Sebi due diligence norms

New Delhi, June 27: Sebi has asked stock brokers, mutual funds and other market entities to update their due diligence on clients on a periodic basis instead of the present practice of doing it as a one-time exercise. Sebi has made it mandatory to “periodically update all documents, data or information of all clients and beneficial owners collected under the CDD (client due diligence) process”.

Kerosene

New Delhi, June 27: The current subsidy of about 60 per cent on kerosene will come down over time as it causes distortions in the economy, chief economic adviser Kaushik Basu said. “Kerosene (price) is fixed but it’s not fixed into eternity. I do believe that by having this controlled price for LPG and kerosene, the distortions will continue,” he said.

Tax pact

New Delhi, June 27: The government has approached 65 countries, including Switzerland and tax haven nations, to revise a tax information exchange treaty with them to include fresh details while sharing bank-related information of individuals and other entities.

M&A deals

New Delhi, June 27: The volume of merger and acquisition (M&A) deals involving Indian firms increased four-fold to touch a record $48.6 billion so far this year, deal tracking firm Dealogic said.

Business costs

New Delhi, June 27: The cost of doing business in India could come down if the dividend distribution tax on foreign shareholders is replaced by a withholding tax, Ficci has said.