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NSEL Case
NSEL case relates to a payment default at the National Spot Exchange, National Spot Exchange Limited that occurred in 2013 involving Financial Technologies Group, Financial Technologies India Ltd, when a payment default took place after a commodities market regulator, the Forward Markets Commission (FMC), directed NSEL to stop launching contracts. This led to the closure of the Exchange in July 2013. Three spot exchanges, National Spot Exchange, NSEL, NSPOT and National APMC were exempted by the government under Section 27 of Foreign Contribution (Regulation) Act, 2010, FCRA to conduct forward trading in one day contracts. This was done to boost volumes so that their economic viability improved. While Financial Technologies (India) promoted NSEL, it was granted general exemption on June 5, 2007, whereas, NSPOT and National APMC received exemptions under the same provisions on July 23, 2008, and August 11, 2010, respectively. On the flawed recommendations of the FMC, the Ministry ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Spot Exchange
The National Spot Exchange Limited (NSEL) is India, India's first Spot market, spot exchange under the ownership of Ministry of Finance (India), Ministry of Finance, Government of India. It was established in view of the then Prime Minister's vision to create a "single market" across the country for both manufactured and agricultural produce. The Economic Survey of 2002-03 of the Government of India also recommended setting up a national-level, integrated market for agricultural products, as did the Planning Commission. This was followed by the Rangarajan Committee, which too sought a national spot market. It is under the ownership of Ministry of Finance (India), Ministry of Finance, Government of India. The Government of India granted permission to NSEL along with two other spot exchanges to start operations. The Government of India issued a The Gazette of India, Gazette Notification dated 5 June 2007 granted general exemption under Section 27 of the Forward Contracts Regu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Auditor
An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. Users of these entities' financial information, such as investors, government agencies, and the general public, rely on the external auditor to present an unbiased and independent audit report. The manner of appointment, the qualifications, and the format of reporting by an external auditor are defined by statute, which varies according to jurisdiction. External auditors must be members of one of the recognised professional accountancy bodies. External auditors normally address their reports to the shareholders of a corporation. In the United States, certified public accountants are the only authorized non-governmental external auditors who may perform audits and attestations on an entity's financial statements and provide reports on such audits for public r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Exchanges In India
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, and gold. Other definitions of commodity include something useful or valued and an alternative term for an economic good or service avail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sucheta Dalal
Sucheta Dalal (born 1962) is an Indian business journalist and author. She has been a journalist for over two decades and was awarded a Padma Shri for journalism in 2006. She was the Financial Editor for the ''Times of India'' until 1998 when she joined the Indian Express group as a Consulting Editor, leaving in 2008. She is known for exposing the 1992 stock market scam propagated by Harshad Mehta. In 2006, she began to write for ''Moneylife'', a fortnightly magazine on investment started by her husband Debashis Basu. She is now the Managing Editor of ''Moneylife''. In 2010, responding to poor financial literacy in India, she and her husband founded ''Moneylife Foundation'', a not-for-profit organisation based in Mumbai. She is a member of the Investor Education & Protection Fund of the Ministry of Corporate Affairs. In 1992, she was honoured with the Chameli Devi Jain Award for Outstanding Women Mediapersons. Education and career Born in a Jat family, Sucheta did her school ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vineet Saran
Vineet Saran (born 11 May 1957) is a former judge of the Supreme Court of India and the ethics officer and ombudsman in the Board of Control for Cricket in India. He is a former chief justice of the Orissa High Court. He is also a former judge of the Karnataka High Court and Allahabad High Court. Career Vineet Saran was born on 11 May 1957. He was enrolled as an advocate on 28 July 1980. He practiced before the Allahabad High Court in all matters. He was appointed a permanent judge of the Allahabad High Court on 14 February 2002. He was thereafter transferred to the Karnataka High Court on 16 February 2015 and was appointed chief justice of the Orissa High Court on 26 February 2016. He was appointed as a judge of the Supreme Court of India The Supreme Court of India ( IAST: ) is the supreme judicial authority of India and is the highest court of the Republic of India under the constitution. It is the most senior constitutional court, has the final decision in all leg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rohinton Fali Nariman
Rohinton Fali Nariman (born 13 August 1956) is a former Judge of the Supreme Court of India. Before being elevated as a judge, he practised as a senior counsel at the Supreme Court. He was appointed the Solicitor General of India on 23 July 2011.http://www.thehindu.com/news/national/article2287939.ece , Rohinton Nariman appointed Solicitor-General He also served as a member of the Bar Council of India. He was designated as a Senior Counsel by Justice Venkatachaliah (the then Chief Justice of India) in 1993 at the early age of 37. Early life and education Nariman is the son of Fali Sam Nariman, a distinguished Indian jurist. He received his early education in Mumbai, at the Cathedral and John Connon School. He completed his undergraduate B.Com. degree from Shri Ram College of Commerce. He completed his LL.B froCampus Law Centreof the Faculty of Law, University of Delhi, where he ranked 2nd in the batch. He then went to Harvard Law School for his LL.M. degree in 1980–81 where ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Corporate Affairs
The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016. It is responsible mainly for the regulation of Indian enterprises in the industrial and services sector. The ministry is mostly run by civil servants of the ICLS cadre. These officers are elected through the Civil Services Examination conducted by Union Public Service Commission. The highest post, Director General of Corporate Affairs (DGCoA), is fixed at Apex Scale for the ICLS. The current minister is Nirmala Sitaraman. Administration The ministry administers the following acts: * The Companies Act, 2013 * The Companies Act, 1956 * Insolvency And Bankruptcy Code, 2016 * The Competition Act, 2002 * The Monopolies and Restrictive Trade Practices Act, 1969 * The Chartered Accountants Act, 1949 s amended by the Chartered Accountants (A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crore
A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is equal to one hundred thousand, and is written as 1,00,000). It is widely used both in official and other contexts in Afghanistan, Bangladesh, Bhutan, India, Myanmar, Nepal, Pakistan, and Sri Lanka. It is often used in Bangladeshi, Indian, Pakistani, and Sri Lankan English. Money Large amounts of money in Bangladesh, India, Nepal, and Pakistan are often written in terms of ''Koti'' or ''crore''. For example (one hundred and fifty million) is written as "fifteen ''crore'' rupees", "15 crore" or "". In the abbreviated form, usage such as "15 cr" (for "15 ''crore'' rupees") is common. Trillions (in the short scale) of money are often written or spoken of in terms of ''lakh crore''. For example, ''one trillion rupees'' is equivalent to: * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bail
Bail is a set of pre-trial restrictions that are imposed on a suspect to ensure that they will not hamper the judicial process. Bail is the conditional release of a defendant with the promise to appear in court when required. In some countries, especially the United States, bail usually implies a bail bond, a deposit of money or some form of property to the court by the suspect in return for the release from pre-trial detention. If the suspect does not return to court, the bail is forfeited and the suspect may possibly be brought up on charges of the crime of failure to appear. If the suspect returns to make all their required appearances, bail is returned after the trial is concluded. In other countries, such as the United Kingdom, bail is more likely to consist of a set of restrictions that the suspect will have to abide by for a set period of time. Under this usage, bail can be given both before and after charge. For minor crimes, a defendant may be summoned to court witho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Auditor
An internal auditor is an auditor who is appointed by the Board of directors of the company in order to carry out the internal audit function. Generally an employee of the company acts as an internal auditor, whereas some companies appoint an external expert as an internal auditor. Though an internal auditor is appointed by the management or an employee of the company, independence is the prime requisite for the execution of an internal audit. Compromise in independence may distort the objectivity of an internal audit. An internal auditor is responsible to the Board functionally and administratively to the management of the company, and the auditor submits the report to the Board. See also * internal audit Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ... References {{Reflist I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Technologies Group
63 Moons Technologies Limited (stylised as 63 moons technologies), formerly Financial Technologies (India) Limited until 2016, is an Indian company which provides technology ventures, financial platforms and solutions for creating digital markets and marketplaces. It is headquartered in Mumbai, India. It was formed in 1988 and funded by Jignesh Shah. The company offers technology intellectual property to create and trade on financial markets. It had its first IPO in 1995. The company introduced its first commodity derivatives trading platform, the Multi Commodity Exchange (MCX) in 2003. FTIL has divested of its domestic and international ventures. Operations Atom Technologies Atom Technologies Ltd. is one of India's leading payment service providers, offering payment collection facilities over Internet, IVR, Mobile App and Point of Sale using credit, debit, net banking, cash cards and IMPS. FTIL divested a controlling stake to NTT Data Corporation in late 2018. TickerPlant Tic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Motilal Oswal
Motilal Oswal is an Indian businessman. He is the founder, chairman and managing director of Motilal Oswal Financial Services Ltd (MOFSL) which he co-founded with Raamdeo Agrawal Raamdeo Agrawal is an Indian businessman, stock market investor and Chairman of Motilal Oswal Group which he co-founded with Motilal Oswal in 1987. According to Forbes he had a net worth of $1 billion in 2018 but dropped off their list of billio ... in 1987. Early life Oswal was born to a Jain family in a small village of Padru in Barmer, Rajasthan near the international border. His father was a grain trader and a well to do businessman. However instead of joining the family trade, Oswal decided to pursue formal education. He studied at the SPU Jain College in Falna before moving to Mumbai to study CA. In 1987 during his stay at a Mumbai hostel, the Rajasthan Vidyarthi grih Oswal met Raamdeo Agarwal, his friend with whom he later founded his company MOFSL. Career After working with a private ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
