Revendedores forex autorizados em Deli h1>
Não há nenhuma indicação na Regra 8D no sentido de que a Regra 8D tenha a intenção de aplicar retrospectivamente. Aplicando os princípios da interpretação estatutária para interpretar a retrospectividade de um estatuto fiscal e examinando a natureza e o propósito da subseção (2) e subseção (3) da Seção 14A, bem como o propósito e a intenção da Regra 8D, juntamente com as notas explicativas no Projeto de Lei de 2006 e o entendimento departamental como refletido pela Circular de 28.12.2006, consideramos que a Regra 8D tinha a intenção de operar prospectivamente.
CIT vs. Bengal Finance & # 038; Investimentos Pvt. Ltd (Suprema Corte de Bombaim)
A ordem impugnada do Tribunal seguiu sua decisão em M / s. Essar Teleholdings Ltd. v / s. O DCIT na ITA No. 3850 / Mum / 2010 decidiu que um valor não permitido pela Seção 14A da Lei não pode ser adicionado para se chegar ao lucro contábil para fins da Seção 115JB da Lei. O Recurso da Receita contra a ordem do Tribunal em M / s. A Essar Teleholdings (supra) foi indeferida por este Tribunal no Recurso de Imposto de Renda No.438 de 2012, proferido em 7 de agosto de 2014. Em vista do exposto, a questão (b) não levanta nenhuma questão substancial de direito.
Controle de Pragas da India Pvt Ltd vs. DCIT (ITAT Mumbai)
O Tribunal Superior de Deli de Hon'ble no caso da Joint Private Investment Limited no ITA.No. 117/15 datada de 25.02.2015 considerou que, sem nenhum esforço de imaginação, a seção 14A ou a Regra 8D podem ser interpretadas de forma a significar que todo o lucro isento de impostos deve ser desaprovado. Da mesma forma, Punjab e Haryana Alta corte no caso de PCIT v. Empire Package Private Limited em ITA.No. 415/2015 defendeu que a glosa não deve exceder a receita isenta.
ACIT vs. Af-taab Investment Company Limited (ITAT Mumbai)
Investimentos estratégicos / estoque no comércio têm que ser excluídos para computação de glosa abaixo de 14A. O AO deve ter em mente que o avaliador é uma empresa de um único segmento, sendo um investidor e distribuidor em ações & # 038; os valores mobiliários e, consequentemente, todas as despesas de negócio deveriam ter sido incorridas para este segmento em circunstâncias normais, salvo indicação em contrário.
Pr CIT vs. Reliance Capital Asset Management Ltd (Tribunal Superior de Bombaim)
O Assessor de Avaliação não registrou especificamente que ele não está satisfeito com a exatidão da reivindicação do avaliado em relação à despesa em relação à renda que não faz parte da renda total sob a Lei. No entanto, ele se sentiu obrigado e indo pela presença da Regra 8D que uma vez que a Seção 14A é atraída, a glosa deve ser feita de acordo com a Regra 8D somente que tenha sido prescrita pelo Legislativo. O Assessor de Avaliação não advertiu para a linguagem clara da subseção (2) da Seção 14A.
H. T. Media Limited vs. Pr CIT (Supremo Tribunal de Deli)
A fim de não permitir essa despesa, a AO teve que primeiro registrar, ao examinar as contas, que ele não estava satisfeito com a exatidão da alegação da Avaliadora de Rs. 3 lakhs sendo as despesas administrativas. Isso foi exigido obrigatoriamente pela Seção 14 A (2) da Lei lida com a Regra 8D (1) (a) das Regras. Consequentemente, sob o aspecto de despesas administrativas não serem permitidas, uma vez que houve uma falha da OA em cumprir com a exigência obrigatória da Seção 14 A (2) da Lei lida com a Regra 8D (1) (a) das Regras e registrar sua satisfação, conforme exigido, a questão da aplicação da Regra 8D (2) (iii) do Regulamento não se
ACIT vs. Vireet Investment Pvt Ltd (ITAT Deli) (Banco Especial)
(i) O cálculo de acordo com a cláusula (f) da Explicação 1 à seção 115JB (2) deve ser feito sem recorrer ao cálculo conforme contemplado em 14A lido com a Regra 8D das Regras fiscais de 1962. (ii) Somente aqueles os investimentos devem ser considerados para calcular o valor médio do investimento que produziu rendimentos isentos durante o ano.
Godrej & # 038; Boyce Manufacturing Co Ltd vs. DCIT (Suprema Corte)
Embora seja correto que a Seção 10 (33) isente apenas a receita de dividendo nos termos da Seção 115-O da Lei e haja outras espécies de receita de dividendos sobre as quais o imposto é cobrado pela Lei, não vemos como a referida posição na lei ajudar o avaliado a compreender as disposições da Seção 14A da maneira indicada. O que é necessário para ser interpretado é as disposições da Seção 10 (33) lidas à luz da Seção 115-O da Lei. No que diz respeito à espécie de rendimento de dividendos sobre o qual o imposto é pagável ao abrigo da Secção 115-O da Lei, o ganho do referido dividendo é isento de impostos nas mãos do avaliado e não é incluído no rendimento total do referido beneficiário . Se assim for, não vemos como a operação da Seção 14A da Lei para essa receita de dividendos pode ser executada. O fato de que a Seção 10 (33) e a Seção 115-O da Lei foram reunidas em conjunto; excluída e reintroduzida posteriormente de maneira composta, também, não auxilia o avaliado. Pelo contrário, os factos supramencionados suportariam uma situação que, desde que o rendimento de dividendos seja tributável nas mãos da empresa pagadora de dividendos, o mesmo não é incluído no rendimento total do avaliado beneficiário. Nessa altura, quando a referida posição era invertida (pela Lei das Finanças de 2002; reintroduzida novamente pela Lei das Finanças, 2003), era o avaliado que era obrigado a pagar imposto sobre esse rendimento de dividendos. Nessa situação, o avaliado tinha direito, nos termos do Artigo 57 da Lei, de reivindicar o benefício da isenção das despesas incorridas para auferir tais rendimentos. Depois que a Seção 10 (33) e 115-O foi reintroduzida, a posição foi revertida. O acima, na verdade, fortalece a situação que a Seção 14A 44 da Lei operaria para não permitir a dedução de todas as despesas incorridas na obtenção da receita de dividendos nos termos da Seção 115-O, que não é incluível na renda total do avaliado.
Kalyani Barter (P) Ltd vs. ITO (ITAT Kolkata)
O objeto de s. 14A é desautorizar os gastos diretos e indiretos incorridos em relação à renda que não fazem parte da receita total. Não há contestação de que parte dos rendimentos do avaliado decorrente de seus negócios é proveniente de dividendos isentos de tributação, enquanto que o avaliado não foi capaz de produzir qualquer material perante as autoridades abaixo, mostrando a fonte da qual as ações foram adquiridas. O simples fato de que essas ações eram antigas e não adquiridas recentemente é imaterial. Cabe ao avaliado mostrar a fonte de aquisição dessas ações por meio da produção de materiais que foram adquiridos dos fundos disponíveis nas mãos do avaliado no ponto relevante do tempo sem se beneficiar de qualquer empréstimo. Se essas ações foram compradas do montante emprestado, mesmo por exemplo, cinco ou dez anos atrás, cabe ao avaliado demonstrar, através da produção de provas documentais, que o montante emprestado já foi pago e, para o ano de avaliação relevante, , nenhum interesse é pago pelo avaliado pela aquisição dessas ações antigas.
Shapoorji Pallonji & # 038; Co. Ltd vs. DCIT (ITAT Mumbai)
Assim, a Regra 8D não é atraída e aplicável ao avaliado que isenta a renda e não é compulsório e necessário que um avaliado deva computar voluntariamente a glosa de acordo com a Regra 8D das Regras. Quando a glosa ou a glosa 'nula' feita pelo avaliador for considerada insatisfatória no exame das contas, o oficial avaliador tem direito e é autorizado a computar a dedução segundo a Regra 8D das Regras. Esta pré-condição e estipulação, como notado abaixo, também é obrigatória na sub-regra (1) da Regra 8D das Regras.
Pagamentos do Imposto do Estado - Pagamentos do Imposto do Estado do Banco IDBI.
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Bem-vindo ao setor bancário de classe mundial no IDBI.
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Também fomos autorizados pelos seguintes Governos Estaduais a recolher todos os impostos comerciais de seus respectivos Governos Estaduais, incluindo o Imposto sobre Valor Agregado e o Imposto sobre Vendas por meio do modo físico challan: Gujarat.
Relatórios de eventos.
Reunião do Conselho Nacional da ANMI.
9ª Convenção Internacional da ANMI.
Shri Ankit Ajmera, Convocador da Convenção, ANMI informou todos os membros do Conselho que o Exmo. Ministro das Finanças, Hon. O Vice-Presidente e os Ministros e Secretários do Ministério da Fazenda e outros Ministros também foram abordados por darem seu consentimento para aderir à Convenção ANMI como Convidados de Honra, mas devido a algumas pré-ocupações e Reuniões Ministeriais não conseguimos incluí-los na convenção .Ele expressou perante os membros do conselho sobre a participação de todas as bolsas como NSE, BSE, MCX, MSE e NCDEX na Convenção ANMI e parte da sessão inaugural da Convenção ANMI.
Ele também informou que, da apresentação da ANMI sobre Pré-Orçamento para o Orçamento da União 2018-19, algumas questões importantes farão parte do “Manifesto ANMI” que será revelado durante a sessão inaugural da Convenção pelo Visitante-Chefe e Convidado de Honras.
Shri Ankit Ajmera também informou que os canais de mídia como Zee, CNBC etc. também estão cobrindo este evento e pela primeira vez a plataforma de mídia social como o Twitter etc. sendo usada para convite para a Convenção ANMI, para que mais membros possam participar deste evento e fazer é um grande sucesso.
Ele agradeceu a todos os membros do Conselho de Administração a confiança nele e também aos membros do comitê de convenções que trabalharam incansavelmente com ele na convenção.
Como Brand Cult Equity (como fundos mútuos)
Os membros do Conselho Nacional propuseram que a ANMI fizesse mais alguns esforços para investir em ações de Equidade, como os Fundos Mútuos, estão fazendo (SahiHai…) para aumentar os investimentos em Fundos Mútuos.
Branding de investimento em ações incentivará os investidores a investir em ações.
Todos os membros do Conselho eram da opinião de que a ANMI deveria nomear uma agência de RP para esta iniciativa proposta pelo Presidente para que a atividade de Branding possa ser monitorada e possa ser alcançada por mais Membros como apontado pela ANMI. A nomeação da Agência de RP também é muito útil, pois todas as atualizações / ações tomadas pelo Conselho Nacional da ANMI podem ser informadas aos Membros imediatamente, bem como quais decisões tomadas na reunião do conselho e outras reuniões do comitê podem ser publicadas.
O Conselho Nacional da ANMI tem de 2 a 3 propostas de agências de RP e, muito em breve, a ANMI nomeará uma delas para o seu trabalho.
O Presidente da ANMI e os membros do Conselho tiveram uma reunião com o Exmo. Ministro de Estado no Ministério das Finanças Sr.PonRadhakrishnan, Shri Praveen Garg, Secretário Adjunto do Ministério das Finanças sobre o Memorando Pré Orçamento do Orçamento da União 2018-19.
A ANMI discutiu questões importantes como o desconto sob a seção 88E em vez de STT, redução da taxa de GST, abolição do imposto de distribuição de dividendos e status da indústria para a comunidade de Broking etc.
O MOF também assegura aos Funcionários da ANMI que a ANMI terá a oportunidade de participar da Reunião sobre Orçamento com Shri ArunJaitely, Hon. Ministro da União para as Finanças e Assuntos Corporativos.
Pela primeira vez, Shri Vikram Limaye, MD & CEO, NSE convidou a ANMI Apresentação sobre Pré-orçamento para o Orçamento da União 2018-19 para considerar a Apresentação da ANMI com Apresentação do Exchange.
O Membro do Conselho Nacional propôs que a ANMI compartilhe / encaminhe sua apresentação sobre o memorando pré-orçamento com outras associações como FICCI, CPAI, DPAI, etc. e tenha sua perspectiva e opinião sobre as questões incluídas em nosso Memorando Pré-Orçamento.
Artigo para o Jornal ANMI.
A ANMI Journal Convencional informou todos os integrantes do Conselho Nacional sobre a nova inclusão na Revista ANMI “ANMI at Work”. Esta nova coluna atualizará todos os membros da ANMI sobre todas as atividades nas Regiões da ANMI, como Seminários e Reuniões com Autoridades sobre questões atuais.
O objetivo da inserção desta coluna é encaminhar todas as informações aos Membros em base mensal.
Além disso, para os artigos da ANMI Journal, abordaremos a PWC que já havia concordado com o artigo para a nossa Revista e abordaremos todos os palestrantes na Convenção da ANMI para fornecer um artigo relacionado ao mercado de capitais que afeta os membros.
Nomeação do CEO.
Os membros do Conselho Nacional discutiram que a ANMI deveria nomear um Diretor-Presidente (CEO) para se comunicar com o Regulador e as Bolsas.
Uma pessoa deve ser designada para toda a comunicação entre Autoridades e Assuntos Relacionados com a ANMI e a Conformidade e Representar a ANMI perante as Autoridades, sempre que instruído pelo Conselho Nacional.
Con Call Facility na Base Semanal.
Todos os membros do Conselho discutiram que a ANMI deveria iniciar a instalação da chamada semanalmente. Os membros do Conselho Nacional da ANMI, os membros dos Comitês Executivos devem fazer parte deste Conference Call. Através deste mecanismo de chamada, todos os assuntos pendentes e questões atuais de persuasão podem ser discutidos e ações podem ser tomadas imediatamente.
Próxima reunião do Conselho Nacional.
Foi decidido por Todos os Membros do Conselho para a próxima Reunião do Conselho Nacional em janeiro de 2018 em Kolkata.
Fórum de Segurança da ANMI NR Ásia, Tóquio.
A ANMI teve a oportunidade de participar da mesa redonda da ASF (Asia Securities Forum) em Tóquio de 23 a 27 de outubro de 2017.
O Asia Securities Forum (ASF) foi criado em 1995, com base em uma iniciativa da Japan Securities Dealers Association. O objetivo da ASF é trocar pontos de vista e informações entre a indústria de valores mobiliários na região Ásia-Pacífico e contribuir para o desenvolvimento de mercados de títulos e crescimento econômico na região.
Todos os anos, organiza este evento de mesa redonda que é assistido por todos os membros da ASF para discutir questões relacionadas com o mercado atual dos respectivos países, quadro regulamentar, bem como as expectativas de crescimento do mercado.
A ANMI também é membro do Asia Securities Forum e participa dos eventos. Este ano, a Mesa Redonda da ASF contou com a presença de Shir Narinder Wadhwa, Diretor e Presidente do Comitê de Membros da ANMI (Instituição e Internacional).
Detalhe de participação e evento:
A Mesa Redonda da ASF contou com a participação de 22 participantes de diferentes países. Muitos deles eram reguladores desse país ou Associações com o status de SRO.
Durante o evento ASF Round Table, os participantes tiveram várias experiências conhecedoras envolvendo várias atividades como: Introdução da história e estrutura do mercado de valores mobiliários do Japão, função de autorregulamentação da JSDA e programas de treinamento da JSDA para oficiais e funcionários dos membros da associação. Discussão sobre o mercado de ações (negociação fora da bolsa e financiamento público, etc.), o mercado de títulos, o esboço do Fundo de Proteção aos Investidores do Japão e a inspeção firme dos membros pelo JSDA. Informações sobre a iniciativa JSDA para Educação Financeira, Esboço das Atividades Conduzidas pela Central de Atendimento à Mediação de Instrumentos Financeiros (Resolução de Conflitos pela FINMAC) e Visita à Divisão de Compliance da Japanese Securities Company. Visita à Bolsa de Valores de Tóquio, Esboço de Instrumentos Financeiros e Exchange Act, Esboço da Comissão de Vigilância de Valores Mobiliários e Câmbio.
Apresentação ANMI na Mesa Redonda Discussão:
Durante a Mesa Redonda de Discussão, o Sr. Narinder Wadhwa fez uma apresentação sobre “Over regulation of optimal regulation”, que foi bem apreciada por todos.
O Sr. Narinder Wadhwa teve a oportunidade de liderar várias discussões durante a Mesa Redonda. Ele também discutiu com o Sr. Shigeharu Suzuki (Presidente e CEO) da Japan Securities Dealers Association (JSDA). Durante a interação com o Sr. Suzuki, foi realizada uma discussão sobre possíveis acordos de colaboração e compartilhamento de conhecimento com a ANMI em alfabetização financeira e Educação na Escola e Nível de Graduação e também na questão da SRO para a qual eles também asseguram sua participação.
A Associação dos Intercâmbios Nacionais Membros da Índia (ANMI) trabalha para inculcar as melhores práticas na indústria e representa os assuntos pertencentes aos membros do Governo da Índia, SEBI e Exchanges. Ao fazê-lo, a ANMI trabalha de mãos dadas com as agências acima referidas para o crescimento estruturado e planeado do Mercado de Capitais e dos seus participantes no Fórum Internacional para a Educação do Investidor - que, por sua vez, é apoiado pela IOSCO.
A ANMI representa seus pontos de vista de Membro e desenvolvimentos atuais do Mercado antes de outros participantes de diferentes países e também tenta trazer de volta os desenvolvimentos em outros mercados onde nossos mercados não estão disponíveis para que possam educar seus membros para as novas áreas de mercado e melhores práticas.
ANMI WR Business & Technology Meet.
Sessão ANMI WR sobre BHARAT 22 Index & Equity Market Outlook.
A sessão sobre BHARAT 22 Index & Equity Market Outlook foi organizada pela BSE em associação com a CICI Prudential Asset Management Company Ltd na quarta-feira, 4 de outubro de 2017 no International Convention Hall, 1º andar, torres P. J, Dalal Street, Fort, Mumbai.
Essas sessões foram conduzidas para mostrar a dinâmica variável dos mercados acionários indianos e fornecer uma oportunidade única para entender os fundamentos do recém-lançado Índice S & P BSE Bharat 22, que monitora o desempenho de 22 empresas selecionadas.
O programa começou com boas-vindas. O Sr. Ashish Chauhan, Diretor Executivo da BSE, em seu discurso de abertura, falou à multidão sobre o tema e destacou alguns marcos e experiências do setor. Ele também mencionou as mudanças futuras na indústria que podem trazer novas oportunidades para o desenvolvimento e o sucesso da economia.
O Sr. S. Naren (ED & CIO - ICICI Prudential AMC Ltd) discutiu os ciclos e fases do mercado, nomeadamente fase Bust, Best phase, Boom phase e Bubble phase, explicando assim as acções a serem tomadas em todas as fases, como durante o Bust. fase-small cap é melhor, melhor fase-investir em todos os lugares, fase de boom-prática de gerenciamento de ativos, bolha fase-corte ponderação de capital.
Alguns pontos-chave incluídos na apresentação são os seguintes: Alocação de ativos A expectativa de retorno deve ser moderada Investir em portfólio de grande porte de qualidade Investir no longo prazo Benefícios de investir no Bharat ETF: diversificado com limite de exposição Prometer dividend yield e gerar crescimento Incentivos aos investidores Índice de despesas baixo Expansão do setor bancário etc.
O evento contou com a participação de membros da ANMI, juntamente com Sub Brokers, traders, dealers e até mesmo recém-formados. As perguntas levantadas pelos participantes foram bem respondidas pelo palestrante. A sessão foi bem atendida e apreciada pelos membros e outros participantes.
Seminário da ANMI WR sobre Ofertas do Fundo Mútuo (NMF II) na NSE.
Um seminário sobre as Ofertas de Fundos Mútuos (NMF II) foi organizado pela ANMI-WR na quarta-feira, 15 de setembro de 2017, no NSE Auditorium, em Mumbai.
As sessões concentraram-se em informar os membros sobre as Ofertas do Fundo Mútuo (NMF II). Ele enfatizou as oportunidades para os participantes do mercado e os benefícios de investir no mercado de capitais.
Um pequeno filme sobre "Investor Awareness" foi apresentado antes do seminário. O principal motivo era chegar a pessoas de todas as esferas da vida e criar consciência sobre os benefícios de investir no mercado de capitais e sobre como tomar decisões sábias de investimento.
Inicialmente, a Sra. Neha, Senior Executive, WIRC, deu as boas-vindas ao encontro. O Sr. Kamlesh Shah, Vice-Presidente da ANMI-WR, deu as boas-vindas aos membros da sessão.
O Sr. Chetan Doshi, Vice-Presidente Assistente de Desenvolvimento de Negócios em Fundos Mútuos, NSEIL foi o palestrante da sessão. Ele se dirigiu à audiência e apreciou os esforços feitos pela ANMI para organizar este seminário.
Os seguintes pontos foram discutidos em sua apresentação: Pontos-chave e Características do NMF II: Acesso por meio de um aplicativo de desktop / móvel - Barreiras geográficas removidas Criar cesta de investimentos Facilidade para visualizar Demonstração do portfólio Facilidade para re-disparar e-mails para investidores Link de pagamento, OTP, FATCA / Integração KYC através de APIs Esforços para melhorar a eficiência: Facilidade de transacção em tempo real - Distribuidor Aplicação Móvel Relatórios diários para aumentar a eficiência operacional Requisito logístico reduzido com custo de infra-estrutura nulo Provisão para actualizar constantemente para incorporar todos os novos desenvolvimentos na indústria Equipa de assistência técnica dedicada para lidar com consultas Próximos Desenvolvimentos na Plataforma: Produtos de Resgate Instantâneo Bancos Adicionais para Facilidades de Débito Direto Transações por POA Perfil de risco, design de portfólio, ferramentas de alocação de ativos Detalhes importantes e importantes sobre NRI - Registros e Transações. Sobre API e Funcionalidades fornecidas por meio da API, como Detalhes do Investidor de Fetch no caso de cliente existente, Transação de Resgate, Transação Sistemática, Detalhes do Cliente de Edição, Relatório de Interrupção Sistemática etc. Detalhes da explicação de todo o processo e sistema.
A sessão foi muito informativa e interativa e contou com a participação de membros. O Sr. Chetan Doshi esclareceu as dúvidas dos participantes em relação às Ofertas do Fundo Mútuo e suas exigências de conformidade.
O Sr. Ankit Ajmera, Vice - Presidente da ANMI - WR, propôs voto de agradecimento. Ele agradeceu a todos os palestrantes, à equipe da NSE e aos membros.
Reunião do Conselho Nacional da ANMI NR.
A Segunda Reunião de Membros do Conselho Nacional para o ano fiscal de 2017-18 foi realizada no Le Meridien Nova Delhi, Windsor Place, Janpath, Nova Deli-110001, no sábado, 2 de setembro de 2017.
O Sr. K Suresh, Presidente Nacional, ANMI dá as boas-vindas a todos os Membros do Conselho Nacional e ao Presidente Regional para que seja conveniente participar da Reunião.
Durante o Relatório de Progresso do Encontro das Regiões da ANMI, bem como os Comitês da ANMI foram colocados pelo respectivo Presidente Regional e Presidente do Comitê.
As Demonstrações Financeiras Consolidadas ANMI em 31 de março de 2017, o Relatório de Auditoria em 31 de março de 2017 e o Relatório de Diretores para o ano fiscal de 2016-17 foram apresentados ao Conselho Nacional de Aprovação e adoção.
Aviso da 21ª Assembléia Geral Ordinária (AGM) da ANMI foi colocado antes de os membros do Conselho e do Conselho Nacional também aprovou o mesmo que está programado para ser realizada em 28 de setembro de 2017.
Todos os membros do Conselho Nacional discutiram a preparação do Memorando Pré-Orçamento de 2018-19 e vários pontos foram discutidos para incluir no memorando. Além disso, o Presidente Shri K Suresh também discutiu com os membros as formas e os meios para desenvolver os negócios dos membros.
Durante o Encontro, os Membros do Conselho também discutem a estrutura e o tema da Convenção Internacional da ANMI, prevista para novembro de 2017.
O Sr. K Suresh também informou os Membros do Conselho sobre a apresentação da ANMI à NSE, BSE e SEBI sobre a questão de “Supervisão Aprimorada”, “documento de discussão sobre o crescimento e desenvolvimento do mercado de derivativos de ações na Índia”. Todos os membros apreciaram o mesmo.
A reunião foi concluída com o voto de agradecimento do Sr. K Suresh, Presidente da ANMI.
Convenção Anual da ANMI NR sobre "Mercado de Capitais - Visão 2020"
Já que a importância dos mercados de capital não pode ser subestimada para uma economia em desenvolvimento como a Índia, que precisa de uma quantidade significativa de capital para o desenvolvimento de uma infra-estrutura sólida. Neste contexto dinâmico, o Comitê do Mercado de Capitais da Câmara de Comércio e Indústria da PHD em associação com a ANMI-NR organizou a Convenção Anual sobre “Mercado de Capitais - Visão 2020” no sábado, 2 de setembro de 2017 às 10h no Hotel Le Meridien, Nova Deli. discutir os vários aspectos do mercado, juntamente com o roteiro para um futuro melhor.
Seminário da ANMI NR sobre os Mercados de Capitais da Índia - O Caminho à Frente.
A ANMI-NR em associação com a BSE organizou um seminário sobre "Mercados de Capitais da Índia --- O Caminho à Frente" em 20 de julho de 2017 no Centro Russo de Ciência e Cultura, em Nova Delhi.
Shri. S. K. Gupta O Presidente ANMI-NR deu as boas-vindas a ANMI e aos oradores convidados da BSE Mumbai e a todos os outros participantes. Ele agradeceu por pouparem seu valioso tempo para participar do programa no dia de trabalho. Ele ampliou suas valiosas visões sobre o crescimento do mercado de capitais e sugeriu que isso depende da recuperação da confiança do investidor, encorajando-o a investir a longo prazo. Ele era de opinião firme de que os investimentos de longo prazo são a única chave para a criação de riqueza e o aumento da base de investidores resultante do crescimento do mercado de capitais. Ele sugeriu que a BSE deveria proteger o interesse de corretores que são presos de atividades comerciais fraudulentas por alguns elementos inescrupulosos.
O Sr. Ashishkumar Chauhan MD & CEO da BSE Ltd. avisou os participantes de como ele estava preocupado com o crescimento do mercado de capitais e vinha colocando seus incansáveis esforços nesse sentido desde os últimos oito anos. Ele disse que durante este período, ele não só fez o seu melhor para reviver BSE em termos de volume de negócios em todas as frentes viz. tecnologia, produtos, etc e fazendo melhor na troca de moeda e IPOs realizados pela BSE. Ele se esforçou para estabelecer o INX em Ahmadabad Gift City. Ele informou os participantes sobre as mudanças nos encargos de transação para beneficiar os Corretores. Ele mencionou sobre os IPOs sendo assumidos pela BSE e fez uma menção especial aos Novos Produtos da Dívida do Governo. Obrigações, etc., tentaram ser tratadas por eles, após as aprovações necessárias.
A equipe de Desenvolvimento de Negócios da BSE fez apresentações sobre os esforços da BSE para melhorar a geração de renda dos membros e beneficiar os investidores em geral.
Shri. Ashok Agarwal CMD Globo Capital Markets Ltd. estendeu seus pontos de vista sobre o mercado de capitais e mostrou sua confiança de que tem um futuro muito brilhante, proporcionando ampla oportunidade de criação de riqueza na perspectiva de longo prazo, em comparação com outras avenidas.
Seminário da ANMI WR sobre Impacto do GST nas Corretoras.
Um Seminário sobre “Impacto do GST nas Corretoras” foi organizado em conjunto pela NSE e ANMI-WR em 9 de agosto de 2017. A sessão teve como principal objetivo orientar os membros sobre as dificuldades de implementação enfrentadas no cumprimento do novo modelo GST pela Corretora de Valores. Indústria.
No início, o Sr. J Ravichandran, Presidente do Grupo, NSE deu as boas-vindas ao público. Ele afirmou que a introdução do modelo GST é um desenvolvimento significativo que está definido para transformar o sistema de tributação indiano. Ele destacou o impacto positivo do GST levando a um crescimento econômico substancial, procedimentos simplificados, impulsionar as exportações, aumentar o PIB e o emprego. O Sr. Kamlesh Shah, Presidente da ANMI WIRC, agradeceu aos funcionários da NSE pela realização do seminário na hora certa, quando todos os membros estavam apreensivos sobre o GST e seu impacto.
O Sr. Yatrick Win, CFO, NSE em suas observações de abertura, deu as boas-vindas a todos os oradores e membros eminentes. Ele acredita que com a promulgação do GST, será imperativo para o mercado de ações, uma vez que enviará uma mensagem positiva aos investidores estrangeiros para acreditar na política fiscal indiana estável.
O Sr. MS Mani, Partner-Deloitte India apresentou sua análise sobre o assunto. Ele tocou quase todas as seções da lei GST e deu sua opinião de especialistas de uma forma muito abrangente. Ele disse que, embora o projeto e a estrutura do GST possam ficar aquém das expectativas, ainda assim marcará uma melhora significativa em relação ao atual Regime Tributário Indireto. Ele interagiu com os membros e tentou entender a necessidade de analisar seu impacto e encontrar as melhores e mais adequadas soluções para lidar com seus negócios.
O Sr. Amit Bothra da Ernst & Young LLP discutiu os aspectos de conformidade do ponto de vista da implementação do GST. Ele fez esclarecimentos sobre importantes questões relacionadas como Local de Fornecimento, Crédito Fiscal, Registro, Fatura Fiscal, Contas e Registros, Devoluções, Pagamento de Impostos e Desafios de Conformidade etc. Ele também enfatizou o registro de todos os estabelecimentos fixos através dos quais o corretor faz uma fornecem. Ele opinou fortemente que, para uma implementação bem sucedida do GST na Índia, será necessário um grande nível de coordenação de todos os cantos do negócio.
A ideia de ter a sessão era dar oportunidade aos membros para esclarecer suas dúvidas operacionais e fundamentais sobre o GST. O programa foi apreciado por todos pelo conteúdo e relevância dos tópicos que foram discutidos e bem apresentados por renomados palestrantes do setor.
O seminário contou com a participação de cerca de 300 membros e foi seguido por um jantar.
ANMI, NSE Quarterly Meet - Mumbai.
A ANMI realizou o 6º Encontro trimestral com a NSE Officialson na segunda-feira, 7 de agosto de 2017 na Bolsa Nacional da Índia, Sala de diretoria, 5º andar, Exchange Plaza, Complexo BandraKurla, Bandra (E) Mumbai- 400 051.
O encontro começou com a libertação de Shri Vikram Limaye, MD & CEO da NSE pelo Presidente Nacional Shri K Suresh, da ANMI.
Shri Vikram Limaye cumprimentou todos os funcionários da ANMI e também declarou que os comentários dos Membros são sempre bem-vindos pela NSE e as relações entre a NSE e a Associação devem ser transparentes e fortes para transmitir benefícios aos membros da NSE.
Ele também discutiu diferentes maneiras de tornar nossos mercados mais eficientes e a necessidade de introduzir produtos mais atraentes no mercado.
Shri K Suresh descreve brevemente a Estrutura ANMI, os Escritórios Regionais, os Capítulos e o ambiente de trabalho da ANMI. Ele também ansiava por interações mais frequentes com a NSE, de modo a construir uma relação forte e transparente com o intercâmbio e para o bem geral dos membros e mercados.
Shri Vikram Limaye também discutiu a necessidade de educar os investidores e, para esse propósito, Shri K Suresh assegurou que os programas / seminários conjuntos serão realizados com a NSE.
Durante o Encontro Os Funcionários da ANMI discutiram vários pontos com funcionários da NSE preparados com base no feedback recebido de membros da ANMI como: Oferta preferencial para membros da NSE em IPEs da NSE Depósitos Juros Melhor comunicação entre a ANMI e a redução de câmbio na melhoria do custo de conectividade da linha de locação Compromisso de Securities FAQs sobre PMLA, Margin Funding etc. Refresher Course para o Segmento CM Mostrar o volume de negócios como por Premium etc.
Todos os pontos foram discutidos e os funcionários da NSE deram esclarecimentos sobre todos os pontos relacionados e asseguraram certos pontos a serem examinados por eles. O Encontro foi muito interativo e informativo.
Os seguintes funcionários Senior ANMI e participantes estavam presentes para o Encontro - Shri Rajesh Baheti, Shri Naresh Tejwani, Sri AtmaramMathran, Shri Kamlesh Shah, Shri HemantKakkar, Shri Paresh Shah, Shri Anil Changoiwala, Shri SK Gupta, Sri KK Maheshwari, Shri M. Ravi , Mrs.PoojaAgarwal, Sra. Rima Shrivastava, Mr.Nitin Kumar Singhal.
Seminário da ANMI WR sobre Opções Simplificadas.
A ANMI WR realizou um seminário sobre “Opções simplificadas” no sábado, 5 de agosto de 2017, no Churchgate. O mercado de opções atraiu mais atenção do que nunca. Os conceitos de Opções são múltiplos e são aplicáveis em todos os mercados financeiros: ações, moedas - domésticas e globais. O programa foi projetado para fornecer informações relacionadas a estratégias de mercado otimistas, pessimistas e neutras.
O Sr. Vishal Malkan, cofundador do Malkansview Training Institute, que é um Master Trainer na área de análise técnica, psicologia de operações e motivação pessoal, foi o orador da sessão.
O seminário foi mais focado no básico de opções, na hora certa de comprar opções e no momento certo de vender as opções, utilizando ferramentas analíticas técnicas para participar do trade de opções, evitando erros comuns que um trader faz. The Seminar discussed the following: The basic essentials and benefits of trading options Option trading along with unconventional usage of momentum indicators Trading options with volatility bands When to use spreads vis-a-vis naked options Unconventional Options’ writing strategies.
The event was attended by ANMI members along with Sub Brokers, traders, dealers and even fresh graduates. The queries raised by the participants were well responded to by the speaker. The session was appreciated by members and other participants.
ANMI WR Seminar on Margin Trading & Enhanced Supervision.
To bridge the distance, ANMI WR in association with NSE organised a Seminar on Margin Trading & Enhanced Supervision for the Pune Members on the morning of Saturday, 5th August 2017 at Bund Garden.
Since there were lot of apprehension and concern amongst the member brokers on the SEBI’s directions on “Enhance Supervision of Brokers” which put under pressure of paper work and filings upon the member-brokers therefore ANMI officials had engaged with regulators and discussed at various stages on simplification of weekly and monthly filing.
The main agenda was to give detail information to the members in respect to the compliance of Margin Trading & Enhanced Supervision and increase participation of the Pune members in ANMI-WR programs.
Mr. Kamlesh Shah, Chairman, ANMI – WIRC welcomed the members for the session at Pune. Mr. Dinesh Soni, Head – Inspections, NSEIL & Mr. Bireshwar Chatterjee – AVP & Head Western Regional Office- Regulations, NSEIL represented the exchange and made a detailed presentation on the said subject. The exchange offered to hold regular seminars at the NSEIL office in Pune to update the members and address their issues on continuous basis.
The session was well attended appreciated by members. NSE team clarified the doubts of attendees on Margin Trading & Enhanced Supervision and also some other compliance related queries of members.
Mr. Ankit Ajmera, Vice – Chairman, ANMI - WR proposed vote of thanks. He thanked all the speakers, NSE team and the members for making the Seminar a grand success.
The meeting was followed by lunch.
ANMI WR Seminar on Indian Capital Markets – The Way Forward.
Capital markets in any country play a pivotal role in the growth of economy and meeting the country’s socioeconomic goals. They are an important constituent of the financial system given their role in the financial intermediation process and capital formation of the country. The importance of capital markets cannot be under-emphasised for a developing economy like India which needs significant amount of capital for development of strong infrastructure.
ANMI- WIRC in association with Bombay Stock Exchange organised a seminar on “Indian Capital Markets – The Way Forward” on July 25th, 2017 at MCA Club. Mr. Ashish Chauhan, Mr. Kamlesh Shah, Ms. Deena Mehta and Mr. Sameer Patil were the distinguished speakers at the event.
The program began with welcome by Ms. Rima Srivastava, Secretary ANMI- WIRC. Mr. Kamlesh Shah, Chairman, ANMI-WR in his opening remarks addressed the crowd on the topic and highlighted few milestones and experiences of the industry. He also mentioned about the future changes in the industry which may bring new opportunities for development and success of the economy of India.
Ms. Deena Mehta - MD Asit C Mehta, spoke about Future of Indian Capital Markets and focused on the opportunities and threats the brokers may face and thereby mentioning the necessary efforts to be taken by them to gain best out of it.
Mr. Sameer Patil, Head – Business Development, BSE Ltd presented a detailed presentation on the latest developments at BSE like BSE Currency Derivatives, BSE SME Platform, BSE Star Mutual Fund and several Technology initiatives. He also mentioned the revised trading charges of BSE and its benefits to the traders.
Mr. Ashish Chauhan , MD & CEO – BSE, addressed the audience in relation to the major innovations and techniques which reflected tremendous rise in trading, also specifically mentioning how derivatives turned out to be a boon to capital markets and providing new ideas and views in order to increase distribution in the market.
In addition to outlining the Dynamics of Global and Indian Equity, Derivatives & Forex markets the event provided a unique opportunity for Business Networking among the stakeholders of capital markets.
The members queries were well addressed by the speakers in the Open session. The program concluded with vote of thanks proposed by Mr. Neeraj Kulshrestha, COO-BSE, The seminar was appreciated by one and all and was followed by dinner.
Business & Technology meet at Chandigarh (06 Jul) and Jaipur (07 Jul)
NSE in association with ANMI-NR held a Business development and Technology meet on on 6th July, 2017 at Hotel Tuquoise Chandigarh & 7th July, 2017 at Hotel Radisson Jaipur.
Shri Gaurav Kapoor AVP & Head Northern Region NSE welcomed the participants for warm response and assured that NSE is trying its best to support the members for development of business in providing technology and other services at reasonable and competitive rates by the vendors of repute.
Shri S. K. Gupta Chairman ANMI-NR welcomed the NSE Senior Officials from Mumbai & Delhi and appreciated the efforts of NSE for holding Members Meets at ANMI-NR Punjab and Rajasthan Chapters and also took the opportunity to put forth the issues of ANMI members.
Mr. Arvind from NSE Mumbai, gave presentation on Member Service & Technology, covering mainly - Convenience & Efficiency, Technology etc.
With the initiative of Shri S. K. Gupta Chairman ANMI-NR a session on GST for Rajasthan Chapter Members at Jaipur was arranged, following NSE program. CA Vaibhav Jain, authority on the subject, gave a comprehensive presentation on GST with special reference to compliance requirements of brokers. He satisfied all the queries of members and was appreciated by one and all the participants.
The event was attended by maximum number of Chapter members at both places.
ANMI-NR members Meet on GST transition.
Due to GST implementation approaching very close and the members still having numerous queries on the subject, ANMI-NR organized a program "Overview of GST Issues" on Thursday 29th June,2017 at Russian Centre of Science and Culture New Delhi.
Shri S. K. Gupta Chairman ANMI-NR in his welcome note thanked all the participants for attending in large numbers leading to the success of the event.
Speaker CA Vaibhav Jain gave a comprehensive presentation on GST, covering Compliance and Various related issues. He, meticulously discussed GST with special reference to Stock Brokers and Commodity Brokers related Issues, Complexities and Practical Solutions.
He made clarifications on the important related issues like Place of Supply, Input Tax Credit, Registration, Tax Invoice, Accounts & Records, Returns, Payment of Taxes and Compliance Challenges etc. He took questions of the members in large number and satisfied each and every query meticulously.
All the participants, appreciated the program, attended by around 190 persons.
Shri Shagun Gupta, Vice- Chairman, gave vote of thanks and the event was concluded by members networking on Hi-Tea.
Business development and Tecnology Meet by ANMI-NR.
NSE in association with ANMI-NR held a Business development and Technology meet on 12th June, 2017 from 05.30 pm onwards at Russian Centre of Science and Culture 24 Feroz Shah Road, near Mandi House, New Delhi.
Shri Gaurav Kapoor AVP & Head Northern Region NSE welcomed the participating members for massive response and assured that NSE is trying its best to extend its support to members for development of business in terms of technology and other services being made available at reasonable rates by the vendors of repute.
Shri S. K. Gupta Chairman ANMI-NR in his address welcomed the NSE Senior Officials from Mumbai and took the opportunity to apprise them about the issues of ANMI members viz; Revision of NEET Charges, Enhanced supervision of Brokers , Interest on deposits of members etc.
Mr. Nagendra K., Chief Business Officer NSE gave Presentation on Business overview of past year and Trends. Mr. Arvind Goyal, Asstt. Vice President Member Service Department NSE, gave his presentation on Member Service & Technology. The presentation covered the following areas :- Convenience & Efficiency Technology IPO Platform.
Mr. Ravi Varanasi Chief Business Development took Q & A session and assured that NSE is trying to do its best for providing best technology at competitive rates and other issues will tried to be addressed to the possible extend. He told that issue of NEET Charges is under active consideration of NSE.
Mr.Hari K Chief Business Officer NSE gave a vote of thanks and the event attended by 200(approx) was concluded with Dinner.
ANMI-NR Members Meet on Enhanced Supervision of Brokers.
ANMI-NR organized Members Meet on Enhanced Supervision of Brokers on 6th June, 2017 at 4pm onwards at Constitution Club of India New Delhi, to discuss and gather their views on the issue and prepare an effective ANMI representation for submission in the forthcoming NSE / SEBI meetings.
Shri S. K. Gupta Chairman in his welcome address thanked all the participants for joining this crucial meet and requested to deliberate in large numbers to provide their valuable input. He assured of putting best efforts to push forward the appropriate suggestions and concerns of members.
A large number of members participated in deliberations though having divergent perceptions, contributed with their inputs which were further discussed thoroughly. Some dissented with the date of implementation of Enhanced Supervision from 1st July, 2017 simultaneously with GST which is practically inappropriate. Some had the view that there should be no weekly reporting, it may be Qtrly / Hly. He further emphasized that as regards Appointment of Internal Auditors SEBI is overriding provisions laid down in Company Law. Further Qtly settlement being a long back process must be replaced with Hly or Yrly so as to give relief to brokers.
A senior member was of the view was that the appropriate strategy should be, Stop–defer-dilute. Some members were of the view that such regulations are not required as Brokers are already overregulated and compliant. Financing to client does not involve any risk of investor. This is making the Industry unviable. There should be gradation of brokers and all should not be put to face similar regulations despite many being better compliant. Some relief should be available to members with best compliance records. It was also suggested that we should totally oppose it. As a mark of resentment there should be no uploading of data by members, was also opined by a member.
Gradation of members should be there for requirement of imposing regulations. If there is no complaint of client, no such regulation is required to be applied. It was suggested to zero down the difficulties and the proceed towards solution. A senior member pointed out that the main concern of the regulator is that credit balance of creditor is not adjusted against debit balance of debtors. It was also suggested that main issue is misuse of client’s money by Brokers. He suggested that old and new regulations should be analyzed by a Committee and discussed with SEBI. One of another senior member suggested that we should show our unity by means of media and also highlighting our concerns.
Shri Shagun Gupta, Vice –Chairman, extended vote of thanks and the program attended by 150 plus members was concluded with networking on Hi-Tea.
Launch Ceremony of Gujarat Chapter.
ANMI WIRC organized a Launch Ceremony of Gujarat Chapter at Ahmedabad on 25th May, 2017 at Radisson Blu Hotel. The program saw good participation from the members.
At the outset Mr. Anil Shah, Director, ANMI, welcomed the gathering. He highlighted the activities and representations recently done by ANMI for the benefit of its members and industry, at large.
The event was graced by Mr. Ashish Kumar Chauhan, MD & CEO, BSE. He addressed the gathering on the various new initiatives of the Bombay Stock Exchange including new products being launched by BSE. He also briefed the members on India’s International Exchange and India’s International Clearing Corporation at Gift City. He presented launch of BSE Sovereign Gold Bold Scheme.
Mr. Kamlesh Shah Chairman-elect - ANMI WIRC, then briefed the members about the crucial role played by ANMI in the securities market. He shared the ANMI action plan with members, identifying the following four thrust areas which would require close working with regulator and exchanges.
Mr. Ashish Ajmera, Chairman- ANMI WIRC Launched the Gujarat chapter. He briefed the members on the concessional membership fees levied from Gujarat members. Mr. Vaibhav Shah was elected as the Chapter Convener of the region.
This program provided Gujarat members an opportunity to interact directly with the ANMI officials on various industry issues. Mr. Kamlesh Shah urged members to be more participative on taking up issues pertaining to the stock brokers and overall growth of the capital markets.
The program was followed by Dinner and was supported by Bombay Stock Exchange.
Seminar on FATCA and Easy Way Towards Compliance.
FATCA promotes cross border tax compliance by implementing an international standard for the automatic exchange of information related to US taxpayers. The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future.
It is in the above context that ANMI WIRC has organized a Seminar on “FATCA - The Way Forward” on 10th May 2017, at NSE Auditorium, Mumbai. At the outset, Mr. Lalit Mundra, Director, ANMI welcomed the speaker Mr. Kriyang Karia. Ms. Kusum, Secretary, ANMI- WR welcomed the gathering and introduced the speaker.
Mr. Kriyang Karia began his speech by interacting with members and trying to understand their understanding of FATCA. He briefed the audience on the impact of FATCA on reporting by PMS, Depository Participant and Brokers. He presented to the audience the Applicability of FATCA / CRS, Products impacted, Compliance Requirements, Key timelines and the recent updates on CBDT press release. He clarified the difference between FATCA and Common Reporting Standards. He discussed efforts of aligning FATCA/ CRS with other Regulatory regulations.
The idea of having the session was to provide opportunity to members for getting their doubts cleared regarding the regulations. Members actively participated in the session by raising many queries regarding FATCA Reporting, Declaration etc.
The session was appreciated by one and all. Approx 100 peoples attended the event.
Ms. Kusum concluded the session by thanking the speaker and audience for their participation and assured that ANMI WIRC will continue to organize programs of interest and benefit to the members.
Seminar on Short Term Trading Secrets.
ANMI WR conducted a seminar on “Short Term Trading Secrets” on Saturday, 6th May 2017 at the NSE Auditorium, Bandra Kurla Complex, Mumbai.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session. He has been a trader since the age of 16.
The session began with welcome by Ms. Kusum, Secretary, ANMI-WR. Mr. Kamlesh Shah, Vice Chairman, ANMI-WR in his opening remarks highlighted that several fundamental concepts must be understood and mastered for successful short-term trading. Traders must understand the risks and the rewards associated with each trade. He also thanked NSE for the continuous support to ANMI.
Mr. Vishal Malkan addressed the four rules to be kept in mind while trading i.e. You will never earn money until you learn to hold a winning positions, Managing the risk, Flawless Execution and Cool and calm temperament. He explained short term trading as Day trading (minutes to Hours), Swing Trading (One day to 5 days) and Positioning trading (Weeks to Months). He also elevated the participants with powerful yet simple Short Term Trading Strategies like the Dual Band, Bollinger Bands, Magical bands and Reversal Bar/ Key reversal. He advocated the rule of “Simple your strategy, easy the execution“. He continuously emphasised the need to have a right mindset for trading. He informed the audience about the upcoming event "Anybody Can Trade", organised by Malkansview on the 10th and 11th June 2017 at The Club and encouraged them to participate for the same.
The event was attended by ANMI members along with Sub Brokers, traders, dealers and even fresh graduates. The queries raised by the participants were well responded to by the speaker. The session was appreciated by members and other participants. The program concluded with formal vote of thanks by Mr. Kamlesh Shah.
Inaugurarion of Investor Care and Education Center.
Inauguration of First "Investor Care & Education Center" at ANMI –ASSOCIATION OF NATIONAL EXCHANGES MEMBERS OF INDIA at New Delhi office was graced by Shri. Arjun Ram Meghwal Hon'ble Union MOS for Finance and Corporate Affairs on Tuesday 2nd May, 2017. He mentioned it as a historical moment when an Industry body opens care center for its customer and investor. This program was attended by Shri. Amit Pradhan Regional Director SEBI, Senior Officials of Stock Exchanges representing NSE & BSE, besides ANMI-NR Chairman, Shri. Narinder Wadhwa and Executive Members.
Shri. Meghwal Ji, discussed many points pertaining to growth of Capital Market and steps to take care of Investor interest and strengthen confidence of investors in Capital Market. He also mentioned matters of NSEL, PSEL, Saradha Chit fund where small investors have lost their money. He emphasized the need of measures for safeguarding the interests of investors with special reference to hybrid security. He appreciated the efforts of ANMI to start mediation Center in solving investors issues and for imparting financial literacy to investors.
Shri. Narinder Wadhwa Chairman emphasized the need of inculcating confidence among investors which is crux of growth of Capital Market. He assured that ANMI will create such center in other four Regions. He further suggested to conduct Short Investment Educational courses and training to Relationship Managers of members, who directly deal with investors, with the help of NISM for the benefit of Investors. This Center will be used as preliminary complaint resolving mediation center.
Shri. Amit Pradhan, Regional Head SEBI while appreciating effort of Shri. Narinder Wadhwa Chairman ANMI-NR for taking this initiative and hoped that this center will help Investors in solving their issues and provide financial literacy to them.
A Seminar on "Impact of GST" by WIRC of ANMI.
In the backdrop of the Nation gearing up for the roll-out of the country’s largest tax reform, ANMI-WR recently organized a seminar on “Impact of GST on the Stock Broking Industry” in Mumbai. At the outset, Ms. Kusum welcomed the gathering and introduced the speaker. Mr. Kamlesh Shah gave a brief overview about ANMI activities in his opening remarks.
“GST is not merely a tax reform, but it is a fundamental business reform which will change the way business activities are conducted in the country by anyone” said Mr. Shailesh Sheth, Advocate and Founder of SPS LEGAL addressing the audience. He stressed that dual structure of GST is the compulsion of federal character of our country and cannot be avoided.
He said that though the GST design and structure may run short of expectations, it will still mark a significant improvement over the current Indirect Tax Regime.The reduced cascading effect of tax, a borderless common national market for goods and services and elimination of multiple tax windows are the main advantages of the GST. It will also result into a significant expansion of tax base and a check on parallel economy which will have a beneficial multiplier impact on the direct tax collections paving the way for the Government to reduce the Income Tax rates in future.
Mr. Sheth dwelt at length on the concept of ‘supply’ under GST, strict conditions governing the ITC mechanism and the automation driven compliance mechanism of GST. He emphasised that the tax payers will need to have a seamless and robust technology to ensure the compliance on ‘real time basis’ with complete overhauling of frontend and backend IT operations.
Withdrawal of exemption to sub-brokers, doing away with centralised registration, determination of place of supply of service as well as taxable value are few of the major challenges of the GST regime for the stock broking and financial services sectors, he said.
The session was very interactive and was appreciated by one and all. Mr. Shethresponded to all the queries raised by the members present. The session concluded with vote of thanks by Mr. Ashish Ajmera.
ASIFMA India KYC Workshop in Mumbai.
ANMI-WIRC participated with ASIFMA (Asia Securities Industry & Financial Markets Association) for the Workshop - KYC and Institutional Investors: Opportunities and Challenges in India, on 28thFebruary 2017 at the NSE premises in Mumbai.
KYC is at the top of the agenda for Indian regulators, policy makers and market practitioners. India has shown leadership in taking steps to make the KYC process more efficient and streamlined by establishing a national KYC system which has five interoperable utilities for FPIs, and now the newly created central KYC records registry (CKYCR).This one-day conference brought together experts from industry and the private sector as well as government and regulatory agencies to examine the various issues around recent regulatory and technological developments on KYC, their impact on institutional clients and financial institutions in India and how KYC and client onboarding in India could further evolve.
This workshop gave the audience the benefit of learning from knowledge and experience of Global policy makers, regulators, industry experts and senior representatives from sell side and buy-side communities. Few distinguished speakers at the event were J. Ravichandran, CEO- Incharge, NSE; Sankarson Banerjee, CTO – Projects, NSE; Mr. Achal Singh, DGM, IMD, SEBI; Vaisshali Babu, Head - Custody Operations, BNP Paribas;Ben Ray, Head of Sales, Europe and Asia, Client Data Solutions, Bloomberg; Cyrus Khambata, MD, CDSL Ventures Limited; Sriram Krishnan, Director, Investor Services, India, Deutsche Bank; Aaryaman Vir Shah, Co-Founder, Elemential; Pierre Lubin, Managing Partner, Fairman Consulting; Suveer Khanna, Partner, Forensic Services and Lead for Financial Services, KPMG; Jyoti Tandon, ED & Head of Compliance – India, CS, Nomura;Alistair Duff, Singapore Country Head; Director, Business Development, S. E. Asia Lab & Research Center, R3;NaofumiSukegawa, Director, Compliance Services, APAC, SWIFT;Dominic Mac, Global Head of Business Development, KYC and Client Onboarding Solutions, Thomson Reuters.
Discussions and deliberations revolved around the following crucial discussion points: Global Regulatory Developments around KYC Expectations and Findings on KYC in India Foreign Portfolio Investors and KRAs versus CKYCR Strategies to Cope with Dual KYC Obligations Global Approach and Technological Developments The workshop attracted about 150 senior level delegates from Indian regulators, policy makers, public sector banks and financial institutions.
ANMI with NSE Members' Meet at Russian Cultural Centre New Delhi.
Seminar on Union Budget at Scope Complex New Delhi.
Budget Viewing Session and Investment Outlook for Various Asset Classes in 2017.
A Talk on Union Budget 2017-2018.
ANMI WR co organized a Talk on Union Budget 2017-18 together with International Vaish Federation and Jain International Trade Organization (Mumbai Zone) on 1st February 2017.The event gave a broad highlight on the Union Budget presented by Finance Minister Shri. ArunJaitley. Mr. Ashish Kumar Chauhan MD & CEO- BSEwas the Chief Guest of the session. The Speakers for the event were Shri Motilal Oswal, Shri S.P.Tulsian and Shri Vimal Punmiya.
The learned speakers shared their views on the Union Budget 2017-2018 mentioning that the Budget was broadly focused on the farming sector, the rural population, the youth, the poor and underprivileged, health care, infrastructure, the financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest. They were optimistic of the Finance Minister’s announcement on the fiscal deficit of 2017-18 which would be pegged at 3.2% of the GDP.The speakers spoke on reformation of the Financial Sector in building trust and Improving Predictability.
The Panel also expressed their thoughts on the series of initiatives mentioned in the Budget that impacted the financial economy as a whole like: Abolishment of Foreign Investment Promotion Board (FIPB), exempting FPI investors (Category I & II) from indirect transfer provision irrespective of the fact whether it is redeemed in India or abroad, lowering of corporate tax rate to 25%, from 30% for MSMEs with an annual turnover up to Rs 500mn, rationalization of personal tax rate etc.
The session was very informative and interactive and received an overwhelming response with more than 300 delegates attending the same. The Hi-tea organised was also very well appreciated.
Curtain Raiser Ceremony of NSE IFSC Ltd. - Ahmedabad & Mumbai.
Curtain raising ceremony of NSE IFSC Limited was organized by NSE in association with ANMI WIRC at Ahmadabad andMumbai on 22nd December 2016 and 26th December 2016respectively.
Thesesessions were conducted to showcase members about the products, membership schemes and technology solutions etcto be offered on NSE International Exchange coming up at IFSC – GIFT City at Gandhinagar, Gujarat.
The sessions were focused on briefing the Members on the modular structure of NSE IFSC Ltd at GIFT. It emphasized on the opportunity to market participants to access global financial markets.
The road show of NSE IFSC at Ahmedabad was attended by Mr.Anil Shah- Director ANMI and Mr. Mukesh Agarwal,CEO-IISL-DotEx along with other officials.
Mr. Kamlesh Shah, Vice–Chairman, ANMI-WRwelcomed the members for the session at Mumbai. A detailed presentation was made by NSEon the said subject. NSE officials thanked the ANMI President –Mr. Swatantra Kumar Rustagi for the support showed during the roadshow which was conducted in Kolkata. Points included in the presentation were the tax benefits, wider products offerings, trading in Benchmark currencies, Trading Hours etc. A subsequent presentation on the Membership structure and its process was made. Members were also updated on the operational functioning of the Exchange.
The sessions were well attended by members. NSE team clarified the doubts of attendees on the technicality and legality of its functioning and invited inputs from the audience for the benefit of the broker community as a whole. The sessions were appreciated by one and all and were followed by dinner.
Fintech Summit 2016 at SOFITEL, Mumbai.
ANMI-WIRC participated with Indian Chamber of Commerce for the ICC Fintech Summit 2016 held on Saturday, 17th December 2016at Sofitel Hotel,Mumbai.
The Fintech Summit was organized for facilitating conclusive discussions on critical issues prevailing in the Fintech Industry in the presence of industry experts, regulators and other stakeholders. The Conference delved on the latest developments in the Fintech space and the impact of the emerging technologies.
Mr. G. Gopalkrishna, Director, Centre for Advanced Financial Research and Learningwas the Guest of Honour for the event. Other special guest included Mr. Amit Bapna, CFO, Reliance Capital, Mr. S. Ganeshkumar, CGM, Department of Information Technology, Reserve Bank of India, Mr. AsitOberoi, Group President & Global Head – Transaction Banking Group, YES Bank, Mr. MrutyunjayMahapatra, DMD & CIO, SBI, Mr. K. Sanathkumar, Chairman &MD, National Insurance Co. Ltd.
Discussions and deliberations revolved around the following crucial discussion points: FinTechLandscape : Transformation through Technology Disruptive Innovations and opportunities for Indian Finance Fintegration: Integrating FinTech in India’s journey of Digital transformation.
Queries raised by the participants were nicely responded by the speakers. The program was well attended by more than90 people fromMumbai and Kolkata.
Seminar on Compliance with NSE at Mumbai.
A Seminar on "Compliance" was organized jointly by NSE and ANMI-WR on 2nd December 2016.The session was mainly focused on guiding the members on the new regulation on "Enhanced Supervision of Stock Brokers".
Dr. Dinesh Soni , VP, NSEIL welcomed the guests. Mr. Ashish Ajmera, Chairman, ANMI WIRC, welcomed the gathering and appreciated National Stock Exchange for the support provided to ANMI.
Dr. V R Narasimhan , Chief Regulations, NSEIL in his Key Note address updated members on various compliance matters explaining them the essence of the regulations. He also highlighted the major areas of non-compliance by members as observed by the exchange.
Mr.Debashis Bandyopadhyay ,DGM, Market Intermediaries Regulation and Supervision Department, SEBI was the Chief Guest of the session. He briefed members on importance of adopting good business practices and adhering to the compliance processes. He also explained members about the expectations of the regulator from the broking industry.
Mr.Bireshwar Chatterjee , Assistant Vice President, NSE,in his presentation on “Enhanced Supervision of Stock Brokers and Compliance Related areas”included discussions on the best practices of Quarterly Settlement, Email ID related practices, Investor Grievance Resolution etc. He also briefed members about the practices that should be avoided. He informed about the new compliance initiatives taken by NSE.
A detailed presentation was made to members on the regulation of “Enhanced Supervision of Stock Brokers” including the various timelines for complying, the principles to be followed, provisions regarding transfer of funds, provisions regarding transfer of securities, provisions regarding pledging of client securitiesetc.
Mr. Nirav Gandhi ,Executive Director, J M Financial Services Limited and Mr. Manoj Agarwal , Executive Vice President - Head of Compliance, Kotak Securities Limited shared few Best Practices adopted by their firms relating to compliance.They emphasized on timely disclosures and protecting the interest of investors.
Senior ANMI officials were also present for the seminar. The session was very informative and interactive.Dr. Dinesh Soni and Mr.Bireshwar Chatterjee clarified the doubts of attendees in the open session.
The program concluded with vote of thanks proposed by Dr. Dinesh Soni. The seminar received an overwhelming response with more than 200 people attending the same.The program was followed by dinner.
Seminar on Consulting Paper on IA.
A seminar on Consultation paper on Amendments to the SEBI (Investment Advisers) Regulation, 2013 was organized by ANMI-WRon Wednesday, 23rd November 2016 at the NSE Auditorium, Mumbai.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Nirav Gandhi, Executive Director, J M Financial Services Ltd. was the speaker for the session. He addressed the audience and appreciated the efforts made by ANMI for organising this crucial seminar which would impact the business of every stock broker.
The seminar was conducted to create awareness and understanding of the Consultation paper on Amendments to theSEBI (Investment Advisers) Regulation, 2013.
Mr.Nirav Gandhi discussed at length the following points in hispresentation: Proposed Amendments to Investment Adviser Regulation. Comparison of the Existing and Proposed Structure. Obligations casted on the Stock Broker for Advisory. The Challenges Two Separate legal entities, Client need to call twice first the Advisor and thereafter the Dealers, Certificationsrequired, Infrastructure and bandwith with Sub Brokers/ Authorised Personetc The session was very informative and interactive.Mr. Nirav Gandhi clarified the doubts of attendees regarding the implications of Consulting paper and its required compliances. Suggestions were invited from the audience on these amendments.Based on these suggestions a consolidated report would be submitted to SEBI.
The program concluded with vote of thanks by Ms. Kusum.
ANMI Participation in SEBI Pavilion "Bharat Ka Share Bazar" at IITF 2016 at Delhi.
ANMI NR Members' Meet at Kanpur.
ANMI NR Members' Diwali Milan Celebration.
Some of the glimpses of ANMi-NR members Diwali Milan celebrations on 21st October,2016, at India Habitat Centre New Delhi. The event was enjoyed by all with family members playing games, quiz and winning prizes was all the more exiting. The unforgettable Moments of this gala evening blended with soul consoling light music and exchanging gifts with festive mood left an engraving effect on the minds of 200 plus participants, The honourable guests from Exchanges, SEBI, capital market related Institutions , professionals attended. The sumptuous Dinner and “Dilliki Chaat” was thoroughly enjoyed and praised by all .The Guests were in all praise and senior ANMI members applauded the great efforts of Shri Narinder Wadhwa and team for grandeur of the program.
Seminar on New Business Opportunities - IFSC.
ANMI WIRC had organized a seminar on “New Business Opportunities – BSE International Exchange IFSC Ltd”on 20th October 2016 at Four Seasons Hotel, Mumbai. The session was conducted to update ANMI members on the benefits of BSE International Exchange coming up at IFSC – GIFT City, Gandhinagar, Gujarat.
At the outset, Ms.Kusum, Secretary, WIRC welcomed the gathering.Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the Chief Guests Shri. Ashish Kumar Chauhan and Shri.Balasubramaniam along with otherspeakers and gave a brief overview about ANMI activities in his opening remarks.
Shri. Ashish Chauhan, MD & CEO, BSE Ltd spoke about the advantages of being a member of the BSE International Exchange-IFSC which would provide opportunity to market participants to access global benchmark products in various segments.He also informed the members to make most of this opportunity by actively participating in the first International Exchange in India which is scheduled to be inaugurated on 9th of January 2017.
Shri. V Balasubramaniam, Chief Business Officer, BSE Ltd gave a detailed presentation on the roadmap to become a member of the BSEIX and also explained to members of the various tax advantages.
Two consultants viz. Exemplary Consultants and Moon Consultancygave presentations on the legal framework involved in floating a company at the IFSC. The Hiranandani Developers briefed the members of the availability of the office space. Officials from YES Bank informed members on various aspects of banking at the IFSC.
Over seventy members attended the seminar. The session was very interactive and was appreciated by one and all.The program concluded with vote of thanks by Mr. Anup Gupta.
Seminars by WR on Stock Market for the Common Man.
ANMI-WR conducted four seminars on “Stock Market for Common Man” during the month of September and October 2016. The first session was held in Ahmedabad on 29th September 2016. This session was attended by about 80 people from Ahmedabad. Two sessions were held in Mumbai at Borivali and Churchgate on 4th and 7th of October 2016respectively,which were well attended. ANMI WR also reached to about 70 people in Pune with this program on 5th October 2016.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session.
The seminars were focused on breaking myths regarding stock market that prevail in the minds of people. The sessions emphasised on making the audience understand the science of stock marketusing technical analytical tools that could be used to participate in the stock markets, avoiding common mistakes a trader does.Mr. Vishal Malkan in his address spoke broadly on the following areas - The RightIndicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The events were open for clients of members along with Sub Brokers& traders.All the sessions were well attended and appreciated by members and other participants.
ANMI BSE Annual Members Meet on 30th September, 2016 at Lalit Hotel, New Delhi.
Seminar on"Impact of GST on Stock Broking Industry” - Mumbai.
ANMI WIRC had organized a seminar on “Impact of GST on Stock Broking Industry”on 26th September 2016 at NSE Auditorium, Mumbai. The session was conducted to update ANMI members on the impact of the proposed GST law onIndian Business.
Since the Indian parliament has passed the long-awaited Goods and Services Tax (GST) bill, preparing the way for the country to move towards a "one nation, one tax" policy; it was time for ANMI members also to understand the Impact of GST on the Stock Broking Industry.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering.Mr. Anup Gupta, Executive Committee member, ANMI WIRC welcomed the speaker and gave a brief overview about ANMI activities in his opening remarks. Mr. Ravi Varanasi from National Stock Exchange of India Ltd also graced the occasion.
The Association was fortunate to have Advocate Shailesh Sheth from SPS Legal,a learnt personality as Speaker who guidedmembers on the implication of the proposed law. As per Mr. Sheth, GST was not a Tax Reform but a Business Reform which would change the way India Inc does business.
He explained to members the Basics of the Model GST Law and also cautioned them of the repercussions of GST if they fail to analyze its impact on their business.
About two hundred people attended the seminar. The session was very interactive and was appreciated by one and all.The program concluded with vote of thanks by Mr. Ankit Ajmera.
ANMI-NR Program on “CKYC SOLUTIONS SHOWCASE”held on 08th-September-2016 in association with TSS Consultancy Pvt. Ltd at India Habitat Centre, Lodhi Road, New Delhi.
ANMI-WIRC EC Meeting in Goa.
WIRC of ANMI conducted its Executive Committee Meeting for the month of August at Adamo-The Bellus, Goa on 20th August 2016. In this outdoor visit, the members were accompanied by their spouses.
The Executive Committee dwelled on various issues relating to progress of ANMI. The members and their families had fun at the side-lines of the meeting and there was great bounding and fellowship between the members.
The Goa meeting which was held at the four star hotel Adamo The Bellus, a beautiful property with excellent services, was hosted by WR Chairman Mr. Ashish Ajmera. The EC appreciated the hospitality of the Chairman and the team at Adamo The Bellus. As a token of appreciation the EC felicitated Mr. Manish Ajmera the Managing Director, Adamo Hospitality Group and Mr. Hanumant Naik, Managing Director, Adamo- the Bellus.
ANMI-NR Seminar Held On 29-July-2016 On “Investment Advisers and Research Analysts; Regulatory Structure and Practical Issues” and “Central KYC” at NSE office, New Delhi.
ANMI National Council Meeting held on 16th July, 2016 at Hotel Lalit New Delhi.
ANMI –NR Seminar with ISKON on “Talk on Holistic Approach to Business: Key to Success” held on Malviya Smriti Bhawan, New Delhi.
Seminar on Sovereign Gold Bond - "Traditional Gold Goes Digital" in association with BSE.
ANMI-WIRC participated with BSE for the program on Sovereign Gold Bond - "Traditional Gold Goes Digital" on 14th July 2016 at Hotel Grand Hometel, Mindspace, Malad West in Mumbai.
The seminar was conducted to create awareness about Sovereign Gold Bond (SGB) and its advantages compared to other instruments linked to Gold. The speaker Mr. Ranjit Singh, AGM, BSE informed the members that first tranche of SGB was already available as a tradeable instrument in BSE Equity Cash segment and from fourth tranche onwards, BSE was also permitted to act as a receiving office for Sovereign Gold Bond scheme.
The program was well attended by around 100 members and was followed by dinner.
Seminar on Participation in Nation Building with CIT officials.
On the behest of Commissioner of Income Tax office, Mumbai a session was conducted by ANMI-WR on 12th July 2016 on “Participation in Nation Building - Income Disclosure Scheme 2016”.
The event was held at Norton Hall, BSE, Mumbai. It was aimed at creating and increasing awareness about The Income Declaration Scheme 2016, of Government of India. A delegation of five officers of CIT was present including Pr. CIT Mr. B P Singh himself.
The session began with welcome and felicitation of the Commissioner of Income tax Officials. Shri Ashish Pandey, Asst.CIT, made a presentation on the GoI Income Declaration Scheme 2016.
Pr. CIT Mr. B P Singh informed the audience of the benefits of the IDS, 2016 and explained how ANMI and its members could assist in Nation building by helping eradicate the problem of black money. He emphasized that each member could assist in Nation Building by guiding the investors to declare any undisclosed income as the same would help in economic growth of the country. Mr. B P Singh later answered the queries of members.
The session was attended by about 35 people. The following senior ANMI officials were present for the program – Mr. Ashish Ajmera, Mr. Anup Gupta, Mr. Uttam Bagri, Mr. Kirit Vora, Mr. Kamlesh Shroff.
Compliance Seminar” with NSE for Gujarat members at Ahmedabad.
ANMI-WR conducted a seminar on Compliance jointly with National Stock Exchange of India Ltd at Hyatt Regency, Ahmedabad on Saturday, 9th July 2016.The program was well attended by more than 140 people from Gujarat.
The program began with welcome by Ms. Bhawika Wanchoo , Chief Manager – Ahmedabad Regional Office, NSEIL. Mr. Ashish Ajmera, Chairman, ANMI-WR in his opening remarks briefed the members of recent ANMI activities.
Dr. V R Narasimhan, Chief-Regulations, NSE in his Key Note address updated members on various compliance matters explaining them the essence of the regulations. He also highlighted the major areas of non-compliance as observed by the exchanged. He informed that NSEIL could guide and assist the members wherever they face challenges in understanding the various circulars and regulations. Ms. Bhawika Wanchoo briefed members on Good and Avoidable compliance practices.
Mr. Jay Bhavsar from KIFS Trade and Mr. Shailesh Sinhval from Jhaveri Securities shared few Best Practices adopted by their firms relating to compliance. Ms. Yukti Sharma from NSEIL explained the Enhanced Risk Based Supervision regulation to members. Mr. Nirav Gandhi briefed the members on operational aspects of the proposed Enhanced Risk Based Supervision regulation.
The members’ queries were well addressed by the speakers in the Open session. The program concluded with vote of thanks proposed by Ms. Kusum, Secretary, ANMI-WR. The seminar was appreciated by one and all and was followed by lunch.
Workshop on "PMLA" held on 09th July 2016 at MCC Chamber of Commerce.
Greetings from ANMI EIRC !
ANMI EIRC had organized a workshop on “PMLA” on 09thJuly 2016 at MCC Chamber of Commerce & Industry, Kolkatato help its member understand the latest changes and development in PMLA act and to comply better with rules and regulation issued by the SEBI and Exchanges.
The program focused on:
Introduction to PMLA Difference between money laundering and tax evasion New FIU circular march 2016 and Sample case study from broking business .
The Speakers were Mr. Sagar Tanna - A certified Anti Money Laundering specialist.
Mr. Tanna made a detailed presentation on the Regulations and Compliance Requirements on PMLA. He used practical examples which kept the session very interesting and lively. He guided how to analyze cases for the purpose of generating or non generating of STR.
Mr. Anup Kr Khandelwal, Chairman ANMI-EIRC gave welcome speech, highlighting reasons for organising this workshop for the members.
Miss. Snigdha Tibrewal, Secretary, ANMI-EIRC presented PP focusing on mandatory and non mandatory alerts provided by the exchange and explained the procedure to handle the same.
Mr. Rakesh Somani, Past President ANMI, briefed the members about the area to be focused with some practical examples which was an eye opener to understand the analysis of STR’s.
This interaction with the members was a great opportunity for all to learn from each other’s best practices and procedures. The session was appreciated by one and all. Approx 84 peoples attended the workshop.
The vote of Thanks was given by Mr. Anil Changoiwala, an executive committee member.
ANMI EIRC for the first time has taken an initiative to issue certificate of Participation to its members.
Seminars by WR on Stock Market for the Common Man.
ANMI-WR conducted two seminars on “Stock Market for Common Man” in Mumbai. One was held at Churchgate on 1st July 2016 and another was held on 4th July 2016 at Borivali. Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session.
The seminars were focused on breaking few myths regarding stock market that prevail in the minds of people and making them understand the science of stock market.The session also discussed the use of technical analytical tools that could be used to participate in the stock markets, avoiding common mistakes a trader does etc. Mr. Vishal Malkan in his address spoke broadly on the following areas - The Perfect Indicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The events were open for clients of members along with Sub Brokers, traders etc.Despite heavy rains, the sessions were well attended and appreciated by members and other participants.
ANMI Next Gen Meet at Hotel Hans, Barakhamba Road, Connaught Place, New Delhi on June 24, 2016 to discuss “Opportunities in Financial Markets for Next Generation”.
ANMI Next Gen Meet at Hotel Hans, Barakhamba Road, Connaught Place, New Delhi on June 24, 2016 to discuss “Opportunities in Financial Markets for Next Generation”
"Narinder Wadhwa :Chairman on ANMI NextGen Meeting - We created one Regional Committee called ANMI NextGen this year ,the purpose is to make children of ANMI members who are inducted in their Family business of Stock Broking to know each other through ANMI platform and provide them soft skills through ANMI .
We have so far activated 50 members in this committee .thay are all young very intelligent next Generation of our members ,full of energy and active in their businesses .
We recently organised meeting of this group on 24 June at Hotel HANS New Delhi. The title was "Opportunities in financial Markets " for NextGen.
This meeting was exclusively for NextGeneration organised by ANMI NR and was addressed by Mr Ashok Agarwal, Chairman Globe Group , he spoke on the opportunity in financial markets and Mr Rakesh Jain , Past President ANMI and Chairman , Frontline Group.he spoke on Leadership Traits, and his book Leaders and Ladder "
Report on Seminar on “Risk Based & Enhanced Broker Supervision” organized by ANMI-EIRC jointly with NSE on 18th June, 2016 at Park Hotel, Kolkata.
Since there were lot of apprehension and concern amongst the member brokers on the SEBI’S proposed directions on “Enhance Supervision of Brokers” which would put under pressure of proper work and filings upon the member-brokers with no fruitful purpose as the initiation of the direction is motivated by some wrong doing by a few brokers with funds of their clients while NSE’S own statistics most of its member brokers are compliant to the existing rules in this regards.
Very beginning of the Seminar Mr. Saurav Sanyal, an officer of NSE addressed to the members.
Mr. Anup Kumar Khandelwal, Chairman of ANMI-EIRC, delivered welcome speech and introduced the distinguished speakers with the members. Flower bouquets and Memento were presented on behalf of ANMI-EIRC to guests.
The Principal Speaker from SEBI was Mr. Debashis Bandopadhyay, GM-SEBI, who read out the background for the proposed direction and affirmed that the whole framework for implementation is in place.
Dr. V. R. Narasimhan, Chief Regulations, NSE, Mumbai explained that the members can face the new regulations by using technology. He assured full support, help and co-operation from NSE in helping members for difficulties arising in the course of meeting the new “Enhance Supervision of Brokers” requirements. His presentation of statistics comparing data of members over 2 years period 2014-2015 and 2013-2014 vis a vis all India and Eastern Regions impressed the members. The members applauded the fact that members of Eastern Region fared for well in compliance and other parameters compared to other regions / all India.
Dr. Dinesh Kumar Soniji, Head – Inspection & Exchange Compliance, NSE-Mumbai, spoke in detail with power point presentation about existing rules for inspection and supervision of NSE Member-Brokers and the new requirements of “Enhance Supervision of Brokers”. He emphasized that the requirements of Enhanced Supervision are the existing ones.
Mr. Girdhar Kannan, Head – KRO Regulatory, NSE – Kolkata Office made a power point presentation on Inspection of members, how to meet obligations of compliances, Internal audit and Inspection.
Mr. S. K. Rustagi, President of ANMI delivered Key Note address on the theme ofthe4 Seminar emphasising the view point of members that additional rules shall not be thrust upon members for wrong-doing of a handful of members,
Mr. Bijay Murmuria, Past Past President of ANMI and at present Executive Committee Member of ANMI-EIRC and Ms. Aditi Day Nundy, Vice Chairperson of ANMI-EIRC spoke from ANMI side.
Mr. Vinod Kumar Goyal, Director ANMI proposed vote of thanks. He thanked all the speakers, NSE team and the members for making the Seminar a grand success.
132 ANMI-EIRC members, mostly Directors, Partners, Proprietors, Secretaries and Compliance Officers of the member’s Firm attended the seminar and listened aptly to all the speakers. During open floor, members raising questions and queries which were clarified by the speakers. A lunch hosted which was enjoyed by all.
Members Get Together at Pune.
Pune being so near to Mumbai, it is still so far, when it comes to participation in various programs of ANMI-WR. To bridge this distance, ANMI WR organised a Get Together for the Pune Members on the morning of Saturday, 11th June 2016 at Poona Club.
The main agenda was to understand the issues of the members; revisit the compliance challenges and increase participation of the Pune members in ANMI-WR programs.
ANMI WR Chairman Mr. Ashish Ajmera, EC member Mr. Anup Gupta and WR Secretary Ms. Kusum attended the meeting and addressed the members present. Mr. Bireshwar Chatterjee, AVP, NSEIL represented the exchange and briefed members on the initiatives being taken by NSEIL. He also addressed some of the compliance related queries of members. The exchange offered to hold regular seminars at the NSEIL office in Pune to update the members and address their issues on continuous basis.
The meeting was well attended by representatives of 10 members from Pune area of ANMIWR and the same gave everyone an opportunity to meet and unite. ANMI WR thanked Mr. Aashish N Shah of Asian Broking Pvt Ltd and Mr. Manoj S Bajaj of Jade Securities Pvt Ltd for their efforts in arranging this program and making the same successful.
The meeting was followed by lunch.
ANMI-NR Members participation in the deliberations at NSE Members Conclave held on June 11, 2016 at Westin Hotel New Delhi NCR Gurgaon.
Investor Awareness Programs (IAPs) by WR conducted from 6th June to 10th June 2016.
Financial inclusion is what the country needs today and has been spoken many a times by one and all. In this light, ANMI – WR conducted 5 such seminars for none other than the Mumbai Fire Brigade. Like soldiers who fight to keep our boarders safe, it is these brave firemen who dedicate their lives for the safety of people per se in their area, be it fire, flood or any other calamity.
ANMI thought it upon itself to conduct Investor Awareness Programs for these people who had almost no knowledge of how to take care of their hard earned money and grow it into wealth.
ANMI WR conducted a series of 5 sessions at Goregaon, Dahisar, Mulund, Vikroli and Byculla for the benefit of the brave fireman. The seminars were conducted in their local language and the response was over whelming. The speakers addressed all their queries.
The sessions were appreciated by the firemen who mentioned that it was the first time they were bestowed upon financial knowledge of this kind.
These IAPs were partnered by NSE IPFT and organized by SRE Edupro.
Seminar by ANMI WR on Holistic Approach to Trading.
ANMI WR conducted a seminar on “Holistic Approach to Trading” on Tuesday, 7th June 2016 in association with NSE at the NSE Auditorium, Bandra Kurla Complex, Mumbai.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session. He has been a trader since the age of 16.
The session began with welcome by Ms. Kusum, Secretary, ANMI-WR. Mr. Ashish Ajmera, Chairman, ANMI-WR in his opening remarks highlighted that Trading is an integral part of the stock market and the same has to be done in a systematic and scientific manner.
Mr. Vishal Malkan in his address spoke broadly on the following areas - The Perfect Indicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The seminar was well attended by over 150 Members, Dealers, Traders, Sub brokers, Authorized Persons and appreciated by one and all. There was a huge demand to hold such seminars more often.
The session was also graced by Mr. Ravi Varanasi, Chief Business Development, NSEIL who appreciated this initiative of ANMI WR. Mr. Ashish Ajmera felicitated Mr. Varanasi with flowers and Mr. Anup Gupta, EC member, thanked him for the continued support to ANMI.
The program concluded with formal vote of thanks by Mr. Akhil Jalan, EC member. Other Senior ANMI officials present were Mr. Hemant Kakkar, Mr. Lalit Mundra, Mr. Ankit Ajmera and Mr. Kamlesh Shroff.
The event was partnered by NSEIL and Malkansview Training Institute.
Seminar on “FATCA – Implications & Compliance”
As the nextreporting under the Foreign Account Tax Compliance Act (FATCA)was coming near (31st May 2016), WIRC of ANMI arranged for a seminar on “FATCA – Implications & Compliance” for its members on 12th May 2016. The Keynote speaker was Mr. Kriyang Karia, Associate Director at BDO India LLP and the session was held at NSE Auditorium in Mumbai.
At the outset, Ms. Kusum, Secretary, ANMI-WR welcomed the gathering. She highlighted that the reporting of FATCA/CRS was alarming to most of the Financial Institutions in India and so was the case with the stock broking firms. It was in this context that the event was organized.
Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the speakers and gave a brief overview about ANMI activities in his opening remarks.
Mr. Nirav Gandhi, Executive Director, J M Financial Services Ltd. in his address apprised members about the efforts made by ANMI in the subject matter by continuously engaging with regulators and Tax Consulting companies. Further, he emphasized that only 19 days were left for reporting of Form 61B under FATCA.
Mr. Kriyang Karia began his speech by interacting with members and trying to understand their understanding of FATCA. Then he moved on further, clarifying the doubts of attendees regarding the implications of FATCA and its required compliances. Inter alia the following were discussed.
Applicability of FATCA/CRS Key aspects of the FATCA/CRS regulations Key requirements – FATCA v/s CRS. Registration requirement Timelines - timelines of pre-existing accounts and new accounts viz a viz, account type, Reportable account, threshold limit, account opening period, due diligence timelines- on/before and Form 6 1B Reporting date. Reporting - what is to be reported, how to manage & generate ITDREIN & steps for adding authorized person.
The session was very enlightening and interactive.It received overwhelming response with over 170 people present for the program. It was appreciated by one and all.
The event also witnessed the special presence of Mr. Ravi Varanasi, Chief- Business Development, NSEIL.The following senior ANMI officials were also present for the program viz Mr. Vijay Singhania, Mr. Lalit Mundra, Mr. Kishor Kansagra, Mr. Anup Gupta, Mr. DP Singh.
The program concluded with vote of thanks by Mr. Anup Gupta. The event was supported by National Stock Exchange (NSE) and M/s TSS Consultancy Pvt ltd.
ANMI-NR Participation with NSE and SEBI in Members Meet held on May 09, 2016 at NSE Delhi Office on “Financial Prudence in Compliance”.
ANMI- TKK’s one day Cricket Tournament.
ANMI- TKK’s one day Cricket Tournament (Tennis ball) 2016 conducted on 8th May 2016 at Pachaiyappa C Grounds – Chennai was a grand success with enthusiastic participation. Eight teams participated and the winning team was M/s Integrated Enterprises India Limited, the Runner up was M/s India Cements Investment Services Limited, Man of the Series - Mr.Naresh of Integrated Enterprises India Limited, the Best Batsman - Mr. Sathish of Integrated Enterprises India Limited and the Best Bowler -Mr. Naresh of Integrated Enterprises India Limited. This Tournament has given an opportunity for closer involvement and establishing a good relationship between the members of ANMI-TKK. The tournament received an overwhelming response and as per request of the participating teams and other ANMI members, ANMI TKK will continue to organize such cricket tournaments every year.
Seminar on “Fulfilling Compliance on Research Analyst & Investment Advisory Regulations - Learning from the Leaders”
ANMI WIRC had organized a seminar titled “Fulfilling Compliance on Research Analyst & Investment Advisory Regulations – Learning from the Leaders” on 28th April 2016 at Hotel St. Regis, Mumbai to help its members comply better with the SEBI Research Analyst Regulations, 2014 and SEBI Investment Advisory Regulations, 2013.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the speakers and gave a brief overview about ANMI activities in his opening remarks.
The program focused on the procedural part of the regulations i.e. steps to be taken to comply with the above mentioned regulations.
The Speakers from the industry shared the best practices being followed. Ms. Namita Godbole, Compliance Head, Sharekhan Ltd, made a detailed presentation on the Regulations and Compliance Requirements of Investment Advisory Regulations. She clarified various points viz a viz the Registration formalities, Consideration of application and eligibility criteria, Qualification and certification requirement from IA, Maintenance of records by IA etc. for SEBI Investment Advisory Regulations – 2013.
Mr. Manish Kumar Sabu, Compliance Head, J M Financial Services Ltd, in his presentation briefed the members about the practices that need to be followed to ensure compliance with the Research Analyst Regulations. His presentation focused on activities carried out to address the conflict of interest, trading guidelines for research analyst team, maintenance of records, general responsibility, security coverage etc.
This interaction among the members was a great opportunity for all to learn from each other’s best practices and procedures. The session was very interactive and was appreciated by one and all.
The program concluded with vote of thanks by Mr. Anup Gupta. The event was supported by M/s TSS Consultancy Pvt ltd and XtremSoft Technologies Pvt Ltd.
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Today Gold Rate.
Today MCX gold price in rupees per 10 grams.
Today gold price in india is 31,925.10 rupees per 10 grams.
(10 grams = 1 tola gold)
Gold Rate Today in India (in Rs/1 gm)
Last Update on 21 Feb 2018, 12:28:31 PM.
Price of Gold in Different Cities.
Gold Price in India.
Over the ages, Gold has occupied a predominant place in human life. It symbolises wealth, power and prosperity. It is precious and it has fascinated many cultures to lead towards progressive development. Gold has a significant importance in our lives. It is being used almost all the major civilisations in the world.
At the same time, gold is bought as ornaments to enhance the beauty of a bride, and it is indeed a wise decision to invest in gold. The moment you decide to invest in this prized asset, you should keep your eyes and ears open, as gold rate today tends to fluctuate depending on the market condition. The handy nature has increased the demand for gold over the period. Again, the supply is also stable and the flexibility and trust that gold owns cannot be possessed by other metal. Hence, it has been a perfect hedge against inflation since ages. Gold rate in India always creates curiosity among the common masses. Hence, to deal with the uncertainty, here are some startling facts about gold rate that you might not be aware of!
Today 22 & 24 Carat Gold Price Chart.
22 & 24 Carat Gold Rate in India for Last 10 Days.
Comparison of 22 K & 24 K Gold Rates in India.
Historical Price of Gold Rate.
The Glittering Gold of India.
India's Inclination towards Gold.
India has a long standing affinity to gold. It is the metal of the gods, and gods of the metals! It is the indication of the long lasting and evergreen heritage of this traditional country. Anything made of gold is regarded infinitely precious and commands respect.
The heavier the gold, the more prestigious a post you automatically escalate to. Most of the women in India prefer gold to diamonds, and the gold market in India is always loaded with fresh and vivid designs.
Buying Gold in India.
Buying gold in India is pretty easy in the sense you can genuine gold jewellery shops almost everywhere. From large franchise to smaller shops, gold is everywhere here. You get the standard 22 carats gold, the intermediate 23 carats gold as well as the pure 24 carats gold in this golden country.
What Do You Buy?
This is entirely your choice. Gold rings, earrings and necklaces, there is plethora of options available. From heavy and gorgeous ones to light and simple ones, you can buy anything made of gold, if you budget allows you to do so.
Common Factors that Determine Gold Prices in India.
For ages, the Indian population has had a fascination for gold. It is the most cherished metal, and it is flaunted in the form of jewellery at every occasion. The gold rate today in India is not standard. The gold price fluctuates based on the markets.
There are several factors that influence the gold price today in India. The top most reason is the geo-political distress in and around the country. When the Presidential elections were held in the United States, gold rates initially rallied sharply and then fell again. It was because the investors became aware of the fact that equity shares were performing better. Later on, it became crystal clear that the newly elected President's policies might be volatile, due to that, gold prices hiked again.
There are several factors that might continue to keep gold rates volatile this year.
Also, the performance of a currency is also a big determinant of the price of gold today. In this regard, the most important currency is the USD. If the USD climbs up, gold rates are likely to move down worldwide. A lot is at stake due to Indian currency as well. It specifically relates to gold rates in India. You should keep a tab on gold rates in India. Domestically, when rupee is stronger, gold prices are lower.
Global Changes in Gold Prices.
The price of gold in India is predominantly dependent on the global prices of the metal. Most of the gold in the Indian markets in imported. When there is a change in the global rate of gold, the import values are altered accordingly. The market price of gold in India is a direct reflection of the import prices.
The Gold Reserve Measure.
Almost all nations have their central banks. These governing banks of major countries hold back the metal along with currencies for future use. The Reserve Bank does this too. When these banks all over the world acquire more gold for reservation, it leads to a rise in the rate of gold.
An Overall Demand.
There are specific reasons for a rise in consumer demand for gold. In India, it is the wedding season or festivities. When the demand is more, there is an imbalance in the demand-supply ratio. This leads to a rise in the gold prices.
Apart from the above-mentioned reasons several other determinants influence the gold rate in India. At any given point of time, the current gold rate will also depend on the interest rates of certain financial services and products. No matter the price, the yellow metal has remained precious over the years and will continue that way irrespective of the oscillating prices.
How is Hallmarked Today Gold Rate Determined in India?
There isn’t any difference between hallmarked gold rate today and normal gold rate. Any gold seller doesn’t charge extra money if you buy hallmarked gold. The rate at which the hallmarked gold and the normal gold are sold is the same. The sole and most important difference is that you are ensured of purity when you buy hallmarked gold.
The important thing to keep in mind is that hallmarked gold price in India does not differ when it comes to the pricing. The difference lies in the quality of the metal used. When you buy gold, buy good quality gold. It is good to buy the hallmarked gold as it ensures the quality. Many investors have raised their opinions on the less number of hallmarking centres available in our country. This is an important issue that needs to be addressed by our government so that number of hallmarking centres can be increased. This will be of great help to the consumers across India.
How is the Per-Gram Today Gold Price in India Arrived at?
Price of gold in India is determined by the following factors:
Currency - When the rupee slips against the dollar, India gold rate rises up.
International factors - These factors include slowdown of the global economic development, volatile policies, dollar becoming stronger against different currencies etc.
Global demand for gold - Global demand for gold plays a crucial role in determining the price of gold in India. In case the demand is robust, the prices would rise and vice-versa.
Interest rates - The rate of interest is a crucial factor that affects the gold rates in India. When the rate of interest in countries such as America increases, current gold rate in India falls and when it falls, the gold rates increase.
Government policies - There are times when the government discourages the purchase of gold. For instance- when the gold prices are high, the government discourages any investments in gold. It is done in order to make sure that there isn’t any problem with the deficit.
Prices - High gold rates discourage the consumption in our country. Off late, the price of gold in India has increased.
How is 22-Karat Gold Price in India Determined and Who Imports it?
Now, India doesn’t mine gold. Places such as Kolar in Karnataka once used to be gold mines and now are closed. India imports approximately all of its required gold requirements. The imported gold rate is used to determine the 22-karat gold rate in India. Gold importers, such as government banks, private banks, and many private companies etc. fix the wholesale gold prices in India.
When gold is imported in India, the importers add import duties, VAT etc., and then they sell it to the wholesalers, who retail it to the retailers across India. The price of gold is decided by the bullion association. Gold prices don’t change often during the day.
Impacts of QE on Gold Price Today in India.
Quantitative easing is widely known as QE. It is another component that impacts gold rates in India. In quantitative easing, there is money supply in the economy for enhancing the consumption. Global central banks buy securities which lead to the extra money supply in the economy. This extra money supply finds a way into global gold investments, which pushes the prices of the metal higher.
An increase in the QE affects the gold rate today in India, which affects all the form of gold inclusive of the popular 916 gold rates in India. Off late, QE happening around the world is not that much. The US is done with its QE phase and there is some kind of easing happening in the countries such as Japan along with the Europe through the various central banks.
At present, it seems very unlikely there will be QE in that country. When the world economy will face any liquidity issues, gold rates could fall in the trade. Along with QE, there are some other components that lead to gold rallying. The withdrawal of QE will bring a fall in the gold prices. The US is now winding down its QE; there could be chances that gold rates in India could be impacted.
Demand for Gold in India Goes Up 15% in 2017.
The demand for gold in India has increased by 15% in the initial quarter of the financial year to 123.5 tonnes, leaving a sign of hope for positive return. If we compared with the last year, the total gold demand stood for 107.3 tonnes, owing to the jewellers' strike over excise duty introduction. As per World Gold Council estimation, gold demand increased by 18% in the first quarter to Rs. 32, 420 crore, which was just Rs 27,540 crore in Q1 2016. Here’s a sneak peek on how the demand changes over time:
16% rise at 92.3 tonnes.
Value of jewellery demand.
24, 220 crore with 18% hike.
Value term gold investment demand.
8,200 crore, 16% hike.
Went up by 3% to 14.5 tonnes.
Imports during January-March 2017.
Rose by 112% to 270.1 tonnes.
Why is Gold a Good Option to Invest in India?
If you are keen to invest in gold, you’ll get a plethora of investment options in India. But before investing in gold, you need to be clear about certain things such as why you are investing, the tax liability, the other investment options and everything that you aspire to know about gold. Gold trading has picked the pace within a short span of time by offering favourite investment avenues in India. Though Indian gold market witnessed a stagger in the initial phase of this year regarding Indian Gold Rate, the stalwarts say this is a transitory phase that will pass by soon.
Here are various gold options you can avail in India to invest for good returns:
Jewellery : Buying jewellery every now and then is just like a tradition. In India, some rituals urge to wear or buy jewellery. This way you can invest in gold and can keep it for future use. However, one disadvantage associated with this is that the making charge is included in the buying cost and at the time of selling it, you might get the lesser amount or have to compromise on the making charge if you sell it to the same jeweller from whom you bought it. Because there is no guarantee that the gold price today will remain the same the very next day.
Gold Coin & Bars: Investing in gold coins and bars is trending these days. But be careful while buying. You should only prefer buying it from jewellers or authorised banks. The only difference is that banks sell gold coins and bar but they cannot buy it again. Jewellers, on the other hand, sell the gold and can buy it back from you as well.
Gold ETF: ETF stands for Gold Exchanged Traded Fund, a type of mutual fund which invests in gold and its units are being listed on the stock exchange. If you are seeking to invest in ETF in India, you need to purchase it from the stock exchange by simply opening a demat and trading account. The brokerage fee will be borne by you at the applicable ROI. Further, you need to pay the fund management charge as per the stock exchange norms.
Gold Mutual Fund: Gold Mutual Funds invest in gold ETFs on your behalf. You can invest here just like you invest in other mutual fund schemes. Also, SIP investment is probable in gold mutual funds. But keep this mind:
You’ll have to pay annual management charges for Gold ETF Annual management charges to be paid for FOD Scheme.
Investing in Sovereign Gold Bond Scheme.
If you want to invest in physical gold, you should go by the current gold price. Switch to Sovereign Gold Bonds as they are a much better option. Buying SGB eliminates various risks such as theft, fraud etc. which is why you should consider purchasing gold bonds from top-listed commercial banks. These bonds offer you a nominal interest rate of 2.75% and can be redeemed at the rate specified by the Reserve Bank of India.
SGB can be purchased from the Stock Holding Corporation as well as post offices. There are investors who don’t wish to invest in the bonds since the interest earned comes under tax scrutiny. However, you can enjoy 2 benefits from SGB. First, you get capital appreciation; second, you get regular interest. Hence, investors get to enjoy dual benefits. However, the liquidity of SGB is often questioned and is considered to be very poor. Currently, the NSE-listed bonds are priced at Rs. 28,200 per 10 gms.
SGB is a hit because of its rate of interest, but due to its lock-in period, SGB is disliked by investors.
Store your Gold Safely in India.
The best way to store your gold is to stash it safely in a bank locker. Rent a bank locker and keep your gold guarded. But bank-lockers have their own pros and cons. They’re a bit expensive, but they are the safest option. Yet, every time you need to access your gold, you will have to visit the bank. And on bank holidays and Sundays, you cannot access your bank locker. While it is the safest option, there is no guarantee against fire or theft.
To sort this problem, it is recommended to buy gold in its electronic form. Electronic gold is safe against fire or theft. It is ideal for investors looking for long-term savings in gold.
The best thing about buying e-gold is that it helps you in keeping a tab on India gold price. As gold prices in India haven’t been at their best, keeping a watch on the gold rates is the best way to track gold prices.
Physical Gold vs. Gold ETFs vs. Sovereign Gold Bonds.
Physical gold, gold ETFs, Sovereign Gold Bonds are the various options for investment in gold. These three gold instruments track the rate of this metal.
One might have to face storage-related issues.
Electronic gold, hence, requires no storage space. Não se preocupe.
Again with Sovereign Gold Bonds, there are no such worries.
No interest can be enjoyed. That’s why a lot of investors consider gold as non-yielding bullion.
No interest rate. But, the return varies over financial firms that offer gold ETFs.
Going for a gold bond ensures that some interest will be enjoyed. That rate of interest is stipulated by the Reserve Bank of India.
Needs a safe storage space.
As an electronic form of gold, safety is assured.
Buying sovereign gold bonds means you need not worry about theft or destruction. It is a win-win deal.
The Gold Import: India.
If you are traveling to India from abroad and gold is one thing you’d like to bring with you, then you need to know how gold is imported to India. Here is the criterion for duty-free import of gold:
For Male Passengers - Male passengers can’t carry gold worth more than Rs. 50 thousand. For Female Passengers - Female passengers can’t carry gold worth more than Rs. 1 Lakh.
You can ask your kids to carry the yellow metal if they are eligible as per the import allowance, but only if they have stayed abroad for at least a year.
People coming to India from overseas have a few import-related questions in their mind. The prices are based on the rates defined by the government for gold import.
Indian government discourages import of gold in India. It’s because the gold purchased in dollars drains the Forex reserves of India. The Indian government has come up with Sovereign Gold Scheme in order to make sure the demand for physical gold is reduced. Because it might not be feasible to continue doing the same, the government has come up with various alternatives to serve this purpose.
22 Karat and 24 Karat Gold: Know the Difference.
The purity of Gold is measured through a unit called ‘Karat’. There is a belief that higher the karat, purer the gold is. You will get a variety of gold options such as 22 karat, 24 karat, 18 karat. You should be prudent before making any investment especially in case of 22 and 24 karat gold and their difference.
It has no trace of other metal.
Marketable in jewellery or decorative form.
Known as 99.95 pure gold.
Not 100% pure gold, up to 92% is pure gold and remaining part is preservative metals such as zinc, silver or other metals.
Slightly expensive than the other.
It is cheaper than 24 karat gold with less weight.
It offers guaranteed resell globally due to liquidity of gold and extreme demand.
The colour of gold is changeable by mixing other metals like alloy.
Gold colour is pure yellow and untainted.
It cannot be used directly in making ornaments or jewellery.
Though it is best for jewellery making but not recommended for diamond or gemstone studded jewellery.
Not bendable in its original and pure form.
It can be easily shaped into jewellery.
Despite the differences, they both are considered as the pure form of gold due to the percentage they offer. However, if you are in quest of investing in gold bars, 24-karat gold makes more sense owing to its robust and resell benefit.
Factors Influencing Gold Price in India.
Gold price is not steady. Today gold rate may vary from yesterday owing to a few factors that have an extensive influence on rise or decrease of gold rate in India. Let’s look at a few of them. Aqui vamos nós:
Influence of Inflation Rate.
Due to its steady nature, the investors prefer to use gold over currency. It results in an increase of the demand for gold when inflation is high. The price of gold also tends to shoot up with the increasing demand for gold among the investors and customers.
The global movement may affect the today gold price in India. India being the largest importer, gold is being imported today from each part of the world. Hence, when import rates change owing to a global movement, some it holds a significant impact on gold price in India. Since any political disturbance may influence the value of currency or financial products, gold is considered as a safe sanctuary by the investors. It is often noticed that an interest for purchasing gold increases during a political crisis than a normal time. This situation is called as ‘Crisis Commodity’ as customers tend to buy more gold, trailing the confidence in the government and the market.
Government Gold Reserves.
Central banks, in most cases, have the right for gold reservation. Reserve Bank of India is one such institution which can hold a gold reserve. When central banks do so or procuring gold in excess, the today gold rate goes up. It is due to the rise in the flow of cash in the market but the supply goes down.
Jewellery has always been placed in a special category in India, mostly among the women. And when it comes in the form of gold, it is icing on the cake. Be it a wedding, festivals, birthdays, wearing gold jewellery is kind of a fashion here that has been followed since ages. There are festivals when the gold price goes up like Diwali due to the increasing demand for gold, and when demand and supply are unable to balance each other out, it results in rising gold rates. Again the demand doesn’t end here. Even in electronic items like TV, computers, GPS etc. it has been used in small quantity. In India, gold is a medium of showing off your status, as a gifting element, which by any means increase its demand day by day.
Interest rate trends.
Interests rates imposed on financial products and services also affect the gold rate. If interest rate increases, customers seek to sell gold to obtain cash and on the other hand, a rise in the supply of gold leads to the reduced price of gold and vice-versa.
GST Imposed on 24 Karat Gold.
Gold rates have slightly gone up as 3% of Goods and Services Tax (GST) is being imposed on gold jewellery. Before GST, gold jewellers used to pay 1.5 excise duty, 1.2% VAT and 10% as customs duty on the gold purchase, which comes around 12.43% tax. After 3% GST came into practice, the jewellers are now paying 10% for import duty, 18% tax for making charges, which was zero before GST. And this effectively comes to 15.67%. However, with the constant protest of Indian Jewellery Council, the government later fixed the tax on making charges at 5%. The buyers now also have to pay an extra 3.24% tax as per GST rule while buying Gold jewellery.
How Gold Prices Move in India and Globally?
There are a few components, which play a crucial role in affecting the India gold rate in a positive or negative way. Here are the 5 reasons why gold rate today is different as compared to 10 years ago.
Demand/Supply - Demand is a sole reason why the rate of any good including gold changes every day on a regular basis. When the supply of gold is constant and its demand increases during the festive/marriage season, the gold price increases.
Global Production - On an average, the global gold production is approx. 2,500 tonnes during any given year as compared to the total gold circulation across the globe which is approx. 165,000 metric tonnes. The applicable gold price is affected by the production cost of the additional gold.
Industrial Uses and Jewellery - The combination of the different features make gold a perfect choice for various industrial usages. As the consumption of these industrial products increases, the demand for gold also increases. In India, 50 percent of the gold demand arises from the jewellery sector. During the festive season, the demand for gold increases that leads price increases.
Central Bank Controls - The gold reserves at the central bank ensure that the deficit financing doesn’t devaluate the currency so that hyperinflation is kept at bay.
Economic Instability - In our world, no economy is self-sufficient and each country depends on another country for some kind of goods or services. In these situations, the key player in the world economy is the US Federal Reserve and each country has its own central bank. When these central banks introduce any measures which are considered as erratic then, many investors go for safer options such as gold instead of paper currency so that they have some tangible security. This leads to increase in the gold rates.
What are the Various Gold Options Available to Buyers?
Physical gold is available in 24 karats, which is considered as the purest form of gold. The 22 karat is the jewellery grade gold and 18 karat is less precious.
Here are the common formats for buying gold.
Jewellery (with/without precious gems/stones) - It comes with purity issues, safe keeping issues along with the manufacturing charges. Gold rate is different from the exchange traded price.
Gold Coins - They can be of historic nature if they are collected from any archaeological digs. The coins minted under the Central Bank guarantee the purity which is available in different denominations from 2 grams-50 grams.
Gold Bars - Minted by RBI at designated mints, these are guaranteed to be pure and these are available through the selected banking institutions only.
Gold Trading as a Commodity in India.
Commodity trading is a new development in our country and gold has become one of the key commodities that is being traded in the commodity exchanges of India. One can go for gold trading through the 3 dedicated commodities exchanges:
Multi Commodity Exchange of India Ltd. National Multi Commodity Exchange of India Ltd. National Commodity and Derivative Exchange.
These three exchanges are present across the country and they offer electronic trading or settlement systems. These exchanges are governed by the Forward Markets Commission.
Gold Futures Contracts on MCX.
MCX India deals in the future trade of gold along with a wide range of different commodities. At present, MCX offers various gold future contracts alternative for the investors looking forward to an investment:
Gold - It has a trading unit of 1 kilogram and the maximum order size is 10 kilograms. The highest permissible open position for a person is higher of 5 metric tonnes for all the gold contracts coupled together or 5 percent of the market wide open position.
Gold mini - It has a trading unit of 100 grams and a maximum order size is 10 kilograms. The maximum permissible open position for a person and for a member dealing collectively with all the clients is same as that for Gold Futures Contracts.
Gold guinea - Every gold guinea contract constitutes of a smaller amount of 8 grams and it is targeted at people with a small capital base. Starting from a low amount, the maximum permissible open position is at metric tonne for all the gold contracts clubbed together or 5 percent of the market wide open position for the individual customers.
Gold petal - It involves only 1 gram of gold per unit as it is designed specifically for the small investors. The maximum permissible open position is same as the above contracts. One can buy up to 20,00,000 Gold Petal Contracts.
Gold global - It’s a contract based on the international price that designed particularly for the requirements of exporters, jewellers, refiners, and larger bullion market participants. It is a new product from MCX which was launched in July 2015.
How to Sell Gold in India?
Before you sell your gold, you need to keep a few pointers in your mind so that you get best of the best deal.
Retain invoice : In order to be eligible to sell your gold to a reputed jeweller and getting the maximum value from your investment, you must keep the original invoice with you.
Get it evaluated : Before you sell your gold, make sure you get its value checked twice or thrice so that nobody can cheat you.
Check the purity of gold: Before you sell your gold, it’s important that you get it hallmarked. In case your jewellery isn’t hallmarked then get its purity checked.
Pick a trusted shop : Make sure that you sell your jewellery to a reputed store so that you get a fair price.
How to Check Purity of Gold.
There are multiple ways to check the purity of gold.
Look for the Hallmark Stamp : Pure gold always carries a stamp. Reputed stores stamp the jewellery with purity scale. To check the purity of your gold, simply place it under the magnifying glass and check for the hallmark stamp.
BIS Standard Mark: BIS is used as a benchmark stamp for the purity of gold. Every legal jewellery item will carry this stamp on it.
If there is Any Discolouration: You can check the purity of your gold by noticing any discolouration or not. If your piece is only gold plated, it will start showing a different metal under it and colour will be faded.
Try with a Magnet: We are aware the fact that gold is non-magnetic. So, if it pulls towards the magnet, it’s not real. However, it never shows 100% result, as sometimes non-magnetic metals are used with pure gold as well. To perform this test you will require a strong magnet that you may find in a hardware store or in regular things such as purse latches, old unused hard drive or children’s toys.
Gold Weight Conversion Table.
Gold rates are determined by international gold rates and ideally, it should be the same across the country. Mas não é o caso. You find a different rate for gold in Mumbai than Chennai or Delhi. There are certain variables that determine gold rates for each state in India. A lista inclui:
Hauling Expense : As an expensive item, the transportation cost of gold is slightly expensive owing to the safety reason. This cost is added to the main selling cost, which may vary from state to state.
Gold Association : Every jeweller belongs to a defined Gold Association which regulates all terms and conditions related to gold. For instance, Mumbai gold price is decided by ‘Mumbai Bullion Association Ltd’. Likewise, in Chennai, all jewellers are the members of ‘Madras Jewellers and Diamonds Merchant’s Association’, which decides gold rates.
Import Duty Imposed by the State Government : Our government plays a vital role in determining the gold price. The govt. of India not only imposes tax rates but also the import duty rates. India doesn’t directly mine gold and imports from different countries, where the import rates, which is based on the deficit, plays an important role in fixing of retail segment rates. If there is a shortage or deficit, the import duty rises correspondingly, and vice-versa.
No, inflation isn’t a major determinant of current gold price in India. There are people who would argue that gold prices rise with inflation, but the truth is, gold rates weaken when inflation gets stronger. For instance, when inflation hikes in the US, the gold rates fall. As the Federal Reserve of US hikes the rate of interest, it leads to a massive trade of gold. Hence, an increase in the rate of interest leads to a rush to sell off gold.
The determining force for the price of gold in India in the previous year was the direction of the rate of interest in the US. However, the inflation in our country isn’t a big determinant of gold rates worldwide. Global inflation is of utmost importance due to various reasons. The first reason is that inflation rise is equivalent to a rise in interest rates. It leads to a hike in rate of interest, and eventually, gold rates are affected.
Presently, the gold import duty is 10%. The government alters the import duty on a regular basis as it needs to handle imports.
Tackling the gold imports and avoiding a strain on the present account deficit is the need of the hour. Any restriction is likely to have an impact on the overall gold consumption of our country. And India is the top-most gold consumer in the world.
The last time the government hiked the gold import duty, some consumer resentment was reported. Though it can’t be said if import duty hike would become a regular norm, it certainly is a possibility.
Whatever the case is, hiking the gold import duties would make India gold price more costly. For obvious reasons, it is a bad news for consumers as well as jewelry sellers. The principle of demand and supply is at work here. When demand falls, these jewelry sellers are the worst affected. If you’re looking to purchase the yellow metal, do it whenever the import-duty decreases. At the moment, it is difficult to predict whether the duty will decrease, since a change in import duties of gold is impacted by a wide range of factors including the rise and fall of gold rate in India. In case the rate is too high, the concerned government department would intervene and cut the import duties to regulate gold rates. On the contrary, if the prices are too low then the concerned government department might hike the duty of the shining metal.
Checking price of gold today is crucial for a simple reason- gold isn’t the commodity it once used to be. As a matter of fact, gold prices today are way too different from the price of gold 10 years ago. Today, even a minor variation in rates can trigger big losses. It’s, therefore, significant to cross-check gold prices before buying. Also, it’s important to compare the yellow metal’s price with different jewelers. The rates in a few cities are formulated by the jewelers’ association so the rate is announced accordingly. Yet, it’s normal to find a price variation between local goldsmiths. Having said that, some highly reputed jewellers might ask for a higher making-charge.
If you are sure that the making charges of a particular jeweler are significantly high, it's recommended to have a look around to get a decent rate. After all, it’s better to compare instead of paying a big amount.
In India, you can purchase gold anytime at your whim. Though, investors best be extra-cautious. Over the past few years, the shining metal didn’t fetch fabulous returns. It’s best to purchase gold only for the purpose of diversification.
Like equities, real estate etc., if any asset class drops, the gold price is likely to rally up. It’s because the yellow metal is regarded as a “safe haven asset”. However, don’t invest your entire capital in gold and minimize the risk by investing in various asset classes. Whatever be the purpose of your purchase, buy gold in a planned and systematic way.
It’s worth putting money in gold schemes of various jewelers simply because it is easier, systematic and well-planned. Individuals resort to this option when they have to accumulate gold for a special occasion like marriage.
Earlier, city jewelers formulated a plan where you had to pay 10 installments while the jeweler paid one and in the end, you could purchase gold jewelry worth the aggregate of these 11 installments. But, city jewelers have altered their schemes because the interest rate is falling these days. These gold schemes aren’t as beneficial as they once were. Yet, for the purpose of gold accumulation for important occasions, it is still a perfect fit.
Some jewelers offer discounts on gold making charges, but only if you invest in their gold schemes.
Carat and Karat both are used to measure, but yes, they are completely different things. Carat is used to measure Diamonds while Karat measures the purity of Gold. One carat is equivalent to 200 milligrams and same as 0.2 grams.
While Karat signifies the purity of gold, you’ll find various jewellery forms referred to as 24-karat, 22-karat, 14-karat or 18-karat gold. It is believed that higher the karat, higher the chances of pure gold.
All 18k, 24k and 22k gold signify the purity of gold. 18Kgold is 75% pure gold and 25% is alloyed with other metals like silver or copper. 18k gold is being used in studded or diamond jewellery. It is less expensive than 22k or 24k gold.
22K gold is mostly used in jewellery making. It is 91.67% is pure gold and remaining percentage is a combination of metals like nickel, zinc or other alloys. Jewellery made of this gold is durable as the mixture of other metals makes the texture of gold harder.
24K is the purest gold hence it is 100% gold. It is 99.9% pure and doesn’t blend with any other metal. Owing to its purity, this gold is expensive than the rest. However, it is lower in density.
We guess below points are enough to justify its value:
Its natural beauty and colour attract most of the people It is easier to make jewellery or ornaments out of it It is non-allergic. If you have a gold piece touching your body all the time like a gold chain or earring- there will be no reaction, unlike other metals. Even wearing gold has its own health benefits. In the ancient times, it was considered as rare metal and so precious. It is less affected by climate. You may notice many temples in India, the rooftops are made with gold like Gurudwara Bangla Sahib in Delhi, Famous Shiva Temple in Sivasagar dist. of Assam and so on. In ancient times, making coins out of gold was easier. Gradually people started using other metals and found gold more reliable and valuable than the rest. Gold is a dense, shiny, ductile and malleable metal. Q. How much is one Tola Gold?
Tola is an ancient Indian unit to weight gold. 1 tola stands for 11.66 grams.
India has very small gold reserves and it is dependent totally on the commodities market across the globe to meet the demand for gold. The country’s central bank is responsible for the gold import and dividing it among the distributors so that it could be supplied to a large number of retailers or jewellery shops.
Gold will retain its value in the future as it is the ultimate form of money. Irrespective of innumerable social, economic as well as political changes, individuals have valued gold since the civilization began.
The value of gold hasn’t been zero and it hasn’t defrauded any investor ever. Human civilization acknowledges the value of gold since history has proven that it has zero risks.
Gold bullion, gold in the form of bars and coins can be purchased by any investor in India at jewellery shops and selected banks. For 24 karat gold bars, the denomination varies from 5 grams to 100 grams and these come with a purity certificate.
The high investment volume and limited availability make the gold bars the most preferred choice for the investors. Although, gold bars aren’t accepted by NBFCs and banks as gold loan’s security.
Gold Coins - These are more accessible and more common for the public. The purchase denomination varies from 2 grams to 50 grams for 24 karat gold coins. The traditional purchasing point for gold coins is jewellery shops and banks. Off late, people are buying gold coins online in India.
Online portals like Snapdeal, FINCO India, and PN Gadgil, offer 24 karat BIS hallmark gold coins for online purchase. Various Indian banks offer gold loan using 24 karat gold coins up to 50 grams as collateral.
Contracts- These alternatives give people a delayed access to the bullion. Spot contracts as well as future contracts are available from MCX, Bullion India, NCEDX, and RSBL. The spot contracts are subjected to the market risks and they’re delivered on an immediate basis. The future contracts come with the protection against various market risks but it comes with a delay in deliveries.
An ounce is known as a troy ounce. It is a royal measure of gold which is equivalent to 31.1035 gms of gold. Since the gold rates change on a daily basis and it varies from one place to the other, the rate of an ounce of gold varies accordingly.
For instance, if the gold price for today is Rupees 3,000 per gram, then, an ounce of gold will be worth Rupees 3,000 multiplied by 31.1035 which is Rs. 93,310.50. Although an ounce of gold’s worth can be slightly different, it will be dependent on the changes in the price of gold.
Latest Gold News.
Gold ETFs Witness Rs 679-crore Outflow in Just 10 Months.
Due to unsatisfactory performance of Gold Exchange Traded Funds (ETFs), the investors pulled out Rs. 110 in the month of January, which has further increased the total estimated outflow to Rs 679 crore in the fiscal year 2017-18. As per the latest update from the Association of Mutual Funds in India, this outflow indicates 15% decrease in assets under management (AUM) of gold funds, which plunged to Rs 4,906 crore. In the same period last year, this figure stood at Rs 5,670 crore.
Trading in ETFs has been tepid in the past few years. It had witnessed a heavy liquidation of Rs. 775 crores in 2016-17 Rs. 903 crores in 2015-16, Rs. 1475 crore in 2014-15 and Rs. 2293 crore in 2013-14.
On the contrary, Equity and Equity-Linked Savings Scheme (ELSS) witnessed an inflow of around Rs. 1.5 lakh crore within the first ten months of the financial year 2017-18. In fact, ELSS attracted an investment of around Rs 15,000 crore in the last month alone.
Except for few months, India has witnessed only a negative flow in gold ETFs. This nose-dive started in February 2013. Unsurprisingly, the inflows have also dwindled from several hundred crores in 2012 to single-digit crores or nil in some months. As mentioned by Vidya Bala, the head of mutual fund research at Fundsindia, the 3-year annualised returns of domestic gold is less than 3%, which is lower than even the interest rate on savings accounts of many Indian banks.
India Gold Import in January Dropped to the Lowest in 17 Months.
Gold import in India, in January, dropped to its lowest in past 17 months, as consumers either dropped or postponed their plans to purchase gold in expectations of low price due to cut in the import duty, data received from banks and the consultancy GFMS, as per the dealers nationwide.
Although India is the second-biggest gold consumers in India, this reduction in the gold purchase across the nation could affect the gold prices worldwide, which have seen a 7 percent increase in the past 8 weeks.
The trade deficit of India is also expected to lower down due to reduced gold imports, which reached its peak in December in over three years.
As per a GFMS report, in January, gold imports in India were 30 tonnes, as it dropped 37 percent from 47.9 tonnes the same time, last year. Also, the industry was expecting a duty cut in the budget announcement, which prompted gold traders to provide the maximum discount over domestic gold prices in 4 months.
The import duty, however, remained unchanged in the Union Budget announced on February 1, 2018.
Gold Sales in Rural Areas Expected to Rise post Budget Announcement.
After the Finance Minister, Mr. Arun Jaitley, announced the revival of certain measures in rural areas nationwide to increase farmers’ income, the Gold prices across these areas are set to go up as expected by jewelers and traders.
The government of India took a huge move to come forward with an all-inclusive gold policy so as to build gold as an asset class and both jewelers and gold traders welcomed it. With this move, the government intends to make India a go-for-gold destination.
Amongst the biggest jewelry and bullion markets, situated in Mumbai’s Zaveri Bazaar, the Mood was positive after the budget announcement. Dealers and jewelers took a sigh of relief, as Jaitley didn’t tweak the 3 percent GST imposed on gold as was firmly expected.
The budget also removed the premium on gold, making it open at $2 discount per troy ounce.
Gold Price Marginally Lower in India.
Gold rates in India, recently, saw a price surge with a minor rally seen by the gold price in the global market. This price surge was registered in both 22 Karat gold and 24 Karat gold, as the investment in gold continued to be in a sustained trend. We are likely to see a sustained uptrend in the next a few days.
Since investors continued to show their best interest in the yellow metal, spot gold trading prices stood at $1245 per ounce in the global marketplaces. Investors are proactively showing their interest in bitcoins and equities, and the gold price is unlikely to go downside in the recent days.
The movement of the dollar is quite relevant and the same has been quite week in the last a few days. This could lead to significant drop in the gold price in India – roughly around Rs. 27,000. Gold price in cities like Chennai and Bengaluru is much lower in comparison to the rest of India.
Now, both 22 Karat gold and 24 Karat gold have moved in tandem, in the same direction. Some recent reports by experts and analysts state that there has been increased demand for gold biscuits and gold coins in India.
Indian Bullion Refiners to have Gold Sourcing Standards soon.
India is planning on implementing sourcing standard for gold refiners across the country after the new guidelines passed by the Organization for Economic Cooperation and Development (abbreviated as OECD).
The norms for unrefined gold, in the first phase, will stipulate that it’s not imported from gold mines that employ children at the lower level, do fund terrorist activities, or support activities against the nation.
In its first meeting, the working committee decided that the regulatory model will be in line with the LBMA (London Bullion Market Association) and operate under the supervision of the government. Post implementation of these guidelines, Indian gold refiners will be recognized in the International market and efficiently meet the expectations of overseas clients, banks and customers altogether.
Since India holds the largest share of gold in the world (in the region of 25k tonnes), there should be a separate norm because gold sold in India is quite old. Indian bullion refineries have been given time until May 2018 to register themselves with the Bureau of Indian Standards.
Gold Demand in Gujarat Remains Subdued this Wedding Season.
The consumption of gold in Gujarat, this wedding season, is recorded to be slow due to the impacts of GST and restricted cash flow ensuring assembly election. Gold traders and jewelers across the city are also not expecting a rise in the demand for the yellow metal.
The secretary of Bullion Federation, based out of Ahmedabad said that the flow of money is being watched closely by the administration. The government is also scanning cash transactions of over Rs. 50,000 and asking for invoices right on the spot. This consequently has slowed down the flow of money across Gujarat. The assembly election is scheduled to take place on 9th and 14th of December.
Not all but some jewelers in the city are offering the doorstep delivery of jewelry to their customers, aiming at eliminating the odds of any problem customers might have to face.
In the fourth quarter of 2016, the demand for gold grew 3 percent to 244 tonnes particularly affected by the prices softening. Gold demand in the fourth quarter of 2017 is expected to be equivalent to that in that last year, particularly in the wedding season, which, however, is certainly better than that during the period of Dhanteras and Diwali.
The 3 percent rise in GST will certainly affect gold demand going forward, as consumers and traders are not yet prepared.
Sovereign Gold Bond Price Fixed at Rs. 2961 per gram.
The government of India, on Monday, fixed the per gram price of the brand new series of SGBs (Sovereign Gold Bonds) at Rs. 2,961. Government and the Reserve Bank of India have collectively decided to provide Rs. 50 per gram discount to investors who apply online and make payment digitally.
Arun Jaitley, Finance Minister of India, states that the coming subscription starts on November 13, 2017 and lasts until November 15, 2017 at a fixed price of Rs. 2,961 per gram. The settlement date will be November 20, 2017.
Being a part of the SGB Calendar, announced till December, this round is spread across 12 weeks.
The subscription is open between October 9 and December 27, Monday to Wednesday every week and the settlement can be made on the very first working day of the next week.
The first tranche as per the schedule closed a month ago, i.e. on October 11.
Gold Demand Expected to Increase in India this Wedding Season.
The demand for gold in India is expected to see a surge, as the peak wedding season is coming and jewelers across the country are pretty excited to bag a high premium. Recently, gold price in India and China was lackluster while in Singapore, the lure of this precious metal remained quite stable.
India is the second-largest consumer of gold and the ornaments made out of this yellow metal are an essential part of Indian weddings. Jewelers in India charged a premium of $3 per ounce over the official domestic prices, remained unchanged since last week, which includes10 percent import tax.
A Mumbai-based jeweler said that the wedding season has just started in the country. The wedding dates in the next few weeks will boost demand for gold.
As per a dealer with a private sector bank, there has been a fall in gold import by export houses nationwide in the last few weeks. This is why the market is in premium in spite of moderate demand.
For jewelry exporters in India, gold export norms have been tightened, restricting them to export this precious metal while keeping aside its sale it in the domestic market.
Gold Price Dips as Dollar Regains After U.S Senate approves Budget Plan 2018.
Gold prices fell on Friday due to the dollar price rose after the U.S Senate gave a green signal to the budget plan for the financial year 2018. This move will ease the way for Republicans to follow a tax-cut package without asking for Democratic support.
Gold price had declined by 0.4% cent to $1,284.06 an ounce by 0700 GMT. It declined 1.6% for the week. The December delivery for US gold futures went down at $1,285.50 per ounce, which is a 0.3% shortfall.
The vote on the budget measure was passed on Thursday by 51 to 49 by the Reupblican-dominated Senate. This will add up to $1.5 trillion to the federal shortfall to pay for the proposed tax cut over the next decade. INTL FCStone analyst Edward Meir predicts that owing to Senate vote, the dollar is up, which in the near future will pave the way for a bill of tax reforms.
The American Central Bank i.e. U.S. Federal Reserve is anticipated to raise its benchmark rate of interest in December for the third time. Higher rates will increase the dollar’s value which in turn will affect the paper-currency dominated gold.
As per sources , US President Trump was in favour of Fed Governor Jerome Powell, as Fed chair had considered on the dollar and supported gold rices. In his recently concluded interviews with the five candidates for the fed chair, he indicated a decision will be announced as early as next week.
While OCBC analyst Barnabas Gan observed that the gold market has been moderately quiet lately.This indicates nothing but that geopolitical risks and changes may influence and boost demand for precious assets such as gold and Japanese Yen.
On the other hand, European Central Bank is all set to start pruning its monthly asset purchases from 60 billion euros to 40 billion by January.
However, all three precious metals saw weekly decline as Silver slipped 0.2 per cent to $17.17 an ounce, while Platinum saw a marginal rise of 0.1 per cent to $922.50 an ounce and palladium rose to 0.5 per cent at $963.25 an ounce.
Gold Imports in India Rise 31% in September, says GFMS.
The gold imports in India rose by 31 percent as compared to that last year, as jewelers across the country have hiked their purchases looking ahead at the festival in the month of October.
Being the second largest nation across the worldwide, India is supposed to lend support to global prices that trading close to the highest level, which could eventually lead to the wide trade deficit of the country. As per Sudheesh Nambiath, Senior Analyst at GFMS, the gold imports in India in the month of September were 48 tonnes.
Since gold purchase comes under PMLA (Prevention of Money Laundering Act) began in August, the September figure is reported to be lower as compared to the average monthly purchases of 75 tonnes in 2017. A Mumbai dealer said that the demand was weak in Dussehra because of the PMLA.
The customers had to provide their PAN detail or tax code for purchase transaction(s) of over Rs. 50, 000 and jewelers were required to keep that record for PMLA, which led to buyers’ hesitant and subsequent less sale of gold.
Generally, gold demand rises in the final quarter due to the festivals like Diwali and Dussehra as well as due to the wedding season.
Gold Sales Expected to Skyrocket on Dhanteras as Government Eases the KYC Norms.
Those planning to invest in gold on the auspicious occasion of Dhanteras are certainly in for a treat. In a recent move, the government of India eased the KYC norms for buying Gold in India, revealed various sources on the Internet.
According to sources, the government has decided to revoke its orders mandating jewellery dealers to collect PAN and Aadhaar cards details of the buyers purchasing Gold, silver and other jewelleries for more than INR 50,000. This decision was taken in the GST Council meeting held on the 6th of October 2017.
India is one of the world's largest gold consumers and records consumption of around 900-1,000 tonne Gold each year. And a major portion of the import is consumed during Diwali and Dhanteras.
Dhanteras is observed as one of the most auspicious days for purchasing silver gold, jewelleries or other valuables and is celebrated with much aplomb across a large part of the country.
In the wake of these changes, Gold sales are expected to experience an upswing this Diwali. Industry experts are hopeful of a 15% increase in Gold sales as against same period last year. The improvement in Gold sales will definitely be a big relief for Gold sellers who were experiencing consistent losses due to fewer consumers and a steady downfall in Gold rates.
Last Diwali, gold sales witnessed a steep rise of almost 25% owing to the high demand and fairly low Gold rates, reveal online sources.
Gold Might Soon be Excluded from Trade Agreements.
As per recent reports, India’s gold imports have almost tripled to $15.24 billion or Rs. 97,665 crore during April-August, as compared to $5.08 billion during the same period last year. Such a surge in gold import has caused alarm in the government, as this spike has worsened the country’s current account deficit.
Government understands that provisions of trade agreements are being abused to import gold at a very low or even zero duty and hence is planning to exclude the precious yellow metal from such trade agreements in future.
The matter has been discussed between the ministries of finance and commerce to negotiate trade agreements, the government official said. As per current rulebook, 10% basic customs duty is charged on gold imports from the countries with which India doesn’t have any trade agreement.
For a period of April-August 2017, the current trade deficit of India is pegged at $63.1bn, which is compared to the $34.3bn for the same period of the last year. Undoubtedly, GST implementation affected the gold imports to go high, leaving the government worried.
Dollar Recovery Shoves Gold Down from One-year High.
The gold rate cut down on Monday, after reaching its zenith in over a year, in the last session, as a result of the fast recovery of dollar rates in last week.
It was reported that the gold rate was down 0.7% at 1,337 USD, an ounce by 0053 GMT. It ascended to 1,357.54 on September 8, 2017. It is the highest gold rate since August last year.
Mark To, research head, Hong Kong's Wing Fung Financial Group, said that the major determinates of gold rate last week were the ongoing geopolitical tension. However, no crisis triggering event was noticed and there were fewer chances for the rise in gold prices.
The US dollar, on Monday, won an official pardon from risk aversion, after North Korean dictator Kim Jong Un made a decision to have a party that weekend rather launching another missile. In his recent speech, Mark To said that he has planner to go long on the dollar for a week or more but not for too long. The reason he mentioned was the major determinates, whereas the tensions related to geopolitical tensions are there. He also mentioned that slowing of the hike in interest rate and other reduction measures are going to be with them as well.
Gold Rate in India Slips Due to Dollar Bounces Back.
Gold price in India has a significant impact on the gold market and it tends to fluctuate rapidly. As per the recent report, gold rate in India is set to witness a fall owing to a firm Dollar. As Dollar increased after a positive US economic data, it has contributed to a fall in gold price in India by 0.4% and traded around 1,302 USD per ounce. As we already know, the foreign markets have a momentous influence on Indian gold price and since August last year, dollar went up by 0.3Y to 111.615, which was the strongest.
The recent meet between USA, North Korea and Central Bank on gold ended on a negative note. However, despite this negative sign, gold rate this month is quite at a higher side. The latest gold price indicates that this time gold prices are trading at 29,000 and this is an elevated rate as compared to the regular gold rate in India.
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