption in the country. There is rampant corruption particularly in the department of Income Tax, Sales Tax and Excise Department. Nothing moves without money, a Bench of Justices Markandeya Katju and T. S. Thakur said.

The apex court made the remarks while admitting an appeal filed by the Central Bureau of Investigation (CBI) challenging the acquittal of an Income Tax Inspector Mohanlal Sharma by the Punjab & Haryana High Court.

Additional Solicitor General P. P. Malhotra, appearing for the CBI, submitted that Sharma was acquitted by the High Court despite the trial court holding him guilty of demanding and accepting a bribe of Rs. 10,000 from a person. He was earlier sentenced to one year RI by the trial court.

In a sarcastic vein, the Bench said why not government legalise corruption so that a specific amount is fixed for every case. Let us say if a man wants his case to be settled, he can be asked to pay Rs. 2,500. That way every individual will know how much bribe he has to pay. There is no need for any bargaining by the official and the people will also know beforehand how much they have to pay without any worry.

Poor Government officials, we cant blame them also because of the growing inflation, the Bench said.

Sharma, who appeared in person, denied the allegation and said he was innocent and had been falsely implicated.

 

The Bench was not impressed with the argument and reiterated that corruption, particularly, was more rampant in the Income Tax, Sales Tax and Excise Departments.

The Bench then sought the views of senior counsel K. K. Venugopal on its suggestion to legalise corruption in the country.

However, the senior counsel said that it would be better if good moral values are imparted in every school of the country as part of their curriculum so that at least the future generation is free from the menace of corruption.

The case of the CBI was that Sharma had initially demanded an amount of Rs. 25,000 from the person failing which he threatened to re-open his assessment. The deal was allegedly struck finally for Rs. 10,000, when he was caught by the officials, the agency claimed.

In another case, the Bench also ticked off Senior Counsel Venugopal after he appeared in a cheque bounce case for an accused.

Mr Venugopal we did not expect at least a counsel of your stature to appear for such people. Mahatma Gandhi was also an advocate, but he never appeared for such people, Justice Katju observed.

The senior counsel initially shot back, saying, My Lord, in that case I would be losing most of my clients! a remark that sent the entire court hall into a burst of laughter.

Later, Mr. Venugopal said he would definitely keep the courts suggestion in mind while appearing in future cases.

Posted By: S Rahul