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CSE forwards suggestions to reinstate financial markets
Calcutta Stock Exchange urged Finance Minister Yashwant Sinha to announce several measures, including allowing buy-back of shares in companies by promoters, in the Union Budget to reinstate the financial markets. In a pre-budget memorandum submitted to the minister, the exchange further urged for transparent corporate governance through uniformity in presentation of accounts in an unabridged form, disclosure of the end use of funds raised through public issue of shares or debentures as a separate note in the balance sheet and key information of the various business divisions. The stock exchange also highlighted other major issues like regeneration of debt market, reconsideration of the service tax levied on the brokers, introduction of tax benefits for investments in IPOs upto Rs 30,000, uniformity of capital gains tax for FIIs and domestic financial institutions. The other points include direct investment in shares by provident and pension funds, proper disclosure by mutual funds and a proper package for the north-east sector.