10 - Legal & Regulation Updates - India
SEBI Board Meeting
The Securities and Exchange Board of India (“SEBI”) has taken the following decisions in its meeting held on
September 23, 2016
- Amendment to SEBI Regulations to permit
Foreign Portfolio Investors (“FPIs”) to trade directly in Corporate Bonds
without a broker
- Amendments proposed to the SEBI
(Infrastructure Investment Trusts)(“InvIT”) Regulations, 2014 and SEBI
(Real Estate Investment Trusts) (“REIT”) Regulations, 2014
MCA - Companies (Management and Administration) Amendment Rules,
2016
The Ministry of Corporate Affairs (“MCA”) through its Notification
dated September 23, 2016 has amended the Companies (Management and
Administration) Rules, 2014 (‘Rules’).
By virtue of this amendment the following changes have been introduced:
- Transfer of particulars of Register of
Members maintained under the Companies Act, 1956 to new register of members
maintained under the Companies Act, 2013.
- Omission of the words “Duplicate” for
filing Form No. MGT- 4 and MGT-5
- Filing of particulars of change in
shareholding pattern of promoters and top ten shareholders
- Conveying of Extra Ordinary Meeting by
requisitionists on any day except national holiday
Central Motor Vehicles (14th Amendment) Rules, 2016
The Ministry of Road Transport and Highways, via notification dated
September 23, 2016, has issued the Central Motor Vehicles (14th Amendment)
Rules, 2016 to amend the Central Motor Vehicles Rules, 1989.
- In Rule 125C, after sub-rule (3) the
following is sub-rule is inserted:
“(4) On and after
expiry of six months from the date of commencement of the Central Motor
Vehicles (14th Amendment) Rules, 2016, the testing and approval for body
building of sleeper coaches shall be in accordance with AIS-119 (Rev.1):2016,
as amended from time to time, for vehicles mentioned therein, till the
corresponding Bureau of Indian Standards specifications are notified under the
Bureau of Indian Standards Act, 1986 (63 of 1986)”
Employees Provident Fund- Introduction of Declaration Form (New
form No. 11)
The Employees Provident Fund organization has issued order dated
September 23, 2016 introducing declaration Form (New Form no. 11) to replace
existing Form no. 11.
The Declaration Form (New Form No 11) will also replace Form no 13 in
all such cases where existing member to the Provident Fund makes a request for
transfer of his fund availing the facility of UAN.
The members who have been allotted UAN and where KYC details have been
digitally verified by the previous employer, are not required to fill separate
Form No. 13. Rest of the employees will continue to fill Form No. 13 along with
New Form No. 11.
The Employees/Employers can access fillable declaration form (New form
No. 11) on the member portal which will be pre-filled with all the relevant
information.
SEBI-Enhanced Supervision of Stock Brokers/Depository Participants
The Securities Exchange Board of India (“SEBI”), had constituted a
committee on “Enhanced Supervision of Stock Brokers”. With a view to implement
the recommendations of the committee SEBI vide Circular dated September 26,
2016 has issued the following guidelines:
- Uniform nomenclature for Naming/Tagging
of Bank and Demat Accounts by Stock Broker
- Reporting of Bank and Demat accounts
maintained by Stock Broker
- Monitoring of Client’s Funds lying with
the Stock Broker by the Stock Exchanges.
- Principles for monitoring of client’s
funds lying with the stock brokers
Draft - The Payment of Bonus (Amendment) Rules, 2016
The Ministry of Labour and Employment , through a notification dated
September 26th 2016 has invited Objections or suggestions for the draft - The
Payment of Bonus (Amendment) Rules, 2016.
The objections or suggestions can be sent before 30 days from the date
of notification to the Secretary, Ministry of Labour and Employment, Shram
Shakti Bhawan, Rafi Marg, New Delhi- 110 001.
The Aircraft (Third Amendment) Rules, 2016
The Ministry of Civil Aviation, via notification dated September 16,
2016, has issued the Aircraft (Third Amendment) Rules, 2016 to amend the
Aircraft Rules, 1937.
Central Motor Vehicles (15th Amendment) Rules, 2016
The Ministry of Road Transport and Highways, via notification dated
September 23, 2016, has issued the Central Motor Vehicles (15th Amendment)
Rules, 2016 to amend the Central Motor Vehicles Rules, 1989.
IRDAI- Insurance Regulatory and Development Authority of India
(Registration of Insurance Marketing Firm) (First Amendment) Regulations, 2016
The Insurance Regulatory and Development Authority of India (IRDAI)
vide circular dated September 21, 2016 has issued draft on IRDAI (Registration
of Insurance Marketing Firm) (First Amendment) Regulations, 2016.
All the stakeholders are requested to review the draft and forward
their views / comments in the format provided as Exhibit-II by October 3, 2016
to the following address:
General Manager (IMF),Insurance Regulatory Development Authority, 3rd
Floor, Parishram Bhavan, Basheerbagh, Hyderabad – 500 004.
IRDAI- Draft Insurance Regulatory and Development Authority of
India (Insurance Surveyors and Loss Assessors) (First Amendment) Regulations,
2016
The Insurance Regulatory and Development Authority of India (IRDAI)
vide circular dated September 21, 2016 has issued draft on IRDAI (Insurance
Surveyors and Loss Assessors) (First Amendment) Regulations, 2016.
Through this circular All stakeholders have been requested to review
the draft and forward their views / comments in the format provided in Exhibit
2 to the address listed below before October 3, 2016.
General Manager (Surveyors), Insurance Regulatory and Development
Authority, 03rd Floor, Parishram Bhavan, Basheerbagh, Hyderabad – 500004
National Pharmaceutical Pricing Authority (NPAA) - draft version of
6 Proposed Price Calculation Sheets
Via Office Memorandum
dated September 22, 2016 NPPA has released the draft version of proposed price
calculation sheets for 6 proposed revised/notified ceiling price/retail price
on the website of NPPA. Draft of 6 calculation sheets based on Pharma Trac data
are uploaded on the website.https://innovatorsrace50.com/
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