Search Result for : Offshore Development And Regulation Act

The Dollar Business Bureau Taking the proposals kept before the board in meetings, the Securities and Exchange Board of India issued stern KYC and disclosure rules for participatory notes. Offshore Derivatives Instruments issuers will now have to identify and verify the Beneficial Owners in subscriber entities holding threshold more than permissible limits, which is 25% in case of companies and 15% in partnership firms. The issuers have also been asked to verify the people who control the operations, when BO are not in accordance with the above mentioned criteria of threshold, said SEBI. The market regulator, considering the transfers of ODIs, stated that the intermediate transfers during the month will now have to be reported. Earlier, the details of ODI holders had to be reported ...

Source: PTI The government is in the process of framing regulations for exploration and mining in offshore blocks, which contain minerals such as zirconium, titanium, thorium, tungsten and rare earth elements. Mines Ministry has set up a committee that is framing the rules under the Offshore Development and Regulation Act, a top ministry official has said. “I have constituted a committee under Economic Advisor to frame rules under Offshore Development and Regulation Act. When the rules are framed, we will go for allotment of blocks for offshore prospecting, exploration as well as for mining,” Mines Secretary Balvinder Kumar told PTI. The Geological Survey of India (GSI) carries out surveys in the Exclusive Economic Zone (EEZ) and Territorial Waters (TW) of India to ...