Latest news with #SecuritiesContracts(Regulation)Act
India.com
6 days ago
- Business
- India.com
BSE Complete 150 Years Tomorrow: A Journey From Banyan Tree To Dalal Street
photoDetails english 2928395 Updated:Jul 08, 2025, 11:58 AM IST Iconic journey of BSE 1 / 8 Bombay Stock Exchange (BSE), will complete 150 years tomorrow --9 July 2025. The iconic journey of the BSE that began humbly under a banyan tree in 1855, is now a giant market exchange How BSE Started 2 / 8 In its nascent stage what was not a stock market then, traders would gather under the tree in South Mumbai to buy and sell cotton. This informal trading laid the foundation for what would become Asia's first stock exchange. July 9, 1875 Association Formally Established 3 / 8 As the number of traders grew over time, the Native Share and Stock Brokers' Association was formally established on July 9, 1875, which eventually became the BSE. BSE oldest stock exchange in Asia 4 / 8 What is an interesting detail that, the association happened three years before the Tokyo Stock Exchange was founded, making BSE the oldest stock exchange in Asia. Cotton King of Bombay 5 / 8 One of BSE's key founders was Premchand Roychand, who was popularly known as the "Cotton King of Bombay". Native Share and Stock Brokers' Association Members 6 / 8 According to reports, the Native Share and Stock Brokers' Association initially had 318 members, and the admission fee was just one rupee. BSE's Iconic Building 7 / 8 The land where BSE currently stands was purchased in 1928, and construction of the building began in 1930. After India's Independence, BSE received official recognition in 1957 under the Securities Contracts (Regulation) Act (SCRA). The present BSE building -- known as the Phiroze Jeejeebhoy Towers -- was constructed in 1970. It was named after Phiroze Jamshedji Jeejeebhoy, who served as the chairman of BSE from 1966 to 1980. Sensex launched in 1986 8 / 8 In 1986, BSE launched India's first stock index, the Sensex, with a base of 100. Sensex crossed the 1,000 mark for the first time in 1990, 5,000 in 1999, 20,000 in 2007, and 80,000 in 2024, with highest 85K level touched in September 2025.
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Business Standard
03-07-2025
- Business
- Business Standard
Forecast meets futures with NCDEX to tap real-time IMD weather data
This would help NCDEX develop statistically validated weather indices that form the foundation of weather-linked futures contracts New Delhi Listen to This Article In a step towards the formal launch of India's first weather derivatives, the country's leading commodity exchange, the National Commodity & Derivatives Exchange (NCDEX), and premier state-run weather forecaster, the India Meteorological Department (IMD), on Thursday signed a memorandum of understanding (MoU) that will give the former access to IMD's historical and real-time weather data. This would help NCDEX develop statistically validated weather indices that form the foundation of weather-linked futures contracts. The agreement is after weather derivatives were included in the Securities Contracts (Regulation) Act, 1956 (SCRA), in 2024, paving the way for commodity exchanges to offer them as
Business Standard
25-04-2025
- Business
- Business Standard
Tax deductions barred for legal settlements under select laws
The Central Board of Direct Taxes (CBDT) has clarified that settlement payments made under key financial regulatory laws will no longer be eligible for tax deductions. This change, introduced through the Finance Act, 2024, will come into effect from 1 April 2025. In a notification issued on 23 April 2025, the CBDT stated that taxpayers cannot claim deductions for settlement payments arising from legal proceedings under the Securities and Exchange Board of India (SEBI) Act, 1992, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996, and the Competition Act, 2002. This move seeks to settle long-standing ambiguity over whether such payments could be treated as deductible business expenditures under Section 37(1) of the Income-tax Act, 1961. The issue has been at the center of various legal debates, particularly in cases such as Income Tax Officer v. Reliance Share & Stock Brokers, where consent fees paid to SEBI were allowed as business expenses on grounds of commercial expediency.
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Business Standard
25-04-2025
- Business
- Business Standard
Settle a Sebi case? You can't claim it as a business expense anymore
On April 24, the Income Tax Department (CBDT) issued a new rule that affects how businesses handle certain legal expenses in their tax filings. In a notification issued on Thursday, the Central Board of Direct Taxes (CBDT) clarified that any expenditure incurred to resolve or settle proceedings related to violations under four specific laws will not be considered a legitimate business expense. This means such amounts cannot be deducted from taxable income while computing profits for tax purposes. What's the rule About? If a company pays money to settle a case or proceeding under any of the following four laws: SEBI Act, 1992 (for violations in the stock market) Securities Contracts (Regulation) Act, 1956 Depositories Act, 1996 (related to shareholding systems) Competition Act, 2002 (anti-trust or monopoly-related cases) then those payments cannot be claimed as a business expense while filing income tax. The decision effectively closes a tax loophole that allowed companies to potentially reduce their taxable income by treating penalties or settlement payments related to regulatory violations as normal business expenditures. What Does It Mean for Taxpayers? Let's say a company is fined by SEBI or agrees to pay a settlement to resolve a case under the Competition Act. Before this rule: They might have tried to reduce their taxable income by calling that settlement an "expense" in their profit & loss account. After this rule: They can't do that anymore. That settlement won't reduce their taxable profit, so they'll pay more tax. Why is this important? The government is drawing a line: Expenses related to breaking the law or settling legal violations aren't part of doing 'normal business.' It stops companies from getting tax benefits for wrongdoing, even if they settle instead of going through full legal proceedings. "The deductibility of settlement payments under Section 37(1) of the Income-tax Act, 1961, has long been a subject of judicial debate, particularly in cases like Income Tax Officer v. Reliance Share Stock Brokers (P.) Ltd., where consent fees paid to SEBI were allowed as business expenditure on grounds of commercial expediency." However, the CBDT brought in changes to law via Finance Act, 2024, and has now notified that any expenditure incurred for settlement or compounding of proceedings under specific legislations in India or outside, including the SEBI Act, the Securities Contracts (Regulation) Act, the Depositories Act, and the Competition Act, shall not be eligible for deductions," said Amit Maheshwari, Tax Partner at AKM Global.
Time of India
25-04-2025
- Business
- Time of India
CBDT: Can't claim deductions for settlement under 4 laws
NEW DELHI: The on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws. On April 23, CBDT notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the four specified laws — Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996, and the , 2002 — shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance will be allowed for such expenditure.
