Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears

Tax authorities probing transactions between MCX-SX, FTIL
April, 21st 2014

The income tax (I-T) department is looking into deals between MCX Stock Exchange and its erstwhile promoter, Financial Technologies (India) Limited (FTIL).

A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.

The audit sought to examine if the deals between FTIL and the exchange had been struck on an arm’s length-basis, to find out if they were priced appropriately. Financial Technologies was earlier the promoter of MCX-SX and owned a majority stake in the National Spot Exchange Limited (NSEL), which has been involved in a Rs 5,600-crore payment crisis.

A spokesperson for MCX-SX said that it had received a query. “I-T has sent a query to us. However, there are no transactions between MCX-SX and NSEL. They have appointed an auditor and we have updated them that the exchange is audited by the Comptroller and Auditor General of India and the Securities and Exchange Board of India every year, ensuring transparency and robustness of processes and operations,” said the person.

The exchange had announced earlier that it would be looking into all existing contracts. The board also decided to form a separate team to renegotiate existing agreements.

“FTIL has not received any communication and therefore we cannot comment at this stage. FTIL is in full compliance with all applicable norms in so far your query is concerned. FTIL being one of the minority shareholders is aware that MCX-SX has been audited by CAG appointed auditors and SEBI for many years,” said FTIL in an e-mailed response to a query from Business Standard.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions