Financial Daily from THE HINDU group of publications
Wednesday, Mar 02, 2005
Industry & Economy
ICSI hails move on training in securities market
Madurai , March 1
THE Institute of Company Secretaries of India (ICSI) has welcomed the move to set up a `National Institute of Securities Market for Teaching and Training Intermediaries in Securities Market and Research' announced in the Budget for 2005-06.
The ICSI President, Mr R. Ravi, in a statement, has said the move is in the right direction in the background of excellence achieved in the capital market.
The proposal to start manufacturing competitiveness programme and the direction to banks to give higher and cheaper loans is welcome.
The legal and financial reforms in the cooperative banking sector is an imaginative step.
Banking in future will be more competitive, convergent and consolidated.
The steps to introduce gender budget and to announce more scholarships for scheduled castes and scheduled tribes are also progressive and positive, he observed.
He further said that the idea of introducing gold units for as small amount as Rs 100 per unit, tradable like units of mutual funds, is a visionary step in enhancing savings and investment levels.
The proposed steps to remove caps on statutory liquidity ratio and cash reserve ratio and allow Reserve Bank the freedom to manage liquidity in the economy by repo and reserve repo rates and blessing RBI with flexibility in this regard is in keeping pace with present day requirement.
After having introduced derivatives trading in capital market, it is necessary to exclude trading in derivatives from the definition of speculative transaction for the purposes of income-tax.
This would allow assesses to set off loss from such transactions against their income under other heads and from other sources, he pointed out.
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