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ComMin wants 3-year I-T waiver for labour-intensive exports
In an attempt to support exporters hit by the ongoing global economic crisis, the commerce ministry has proposed to its finance counterpart to exempt income tax for a period of three years for certain labour-intensive sectors like handicrafts, leather and textiles.

Expansion plans have no effect on Bata India stock
Bata India closed the day virtually unchanged at Rs 179. The stock had opened at Rs 181 and touched a high of Rs 185 and a low of Rs 177 during the day. A total of 215,995 shares were traded on the BSE as against the 2-week average of 114,555 shares.

News of the day

Rs 150-cr products destroyed in IOC fire
Blaze still on, investigation ordered
Online Business

Usage of IPO proceeds not monitored by Sebi: Govt

The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework. - PowerGrid"s Rs 2,000-cr FPO to hit market by March - India urges SEC not to fine on Satyam - UBI likely to float IPO by early February - Sebi cracks whip on incomplete MF documentation - MF distributors" nod not a must for shifting investments, says Sebi - Corporate entities, HNIs also get ASBA facility "Monitor of usage of issue proceeds is not under the purview of the Securities and Exchange Board of India (Sebi). The Sebi has, however, mandated disclosure about usage of issue proceeds vis-a-vis objectives every quarter," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha. He further said the Sebi regulations do not prohibit usage of IPO proceeds for repayment of previous liabilities. "The Sebi is not contemplating any change in the current regulatory framework regarding usage of issue proceeds," Meena said. He said out of the total of 15 IPOs so far this fiscal, repayment of loans was disclosed as one of the objects in the offer documents of two IPOs.


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