THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
Institutional investment in Indian real estate at $2.5 billion in Q2, marking a 3-year high
Private equity investments in Indian real estate hit a three-year high in Q2 2024, totaling $2.5 billion. The industrial and warehousing segment led with 61% of the total investments ($1.5 billion), driven by large deals. The residential segment saw a 7.5x increase from Q2 2023, making up 21% of total inflows. Office assets received $0.3 billion, showing a significant annual decline.
Sebi notifies institutional mechanism for brokers to prevent mkt abuse
Brokers must biannually report suspicious activities to stock exchanges. Sebi's amended PFUTP rules, effective from June 27, aim to prevent manipulative trade practices.
How India can drive financial efficiency & sustainability with cloud technology
In today's rapidly evolving work landscape, organizations must strategically leverage GenAI, automation, and cloud technologies to drive business performance, reduce IT expenses, and differentiate technology. By optimizing cloud outlays and embracing sustainability efforts, banks can unlock tangible value and enhance shareholder value in addition to cost savings.
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
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"Will look forward to results of inquiry": US on India's probe into alleged plot to kill Pannun
The US has expressed its anticipation for the outcome of India's investigation into the alleged plot to kill India-designated terrorist Gurpatwant Singh Pannun. US State Department spokesperson Matthew Miller stated this on Wednesday, during a press briefing. The US emphasized that it has communicated its expectations to the Indian government for a thorough investigation.
US made made it clear to India that it seeks accountability: American official on Pannun case
A senior official from the Biden administration stated on Wednesday that the US has continuously urged India for updates regarding the investigation into the alleged foiled plot to assassinate Khalistani leader Gurpatwant Singh Pannun. Deputy Secretary of State Kurt Campbell emphasized that the US has directly raised the issue at the highest levels of the Indian government and emphasized the importance of accountability in the case.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
IIT Bombay imposes fine on 8 students for performing play that allegedly mocked Lord Ram
The Indian Institute of Technology (IIT) Bombay has fined eight students up to Rs 1.2 lakh each for performing a play that allegedly mocked Lord Ram and depicted the 'Ramayana' negatively. The play, titled 'Raahovan,' was presented during the Performing Arts Festival on March 31.
Derivative products on Indian bonds see strong global demand
Overseas investors are flocking to Indian assets through a derivative product ahead of government bond inclusion in the JPMorgan index, accounting for 30% of $10 billion flows into local debt in nine months.
Demat POA misuse prevention: Stockbrokers implement a new authorisation method for demat debit and pledge, should you opt for it?
Demat account: Zerodha, FYERS and other stock brokers have enabled DDPI mechanism for their customers. This new mechanism replaces Power of Attorney (PoA) mechanism, however opting for it is optional for you. Read here to know whether you should stick with PoA, e-DIS (OTP and TPIN) or use the new DDPI method to authorise demat account transactions.
Need to ensure arbitration institutions are not controlled by "self-perpetrating clique": CJI
Speaking at the Supreme Court of the United Kingdom, Chandrachud said now is the time for countries such as India to step up to the occasion to create and promote a culture of commercial arbitration and the robust institutionalisation of arbitration will further the culture of arbitration in the Global South.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra as Chairman of ICICI Prudential's Board of Directors, effective June 30, 2024. Batra, a Chartered Accountant and Company Secretary, has served as Executive Director, CFO, and Group Compliance Officer at ICICI Prudential.
Meet India's Insolvency professionals: Male, chartered accountants and not so young
The typical Indian insolvency professional (IP) is a middle-aged male chartered accountant. Only 10% of the 4,352 registered IPs are women, and just 7% are under 40 years old, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Most IPs are chartered accountants (55%), with the rest being company secretaries (17%), lawyers (6%), and cost accountants (5%). About 90% are aged between 40 and 70.
A new weapon against online payment frauds: Timely alerts on transactions via UPI, debit card, credit card, Net and mobile banking
Fraud transactions: Banks like Standard Chartered Bank, HDFC Bank, ICICI Bank, and others have implemented a fraud protection measure wherein the bank will call you for transaction confirmation if it feels that these transactions are fraudulent. However if you give the confirmation, the transaction will go through. Know here how it works.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms
Despite a Delhi High Court stay, the Institute of Chartered Accountants of India (ICAI) has published orders penalizing two PwC affiliate partners. PwC had obtained a stay against ICAI's disciplinary action, challenging fines and membership removal. The institute's move to upload the order on its website has sparked a legal battle. This follows a similar dispute with EY affiliates. The Big Four firms are contesting ICAI's disciplinary actions, demanding an appellate tribunal be established first.
ICAI passes orders against five affiliates of Price Waterhouse
The Institute of Chartered Accountants of India (ICAI) has sanctioned five Price Waterhouse affiliates, two other entities, and two individuals for professional misconduct. The ICAI directed the entities to terminate existing arrangements with multinational entities, citing violations of the Chartered Accountants Act 1949. The implicated PwC affiliates include branches in New Delhi, Kolkata, Chennai, and Bangalore, among others. Dalal & Shah Chartered Accountants LLP and two chartered accountants were also penalized.
Outcome of tax disputes holds key to Xiaomi’s ops
Xiaomi Technology India's ability to continue as a going concern depends on the outcome of multiple regulatory and tax disputes and additional funds from the Chinese parent. However, the company doesn't see a threat "for the foreseeable future" based on legal opinions obtained and cash flow projections. Xiaomi has faced multiple investigations and legal proceedings launched by income tax authorities, the Directorate of Enforcement, and the customs department on matters such as alleged evasion of custom duty and irregularities in royalty payments.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
ICAI defends action against EY affiliates, says move in sync with its statutory power
ICAI defends action against EY affiliates, cites statutory power. Delhi HC stays order. ICAI directs firms to end tie-ups violating norms. Accusations of bias. Supreme Court involvement.
Former Allahabad HC judge to head appellate body for chartered accountants, company secretaries
Justice Suresh Kumar Gupta, former judge of the Allahabad High Court, has been appointed as the chairperson of the appellate body for chartered accountants, company secretaries, and cost accountants by the government. Alongside him, three members—Rakesh Mohan, Sandip Garg, and Amit Anand Apte—have also been appointed to the appellate authority. Sandip Garg additionally serves as a whole-time member of the Insolvency and Bankruptcy Board of India.
ICAI charges 3 EY India affiliates with professional misconduct
The Institute of Chartered Accountants of India (ICAI) has found three EY India affiliate entities guilty of professional misconduct and reprimanded two partners for breaches of the Chartered Accountants Act. The entities were charged for their dealings with global EY network firms not regulated in India, including paying referral fees and using their names for publicity, which is against the guidelines of the Act. The order, issued on Thursday, is the first such action against a Big Four accounting firm in India.
Reverse migration has begun, says FM Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman on Monday said reverse migration had started as a lot of people are coming back to establish business here. According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding businesses, professions and careers to be built in India.
How much does an IAS officer earn? Social media debate erupts over chartered accountant's post
The Indian Administrative Service (IAS) continues to captivate the youth despite debates on salary comparisons with other professions. Motivated by service and respect, individuals prioritize passion and societal impact over monetary rewards.
ICAI to open 11 CoEs in 2 yrs, Kolkata chapter by Dec 24
With a membership base of 4 lakhs and over 8.5 lakhs students pursuing the CA course, ICAI is the largest accounting body globally, operating in 81 countries. The newly elected national president from Kolkata unveiled the theme 'Drishti'.
Report on audit at Byju's soon: ICAI Chief
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is finalizing its report on the standards and processes followed by the auditor of Byju's, a prominent edtech company. Ranjeet Kumar Agarwal, the new President of ICAI, stated that the report will be the basis for the institute's next steps regarding the matter. The crisis at Byju's emerged following the resignation of three directors and its auditor, Deloitte, due to delays in announcing financial results.
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