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Bull run at the markets likely to yield Rs2,800 crore as tax: Assocham
Mumbai: Industry body Assocham said on Monday that service tax on brokerage houses and the securities transaction tax (STT) is likely to result in a bonanza of Rs2,800 crore to the government this fiscal if the capital market maintains its current momentum.

According to an analysis carried out by Assocham Eco Pulse, the trend of a rising Sensex, coupled with the momentum of FII inflow, which has brought in $8.5bn so far, is likely to result in service tax mop up of over Rs1,000 crore in the current financial year.

The trend from STT collections of Rs770 crore up to August this year, shows that the realisation from this head will easily go up to Rs1,800 crore by the end of this fiscal.

The government had realised Rs679 crore through service tax on brokerage in last fiscal, the Assocham study said.

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Finmin wants delisting of 'Z' category stocks
New Delhi: The finance ministry plans to ask the Securities and Exchange Board of India (Sebi) to get Z category stocks delisted from the Bombay Stock Exchange (BSE). The Z category on the stocks denotes a lack of regulatory compliance. These listed stocks, are low on corporate governance and shunned by big investors but become easy prey for speculators as seen in the recent market rally.

Officials said that these Z category stocks were a menace and their removal would naturally curb speculation in small-cap stocks. The issue that remains is how to go about delisting them in a manner that existing shareholders would get an exit.

Stock exchanges would also be able to eliminate many companies, which exist only on paper. Currently, there are over 9,000 listed companies on different exchanges in the country. But there is active trading in only about 5,000 of them. And many of them do not pay listing fees, despite prodding by exchange authorities.
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Vashisti shareholders okay merger with HLL
Mumbai: All shareholders of Vashisti Detergents (VDL) approved the resolution for merger of the company with Hindustan Lever Ltd at a meeting convened by the High Court on Saturday.
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Ginni Filaments board clears draft red herring prospectus
Mumbai: The board of directors of Ginni Filaments Ltd has approved the draft red herring prospectus for issue of equity shares at a premium to be decided through the book building process for Rs60 crore.

It made this announcement in a notice to the Bombay Stock Exchange.
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