Saturday, July 11, 1998
Sebi clears ICSE members' eligibility norms
Sebi has cleared the eligibility norms for members of the proposed Inter Connected Stock Exchange. The exchange has decided to kick-off mock trading sessions on August 16. The actual trading is expected to commence from first week of September.
CBDT allays investor fears on capital-gains tax for paperles scrips
The Central Board of Direct Taxes (CBDT) has clarified doubts on the computation of capital gains tax with respect to dematerialised shares where the first-in-first-out (FIFO) method of calculation is adopted. According to finance ministry sources, the three key clarifications are that the FIFO method will be applied account-wise, it will only be with regard to the demat holding of the investor and the date of the share being dematerialised would be considered and not the day the physical share was acquired when calculating the time of entry of a share into an investor's account.
Sebi directs GS Organics to refund subscription amount
The Securities and Exchange Board of India has directed G S Organics to refund the entire subscription amount collected during its public issue in 1996. The Indore-based company had tapped the market with a public issue of 39.72 lakh shares, priced at par. The issue had opened on September 17, 1996 and closed on September 21.
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