July, 2011 1 NIRC-ICSI Newsletter · July, 2011, which is our Foundation Day. On 30th July, 2011 NIRC is organizing a seminar on the topic “Wealth Management – Concerns and Challenges”

July, 2011 1 NIRC-ICSI Newsletter


Dear ProfessionalColleagues,The world is becoming theglobal village day by dayand there is no dearth ofopportunities forcompetent professionals.In the global competitiveenvironment, we can notcompromise with

professional excellence. It should be ourendeavour to strive for excellence. The gates arewide open for us. The only thing which isimportant is to have faith in ourselves.At NIRC, it is our persistent endeavour to equipour members with sound knowledge and attitudeso as to enable them to face dynamic challengesoffered by the world. A number of initiatives havebeen taken and a lot needs to be taken to realizeour vision. Our NIRC is fully charged and ismoving on the fast track to organize variousprofessional development programs at variousplatforms to ensure that the member’s come upon learning curve. The brief highlights of theprograms organized for the members and studentsduring the month are as under:

On 17th & 18th June, 2011 NIRC organized aNorthern Region PCS Conference on the topic“Calibrating Competence for ProfessionalExcellence” at Mussoorie. Mr. Trivendra SinghRawat, Hon’ble Minister for Agriculture,Horticulture and Fishery, Government ofUttarakhand was the Chief Guest andMr. G P Patel, Managing Director, UJVN Ltd.Mr. Om Praksh Uniyal, Chairman, MunicipalCommittee, Mussoorie and Mr. BhaskarNaithani, Vice Chairman, Prime Minister’sGram Sadak Yojna & Monitoring Board,Government of Uttarakhand were the Guestsof Honours on the occasion.On 25th June, 2011 a Seminar on the topic“Private Equity-Catalyst to EconomicGrowth” was organized by NIRC –ICSI atHotel Le Meridien, New Delhi. Mr. RaviNarain, Managing Director & CEO, NationalStock Exchange was the Chief Guest &Mr. O P Vaish, Senior Advocate & Founder

From the Chairman

Vaish Associates, Advocates was the Guest ofHonour and Mr. P N Vijay of P N VijayFinancial Services Pvt. Ltd. was Key Notespeaker on the occasion. The seminar was agrand success and attended by approx. 400members and students. The seminar waswebcasted all over Northern India.On 24th June, 2011 a Study Circle Meeting wasorganized on the topic “XBRL concepts andpractical approach to MCA filing” at YMCAConference Hall, New Delhi.On 2nd July, 2011, NIRC-ICSI jointly with TheBSE SME Exchange and CDSL organized aninteractive seminar on E-voting forshareholders and Raising of Equity and listingof SMEs on BSE SME Exchange at New Delhi.Mr. Lakshman Gugulothu, CEO, BSE SMEExchange was the Chief Guest and Mr. JigneshGandhi, Vice President, CDSL was the guestspeaker on the occasion.In the drive to accomplish the prestigious taskof conducting the Investor AwarenessPrograms in the different districts given byMinistry of Corporate Affairs to the Institute,during the month of June, NIRC organizedSix Investor Awareness Programs in thedifferent locations of Delhi.On 22nd June, 2011, NIRC-ICSI organized theRegional Round of 9th All India Moot CourtCompetition. The team from Jodhpur Chapterwas winner of the Regional Round. Thewining team of each Regional Councilparticipated in the National Round conductedby Pune Chapter of WIRC-ICSI on 2nd July,2011.This Year NIRC –ICSI is hosting the NationalRound of 11th All India Company Law Quizfor students to be held on 22nd July, 2011. TheRegional Round of the same was organizedby NIRC-ICSI on 1st July, 2011 and 24 Teamsof two students each participated in the Quiz.

I wish to place on record my sincere gratitude tothe Chief Guests, Guests of Honours, all the GuestSpeakers and the Judges of various quiz andcompetitions for gracing the programs by theirpresence and sharing their rich knowledge andexperience.


Yours sincerely,

(CS RANJEET PANDEY)[email protected]

5th July, 2011 Mobile : 9810558049

From the Chairman

We all know that XBRL is now a day a buzz wordin the Corporate World, with a view to equip ourmembers with complete and practical knowledgeon the subject, NIRC is organizing two dayworkshop on Practical Aspect of XBRL on 21st and22nd July, 2011.Friends, I am happy to inform you that with aview to support the noble cause of Benevolenceto our members and to strengthen the corpus ofthe Company Secretaries Benevolent Fund (CSBF),NIRC in its last meeting has decided that NIRCwill donate 5% of its surplus to the CSBF and acheque of Rs. 4,86,600/-, (being 5 % of surplusfor the year 2010-11) has been sent to the CSBF.This year NIRC will observe its Foundation weekfrom 25th July, 2011. The enhancement of themembership of the Company SecretariesBenevolent Fund will be focused during the week.We request our members to come forward andbecome member of CSBF in large number andrequest the existing members to donate someamount to the Fund, which will renew our pursuitand commitment for strengthening of the corpusof CSBF and will help to this noble cause. Theweek will conclude with Cultural Evening on 31stJuly, 2011, which is our Foundation Day.On 30th July, 2011 NIRC is organizing a seminaron the topic “Wealth Management – Concernsand Challenges” followed by Annual GeneralMeeting at Hotel Le Meridien, New Delhi, TheAnnual General Meeting of NIRC will start at 4.00PM. I request to all the members to kindly attendthe Seminar & AGM of NIRC in large number.I appeal to all of you to send your valuablesuggestions, which will be guiding factor for uswhile we plan for our future academic as well asprofessional activities.

With warm regards,

In recent past, some of our members have died leaving behind thespouse and minor children. In some cases providing adequatefinancial assistance to the bereaved family becomes animpediment. Although the Managing Committee of the CSBFwanted to help the bereaved family members, but it wasconstrained to do so in view of financial position of the Fund. Atpresent around 7900 members are the members of the CSBF. Thefund can provide the much needed financial assistance in suchcases if the corpus of the Fund increases substantially which ispossible if more number of members are enrolled to the fund. The members in all earnestness are therefore sincerely requestedto become the members of the CSBF by paying one time Lifemembership fee of Rs. 5,000/-.The payments made to the Fund are exempted under Section 80Gof the Income Tax Act, 1961.The members have to just fill up Form-A (available onthe web-site of the Institute, i.e. www.icsi.edu) and sendthe same along with a cheque for Rs. 5,000 favouring‘Company Secretaries Benevolent Fund’ payable at NewDelhi to NIRC Office.Following benefits are presently provided by the CSBF1. Financial assistance in the event of death of a member

of CSBFUpto the age of 60 years

Group Life Insurance Policy for a sum of Rs. 2,00,000;and

Upto Rs. 1,00,000 in deserving cases on receipt of requestsubject to the Guidelines approved by the ManagingCommittee from time to time.

Above the age of 60 years Upto Rs. 1,00,000 in deserving cases on receipt of

request subject to the Guidelines approved by theManaging Committee from time to time.

2. Other benefits (in deserving cases on receipt ofrequest subject to the Guidelines approved by theManaging Committee from time to time).

Reimbursement of Medical Expenses Upto Rs. 40,000

Financial Assistance for Children’s Education (one time) Upto Rs. 10,000 per child (Maximum for two children)

in case of the member leaving behind minor children.

AN APPEALFOR BECOMING MEMBER OF COMPANY


INTRODUCTION

SEBI has time to time issued thecirculars and guidelines for setting upof the exchange for small andmedium enterprises. These circularshave been revised after takingsuggestions from market participantsfor the SME exchange. The finalcircular was issued on 18th May,

2010.The necessary provisions for the listing of specifiedsecurities under the SME exchange have been made inthe Chapter XA of Issue of Capital and DisclosureRequirements (ICDR). The guidelines emphasis on thefollowing:

The post issue face value capital should not exceedrupees ten crores.

The minimum application and trading lot size shallnot be less than Rs. 1, 00,000/-.

The existing members would be eligible to participatein SME exchange.

The issues shall be 100% underwritten and merchantbankers shall underwrite 15% in their own account.

The SMEs with post issue paid capital between Rs.10 crores and Rs. 25 crores has been given the optionto list either on SME Exchange or on the main board.

MARKET MAKERS – OBLIGATIONS

SEBI has compulsorily mandated market making for allscrips listed and traded on SME exchange. The obligationsfor market makers are as follows:

The merchant bankers to the issue will undertakemarket making through a stock broker who isregistered as market maker with the SMEexchange.

The merchant bankers shall be responsible formarket making for a minimum period of 3 years.

The market makers are required to provide twoway quotes for 75% of the time in a day. Thesame shall be monitored by the exchange.

There will not be more than 5 market makersfor scrip.

Market makers will compete with other marketmakers for better price discovery.

The exchange shall prescribe the minimumspread between the bid and ask price.

During the compulsory market making period,the promoter holding shall not be eligible for theoffering to market makers.

Market Maker shall be allowed to deregister bygiving one month notice to the exchange.

Trading system may be either order driven orquote driven.

RAISING OF EQUITY AND LISTING OF SMEs ON BSE SME EXCHANGE

TRADING LOTS

The application and trading lot size is being kept at Rs.1,00,000/- so as to curtail the entry of small investors. Ithas also been stated that the minimum depth of the quotein secondary market shall be of one lakh rupees. Theinvestors holding with value less than Rs. 1, 00,000/-shall be allowed to offer their holding to the market makerin one lot. However, in functionality the market lot will besubject to revival after a stipulated time.

Frequently Asked Questions(FAQs) on Listing ofSMEs:

Q: How is it different from main board?

A: The new thing about the SME Exchange is that theissue will be 100% underwritten and this means that theissue will be 100% success. Other new aspect is thatthere will be support of three years in the secondarymarket through market making activity. The SMEExchange is different to current stock exchanges onfollowing parameters:

The SMEs with paid up capital up to Rs. 10 crorescan come on the SME Exchange, in contrast tothe paid up capital of Rs. 10 crores or more forthe main board.

The Listing norms have been simplified. Theissuer has to take the approval of the Exchangeand SEBI approval is not required. A copy of theoffer document will be sent to the SEBI for theirinformation.

The Compliance norms were simplified. Halfyearly compliance is required instead of quarterlycompliance. The abridged version of the annualreports need to be sent to the investors insteadof the entire annual report and keeping the softcopy of the report on the website is sufficient.

The issue expenses will be minimal on themarketing and stationery. However, the issue willbe charged for underwriting, sub-underwritingand responsibility of three years market making.

Market making is compulsory for three years,which is not there on main platform.

The listing fees on BSE SME platform are minimalcompared to the main board.

The SMEs with the paid up capital between Rs.10 crores and Rs. 25 crores has the option to getlisted at either on main board or on the SMEExchange.

Q: How the Indian SME Exchange is different from SMEExchanges elsewhere?.

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Lakshman GugulothuCEO, BSE SME Exchange


A: The Indian SME Exchange has been formulated afterdetailed study of the best SME Exchanges across theworld and taking into account the feedback from themarket participants.

Q: How the SME Exchange is different from the OTCEIExchange?

A: The concept of SME Exchange wise very much similarto the OTCEI Exchange. However, OTCEI was far aheadof its time. It has launched screen based trading withdepository concept which at that point of time was newto the market intermediaries and they were not so muchequipped to adopt to the OTCEI model.

During the last two decades, the capital market hasmatured and adopted well the changes brought by theregulators and exchanges, viz online trading, rollingsettlement and depositories. At the same time, thefinancial institutions, venture capitalists, Bank SMEdivisions, institutional investors, QIBs, and HNIs havestarted investing in the SMEs in a big way. This hascreated conducive environment for raising of the equitycapital by the SMEs and thus we are well positioned tosuccessfully launch the SME Platform.

Q: What are the simplifications to compliance norms onthe SME Exchange?

A: SEBI has made amendments in the ICDR Regulationssimplifying the compliance norms for SMEs listed on theSME Exchange. The chapter XA has been introducedwhich states the guidelines for the SME Exchange/Platform. The salient features are:

Financial results shall be submitted on half yearlybasis instead on quarterly basis.

SMEs need not publish their financial results, asrequired in main board, and they can make itavailable on their website.

SMEs can send the abridged version of theannual report of few pages with the details ofthe profit & loss account and balance sheet tothe shareholders instead of sending full annualreport.

Q: Whether the norms on profit making for 3 out of 5years on the main board are applicable to the SMEs?.

A: The SMEs have been exempted from the criteria ofthree years profit making track record (profit in 3 out of5 years) for listing on SME Exchange. Any company withone or two years of good track record can consider listingon SME Exchange.

Q: What is the minimum dilution the SMEs need to dofor listing on SME Exchange?.

A: As per ICDR Regulations, the company with the IPOhas to offer a minimum of 25% to the investors andsome exemptions have been given for the financecompanies.

Q: Which merchant bankers can bring the IPO on theSME Exchange?

A: All the Merchant bankers empanelled by the SEBIcan bring the IPO on SME Exchange.

Q: Whether there will be any changes to the OfferDocument?

A: There is no need to file the DRHP and RHP is sufficient.The Offer Document of the SME Exchange will be on thesame lines as that of the main board, but condensedone. In addition, the Offer Document will also include theagreement between the merchant banker and the marketmaker as well as the agreement between the merchantbanker and the nominated investors. The model listingagreement has been notified vide the SEBI Circular dated17th May, 2010 for the SME segment. The check list forthe Offer Document will be published by the SME Exchangeon its website, once the final approval of the SEBI isreceived. This will help the merchant bankers in preparingthe Offer Document.

Q: What kind of preparedness is required before gettinglisted on BSE SME?

A: Some of the steps necessary for the preparation forthe listing on the BSE SME Platform are as follows:

Keeping the Annual Reports on accounts ready

Documenting the Past performance

Due diligence on the applicability of variousregulations

Due Diligence on the various approvals requiredfrom regulatory bodies

Documenting the Risk factors associated with thecompany

Documenting the External environment effectingthe company

Listing out the litigations, its magnitude andramifications

Documenting the Business activity

Documenting the Material contracts andagreements

Detailed report on promoters & management

Selection of investment banker

Selection of registrar and transfer agent (RTA)

Selection of syndicate member /sub- syndicatemembers

Selection of electronic media and advertisingagency

Selection of Escrow Bankers

The IPO is all about:

Effective equity story supplemented by properresearch

Presentation to the investors and the analysts

Regular interaction with Member brokers / subbrokers, CAs, CSs, FIs.

Positioning of company through sustained mediaefforts including visual media

Selection of potential bidding centers

Creating sustainable valuation and shareholderbase

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Effective communication for better results

Q: What are the additional responsibilities of Merchantbankers in SME Exchange?

A: The Merchant Bankers in the main board assist thecompany in raising equity capital through primary record,but in the SME Platform the Merchant Bankers’ have tohand hold the company for 3 years and ensure that thereis continuity in market making.

The other additional responsibility is that the issue shouldbe 100% underwritten and the merchant banker has tocompulsory underwrite 15% in his own book of accounts.There is need for syndication for the purpose of underwriting and the responsibility lies with the merchantbanker. There is no such responsibility for the merchantbanker on the main board.

Q: Who can be the Members of the SME Exchange?.

A: All the members of the equity (cash) segment of theBSE main board are by default the members of the BSESME Exchange also.

Q: Who can be the market makers in the SME Platform?

A: Only the Members of the stock exchanges recognizedby the SEBI can act as a market maker. The membersdesirous of becoming market maker have to getthemselves registered as market maker with theexchange by filing the registration form. These membersshould have a minimum experience of 3 years, minimumnet worth of Rs. 5 crores and a daily turn over of Rs. 10crores. The market maker shall have additional net worthof Rs. 2 crores for additional scrip.

Q: How does the Market Making work?

A: Market Making is an activity where the Member Brokersregistered as market makers will undertake to supportthe scrip by providing two way quotes. All the marketmakers in a scrip will provide 2-way quotes for 75% ofthe time in a trading day. The market makers will haveto hold 5% of the specified security to be listed at thetime of allotment in their inventory to do the marketmaking. In addition to this, the market makers can alsobuy from or sell to the nominated investors the requiredshares for market making. The merchant banker andnominated investor need to enter into an agreement inthis regard.

Q: Who can be the Nominated Investors?

A: The nominated investors can be QIBs and PE Firmswho are registered with the respective Regulator.

Q: What is the rationale of keeping the lot size of onelakh rupees?.

A: The lot size of one lakh rupees is kept, so that onlythe informed investors can invest in these companies.

Q: What is the provision on odd lots?

A: Odd lots may get created because of the corporateaction taken by the company from time to time, likeissuing bonus shares, warrants and rights issues. TheRegulations warrants that the odd lots can be sold onlyto market makers and the investor has to give thedeclaration that he is selling all the odd lot shares of the

particular scrip. This is to minimize the odd lots in thesystem.

Q: Whether the BSE SME Exchange is quote driven orhybrid?

A: BSE SME Platform will be a hybrid system i.e. acombination of quote and order driven systems.Investors will put the orders, where as the quote drivensystem will be for the market makers for providing thequotes. BSE will provide the FastTrade system to marketmakers free of cost for the purpose of providing thequotes. However, the market markers are permitted touse their own systems as well as third party systemswith quote driven capacity.

Q: Whether the promoter holding can be sold in themarket?

A: The promoter holding is not eligible to sell to themarket maker for the market making activity. The entirepromoter holding is locked for one year and 20% of thepromoter holding is locked for three years as per ICDRGuidelines. After one year, promoter can sell his holdingin the market, other than 20% under lock-in.

Q: What are the compliance requirements for migrationfrom the BSE SME Platform to the main Board?

A: Any SME on BSE SME Platform having a paid upcapital more than Rs. 10 crores can move to the mainboard provided that the special resolution is passed inthe AGM in favor with at least two third of the numberof votes cast by shareholders other than promotershareholders and then apply to BSE SME. The SMEmigrating to the main board has to comply with all themain board norms like minimum 1000 investors, paymain board listing fees and do the quarterly complianceetc.

Q: What are the capital gain tax benefits by listing onBSE SME?

A: The sale of unlisted shares in short term attract thecapital gain tax of 30% and the long term capital gaintax of 10%, where as in the case of listed securities theshort term capital gain tax is 10% and there is no longterm capital gains tax. This makes it clear that the listingof shares very attractive.

Q: Whether Grading of IPOs is compulsory on SMEExchange?

A: As per ICDR guidelines, the grading is compulsoryon the SME Exchange.

Q: Whether the website is mandatory for the SMEs?

A: The Regulator has made it mandatory for thecompanies to have websites, if they propose to be listedon the main board. The same applies to the SMEcompanies, if they want to get listed on the BSE SMEExchange.

Q: Whether in the case chapter XA of ICDR is silent,what provisions will be applicable?

A: ICDR Guidelines chapter XA clearly specifies that itwill attract all the provisions of main ICDR guidelineswhere the exemptions are not being provided underthese provisions.

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Q: Whether BSE is proposing any Index for the SMEs?

A: In order to provide the insight on the performance ofthe SME companies, BSE will launch the SME index in thenear future, once the critical mass of the companies islisted on the BSE SME Exchange.

Q: Whether the BSE is considering any relaxation ofListing Fees for the SMEs?

A: BSE has been always forthcoming and considerate inmatters related to the SMEs. We have more than 1500companies listed on the main board whose paid up capitalis less than Rs. 10 crores. More than 2500 companieslisted on the main board have the paid up capital betweenRs. 10 crores and Rs. 25 crores. Altogether, more than4000 companies (constituting about 83%) listed on themain board qualify to be listed on the BSE SME Exchange.Keeping up with the tradition and commitment for nurturingthe SME companies, we have kept the Listing and otherfees related to the primary markets for SMEs about 50%compared to the Listing and other fees on the main board.

Q: What is the spread prescribed for the market makeron the SME Exchange?

A: BSE has prescribed the slab wise spread for the scripsdepending upon their price. A minimum spread of 5% isprescribed, which shall facilitate the market making andmake it easier for the members empanelled.

Q: What are the penalties for the market makingviolations?

A: All the market makers for scrip together shall domarket making more than 75% of the market timings. Incase the market makers for scrip fail to comply theseprovisions up to 15 days, BSE has prescribed the monetarypenalties. Beyond 15 days, the scrip will be temporarilysuspended.

Q: Whether the insider trading regulations apply to theSME Exchange?

A: Insider Trading Regulations will be applicable to theSME Exchange also. However, the merchant banker tothe issue can be on the board of the SME Company.

Q: Whether Takeover code will be applicable?

A: Takeover code will not be applicable in case of theMarket Maker buy or sell of the shares for Market Makingactivity. However, the takeover code will apply for theinvestors.

Q: Whether the investors are protected under the IPF onthe SME Exchange?

A: IPF (Investor Protection Fund) has been extended tothe SME Exchange also. The investors in the secondarymarket are covered under this. The provisions of the IPFfor the main board apply to the SME Exchange also.

Q: Whether there is any floor price for the scrips listedon the SME Exchange?

A: There will not be any floor price for the scrips on thefirst day of the listing on the SME Exchange. However,the circuit filter will apply from the next day. The circuitfilters on the main board also apply for the SME Exchangeand they can have check from the next day.

Q: Whether companies listed on RSEs allowed for directlisting on the SME Exchange?

A: Direct Listing of companies listed in RSEs is notpermitted as of now.

Q: Whether the suspended companies will be allowedto list on the SME Exchange?

A: The companies are suspended on the main board forthe non-compliance of the listing agreement. Once thecompliance is done, the companies are allowed to liston the main board of the exchange as per the presentnorms. These companies have the choice to get themtransferred, after taking the approval of 2/3rd of thenon-promoter investors.

Q: What is the clearing and settlement mechanism inthe SME Exchange?

A: The settlement will be T+2. There will be commoncollateral for the equity and cash segments. TheSettlement Guarantee Fund of the equity covers the SMEsegment also. The existing clearing and settlement ofthe equity (cash) segment will be extended to the SMEsegment also.

Q: What are the corporate governance norms for theSME Exchange?

A: Clause 49 of the listing agreement and corporategovernance will be applicable for the SME segment.There will be 50% independent Directors and remaining50% will be promoter Directors.

Q: How is the Risk Management done in the SMEExchange?

A: The Risk Management will be applicable the sameway as that of the main board. The M-to-M (Mark toMark) Margins, VAR Margins, ELM (Extreme Loss Margin)and special margins as applicable to the main board willalso apply for the SME Exchange.

Q: What is the Grievance Redressal system in the SMEExchange?

A: The Exchange has the IGRC (Investor GrievanceRedressal Committee) to redress the complaints of theinvestors against the members. If amicable solution isnot reached, the members can opt for arbitration. Thereis also a complaint cell for redressal of grievances ofthe investors against the companies. The GrievanceRedressal System of the equity (cash) segment will bemade available for the SME Exchange also.

Q: What problems are faced by SMEs as well as BSE tolaunch the SME exchange?

A: The working of SME Exchange is not well understoodin the country. The SMEs are mostly not well informedof the capital market issues and modalities of raisingequity capital. There is need for conducting lot ofawareness programs to educate them.

Merchant Bankers used to handle only the primarymarket issues so far. On the SME platform, he has toassist the company in the secondary market throughmarket making for three years. Merchant banker, issuerand market maker have to work as team for three yearsto make the market making activity a success. This is a

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huge challenge. The investor base is limited and only theinvestors with a minimum investment of Rs. One lakhare allowed to participate.

We have interacted with the market intermediaries overthe last six months. There were apprehensions of theSME model in the beginning. After few rounds ofdiscussions, we see the substantial change in theperception of the SME platform. Many merchant bankersare optimistic and the members with market makingexperience are positive about the SME Platform. We arehopeful that the hurdles will not be a roadblock for thesuccessful take off of the BSE SME Platform.

Q: How equipped is BSE to launch the new SME exchange?

A: The BSE is leveraging the existing equity platform forthe BSE SME. The systems necessary for monitoring themarket making and quote driven systems for the marketmakers are made to comply with SEBI Regulations. BSEis fully equipped to launch the BSE SME platform.

Q: How is an SME exchange going to help smaller firms?

A: There have been a traditional ways of funding availableto the SME Companies. A dedicated exchange for theseSMEs will help them in finding a solution to their financialrequirements and crunching expansion plans. Listing ofa company on the exchange gives better valuation to thecompany. The debt and equity ratios will improve andthe balance sheet will look much healthier. The listed SMEswill unlock their wealth in the medium to long term andwill do the wealth creation for the promoters and theinvestors.

The listed SMEs will get better visibility among theinvestors. The investor base of the company improvesfor the listed companies in medium term. The repose offaith by the investors – domestic and foreigners in thelisted SMEs is high. Transparency and corporategovernance will improve manifold by listing on SMEPlatform.

Listed company will have easy accessibility to alternatefunding options. The banks, P/E funds and other financialinstitutions provide them the loans very easily. The fundraising through ADRs and GDRs become easier. Also, thecompany can raise more funds through follow on publicoffering. The tax benefits are also immense. The longterm capital gain tax on listed company is zero.

Q: What is the outlook of the Market participants aboutthe SME Exchange / Platform?

A: A large number of merchant bankers are optimisticabout the SME Exchange/ Platform. The market makerswill get the fees out of the issue expenses, like themerchant bankers. The members who have theexperience of market making in the past are positive onthe scope of market making in this segment. Investors’outlook is not yet clear. But the investors who havemedium to long term perspective are optimistic on hugewealth creation opportunity in this segment. Regardingthe SMEs, the response has been extra ordinarily exciting.The SMEs are enthusiastic about the opportunity to raisethe equity capital on BSE SME.

The professionals like and Company Secretaries havean important role to play in educating the promoters ofthe SMEs and guiding them in raising equity capital onSME Platform. The member brokers and the sub brokershaving branches and franchises spread across the countrycan play important role in mobilising and educating theSMEs with their market knowledge and experience.

Q: How do you see the future of SME exchange in India?

A: The SMEs are the backbone of the Indian economy.The SMEs in India produce about 45% of themanufacturing output and contribute about 40% of thecountry’s exports. They are the largest employmentprovider in the country. SMEs are craving for the betterfunding sources all along. The BSE SME is going to bringthe entire pool of investors on a single platform and henceit will be easier for the SMEs to raise the capital throughthis platform in a cost effective manner.

The need and the requirement of the SME exchange forthe SMEs to raise the equity capital are there for verylong. The SMEs have responded positively in a big wayand coming forth for the listing. There is a good futurefor the SME Exchange, considering the huge demand andrequirement of capital for the growth of SMEs.

Q: How do you propose to reach out to the SMEs acrossIndia?

A: First of all, we had detailed discussions with the marketintermediaries, like the Merchant Bankers, MemberBrokers etc to brief them on BSE SME Platform and alsotook their feedback.

Second, we have been conducting the Seminars foreducating the SMEs on the benefits of listing and thepreparations required for listing on the BSE SME Platform.We have already conducted the Seminars in Maharastra,Gujarat, Andhra Pradesh, New Delhi, Kolkatta etc andlined up large number of Seminars to cover other partsof the country.

Third, we have detailed Marketing plan to reach out tothe SMEs spread across the country. We are tying up withchannel partners which include various institutes andassociations engaged in the development of SMEs so asto create awareness among the SME companies aboutthe benefits of listing at this platform. We are also educatingthe professionals through the platform of ICSI and ICAIetc, so that the professionals can play important role ineducating the promoters and management of SMEs.

Q: By when do you expect to start the SME exchange?

A: BSE SME already received the ‘in Principle’ approvalfrom the SEBI. We are waiting for the final approval ofthe SEBI. We intend to create awareness about the BSESME Platform among the SMEs and various marketintermediaries, before going live. We are likely to beoperational by September, 2011.

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SIMPLIFIED NOTE ON STEPS FOR FILING ANNUAL REPORT IN XBRL(EXTENSIBLE BUSINESS REPORTING LANGUAGE) MODE

Compiled by: CS. Amit WaliaF.C.S., L.L.B., L.I.I.I.

XBRL

Applicability1. All companies listed in India.2. Indian subsidiaries of listed companies; 3. All companies having a paid up capital of Rs.5 crore andabove4. All companies having a turnover of Rs.100 crore and above.

Exemption-1.Banking Companies2.Insurance Companies3.Power Companies4.Non Banking Financial Companies

Steps for filing Financial Statements –Step 1 (Preparation of Financial Statement)Begin with Company’s financial Statements.Step 2 (Mapping/Tagging)Map Company’s each financial statement element to acorresponding element in published taxonomy.Mapping: Mapping is the process of comparing the conceptsin the financial statements to the elements in the publishedtaxonomy, assigning a taxonomy element to each financialstatement concept.Mapping is done by tagging/linking of the XBRL taxonomyelements with the various accounting heads in the books ofaccounts of the company. This would result in mapping ofthe various taxonomy elements with the accounting heads sothat the accounting information can be converted into XBRLform.Taxonomy: Taxonomy can be referred as electronic dictionaryof the reporting concepts. It includes terms such as netincome, EPS, cash etc. Taxonomy may represent hundreds oreven thousands of individual reporting concepts.Concepts/Reporting concepts refer to various accounts headsin which financial data is displayedStep 3 (Instance Document)Creation of instance document.Instant Document: An instance document is a XML file thatcontains business reporting information and represents acollection of financial facts and report-specific informationusing tags from the XBRL taxonomy.Note:Separate instance documents need to be created for thefollowing:1. Stand Alone Balance sheet of the company2. Stand Alone Profit and Loss Account of the company3. Consolidated Balance sheet

4. Consolidated Profit and Loss Account of the company.The manner of creation of instance document has not beenspecified but it seems that the same will be done at the pressof a button as is done while filing online Income Tax returnswherein an xml file is generated on the press of a button whichis further filed with the department.Step 4 (Validation):Once the instance document is prepared, it needs to be ensuredthat it is a valid instance document and all the information hasbeen correctly captured in the instance document.It shall be done in the following manner.

1. There shall be a tool provided at the MCA portal forvalidating the generated XBRL instance document.

2. Download the tool.3. Validate the document using the tool.

Following validations shall be performed by the tool-• Validating that the instance document is as per the

latest and correct version of taxonomy prescribedby MCA.

• All mandatory elements have been entered.• Other validations as per taxonomy

Step 5 (Pre-scritiny)Perform pre-scrutiny of the validated instance documentsthrough the same tool.Step 6 (Filling of Forms)

• Fill up the form 23AC and Form 23ACA.• Attach the validated and pre-scrutinised instance

document for Balance sheet to Form 23AC.• Attach the validated and pre-scrutinised instance

document for Profit and Loss account to Form23ACA.

Note: Separate instance documents need to be attached withrespect to Standalone financial statements and consolidatedfinancial statements.Step 7 (Form Submission)

• Complete the Forms.• Perform pre-scrutiny of the form• Sign the form• Upload the form as per the normal e-form filing

process.


Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom to No. Clauses, etc. etc. Due Date be submitted

1. Monthly Excise Return Rule 12 Central Excise, 10th July Superintendent ofRules, 2002 Central Excise

2. File TDS/TCS quarterly statement in Section 192 to 195 Income Tax Act, 15th July Income-TaxForm24 Q/26Q/ for April-June 1961 Authorities

3. Submit quarterly Corporate Clause 49 Listing Agreement 15th July Stock ExchangesGovernance Compliance Certificate

4. Annual Return on foreign Liabilities A.P (DIR Series) FEMA 15th July RBI& Assets Rep orting by Indian Circular No. 45companies

5. File liquidity return in Form Para 2 & 3 RBI (NBFC) Returns 15th July RBINBS-3(NBFC) Specifications, 1997

6. File a quarterly result on frauds Master Circular Department of Nonoutstanding dated 01/07/2010 Banking Supervision 15th July RBI

7. Submit a case wise progress report Master Circular Department of Nonon frauds involving Rs.1 lakh and more dated 01/07/2010 Banking Supervision 15th July RBI

8. Submit shareholding pattern as at Clause 35 Listing Agreement 21st July Stock Exchangesthe end of the previous quarter

9. Submit quarterly audit report on Regulation 55A SEBI(Depositories 30th July Stock Exchangesreconciliation of capital, updation of and Participants)register of members and Regulations, 1996dematerializations

10 Income Tax Return for Non- Corporates Section 139(1) Income Tax Act 31st July Income tax& Individuals Who are under non- Authoritiesaudited u/s 44AB

11 Furnish Unaudited quarterly financial Clause 41 Listing Agreement 14th August Stock Exchangesresults in the prescribed format

12. Issue TDS Certificate in form 16A to Section 203 Income Tax Act, 15th July Income-Taxvendors 1961 Authorities

13. Intimation of date of Board Meeting Clause 41 Listing Agreement 7 days in Stockto consider quarterly results advance Exchanges

14. Issue press release about Board Clause 41 Listing Agreement Simultaneo- One National & oneMeeting to consider quarterly results meeting usly after regional newspaper

Board

15. Intimation of quarterly results Clause 41 Listing Agreement Within 15 Stock Exchangesminutes of Board Meeting

16. Publish quarterly Results Clause 41 Listing Agreement Within 48 One English andhours of BM one regional

newspaper

COMPLIANCE CHECKLIST FROM 10TH JULY TO 10TH AUGUST, 2011

Compliance Checklist


Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom to No. Clauses, etc. etc. Due Date be submitted

COMPLIANCE CHECKLIST FROM 10TH JULY TO 10TH AUGUST, 201117. Submit three copies of quarterly Clause 41 Listing Agreement Immediately on Stock Exchangesresults singed by the MD conclusion of Board Meeting

18. Pay Service Tax collected during the Section 68 read with The Finance Act, 5th August Service Taxprevious month by persons other Rule 6 1994, Service Tax Authoritiesthan individuals, proprietors and Rules, 1994partnership firms in GAR-7

19 Payment of excise duty Rule 8 Central Excise 5th August Central Board ofExcise and Customs Rules, 2002.

20. Deposit TDS from Salaries for the Section 192 Income Tax Act, 7th August Income-Taxprevious month in Challan No.281 1961 Authorities

21. Deposit TDS on Contractor’s Bill/Rent Section 194C to Income Tax Act, 7th August Income-TaxAdvertising/Professional Service Tax Section 194J 1961 Authoritiesdeducted in the previous month

22. Submit monthly statement on Regulation 54(5) SEBI (Depositories 7th August Stock Exchangessubstitution of names of depositories and Participants)in the previous quarter Regulations, 1996

23. File return of exposure to capital Para 22 NBFC-D 7th August RBImarkets in Form NBS-6 Prudential Norms

Directions, 2007

24. File a monthly return in prescribed RBI Circular Department of Nonformat (NBFC-ND) No.DNBS(RID) CC -Banking Supervision,

No.57/02.02.15/20 RBI 7th August RBI05-06

Note : Members are requested to check the latest position with the original sources. NIRC of ICSI is, any way notresponsible for the result of any action taken on the basis of the above compliances published in the Newsletter.

Compliance Checklist

ATTENTIONMEMBERS / STUDENTS

The details of Members Programs like Seminar, Conferences, etc. and soft copiesof NIRC-ICSI Newsletters & Students’ programs viz TOP, SIP, ADP, MSOP,Students Activities, such as viz Moot Court Competitions, Elocution Competition,Essay writing, Company Law Quiz and Student Conferences are regularlyupdated on the NIRC Portal at ICSI website.

To get updated information, Members & Students are requested to visit ourfollowing website regularly.

www.icsi.edu/niro


News from NIRC

PROFESSIONAL DEVELOPMENT & TRAINING PROGRAMS

NIRC organised the following programs:Members

Date Program Chief Guest/Speakers Present

11.6.2011 Investor Awareness Program onInvestor Protection and CorporateGovernance

Ms. Mandvi Sharma, Mr.Ashish Gupta, Mr. J.K. Bareja,Mr. Satya Narain, AGM, RBI,Mr. T R Mehta, members,students & Investors

Chief Guest:Mr. Ashok KJethy,Chairman, Mother TeresaInstitute of ManagementSpeakers: Mr. Ajay Garg,Practising Company Secretary &Mr. Nandi Vinay Kumar S,Manager, RBI

14.6.2011 Investor Awareness Program onUnderstanding the Capital Market

Members, students andinvestors

Guest of Honour: Dr. G P Agarwal,Principal, Shyam Lal CollegeSpeakers: Mr. Rajesh Nirula ofDelhi Stock Exchange, CS J K Bareja,Mr V K S Nandi, Manager, RBI andCS Anupam Jha

17-18.6.2011 Northern Region PCS Conference –2011 on Calibrating Competence forProfessional Excellence

Mr. Ranjeet Pandey,Mr.Deepak Kukreja,Ms. AshuGupta, Mr. DhananjayShukla,Mr. ManishGupta,Mr. Madan GopalJindal,Mr. Rajiv Bajaj,Mr.Shyam Agrawal,Mr. Vineet K.Chaudhary, Chairman &other Office Bearers ofDehradun Chapter, Mr. T.R.Mehta and other members

Chief Guest:Mr. Trivendra SinghRawat,Hon’ble Minister forAgriculture, Horticulture andFishery, Government ofUttarakhand;

Guests of Honour:Mr. G. P. Patel, ManagingDirector, UJVN Limited; Mr. OmPrakash Uniyal, Chairman,Municipal Committee, Mussoorie& Mr. Bhaskar Naithani, Vice-Chairman, Prime Minister’sGram Sadak Yojna & MonitoringBoard, Govt. of Uttrakhand

Speakers:Mr. Atul Mittal, Council Member,ICSI, Mr. SuneelKeswani,Corporate Trainer; Dr. S.Chandrasekaran, CompanySecretary in Practice; Mr.Siddharth Bambha, Advocateand Mr. Dhiraj Dev Phukan,CEO,DijITware Technologies PrivateLimited

18.6.2011 Investor Awareness Program onHow to Read Annual Report of theCompany

Mr. Pradeep Debnath,Mr. Vikas Gera & othermembers

CS Yogesh Gupta, PastChairman, NIRC-ICSI, CS J.K.Bareja Mr. Chandan Rukhaiyar,Manager, RBI,


News from NIRC

24.6.2011 Study Circle Meeting on XBRLConcepts and Practical Approachto MCA Filing

Mr. NPS Chawla, Mr. YogeshGupta & other members

CS Rajender Kapoor & CS VijaySahni of Webtel Electrosoft Pvt.Ltd.

25.6.2011 Seminar on Private Equity: Catalyst to Economic Growth

Mr. Nesar Ahmad, Mr. P.K.Mittal, Mr. Ranjeet Pandey,Mr. Dhananjay Shukla, Mr.NPS Chawla, Mr. G.P.Madaan, Mr. T.R. Mehta andother members

Chief Guest : Mr. Ravi Narain(Managing Director & CEO,National Stock Exchange),Guest of Honour : Mr. O.P. Vaish(Senior Advocate, Founder,Vaish Associates, Advocates),Speakers : Mr. P.N. Vijay(Founder, P N Vijay FinancialServices Pvt. Ltd.), Mr. ArvindMathur (Chairman, PrivateEquity Pro Partners & Ex-Head,Capital Markets, AsianDevelopment Bank), Mr. GaganVerma, (Ex-Morgan Stanley andTailwind Capital, USA), Mr.Sandeep Kapoor (Vice President,Sequioa Capital), Mr. DavidGetzinger (Director-Legal, IntelCapital, Asia Pacific, HongKong), Mr. Gaurav Dani,(Partner, Induslaw), Mr. SimonCox (Partner, Norton Rose LLP,London), Mr. Rupesh Jain(Partner, Vaish Associates,Advocates) and Mr. SatwinderSingh (Partner, VaishAssociates, Advocates)

26.6.2011 North Zone Study Group Meetingon Techno-Economic FeasibilityStudy & Opportunities forCompany Secretaries

Mr. Chetan Gupta, Mr. NiteshSinha and other members

CS Rajesh Khurana

26.6.2011 Investor Awareness Program onInvestment Avenues in CapitalMarket

CS J.K. Bareja, Mr. T.R.Mehta, members & investors

CS Ashok Juneja, Mr. ChandanRukhaiyar (Manager, RBI), Mr.Narendra Rawat (DGM, SEBI)and Mr. Lalit Khanna.

28.6.2011 Investor Awareness Program onInvestment Opportunities inCapital Market

Mr. N.K. Jain, Mr. RanjeetPandey, Ms. Sonia Baijal, Mr.T.R. Mehta, investors, studentsand others

Chief Guest:Mr. C.M. Chang(Member of Parliament & Member,Parliamentary StandingCommittee on Finance)Speakers: Mr. Anuradha Sharma(Asstt. Manager, RBI), Ms. AnushaMaheshwari (COO, FarsightSecruties Ltd.), Mr. NarendraRawat & Ms. Versha from SEBI andMr. Rajeev Goel, PractisingCompany Secretary,

Date Program Chief Guest/Speakers Present19.6.2011 Investor Awareness Program on

Capital Market – Investing in IPOs Mr. T.R. Mehta and otherinvestors

Mr. B K Sabarwal, ExecutiveDirector, Jaypee Capital ServicesLtd., Mr. Ashok Nimbekar,AGM, SEBI Mr. Satya Narain,AGM, RBI & CS J.K. Bareja,


6-14.6.2011 20th Student Induction Program(SIP)

Students of the InstituteMembers of the Institute andother professionals

Students

16-24.6.2011 21st Student Induction Program(SIP)


22.6.2011 Regional Round of 9th All IndiaMoot Court Competion

Mr. Ranjeet Pandey, Mr. S.Koley, Mr. T.R. Mehta andstudents

Judges: Mr. K.S. Chandiok,Advocate; Mr. Jeetender Kapoor,Advocate; CS Vishal Aggarwaland CS Dinesh Aggarwal

27.6.2011 to3.7.2011

22nd Student Induction Program(SIP)


News from NIRC

Date Program Chief Guest/Speakers Present30.6.2011 South Zone Study Group Meeting

on Green Initiative on CorporateGovernance- Role of CS

Mr. Navneet Arora, Mr.Dinesh Vashistha, Mr. RVNavik & other members

CS Ranjeet Pandey, Chairman,NIRC-ICSI

1.7.2011 Regional Round of 11th All IndiaCompany Law Quiz

Mr. Deepak Kukreja Mr. T.R.Mehta, Ms. Alka Arora andstudents

Judges: CS S. Koley, CS S.Narayanan, CS Naveen Bhatnagar& CS Vishal AggarwalQuiz Masters : CS Vishal Arora &CS Divya Goel.

COMPANY SECRETARIESBENEVOLENT FUND

Members Enrolled Regionwise As Life Members of TheCompany Secretaries Benevolent Fund During the Period21.04.2011 to 20.06.2011S.No. Name Membership No.

1 Mr. Nandan Kumar ACS - 204402 Ms. Nishant Nayan ACS - 201063 Ms. Ruchika Jain ACS - 237054 Mr. Gaurav Agrawal ACS - 206455 Mr. Vikas Saxena ACS - 105976 Ms. Neha Ralhan ACS - 276297 Mr. Pradeep Kumar Chawla ACS - 268818 Mr. Chetan Goel ACS - 280699 Mr. Suresh Chand Kumawat ACS - 2654910 Mr. Rajesh Taneja ACS - 2794911 Mr. Akshay Singh Naruka ACS - 2785912 Mr. Praveen Sharma FCS - 523413 Mr. Ashish Thakur ACS - 25019

02.7.2011 Seminar on Raising of Equity andListing of SMEs on BSE SMEExchange

Mr. Pavan Kumar Vijay, Mr.Ranjeet Pandey, Mr. DeepakKukreja, Mr. Rajiv Bajaj, Mr.Manish Gupta, Mr. Vineet K.Chaudhary & other members

Chief Guest : Mr. LakshmanGugulothu, CEO, BSE SMEExchangeSpeakers: Mr. Jignesh Gandhi,Vice-President, CDSL


NEWS FROM CHAPTERS

Name of Date of Program/Meeting & topic Chief Guest/Speaker(s)Chapter Program/MeetingAgra 5.6.2011 Study Circle Meeting on M & A Restructuring Tools

Speaker : CS. Pankaj Jain12-19.6.2011 1st Student Induction ProgramInaugurated by: Honourable Dr. R. P. Mangal18.6.2011 Company Law Quiz for students18-19.6.2011 Participation in 2-Days’ Career Fair organised by Infra Educa- 201119.6.2011 Seminar Jointly with National Stock Exchange of India on Capital

Market & Investor Awareness Speaker: CS Trilok SinglaAllahabad 28.5.2011 Study Circle Meeting on Money Laundering

12-18.6.2011 Student Induction Program Bareilly 21.5.2011 Webcasting of National Seminar on XBRL - An emerging professional

opportunities 25.06.2011 Webcasting of Seminar on Private Equity - Catalyst to Economic Growth

Bhilwara 13.06.2011 to 19.06.2011 16th Student Induction programme20.06.2011 to 26.06.2011 17th Student Induction programme25.06.2011 Webcasting of National Seminar on Private Equity- Catalyst to

Economic GrowthGurgaon 28.5.2011 Talk on Regulatory Provisions Of the Companies Act1956

13.6.2011 1st Student Induction Program18.6.2011 Company Law Quiz for students

Jaipur 18.05.2011 4th Executive Development Program28.05.11 to 05.06.11 Rajasthan Patrika Career Fair11, 16 & 17.06.2011 Investor Awareness Programs17.06.2011 Moot Court Competition for students24.06.2011 Company Law Quiz Competition for students

Jodhpur 13-19.6.2011 9th Student Induction Program - Chief Guest Inaugural Session: CAKailash Bhansali, MLA, Government of Rajasthan - Chief GuestValedictory Session: Hon’ble Colonel D S Lohamaror, Commander,NCC & Personality Developer and Motivator

Lucknow 27.5.2011 & 05.6.2011 Investor Awareness Programs11-17.6.2011 9th Student Induction Program17.6.2011 Study Circle Meeting18-24.6.2011 10th Student Induction Program18-19.6.2011 Participation in Education & Career Expo 201125.6.2011 Investor Awareness Program25.6.2011 Webcasting of Seminar on Private Equity: Catalyst to Economic Growth

Ludhiana 4.6.2011 Seminar on (i) Practical Aspects of XBRL & (ii) Analysis of recent circulars/notifications under Companies Act, 1956Speakers: Mr. Ranjeet Pandey, Chairman NIRC & Mr. Vinod Kashyap,Chartered Accountant

News from Chapters


PUBLIC RELATIONS COMMITTEESl. No. Name ACS / FCS Contact No. Email1. Mr. Shyam A-19344 09314923451 [email protected]

Agrawal,Chairman2. Mr. Saurabh Kalia A-17690 09810979440 [email protected]

(Convener)3. Mr. Sunil Bhatia F-5120 09810040895 [email protected]. Ms. Anju Jain F-5282 09897602111 [email protected]. Mr. Rahul Jain F-5804 09212605999 [email protected]. Mr. Pavan Talesra A-9008 09414158294 [email protected]. Mr. Puneet Duggal A-11007 09899474999 [email protected]. Mr. Girish Goyal A-11442 09413390003 [email protected]. Mr. Vishal Arora A-12535 09814296288 [email protected]. Mr. Rakesh Kumar A-15902 09891239100 [email protected]. Mr. Pankaj Jain A-16303 09654958921 [email protected]. Mr. Amol Vyas A-19768 09414222876 [email protected]. Mr. Sumit Batra A-22299 09873428930 [email protected]. Mr. Gaurav Arora A-22691 09910383038 [email protected]. Mr. Amit Chhabra A-26555 09999100888 [email protected]

FUND RAISING COMMITTEES.No. Name ACS/FCS No. Contact No. E-mail1 Mr. Shyam A-19344 09314923451 [email protected]

Aggarwal,Chairman

2 Mr. Rajiv Bajaj, F-3662 09811453353 [email protected]

3 Mr. Lalit Jain F-2370 09811320240 [email protected] Mr. Anil Shrivastav F-4893 09810000183 [email protected] Mr. Sanjay Gupta F-3348 09810906470 [email protected] Mr. Krishnan F-2075 09971194333 [email protected] Mr. N.K Sinha F-1807 09868282032 [email protected] Mr. A.K Rastogi F-1748 011-24360071 [email protected] Mr. Gaganjit Kashyap F-3270 09872204150 [email protected] Dr. Sanjeev Gemavat F-3669 09810403095 [email protected] Mr. Ajay Krishna A-3296 09810799818 [email protected] Mr. Sanjeev Kr. Singh F-6295 09811417517 [email protected] Dr. Satish kashi F -3663 09873561826 [email protected]

Rajgaria14 Mr. Lalit F-5961 09971590597 [email protected]

Chaturvedi15 Mr. Varun ACS 26119 09971505010 [email protected]

LIST OF FUNCTIONAL COMMITTES OF NIRC-ICSI FOR THE YEAR 2011

List of Functional Committees


RESEARCH AND PUBLICATION COMMITTEE OF NIRC- ICSIPROUDLY ANNOUNCES

"RESEARCH PAPER COMPETITION"For the members of ICSI-NIRC

OBJECTIVE:The competition is aimed at sharing the skills of the Members of ICSI-NIRC:

Enticing Members to excel and update their knowledge; andTo bring together the views and experiences of different people on similar issue.

PROCESS:2 Tier competition is envisaged.The word limit varies accordingly.Research papers will be judged by a panel of jury members for each group.

SUBMISSION OF PAPERS:The last date for the submission of Research Paper - 31st July, 2011The Research papers shall be submitted (via e-mail: [email protected] and also through signed hard copy addressed to The Convenor, Researchand Publication Committee, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, NewDelhi - 110005).The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declaration regarding originality.Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized.The decision of the Jury shall be final & binding on all the participants.

ELIGIBILITY CRITERIA:Members of NIRC- ICSI as on cut-off date.Elected Council Members; Regional Council Members; Staff Members of NIRC - ICSI and Members of Research & Publication Committeeare not eligible to participate.

SUGGESTED TOPICS:

RECOGNITION & AWARDS:The best article on each topic is proposed to be included in CD to be released by RPC. Three best entries in each group shall be awarded with aCitation, Trophy and Cash Prize.

Ist Prize IInd Prize IIIrd PrizeGROUP I Rs. 3,100/- Rs. 2,100/- Rs. 1,100/-GROUP II Rs. 5,100/- Rs. 3,100/- Rs. 2,100/-

END USE :Research and Publication Committee reserves the right to publish the Articles / Excerpts either in print or in electronic media.

GROUP I

0-5 years900 - 1100 words (Procedural)

Incorporation of Companies in other countries.De-meger through slump saleFDI Policy of India - practice and procedure.Remuneration of Independent DirectorsECB policy - practice and procedure.Professional liability : while dealing with fraudSetting of a non-profit organizationTaxation on LLP

GROUP II

more than 5 years1400 - 1600 words (Technical)

Delegation of regulatory powers to professional practitionersWorking Profile of Company Secretaries in smaller towns.Globalization of CS Profession - Scope and Hope

Whistle blowing and professional responsibilitiesManaging a Global depository receipt of a Indian CompanyLiability of Indian company under listing agreement in USALegal compliances at Commodity ExchangesProvision of Income tax - Limiting Indian Businesses’ social responsibilityinitiatives

Research Paper Competition

Company Secretaries with experience of


Delhi Study Group Meetings

DELHI STUDY GROUPS FORTHCOMING MEETINGS

Day, Date & Time Program Program VenueCredit Hours

Saturday WEST Zone Study Group Meeting on ONE CMC Ltd. Community Centre23.07.2011, 6.00 PM Business Taxation and Overview C-58, 6th Floor, Behind Janak Cinema

Janak Puri New DelhiSaturday EAST Zone Study Group Meeting on ONE Mother Teresa Public School16.07.2011, 6.00 PM (Topic will be informed through e-mail) C-Block, Preet Vihar, Delhi

Sunday NORTH Zone Study Group Meeting on ONE Hero Mind Mine, 3rd Floor,24.07.2011, 5.00 PM (Topic will be informed through e-mail) Building No. FD-4, (Near

Pitampura Metro Station),New Delhi

Friday SOUTH Zone Study Group Meeting ONE A.M.D.A. Conference Hall, 7/9, Sirifort29.07.2011, 6.00 PM (Topic will be informed through e-mail) Institutional Area, August Kranti Road,

New Delhi

CONGRATULATIONSMs. Vimla Rupani (ACS-24636), Practising Company Secretary from Jodhpur on her securingTOP position in LL.B. from coveted Jai Narayan Vyas University of Rajasthan in the result ofsession ending 2011.

cordially invites members at

Study Circle Meetingon

LLP-Legal & Tax Implicationson

Friday, the 15th July, 2011 at 6.00 PMat

ICSI-NIRC Building Auditorium,

4, Prasad Nagar Institutional Area, New Delhi

CRED

IT H

OUR

: 1


CORPORATE MEMBERSHIP FOR PROFESSIONAL PROGRAMSThe concept of Corporate Membership for Professional Development Programs, as started by NIRC, is well appreciated andacknowledged by the members and corporates as it is convenient to make payment/take approval at onetime to attenddifferent Professional Development Programs during the year.The Corporate Membership is open for the financial year 2011-2012. Members are invited to opt for Corporate Membershipfor Professional Development Programs for the financial year 2011-2012 (April 2011 to March 2012) at the following feestructure.

S. No. Particulars Fees1. For Members of ICSI (If paid by individual) Rs. 8,000/-2. For PCS Rs. 7,500/-3. For Members / Non-Members (If sponsored by corporate) Rs. 9,000/-4. For Senior Citizens Rs. 7,000/-

The terms & conditions/benefits of the scheme shall be as under:a) To attend all the paid professional development programs (except Workshops and Residential programs) organized by

NIRC free of charge throughout the year.b) Free Membership of all study groups.c) Free monthly e-NIRC-ICSI Newsletter for the Member organization.d) The member may depute some other officer only from his/her organization with authorization on letter head of the

company and certifying that the nominated person is from his/her organization.e) The individual member/PCS may depute any member /student of ICSI authorizing in writing to attend the program.f) Credit hours will be given to only those corporate members who joins the programs upto 11.00 a.m.

Corporate Membership

FORM OF CORPORATE MEMBERSHIPFOR PROFESSIONAL DEVELOPMENT PROGRAMS FINANCIAL YEAR 2011-12

(1) Name of Nominated Person : ..........................................................................................

(2) Membership No (ACS/FCS) : ..........................................................................................

(3) Corporate Membership No. of NIRC : ..........................................................................................(For existing members only)

(4) Sponsoring Organisation : ..........................................................................................

Telephone .............................. Fax ..........................................

Mobile ... ............................................................................

E-mail ................................................................................

(5) Details of Payment of Fee Cash/Cheque/DDNo/ ..........................dated..........................

Bank ................................... Amount ......................................

Date : ........................... Signature

Note : Cheque/DD to be issued in favour of “NIRC of the ICSI” and sent to Executive Officer, NIRC of ICSI, 4Prasad Nagar Institution Area, New Delhi.


TWO DAY WORKSHOPon

“XBRL – Practical aspect of MCA Financial Reporting”on

Tuesday & Wednesday, the 26th & 27th July, 201110.00 a.m. onwards (Registration starts at 9.30 AM)

at

New Delhi YMCA Conference Hall, 1, Jai Singh Road, New DelhiFee: Rs.3,500/- per delegate including Corporate Members of NIRC

Registration:In order to make necessary arrangements, Members are requested to enrol well in advance with

Executive Officer, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi-110 005.The cheque for delegate fee may please be drawn in favour of NIRC of ICSI payable at New Delhi.

Tel.:+91-11-49343000, Fax: 25722662 E-mail: [email protected];(PROGRAM CREDIT HOUR: EIGHT)

Forthcoming Programs

NIRC cordially invites members & students at the following programs during

ICSI Corporate Governance Week

Program for Members(at YMCA, Jai Singh Road, New Delhi)

1. 12.8.2011 (6 PM) Study Circle Meeting on Non-financial Disclosures

Programs for students (at ICSI-NIRC Building Auditorium, 4, Prasad Nagar, Institutional Area, New Delhi)

1. 8.8.2011(10 AM) Academic Development Program on Corporate GovernanceVoluntary Guidelines, 2009

2. 9.8.2011 (10 AM) Academic Development Program on Capital Market and related compliances3. 9.8.2011 (5 PM) Slogan Writing Competition


Forthcoming Programs

FORTHCOMING PROGRAMSDay, Date Program Venue& Time

Monday ICSI-NIRC Building25.7.2011 Blood Donation Camp & Plantation of Sapling 4 Prasad Nagar Institutional Area,10.00 AM New Delhi-110005.

Saturday One day Seminar on Wealth Management - Hotel Le-Meridien, Janpath, New Delhi30.07.2011 Concerns and Challenges10.00 AM & Annual General Meeting of NIRC

Sunday Foundation Day Celebration & Cultural Evening New Delhi (exact venue will be31.07.2011 informed thourgh e-mail)7.00 PM

SEMINARon

Wealth Management - Concerns and ChallengesCoverage:

Know your Wealth Wealth Creation Wealth Maximization Wealth Instruments Derivatives - Relationship between cash and future Future and Options Use of Derivatives

onSaturday, the 30th July, 2011

(Registration starts at 9.30 AM)at

Hotel Le-Meridien (Souverign-I), Janpath, New Delhi

Fee: Rs.2,000/- per delegate; FREE for Corporate Members of NIRCRegistration : In order to make necessary arrangements, Members are requested to enrol

well in advance with Executive Officer, NIRC-ICSI, 4, Prasad Nagar Institutional Area, NewDelhi-110 005. The cheque for delegate fee may please be drawn in favour of NIRC of ICSI

payable at New Delhi. Tel.:+91-11-25816593; Fax: 25722662 E-mail: [email protected];

(Credit Hours will be given to only those members who joins the programs upto 11.00 AM.Members are required to mark the attendance both at the beginning & conclusion of the program)

○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○

Documents

July, 2011 1 NIRC-ICSI Newsletter · July, 2011, which is our Foundation Day. On 30th July, 2011 NIRC is organizing a seminar on the topic “Wealth Management – Concerns and Challenges”