SEBI's 2013-14 Plan: Greater Checks Against Money Laundering..!


Indian Stock market regulator SEBI plans to put in place a stronger &  more effective surveillance system in the next fiscal 2013-14, by way of greater checks against money laundering and an overhaul of its regulations for various market entities and trade activities.

** The measures proposed to be taken in the fiscal beginning next April month include enhanced surveillance of derivatives market, first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms.

** SEBI also plans to bring in guidelines to address conflict of interest for credit rating agencies, introduce regulatory framework for foreign intermediaries soliciting business from investors in India and put in place a centralised KYC  (Know Your Customer) framework for the entire financial sector.

** The proposed steps are part of SEBI’s budget proposals for the year 2013-14, which have been approved by its board and would be implemented during the course of the year.

** One of the top priorities identified by SEBI for 2013-14 would be “protecting the integrity and safety of the market through a stronger and more effective surveillance mechanism and by strengthening the inspection process of intermediaries.

** SEBI is also planning to strengthen its manpower in the next fiscal - 2013-14, besides greater efforts towards training and skill building of existing staff members.

** The regulator SEBI would also strengthen its Data Warehousing and Business Intelligence System (DWBIS), the project which has been initiated in phases to generate reports to identify, detect and investigate aberrations and market abuses that undermine market integrity.

** In its budget proposals, SEBI also said that it is necessary for the intermediaries to maintain high levels of compliance with the stipulated norms.

** In order to provide the services to the investors at their door step and to promote a balanced securities market.

** SEBI is also working on enhancing the physical proximity of SEBI offices to investors and intermediaries.

** Ten new local offices are expected to be functional by the end of this month, six more local offices are proposed to be opened during the year 2013-14.

** Enthused by a significant increase in receipt of grievances due to its mass media campaign in 2012-13, SEBI plans to further strengthen the campaign in next fiscal.

** SEBI would restart the process of putting in place an unified filing and dissemination platform, called Sebi Unified Platform for Electronic Reporting-Dissemination (SUPER-D), to make available information filed with SEBI in user friendly and analysable form to the investors and various stakeholders.

** With a view to enhance the scope of its activities to more comprehensively monitor compliance with listing requirements, the project was proposed in 2011-12, but the tender process was discontinued in 2012-13. The project is now proposed to be completed in 2013-14.

**SEBI to carry out continuous review of policy by administering, supervising and inspecting Market Infrastructure Institutions (MIIs) to ensure proper functioning in accordance with laws so as to develop and maintain a risk free and fair market place.

** The steps proposed in this regard include introduction of pre-open call auction and post-close call auction, policy on trade annulment to be framed, review of policy on block deal window, straight through processing for retail trades, steps for developing corporate bond market.

** Other proposed measures are guidelines on utilisation of depository Investor Protection Fund and reporting of client collateral collection and utilisation to clearing corporations.

** SEBI also plans to enhance its international cooperation with other regulators from across the world and would host a meeting of Asia Pacific Regional Committee of IOSCO and a Committee meeting of IOSCO during 2013-14.

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SEBI's Budget 2013-14: Net Deficit Rs.108 Cr


SEBI has estimated a net budget deficit of Rs. 108.10 crore in 2013-14, down from Rs. 275.51 crore in current fiscal - 2012-13. 

** The capital expenditures have been estimated for Rs. 121.61 crore, total revenue expenditure at Rs. 200.57 crore and total income at Rs. 359.08 crore.

** In the revenue account, SEBI has estimated a surplus of Rs. 158.5 crore in 2013-14, as against Rs. 161.38 crore this fiscal.

** SEBI estimates to spend nearly Rs. 57 crore on acquisition of office premises next fiscal, down from Rs 281 crore in 2012-13, while Rs. 65 crore has been proposed for acquisition of equipment, computers, furniture and fixtures, vehicles, etc.

** SEBI has set up an ‘Investor Protection and Education Fund’ (IPEF) with an initial corpus of Rs 10 crore. The fund is being used for investor education activities of SEBI and the total amount lying in the Fund as on January 31, 2013 was Rs 54.88 crore out of which Rs 53.15 crore stands invested in earmarked Fixed Deposits with banks.

** In view of the proposed expenditure of Rs 74.88 crore on various investor protection and education initiatives during the year 2013-14, a separate proposal for additional fund for IPEF could be placed before the SEBI Board.

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SEBI New Rules Soon to Curb Insider Trading..!


The Securities and Exchange Board of India (SEBI) is set to come out with new guidelines to curb insider trading soon.
The market watchdog SEBI also plans to come out with new rules for share buyback in order to “protect &reward” the interest of shareholders.

 Mr. U.K. Sinha, SEBI Chairman, said, ' The current regulations on insider trading was “old”. A lot of debate is going on on insider trading. Our current insider trading regulation is very old. A number of changes have come about in other areas. So in order to reconcile our insider trading regulations with the rest of the world, we will come out with new guidelines”

The committee set up by SEBI to look into the matter of insider trading; will start its work soon.

 “We are hopeful of coming out with the necessary regulations by the end of this year” Mr. Sinha said.

According to Mr. Sinha, some companies were using the buyback norms as a tool to “manipulate” the share price rather than reward the shareholders.

“In buyback regulations we found that there were instances where companies were announcing a buyback at a certain price &  they were not even using 25% of what was allotted for buyback,” he added.

The capital market regulator SEBI  recently came out with a discussion paper on share buybacks. “We came out with the discussion paper where we sought comments. We are going to tighten the buyback regulations,” he also said.

Highlighting the need for improving promoter’s disclosure on the shares pledged, Mr. Sinha said, “There are some recent instances where we have found that market was not informed about the actual number of shares pledged by promoters. We are working on some norms that will ensure all sorts of encumbrances on share pledged.”

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India: Organic Foods May be Exempt From Farm Products’ Export Ban..!


Export of organic food products from India country include basmati rice, pulses, honey, tea, spices, coffee, oil seeds and fruits.

The Union Government may exempt organic products from export ban imposed on farm commodities from time to time to check the spiralling prices in the domestic market.

The move, when implemented, is expected to give a boost to exports from the fast-growing sector by making supplies in the overseas market more predictable.

The Commerce Department is formulating a proposal for exempting organic products from export ban on the lines of the recent exemption given to processed food & is expected to soon discuss it with other ministries concerned.

Organic food is grown without the use of chemical fertilisers & pesticides.

It is in great demand all over Europe, the US, Australia, Canada, Japan, South Africa and West Asia.

Exports of organic products jumped almost 3 times to touch $ 36 Cr in 2011-12 from $ 13 Cr in the previous year.

“Buyers of Indian organic products will have more confidence in their suppliers if they know for certain that exports will not stop due to Government intervention. Continuous exports will also encourage farmers to grow more organic food,” the official said.

according to farm products export body APEDA, Export of organic food products from India country include basmati rice, pulses, honey, tea, spices, coffee, oil seeds and fruits.

Exempting organic produce from export ban would not harm the interest of domestic consumers at the time of shortage of supply in the local markets as it is a minuscule part of total farm exports.

Exports of agricultural commodities monitored by APEDA in 2011-12 was a whopping Rs. 82,000 crore compared with organic products exports at Rs. 1,800 crore.

In January, 2013 the Cabinet Committee on Economic Affairs exempted processed food and value-added agricultural produce from export ban.

These include wheat of meslin flour, cereal flours, meal pellets & grains, milk products including casein and its products, butter and other fat derivatives from milk and dairy spread, cheese and curd and value added products of onion and peanut butter.

“We want the same logic to be extended to organic products. The Commerce Department is preparing a paper on why organic products should be exempted from export ban and it would be discussed with other ministries soon,” the official said.

Organic food is gaining ground in many parts of the world.

According to US-based environmental research organisation The Worldwatch Institute, which has carried out a study on the growth of global organic agricultural practices, acreage under organic farms has trebled globally since 1999 to 3.70 Cr hectares despite a dip in 2009-10. 
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Elcid Investments Dlisting offer at Rs 11,455 Share Against Price of Rs 2.73..!


Sometimes holding on to a dud investment may also pay at the bourses. Elcid Investments provides one such rare opportunity for its shareholders. The promoters of the company, which last traded on September 19, 2011, at Rs 2.73 on the Bombay Stock Exchange (BSE), came out with a delisting offer at a floor price of Rs. 11,455 a share.

The company has about 240 retail shareholders who hold 40,200 shares, which is 20.1% of its total paid-up capital share. Now, promoters hold 79.63% (About 1.59 lakh shares).

“As per the explanation to the regulation 15 (2) of the Delisting Regulations, the equity shares of Elcid Investments being infrequently traded, the floor price of the equity shares was determined by us in consultation with the manager of the offer to be Rs. 11,455 per equity shares (floor price),” the company informed the BSE.

The floor price was arrived at as per the valuation report dated February 20 of SSPA & Co, Chartered Accountants, Mumbai, the firm further said.

The BSE classified the company under ‘Miscellaneous Commercial Services’ sector and it trades under ‘ T-group ’ where delivery of shares is compulsory. For the financial year ended March 2012, it reported a net profit of Rs. 10.26 crore on a revenue of Rs. 10.64 crore. Earnings per share (EPS) for FY 12 stood at Rs. 512.80.

Src:  The Hindu, Badri Narayanan K.S,

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FIEO Ware House and Office Facility at Sharjah, UAE: FAQ's


What is the size of warehousing space and office space which will be given to the member 

The Members will be provided with storage space equivalent to the space required for keeping materials that can comes out from a 20Ft container. The members who also opt for office space will be given table space and there will not be any partition. 

2.   Do you have racks for storage 

We have installed racking system also in the warehouse. You can either use racks or stack the goods depends on the nature of the goods and packing

 
3.   Do you provide furniture 

We will be providing office space. You need to purchased require furniture, chairs, storage shelf, etc depend on your needs. Our personal will assist you in purchase and installation of furniture. A full set furniture including table, executive chair, two visitors table, side table and storage shelf will cost less than AED 4000 and price is depend  on the type of furniture you select. Our personal can also assist you in getting second-hand furniture in case you prefer that for cost cutting. 

4.   What other facility you will provide at office

There will be two land line numbers which you can use for incoming calls. If you need to use outgoing calls, same will be provided on actual costs. However, mobile connection is preferable convenient mod. We also are having fax facility. Our personals will provide all assistance you need to run an office. 

 
5.   Whose name we need to send goods from India and who will be the  owner of the cargo. 

You need to send the consignment in the name of Indus Trade Services FZE, Sharjah which is 100% subsidiary company of FIEO registered in Sharjah, UAE. You need to send all the documents to Indus through your Bank as RBI do not permit you to send it directly. Indus will clear the goods and store in the Warehouse. The clearing and forwarding charges as per actual needs to be paid by you.  Indus will be providing the warehousing facilities and you will be the owner of the goods.

6.   As one visa will be provided, what will be the cost and will it be valid for how many years?

As availability of Visa is limited, we will be able to provide one residence Visa in case you take Office and Warehouse together. The residence Visa will be issued for three years. The cost of Visa needs to be borne by you. ( Visa Charges around 2500 AED + Approx 3500 AED refundable deposits to be paid to the Sharjah Immigration Department)

7.   What is the Custom Duty payable at UAE           

In UAE all products are having uniform 5% customs duty accept for some restricted products like Alcohol, Tobacco, etc., Which carry higher duty and required to obtain advance permission.  All other products are freely importable. Most of the food products do not have any import duty.  As this facility is in Free Zone, goods can be cleared without payment of duty. However, when goods cleared for UAE 5 % duty on sales invoice value as applicable needs to be paid.

 
8.   What is the import clearance procedure

Indus can take care of the import clearance. However, for edible products and consumer products clearance from Municipality is required.  It t is suggested that before sending this type of goods, send a Performa invoice soft copy to Indus so that  we can tell you well in advance the details of documents required.

9.   We are having some customers in UAE who require goods in smaller lots

In this case this is the best option to save the costs substantially. Indus can knock down your cargo and ship it to your customers in smaller lots, repacking, etc as per your instructions and all actual logistic costs needs will be in your account.

10.       We need to re-export to Pakistan, Saudi Arabia, African countries, etc. Can Indus take care of this need 

Indus can handle all your re-export needs as we are having expertise in this field. You may need to give necessary instructions by e-mail.

11. What about the invoicing to our customers in UAE and other countries

The goods to be shipped from the Warehouse in the name of INDUS only. Hence we need to raise invoice from our end. However Performa invoice needs to be given by you. Documents like certificate of origin, etc will be prepared by the Centre.

12. In this case what about the payment collection and fund transfer to our account, etc. 

We will take the responsibility of collecting payment from your customers, deposit to our account and transfer to your account as per your instructions. Indus will collect 0.5% transaction charges towards this to take care of some of our actual costs.  You may also pay cheque collection /courier charges if any as per actual.  However our responsibility limited to the collection of cheque payment on due dates and making reminder calls if necessary.  In case the party is not paying, we will inform you and you should take call on that issue subsequently and we cannot involve further.

13.       What type of export documents preferable while sending goods from India

The goods should be consigned to Indus   and documents through bank which should include Invoice, Packing List, Certificate of Origin, Original BL duly endorsed to Indus etc. As  you may aware that by what time you can get the export proceeds receivable, the Bill of Exchange can be drawn accordingly. For E.g., if you think that it will take around 60 days, you may send document on collection with 60 days sight.  Immediately on receipt of the payment we can remit the amount.

14. We may be invoicing Indus in whole sale price. However as we intend to give to our customer in smaller quantity the pricing will be higher. You may remit as per import invoice. What about the balance amount

The balance amount can be kept in Indus account and can be used by you for logistic expenses as well as for your personal expenses when you travel to UAE. This also can be used for all expenses you may incur anywhere in the world including agency commission, any exhibition participation charges, etc. You can also open an individual account in UAE (in case you are having residence visa) and this amount can be transfer to that account so that you can use it freely including remitting to India.

15. It there any possibility of leaking my buyer information to others and what will happen if you are having more members dealing with similar products.

We take the responsibility of keeping 100% confidentiality of your buyer, pricing, etc and this will not be shared with anybody. Even though the invoicing is form Indus, we will give your name and contact details in the invoice as the Manufacturer/supplier so that this will be kept separately.  We normally do not encourage competition from different exporters with same products. However even if it happens, we can assure our above commitments.
16. Can we get marketing supports
Our officials will help you in getting details on potential buyers. However, further contacting and negotiation needs to be done by you.

I am having a supplier who will be sending the goods  to Indus. The same I need to send USA without having the suppliers name in the documents. Is it possible?
The best option in this case is that after goods shipped from India, you may send the documents to us giving necessary instructions including billing details to USA party. Indus can prepare documents in Indus invoice giving supplier as your name and get necessary certifications like Certificate of Origin(COO) Phytosanitary Certificate, etc from UAE and can do switch B/L form UAE to USA.  Whatever documentation costs, etc needs to be paid by you. In this case for US buyer the consignment is shipped from UAE by Indus and you are the supplier in India. The documents can be handover to you or we can send to your buyer directly or through our Bank as we do not have any restrictions in UAE.  However, in case you need to change labelling etc., we need to bring in to the warehouse, repack it and ship in new invoice.

18. After taking warehouse and office space I wanted to appoint a marketing man at Indus for marketing our products. Is it possible?

Yes. You can appoint a person. He can use your office space and do the marketing. We will provide all required support to him to get business. His salary also can be paid by us from your credit balance

19. Can we give the Indus address in our letter Head?

Once you join in Indus, contact address, telephone number etc can be used by you and all your calls will be attended and feedback will be given to you as and when required.  You can print your letter head and visiting cards as Indus as your own office. This will help you to get more business as buyer will have confidence when they see that you are having office in their country. 

20. How you handle enquiries received on our behalf

Immediately on receipt of any enquiry, we will mail you the enquiry. In case you want us to quote, you may give details, we can do it for you. Otherwise you can send them directly.  You can use Indus name and contact details while sending the enquiry.

21. What type of agreement needs s to be entered into with me and Indus?

This system presently is working with full transparency and confidence.   Indus will give you dos and don’ts along with a letter which contain commitments from both side. This needs to be accepted and signed by you and send back to Indus for records. We can work with tailor made arrangements as per the needs which will vary and hence depend on your needs more points can be included in the acceptance letter. The Manger, ITS will send a draft copy.

22. License is required to do Trading in said office? if yes any fees for simple trading activities?


FIEO opened a 100% subsidiary named INDUS TRADE SERVICES FZE which is having trading licence.  You can do the trading activity in the name of this company. No need for any separate registration and charges.

 23. Can we open account in Bank?  


       Without registering a company, you cannot open bank account in UAE.  However, you can do your financial transactions through Indus Bank account. A dedicated FIEO employee has been posted in UAE to handle all your bank related and document related needs.  In case you are having residence visa you can open Bank account in your individual name.

24. Can we only do documentations without physically importing or exporting ?

            Indus will be able to handle documents without physically import or export form UAE ( BL switch over, related invoicing, etc.) For this purpose, you can give instructions by e-mail and the same will be carried out by our officials. However, any actual expenses for documentation will be charged on you.

25. If physical Import has to be done and sale in UAE, what is the procedure? As we have customers in Dubai who are  ready to buy locally our product. what is procedure? 

You can send the good to Indus Trade Services, who will import the goods and keep it in the warehouse. As per your instruction, Indus will be able to send the goods either in small consignment, repacked, etc. to your buyer by raising local invoice issued by Indus. Indus also can take care of your receivable management  (collection of payment, deposit in Indus account, transfer to the accounts) as per your instructions, etc. However please note that actual cost related to logistic, Customs, documentations if any, etc will be charged to you. There is also a transaction charge of 0.5% on the amount received on your account towards incidental costs.

26. Is registration in Chamber of Commerce is required? what will be fees?

Indus has taken membership with the Chamber and there is no need for you to take separately as it is very costly.

27. Any hidden cost? 

            There are no other hidden costs. The Customs charges, logistic costs, etc. to be paid as per actual.

28. Do we get visa facility and at what are the formalities and cost?

Visa will be provided only to those who take Warehouse and office space together, as we are having very limited Visa available. In case you are interested, we can provide you 3 years valid Residence visa. We will complete all the procedures upon you filling the application form along with PP copy and photographs.
In case you are planning for office space or warehouse space only, we can facilitate only visit visa.

29. If we opt for office facility only initially and during the year need warehousing facility whether it will be available and at what cost?

You can opt for as per your choice. If you take it later, you may pay as  per the individual charges mentioned and validity for the facility will be from 1st April to 31st March 2014 even if you join later.

30. What will be charges applicable to individual transaction of sale or purchase or no charges applicable how many transactions allowed free of cost?

There is not being additional charges applicable. However logistic, customs and documentation charges which is very nominal as per actual will be billed to you. There is a transaction fee of 0.5% on the invoice value.
                                
31. What is the situation of registration of VAT and how many items are allowed to deal or it is general trading is allowed?

We have registered in UAE as a  multi product trading company and we can import and export any products without any restriction. There will be 5 % custom duty either needs to pay while importing to UAE or taking out form the warehouse. There is no VAT.

32. Apart from the annual charges payable to FIEO, is there any other charges payable to the local authorities in Sharjah?

There are no additional charges. However, any labour charges, documentation charges, customs charges, etc will be billed on you as per actual.

38. Is it allowed to store hazardous cargo in this warehouse?

Hazardous cargo storage requires permission from SAIF ZONE and Municipality.  Charges for getting permission, any fee, etc need to be paid. We do not know the nature of the cargo. If it is contaminating nearby cargo due to its smell or due to its nature, it may not be possible.


For more details..
Federation of Indian Export Organisations
Southern Region
  7th Floor, Spencer Plaza, 769, Anna Salai, Chennai 600002                                                             Phone: +91 44 2849 7755 / 3333 Fax: +91 44 2849 6666                                                                               Email: fieosouth@airtelmail.in  / unni@fieo.org

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FIEO invites members to join its subsidized Ware House and Office Facility at Sharjah, UAE..!



The Gulf Cooperation Council (GCC) comprising of six countries namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE has emerged as a major trade and investment partner for India, mainly because the GCC countries collectively host the largest expatriate Indian community.

You may aware that FIEO has taken initiative to set up a Logistic and Marketing Centre at Sharjah, UAE during July 2008 as 100% subsidiary of FIEO.   According to the feedback received from the participants who have availed this facility so far, by joining in this facility they could achieve following objectives:

Ability to sell better products at lesser cost:

Case studies show that the participants were able to reduce the price of their products by 10 % to 25 % due to various facilities offered here.

 
Your own office in UAE..!

By joining ITS, an exporter will be entitled to use ITS address, contact numbers, office space, etc as his / her own, and print the same in their letter heads, visiting cards, etc. This helped the participants in achieving greater confidence of their buyers.

The ITS office is fully equipped for handling all the needs of your overseas office and ensures 100 % confidentiality of all the dealings of the participants.

Supply Chain Management..!

Taking care of entire supply chain Management/ Just-in-time delivery management without having your own presence in the market.

Trade with neighboring countries..!
Good option for stock and sale in GCC and African Market- Reduce time taking for delivery; able to send smaller consignments in cost effective way.

 Receivable Management..!

Can handle your receivables, Payment follow up with the buyers etc.
 
 Documents Handling..!
 Dedicated FIEO officer will handle all your documentation needs. Best suitable for SME Sector who may find it difficult to have their own office and distribution facility in an overseas market like UAE.

    This facility helped to start business in UAE market form Day One! ITS provides plug and play facilities with office Space and Warehousing facilities along with distribution, customer follow ups and payment collection facilities.

There are immense benefits for the participants of ITS Sharjah and more services are being added for them.

 Annual Charges..!:

One 20’ container Warehousing Space Rs. 1,75,000

Warehouse-cum-Office spaceRs. 2,25,000

Office Space Rs. 90,000

Last date for Joining..!

Please note that this is a limited period offer and will be closed by 15th March 2013.

Payment..!
 Payment may be drawan by DD / at par Cheque drawn in favour of Federation of Indian Export Organisations payable at Chennai.

You can also make payment by RTGS transfer to our Current Account No.1826201001478  RTGS NO : CNRB0001826, Canara Bank, Overseas Branch,Chennai.

For more detail about this facility, you may please log on to: www.industradeservices.com 

You can also contact FIEO Southern Region - Email: sasirenuka@fieo.org  Tel: 044-28497744 ) for more information.


 FEDERATION OF INDIAN EXPORT ORGANISATIONS

Warehousing & Logistics Centre in SAIF Zone, UAE

MEMBERSHIP APPLICATION FORM

1
Name of the Exporter


2
Address





3
Name of Key Executive



4
IE Code No.

5
Registration-cum-Membership Cert.

6
Whether SSI / Large Scale / Merchant / Others

7
Space Requirement

8
Products for which you wish to use the facility

9
Export Performance for the last three years


Year
Items of Exports
Quantity
Value in $

















10
Any other Requirements






We are interested to take membership in this project. A crossed Demand Draft No..................................... favouring Federation of Indian Export Organisation, payable at Chennaifor Rs............................ drawn on..................................Bank, being the amount of membership charges is enclosed.

I  am a registered exporter and exporting products and services as per India’s Foreign Trade Policy and I will abide by all the UAE Rules and Regulations.

(Signature of Authorised Signatory of Company)
Name& Designation and Seal of the Company
Place :
Date : 


Please send the completed Registration Form along with its enclosures addressed to:

The Director*
Federation of Indian Export Organisations
Southern Region
7th Floor, Spencer Plaza, 769, Anna Salai, Chennai 600002
Phone: +91 44 2849 7755 / 3333 Fax: +91 44 2849 6666
with a copy to : industs@emirates.net.ae

* Mr. Unnikrishnan K, Director, FIEO Southern Region

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