SEBI
SEBI has issued new norms for risk management at commodity markets to strengthen the Risk Management framework. It has also put in place measures such as staggered delivery system, fixation of final settlement price (FSP) and change in expiry date. Under the staggered delivery, in all futures contracts, tender period would start with onset of the applicable staggered delivery period. In case the day happens to be a holiday, the tender period would start from next working day. Further, Exchanges will have to provide early pay-in facility to market participants permitting them to deposit certified goods to the exchange accredited warehouse against relevant futures contracts sold. The norms would come into effect immediately.
SEBI
SEBI has issued a clarification that ‘Income from Operations’ may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013. SEBI had earlier issued a circular dated November 30, 2015, wherein, it was prescribed that ‘revenue from operations’ may be disclosed net of excise duty. Subsequently, as per Schedule III of the Companies Act, 2013, which was notified on April 6, 2016, revenue from sale of products had to be disclosed inclusive of excise duty. Therefore, in order to follow a uniform approach with regard to disclosure of ‘revenue from operations’, SEBI has issued the abovementioned clarification. Listed Companies are required to take note of the said clarification and comply accordingly.
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