The Indian Chartered Accountant Firms, led by energetic, highly efficient and effective chartered
accountants have taken on a new challenge to vitalize and establish the supremacy of Indian CA Firms in the profession of chartered accountancy. A large number of penalties and prosecutions against almost all large foreign multinational accounting firms by American and European governments and regulators have created a different impression in the mind of banks, merchant bankers, investment bankers, mutual funds, private equity funds and various large investors that dealing with such multinational firms may no longer provide credit ability purpose. A large number of the aforesaid entities including large multi- national companies have come to realize that Indian chartered accountant firms are not only more reliable,  efficient and effective but are also more committed to provide professional services in the most desired manner.

The Indian chartered accountant firms have committed themselves to transparency, true and fair disclosure; better tax compliance and most importantly they are committed to ensure maximization of shareholders wealth and investors protection. The Indian Chartered Accountant Firms have come to realize that the potential of practicing professional chartered accountant firms have increased significantly in last 2 decades and about 200 large Indian firms are taking shape to enable them to provide all kinds of services needed by their national and international clients in a very professional, efficient and effective manner. On the other hand highly specialized smaller Indian firms are providing services to small and mid size corporate. An appropriate counseling may be provided to them to enable them to blossom and get full benefit of Growth. ICAI, Government and regulators should come forward to support young energetic and talented CAs

• Sponsors of these exchanges to hold minimum 51 percent holding
• Warehouse receipts can be traded on such exchanges
• Integrated pan-India market for commodities will emerge
• Financing for agri commodities to improve
• State will continue to grant licences
• Taxes may have to be paid only on first and last transaction.

Stricter Criteria (For companies suspended for over a year seeking to re-list)

• Issued and paid-up capital: Minimum paid up capital of Rs.10 crore or minimum net worth of Rs.50 crores (excluding Revaluation reserves) in 3 immediately preceding financial years. (Similar for companies seeking to migrate from Bombay Stock Exchange (BSEs). But will exclude revaluation reserves in 3 immediately preceding financial years).
• Profit making track record: Distributed profit in terms of Section 205 of Companies Act, 1956 for at least 3 out of 5 immediately preceding financial years based on audited financial results with the last financial year reporting profit (provided that extraordinary shall not be considered for calculating distributed profit).
• Number of public Shareholders: Minimum 500.

Securities and Exchange board of India (SEBI) has introduced a centralized Web-based complaints redress system for investors of listed companies. The system called SEBI Complaints Redress System (SCORES) will be a centralized database of complaints pertaining to companies which will be sent electronically through SCORES at http://scores.gov.in/admin. The company then will have The company then will have to view the complaints and submit Action Taken Reports (ATRs) along with the supporting documents electronically to the system.

The Cabinet Committee on Economic Affairs approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms.

• The FDI in LLPs will be implemented in a calibrated manner, beginning with the 'open'sectors where monitoring is not required, subject to the following conditions:
• LLPs with FDI will not be allowed to operate in  agricultural/plantation activity, print media or real estate business and not be eligible to make any downstream investments.

Listed companies will be allowed to write off 25 percent capital, loans and other receivables such as royalty and management fee of their JVs and wholly-owned subsidiaries through the automatic route. Unlisted companies have also been allowed this write off, but will have to seek permission. In case of JVs, the Indian promoters should own at least 51 per cent. Existing regulations allow restructuring of balance sheets only for winding up of JVs and wholly-owned subsidiaries abroad.

The Reserve Bank of India (RBI) has clarified that Non-Banking Finance Companies (NBFC) group can pick up a maximum of 50% stake in an insurance company. Reserve Bank of India (RBI) also said that in case of more than one company in the same group wishes to pick up stake in the insurance company, the contribution by all companies in the same group will be counted for the limit of 50%.

The Reserve Bank of India (RBI) has said that it is necessary to put limits on expansion of Non-Banking business through the new Financial Holding Company (FHC) structure to ensure that banking continues to be core activity. An Financial Holding Company (FHC) will typically have a bank, an insurance company, an asset management company and other such financial firms operating under it.

After asking banks to calculate the savings deposit rates on day to day basis at 4%, the Reserve Bank of India (RBI) wants banks to pay the interest to depositors at a uniform period of three months.

The Reserve Bank of India (RBI) has relaxed the eligibility norms for using Credit Default Swaps (CDs). Credit Default Swaps (CDs) acts as insurance for lenders in case a borrower defaults on a loan. The buyer of the cover against the loan makes regular premium payment to a counter party, which assumes the risk in case of a default.

To help companies raise cheap funds abroad in the wake of high interest rates in India, the Government has decided to raise the cumulative External Commercial Borrowing (ECB) limit for companies by $ 10 billion to $30 billion.

Reserve Bank of India (RBI) said Chief Executive officers (CEOs) of such banks would be responsible for ensuring regulatory and statutory compliance for their operations.

The Reserve Bank of India (RBI) has said that banks cannot extend loans against Indian Depository Receipts (IDRs) issued by overseas companies. An Indian Depository Receipts (IDRs) is a rupee
denominated instrument in the form of a depository receipt created by an Indian Depository against the underlying equity of the issuing foreign company.

The redemption would be permitted only if the Indian Depository Receipts(IDRs) are infrequently traded on Stock Exchanges in India. The only Indian Depository Receipts(IDR) listed on National Stock Exchange(NSE) and Bombay Stock Exchange(BSE) is that of Standard Chartered Bank.
For every equity share of stan chart, 10 Indian Depository Receipts(IDRs) were issued. The Standard
Chartered Red herring prospectus has stated that Indian Depository Receipts(IDRs) could not be redeemed into underlying shares before the expiry of one-year period from the date of issue of Indian Depository Receipts(IDRs).

The corruption eradication movement have taken a centre-stage arising out of demand to passing Lokpal Bill and in that connection agitation by Anna Hazare and Baba Ram Dev's fast unto death agitation to come out with legislation to bring back black money allegedly parked in foreign banks.. The government initially reacted very positively on both the issues but of-late have developed a cold feet. We need to realize that corruption, unfortunately has become a way of life and the general public has more or less become used to it. The corrupt, having significant wealth, enjoy high reputation in the society It is very unfortunate and deplorable that our society do not see corruption as a
major issue and unless the social movement change the thinking and mind set of the entire society, polity, bureaucracy, business and industry leaders and most importantly professionals, it will be very difficult to eradicate corruption or even reduce it just by legislation. The civil society is pressing hard for the appointment of a Lokpal and to bring in the Prime Minister, the cabinet, the entire judiciary as well as all levels of bureaucracy under the ambit of Lokpal. The Government feels that such powers shall supercede the powers of judiciary as well as the Parliament as envisaged in the Constitution of India. A thorough public debate on Jan Lokpal Bill, which primarily suggest setting up of a institution exclusively dealing with corruption in public life is necessary. It is to be ensured that Lokpal is not corrupt or work under pressure or become motivated and will be judicious, practical and independent. It will be important for the Indian society to balance out the powers, duties and responsibilities of Lokpal. The broader issue is that solution of corruption is not prosecution alone. It is more important to create awareness, a thinking process and a committed mindset against corruption.

We support for severe penalties, confiscation of assets and prosecutions of the corrupts but at the same time suggest the following

• Each of us need to commit ourselves against corruption and by our own conduct set an example for our friends, family and specially children;
• The civil society, Baba Ram Dev, Sri Sri Ravi Shankar and similar other prominent social leaders should commence a drive to change the society mindset against corruption. The short cuts, small tips all lead to a corrupt mindset. Let all have courage to say no to corruption.
• Social Boycott of the corrupt
• Those who wish to support anti-corruption movement should publicize and create an atmosphere against corrupt practices.
• The government process of approvals, licenses, awarding of contracts, making tax assessment and appeals, undertaking judicial process, all will require a complete overhaul to ensure the corruption is not able to breed. More particularly : 
• Improve transparency;
• Significantly reduce interaction between the officials concerned and parties involved;
• Time bound decision making to be mandated and not following the same to be made punishable for the government officials.
• Liberalization of various laws and regulations in such a manner that only very major and critical items are subjected to review of government officials.
• The criteria for awarding contracts or licenses have to be vetted by independent jury.
• The mechanism for prevention against corruption, a transparent process to take action and a speedy trial of those involved, after very quick investigation to further reduce the chances of corruption. This process need be left to the bureaucracy but to be administered under duly elected jury having public representative besides the concerned stake holders representative.