NIRC News July 2011.pmd - Icsi

July, 2011 1 NIRC-ICSI Newsletter


From the Chairman 

Dear Professional 

Colleagues, 

The world is becoming the 

global village day by day 

and there is no dearth of 

opportunities for 

competent professionals. 

In the global competitive 

environment, we can not 

compromise with 

professional excellence. It should be our 

endeavour to strive for excellence. The gates are 

wide open for us. The only thing which is 

important is to have faith in ourselves. 

At NIRC, it is our persistent endeavour to equip 

our members with sound knowledge and attitude 

so as to enable them to face dynamic challenges 

offered by the world. A number of initiatives have 

been taken and a lot needs to be taken to realize 

our vision. Our NIRC is fully charged and is 

moving on the fast track to organize various 

professional development programs at various 

platforms to ensure that the member’s come up 

on learning curve. The brief highlights of the 

programs organized for the members and students 

during the month are as under: 

On 17 th & 18 th June, 2011 NIRC organized a 

Northern Region PCS Conference on the topic 

“Calibrating Competence for Professional 

Excellence” at Mussoorie. Mr. Trivendra Singh 

Rawat, Hon’ble Minister for Agriculture, 

Horticulture and Fishery, Government of 

Uttarakhand was the Chief Guest and 

Mr. G P Patel, Managing Director, UJVN Ltd. 

Mr. Om Praksh Uniyal, Chairman, Municipal 

Committee, Mussoorie and Mr. Bhaskar 

Naithani, Vice Chairman, Prime Minister’s 

Gram Sadak Yojna & Monitoring Board, 

Government of Uttarakhand were the Guests 

of Honours on the occasion. 

On 25 th June, 2011 a Seminar on the topic 

“Private Equity-Catalyst to Economic 

Growth” was organized by NIRC –ICSI at 

Hotel Le Meridien, New Delhi. Mr. Ravi 

Narain, Managing Director & CEO, National 

Stock Exchange was the Chief Guest & 

Mr. O P Vaish, Senior Advocate & Founder 

Vaish Associates, Advocates was the Guest of 

Honour and Mr. P N Vijay of P N Vijay 

Financial Services Pvt. Ltd. was Key Note 

speaker on the occasion. The seminar was a 

grand success and attended by approx. 400 

members and students. The seminar was 

webcasted all over Northern India. 

On 24 th June, 2011 a Study Circle Meeting was 

organized on the topic “XBRL concepts and 

practical approach to MCA filing” at YMCA 

Conference Hall, New Delhi. 

On 2 nd July, 2011, NIRC-ICSI jointly with The 

BSE SME Exchange and CDSL organized an 

interactive seminar on E-voting for 

shareholders and Raising of Equity and listing 

of SMEs on BSE SME Exchange at New Delhi. 

Mr. Lakshman Gugulothu, CEO, BSE SME 

Exchange was the Chief Guest and Mr. Jignesh 

Gandhi, Vice President, CDSL was the guest 

speaker on the occasion. 

In the drive to accomplish the prestigious task 

of conducting the Investor Awareness 

Programs in the different districts given by 

Ministry of Corporate Affairs to the Institute, 

during the month of June, NIRC organized 

Six Investor Awareness Programs in the 

different locations of Delhi. 

On 22nd June, 2011, NIRC-ICSI organized the 

Regional Round of 9 th All India Moot Court 

Competition. The team from Jodhpur Chapter 

was winner of the Regional Round. The 

wining team of each Regional Council 

participated in the National Round conducted 

by Pune Chapter of WIRC-ICSI on 2 nd July, 

2011. 

This Year NIRC –ICSI is hosting the National 

Round of 11 th All India Company Law Quiz 

for students to be held on 22nd July, 2011. The 

Regional Round of the same was organized 

by NIRC-ICSI on 1 st July, 2011 and 24 Teams 

of two students each participated in the Quiz. 

I wish to place on record my sincere gratitude to 

the Chief Guests, Guests of Honours, all the Guest 

Speakers and the Judges of various quiz and 

competitions for gracing the programs by their 

presence and sharing their rich knowledge and 

experience. 


From the Chairman 

We all know that XBRL is now a day a buzz word 

in the Corporate World, with a view to equip our 

members with complete and practical knowledge 

on the subject, NIRC is organizing two day 

workshop on Practical Aspect of XBRL on 21 st and 

22 nd July, 2011. 

Friends, I am happy to inform you that with a 

view to support the noble cause of Benevolence 

to our members and to strengthen the corpus of 

the Company Secretaries Benevolent Fund (CSBF), 

NIRC in its last meeting has decided that NIRC 

will donate 5% of its surplus to the CSBF and a 

cheque of Rs. 4,86,600/-, (being 5 % of surplus 

for the year 2010-11) has been sent to the CSBF. 

This year NIRC will observe its Foundation week 

from 25 th July, 2011. The enhancement of the 

membership of the Company Secretaries 

Benevolent Fund will be focused during the week. 

We request our members to come forward and 

become member of CSBF in large number and 

request the existing members to donate some 

amount to the Fund, which will renew our pursuit 

and commitment for strengthening of the corpus 

of CSBF and will help to this noble cause. The 

week will conclude with Cultural Evening on 31 st 

July, 2011, which is our Foundation Day. 

On 30 th July, 2011 NIRC is organizing a seminar 

on the topic “Wealth Management – Concerns 

and Challenges” followed by Annual General 

Meeting at Hotel Le Meridien, New Delhi, The 

Annual General Meeting of NIRC will start at 4.00 

PM. I request to all the members to kindly attend 

the Seminar & AGM of NIRC in large number. 

I appeal to all of you to send your valuable 

suggestions, which will be guiding factor for us 

while we plan for our future academic as well as 

professional activities. 

With warm regards, 

Yours sincerely, 

(CS RANJEET PANDEY) 

cs.ranjeet@gmail.com 

5th July, 2011 Mobile : 9810558049 

AN APPEAL 

FOR BECOMING MEMBER OF COMPANY 

In recent past, some of our members have died leaving behind the 

spouse and minor children. In some cases providing adequate 

financial assistance to the bereaved family becomes an 

impediment. Although the Managing Committee of the CSBF 

wanted to help the bereaved family members, but it was 

constrained to do so in view of financial position of the Fund. At 

present around 7900 members are the members of the CSBF. The 

fund can provide the much needed financial assistance in such 

cases if the corpus of the Fund increases substantially which is 

possible if more number of members are enrolled to the fund. 

The members in all earnestness are therefore sincerely requested 

to become the members of the CSBF by paying one time Life 

membership fee of Rs. 5,000/-. 

The payments made to the Fund are exempted under Section 80G 

of the Income Tax Act, 1961. 

The members have to just fill up Form-A (available on 

the web-site of the Institute, i.e. www.icsi.edu) and send 

the same along with a cheque for Rs. 5,000 favouring 

‘Company Secretaries Benevolent Fund’ payable at New 

Delhi to NIRC Office. 

Following benefits are presently provided by the CSBF 

1. Financial assistance in the event of death of a member 

of CSBF 

Upto the age of 60 years 

Group Life Insurance Policy for a sum of Rs. 2,00,000; 

and 

Upto Rs. 1,00,000 in deserving cases on receipt of request 

subject to the Guidelines approved by the Managing 

Committee from time to time. 

Above the age of 60 years 

Upto Rs. 1,00,000 in deserving cases on receipt of 

request subject to the Guidelines approved by the 

Managing Committee from time to time. 

2. Other benefits (in deserving cases on receipt of 

request subject to the Guidelines approved by the 

Managing Committee from time to time). 

Reimbursement of Medical Expenses 

Upto Rs. 40,000 

Financial Assistance for Children’s Education (one time) 

Upto Rs. 10,000 per child (Maximum for two children) 

in case of the member leaving behind minor children. 


Article 

RAISING OF EQUITY AND LISTING OF SMEs ON BSE SME EXCHANGE 

INTRODUCTION 

SEBI has time to time issued the 

circulars and guidelines for setting up 

of the exchange for small and 

medium enterprises. These circulars 

have been revised after taking 

suggestions from market participants 

for the SME exchange. The final 

circular was issued on 18 th May, 

2010.The necessary provisions for the listing of specified 

securities under the SME exchange have been made in 

the Chapter XA of Issue of Capital and Disclosure 

Requirements (ICDR). The guidelines emphasis on the 

following: 

• The post issue face value capital should not exceed 

rupees ten crores. 

• The minimum application and trading lot size shall 

not be less than Rs. 1, 00,000/-. 

• The existing members would be eligible to participate 

in SME exchange. 

• The issues shall be 100% underwritten and merchant 

bankers shall underwrite 15% in their own account. 

• The SMEs with post issue paid capital between Rs. 

10 crores and Rs. 25 crores has been given the option 

to list either on SME Exchange or on the main board. 

MARKET MAKERS – OBLIGATIONS 

SEBI has compulsorily mandated market making for all 

scrips listed and traded on SME exchange. The obligations 

for market makers are as follows: 

• The merchant bankers to the issue will undertake 

market making through a stock broker who is 

registered as market maker with the SME 

exchange. 

• The merchant bankers shall be responsible for 

market making for a minimum period of 3 years. 

• The market makers are required to provide two 

way quotes for 75% of the time in a day. The 

same shall be monitored by the exchange. 

• There will not be more than 5 market makers 

for scrip. 

• Market makers will compete with other market 

makers for better price discovery. 

• The exchange shall prescribe the minimum 

spread between the bid and ask price. 

• During the compulsory market making period, 

the promoter holding shall not be eligible for the 

offering to market makers. 

• Market Maker shall be allowed to deregister by 

giving one month notice to the exchange. 

• Trading system may be either order driven or 

quote driven. 

Lakshman Gugulothu 

CEO, BSE SME Exchange 

TRADING LOTS 

The application and trading lot size is being kept at Rs. 

1,00,000/- so as to curtail the entry of small investors. It 

has also been stated that the minimum depth of the quote 

in secondary market shall be of one lakh rupees. The 

investors holding with value less than Rs. 1, 00,000/- 

shall be allowed to offer their holding to the market maker 

in one lot. However, in functionality the market lot will be 

subject to revival after a stipulated time. 

Frequently Asked Questions(FAQs) on Listing of 

SMEs: 

Q: How is it different from main board? 

A: The new thing about the SME Exchange is that the 

issue will be 100% underwritten and this means that the 

issue will be 100% success. Other new aspect is that 

there will be support of three years in the secondary 

market through market making activity. The SME 

Exchange is different to current stock exchanges on 

following parameters: 

• The SMEs with paid up capital up to Rs. 10 crores 

can come on the SME Exchange, in contrast to 

the paid up capital of Rs. 10 crores or more for 

the main board. 

• The Listing norms have been simplified. The 

issuer has to take the approval of the Exchange 

and SEBI approval is not required. A copy of the 

offer document will be sent to the SEBI for their 

information. 

• The Compliance norms were simplified. Half 

yearly compliance is required instead of quarterly 

compliance. The abridged version of the annual 

reports need to be sent to the investors instead 

of the entire annual report and keeping the soft 

copy of the report on the website is sufficient. 

• The issue expenses will be minimal on the 

marketing and stationery. However, the issue will 

be charged for underwriting, sub-underwriting 

and responsibility of three years market making. 

• Market making is compulsory for three years, 

which is not there on main platform. 

• The listing fees on BSE SME platform are minimal 

compared to the main board. 

• The SMEs with the paid up capital between Rs. 

10 crores and Rs. 25 crores has the option to get 

listed at either on main board or on the SME 

Exchange. 

Q: How the Indian SME Exchange is different from SME 

Exchanges elsewhere?. 


Article 

A: The Indian SME Exchange has been formulated after 

detailed study of the best SME Exchanges across the 

world and taking into account the feedback from the 

market participants. 

Q: How the SME Exchange is different from the OTCEI 

Exchange? 

A: The concept of SME Exchange wise very much similar 

to the OTCEI Exchange. However, OTCEI was far ahead 

of its time. It has launched screen based trading with 

depository concept which at that point of time was new 

to the market intermediaries and they were not so much 

equipped to adopt to the OTCEI model. 

During the last two decades, the capital market has 

matured and adopted well the changes brought by the 

regulators and exchanges, viz online trading, rolling 

settlement and depositories. At the same time, the 

financial institutions, venture capitalists, Bank SME 

divisions, institutional investors, QIBs, and HNIs have 

started investing in the SMEs in a big way. This has 

created conducive environment for raising of the equity 

capital by the SMEs and thus we are well positioned to 

successfully launch the SME Platform. 

Q: What are the simplifications to compliance norms on 

the SME Exchange? 

A: SEBI has made amendments in the ICDR Regulations 

simplifying the compliance norms for SMEs listed on the 

SME Exchange. The chapter XA has been introduced 

which states the guidelines for the SME Exchange/ 

Platform. The salient features are: 

• Financial results shall be submitted on half yearly 

basis instead on quarterly basis. 

• SMEs need not publish their financial results, as 

required in main board, and they can make it 

available on their website. 

• SMEs can send the abridged version of the 

annual report of few pages with the details of 

the profit & loss account and balance sheet to 

the shareholders instead of sending full annual 

report. 

Q: Whether the norms on profit making for 3 out of 5 

years on the main board are applicable to the SMEs?. 

A: The SMEs have been exempted from the criteria of 

three years profit making track record (profit in 3 out of 

5 years) for listing on SME Exchange. Any company with 

one or two years of good track record can consider listing 

on SME Exchange. 

Q: What is the minimum dilution the SMEs need to do 

for listing on SME Exchange?. 

A: As per ICDR Regulations, the company with the IPO 

has to offer a minimum of 25% to the investors and 

some exemptions have been given for the finance 

companies. 

Q: Which merchant bankers can bring the IPO on the 

SME Exchange? 

A: All the Merchant bankers empanelled by the SEBI 

can bring the IPO on SME Exchange. 

Q: Whether there will be any changes to the Offer 

Document? 

A: There is no need to file the DRHP and RHP is sufficient. 

The Offer Document of the SME Exchange will be on the 

same lines as that of the main board, but condensed 

one. In addition, the Offer Document will also include the 

agreement between the merchant banker and the market 

maker as well as the agreement between the merchant 

banker and the nominated investors. The model listing 

agreement has been notified vide the SEBI Circular dated 

17 th May, 2010 for the SME segment. The check list for 

the Offer Document will be published by the SME Exchange 

on its website, once the final approval of the SEBI is 

received. This will help the merchant bankers in preparing 

the Offer Document. 

Q: What kind of preparedness is required before getting 

listed on BSE SME? 

A: Some of the steps necessary for the preparation for 

the listing on the BSE SME Platform are as follows: 

• Keeping the Annual Reports on accounts ready 

• Documenting the Past performance 

• Due diligence on the applicability of various 

regulations 

• Due Diligence on the various approvals required 

from regulatory bodies 

• Documenting the Risk factors associated with the 

company 

• Documenting the External environment effecting 

the company 

• Listing out the litigations, its magnitude and 

ramifications 

• Documenting the Business activity 

• Documenting the Material contracts and 

agreements 

• Detailed report on promoters & management 

• Selection of investment banker 

• Selection of registrar and transfer agent (RTA) 

• Selection of syndicate member /sub- syndicate 

members 

• Selection of electronic media and advertising 

agency 

• Selection of Escrow Bankers 

The IPO is all about: 

• Effective equity story supplemented by proper 

research 

• Presentation to the investors and the analysts 

• Regular interaction with Member brokers / sub 

brokers, CAs, CSs, FIs. 

• Positioning of company through sustained media 

efforts including visual media 

• Selection of potential bidding centers 

• Creating sustainable valuation and shareholder 

base 


Article 

• Effective communication for better results 

Q: What are the additional responsibilities of Merchant 

bankers in SME Exchange? 

A: The Merchant Bankers in the main board assist the 

company in raising equity capital through primary record, 

but in the SME Platform the Merchant Bankers’ have to 

hand hold the company for 3 years and ensure that there 

is continuity in market making. 

The other additional responsibility is that the issue should 

be 100% underwritten and the merchant banker has to 

compulsory underwrite 15% in his own book of accounts. 

There is need for syndication for the purpose of under 

writing and the responsibility lies with the merchant 

banker. There is no such responsibility for the merchant 

banker on the main board. 

Q: Who can be the Members of the SME Exchange?. 

A: All the members of the equity (cash) segment of the 

BSE main board are by default the members of the BSE 

SME Exchange also. 

Q: Who can be the market makers in the SME Platform? 

A: Only the Members of the stock exchanges recognized 

by the SEBI can act as a market maker. The members 

desirous of becoming market maker have to get 

themselves registered as market maker with the 

exchange by filing the registration form. These members 

should have a minimum experience of 3 years, minimum 

net worth of Rs. 5 crores and a daily turn over of Rs. 10 

crores. The market maker shall have additional net worth 

of Rs. 2 crores for additional scrip. 

Q: How does the Market Making work? 

A: Market Making is an activity where the Member Brokers 

registered as market makers will undertake to support 

the scrip by providing two way quotes. All the market 

makers in a scrip will provide 2-way quotes for 75% of 

the time in a trading day. The market makers will have 

to hold 5% of the specified security to be listed at the 

time of allotment in their inventory to do the market 

making. In addition to this, the market makers can also 

buy from or sell to the nominated investors the required 

shares for market making. The merchant banker and 

nominated investor need to enter into an agreement in 

this regard. 

Q: Who can be the Nominated Investors? 

A: The nominated investors can be QIBs and PE Firms 

who are registered with the respective Regulator. 

Q: What is the rationale of keeping the lot size of one 

lakh rupees?. 

A: The lot size of one lakh rupees is kept, so that only 

the informed investors can invest in these companies. 

Q: What is the provision on odd lots? 

A: Odd lots may get created because of the corporate 

action taken by the company from time to time, like 

issuing bonus shares, warrants and rights issues. The 

Regulations warrants that the odd lots can be sold only 

to market makers and the investor has to give the 

declaration that he is selling all the odd lot shares of the 

particular scrip. This is to minimize the odd lots in the 

system. 

Q: Whether the BSE SME Exchange is quote driven or 

hybrid? 

A: BSE SME Platform will be a hybrid system i.e. a 

combination of quote and order driven systems. 

Investors will put the orders, where as the quote driven 

system will be for the market makers for providing the 

quotes. BSE will provide the FastTrade system to market 

makers free of cost for the purpose of providing the 

quotes. However, the market markers are permitted to 

use their own systems as well as third party systems 

with quote driven capacity. 

Q: Whether the promoter holding can be sold in the 

market? 

A: The promoter holding is not eligible to sell to the 

market maker for the market making activity. The entire 

promoter holding is locked for one year and 20% of the 

promoter holding is locked for three years as per ICDR 

Guidelines. After one year, promoter can sell his holding 

in the market, other than 20% under lock-in. 

Q: What are the compliance requirements for migration 

from the BSE SME Platform to the main Board? 

A: Any SME on BSE SME Platform having a paid up 

capital more than Rs. 10 crores can move to the main 

board provided that the special resolution is passed in 

the AGM in favor with at least two third of the number 

of votes cast by shareholders other than promoter 

shareholders and then apply to BSE SME. The SME 

migrating to the main board has to comply with all the 

main board norms like minimum 1000 investors, pay 

main board listing fees and do the quarterly compliance 

etc. 

Q: What are the capital gain tax benefits by listing on 

BSE SME? 

A: The sale of unlisted shares in short term attract the 

capital gain tax of 30% and the long term capital gain 

tax of 10%, where as in the case of listed securities the 

short term capital gain tax is 10% and there is no long 

term capital gains tax. This makes it clear that the listing 

of shares very attractive. 

Q: Whether Grading of IPOs is compulsory on SME 

Exchange? 

A: As per ICDR guidelines, the grading is compulsory 

on the SME Exchange. 

Q: Whether the website is mandatory for the SMEs? 

A: The Regulator has made it mandatory for the 

companies to have websites, if they propose to be listed 

on the main board. The same applies to the SME 

companies, if they want to get listed on the BSE SME 

Exchange. 

Q: Whether in the case chapter XA of ICDR is silent, 

what provisions will be applicable? 

A: ICDR Guidelines chapter XA clearly specifies that it 

will attract all the provisions of main ICDR guidelines 

where the exemptions are not being provided under 

these provisions. 


Article 

Q: Whether BSE is proposing any Index for the SMEs? 

A: In order to provide the insight on the performance of 

the SME companies, BSE will launch the SME index in the 

near future, once the critical mass of the companies is 

listed on the BSE SME Exchange. 

Q: Whether the BSE is considering any relaxation of 

Listing Fees for the SMEs? 

A: BSE has been always forthcoming and considerate in 

matters related to the SMEs. We have more than 1500 

companies listed on the main board whose paid up capital 

is less than Rs. 10 crores. More than 2500 companies 

listed on the main board have the paid up capital between 

Rs. 10 crores and Rs. 25 crores. Altogether, more than 

4000 companies (constituting about 83%) listed on the 

main board qualify to be listed on the BSE SME Exchange. 

Keeping up with the tradition and commitment for nurturing 

the SME companies, we have kept the Listing and other 

fees related to the primary markets for SMEs about 50% 

compared to the Listing and other fees on the main board. 

Q: What is the spread prescribed for the market maker 

on the SME Exchange? 

A: BSE has prescribed the slab wise spread for the scrips 

depending upon their price. A minimum spread of 5% is 

prescribed, which shall facilitate the market making and 

make it easier for the members empanelled. 

Q: What are the penalties for the market making 

violations? 

A: All the market makers for scrip together shall do 

market making more than 75% of the market timings. In 

case the market makers for scrip fail to comply these 

provisions up to 15 days, BSE has prescribed the monetary 

penalties. Beyond 15 days, the scrip will be temporarily 

suspended. 

Q: Whether the insider trading regulations apply to the 

SME Exchange? 

A: Insider Trading Regulations will be applicable to the 

SME Exchange also. However, the merchant banker to 

the issue can be on the board of the SME Company. 

Q: Whether Takeover code will be applicable? 

A: Takeover code will not be applicable in case of the 

Market Maker buy or sell of the shares for Market Making 

activity. However, the takeover code will apply for the 

investors. 

Q: Whether the investors are protected under the IPF on 


A: IPF (Investor Protection Fund) has been extended to 

the SME Exchange also. The investors in the secondary 

market are covered under this. The provisions of the IPF 

for the main board apply to the SME Exchange also. 

Q: Whether there is any floor price for the scrips listed 

on the SME Exchange? 

A: There will not be any floor price for the scrips on the 

first day of the listing on the SME Exchange. However, 

the circuit filter will apply from the next day. The circuit 

filters on the main board also apply for the SME Exchange 

and they can have check from the next day. 

Q: Whether companies listed on RSEs allowed for direct 

listing on the SME Exchange? 

A: Direct Listing of companies listed in RSEs is not 

permitted as of now. 

Q: Whether the suspended companies will be allowed 

to list on the SME Exchange? 

A: The companies are suspended on the main board for 

the non-compliance of the listing agreement. Once the 

compliance is done, the companies are allowed to list 

on the main board of the exchange as per the present 

norms. These companies have the choice to get them 

transferred, after taking the approval of 2/3rd of the 

non-promoter investors. 

Q: What is the clearing and settlement mechanism in 


A: The settlement will be T+2. There will be common 

collateral for the equity and cash segments. The 

Settlement Guarantee Fund of the equity covers the SME 

segment also. The existing clearing and settlement of 

the equity (cash) segment will be extended to the SME 

segment also. 

Q: What are the corporate governance norms for the 

SME Exchange? 

A: Clause 49 of the listing agreement and corporate 

governance will be applicable for the SME segment. 

There will be 50% independent Directors and remaining 

50% will be promoter Directors. 

Q: How is the Risk Management done in the SME 

Exchange? 

A: The Risk Management will be applicable the same 

way as that of the main board. The M-to-M (Mark to 

Mark) Margins, VAR Margins, ELM (Extreme Loss Margin) 

and special margins as applicable to the main board will 

also apply for the SME Exchange. 

Q: What is the Grievance Redressal system in the SME 

Exchange? 

A: The Exchange has the IGRC (Investor Grievance 

Redressal Committee) to redress the complaints of the 

investors against the members. If amicable solution is 

not reached, the members can opt for arbitration. There 

is also a complaint cell for redressal of grievances of 

the investors against the companies. The Grievance 

Redressal System of the equity (cash) segment will be 

made available for the SME Exchange also. 

Q: What problems are faced by SMEs as well as BSE to 

launch the SME exchange? 

A: The working of SME Exchange is not well understood 

in the country. The SMEs are mostly not well informed 

of the capital market issues and modalities of raising 

equity capital. There is need for conducting lot of 

awareness programs to educate them. 

Merchant Bankers used to handle only the primary 

market issues so far. On the SME platform, he has to 

assist the company in the secondary market through 

market making for three years. Merchant banker, issuer 

and market maker have to work as team for three years 

to make the market making activity a success. This is a 


Article 

huge challenge. The investor base is limited and only the 

investors with a minimum investment of Rs. One lakh 

are allowed to participate. 

We have interacted with the market intermediaries over 

the last six months. There were apprehensions of the 

SME model in the beginning. After few rounds of 

discussions, we see the substantial change in the 

perception of the SME platform. Many merchant bankers 

are optimistic and the members with market making 

experience are positive about the SME Platform. We are 

hopeful that the hurdles will not be a roadblock for the 

successful take off of the BSE SME Platform. 

Q: How equipped is BSE to launch the new SME exchange? 

A: The BSE is leveraging the existing equity platform for 

the BSE SME. The systems necessary for monitoring the 

market making and quote driven systems for the market 

makers are made to comply with SEBI Regulations. BSE 

is fully equipped to launch the BSE SME platform. 

Q: How is an SME exchange going to help smaller firms? 

A: There have been a traditional ways of funding available 

to the SME Companies. A dedicated exchange for these 

SMEs will help them in finding a solution to their financial 

requirements and crunching expansion plans. Listing of 

a company on the exchange gives better valuation to the 

company. The debt and equity ratios will improve and 

the balance sheet will look much healthier. The listed SMEs 

will unlock their wealth in the medium to long term and 

will do the wealth creation for the promoters and the 

investors. 

The listed SMEs will get better visibility among the 

investors. The investor base of the company improves 

for the listed companies in medium term. The repose of 

faith by the investors – domestic and foreigners in the 

listed SMEs is high. Transparency and corporate 

governance will improve manifold by listing on SME 

Platform. 

Listed company will have easy accessibility to alternate 

funding options. The banks, P/E funds and other financial 

institutions provide them the loans very easily. The fund 

raising through ADRs and GDRs become easier. Also, the 

company can raise more funds through follow on public 

offering. The tax benefits are also immense. The long 

term capital gain tax on listed company is zero. 

Q: What is the outlook of the Market participants about 

the SME Exchange / Platform? 

A: A large number of merchant bankers are optimistic 

about the SME Exchange/ Platform. The market makers 

will get the fees out of the issue expenses, like the 

merchant bankers. The members who have the 

experience of market making in the past are positive on 

the scope of market making in this segment. Investors’ 

outlook is not yet clear. But the investors who have 

medium to long term perspective are optimistic on huge 

wealth creation opportunity in this segment. Regarding 

the SMEs, the response has been extra ordinarily exciting. 

The SMEs are enthusiastic about the opportunity to raise 

the equity capital on BSE SME. 

The professionals like and Company Secretaries have 

an important role to play in educating the promoters of 

the SMEs and guiding them in raising equity capital on 

SME Platform. The member brokers and the sub brokers 

having branches and franchises spread across the country 

can play important role in mobilising and educating the 

SMEs with their market knowledge and experience. 

Q: How do you see the future of SME exchange in India? 

A: The SMEs are the backbone of the Indian economy. 

The SMEs in India produce about 45% of the 

manufacturing output and contribute about 40% of the 

country’s exports. They are the largest employment 

provider in the country. SMEs are craving for the better 

funding sources all along. The BSE SME is going to bring 

the entire pool of investors on a single platform and hence 

it will be easier for the SMEs to raise the capital through 

this platform in a cost effective manner. 

The need and the requirement of the SME exchange for 

the SMEs to raise the equity capital are there for very 

long. The SMEs have responded positively in a big way 

and coming forth for the listing. There is a good future 

for the SME Exchange, considering the huge demand and 

requirement of capital for the growth of SMEs. 

Q: How do you propose to reach out to the SMEs across 

India? 

A: First of all, we had detailed discussions with the market 

intermediaries, like the Merchant Bankers, Member 

Brokers etc to brief them on BSE SME Platform and also 

took their feedback. 

Second, we have been conducting the Seminars for 

educating the SMEs on the benefits of listing and the 

preparations required for listing on the BSE SME Platform. 

We have already conducted the Seminars in Maharastra, 

Gujarat, Andhra Pradesh, New Delhi, Kolkatta etc and 

lined up large number of Seminars to cover other parts 

of the country. 

Third, we have detailed Marketing plan to reach out to 

the SMEs spread across the country. We are tying up with 

channel partners which include various institutes and 

associations engaged in the development of SMEs so as 

to create awareness among the SME companies about 

the benefits of listing at this platform. We are also educating 

the professionals through the platform of ICSI and ICAI 

etc, so that the professionals can play important role in 

educating the promoters and management of SMEs. 

Q: By when do you expect to start the SME exchange? 

A: BSE SME already received the ‘in Principle’ approval 

from the SEBI. We are waiting for the final approval of 

the SEBI. We intend to create awareness about the BSE 

SME Platform among the SMEs and various market 

intermediaries, before going live. We are likely to be 

operational by September, 2011. 


XBRL 

SIMPLIFIED NOTE ON STEPS FOR FILING ANNUAL REPORT IN XBRL 

(EXTENSIBLE BUSINESS REPORTING LANGUAGE) MODE 

Applicability 

1. All companies listed in India. 

2. Indian subsidiaries of listed companies; 

3. All companies having a paid up capital of Rs.5 crore and 

above 

4. All companies having a turnover of Rs.100 crore and above. 

Exemption- 

1.Banking Companies 

2.Insurance Companies 

3.Power Companies 

4.Non Banking Financial Companies 

Steps for filing Financial Statements – 

Step 1 (Preparation of Financial Statement) 

Begin with Company’s financial Statements. 

Step 2 (Mapping/Tagging) 

Map Company’s each financial statement element to a 

corresponding element in published taxonomy. 

Mapping: Mapping is the process of comparing the concepts 

in the financial statements to the elements in the published 

taxonomy, assigning a taxonomy element to each financial 

statement concept. 

Mapping is done by tagging/linking of the XBRL taxonomy 

elements with the various accounting heads in the books of 

accounts of the company. This would result in mapping of 

the various taxonomy elements with the accounting heads so 

that the accounting information can be converted into XBRL 

form. 

Taxonomy: Taxonomy can be referred as electronic dictionary 

of the reporting concepts. It includes terms such as net 

income, EPS, cash etc. Taxonomy may represent hundreds or 

even thousands of individual reporting concepts. 

Concepts/Reporting concepts refer to various accounts heads 

in which financial data is displayed 

Step 3 (Instance Document) 

Creation of instance document. 

Instant Document: An instance document is a XML file that 

contains business reporting information and represents a 

collection of financial facts and report-specific information 

using tags from the XBRL taxonomy. 

Note: 

Separate instance documents need to be created for the 

following: 

1. Stand Alone Balance sheet of the company 

2. Stand Alone Profit and Loss Account of the company 

3. Consolidated Balance sheet 

Compiled by: CS. Amit Walia 

F.C.S., L.L.B., L.I.I.I. 

4. Consolidated Profit and Loss Account of the company. 

The manner of creation of instance document has not been 

specified but it seems that the same will be done at the press 

of a button as is done while filing online Income Tax returns 

wherein an xml file is generated on the press of a button which 

is further filed with the department. 

Step 4 (Validation): 

Once the instance document is prepared, it needs to be ensured 

that it is a valid instance document and all the information has 

been correctly captured in the instance document. 

It shall be done in the following manner. 

1. There shall be a tool provided at the MCA portal for 

validating the generated XBRL instance document. 

2. Download the tool. 

3. Validate the document using the tool. 

Following validations shall be performed by the tool- 

• Validating that the instance document is as per the 

latest and correct version of taxonomy prescribed 

by MCA. 

• All mandatory elements have been entered. 

• Other validations as per taxonomy 

Step 5 (Pre-scritiny) 

Perform pre-scrutiny of the validated instance documents 

through the same tool. 

Step 6 (Filling of Forms) 

• Fill up the form 23AC and Form 23ACA. 

• Attach the validated and pre-scrutinised instance 

document for Balance sheet to Form 23AC. 

• Attach the validated and pre-scrutinised instance 

document for Profit and Loss account to Form 

23ACA. 

Note: Separate instance documents need to be attached with 

respect to Standalone financial statements and consolidated 

financial statements. 

Step 7 (Form Submission) 

• Complete the Forms. 

• Perform pre-scrutiny of the form 

• Sign the form 

• Upload the form as per the normal e-form filing 

process. 


COMPLIANCE CHECKLIST FROM 10 TH JULY TO 10 TH AUGUST, 2011 

Compliance Checklist 

Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom to 

No. Clauses, etc. etc. Due Date be submitted 

1. Monthly Excise Return Rule 12 Central Excise, 10 th July Superintendent of 

Rules, 2002 

Central Excise 

2. File TDS/TCS quarterly statement in Section 192 to 195 Income Tax Act, 15 th July Income-Tax 

Form24 Q/26Q/ for April-June 1961 Authorities 

3. Submit quarterly Corporate Clause 49 Listing Agreement 15 th July Stock Exchanges 

Governance Compliance Certificate 

4. Annual Return on foreign Liabilities A.P (DIR Series) FEMA 15 th July RBI 

& Assets Rep orting by Indian Circular No. 45 

companies 

5. File liquidity return in Form Para 2 & 3 RBI (NBFC) Returns 15 th July RBI 

NBS-3(NBFC) Specifications, 1997 

6. File a quarterly result on frauds Master Circular Department of Non 

outstanding dated 01/07/2010 Banking Supervision 15 th July RBI 

7. Submit a case wise progress report Master Circular Department of Non 

on frauds involving Rs.1 lakh and more dated 01/07/2010 Banking Supervision 15 th July RBI 

8. Submit shareholding pattern as at Clause 35 Listing Agreement 21 st July Stock Exchanges 

the end of the previous quarter 

9. Submit quarterly audit report on Regulation 55A SEBI(Depositories 30 th July Stock Exchanges 

reconciliation of capital, updation of 

and Participants) 

register of members and Regulations, 1996 

dematerializations 

10 Income Tax Return for Non- Corporates Section 139(1) Income Tax Act 31 st July Income tax 

& Individuals Who are under non- 

Authorities 

audited u/s 44AB 

11 Furnish Unaudited quarterly financial Clause 41 Listing Agreement 14th August Stock Exchanges 

results in the prescribed format 

12. Issue TDS Certificate in form 16A to Section 203 Income Tax Act, 15th July Income-Tax 

vendors 1961 Authorities 

13. Intimation of date of Board Meeting Clause 41 Listing Agreement 7 days in Stock 

to consider quarterly results advance Exchanges 

14. Issue press release about Board Clause 41 Listing Agreement Simultaneo- One National & one 

Meeting to consider quarterly results meeting usly after regional newspaper 

Board 

15. Intimation of quarterly results Clause 41 Listing Agreement Within 15 Stock Exchanges 

minutes of 

Board Meeting 

16. Publish quarterly Results Clause 41 Listing Agreement Within 48 One English and 

hours of BM one regional 

newspaper 


Compliance Checklist 

Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom to 

No. Clauses, etc. etc. Due Date be submitted 

17. Submit three COMPLIANCE copies of quarterly CHECKLIST Clause 41FROM 10Listing TH JULY Agreement TO 10 TH Immediately AUGUST, on 2011 Stock Exchanges 

results singed by the MD 

conclusion of Board Meeting 

18. Pay Service Tax collected during the Section 68 read with The Finance Act, 5 th August Service Tax 

previous month by persons other Rule 6 1994, Service Tax Authorities 

than individuals, proprietors and Rules, 1994 

partnership firms in GAR-7 

19 Payment of excise duty Rule 8 Central Excise 5 th August Central Board of 

Excise and Customs Rules, 2002. 

20. Deposit TDS from Salaries for the Section 192 Income Tax Act, 7 th August Income-Tax 

previous month in Challan No.281 1961 Authorities 

21. Deposit TDS on Contractor’s Bill/Rent Section 194C to Income Tax Act, 7 th August Income-Tax 

Advertising/Professional Service Tax Section 194J 1961 Authorities 

deducted in the previous month 

22. Submit monthly statement on Regulation 54(5) SEBI (Depositories 7 th August Stock Exchanges 

substitution of names of depositories 

and Participants) 

in the previous quarter Regulations, 1996 

23. File return of exposure to capital Para 22 NBFC-D 7 th August RBI 

markets in Form NBS-6 

Prudential Norms 

Directions, 2007 

24. File a monthly return in prescribed RBI Circular Department of Non 

format (NBFC-ND) No.DNBS(RID) CC -Banking Supervision, 

No.57/02.02.15/20 RBI 7 th August RBI 

05-06 

Note : Members are requested to check the latest position with the original sources. NIRC of ICSI is, any way not 

responsible for the result of any action taken on the basis of the above compliances published in the Newsletter. 

ATTENTION 

MEMBERS / STUDENTS 

The details of Members Programs like Seminar, Conferences, etc. and soft copies 

of NIRC-ICSI Newsletters & Students’ programs viz TOP, SIP, ADP, MSOP, 

Students Activities, such as viz Moot Court Competitions, Elocution Competition, 

Essay writing, Company Law Quiz and Student Conferences are regularly 

updated on the NIRC Portal at ICSI website. 

To get updated information, Members & Students are requested to visit our 

following website regularly. 

www.icsi.edu/niro 


PROFESSIONAL DEVELOPMENT & TRAINING PROGRAMS 

NIRC organised the following programs: 

Members 

News from NIRC 

Date Program Chief Guest/Speakers Present 

11.6.2011 Investor Awareness Program on 

Investor Protection and Corporate 

Governance 


Understanding the Capital Market 

17-18.6.2011 Northern Region PCS Conference – 

2011 on Calibrating Competence for 

Professional Excellence 


How to Read Annual Report of the 

Company 

Chief Guest:Mr. Ashok K 

Jethy,Chairman, Mother Teresa 

Institute of Management 

Speakers: Mr. Ajay Garg, 

Practising Company Secretary & 

Mr. Nandi Vinay Kumar S, 

Manager, RBI 

Guest of Honour: Dr. G P Agarwal, 

Principal, Shyam Lal College 

Speakers: Mr. Rajesh Nirula of 

Delhi Stock Exchange, CS J K Bareja, 

Mr V K S Nandi, Manager, RBI and 

CS Anupam Jha 

Chief Guest: 

Mr. Trivendra Singh 

Rawat,Hon’ble Minister for 

Agriculture, Horticulture and 

Fishery, Government of 

Uttarakhand; 

Guests of Honour: 

Mr. G. P. Patel, Managing 

Director, UJVN Limited; Mr. Om 

Prakash Uniyal, Chairman, 

Municipal Committee, Mussoorie 

& Mr. Bhaskar Naithani, Vice- 

Chairman, Prime Minister’s 

Gram Sadak Yojna & Monitoring 

Board, Govt. of Uttrakhand 

Speakers: 

Mr. Atul Mittal, Council Member, 

ICSI, Mr. Suneel 

Keswani,Corporate Trainer; Dr. S. 

Chandrasekaran, Company 

Secretary in Practice; Mr. 

Siddharth Bambha, Advocate 

and Mr. Dhiraj Dev Phukan,CEO, 

DijITware Technologies Private 

Limited 

CS Yogesh Gupta, Past 

Chairman, NIRC-ICSI, CS J.K. 

Bareja Mr. Chandan Rukhaiyar, 

Manager, RBI, 

Ms. Mandvi Sharma, Mr. 

Ashish Gupta, Mr. J.K. Bareja, 

Mr. Satya Narain, AGM, RBI, 

Mr. T R Mehta, members, 

students & Investors 

Members, students and 

investors 

Mr. Ranjeet Pandey,Mr. 

Deepak Kukreja,Ms. Ashu 

Gupta, Mr. Dhananjay 

Shukla,Mr. Manish 

Gupta,Mr. Madan Gopal 

Jindal,Mr. Rajiv Bajaj,Mr. 

Shyam Agrawal,Mr. Vineet K. 

Chaudhary, Chairman & 

other Office Bearers of 

Dehradun Chapter, Mr. T.R. 

Mehta and other members 

Mr. Pradeep Debnath, 

Mr. Vikas Gera & other 

members 


24.6.2011 Study Circle Meeting on XBRL 

Concepts and Practical Approach 

to MCA Filing 

25.6.2011 Seminar on Private Equity: Catalyst 

to Economic Growth 

26.6.2011 North Zone Study Group Meeting 

on Techno-Economic Feasibility 

Study & Opportunities for 

Company Secretaries 


Investment Avenues in Capital 

Market 

CS Rajender Kapoor & CS Vijay 

Sahni of Webtel Electrosoft Pvt. 

Ltd. 

Chief Guest : Mr. Ravi Narain 

(Managing Director & CEO, 

National Stock Exchange), 

Guest of Honour : Mr. O.P. Vaish 

(Senior Advocate, Founder, 

Vaish Associates, Advocates), 

Speakers : Mr. P.N. Vijay 

(Founder, P N Vijay Financial 

Services Pvt. Ltd.), Mr. Arvind 

Mathur (Chairman, Private 

Equity Pro Partners & Ex-Head, 

Capital Markets, Asian 

Development Bank), Mr. Gagan 

Verma, (Ex-Morgan Stanley and 

Tailwind Capital, USA), Mr. 

Sandeep Kapoor (Vice President, 

Sequioa Capital), Mr. David 

Getzinger (Director-Legal, Intel 

Capital, Asia Pacific, Hong 

Kong), Mr. Gaurav Dani, 

(Partner, Induslaw), Mr. Simon 

Cox (Partner, Norton Rose LLP, 

London), Mr. Rupesh Jain 

(Partner, Vaish Associates, 

Advocates) and Mr. Satwinder 

Singh (Partner, Vaish 

Associates, Advocates) 

CS Rajesh Khurana 




Capital Market – Investing in IPOs 


Investment Opportunities in 

Capital Market 

Mr. B K Sabarwal, Executive 

Director, Jaypee Capital Services 

Ltd., Mr. Ashok Nimbekar, 

AGM, SEBI Mr. Satya Narain, 

AGM, RBI & CS J.K. Bareja, 

CS Ashok Juneja, Mr. Chandan 

Rukhaiyar (Manager, RBI), Mr. 

Narendra Rawat (DGM, SEBI) 

and Mr. Lalit Khanna. 

Chief Guest:Mr. C.M. Chang 

(Member of Parliament & Member, 

Parliamentary Standing 

Committee on Finance) 

Speakers: Mr. Anuradha Sharma 

(Asstt. Manager, RBI), Ms. Anusha 

Maheshwari (COO, Farsight 

Secruties Ltd.), Mr. Narendra 

Rawat & Ms. Versha from SEBI and 

Mr. Rajeev Goel, Practising 

Company Secretary, 

Mr. T.R. Mehta and other 

investors 

Mr. NPS Chawla, Mr. Yogesh 

Gupta & other members 

Mr. Nesar Ahmad, Mr. P.K. 

Mittal, Mr. Ranjeet Pandey, 

Mr. Dhananjay Shukla, Mr. 

NPS Chawla, Mr. G.P. 

Madaan, Mr. T.R. Mehta and 

other members 

Mr. Chetan Gupta, Mr. Nitesh 

Sinha and other members 

CS J.K. Bareja, Mr. T.R. 

Mehta, members & investors 

Mr. N.K. Jain, Mr. Ranjeet 

Pandey, Ms. Sonia Baijal, Mr. 

T.R. Mehta, investors, students 

and others 


Students 

6-14.6.2011 20 th Student Induction Program 

(SIP) 

16-24.6.2011 21 st Student Induction Program 

(SIP) 

22.6.2011 Regional Round of 9 th All India 

Moot Court Competion 

27.6.2011 to 22 nd Student Induction Program 

3.7.2011 (SIP) 

1.7.2011 Regional Round of 11th All India 

Company Law Quiz 

Members of the Institute and 

other professionals 



Judges: Mr. K.S. Chandiok, 

Advocate; Mr. Jeetender Kapoor, 

Advocate; CS Vishal Aggarwal 

and CS Dinesh Aggarwal 



Judges: CS S. Koley, CS S. 

Narayanan, CS Naveen Bhatnagar 

& CS Vishal Aggarwal 

Quiz Masters : CS Vishal Arora & 

CS Divya Goel. 



30.6.2011 South Zone Study Group Meeting 

on Green Initiative on Corporate 

Governance- Role of CS 

02.7.2011 Seminar on Raising of Equity and 

Listing of SMEs on BSE SME 

Exchange 

CS Ranjeet Pandey, Chairman, 

NIRC-ICSI 

Chief Guest : Mr. Lakshman 

Gugulothu, CEO, BSE SME 

Exchange 

Speakers: Mr. Jignesh Gandhi, 

Vice-President, CDSL 

Mr. Navneet Arora, Mr. 

Dinesh Vashistha, Mr. RV 

Navik & other members 

Mr. Pavan Kumar Vijay, Mr. 

Ranjeet Pandey, Mr. Deepak 

Kukreja, Mr. Rajiv Bajaj, Mr. 

Manish Gupta, Mr. Vineet K. 

Chaudhary & other members 

Students of the Institute 


Mr. Ranjeet Pandey, Mr. S. 

Koley, Mr. T.R. Mehta and 

students 


Mr. Deepak Kukreja Mr. T.R. 

Mehta, Ms. Alka Arora and 

students 

COMPANY SECRETARIES 

BENEVOLENT FUND 

Members Enrolled Regionwise As Life Members of The 

Company Secretaries Benevolent Fund During the Period 

21.04.2011 to 20.06.2011 

S.No. Name Membership No. 

1 Mr. Nandan Kumar ACS - 20440 

2 Ms. Nishant Nayan ACS - 20106 

3 Ms. Ruchika Jain ACS - 23705 

4 Mr. Gaurav Agrawal ACS - 20645 

5 Mr. Vikas Saxena ACS - 10597 

6 Ms. Neha Ralhan ACS - 27629 

7 Mr. Pradeep Kumar Chawla ACS - 26881 

8 Mr. Chetan Goel ACS - 28069 

9 Mr. Suresh Chand Kumawat ACS - 26549 

10 Mr. Rajesh Taneja ACS - 27949 

11 Mr. Akshay Singh Naruka ACS - 27859 

12 Mr. Praveen Sharma FCS - 5234 

13 Mr. Ashish Thakur ACS - 25019 


NEWS FROM CHAPTERS 

News from Chapters 

Name of Date of Program/Meeting & topic Chief Guest/Speaker(s) 

Chapter Program/Meeting 

Agra 5.6.2011 Study Circle Meeting on M & A Restructuring Tools 

Speaker : CS. Pankaj Jain 

12-19.6.2011 1 st Student Induction ProgramInaugurated by: Honourable Dr. R. P. Mangal 

18.6.2011 Company Law Quiz for students 

18-19.6.2011 Participation in 2-Days’ Career Fair organised by Infra Educa- 2011 

19.6.2011 Seminar Jointly with National Stock Exchange of India on Capital 

Market & Investor Awareness Speaker: CS Trilok Singla 

Allahabad 28.5.2011 Study Circle Meeting on Money Laundering 

12-18.6.2011 Student Induction Program 

Bareilly 21.5.2011 Webcasting of National Seminar on XBRL - An emerging professional 

opportunities 

25.06.2011 Webcasting of Seminar on Private Equity - Catalyst to Economic Growth 

Bhilwara 13.06.2011 to 19.06.2011 16 th Student Induction programme 

20.06.2011 to 26.06.2011 17 th Student Induction programme 

25.06.2011 Webcasting of National Seminar on Private Equity- Catalyst to 

Economic Growth 

Gurgaon 28.5.2011 Talk on Regulatory Provisions Of the Companies Act1956 

13.6.2011 1 st Student Induction Program 

18.6.2011 Company Law Quiz for students 

Jaipur 18.05.2011 4 th Executive Development Program 

28.05.11 to 05.06.11 Rajasthan Patrika Career Fair 

11, 16 & 17.06.2011 Investor Awareness Programs 

17.06.2011 Moot Court Competition for students 

24.06.2011 Company Law Quiz Competition for students 

Jodhpur 13-19.6.2011 9 th Student Induction Program - Chief Guest Inaugural Session: CA 

Kailash Bhansali, MLA, Government of Rajasthan - Chief Guest 

Valedictory Session: Hon’ble Colonel D S Lohamaror, Commander, 

NCC & Personality Developer and Motivator 

Lucknow 27.5.2011 & 05.6.2011 Investor Awareness Programs 

11-17.6.2011 9th Student Induction Program 

17.6.2011 Study Circle Meeting 

18-24.6.2011 10th Student Induction Program 

18-19.6.2011 Participation in Education & Career Expo 2011 

25.6.2011 Investor Awareness Program 

25.6.2011 Webcasting of Seminar on Private Equity: Catalyst to Economic Growth 

Ludhiana 4.6.2011 Seminar on (i) Practical Aspects of XBRL & (ii) Analysis of recent circulars/ 

notifications under Companies Act, 1956 

Speakers: Mr. Ranjeet Pandey, Chairman NIRC & Mr. Vinod Kashyap, 

Chartered Accountant 


PUBLIC RELATIONS COMMITTEE 

Sl. No. Name ACS / FCS Contact No. Email 

1. Mr. Shyam A-19344 09314923451 agrawalshyam@hotmail.com 

Agrawal,Chairman 

2. Mr. Saurabh Kalia A-17690 09810979440 saurabhkalia@hotmail.com 

(Convener) 

3. Mr. Sunil Bhatia F-5120 09810040895 bhatia.s@dseindia.org.in 

4. Ms. Anju Jain F-5282 09897602111 anjujain_cs@rediffmail.com 

5. Mr. Rahul Jain F-5804 09212605999 rjcocs@gmail.com 

6. Mr. Pavan Talesra A-9008 09414158294 tcsindia@sify.com 

7. Mr. Puneet Duggal A-11007 09899474999 puneetduggal@hotmail.com 

8. Mr. Girish Goyal A-11442 09413390003 girishgoyal_a3@yahoo.com 

9. Mr. Vishal Arora A-12535 09814296288 csvishalarora@gmail.com 

10. Mr. Rakesh Kumar A-15902 09891239100 info@marsandpartners.com 

11. Mr. Pankaj Jain A-16303 09654958921 pankajjain101@yahoo.co.in 

12. Mr. Amol Vyas A-19768 09414222876 amolvyas@live.com 

13. Mr. Sumit Batra A-22299 09873428930 skbatrapcs@gmail.com 

14. Mr. Gaurav Arora A-22691 09910383038 gauravaroracacs@gmail.com 

15. Mr. Amit Chhabra A-26555 09999100888 csamit.chhabra@gmail.com 

FUND RAISING COMMITTEE 

List of Functional Committees 

LIST OF FUNCTIONAL COMMITTES OF NIRC-ICSI FOR THE YEAR 2011 

S.No. Name ACS/FCS No. Contact No. E-mail 

1 Mr. Shyam A-19344 09314923451 agrawalshyam@hotmail.com 

Aggarwal, 

Chairman 

2 Mr. Rajiv Bajaj, F-3662 09811453353 bajaj.rajiv@mtaic.panasonic.co.in 

Convener 

3 Mr. Lalit Jain F-2370 09811320240 lalit_jain@jubl.com 

4 Mr. Anil Shrivastav F-4893 09810000183 anil.srivastava@tv18online.com 

5 Mr. Sanjay Gupta F-3348 09810906470 sanjaykumar.gupta@havells.com 

6 Mr. Krishnan F-2075 09971194333 srkrishnan.oil@gmail.com 

7 Mr. N.K Sinha F-1807 09868282032 sinha_nk3@ongc.co.in 

8 Mr. A.K Rastogi F-1748 011-24360071 akrastogi@ntpc.co.in 

9 Mr. Gaganjit Kashyap F-3270 09872204150 gaganjitkashyap@yahoo.co.in 

10 Dr. Sanjeev Gemavat F-3669 09810403095 gemawat.sanjeev@dlf.in 

11 Mr. Ajay Krishna A-3296 09810799818 akrishna@uflexltd.com 

12 Mr. Sanjeev Kr. Singh F-6295 09811417517 finance@mankindpharma.com 

13 Dr. Satish kashi F -3663 09873561826 drsanjeev@bajajhindusthan.com 

Rajgaria 

14 Mr. Lalit F-5961 09971590597 chaturvedilalit@yahoo.com 

Chaturvedi 

15 Mr. Varun ACS 26119 09971505010 varun.778899@gmail.com 


Research Paper Competition 

RESEARCH AND PUBLICATION COMMITTEE OF NIRC- ICSI 

PROUDLY ANNOUNCES 

"RESEARCH PAPER COMPETITION" 

For the members of ICSI-NIRC 

OBJECTIVE: 

The competition is aimed at sharing the skills of the Members of ICSI-NIRC: 

• Enticing Members to excel and update their knowledge; and 

• To bring together the views and experiences of different people on similar issue. 

PROCESS: 

• 2 Tier competition is envisaged. 

• The word limit varies accordingly. 

• Research papers will be judged by a panel of jury members for each group. 

SUBMISSION OF PAPERS: 

• The last date for the submission of Research Paper - 31st July, 2011 

• The Research papers shall be submitted (via e-mail: niro@icsi.edu and also through signed hard copy addressed to The Convenor, Research 

and Publication Committee, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New 

Delhi - 110005). 

• The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declaration regarding originality. 

• Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized. 

• The decision of the Jury shall be final & binding on all the participants. 

ELIGIBILITY CRITERIA: 

• Members of NIRC- ICSI as on cut-off date. 

• Elected Council Members; Regional Council Members; Staff Members of NIRC - ICSI and Members of Research & Publication Committee 

are not eligible to participate. 

SUGGESTED TOPICS: 

GROUP I 

GROUP II 

Company Secretaries with experience of 

0-5 years 

more than 5 years 

900 - 1100 words (Procedural) 

1400 - 1600 words (Technical) 

Incorporation of Companies in other countries. 

De-meger through slump sale 

FDI Policy of India - practice and procedure. 

Remuneration of Independent Directors 

ECB policy - practice and procedure. 

Professional liability : while dealing with fraud 

Setting of a non-profit organization 

Taxation on LLP 

Delegation of regulatory powers to professional practitioners 

Working Profile of Company Secretaries in smaller towns. 

Globalization of CS Profession - Scope and Hope 

Whistle blowing and professional responsibilities 

Managing a Global depository receipt of a Indian Company 

Liability of Indian company under listing agreement in USA 

Legal compliances at Commodity Exchanges 

Provision of Income tax - Limiting Indian Businesses’ social responsibility 

initiatives 

RECOGNITION & AWARDS: 

The best article on each topic is proposed to be included in CD to be released by RPC. Three best entries in each group shall be awarded with a 

Citation, Trophy and Cash Prize. 

Ist Prize IInd Prize IIIrd Prize 

GROUP I Rs. 3,100/- Rs. 2,100/- Rs. 1,100/- 

GROUP II Rs. 5,100/- Rs. 3,100/- Rs. 2,100/- 

END USE : 

Research and Publication Committee reserves the right to publish the Articles / Excerpts either in print or in electronic media. 


Delhi Study Group Meetings 

DELHI STUDY GROUPS FORTHCOMING MEETINGS 

Day, Date & Time Program Program Venue 

Credit Hours 

Saturday WEST Zone Study Group Meeting on ONE CMC Ltd. Community Centre 

23.07.2011, 6.00 PM Business Taxation and Overview C-58, 6th Floor, Behind Janak Cinema 

Janak Puri New Delhi 

Saturday EAST Zone Study Group Meeting on ONE Mother Teresa Public School 

16.07.2011, 6.00 PM (Topic will be informed through e-mail) C-Block, Preet Vihar, Delhi 

Sunday NORTH Zone Study Group Meeting on ONE Hero Mind Mine, 3rd Floor, 

24.07.2011, 5.00 PM (Topic will be informed through e-mail) Building No. FD-4, (Near 

Pitampura Metro Station), 

New Delhi 

Friday SOUTH Zone Study Group Meeting ONE A.M.D.A. Conference Hall, 7/9, Sirifort 

29.07.2011, 6.00 PM (Topic will be informed through e-mail) Institutional Area, August Kranti Road, 

New Delhi 

CREDIT HOUR : 1 

cordially invites members at 

Study Circle Meeting 

on 

LLP-Legal & Tax Implications 

on 

Friday, the 15 th July, 2011 at 6.00 PM 

at 

ICSI-NIRC Building Auditorium, 

4, Prasad Nagar Institutional Area, New Delhi 

CONGRATULATIONS 

Ms. Vimla Rupani (ACS-24636), Practising Company Secretary from Jodhpur on her securing 

TOP position in LL.B. from coveted Jai Narayan Vyas University of Rajasthan in the result of 

session ending 2011. 


Corporate Membership 

CORPORATE MEMBERSHIP FOR PROFESSIONAL PROGRAMS 

The concept of Corporate Membership for Professional Development Programs, as started by NIRC, is well appreciated and 

acknowledged by the members and corporates as it is convenient to make payment/take approval at onetime to attend 

different Professional Development Programs during the year. 

The Corporate Membership is open for the financial year 2011-2012. Members are invited to opt for Corporate Membership 

for Professional Development Programs for the financial year 2011-2012 (April 2011 to March 2012) at the following fee 

structure. 

S. No. Particulars Fees 

1. For Members of ICSI (If paid by individual) Rs. 8,000/- 

2. For PCS Rs. 7,500/- 

3. For Members / Non-Members (If sponsored by corporate) Rs. 9,000/- 

4. For Senior Citizens Rs. 7,000/- 

The terms & conditions/benefits of the scheme shall be as under: 

a) To attend all the paid professional development programs (except Workshops and Residential programs) organized by 

NIRC free of charge throughout the year. 

b) Free Membership of all study groups. 

c) Free monthly e-NIRC-ICSI Newsletter for the Member organization. 

d) The member may depute some other officer only from his/her organization with authorization on letter head of the 

company and certifying that the nominated person is from his/her organization. 

e) The individual member/PCS may depute any member /student of ICSI authorizing in writing to attend the program. 

f) Credit hours will be given to only those corporate members who joins the programs upto 11.00 a.m. 

FORM OF CORPORATE MEMBERSHIP 

FOR PROFESSIONAL DEVELOPMENT PROGRAMS FINANCIAL YEAR 2011-12 

(1) Name of Nominated Person : .......................................................................................... 

(2) Membership No (ACS/FCS) : .......................................................................................... 

(3) Corporate Membership No. of NIRC : .......................................................................................... 

(For existing members only) 

(4) Sponsoring Organisation : .......................................................................................... 

Telephone .............................. Fax .......................................... 

Mobile ... ............................................................................ 

E-mail ................................................................................ 

(5) Details of Payment of Fee Cash/Cheque/DDNo/ ..........................dated.......................... 

Bank ................................... Amount ...................................... 

Date : ........................... 

Signature 

Note : Cheque/DD to be issued in favour of “NIRC of the ICSI” and sent to Executive Officer, NIRC of ICSI, 4 

Prasad Nagar Institution Area, New Delhi. 


Forthcoming Programs 

TWO DAY WORKSHOP 

on 

“XBRL – Practical aspect of MCA Financial Reporting” 

on 

Tuesday & Wednesday, the 26th & 27th July, 2011 

10.00 a.m. onwards (Registration starts at 9.30 AM) 

at 

New Delhi YMCA Conference Hall, 1, Jai Singh Road, New Delhi 

Fee: Rs.3,500/- per delegate including Corporate Members of NIRC 

Registration: 

In order to make necessary arrangements, Members are requested to enrol well in advance with 

Executive Officer, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi-110 005. 

The cheque for delegate fee may please be drawn in favour of NIRC of ICSI payable at New Delhi. 

Tel.:+91-11-49343000, Fax: 25722662 E-mail: eoniro@icsi.edu; 

(PROGRAM CREDIT HOUR: EIGHT) 

NIRC cordially invites members & students at the following programs during 

ICSI Corporate Governance Week 

Program for Members 

(at YMCA, Jai Singh Road, New Delhi) 

1. 12.8.2011 (6 PM) Study Circle Meeting on Non-financial Disclosures 

Programs for students 

(at ICSI-NIRC Building Auditorium, 4, Prasad Nagar, Institutional Area, New Delhi) 

1. 8.8.2011(10 AM) Academic Development Program on Corporate Governance 

Voluntary Guidelines, 2009 

2. 9.8.2011 (10 AM) Academic Development Program on Capital Market and related 

compliances 

3. 9.8.2011 (5 PM) Slogan Writing Competition 


Forthcoming Programs 

FORTHCOMING PROGRAMS 

Day, Date Program Venue 

& Time 

Monday 

ICSI-NIRC Building 

25.7.2011 Blood Donation Camp & Plantation of Sapling 4 Prasad Nagar Institutional Area, 

10.00 AM New Delhi-110005. 

Saturday One day Seminar on Wealth Management - Hotel Le-Meridien, Janpath, New Delhi 

30.07.2011 Concerns and Challenges 

10.00 AM & Annual General Meeting of NIRC 

Sunday Foundation Day Celebration & Cultural Evening New Delhi (exact venue will be 

31.07.2011 informed thourgh e-mail) 

7.00 PM 

SEMINAR 

on 

Wealth Management - Concerns and Challenges 

Coverage: 

Know your Wealth Wealth Creation 

Wealth Maximization Wealth Instruments 

Derivatives - Relationship between cash and future 

Future and Options Use of Derivatives 

on 

Saturday, the 30 th July, 2011 

(Registration starts at 9.30 AM) 

at 

Hotel Le-Meridien (Souverign-I), Janpath, New Delhi 

Fee: Rs.2,000/- per delegate; FREE for Corporate Members of NIRC 

Registration : In order to make necessary arrangements, Members are requested to enrol 

well in advance with Executive Officer, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New 

Delhi-110 005. The cheque for delegate fee may please be drawn in favour of NIRC of ICSI 

payable at New Delhi. Tel.:+91-11-25816593; Fax: 25722662 E-mail: eoniro@icsi.edu; 

(Credit Hours will be given to only those members who joins the programs upto 11.00 AM. 

Members are required to mark the attendance both at the beginning & conclusion of the program) 

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NIRC News July 2011.pmd - Icsi

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