Corporate Updates – 24-10-2015


As part of Government’s initiatives for improving Ease of Doing Business, several facilitation measures are being taken by the Central Board of Excise & Customs. After consultation with stakeholders, it has emerged that introduction of electronic messaging for issue of Delivery Order instead of a paper based Delivery Order will result in considerable simplification in the Customs Clearance process, and can demonstrably reduce transaction costs and time taken in the clearance of Cargo. To implement the electronic Delivery Order System, as a prerequisite, the Custodian should have the technical capability to implement an electronic messaging system for the receipt of electronic Delivery Order. Shipping Lines, Airlines and Consol Agents should have the capacity to generate electronic Delivery Order in the required format. It is expected that elimination of hard-copy Delivery Order and implementation of the proposed online system of Delivery Order would enable Shipping Lines, Airlines and Consol Agents to issue Delivery Order at the earliest possible time in the process of unloading of cargo. the secure electronic transmission of Delivery Order would enhance the overall security and transparency of the cargo clearance process.


The Securities and Exchange Board of India (SEBI) has commenced regulating the Commodity Derivatives Market under Securities Contracts Regulation Act (SCRA) 1956 with effect from 28th September, 2015 and the Forward Contracts Regulation Act (FCRA) 1952 got repealed with effect from 29th September, 2015. To fulfill this additional responsibility of regulating the commodity derivatives market, SEBI has created various additional departments/divisions. Further, as per the Finance Act, 2015 provides that all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the Commission or the Central Government applicable to recognized associations under the Forward Contracts Act shall continue to remain in force for a period of one year from the date on which that Act is repealed, or till such time as notified by the Security Board, whichever is earlier, as if the Forward Contracts Act had not been repealed.

News from NIRC of ICSI

NIRC of ICSI is participating in the ensuing Airtel Delhi Half Marathon (6 km ‘Great Delhi Run’), which will be held on Sunday, the 29th November, 2015. NIRC would be participating in the group category with a group named as “ICSI Group”. Interested members may fillup the form for the ‘Great Delhi Run’ 6 km category and send the hard copy of the filled up form along with a copy of the photo id proof, passport size photograph and deposit the above along with a fee of Rs. 600/- on or before 28th October, 2015 by cash or by cheque/DD in favour of “NIRC of ICSI” with full details on the reverse side of the cheque/DD i.e. full name, contact number, Membership No.

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