SEBI has recently replaced its Consent Scheme with a more transparent one. Article in this issue of "Corporate Amicus" discusses the salient features of this new scheme. Ministry of Corporate Affairs has also introduced new guidelines for declaration of financial institutions as Public Financial Institutions, while also clarifying on auditing of cost accounting records. "Ratio decidendi" portion of the Amicus covers two judgments of the Supreme Court of India holding that the death of the arbitrator named in the agreement would not result in termination of the arbitration agreement and that the very authority to enter into contracts, by necessary implication, confers the authority not to enter into a contract in appropriate cases i.e. the power to blacklist.