FAQs on XBRL

1. What is XBRL?
   XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
   
   
2. Who developed XBRL?
   XBRL is an open, royalty-free software specification developed through a process of collaboration between accountants and technologists from all over the world. Together, they formed XBRL International which is now made up of over 650 members, which includes global companies, accounting, technology, government and financial services bodies. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analytical software tools and applications.
   
   
3. What are the advantages of XBRL?
   XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decisionmaking. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.
   
   
4. Who can benefit from using XBRL?
   All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters or users of business data.
   
   
5. What is the future of XBRL?
   XBRL is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, governments and other organisations.
   
   
6. Does XBRL benefit the comparability of financial statements?
   XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre defined and customised reports.
   
   
7. Does XBRL cause a change in accounting standards?
   No. XBRL is simply a language for information. It must accurately reflect data reported under different standards – it does not change them
   
   
8. What are the benefits to a company from putting its financial statements into XBRL?
   XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits.
   
   With full adoption of XBRL, companies can automate data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently. Once data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort. A company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders. Not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy.
   
   
9. How does XBRL work?
   XBRL makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document.
   
   
10. How do companies create statements in XBRL?
    There are a number of ways to create financial statements in XBRL:
    • XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags.
    • Statements can be mapped into XBRL using XBRL software tools designed for this purpose
    • Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL.
    • Applications can transform data in particular formats into XBRL.
    The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.
    
    
11. Is India a member of XBRL International?
    India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been created, to manage the operations of XBRL India. The main objectives of XBRL India are
    • To create awareness about XBRL in India
    • To develop and maintain Indian Taxonomies
    • To help companies, adopt and implement XBRL.
    For more information, visit www.xbrl.org/in
    
    
12. Which taxonomies developed for Indian reporting requirements? Where can I find the taxonomies?
    Taxonomies for Indian companies are developed based on the requirements of
    • Schedule VI (now Schedule III) of Companies Act,
    • Accounting Standards, issued by ICAI
    • SEBI Listing requirements.
    Taxonomies for Manufacturing and service sector (referred as Commercial and Industrial, or C&I) and Banking sector, is acknowledged by XBRL International. These taxonomies are available atwww.xbrl.org/in
    
    
13. Where can I find more information about XBRL?
    Please visit www.xbrl.org/in . Also Ministry of Corporate Affairs would be shortly developing its webpage on XBRL with list of contact persons for training purposes.
    
    
14. What are XBRL Documents?
    An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents.
    
    
15. What is Taxonomy?
    Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, the basic XBRL properties and the interrelationships amongst the concepts. It includes terms such as net income, EPS, cash, etc. Each term has specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definitional relationships among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user.
    
    
16. What is meant by extending taxonomy?
    Taxonomy is extended to accommodate items/relationship specific to the owner of the information. Taxonomy extension therefore can be
    a) Modification in the existing relationships
    b) Addition of new elements in the taxonomy
    c) Combination both a & b
    
    
17. Are Taxonomies based on any standards?
    Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by the companies. Accordingly, depending on the requirements of every country, there can be country-specific taxonomies.
    
    
18. What is an Instance document?
    An XBRL instance document is a business report in an electronic format created according to the rules of XBRL. It contains facts that are defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which they are placed. XBRL Instances contain the reported data with their values and “contexts”. Instance document must be linked to at least one taxonomy, which defines the contexts, labels or references.
    
    Thus, in order to concluded the usage and explain the XBRL technology which leads to more information exchanges that can be effectively automated by use. This one standard approach leads to the best interest of the company or more so for the international business interests globally that warrant the accuracy of all the financial data for the end users and early collaborative decisions by the companies or those whose interst is involved for acquisition/ rights etc.

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Tax on PF withdrawn before five years

Source : EconomicTimes: Now, tax to be levied on PF withdrawn before five years 

Read more at:
http://economictimes.indiatimes.com/articleshow/47033727.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: While the Modi government is allaying perceptions of tax terrorism among foreign investors and projecting a propoor stand to counter opposition allegations, a peculiar clause in the Finance Bill can undo its efforts as it brings the retirement savings of millions of workers under the income tax net, even if they earn as little as Rs 2,120 a month.

To put that in perspective, the annual income threshold above which personal income tax is payable isRs 2.5 lakh or about Rs 21,000 per month.

From June 1, workers' retirement savings exceeding Rs 30,000 will be taxed at 10.3% or the maximum marginal rate of 30.6% if they leave the employees' provident fund before completing five years of service.

Tax will be deducted at the highest rate from the provident fund account balances of such employees who don't have a PAN card, used to identify taxpayers, according to the new Section 192A introduced in the Income Tax Act. Even those with a PAN card who save a higher amount and pay income tax will need to refile their past tax returns where deductions were claimed against EPF contributions.

Alarmed officials in the PF office said that 90% of the Employees' Provident Fund Organisation's 8.5 croreplus members don't have PAN cards and would end up paying an "exorbitant and unfair" tax on their savings. The EPFO board chaired by labour and employment minister Bandaru Dattatreya took up the issue with the finance ministry last month.

However, officials said there is no move yet to reconsider the issue, in contrast to the alacrity with which the finance ministry announced a review of new IT return forms that sought details of foreign travel and attracted severe flak.

"A vast majority of EPF members may not have a PAN card. The charging of income tax in respect of such members at the maximum marginal rate will be exorbitant and unfair," Central Provident Fund Commissioner KK Jalan noted in a missive to the labour ministry on the issue last month.

Drawing a parallel between another provision in the Finance Bill that makes quoting of PAN necessary for purchasing jewellery overRs 1 lakh, the PF department has asked for 'the same logic' to be applied to EPF members so that workers are not subject to unnecessary hassles.

An EPF account is mandatory for all employees earning up to Rs 15,000 per month (raised recently fromRs 6,500 per month) in firms employing over 20 workers. As per the law, 24% of an employee's salary is diverted to her or his PF account as a social security net for old age.

The Rs 30,000 threshold set in the Finance Bill for deducting tax from the PF balance implies that tax would be payable on contributions of as little as Rs 508 to the EPF every month for up to 59 months. The retirement savings of those earning over Rs 2,120 a month could be taxed at 30.9% if they don't have a PAN card.

"The EPFO provides social security to employees who are mainly from the lower income strata of the society. In majority of the cases, the yearly income of these employees would be less than the exemption limit prescribed in the Income Tax Act and therefore, may not be required to pay tax at all," Jalan pointed out, adding that the Rs 30,000 taxfree limit on such PF balances is 'too low'.

Unlike banks that deduct income tax at 10.3% on interest income of over Rs 10,000 earned from fixed deposits, the provisions for taxing PF accounts envisage taxing the principal amount (EPF contributions) as well as the interest earned (annual dividend credits). In cases where a depositor hasn't shared his PAN card details with the bank, such interest income is taxed at 20.6%. 

In contrast, the finance ministry has asked the EPFO to levy the highest possible tax rate for those who don't hold PAN cards, if their accumulated PF savings are Rs 30,000 or more. Once tax is deducted from those who don't have a PAN card, they are required to submit different forms to the income tax department (Forms 15G, 15H and 60). 

"Filling such forms would add to woes of EPF subscribers and more so when it is the avowed policy of the present government to move towards an era of paperless offices," Jalan wrote in his letter to Labour Secretary Shankar Aggarwal, pleading for the matter to be taken up with the finance ministry, "keeping in view the financial interests" of workers.

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How To Change Company Information

1. Do you want to intimate changes among managing director, directors, manager, CEO, CFO and secretary of a company?
   A company can intimate changes among managing director, directors, manager and secretary of a company by filing Form No. DIR-12 with ROC within 30 days from date of such change takes place.
2. Do you want to change Company Name?
   In order to change company name, Form INC-1 is required to file for name approval. 
   After the name gets approved, applicant is required to file form MGT-14 (necessary resolution for alteration of MOA and AOA) and form INC-24 to give effect to change in name.
   Do you want to change Object Clause of MOA?
3. In case company wants to change its object clause, it can do so by filling passing necessary resolution and the same needs to be filed in Form MGT-14.
   Do you want to change registered office of the company?
4. In case company wants to change its registered office within local limits of the same city or place, intimation regarding the same has to be filed in Form INC-22. 
   
   
   Similarly, if company wishes to shift or change its registered office outside local limits of city, town or village, Form MGT-14 and Form INC-22 are required to be filed to ROC to give effect to such change.
   
   
   In case, company wants to shift the registered office from one state to another state or from jurisdiction of one RoC to another, it needs to file following forms to give effect to such change. These forms are: 
   1)Form MGT-14
   2) File application with Central Government in Form No. INC-23
   3) Form INC-28 
   4) Form INC-22
5. Do you want to increase authorized capital of the company?
   A company can increase its authorized capital by filing Form SH-7. Similarly, subscribed capital and paid up capital of the company gets increased on filing and approval of Form PAS-3 (Return of allotment of shares).
6. Do you want to convert a Public company into a Private company?
   A public company can convert itself in to a private company by filing Form MGT-14 (Alteration of MOA and AOA) and approval of Form INC-27.
7. Do you want to convert a Private company into a Public company?
   A Private company can convert itself in to a Public company by filing Form MGT-14 for registration of such resolution passed by the company (Alteration of MOA and AOA) and filing of Form INC-27.
8. Do you want to register a charge or make modification in registered charges (other than those related to debentures)?
   In case you want to register a charge or make modification in registered charges (other than those related to debentures), you need to file Form CHG-1 for registration or modification of a registered charge.
9. Do you want to report repayment or satisfaction of registered charges?
   In case you want to report repayment or satisfaction of registered charges, you need to file Form CHG-4 (satisfaction of charge). This form is applicable for both the type of charges.
10. Do you want to change information of a Foreign Company?
    A foreign company can change its information by filing Form FC-2 and Form FC-3. Form FC-2 is required when there is -
    • Alteration in the charter, statute or memorandum and articles of association, 
    • Alteration in Address of the registered or principal office 
    • Alteration in directors and secretary of a foreign company.
    
    
    Similarly, Form FC-3 is required to give notice in case of -
    (A) Alteration in the address of principal place of business in India of a foreign company 
    (B) Annual accounts and list of places of business established in India by a foreign company (C) Cessation to have a place of business in India.

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Centre to withdraw some contentious queries from new I-T return forms

After criticism from various quarters, the government has decided to withdraw certain contentious detail disclosures required in the new income tax return forms. Sources said it might amend the details required for disclosure of foreign travel, passport copy and expenses incurred. In the new return forms, tax payers are required to disclose details of the country being visited, number of times visited and expenses incurred from personal sources. “We are keenly observing the criticism and feedback. We will ensure the new forms are at par with global standards,” said an official. The tax department wishes to amend the forms quickly, as they want reporting of foreign assets in this year’s filing, based on the new format suggested by the Special Investigative Team on unaccounted money. Revenue Secretary Shaktikanta Das had disclosed on Saturday that the government would simplify these. " The finance Minister spoke to me from Washington. The forms are being reviewed and will be simplified,” he had said. A majority of tax experts say India was the only country mandating such disclosures. “Any foreign travel is not a tax event, so a disclosure in tax return forms might not be required. India is the only country which has so far sought disclosure of overseas travel and expenses in the context of disclosures of foreign assets and income,” said Rashi Dhir, senior partner, DMD Advocates. He added non- resident Indians and expatriates would face greater scrutiny due to such a clause. Some tax officials said such stringent requirements would also reduce compliance by tax payers. “Also, such reporting would require higher levels of scrutiny and the number of tax officials is not adequate to handle such data,” said one, on condition of anonymity. Tapati Ghose, partner, Deloitte Haskin & Sells, says the government could consider prescribing a threshold limit for foreign assets, such that it is simple for the individual to collate and easy for the government to administer while making disclosures and examining these. “There are certain clauses such as income against foreign assets that seem a little vague and subjective. It should be aligned with what is prevailing in other countries,” said Ghose. Experts also say the requirement to disclose whether one is a beneficiary of a foreign asset and amount of income generated from such assets is onerous and there are chances of noncompliance. “There could be a case where I have been nominated as a beneficiary for a foreign asset and I might not know about it, let alone quantifying income generated from it. The responsibility to report should lie with the owner of the asset and he should be asked to state all the beneficiaries of the asset,” said one. - www.business-standard.com

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Finance Minister Seeks Global Info Exchange to Curb Black Money

Finance Minister Arun Jaitley here has sought urgent implementation of the automatic exchange of financial account information globally to tackle the menace of black money . .

“We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay ,“ he said at the weekend's annual Spring Meeting of the International Monetary Fund and the World Bank. .

As offshore tax havens are obliged to provide information on cases only when investigation is launched, offshore tax evasion and flow of illicit money can be tackled only by the free flow of account information exchanged by countries on an automatic basis, Jaitley told the global forum. He said the forum should ensure that every country is effectively implementing common reporting standards, has the necessary regulatory framework, and are also exchanging information in practice. India has strongly advocated fast implementation of the automatic exchange of tax information globally , within the time-frame agreed to by the G20 countries, Minister of State for Finance Jayant Sinha told a meeting of the G20 nations“ finance ministers and central bank governors in Istanbul in February . - www.economictimes.indiatimes.com

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Press Release Subject: Prime Minister’s award for excellence in Public Administration to the Income Tax Department

The Income Tax Department has been awarded ‘Prime Minister’s award for excellence in Public Administration’ for e-enabled taxpayer services through ‘NonIntrusive Tax administration System (NITAS)’. The award was presented on 21st April, 2015 at Vigyan Bhawan, New Delhi by the Hon’ble Prime Minister on Civil Services day. The award has been conferred to the Income Tax Department for setting up and for successful implementation of end to end solution of core services. The NITAS includes integrated e-governance initiatives viz. Tax Information Network (TIN), e-filing portal, Centralized Processing Cell(CPC-TDS) for processing of TDS statements, Centralized Processing Centre(CPC) for processing of Income Tax Returns and the Refund Banker. The solution architecture and the reconciliation processes are one of the best in the world. The projects have been conceptualized based on principles of USAGE – Uniform interpretation of tax laws, Simplification of forms, Easy Accessibility of services, Good tax governance and Empowerment of taxpayer with information. More USAGE prompts more Voluntary Compliance. Presently, over 4.5 Crore taxpayers and 15 Lac deductors are using various eenabled online taxpayer friendly end to end services viz. e-payment of taxes, efiling of tax returns and TDS statements, tax credit statements in Form 26AS, digital TDS certificates in Form 16/16A and issuance of refunds. In the financial year 2014-15, more than 94% of the tax returns have been filed online, while more than 80% of the direct tax revenue is being received online. Besides, about 99% of the TDS statements are being filed electronically. While the TDS statements are processed within a week, the tax returns are being processed within an average period of 30 days. A large number of tax refunds are being directly credited to the bank accounts of the taxpayers. NITAS is the culmination of sustained efforts of officers of the Income Tax Department. Four of the five projects, under the aegis of NITAS, have also been conferred National e-governance awards at regular intervals. The ‘Prime Minister award for excellence in public administration’ and the four National e-governance awards to the Income Tax Department demonstrate the commitment of the Department towards achieving ‘minimum government and maximum governance’ in tax administration and to move towards a nonadversarial and tax-payer friendly regime

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IND AS notified by MCA

Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS).Companies which are not required to follow Indian Accounting Standards (Ind AS) shall continue to comply with Accounting Standards as prescribed in Companies (Accounting Standards) Rules, 2006.

Notifications	Description
G.S.R dated 16 Feb 2015	The Companies (Indian Accounting Standards) Rules, 2015.
Indian Accounting Standard (Ind AS) 101	First-time Adoption of Indian Accounting Standards
Indian Accounting Standard (Ind AS) 102	Share-based Payment
Indian Accounting Standard (Ind AS) 103	Business Combinations
Indian Accounting Standard (Ind AS) 104	Insurance Contracts
Indian Accounting Standard (Ind AS) 105	Non-current Assets Held for Sale and Discontinued Operations
Indian Accounting Standard (Ind AS) 106	Exploration for and Evaluation of Mineral Resources
Indian Accounting Standard (Ind AS) 107	Financial Instruments: Disclosures
Indian Accounting Standard (Ind AS) 108	Operating Segments
Indian Accounting Standard (Ind AS) 109	Financial Instruments
Indian Accounting Standard (Ind AS) 110	Consolidated Financial Statements
Indian Accounting Standard (Ind AS) 111	Joint Arrangements
Indian Accounting Standard (Ind AS) 112	Disclosure of Interests in Other Entities
Indian Accounting Standard (Ind AS) 113	Fair Value Measurement
Indian Accounting Standard (Ind AS) 114	Regulatory Deferral Accounts
Indian Accounting Standard (Ind AS) 115	Revenue from Contracts with Customers
Indian Accounting Standard (Ind AS) 1	Presentation of Financial Statements
Indian Accounting Standard (Ind AS) 2	Inventories
Indian Accounting Standard (Ind AS) 7	Statement of Cash Flows
Indian Accounting Standard (Ind AS) 8	Accounting Policies, Changes in Accounting Estimates and Errors
Indian Accounting Standard (Ind AS) 10	Events after the Reporting Period
Indian Accounting Standard (Ind AS) 12	Income Taxes
Indian Accounting Standard (Ind AS) 16	Property, Plant and Equipment
Indian Accounting Standard (Ind AS) 17	Leases
Indian Accounting Standard (Ind AS) 19	Employee Benefits
Indian Accounting Standard (Ind AS) 20	Accounting for Government Grants and Disclosure of Government Assistance
Indian Accounting Standard (Ind AS) 21	The Effects of Changes in Foreign Exchange Rates
Indian Accounting Standard (Ind AS) 23	Borrowing Costs
Indian Accounting Standard (Ind AS) 24	Related Party Disclosures
Indian Accounting Standard (Ind AS) 27	Separate Financial Statements
Indian Accounting Standard (Ind AS) 28	Investments in Associates and Joint Ventures
Indian Accounting Standard (Ind AS) 29	Financial Reporting in Hyperinflationary Economies
Indian Accounting Standard (Ind AS) 32	Financial Instruments: Presentation
Indian Accounting Standard (Ind AS) 33	Earnings per Share
Indian Accounting Standard (Ind AS) 34	Interim Financial Reporting
Indian Accounting Standard (Ind AS) 36	Impairment of Assets
Indian Accounting Standard (Ind AS) 37	Provisions, Contingent Liabilities and Contingent Assets
Indian Accounting Standard (Ind AS) 38	Intangible Assets
Indian Accounting Standard (Ind AS) 40	Investment Property
Indian Accounting Standard (Ind AS) 41	Agriculture

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Ministry of Corporate Affairs initiatives and salient achievements in the last six months

The mandate of the Ministry of Corporate Affairs primarily concerns administration of the legal framework within which companies registered in India are to operate along with some other connected matters. Within
this mandate rapid strides have been made in the last six months to improve the legal framework, simplify procedures and speed up decision making for ease of doing business to usher in a healthy environment for investment and corporate growth.

Attention is invited to the following salient achievements.

1. Enhancing Efficacy of Companies Act, 2013

   • After consultations and interactions with business chambers, corporate and accounts professionals 40 clarifications/elaborations have been made in the form of circulars. These have removed doubts and facilitated a smooth implementation of Companies Act, 2013.
   • Fifteen amendments in various Companies Rules have also carried out to achieve similar objectives.
   • In seven instances statutory orders to ‘remove difficulties’ have been issued for smooth implementation of Companies Act, 2013. These notifications have received wide appreciation in the corporate world. 
   • To derive greater benefits of outcomes of CSR initiatives, relevant rules have been amended enabling wider spread of CSR funding; new items eligible for funding have also been added to provide impetus to sanitation and environment related concerns.

2. Providing Greater Clarity in Companies Act, 2013 for Ease of Doing Business

   To make Company Law even more business and growth friendly amendments have been moved and already approved by the Lok Sabha to:
   
   • Bring provisions for minimum capital and company seal at par with international best practices.
   • Make approval for related party transactions simpler without unduly diluting safeguards for minority shareholders.
   • Provide explicit penalties for failure to honour terms and conditions of deposits. 
   • To retain the stringent bail provision only for the serious offences of fraud. 
   • To rationalize procedural aspects to deal with frauds detected during the course of audit.

3. Simplification for forms and procedures for Easy Compliance

   To make compliance and reporting easy and convenient to companies following major initiatives have been taken:
   
   • Four prescribed forms have been discontinued along with substitution of a simple declaration instead of affidavits for several purposes. 
   • Procedural requirements for foreign nationals to be Directors in Indian Companies have been drastically reduced. 
   • Arrangements have been completed for integration of Name Availability, allotment of Direct Identification Number (DIN), Company Incorporation and Commencement of Business with the unified e-business portal being developed by the Ministry of Industries and Commerce. 
   • Fee payable by small companies for various services significantly reduced. 
   • Arrangements to enable Indian companies to follow new Accounting Standards, i.e. Ind AS (compatible with the International Financial Reporting Standards –IFRS) completed. This will facilitate access for Indian companies to international capital markets.

4. Dealing with Corporate Delinquency

   • SFIO completed the investigations in the affairs of 17 so-called ‘Chit Fund Companies’ unravelling their modus operandi. Apart from prosecuting such companies for failure of Companies Act,evidence gathered has been shared with the CBI which is looking into criminal offences of such companies.
   • Initial steps have been taken to cause merger of NSEL Limited with its parent company Financial Technologies (India) Limited to protect the interest of investors in NSEL on account of its regulatory defaults and the failure of the holding company to exercise oversight. This is the first ever initiative. 
   • Investigation in serious cases of online fraud have been completed. Lessons learnt in this investigation should play a positive role in checking such frauds.

5. Investor Education initiatives

   1380 programs were conducted in various locations to familiarize small investors of the opportunities and pitfalls in making investments.

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