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Friday, October 07, 2011

Sebi To Study STT Impact On Stock Market
Capital market regulator Sebi is reviewing the impact on the stock market turnover from a possible scrapping of securities transaction tax (STT), which is levied on all sale and purchase in the equity market. The regulatory authority is in favour of a complete or phased withdrawal of the levy and it expects any such move to positively impact the market turnover, a senior official said. The Sebi (Securities and Exchange Board of India) is assessing the estimated gains in terms of the overall stock market turnover volumes as also for the savings that investors and traders might realise from the withdrawal of this tax, which is being levied on stock market transactions since October 2004, he added. The regulator would submit the findings of its review to the Finance Ministry at the time of its submissions for the next year’s union budget proposals. The Ministry’s capital markets division is said to be in favour of reviewing the STT framework with a view of either scrapping it altogether or in a phased manner, but a final call is likely to be taken by the revenue department as such a proposal would lead to loss of tax revenues for the government.

Makarand Nene Joins IndianOil As Director

Makarand Nene has been appointed as the Director (Marketing) of oil major Indian Oil Corporation (IOC). He succeeds G.C. Daga, who superannuated in September. Nene has also been appointed Chairman of IOC’s subsidiary – Lanka IOC (LIOC) in Sri Lanka, IOC’s joint venture companies - IndianOil Petronas Pvt. Ltd. (IPPL) and IndianOil Skytanking Ltd. (IOSL) respectively. Prior to his appointment as Director (Marketing), Nene was Executive Director (Supplies) at IOC’s Marketing headquarters in Mumbai.

As head of Operations and S&D, Nene piloted the introduction of Euro-III and Euro-IV green fuels through IOC’s countrywide marketing network, which despite complex logistics was executed ahead of schedule. He was also instrumental in rationalizing the Corporation’s supply & distribution zones, paving the way for IOC to emerge as the least-cost supplier in the industry.

TERI Opens European Head Office In Netherlands

Princess Máxima of The Netherlands has opened the European head office of the Indian research institute TERI (The Energy and Resources Institute) in Utrecht.

In addition to exchanging scientific knowledge in the field of sustainable development and energy, the European head office of TERI would also concentrate on promoting partnerships and activities involving European and Asian businesses and institutions, it said in a statement. TERI’s Director-General R K Pachauri identified opportunities for Utrecht University and TERI working together for promoting the concept of science parks in some states in India.

Sharma Likely To Announce Sops For Exporters Next Week
In what could be a Diwali gift for exporters, the government is expected to announce sops, including interest subsidy, to cushion them from the slowdown in western markets. “There will be some new incentives for some labour intensive sectors like leather,” an official said. Most likely, Commerce and Industry Minister Anand Sharma will announce the incentives on October 13, after the meeting of high-level Board of Trade, which is scheduled on October 11, the official added.

“Incentives could be shuffled among different sectors. Those doing well may have to vacate some sops for the segments which need more support,” the official said. However, the official did not disclose further details.

“In the backdrop of uncertain economic conditions in the US and Europe, we will ask for extending the benefits under Focus Product and Focus Market Scheme to markets like China, Indonesia and Middle East nations,” Federation of Indian Export Organisations (Fieo) President Ramu Deora said. Deora said labour intensive sectors like agri-commodities, carpets, leather and textile need support.

Business Desk with inputs from PTI.

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