SEBI Updates Exit load - Parity among all classes of unit holders. TAX LAW Updates

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1 HOME 'ICSI House', 22 Institutional Area, Lodi Road, New Delhi , India. Phone-(011) , , Fax-(011) , - info@icsi.edu HOME HOME Forthcoming Programmes FIRST ICSI WEBINAR ON IFRS SEBI Updates Exit load - Parity among all classes of unit holders TAX LAW Updates All Industry Rates of Duty Drawback, 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 FIRST ICSI WEBINAR ON IFRS HOME - 2 -

3 FIRST ICSI WEBINAR ON IFRS The use of International Financial Reporting Standards (IFRS) as a universal financial reporting language is gaining momentum across the globe. In line with Government of India s expressed intent to facilitate the convergence of the Indian accounting standards with IFRS by April 1, 2011, the Institute in association with Reliance World is organizing webinar on IFRS: An Overview and Opportunities for members through out the country at 90 Reliance world outlets on August 22, Eminent speakers will lead the discussion. The announcement in this regard was already published in the August 2009 issue Chartered Secretary. Date & Day: : August 22, 2009 (Saturday) Timing : 3.00 pm to 6.00 pm Programme Credit Hours: Two Programme Credit Hours will awarded to the participants. Fee: The programme is free for ICSI Members. Registration Procedure: Each Reliance outlet can accommodate 15 persons at a time; therefore the registration is on First come First serve basis. You are requested to register by sending an to Mr. S.N. Mishra, Assistant Director at surya@icsi.edu mentioning the city and preferred Reliance World Outlet latest by 13 th August The list of 90 Reliance World outlets which are available for the programme, is as under. Sr. No. City City Circle Webstore Name Address Agra Agra UP Kamla Nagar- Agra B-53, Upper Ground Floor Maruti Builders, Central Bank Road, Kamlanagar, 1 Agra Ahmedabad Ahmedabad GUJ C G Road - Ahmedabad Ahmedabad GUJ Navrangpura- Ahmedabad Grasim-Gwalior, Maradia Plaza, Ahmedabad Gr Floor, Raja Complex Building, Vijay Cross Road,

4 Navrangpura Ahmedabad GUJ Satellite Road- Ahmedabad Allahabad Allahabad UP Civil Lines Allahabad Amritsar Amritsar PUJ The Mall- Amritsar 7-8 Silicon Valley, Shivrangini Cross Roads, Satellite Road 23,Mahatma Gandhi Marg, Near NPA Arcade, Allahabad Reliance Web World 35/13,LIC BUILDING,THE MALL, AMRITSAR Asansol Asansol WB Asansol BURNPUR ROAD, OPPOSITE POLICE LINE, BELOW HOTEL ASANSOL INN Aurangabad Aurangabad MAH Aurangabad City Reliance Web World Shop No.6,7 &14, Chandrakala Arcade, Nirala Bazar, Aurangabad Reliance Web World chandrakala Arcade, Nirala Bazar, Aurangabad ( /3/1 Bangalore Bangalore KAR Brigade Road No 158, Mota Royal Arcade, Brigade Road Bangalore KAR Jayanagar Narendra Plaza, 452/3-16, 27th cross,4th block, Jayanagar, Bangalore KAR Koramangala The Forum, No23 & 24, On Housur Road Banglore Kar Airport Road Reliance World, No:16,17&18, Ground Floor Carlton Towers, - 4 -

5 Bareilly Bareilly UP Civil Lines- Bareilly Bhopal Bhopal MP Bhopal Bittan Market Bhubaneswar Bhubaneswar MP Fortune Tower Calicut Calicut KER Nadakavu - Calicut Chandigarh Chandigarh PUJ Sector 35 C- Chandigarh No:1, Airport Rd 87, Lata Arcade,Ayub Khan Crossing,Civil Lines, Bareilly E-5/7, Bittan Market, Arera Colony, Opp. Habibganj Police Station, Bhopal - Madhya Pradesh Fortune Towers, Fortune Towers Square, Chandrasekharp ur, Bhubaneshwar Building No: 622A, East Nadakkavu Near Manorama Junction, Wayanad Road, Calicut SCO Sector 35-C Chandigarh Chennai Chennai TN Adyar No.105, 1 Main Road, Gandhi Nagar,Near Malar Hospital, Adyar, Chennai-20. Chennai TN Kilpauk no:27,balfour road,kilpauk,che nnai-10 Chennai TN Parry No:71/94,Armeni an street (opp.sical Building),Parrys Chennai TN Spencerplaza No.G 174 A, Phase III, Spencer Plaza, Mount Road, Chennai Chennai TN Tnagar 'Gold Crest',No.54 & 55, North NA NA - 5 -

6 Usman Road,Near Panagal Park,T.Nagar, Coimbatore Coimbatore TN Gandhipuram 526,527,Dr.Raje ndra Prasad Road, Gandhipuram,Coi Cuttack Cuttack MP Buxibazar Cuttack Dehradun Dehradun UP Rajpur Road- Dehradun mbatore. Swastik Center, Mission Road, Buxi Bazar, Cuttack 56,Rajpur Road City Centre Dehradun Durgapur Durgapur WB Durgapur A-101, KALPATARU, CITY CENTER, Faridabad Faridabad DEL Sector 15- Faridabad Ghaziabad Ghaziabad DEL Rajnagar- Ghaziabad S.C.F - 51, Sector-15 MARKET, FARIDABAD C-6,AMIT COMPLEX RDC,RAJ NAGAR Goa Goa MAH Miramar Pinto Complex,Opp Football Ground Near Kala Academy,Mirama r Road,Campal,Pa njim,goa Gorakhpur Gorakhpur UP Civil Lines Gorakhpur Gurgaon Gurgaon DEL Gurgaon Sec- 14 Reliance Webworld Opposite Hotel President 13 A Mangalam Towers Civil lines Golghar Gorakhpur SCO-23, Sector - 14 old delhi gurgaon road, near Nirulas Howrah Howrah WB Howrah 23,Maulana Abul Kalam Azad Road Hubli Hubli KAR Hubli Niel Plaza, Club Road, Near Port - 6 -

7 Circle Hyderabad Hyderabad AP Abids- MPM MALL, 1ST Hyderabad FLOOR OPP GPO, ABIDS, Hyderabad AP Begumpet Ground Floor,Visaka Towers, Next to Pizza Corner, SP Road,Begumpet Hyderabad AP Himayatnagar Reliance Webworld, Shop No.1 & 6, Sai Dutta Arcade, Beside Maruthi Showroom Himayatnagar, Hyderabad Hyderabad AP Jade Arcade - SD Road Reliance Webworld,Jade Arcade, Opp:Paradise Hotel,Secundera bad Hyderabad AP Kukatpally Reliance Webworld, Sai Vikram Towers, Near chaitnya college, kukatpally Indore Indore MP MG Road- Indore Jabalpur Jabalpur MP Shastri Bridge- Jabalpur UG 1&2, Classic Center, 575, M.G.Road, Near Globus, INDORE - Madhya Pradesh Napier Town, Near Shastri Bridge, Model Road, Jabalpur - Madhya Pradesh Jaipur Jaipur RAJ M I Road Om Towers WW M.I Road Jaipur Jallandhar Jallandhar PUJ GT Road- Jallandhar Ground Floor, Grand Mall Building Near Radisson Hotel B M C Jalandhar NA - 7 -

8 Jamshedpur Jamshedpur WB Jamshedpur- Reliance Webworld Jodhpur Jodhpur RAJ Nai Sarak- Jodhpur Kalyan Kalyan MUM Ashish Bungalow- Kalyan Shop No3,Bistupur Main Road,Beside Chhappan Bhog Opposite Nataraj Hotel 26, NAI SARAK NA "Reliance Web World Ashish Bunglow, Plot no. 3110, Murbad Road, Kalyan (West)" Kanpur Kanpur UP Mall Road 14/125, Parade, The Mall, Opp. PPN Market. Kochin Kochin KER Alwaye Regency, Palace Road Aluva Kolhapur Kolhapur MAH Kolhapur Sagar Matha,1780/1B,E Ward Rajarampuri,2nd lane Kolhapur Sagar Matha,1780/1B,E Ward Rajarampuri,2nd lane Kolhapur Kolkata Kolkata WB Camac Street Azimganj House, 7 Camac Street, Kolkata Kolkata WB SA Ali Avenue Shivam Chamber, 53,Sayed Amir Ali Avenue,(opp Ice Skating Rink)-- Kolkata WB Sarat Bose Road-Kolkata 19C Sarat Bose Road (Opp Nepal Sweets) 32,DPS Road Kolkata WB Tollygunj- Kolkata Merlin Building Kottayam Kottayam KER Kottayam Thyparambil Building K.K Road Kanjikuzhy, Kottayam Lucknow Lucknow UP Gomti nagar 4/293,Vivek Khand,Opp Sahara Plaza Patrakarpuram, Gomti Nagar, NA - 8 -

9 Ludhiana Ludhiana PUJ Chaura Bazar- Ludhiana Madurai Madurai TN Annanagar- Madurai Mangalore Mangalore KAR Bunts Hostel Circle Unit no B opp Bahadur House, Near Central Post Office, Ludhiana Reliance web world Hyder Ali Complex 37A/17,80Feet Road, Anna Nagar, Madurai Essel Towers, Shop No /15 to 22, Buntshostel Circle, Kodialbail Mumbai Mumbai MUM Andheri East Center point bldg, Opp RPG tower, J.B. Nagar, Andheri Kurla rd, Andheri E, Mumbai-59. Mumbai MUM Bandra "Reliance Web World, 354, Linking Road, Next to Only Parathas, Bandra (West)" Mumbai MUM Borivali(W) Reliance Web World,Anuradha Bldg., Shop No. 1,2 &3 Ground Floor,Chandavar kar Road, Borivali (West), Mumbai MUM Chembur "Reliance Web World PARC, Sion-Trombay Rd, Near Bezzola Complex, Chembur " Mumbai MUM DAKC ADMIN Test2 DAKC, Kopperkhairane Navi Mumbai Mumbai MUM HeeraPanna "Reliance Web World, Shop No. 1, Vellard View, Tardeo Road,Heera NA - 9 -

10 Panna, Haji Ali, Mahalaxmi." Mumbai MUM Juhu "Reliance Web World,IPCL, JVPD Scheme,Near Invitation 365,Juhu, Vile Parle (W)" Mumbai MUM Kandivali "Reliance Web World Shop no. 65, Bldg No. A-8, Plot No. B, Saraf Choudhary Nagar Co-op Soc (13), Western Express Highway, Kandivali (East)" Mumbai MUM Shivaji Park "Reliance Web World, Atharva building, opposite Nebula Restaurant, Next to Sena Bhavan, Shivaji Park, Dadar" Mumbai MUM Thane (W) "Reliance Web World Shop No. 109,110,111,112 &113, Savour, Ram Nivas Bldg., Next to Airtel, Jn of MG Road & Gokhale Road, Naupada, Thane (West)" Mumbai MUM Vashi "Reliance Web World Shop No. 8C and 22, Gagangiri Bldg., Mysore Mysore KAR Devraj Urs Road (Mysore) Sector 17,Vashi." # 115, D DEVARAJ URS ROAD DEVRAJA MOHALLA Nagpur Nagpur MAH Dharampeth 4-6,Vijay Arcade, North Ambazari Road, Shankar Nagar NA

11 Nasik Nasik MAH Nasik City Utility Center, Opp. Rajiv Gandhi Bhavan, Sharanpur Road Nasik. New Delhi New Delhi DEL Green Park Shop No S- 37,Basement and Ground Floor Green Park New Delhi New Delhi DEL Lajpatnagar II K-3, Main Alankar Road, Lajpatnagar II New Delhi DEL Pitampura A-7 SARASWATI VIHAR, NEAR DEEPALI CHOWK, OUTER RING ROAD, NEW-DELHI New Delhi DEL South E-18, South Extension Extension Part-2 NOIDA NOIDA DEL Noida P-8 Sector 18 Noida (U.P) Palakkad Palakkad KER Metro Complex Palakkad Patiala Patiala PUJ Dharampura Bzr-Patiala Metro Complex, Opp. Ayurveda Hospital, HPO Road, Palakkad Shop No. 238/3,Dharampu ra Bazar Near Eko ELectronics, Patiala Patna Patna WB Fraser Road Jagat Trade Centre Fraser Road Patna Pondicherrry Pondicherrry TN Kamaraj Salai 172,Kamaraj Salai,Saram Pune Pune MAH Bajirao Road 1358 A, Bajirao Road, Natu Baug, Shukrwar Peth, Pune A, Bajirao Road, Natu Baug, Shukrwar Peth, Pune Pune MAH M.G.Road Opp - Aurora Towers, Sterling NA

12 Centre, M.G.Road Pune As Above Pune MAH Paud Road Rahul Complex near Krishna Medical Shop no 17,18. Paud Road pune Rahul Complex near Krishna Medical Shop no 17,18. Paud Road pune Pune MAH Pimpri Ishwarlal Palace, Plot no 293/294 opp MUCC Raipur Raipur MP Krishna Complex- Raipur Rajkot Rajkot GUJ Sanjayraj Complex- Rajkot college Pimpri Shop No. 124/125/126, Krishna Complex, Kutchery Chowk, Raipur Dew Drops, Race Course Ring Road Ranchi Ranchi WB Hariom Tower Hari Om Tower (opp Ranchi Womens College) Circular Road Rohtak Rohtak PUJ Rohtak ground floor,jawahar market,opp d park,delhi road,rohtak na Salem Salem TN Salemomalur Road-Salem Surat Surat GUJ Ring Road Surat OMALUR ROAD OPP TVS,LOYAL AUTOMOBILE BUILDING,SALE M House D,21st Century Business Centre,Beside World Trade Centre,Ring Road

13 Trivandrum Trivandrum KER Kesavadasap uram CD Tower, Adjacent to Kalpana Theatre Kesavadasapura m, Trivandrum Udaipur Udaipur RAJ Udaipur Meera Complex, Sardarpura,, Opp. Meera Girls College, Udaipur (Rajasthan) Vadodara Vadodara GUJ Fatehgunj Baroda Pastonji Club, Near Safferon Towers Fatehgunj. Varanasi Varanasi UP Durgakund B 27/90 SHAKUMBARI COMPLEX, UPPER GROUND FLOOR, DURGAKUND, Vijayawada Vijayawada AP Manasa Towers- Vijayawada Vishakhapat nam Vishakhapatn am AP Vizag - Dwarkanagar # ,Reliance WebWorld, Mansa Towers, Labbipet , Vidisha Towers,Dwaraka nagar, Visakhapatnam is the additional phone number HOME

14 Exit load - Parity among all classes of unit holders HOME

15 DEPUTY GENERAL MANAGER INVESTMENT MANAGEMENT DEPARTMENT SEBI / IMD / CIR No. 6 /172445/ 2009 August 7, 2009 All Mutual Funds, Asset Management Companies (AMCs) and Association of Mutual Funds in India (AMFI) Sir / Madam, Sub: Exit load - Parity among all classes of unit holders 1. SEBI vide circular No. SEBI/IMD/CIR No. 5/126096/08 dated May 23, 2008 has simplified the formats for Offer Document and Key Information Memorandum of Mutual Funds Scheme. The simplified Scheme Information Document format provides that Wherever quantitative discounts are involved the following shall be disclosed The Mutual Fund may charge the load within the stipulated limit of 7% and without any discrimination to any specific group of unit holders. However, any change at a later stage shall not affect the existing unit holders adversely 2. It is observed that the mutual funds are making distinction between the unit holders by charging differential exit loads based on the amount of subscription. In order to have parity among all classes of unit holders, it has now been decided that no distinction among unit holders should be made based on the amount of subscription while charging exit loads. 3. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. Yours faithfully, Ruchi Chojer HOME

16 All Industry Rates of Duty Drawback, HOME

17 D.O. F.NO. 609/67/2009-DBK 3 rd August, 2009 NAJIB SHAH Joint Secretary (Drawback) Tele fax : Dear Chairman/President, Sub: All Industry Rates of Duty Drawback, Under the Duty Drawback Scheme administered by this Department the duties (Customs & Central Excise) paid on inputs and service tax paid on input services used in the manufacture of export goods are refunded to the exporters in the form of drawback. The drawback rates are worked out and notified every year after taking into account the budgetary changes in the duty structure and other relevant facts. 2. The exercise is underway in the Ministry to re-work and revise the rates of duty drawback for the year As you are aware, All Industry Rates of Duty Drawback are worked out by considering the consumption of input materials/ services and the incidence of duties/taxes on these input materials/ services. We would, therefore, request you to provide us with a comprehensive cost and consumption data regarding the various inputs/input services which are used in the manufacture of export products. A proforma in three parts is enclosed. I would like to emphasize that the consumption of input materials/ services and incidence of duties / tax, which is shown against the export of products must be relatable to the actual business activity of exports. Therefore, the second part of this proforma requires information on the actual cost incurred for making the exports and the sales realization on such exports. The third part of the proforma relates to the incidence of service tax on exports. 4. Please ensure that data provided is as representative as possible. Data pertaining to at least five units should be submitted for each export product. The units should be selected from amongst the small, medium as well as large exporters so that the data is truly representative. Needless to say the data should be collected only from the manufacturers/manufacturer exporters. As far as possible, data should be supported by relevant documents such as Bills of Entry, Shipping Bills, invoices etc. Further, while submitting

18 data in respect of a particular export item manufactured by a manufacturer, details of any/all input(s)/service(s) used in the manufacture of all types/styles of that particular export item should be indicated i.e. for instance, data on T-shirt/shoes should include total quantity/value of inputs/services used by that manufacturer for manufacture of all types of T-shirts/shoes. Secondly, the data should indicate the total FOB value of T-shirts/shoes exported by that manufacturer. 5. You are also requested to inform regarding anomalies, if any, noticed in the Drawback Schedule, both with reference to description of the goods or the rates. This will help us rationalize the schedule. Your suggestions are also welcome on any other aspect of the drawback scheme which you feel need to be examined. 6. Since, the work is time bound in nature, you are requested to kindly furnish information in the prescribed proforma by 21 st August, The information sought for with regard to anomalies may be sent separately in the form of a note. The information may also be sent by at mofdbkdatabank@hotmail.com. 7. The government has, like the previous year, constituted a three-member committee consisting of Shri Saumitra Chaudhuri, Member, Planning Commission of India, Shri S. B. Mohapatra, Secretary to the Government of India (retired) and Shri T. R. Rustagi, Chief Commissioner of Customs & Central Excise (retired) for the formulation of All Industry Rates of Duty Drawback, Should you wish to make a presentation before the committee, you may intimate in advance so that it can be organized. Click here for Proforma Yours sincerely, (NAJIB SHAH) HOME