Number Portablity service starts in Haryana

After a delay of more than two years, Mobile Number Portability (which allows subscribers to retain their existing mobile telephone numbers when they switch from one operator to another) will debut today starting from Rohtak in Haryana.

Consumers who are not happy with their existing operator can move to another, irrespective of mobile technology or from one technology to another of the same operator within a circle. The system is likely to be launched in other parts of the country by the end of December provided the operators are ready with their network.

Process

For porting, a subscriber has to send an SMS (PORTMobile Number) from the number he wishes to be ported, to number 1900. The subscriber will receive a Unique Porting Code (UPC) by SMS from his current service provider.

The subscriber will need to apply in the prescribed application form to the chosen new service provider quoting the UPC which will act as a reference while filling up the application form with the new service provider. The new service provider will then take action to get the required processes completed to enable the subscriber get connected to his network. Porting has to be completed within seven working days. TRAI has fixed a ceiling of Rs 19 on porting charges which the new service provider may collect from the subscriber. Post-paid subscribers, before making the porting request, have to make sure that their last bill has been paid failing which the request for change to new service provider shall be rejected.

In the case of pre-paid subscriber, any balance amount left will not be carried forward when the number is transferred to the new service provider. Once a subscriber ports his number to the new operator, then, he will have to wait for at least 90 days before he can change his operator again.

According to TRAI estimates, about 10 per cent of the mobile subscriber base is expected to avail itself of the service in the first year, which will fall down to just 5 per cent by the third year. But the system will force operators to improve their quality of service and create differentiation in services not only to retain their existing subscriber base but also to attract customers from other players. New operators are looking at MNP as an opportunity to wean away high-end customers cornered by incumbent players, especially in the post-paid segment. On the other hand, incumbent players are planning to leverage their pan-India network and reach to attract subscribers.

3G services

Industry watchers say that there could be a significant movement from CDMA network to GSM. MNP will also play a significant role in the 3G space as not all the operators have spectrum. So, a subscriber of a mobile operator which does not have 3G services may look to move to an operator who has.

IFRS expected to be notified by Dec-10

The government on Tuesday said it will notify the new accounting norms in sync with international practice IFRS for India Inc by the end of this year, and ensured that the April, 2011 deadline will not be missed.

Speaking at an Assocham conference on International Financial Reporting Standards (IFRS), Corporate Affairs Secretary R Bandyopadhayay said the accounting standards are almost ready and all issues, including the tax implications for the convergence, will also be resolved.

"By the end of December, we will notify the converged accounting norms...all issues are almost resolved and we are confident that by the next fiscal, that is April, 2011, Indian companies will prepare their accounts books as per the IFRS," Bandyopadhayay said.

The taxation committee of Institute of Chartered Accountants of India (ICAI), which is helping the government with preparing the IFRS convergence, is almost ready with the recommendations, said Corporate Affairs Joint Secretary Renuka Kumar.

Another issue that needs a re-look is projecting value of an asset in account books. While some are in favour of arriving at the value in terms of historical cost, others believe in the fair value concept.

In accounting, fair value is defined as an estimate of the potential market price of a good or service, taking into consideration factors like acquisition, production and distribution costs and replacement costs.

However, the historical cost does not consider these factors and instead, is calculated at the initial value.

Soon after the issues are resolved, the National Advisory Committee on Accounting Standards (NACAS), the final recommending body for IFRS, will notify all the 37 standards.

In the ongoing winter session of Parliament, the government is also expected to come out with an amendment to the Companies Act, 1956 to pave way for the convergence of the Indian accounting norms with the IFRS.

According to the roadmap laid out by the Ministry of Corporate Affairs , companies with a networth of over Rs 1,000 crore, will have to prepare their account books as per the IFRS from April, 2011.

Further, while scheduled commercial banks and urban cooperative banks will adopt it from April 1, 2013, all insurance companies will convert their opening balance sheets with IFRS from April, 2012.

Listed large non-banking finance companies (NBFCs) will converge their opening books of accounts with IFRS norms from April 1, 2013.

Lower Lock in period in Insurance

Insurance regulator IRDA on Tuesday said that all universal life products, a new kind of insurance which entered India recently and gives greater flexibility to customers, will not have any unit-linked component in them.

IRDA also said that from now, all such products will be named variable insurance products (VIPs) and have a lock-in period of at least three years.

The regulator prescribed that all VIPs should provide death benefits equal to the guaranteed sum assured plus the balance in the policy account while the maturity benefit should equal the balance in the policy account together with a terminal bonus, if any, as applicable. It also said that the sum assured under these policies should be at least ten times the annual premium.

As of now, no group insurance is allowed by IRDA to operate under these policies. Single premium or limited premium structures are also not be allowed for VIPs.

Specifiying on the cost structure, IRDA said that the maximum expense, including commission, should not be more than 27.5% of the premium, while for the second and the third year, this will be capped at 7.5%. From the fourth year onward, the expense is capped at 5%. The regulator also said that the minimum policy and premium payment term shall be five years.

TDS to be deducted at the time of payment and in some case at the time of credit

TDS to be deducted at the time of Journal Entry

Assesse needs to deduct and deposit TDS at the time of passing the journal entry in books or at the time of making the expense payable.

On Payment Basis	On Payment or credit Basis whichever is earlier	Relevant Section requiring to deduct on credit
Salaries (192)	Interest on securities (193)	Explanation at the end.
Dividend u/s 2(22)(e) (194)	Interest other than interest on securities (194A)	Explanation to Section 1
Winning from lotteries or crossword puzzles (194B)	Payment to Contactors (194C)	194C(2)
Winning from horse races (194BB)	Insurance commission (194D)	Not Specifically mentioned
Payment in respect of NSC 1987 (194EE)	Payment to non Resident sportsperson/sports association (194E)	Not Specifically mentioned
Payment for repurchase of MF & UTI units (194F)	Commission on sale of lottery tickets (194G)	Explanation at the end.
Compensation/enhanced compensation/consideration/ Enhanced consideration for compulsory acquisition of land or building.(194LA)	Commission or brokerage (194H)	Explanation (iv) at the end.
	Rent (194I)	Explanation (ii) at the end.
	Fees for professional and technical services.(194J)	Explanation (c) at the end.
	Non-resident, not being a company, or to a foreign company	Explanation to Section 1

In case any persons ignores the aforesaid provision for deducting TDS at the time of Journal Entry then he would be liable to pay interst u/s 201(1A) as follows:-

(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—

(i) at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and

(ii) at one and one-half per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.”.

Thus for late deduction one has to pay interest u/s 201(1A)(i) and for late payment interest has to be paid u/s 201(1A)(ii).

How to become a CA

Procedure to become a Chartered Accountant:

* Pass Common Proficiency Test (CPT) examination
* Register for the Integrated Professional Competence Course (IPCC)
* Complete nine months of Study Course
* Complete 100 hours of Information Technology Training (ITT)
* Complete Orientation Course (35 hours spread over one week)
* Pass Group I or both Groups of Integrated Professional Competence Examination (IPCE)
* Register as Articled Assistant for a period of three years
* Pass Group II of IPCC if not already passed
* Appear for the final examination during the last six months of three years of articled training
* Pass both the groups of final examination
* Get final examination certificate
* Complete the remaining period of articled training
* Complete course on General Management and Communication Skills
* Enroll as a member of The Institute of Chartered Accountants of India(ICAI).

What is Integrated Professional Competence Course (IPCC)?

In the IPCC curriculum, only working knowledge of core and allied subjects to accountancy profession is inculcated, while in the final course, the student is instilled with the advanced application knowledge of core and allied subjects to accountancy profession.

Objectives of IPCC

* Instituting a uniform and compulsory entry level test - CPT for all the students joining IPCC/ATC.
* Encouraging students having aptitude for accounting education to make an early entry into the profession.
* Complementing theoretical education by appropriate modules of practical training.
* Imparting an upgraded Information Technology Training.
* Facilitating additional courses of study during articleship training.
* Helping students in acquiring professional, ethical values and attitudes.
* Inculcating analytical ability among students through case studies.

Eligibility

A student who has passed CPT and SSC (10+2 examination) is eligible to join this course or he may opt for the Accounting Technician Course (ATC).

Depending on his selection, the student shall also be registered for practical training. Simultaneously, it is necessary for the student to register and undergo orientation program and 100 hours Information Technology Training (ITT) before appearing for IPCC/ATC examination.

A candidate who has already passed the Entrance Examination or Foundation Examination or Professional Examination (PE-1) shall be eligible, subject to complying with relevant conditions.

A candidate who was already registered for erstwhile Intermediate Examination or PE-II or Professional Competence Examination-cum-articleship shall be eligible for enrolment/conversion to IPCC, subject to complying with relevant conditions.

Registration

A student must submit filled in registration forms for IPCC or ATC supplied along with prospectus available at the sales counter of decentralised offices (the cost of the prospectus is Rs 100). These forms can also be downloaded from the institute's website - www.icai.org.

On receipt of the filled in form and the requisite fee, the appropriate decentralised office will issue study materials for Group I and/or Group II or IPCC/ATC along with the registration letter. While taking admission to 100 hours ITT with regional/branch office, a student is required to produce a copy of the registration letter.

Course structure

Group I - Paper 1: Accounting (100 marks); Paper 2: Law, Ethics and Communication - Part I: Law (60 marks), Business Laws (30 marks), Company Law (30 marks), Part II: Business Ethics (20 marks), Part III: Business Comm-unication (20 marks); Paper 3: Cost Accounting and Financial Management - Part I: Cost Accounting (50 marks), Part II: Financial Management (50 marks); Paper 4: Taxation - Part I: Income Tax (50 marks), Part II: Service Tax (25 marks), VAT (25 marks) Group II  - Paper 5: Advanced Accounting (100 marks); Paper 6: Auditing and Assurance (100 marks); Paper 7: Information Technology and Strategic Management - Section A: Information Technology (50 marks), Section B: Strategic Management (50 marks)

The level of knowledge expected of students in the above subjects is ‘working knowledge’.

Helpful hints

Practice is the key. The more the practice, the more the level of confidence to face the exams.

At least 2-3 mock exams have to be attempted in the final month leading up to the exams and these question papers have to be solved in examination conditions for maximum benefit.

Mock tests help students know their level of preparation and their strengths and weaknesses so that they can rectify them well before their exam.

Can he stay?

A man wrote a letter to a small hotel he planned to visit on his vacation: "I would very much like to bring my dog with me. He is well-groomed and very well behaved. Would you be willing to permit me to keep him in my room with me at night?"

An immediate reply came from the hotel owner, who said, "I've been operating this hotel for many years. In all that time, I've never had a dog steal towels, bedclothes, silverware or pictures off the walls. I've never had to evict a dog in the middle of the night for being drunk and disorderly. And I've never had a dog run out on a hotel bill. Yes, indeed, your dog is welcome at my hotel. And, if your dog will vouch for you, you're welcome to stay here, too."

Opening *.dat file and Tnef encoded attachments

To open *.dat and tnef files received via email, you need to install software from following location:-

http://www.eolsoft.com/download/winmail_opener.exe

After installing the software , simply drop the downloaded file over the winmail icon.

ICAI Exam observations

Question: How many balls are there in an over?
Answer: 6

If this were a CA exam question the answer would be WRONG and the examiner’s comment in the suggested answers would be

“Most of the students answered the questions. However, students have not understood the questions correctly. Answer points to a lack of in-depth understanding and conceptual clarity on the subject. Correct answer is 1 ball which is delivered 6 times, if the umpire did not declare any no ball in all those deliveries. In case the umpire declares a No Ball as defined in the Byelaws Section 2 Rule 3 of the Indian Cricket Control Board, then there will be an additional ball delivered for every no ball declared by the umpire. Note that such additional balls will not be counted towards the number of balls

Treatment under DTC

Since investments can only be taxed at three stages - at the time of investment, when income derived from the investment is distributed, and lastly at the time of redemption - we shall examine the impact of DTC at each of these three stages.

At the time of investment
Equity. Currently among equity instruments only equity-linked saving schemes (ELSS) and unit-linked insurance plans (Ulips) are eligible for tax deduction under Section 80C of up to Rs 1 lakh. DTC is till date silent on whether these exemptions will continue. But with no clarification forthcoming from the Ministry of Finance, investors are more or less reconciled to the fact that these instruments will no longer be eligible for Section 80C benefit. This is a big blow to investors since they will no longer enjoy the dual advantages of growth and tax benefit. Moreover, of all the tax-saving instruments, ELSS had the shortest lock-in period.

Investors can still have partial exposure to equity via investments in the New Pension Scheme (NPS), which will, however, be limited to 50 per cent of their investment if they choose E, the equity-oriented fund under NPS.

Debt. The list of debt instruments eligible for tax deduction at the time of investment has also been trimmed. Five-year bank fixed deposits, post office deposits like monthly income schemes and National Savings Certificate have all got the boot from the list of tax-saving instruments. Moreover, infrastructure bonds, which under the current regime entitle you to additional exemption of Rs 20,000 over and above Rs 1 lakh, will no longer enjoy that special treatment.

All instruments that are eligible for tax benefit are retirement savings accounts such as public provident fund, provident fund, new pension scheme and savings schemes as notified by the government. Except for NPS, which has the option of equity allocation, all the others are debt investments.

This again is a significant setback for investors as the best return that they can hope from these retirement instruments (entitled to tax benefits) is 8-9 per cent. After adjusting for inflation the most one can hope for is a return of 3-4 per cent, which is in no way enough.

Income distributed
Equity. At present only the dividend paid out by companies to their shareholders is subject to dividend distribution tax (DDT) at the rate of 15 per cent. While keeping this provision intact, the new tax code has proposed to tax the dividends distributed by equity mutual funds. The tax rate will be 5 per cent. This clearly puts dividend plans of equity mutual funds at a disadvantage vis-à-vis their growth plans. In a growth plan, you will only have to pay the Securities Transaction Tax (STT) at the time of redemption after one year. On the other hand, in a dividend plan you will have to pay DDT when dividend is paid out and STT at the time of withdrawal (after one year).

Debt. Under the current regime, most debt investments either come under the EEE (exempt, exempt, exempt) regime or the interest income from them is added to the taxpayer's income and taxed according to her income-tax bracket. But debt mutual funds receive special treatment under the current tax regime. The income derived from debt funds is subject to DDT. For liquid funds the rate for DDT is 25 per cent while for any other type of debt fund it is 12.5 per cent for individuals. Investors falling in the higher tax brackets deploy their cash surpluses in liquid and debt funds to enjoy a tax arbitrage.

Under DTC any income from non-equity funds will be added to the taxpayer's income and taxed at their respective tax rates. This removes the long-standing advantage that mutual funds have enjoyed over other forms of debt investments, namely bank fixed deposits. While this change will not be beneficial for anyone in the 20-30 per cent tax bracket, for anyone in the 10 per cent or zero tax bracket this is certainly welcome news. Small investors will henceforth find debt mutual funds a more attractive investment avenue.

Treatment of gains
The initial draft of DTC proposed to completely alter the treatment of capital gains, but what we have in the final avatar amounts to just minor tweaking.

Short-term capital gains
Equity. Currently short-term capital gains are taxed at a flat rate of 15 per cent. Under DTC this is set to change. Like dividend income from debt funds, short-term capital gains from equities will be taxed according to the investor's tax slabs. However, the tax rate applicable (STCG Rate) will be half the income-tax rate.

Again this development is positive for small investors as STCG rates have declined by 66.67 per cent for them. Even for taxpayers in the 20 per cent bracket there will be tax relief of 33.33 per cent. Even though short-term investment in equities is not something that we recommend, at least the lower tax bracket investors will not be taxed at as high a rate as before under DTC.

Debt. DTC has maintained the status quo in case of debt instruments. As is the case at present, under DTC as well short-term gains from debt investments will be added to the investor's income and taxed according to her tax slab.

Long-term capital gains
Equity. In the initial draft there was a proposal to tax long-term capital gains in equities. But much to the relief of equity investors, exemption on long-term capital gains has been retained.

Non-equity (Debt, Commodity ETF, foreign funds). Currently non-equity investment instruments, namely bonds and debt funds, are taxed at 10 per cent without indexation and 20 per cent with indexation benefit provided they have been held for over 12 months. DTC has maintained the same tax rates but has made a small change in holding period, for someone who wants to enjoy indexation benefit. Now indexation benefit will only be available if the investment is redeemed after one year from the end of the financial year of purchase.

Other assets. Currently assets like property and physical gold become eligible for indexation benefit only after a three-year holding period. Now these assets, if held for a period of 12 months or more from the end of the financial year in which they were purchased, they shall qualify for indexation benefit.

Dell Launches Mobile Phones in India

With the launch of the Android-based smartphones - XCD28 and XCD35, Dell has entered the smartphone market in India. Dell XCD28 will come with a 3.2 megapixel digital camera and a 2.8-inch LCD touchscreen display. Featuring a 3.5-inch capacitive touchscreen display, Dell XCD35 has access to Android Market for applications. Dell XCD28 is priced at 10,990 while Dell XCD35 will sell for 16,990. 

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Both the phones are powered by Android 2.1 OS and they will support 3G, WiFi and Bluetooth. Dell XCD28 provides full internet browsing, music, photos and features such as location awareness and a media player supporting multiple formats for videos. Supported with an FM Radio and access to Microsoft Email Exchange through Activesync, the phones are equipped with 200MB of internal memory that can be expanded upto 16GB using Micro SD memory cards.

"For more than 25 years, Dell has played a critical role in transforming computing, enabling more affordable and more pervasive access to technology around the world. With today's launch, we extend the same pioneering edge to the smartphones market as starting with the XCD series, we look to offer technology solutions to a much larger audience", said Mahesh Bhalla, General Manager, Consumer & SMB, Dell India.

XCD28 will be available immediately in the market while XCD35 will be available by December 2010.

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Various Groups under BSE

The scrips traded on BSE have been classified into various groups.

BSE has, for the guidance and benefit of the investors, classified the scrips in the Equity Segment into 'A', B,'T', S', TS' and 'Z' groups on certain qualitative and quantitative parameters.

Group A
It is the most tracked class of scripts consisting of about 200 scripts. Market capitalization is one key factor in deciding which scrip should be classified in Group A.
At present there are 216 companies in the A group.

A' Group is a category where there is a facility for carry forward (Badla)to the next settlement cycle

According to BSE circular dated February 5, 2008 the criterion to get listed in Group A is

1. Company must have been listed for minimum period of 3 months.
Exceptions:
* The Company can be directly listed in group 'A' provided the market capitalisation of a company being listed, based on its issue price, is higher than the average market capitalisation of 100th company in the existing group 'A' as per the ranking based on preceding 3 months data.
* Any company permitted to be traded in F&O segment from date of its listing shall be directly listed in group 'A'.
* Companies listed subsequent to any corporate action involving merger/ demerger/ capital restructuring etc.

2. Companies traded for minimum 98% of the trading days in past 3 months shall be considered eligible.

3. Companies with minimum non-promoter holding of 10% as per the shareholding pattern of most recent quarter shall be considered eligible. The criteria of minimum 10% non-promoter holding shall not be applicable to public sector undertakings (PSUs).

4. The weightage of 75% and 25% shall be given to ranking on three monthly average market capitalisation and traded turnover respectively to arrive at the final ranks.

5. The list derived, based on final rank shall be screened for compliance and investigation. Based on this screening, the list of top 200 companies shall constitute group 'A'.

6. The group re-classification shall be reviewed twice in a year i.e. February and August.

7. On inclusion of any new Company in group 'A' based on criteria 1(a) or 1(b) detailed above, the last company in the existing group 'A', based on its final rank calculated on data preceding three months shall be excluded.

Group F
The "F" Group represents the Fixed Income Securities.

The trading cycle for scrips under this group starting Thursday ending next Wednesday and then the settlement by Friday.

Group G
G includes all governmental securities for retail investors


Group S

The Exchange has introduced a new segment named BSE Indonext w.e.f. January 7, 2005. The S Group represents scripts forming part of the BSE-Indonext segment. S group consists of scripts from B1 & B2 group on BSE and companies exclusively listed on regional stock exchanges having capital of 3 crores to 30 crores. All trades in this segment are done through BOLT system under S group.

Group T
The "T" Group represents scrips which are settled on a trade-to-trade basis as a surveillance measure.

Group TS
The "TS" Group consists of scrips in the "BSE-Indonext" segment, which are settled on a trade-to- trade basis as a surveillance measure.

Group Z
The 'Z' group was introduced by BSE in July 1999 and includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with both the depositories, viz., Central Depository Services (I) Ltd. (CDSL) and National Securities Depository Ltd. (NSDL) for dematerialization of their securities.

Group T, TS and Z has common type of features. Trade to trade group this category comprises of shares which have to be settled in delivery for all buys and sells and square off of bought and sold positions during the day is not permitted. Implying no Intraday trading is possible in these stocks. Upper & lower circuit are fixed at 5%

Group B1 & B2:

All companies not included in group A, S or Z are clubbed under this category. B1 is ranked higher than B2.

B1 and B2 groups will be merged as a single Group B effective from March 2008.

Incident with my friend

Scene : Our Official Landline Phone rings

Me : Good Evening SBI.

Client : Ji Mein XX Ji se baat kar sakta hun.

Me : XX tera phone hai yaar.

XX (My Collegue) wanting to avoid the client.

XX: Sir abhi mein drive kar raha hun aap thodi der mein call kar sakte hain mujhe.

Client : Ok sir, i will call you back.

Later when we realised what has happened we laughed like anything.

NEFT and RTGS Charges

Revised RTGS & NEFT Charges wef Nov 15
System	Value Band	Customer Charges
RTGS		Existing	Revised
	1 lakh to 2 lakhs (No charges  for below 2 Lakh now)	25.00	XXX
	above 2 lakhs to 5 lakhs	25.00	30.00
	above 5 lakhs	50.00	55.00
NEFT	up to 1 lakh	5.00	5.00
	above 1 lakh to 2 lakhs	25.00	15.00
	above 2 lakhs	25.00	25.00

RBI shifts stand and now discourages Housing Loan

Notified in RBI Quarterly Policy dated 2 Nov 10 

Housing Loans by Commercial Banks
Loan to Value Ratio in Housing Loans
104.   At present, there is no regulatory ceiling on the loan to value (LTV) ratio in respect of banks’ housing loan exposures. In order to prevent excessive leveraging, it is proposed:

• that the LTV ratio in respect of housing loans hereafter should not exceed 80 per cent.

Risk Weights on Residential Housing Loans
105.    At present, the risk weights on residential housing loans with LTV ratio up to 75 per cent are 50 per cent for loans up to `30 lakh and 75 per cent for loans above that amount. In case the LTV ratio is more than 75 per cent, the risk weight of all housing loans, irrespective of the amount of loan, is 100 per cent. Accordingly, it is proposed:

• to increase the risk weight for residential housing loans of `75 lakh and above, irrespective of the LTV ratio, to 125 per cent.

Teaser Rates for Housing Loans
106.    It has been observed that some banks are following the practice of sanctioning housing loans at ‘teaser rates’, wherein the loans are offered at a comparatively lower rate of interest in the first few years, after which rates are reset at higher rates. This practice raises concern as some borrowers may find it difficult to service the loans once the normal interest rate, which is higher than the rate applicable in the initial years, becomes effective. It has been observed that many banks at the time of initial loan appraisal do not take into account the repaying capacity of the borrower at normal lending rates. In view of the higher risk associated with such loans, it is proposed:

• to increase the standard asset provisioning by commercial banks for all such loans to 2 per cent.

SEBI's power over CA

 Powers of SEBI vis-a-vis CAs - So far as listed companies are concerned, SEBI has all powers under Act and Regulations to take all remedial and protective measures to safeguard interest of investors and securities market - Price Waterhouse & Co. v. Securities and Exchange Board of India [2010] 103 SCL 96 (BOM.) [WRIT PETITION NOS. 5249 AND 5256 OF 2010]
  
 If it is unearthed during inquiry before SEBI that a particular chartered accountant, in connivance and in collusion with officers/directors of company, has concocted false accounts, such a person can be prevented from dealing with auditing of such a public listed company to protect interests of investors and to regulate securities market - Price Waterhouse & Co. v. Securities and Exchange Board of India [2010] 103 SCL 96 (BOM.) [WRIT PETITION NOS. 5249 AND 5256 OF 2010]
  
 SEBI can take appropriate remedial steps which may include keeping a person including a chartered accountant at a safe distance from securities market and while exercising such powers, it cannot be said to be in any way in conflict with powers of ICAI under Chartered Accountants Act - Price Waterhouse & Co. v. Securities and Exchange Board of India [2010] 103 SCL 96 (BOM.) [WRIT PETITION NOS. 5249 AND 5256 OF 2010]
  
 Therefore, SEBI has power to hold inquiry and issue show-cause notices to chartered accountants in connection with work which they have undertaken for a listed company in matter of maintaining accounts and balance-sheets - Price Waterhouse & Co. v. Securities and Exchange Board of India [2010] 103 SCL 96 (BOM.) [WRIT PETITION NOS. 5249 AND 5256 OF 2010]