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Suggested Answers / practice manual

Indigo (-) (533 Points)

13 January 2011

1) Hi...recently the Institute released practice manual. does that mean there is addl requirement for suggested answers. upto which attempt exam questions are covered in the practice manual published?

2) What is supplementary study material on taxes released by institute released recently priced at Rs. 40. is it just updates or it carries addl info. if buy latest book and read of T.N.Manoharan or Sekar or V G and use is there requirement for this supplementary study material? many in forum say almost 20 marks came from this book each time published

3) how to get all case laws on DT/IDT for exams - say may 2k11 or nov 2k11

4) how to get compilation of case studies of ISCA

5) what way the new study material is different. just presentation or new contents added or any?

answer all the queries without fail

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sushil kumar (Student) (111 Points)
Replied 21 January 2011

Sr. No.	Questionnaire	Option-I	Option-II		Option-III		Option-VI
1.	Securities exchange Board of India means-	A Board established u/s 4	A Board established u/s 5		A Board established u/s 3		A Board established u/s 4A
2.	Chairperson means-	Central Govt.	State Govt.		Chairperson of the board		None
3.	Collective investment scheme means-	any scheme or arrangement which satisfies provision of Section 11AA	any scheme or arrangement which does not satisfy the conditions specified in Section 11AA		any scheme or arrangement which does not satisfy provision of Section 11AA		any scheme or arrangement which satisfies the conditions specified in Section 11AA
4.	Existing Securities and Exchange Board means-	SEBI constituted under the Resolution of the Govt. of India in the Department of Economic Affairs.	A Board established u/s 3		SEBI constituted under the Resolution of the Central Govt.		None
5.	"Fund" means-	Fund constituted under Section 11AA	Fund constituted under Section 24		Fund constituted under Section 14		Fund constituted under Section 15
6.	Member" means-	A member of the Board and excludes the Chairman	A member of the Board and includes the Chairman		A member of the Board and includes Official of board.		None
7.	"Notification" means-	a notification published in the Official Gazette	a notification published in the Gazette of India		a notification published in Local News Paper		None.
8.	"Regulations" means-	the regulations made by the Central Govt.	the regulations made by the State Govt.		the regulations made by the Board under this Act		None.
9.	"Reserve Bank" means-	RBI constituted under section 4 of the RBI Act, 1934	RBI constituted under section 3 of the RBI Act, 1934		RBI constituted under section 3A of the RBI Act, 1934		RBI constituted under section 4A of the RBI Act, 1934
10.	Securities means-	Securities mentioned under section 2 of SCRA, 1956	Securities mentioned under section 3 of SCRA, 1956		Securities mentioned under section 2 of SEBI Act, 1992		Securities mentioned under section 3 of SEBI Act, 1992
11.	For the purposes of this Act, a Board shall be established by-	By notification of the Central Govt.	By notification of the State Govt.		By notification of the Govt. of India in the Department of Economic Affairs.		By notification of the Central Govt. and State Govt. both.
12.	A Board established u/s 3(1) shall be-	A firm having perpetual succession and common seal	A body corporate having perpetual succession and common seal		A body of individual having perpetual succession and common seal		None
13.	The head office of the Board shall be	at Delhi	at Bombay		at Uttar Pradesh		None
14.	The Board may establish offices-	at other places in India	at other places in State		Both		None
15.	Board established u/s 3(1) by the notification of central govt. shall consist of-	A Chairperson, 1/2 member from the official of C.G./RBI and 2 other members appointed by the C.G.	A Chairperson, 2 and 1 member from the official of C.G. /RBI respectively and no body.		A Chairperson, 2/1 member from the official of C.G./RBI and 5 other members appointed by the C.G.		None
16.	The general superintendence, direction and management of the affairs of the Board shall vest in-	Chairperson of Board only.	Board of members.		Chairperson of Board and member thereof both.		None.
17.	Who may exercise all powers and do all acts and things which may be exercised or done by the Board-	Board of members	Top official of Board		By both		None
18.	Chairman shall also have powers of-	general superintendence, direction and management of the affairs	general superintendence & direction of the affairs of the Board		Only superintendence of affairs of Bard		None
19.	The Chairman and members referred to in clauses (a) and (d) of sub-section (1) shall be appointed by-	the Central Government	the State Govt.		By both		None
20.	Members referred to in clauses (b) and (c) of section 4(1)shall be nominated by-	Only Central Govt.	Only RBI		Central Govt. /RBI respectively		None
21.	Five other members appointed by the central Government., of whom at least three shall be-	Part-time members	the whole-time members		Both		None
22.	The Chairman and the other members referred to in clauses (a) and (d) of section 4(1) shall be-	persons of ability, integrity and standing shown capacity in dealing with problems relating to securities market	persons having special knowledge or experience of law, finance, eco. accountancy, adminst.		Both		Any out of both
23.	The term of office and other conditions of service of the Chairman and the members referred to in clause (d) of sub- section (1) of section 4 shall be-	Prescribed by the Central Govt.	Prescribed by the Board		Prescribed by the regulation		None
24.	C.G. have the right to terminate the services of the Chairman or a member appointed under clause (d) of section 4(1)-	at any time before the expiry of the period without giving any notice.	At any time before expiry of the period by giving him notice of not less than three months in writing or three months’ salary and allowances in lieu thereof		At any time before expiry of the period by giving him notice of not less than 2 months in writing or 2 months’ salary and allowances in lieu thereof		None
25.	Chairman or a member shall also have the right to relinquish his office-	at any time before the expiry of the period without giving any notice.	At any time before expiry of the period by giving notice of not less than three months in writing to the Central Govt.		At any time before expiry of the period by giving notice of not less than 2 months in writing to the Central Govt.		None.
26.	Provision regarding removal of member from office is contained-	In section 6A	In section 6		In section 5A		In section 5
27.	Central Govt. shall remove the member from the office only if such member-	is, or at any time has been, adjudicated as insolvent	is of unsound mind and stands so declared by a competent court		has been convicted of an offence which involves a moral turpitude		under all such circumstances
28.	No member shall be removed under this clause unless he has been given-	a written notice	a reasonable opportunity of being heard in the matter		Both		Nothing required removing such members.
29.	The Board shall meet at such times and places, and shall observe such rules of procedure in regard to the transaction of business at its meetings-	as may be provided by regulations	as may be provided by Central Govt.		as may be provided by Chairperson		None
30.	The Chairman, if for any reason, is unable to attend a meeting of the Board, meeting shall preside by the member-	Chosen by the Chairperson.	chosen by the members present from amongst themselves at the meeting		None
31.	All questions which come up before any meeting of the Board shall be decided by-	a majority votes of the members present and voting	the chairperson		Both if such is agreed between them		None
32.	In the event of an equality of Votes, who shall have a second or casting vote-	Senior member of the Board	the Chairman, or in his absence, the person presiding		None of them.
33.	Any member, who is a director of a company and who has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting, shall, as soon as possible after relevant circumstances have come to his knowledge, he will-	disclose the nature of his interest at such meeting	Not disclose such interest in the meeting.		Disclose if he want to disclose it.		None
34.	Disclosure of interest of such member shall be-	Optionally recorded in the proceedings of the Board	recorded in the proceedings of the Board		No need to record		None
35.	Member who is a director in such a company shall-	Not take any part in any deliberation or decision of the Board with respect to that matter	take any part in any deliberation or decision of the Board with respect to that matter		Both if he want to do so.
36.	No act or proceeding of the Board shall be invalid merely by reason of-	any vacancy in, or any defect in the constitution of, the Board	any defect in the appointment of a person acting as a member of the Board		any irregularity in the procedure of the Board not affecting the merits of the case.		All of them
37.	The Board may appoint such other officers and employees as it considers necessary for-	General superintendence, administration or direction of affairs of the Board.	Management of the board and to do related jobs.		the efficient discharge of its functions under this Act
38.	The term and other conditions of service of officers and employees of the Board shall be such as may be-	determined by central Govt.	determined by regulations		Determined by the Chairperson		Determined by the Board
39.	Absorption of any employee by the Board in its regular service shall-	entitle to any compensation under Industrial Dispute Act, 1947	not entitle to any compensation under Industrial Dispute Act, 1947 or other law		None of them
40.	Whether claim for such compensation shall be entertained by any court, tribunal or other authority.	Yes	No		Depend upon particular fact of the circumstances
41.	Duty of the Board under SEBI is to-	Protect the interests of investors in securities	to promote the development of securities market		regulate the securities market		All of them.
42.	For the protection of investors, Board may specify by regulations-	the matters relating to issue of capital, transfer of securities and other matters incidental thereto	the manner in which such matters shall be disclosed by the companies		Both of the matters		None of them
43.	For the protection of investors, Board may specify by general or special orders-	prohibit any company from issuing prospectus, any offer document, or advertisement soliciting money from the public for the issue of securities	specify the conditions subject to which the prospectus, such offer document or advertisement may be issued		Both of the matters		None of them
44.	Whether the SEBI Board may specify the requirements for listing and transfer of securities and other matters incidental thereto?	No	Yes		Subject to the provision of SCRA, 1956
45.	A collective investment scheme shall be a scheme or arrangement-	which satisfies the conditions referred to in subsection(2) of section 11AA(1)	which satisfies the conditions referred to in subsection(2) of section 14AA(1)		which does not satisfy the conditions referred to in subsection(2) of section 11AA(1)		None of them
46.	The contributions, or payments made by the investors to this scheme or arrangement are -	pooled and utilized solely for the purposes of the scheme or arrangement	Done to receive profits, income, produce or property from such scheme or arrangement		managed on behalf of the investors		All of them.
47.	Whether the Investors have day to day control over the management and operation of the scheme or arrangement	No	Yes		Subject to the provision contained in the regulation		None
48.	Any scheme or arrangement providing for any scheme, Pension Scheme or the Insurance Scheme framed under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 is a collective investment scheme or not?	Yes, it may be regarded as a scheme or arrangement	No, it may be regarded as a scheme or arrangement
49.	Any scheme or arrangement under which deposits are accepted by a company declared as a Nidhi or a mutual benefit society under section 620A of the Companies Act	Yes, it may be regarded as a scheme or arrangement	No, it may be regarded as a scheme or arrangement
50.	Under section 11B, Board may issue directions to -	to any person or class of persons referred to in section 12, or associated with the securities market	to any company in respect of matters specified in section 11A, as may be appropriate in the interests of investors in securities and the securities market		Both of them		None of them
51.	Board may issue such direction when it think that it is necessary-	in the interest of investors, or orderly development of securities market	to prevent the affairs of any intermediary or other persons referred to in section 12 being conducted in a manner detrimental to the interest of investors or securities market		to secure the proper management of any such intermediary or person		All of them
52.	Board may direct Investigating Officer to investigate and report thereon to him on -	the affairs of such intermediary	persons associated with the securities market		Both of them		None of them
53.	Board shall issue direct such direction where is has ground to believe that-	the transactions in securities are being dealt with in a manner detrimental to the investors or the securities market	any intermediary or any person associated with the securities market has violated any of the provisions		Any of them		Both of them
54.	Who has to produce and preserve all book, registers, other documents and records to the investigating officers -	every manager, managing director, officer and other employee of the company	every intermediary referred to in section 12		every person associated with the securities market		Any of them
55.	The Investigating Authority may require any intermediary or any person to furnish such information to, or produce such books, or registers, or other documents, or record before it as it may consider necessary	if the furnishing these information or records is not relevant or necessary for the purposes of its investigation.	if the furnishing these information or records is relevant or necessary for the purposes of its investigation		None
56.	Investigating officers may keep these records etc into his custody for a maximum period of-	3 Months	6 Months		4 Months		None of them
57.	After the expiry of this period What will investigating officer do with these records etc.	Destroy in the manner as it may think appropriate.	Return to the same person from whom it has taken these records.		None of them
58.	Whether the Investigating officer may also call for such records after these have been returned to the concerned person or not?	No	Yes		After approval from the Central Government		Depending upon the facts of the circumstances.
59.	In relation to the affairs of the business investigating officer may examine on oath-	every manager, managing director, officer and other employee of the company	every intermediary referred to in section 12		every person associated with the securities market		All of them
60.	Punishment with imprisonment up to one year, or with fine, up to one crore rupees, or with both, and also with a further fine up to five lakh rupees for every day after the first during which the failure or refusal continues in case any person fails to-	furnish any information which is his duty under sub-section (3) to furnish	to appear before the Investigating Authority personally when required to do so under sub-section (5) or to answer any question which is put to him by the Investigating Authority in pursuance of that sub-section		sign the notes of any examination referred to in sub-section (7),		Under any of the circumstances mentioned
61.	Notes of any examination under sub-section (5) shall be-	taken down in writing	read over to, or by, and signed by, the person examined		be used in evidence against him		All of them
62.	Investigating Authority may make an application to the Judicial Magistrate of the first class having jurisdiction for an order for the seizure of such books etc. in case	It may be destroyed, mutilated	It may be altered, falsified	It may be secreted		Under any of the circumstances mentioned
63.	Magistrate may, by order, authorize the Investigating Authority to-	to enter the place or places where such books, registers, other documents and record are kept	to search that place or those places in the manner specified in the order	to seize books, registers, other documents and record, it considers necessary for the purposes of the investigation		Under any of the circumstances mentioned
64.	Seizure of books, registers, other documents and record of any listed public company shall not be allowed by the Magistrate unless-	company indulges in insider trading	market manipulation	Any of them		None of them
65.	What the Board will do after it is satisfied that any person has violated or likely to violate the provision of this act,	Pass an order to cease such person or desist from doing it	Will inform to the Central Govt. about such violation	Take up the matter before the court.		None of them
66.	No order to be issued to cease or desist from doing so in case of a public listed company unless it is satisfied that-	It is engaged in insider trading	Market manipulation	In any of the case		In both of the cases.
67.	Dealing in securities should be in accordance with the condition of certificate of registration by the-	stock-broker, sub- broker, share transfer agent, banker to an issue	trustee of trust deed, registrar to an issue, merchant banker underwriter, portfolio manager,	investment adviser and such other intermediary who may be associated with securities market		All of them,
68.	A person dealing with securities in any of the capacity before the establishment of the Board for which no registration was not required before such establishment of the Board may do so till-	Disposal of application in case it has made an application within the said period.	Continue to do for a period of three months	In any manner		None

69.	Any certificate of registration, obtained immediately before the commencement of the Securities Laws (Amendment) Act, 1995, shall be deemed to-	have been obtained from the Board in accordance with the regulations providing for such registration	Shall not be regarded as an authorization for the purpose of doing business in the securities.	Subject to the approval of the Central Govt. it may be deemed so.	None of them
70.	No person shall sponsor or cause to be sponsored or carry on or cause to be carried on any venture capital funds or collective investment schemes including mutual funds, unless he obtains-	a certificate of registration from the Board in accordance with the regulations	Approval from the central Govt. for the same purpose.	None of them
71.	Suspension or cancellation of a certificate of registration is done by-	The Central Govt.	The Board	The Court	None of them
72.	Suspension or cancellation of a certificate of registration may be done-	Without giving an opportunity of being heard in the case	After giving an opportunity of being heard on the case.	None of them
73.	No person under this Act directly or indirectly-	use or employ any manipulative or deceptive device or contrivance in contravention of the Act	employ any device, scheme or artifice to defraud	engage in insider trading	All of them
74.	Fund shall be credited with-	all grants, fees and charges received by the Board	all sums received by the Board from such other sources	Only with the second 1	None of them
75.	Utilization of fund shall be for the payment of-	the salaries, allowances and other remuneration of members, officers and other employees of the Board	the expenses of the Board in the discharge of its functions under section 11	the expenses on objects and for purposes authorized by this Act	All of them
76.	Board shall maintain specified records and prepare annual accounts in a form specified by-	Comptroller and Auditor- General of India	Chairperson	the Central Government in consultation with the Comptroller and Auditor- General of India	None of them
77.	Audit of account of the Board shall be done by -	A chartered Accountant	Officers of the RBI	Comptroller and Auditor General of India	None of them
78.	Expense in regards to the audit shall be payable or paid by-	Board	Comptroller and Auditor General of India	Nothing to be paid or payable by the board	None
79.	Person appointed by the CAG shall have the right to-	demand the production of books, accounts, connected vouchers and other documents and papers	to inspect any of the offices of the Board	Any of them	Both of them
80.	Forward a copy of the report with results together a copy of annual accounts to -	Central Govt.	Board	CAG	None of them
81.	Penalty for non-furnishing of any document, return or report to the Board is-	penalty not exceeding two lakh and fifty thousand rupees for each such failure	penalty not exceeding one lakh and fifty thousand rupees for each such failure	penalty not exceeding one lakh rupees for each such failure	None of them
82.	Penalty for failure to file any return or furnish any information, books or other documents within the time specified therefor in the regulations.	a penalty not exceeding fifty thousand rupees for every day during which such failure continues	“a penalty not exceeding five thousand rupees for every day during which such failure continues	a penalty not exceeding five lakhs rupees for every day during which such failure continues	None of them
83.	Penalty for failure to maintain books of accounts or records	“a penalty not exceeding ten thousand rupees for every day during which the failure continues	“a penalty not exceeding twenty thousand rupees for every day during which the failure continues	“a penalty not exceeding one thousand rupees for every day during which the failure continues	None of them
84.	Penalty for failure by any person to enter into agreement with clients	“a penalty not exceeding five thousands rupees for every such failure”	“a penalty not exceeding five lakh rupees for every such failure”	“a penalty not exceeding fifty lakh rupees for every such failure”	None of them
85.	Penalty for failure to redress investors' grievances	liable to a penalty not exceeding ten thousand rupees for each such failure.”	liable to a penalty not exceeding twenty thousand rupees for each such failure.”	Liable to a penalty not exceeding ten lakh rupees for each such failure.”	None of them
86.	Penalty for Sponsoring or carrying on any collective investment scheme, including mutual funds, without obtaining such certificate of registration	a penalty not exceeding ten thousand rupees for each day or ten lakh rupees whichever is higher	a penalty not exceeding twenty thousand rupees for each day or ten lakh rupees whichever is higher	a penalty not exceeding ten lacs rupees for each day or ten lakh rupees whichever is higher	None of them
87.	failure to comply with the terms and conditions of certificate of registration in case of Collective investment scheme or mutual funds	a penalty not exceeding twenty thousand rupees for each dayor ten lakh rupees, whichever is higher”	a penalty not exceeding ten lacs rupees for each dayor ten lakh rupees, whichever is higher”	a penalty not exceeding ten thousand rupees for each dayor ten lakh rupees, whichever is higher”	None of them
88.	fails to make an application for listing of its schemes	a penalty not exceeding five thousand rupees for each day or five lakh rupees, whichever is higher	a penalty not exceeding five lacs rupees for each day or five lakh rupees, whichever is higher	a penalty not exceeding fifty thousand rupees for each day or five lakh rupees, whichever is higher	None of them
89.	fails to refund he application monies paid by the investors within the period specified in the regulations	a penalty not exceeding one thousand rupees for each day during which such failure continues	a penalty not exceeding twenty thousand rupees for each day during which such failure continues	a penalty not exceeding one lacs rupees for each day during which such failure continues	None of them
90.	fails to invest money in the manner or within the period specified in the regulations	penalty not exceeding five lakh rupees for each such failure	penalty not exceeding five thousand rupees for each such failure	penalty not exceeding fifty lakh rupees for each such failure	None of them
91.	failure to issue contract notes in the form and in the manner specified by the stock exchange	liable to a penalty not exceeding five times the amount for which the contract note was required to be issued by that broker	liable to a penalty not exceeding five thousand rupees for each such failure	liable to a penalty not exceeding five lacs rupees for each such failure	None of them
92.	failure to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations	liable to a penalty not exceeding five thousand rupees for each day during which such failure continues	penalty not exceeding five lacs rupees for each such failure	penalty not exceeding fifty lakh rupees for each such failure	None of them
93.	Penalty for non-disclosure of acquisition of shares and take-overs	not exceeding five lakh rupees	liable to a penalty not exceeding five thousand rupees for each such failure	penalty not exceeding fifty lakh rupees for each such failure	None of them
94.	15HA.Penalty for fraudulent and unfair trade practices	penalty not exceeding fifty lakh rupees for each such failure	liable to a penalty of twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher	liable to a penalty not exceeding five thousand rupees for each such failure	None of them

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sushil kumar (Student) (111 Points)
Replied 21 January 2011

Producer copmany (Govrened by miscelleneous provision contained in section 581)

Attached File : 16 producer company.doc downloaded: 203 times

Indigo (-) (533 Points)
Replied 21 January 2011

what is this table

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Suggested Answers / practice manual

1) Hi...recently the Institute released practice manual. does that mean there is addl requirement for suggested answers. upto which attempt exam questions are covered in the practice manual published?

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