SEBI: System-driven Disclosures in Securities Market
|
|
The
Securities and Exchange Board of India (“SEBI”) via Circular dated December
21, 2016 has issued System-driven Disclosures in Securities Market. This Circular
has been issued in furtherance of SEBI Circular dated December 01, 2015,
which had introduced the System-driven Disclosures to be implemented with
effect from January 01, 2016.
|
|
SEBI: Amendment to the Securities and Exchange Board of India
(Investment Advisors) Regulations, 2013
|
|
The
Securities and Exchange Board of India (“SEBI”) via Notification dated
December 8, 2016 titled Securities and Exchange Board of India (Change in
Conditions of Registration of Certain Intermediaries) Amendment Regulations,
2016 has made amendments to the Securities and Exchange Board of India
(Investment Advisors) Regulations, 2013.
|
|
MCA: Central Government delegates powers and functions to the Regional
Directors
|
|
The
Ministry of Corporate Affairs (“MCA”) has an issued a Notification dated
December 19, 2016 pertaining to delegation of the powers and functions of
Central Government to the Regional Directors at Mumbai, Kolkata, Chennai, New
Delhi, Ahmedabad, Hyderabad and Shillong subject to revocation of such powers
by Central Government, in public interest.
|
|
MCA: Chapter XVIII of Companies Act 2013- Section 248 to Section 252
and Companies (Removal of Names of Companies from the Register of Companies)
Rules, 2016 notified
|
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated December 26,
2016 has notified Chapter XVIII of Companies Act 2013- Section 248 to Section
252.The Companies (Removal of Names of Companies from the Register of
Companies) Rules, 2016 (“Rules”) shall also come into force from December 26,
2016 i.e. the date of publication in the Official Gazette.
|
|
IRDA - Insurance Regulatory and Development Authority of India
(Issuance of e-Insurance Policies) (First Amendment) Regulations, 2016
|
|
The
Insurance Regulatory and Development Authority of India (IRDA) has issued
First Amendment to Insurance Regulatory and Development Authority of India
(Issuance of e-insurance policies) Regulations, 2016.
It amends the definition of “e-proposal” or “electronic-proposal” to include
proposal from an insurance policy filed in electronic form by the prospect
with his electronic signature “or be validated by One Time Password.”
Further, in Regulation 3(v) i.e. when a prospect furnishes e-proposal form it
shall carry its electronic signature, it adds “or be validated by One Time
Password.”
|
|
PIB – Cabinet approves the National Apprenticeship Promotion Scheme
|
|
The
Union cabinet through a press release has approved National Apprenticeship
Promotion Scheme. The scheme has an outlay of Rs. 10,000 crores with a target
of 50 lakh apprentices to be trained by 2019-20. The Scheme would be
implemented by Director General of Training (DGT) under Ministry of Skill
Development and Entrepreneurship (MSDE). It provides for incentivizing
employers to engage apprentices. 25% of the total stipend payable to an
apprentice would be shared with employers directly by Government of India. It
also supports basic training, which is an essential component of
apprenticeship training. 50% of the total expenditure incurred on providing
basic training would be supported by Government of India.
|
|
Employees Provident Fund- Online filing of Returns by Exempted/Relaxed
Establishments
|
|
The
Employees Provident Fund organization has issued circular dated December 22,
2016 regarding online filing of returns by Exempted/Relaxed
establishments.
|
|
Aircraft (Fifth Amendment) Rules, 2016
|
|
The
Ministry of Civil Aviation, through a notification dated December 15, 2016
has made amendments to Aircraft Rules, 1937. The notification has made
amendments to Rule 82 by adding intervals to the reasonable time under the
clause and amended the purpose to surveillance to ensure safety and order at
the aerodrome. Further, Rule 83 has been amended by inserting another clause
which provides that the Director General can impose operating restriction on
the license in case there is a non-compliance with the conditions mentioned
in Rule 83.
|
|
CDSCO- Online licensing system
|
|
The Directorate General of Health Services Office of Drugs Controller
General has issued a Notice dated December 26, 2016 regarding the online
licensing system.
CDSCO has initiated the online licensing system to bring transparency,
accountability and efficiency in the drug regulatory system. Timelines have
been stated under the Drugs & Cosmetics Act, 1940 and Rules, 1945 , for
disposal of different work schedules at CDSCO, a copy of which is at Annexure
I.
|
|
IBBI: Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016
|
|
The
Insolvency and Bankruptcy Board of India (“IBBI”) via Notification
dated December 15, 2016 has issued the Insolvency and Bankruptcy Board of
India (Liquidation Process) Regulations, 2016 (“Regulations”) to
provide a framework for the process of liquidation which shall apply to the
liquidation process under Chapter III of Part II of the Insolvency and
Bankruptcy Code, 2016.
|
|
SEBI: Master Circular for Depositories
|
|
The
Securities Exchange Board of India (“SEBI”), has issued a Master
Circular dated December 15, 2016, for Depositories. This Master Circular is a
compilation of all circulars/communications issued by SEBI on Depositories,
which are in operation as on date i.e. December 16, 2016. This Master
Circular shall supersede previous Master Circular dated May 07, 2015.
|
|
SEBI: Securities and Exchange Board of India (Change in Conditions of
Registration of Certain Intermediaries) Amendment Regulations, 2016
|
|
The
Securities and Exchange Board of India “(SEBI)” via Notification dated
December 8, 2016 has introduced the SEBI (Change in conditions of
registration of certain Intermediaries) Amendment Regulations, 2016, thereby
amending the following Regulations:
|
|
MCA: Unresolved complaints concerning name reservation or Company
incorporation
|
|
The
Ministry of Corporate Affairs (“MCA”) has issued a Notice to inform the
stakeholders that in case of concerns with respect to unresolved service
complaints pertaining to name reservation or Company incorporation, the
concern can now be escalated, by sending an email to CRC.Escalation@mca.gov.in
|
|
MCA notifies Companies (Compromises, Arrangement and Amalgamations)
Rules, 2016
|
|
The
Ministry of Corporate Affairs “(MCA)”, via Notification dated December 14,
2016 has notified the ‘Companies (Compromises, Arrangement and Amalgamations)
Rules, 2016 “(Rules)” which shall come into force with effect from December
15, 2016.
|
|
SEBI: Amendment to the Securities and Exchange Board of India
(Investment Advisors) Regulations, 2013
|
|
The
Securities and Exchange Board of India (“SEBI”) via Notification dated
December 8, 2016 titled Securities and Exchange Board of India (Change in
Conditions of Registration of Certain Intermediaries) Amendment Regulations,
2016 has made amendments to the Securities and Exchange Board of India
(Investment Advisors) Regulations, 2013.
|
|
SEBI: Master Circular for Stock Exchange and Clearing Corporation
|
|
The
Securities Exchange Board of India (“SEBI”) has issued a Master Circular
dated December 16, 2016, for Stock Exchange and Clearing Corporation. The
purpose of the Master Circular is to users to have an access to all the
applicable circulars/communications at one place. It is also a compilation of
all circulars/communications issued by SEBI on Stock Exchange and Clearing
Corporation, which are in operation as on date i.e. December 16, 2016. This
Master Circular shall supersede the previous Master Circular dated May 26,
2015.
|
|
MCA: notifies National Company Law Tribunal (Procedure for Reduction
of Share capital of Company) Rules, 2016
|
|
The
Ministry of Corporate Affair “(MCA)” via Notification dated December
15, 2016 has notified the National Company Law Tribunal (Procedure for
Reduction of Share capital of Company) Rules, 2016 “(Rules)” which
shall come into force with effect from December 15, 2016 i.e. the date of
publication in the Official Gazette.
|
|
MCA: E-Forms INC-2 and INC-7 likely to be withdrawn
|
|
The
Ministry of Corporate Affairs “(MCA)” vide its Notice dated December 19, 2016
has drawn attention to the fact that E-Forms INC-2 and INC-7 are likely to be
withdrawn from the MCA portal shortly.
|
|
Taxation Laws (Second Amendment) Act, 2016
|
|
Government
of India with assent received from Hon’ble President of India has notified
The Taxation Laws (Second Amendment) Act, 2016 with effect from December 15,
2016. The Act amends Section 115BBEE of the Income tax Act, Section 2 of the
Finance Act, and introduces a new Taxation and Investment Regime for Pradhan
Mantri Garib Kalyan Yojana, 2016. The Act seeks to amend the tax charged on
and penalty that is levied on undisclosed income.
|
|
Introduction of Pradhan Mantri Garib Kalyan Yojna for declaration of
undisclosed income
|
|
The
Ministry of Finance vide notification dated December 16,2016 has introduced
Pradhan Mantri Garib Kalyan Yojana (‘PMGKY’) consisting of Pradhan Mantri
Garib Kalyan Deposit Scheme, 2016 and Pradhan Mantri Garib Kalyan Yojana
Rules, 2016. The Scheme provides for deposits that shall be made by any
person who intends to declare undisclosed income under section 199C (1) of
the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,
2016. The scheme shall come into force from December 17, 2016 and shall be
valid till March 31, 2017. Upon making a declaration under this scheme, a 50%
charge shall be levied on all cash deposits made under Section 199C (1) in
addition to which 25% of the amount which is declared will go in non-interest
bearing PMGKY for four years. The deposits mad under PMGKY shall not bear any
interest.
|
|
Rajya Sabha passes Rights of Persons with Disabilities Bill, 2014
|
|
The
Rajya Sabha, on December 14, 2016 has passed the Rights of Persons with
Disabilities Bill, 2014 which repeals Persons with Disabilities (Equal
Opportunity Protection of Rights and Full Participation) Act of 1995. The
bill covers problems from physical disabilities to mental illness and
multiple disabilities under it. It complies with the UN Convention on Rights
of Persons with Disabilities, to which India became a signatory in
2007.
|
|
The Wetlands (Conservation and Management) Amendment Rules, 2016
|
|
The
Ministry of Environment, Forest and Climate Change, on December 14, 2016, has
issued the Wetlands (Conservation and management) Amendment Rules, 2016
amending the Wetlands (Conservation and management) Rules, 2010.
|
|
Draft- The Payment of Wages (Amendment) Act, 2016
|
|
The
bill was presented in Lok Sabha on December 15, 2016 to further amend the
Payment of Wages Act, 1936.
This bill proposes change in Section 6 and the employer will have to pay the
wages current coin or currency notes or by cheque or by crediting the wages
in the bank account of the employee.
|
|
ESIC introduces of a new Scheme to promote Registration of
Employers/Employees
|
|
The
Employees State Insurance Corporation has issued a press release dated
December, 15th 2016 in relation to the new Scheme to promote Registration of
Employers/Employees.
|
|
PESO- Launching of e-filing of applications and e-payment gateway
facilities
|
|
The Ministry of Commerce & Industry, Petroleum and Explosives
Safety Organization has issued a letter dated November 30, 2016 in relation
to the Launching of e-filing of applications and e-payment gateway facilities
under Explosives Rules, 2008 and Ammonium Nitrate Rules, 2012.
|
|
SEBI: Streamlining the process for acquisition of shares pursuant to
Tender-offers made for takeovers, buy-back and delisting of securities
|
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Circular dated
December 09, 2016 to revise the mechanism for acquisition of shares pursuant
to Tender-offers for the purpose of takeovers, buy back and delisting of securities
thereby affecting the SEBI (Buy Back of Securities) Regulations, 1998, SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI
(Delisting of Equity Shares) Regulations, 2009. This Circular is in
furtherance of a previous Circular dated April 13, 2015.
|
|
MCA: Clarification regarding rules for transfer of shares to Investor
Education and Protection Fund (“IEPF”) Authority
|
|
The
Ministry of Corporate Affairs (“MCA”) via Circular dated December 7,
2016 has issued clarification regarding transfer of shares under Investor
Education Protection Fund (Accounting, Audit, Transfer and Refund) Rules,
2016 (“IEPF Rules”).
|
|
MCA notifies certain Sections of Companies Act, 2013 effective from
December 15, 2016.
|
|
The
Ministry of Corporate Affairs (“MCA”), vide its Notification dated
December 7, 2016 has notified the following Sections of the Companies Act,
2013(“the Act”), which shall come into force from December 15,
2016
|
|
MCA: notifies Chapter III of the Insolvency and Bankruptcy Code, 2016
|
|
The
Ministry of Corporate Affairs (“MCA”), vide its Notification dated December
9, 2016 has notified Chapter III (Sections 33 to 54) of The Insolvency and
Bankruptcy Code, 2016 (the “Code”), which shall come into force from December
15, 2016.
|
|
MCA: Companies (Transfer of Pending Proceedings) Rules, 2016
|
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated December 07,
2016 has issued Companies (Transfer of Pending Proceedings) Rules,
2016.
|
|
NCLT waives minimum shareholding requirement for filing mismanagement
petition against public religious & charitable trust
|
|
The
Chennai bench of National Company Law Tribunal in its judgment dated November
18, 2016 has waived the minimum shareholding requirement for filing a
petition of oppression and mismanagement under Section 241 of the Companies
Act 2013 (hereinafter referred to as the “Act”). Under Section 244(b) of the
2013 act, not less than 1/5th of the total members are required to file a
petition under Section 241.
|
|
Approval by cabinet for replacement of ‘Major Port Trusts Act, 1963’
with ‘the Major Port Trust Authorities Bill, 2016’
|
|
Press
Information Bureau vide press release dated December 14,2016 has announced
that the Union Cabinet has approved the proposal of Ministry of Shipping to
replace the Major Port Trusts Act, 1963 with the Major Port Authorities Bill,
2016. The draft bill will now be placed before the parliament for legislative
clearance.
|
|
Draft- The Food Safety and Standards (Contaminants, toxins and
Residues) ….Amendment Regulations, 2016
|
|
The
Food Safety and Standards Authority of India through a notification dated
December, 02 2016 has invited objections or suggestions on the draft The Food
Safety and Standards (Contaminants, toxins and Residues) …. Amendment
Regulations, 2016.
|
|
Food Safety and Standards (Food Products Standards and Food Additives)
Thirteenth Amendment Regulations, 2016
|
|
The
Food Safety and Standards Authority of India through a Notification dated
December, 2 2016 has issued Food Safety and Standards (Food Products
Standards and Food Additives) Thirteenth Amendment Regulations, 2016 amending
the Food Safety and Standards (Food Products Standards and Food Additives)
Regulations, 2011.
|
|
The Payment of Bonus (Amendment) Rules, 2016
|
|
The
Ministry of Labour and Employment, through a notification dated December 6,
2016 has amended the Payment of Bonus Rules, 1975.
|
|
The Minerals (Other than Atomic and Hydro Carbons Energy Minerals)
Concession (Amendment) Rules, 2016
|
|
The
Ministry of Mines, through a notification dated December 8, 2016 has amended
the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession
(Amendment) Rules, 2016.
|
|
FSSAI-Restricting the use of newspaper as food packaging material
|
|
The Food Safety and Standards Authority of India have issued a
notification dated December 6, 2016 in relation to the restriction on the use
of newspaper as food packaging material.
|
|
SEBI - Review of guidelines for Co-location / proximity hosting
facility offered by stock exchanges
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Circular
dated December 01, 2016 in furtherance of previous Circular dated May 13,
2015, reviewing the guidelines of Co-location/proximity hosting facilities
provided by stock exchanges in consultation with Technical Advisory Committee
(“TAC”)
|
SEBI - (Issue of Capital and Disclosure Requirements) (Fourth
Amendment) Regulations, 2016
|
The
Securities and Exchange Board of India (“SEBI”) has issued a
Notification dated November 29, 2016 amending the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2009.
|
SEBI - Real Estate Investment Trusts (Amendment) Regulations, 2016
|
The
Securities and Exchange Board of India (“SEBI”) has issued a
Notification dated November 30, 2016 amending the SEBI (Real Estate Investment
Trusts) (“REIT”) Regulations, 2014. This Notification has amended
various provisions of the previous circulars and introduced the following
changes:
|
SEBI: Infrastructure Investment Trusts (Amendment) Regulations, 2016
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Notification
dated November 30, 2016 amending the Securities and Exchange Board of India
(Infrastructure Investment Trusts) (“InvIT”) Regulations, 2014.
|
National Company Law Tribunal to be the ‘Adjudicating Authority’ under
Insolvency and Bankruptcy Code, 2016
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated November
30, 2016 has designated benches of the National Company Law Tribunal which
are constituted vide notification number S.O. 1935 (E) dated the June 01,
2016 to exercise the jurisdiction, powers and authority of the Adjudicating
Authority with regard to the Insolvency and Bankruptcy Code, 2016.
|
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016
|
The
Ministry of Corporate Affairs (“MCA”), vide its Notification dated
November 30, 2016 has notified the following sections of the Insolvency and
Bankruptcy Code, 2016 (“Code”):
|
Clarification Regarding Filing of Offline Challans with IEPF Authority
under Companies Act.
|
The
Ministry of Corporate Affairs (MCA) via Circular dated December 05, 2016 has
issued a clarification regarding filing of Offline Challans with IEPF
Authority under the Companies Act, 2013 in accordance with Investor Education
& Protection Fund (Accounting, Audit, Transfer, and Refund) Rules,
2016.
|
Supreme Court holds the appointment of directors on the Board of
Target Company by Person Acting in Concert, during the Offer Period as
invalid
|
The
Supreme Court of India, held that appointment of directors by a person acting
in concert during the offer period under the (Substantial Acquisition of
Shares and Takeover) Regulations, 1997 (the “SAST Regulations”) is
invalid.
|
NCLT allows compounding of offence in case of non-disclosure of
interest by Director
|
The
National Company Law Tribunal (“NCLT”), Bangalore Bench, in the matter of
Personal Performance Consultants India (P.) Ltd., has allowed compounding
with respect to offences of non-disclosure committed by Directors under
Section 299(3) of the Companies Act, 1956.
|
CBDT - Income Tax (34th Amendment) Rules, 2016
|
he
Central Board of Direct Taxes (CBDT) has issued a notification amending the
Income Tax rules. Vide this amendment, In the Income-tax Rules, 1962, in rule
8AA, new sub-rule (3) shall be inserted.
|
Clarification on requirement of board resolution in obtaining Licenses
under Food Safety and Standards Act, 2006
|
The
Food Safety and Standards Authority of India has issued an Order dated
November, 29 2016 in relation to the clarification on requirement of board
resolution in obtaining Licenses under Food Safety and Standards Act,
2006.
|
Special Economic Zones (Amendment) Rules, 2016
|
The Ministry of Commerce and Industry via notification dated November,
21st 2016 has issued the Special Economic Zones (Amendment) Rules, 2016 to
amend the Special Economic Zones Rules, 2006.
|
Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016.
|
The
Insolvency and Bankruptcy Board of India (“IBBI”) via Notification
dated November 23, 2016 has issued the Insolvency and Bankruptcy Board of
India (Insolvency Professionals) Regulations, 2016 to provide a framework for
the registration and regulation of Insolvency Professionals (“IP”) to
be followed by individuals desirous of being registered as IPs.
|
SEBI Guidelines for functioning of Stock Exchanges and Clearing
Corporations in International Financial Services Centre
|
The
Securities and Exchange Board of India (“SEBI”) via Circular dated
November 28, 2016 has decided to put in place the broad framework for
functioning of Stock Exchanges “SEs” and Clearing
Corporations “CCs” in International Financial Services
Centre “IFSC”.
|
Exposure Drafts of Secretarial Standards on Dividend and Report of The
Board of Directors for Public Comments (Last Date for Comments: December 25,
2016)
|
The
Secretarial Standards Board (“SSB”) of the Institute of Company Secretaries
of India (“ICSI”) has revised the Secretarial Standard on Dividend and
Secretarial Standard on Report of the Board of Directors as per the Companies
Act, 2013, Rules made there under and other applicable regulations, and
hosted the Exposure Drafts thereon for public comments on ICSI website (http://www.icsi.edu).
|
Sick Industrial Companies (Special Provisions) Repeal Act, 2003
|
Ministry
of Finance has repealed all the provisions of The Sick Industrial Companies
(Special Provisions) Act, 1985.
All the provisions of The Sick Industrial Companies (Special Provisions) Act,
1985 shall be repealed with effect from December 1, 2016.
|
The Draft Integrated Goods and Services Tax Act, 2016
|
The
Integrated Goods and Services Tax Act, 2016 has been introduced in Lok Sabha
on November 25, 2016. The Integrated Goods and Services Tax Act, 2016 deals
with the interstate trade of Goods and Services.
|
CBEC- Courier Imports and Exports (Clearance) Amendment Regulations,
2016.
|
Central
Board of Excise and Customs (‘CBEC’) vide notification dated November 29,
2016 has amended the Courier Imports and Exports (Clearance) Regulations,
1998.
|
IRDAI - Extension of grace period for payment of renewal premium of
life insurance policies in light of recent demonetization
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated November 26, 2016 has extended the grace period for all the Policies
issued by life insurers the premium/s of which fell/falls due on or after
November 8, 2016 till December 31, 2016 by an additional 30 days.
|
Food Safety and Standards (Health Supplements, Nutraceuticals, Food for
Special Dietary Use, Food for Special Purpose, Functional Food and Novel
food) Regulations, 2016
|
The
Food Safety and Standards Authority of India through a Notification dated
November, 24 2016 has issued Food Safety and Standards (Health Supplements, Nutraceuticals,
Food for Special Dietary Use, Food for Special Purpose, Functional Food and
Novel food) Regulations, 2016.
|
FSSAI-Representation from FBOs seeking permission to use pre-printed
packaging material-reg
|
The
Food Safety and Standards Authority of India has issued an Order dated
November, 23 2016 in relation to the representation from FBO’s seeking
permission to use pre-printed packaging material-reg.
|
Revision of North East Industrial and Investment Promotion Policy,
2007 for new industrial units
|
The
Ministry of Commerce and Industry has issued a Notification dated November
22, 2016 in relation to the Revision of North East Industrial and Investment
Promotion Policy, 2007 for new industrial units.
|
Meghalaya- Prohibition against employment of children
|
The
Government of Meghalaya Directorate of Information & Public Relations has
published a press release dated November 24, 2016 in relation to Prohibition
against employment of children.
|
Public Utility Service –‘Manufacturing of Alumina and Aluminium’ and
Mining of Bauxite’
|
The
Ministry of Labour and Employment, Central Government, through a notification
dated November 16, 2016, has declared the service in the ‘Manufacturing of
Alumina and Aluminium and Mining of Bauxite’ to be a Public Utility
Service.
|
Collection of Statistics from the manufacturers and traders of textile
|
The
Ministry of Textiles has issued a Notification dated November 24, 2016 in
relation to the Collection of Statistics from the manufacturers and traders
of textile.
|
Amendment-Environment Impact Assessment Notification 2006
|
The
Ministry of Environment, Forest and Climate Change through a Notification
dated November, 23 2016 has amended the Environment Impact Assessment
Notification 2006.
|
The Gas Cylinder Rules, 2016
|
The
Ministry of Commerce and Industry through a Notification dated November, 22
2016 has issued The Gas Cylinder Rules, 2016 in suppression of the Gas
Cylinder Rules, 2004.
|
Discontinuation of the Freight Subsidy Scheme
|
The
Department of Industrial Policy and Promotion, Ministry of Commerce and
Industry, through a notification dated November 22, 2016 has discontinued the
Freight Subsidy Scheme, 2013 with immediate effect. The industrial units
registered under the Freight Subsidy Scheme, 2013 prior to the date of issue
of the notification alone will be eligible for the benefits of the
scheme.
|
Central Motor Vehicles (Twentieth Amendment) Rules, 2016
|
The
Ministry of Road Transport and Highways, on November 28, 2016, has issued the
Central Motor Vehicles (Twentieth Amendment) Rules, 2016 amending the Central
Motor Vehicles Rules, 1989.
|
Central Motor Vehicles (21st Amendment) Rules, 2016
|
The
Ministry of Road Transport and Highways, on November 28, 2016, has issued the
Central Motor Vehicles (Twentieth Amendment) Rules, 2016 amending the Central
Motor Vehicles Rules, 1989.
|
Employees State Insurance Corporation- Single challan for Main code
and Multiple Sub Code
|
The Employees State Insurance Corporation has issued a circular dated
November, 22nd 2016 in relation to the Single challan for Main code and
Multiple Sub Code.
|
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing
Board of Insolvency Professional Agencies) Regulations, 2016
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated November
21, 2016 has issued the Insolvency and Bankruptcy Board of India (Model
Bye-Laws and Governing Board of Insolvency Professional Agencies)
Regulations, 2016 (Regulations) which are required to be complied by
Companies which propose to act as insolvency professional agencies. The
Regulations specify the manner of publication and amendment of the bye-laws
of the agencies and composition of their governing Board.
|
Insolvency and Bankruptcy Code (“The Code”): Insolvency and Bankruptcy
Board of India (Insolvency Professional Agencies) Regulations, 2016.
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated November
21, 2016 has issued the Insolvency and Bankruptcy Board of India
(Insolvency Professional Agencies) Regulations, 2016(‘Regulations’) to
provide a framework for regulation of insolvency professional agencies to be
followed by Section 8 companies under the Companies Act, 2013.
|
SEBI – Investment/trading in securities by employees of AMC(s) and
Trustees of Mutual Funds
|
The Securities
and Exchange Board of India (“SEBI”) has issued a Circular dated
November 17, 2016 in furtherance of previous circulars dated May 08, 2001,
June 20, 2002, July 11, 2003, December 15, 2009 and May 22, 2014 pertaining
to investment/trading in securities by employees of Asset Management
Companies (“AMCs”) and Trustees of Mutual Funds Companies (“TCs”)
thereby modifying the various existing SEBI circulars applicable to Mutual
Funds. This Circular dated November 17, 2016 has amended various provisions
of the existing circulars and introduced new changes.
|
SEBI: Review of requirement for copy of PAN Card to open accounts of
Foreign Portfolio Investors (“FPIs”)
|
The
Securities and Exchange Board of India (“SEBI”) via Circular dated
November 17, 2016 has reviewed the requirement for copy of PAN card for
opening accounts of FPIs in furtherance of previous circulars dated January
04, 2013 relating to ‘Rationalisation process for obtaining PAN by Investors’
and September 12, 2013, pertaining to ‘Know Your Client Requirements for
Eligible Foreign Investors’.
|
MCA: Applicability of provisions of Indian Accounting Standards (Ind
AS) to Schedule II of Companies Act, 2013.
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated November
17, 2016 has amended sub-paragraph (ii) of Para 3 under Part A of Schedule II
of Companies Act, 2013.
|
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016
effective from November 15, 2016
|
The
Ministry of Corporate Affairs (“MCA”), vide its Notification
dated November 15, 2016 has notified the following Sections of the Insolvency
and Bankruptcy Code, 2016 (“Code”):
|
Employees Provident Funds (Sixth Amendment) Scheme, 2016
|
The
Ministry of Labour and Employment through a notification dated November 11,
2016, has issued the Employees Provident Funds (Sixth Amendment) Scheme,
2016, amending the Employees’ Provident Funds Scheme, 1952.
|
Draft- The Food Safety and Standards (Food Products Standards and Food
Additives) Amendment Regulations, 2016
|
The
Food Safety and Standards Authority of India through a notification dated
November, 15 2016 has invited objections or suggestions on the draft The Food
Safety and Standards (Food Products Standards and Food Additives) Amendment
Regulations, 2016.
|
Food Safety and Standards (Food Products Standards and Food Additives)
Twelfth Amendment Regulations, 2016
|
The
Food Safety and Standards Authority of India through a Notification dated
November, 15 2016 has issued Food Safety and Standards (Food Products
Standards and Food Additives) Twelfth Amendment Regulations, 2016 amending
the Food Safety and Standards (Food Products Standards and Food Additives)
Regulations, 2011.
|
Risk based inspections of the manufacturing facilities
|
The
Directorate General of Health Services Office of Drugs Controller General has
issued a notice dated November 9, 2016 in relation to the Risk based
inspections of the manufacturing facilities.
|
Draft - Aircraft (Amendment) Rules, 2016
|
The Ministry of Civil Aviation, through a notification dated November
9, 2016 has invited Objections or suggestions for the draft - Aircraft
(Amendment) Rules, 2016 which would be amending Aircraft Rules, 1937. The
draft has proposed to make amendments by making changes in Rule 133B of the
Aircraft Rules, 1937 and Rule 133C by amending the sub-clauses and inserting
sub-rules.
|
Guidelines on Point of Sales Person – Life Insurance Products
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide order
dated November 9, 2016 has issued Guidelines on Point of Sales Person – Life
Insurance Products. These guidelines shall applicable to the products sold by
Life Insurers through ‘Point of Sales Person’.
|
MCA: Companies (Registration Offices & Fees) Second Amendment
Rules, 2016
|
The
Ministry of Corporate Affairs (“MCA”) via Notification dated November 7, 2016
has issued the Companies (Registration Offices & Fees) Second Amendment
Rules, 2016, (“Rules”) which shall come into force with effect from the date
of its publication in the Official Gazette. The Rules have amended the
Companies (Registration Offices & Fees) Rules, 2014.
|
Supreme Court: Open Offer under Takeover Code once made, cannot be
withdrawn without any proper justification.
|
The
Supreme Court (“Court”) in the case Pramod Jain and Others vs. Securities and
Exchange Board of India (“SEBI”) has held that public offer under the
Takeover Code once made, cannot be withdrawn without justifying any clear
prejudice to the acquirer for carrying out of public offer.
|
SEBI – Uploading of Know Your Customer (“KYC”) details with CKYCR
system by the registered intermediaries
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Circular dated
November 10, 2016 in furtherance of previous Circular dated July 21, 2016
regarding Central KYC Records Registry (‘’CKYCR’’). The Circular has made a
reference to the letter dated October 04, 2016 issued by Government of India,
through which directions regarding KYC details of existing and new individual
clients, were given to registered intermediaries.
|
FAQs on Withdrawal of Legal Tender Character of the existing Bank
Notes in the denominations of? 500/- and? 1000/-
|
The
Reserve Bank of India (“RBI”) has released Frequently Asked Questions (FAQs)
updated as on November 11, 2016, on withdrawal of legal tender character of
the existing bank notes in the denominations of Rs. 500/- and Rs.
1000/-.
|
State’s Levy Of Entry Tax On Goods Constitutionally Valid
|
The
Supreme Court of India in the case of Jindal Stainless Ltd. & Anr. Vs.
State of Haryana & Ors. has upheld the constitutional validity of ‘Entry
Tax’ levied by the States on goods brought in from other states. The said
landmark judgment was passed by a 7:2 majority bench comprising of Chief
Justice T S Thakur and justices A K Sikri, S A Bobde, Shiva Kirti Singh
(Justice Singh is retiring today), N V Ramana, R Banumathi, A M Khanwilkar, D
Y Chandrachud and Ashok Bhushan.
|
CBEC- Service Tax (Fourth Amendment) Rules, 2016
|
Central
Board of Excise and Customs (‘CBEC’) vide notification dated November 9, 2016
has further amended the Service Tax Rules, 1994.
|
Withdrawal of Legal Tender Character of existing? 500/- and? 1000/-
Bank Notes – Revision in limits
|
The
Reserve Bank of India (“RBI”) on review has issued a circular dated November
13, 2016, making certain modifications in the limits on the withdrawal of
legal tender of the specified denominations
|
Annual Renewal process for existing TV channels gets simplified as
part of “Ease of Doing Business”
|
Ministry
of Information & Broadcasting vide press release dated November 11, 2016
has simplified the process of obtaining an “Annual Renewal” for TV channels
as part of the Government’s initiative of “Ease of Doing Business”.
|
Drugs (Prices Control) Order, 2013
|
The
Ministry of Chemicals and fertilizers, National Pharmaceutical Pricing
Authority, through an Order dated November 10, 2016, has issued the Order to
fix the ceiling price exclusive of local tax applicable, if any of the
scheduled formulations of drugs.
|
Maharashtra Pollution Control Board-Guidelines about e-payment Gateway
|
The
Maharashtra Pollution Control Board dated September 2, 2016 has issued the
Guidelines about e-Payment Gateway [Pay Now] launched from 1st September 2016
for ec-MPCB Web-Portal.
|
Maharashtra VAT- Distribution of Provisional Login id & password
for existing dealers under GST
|
Finance
Department, Maharashtra vide trade circular dated November 12, 2016 has
started distribution of provisional login id & password for existing
dealers for enabling them to Log-on to the GST common portal for GST
enrolment.
|
National Pharmaceutical Pricing Authority has fixed/revised ceiling
prices of 45 scheduled formulations of Schedule-I
|
Via
notification dated November 11, 2016 NPPA has fixed/revised ceiling prices of
45 scheduled formulations of Schedule-I under Drugs (Price Control) Amendment
Order, 2016.
|
National Pharmaceutical Pricing Authority- Working sheet related to
price notified regarding medicines
|
The
National Pharmaceutical Pricing Authority via notice dated November 11, 2016
has issued the Working sheet related to price notified regarding
medicines.
|
Amendment in Gazette Notification of Pattern of Investment 2015 for
EPF Exempted Establishments
|
The Employees Provident Fund Organization has issued a notice dated
November 11, 2016 regarding the amendment in Gazette Notification of Pattern
of Investment 2015 for EPF Exempted Establishments.
|
Central Motor Vehicles (19th Amendment) Rules, 2016
|
The
Ministry of Road Transport and Highways, on November 2, 2016, has issued the
Central Motor Vehicles (19th Amendment) Rules, 2016 amending the Central
Motor Vehicles Rules, 1989.
|
The Employees Provident Funds (Fifth Amendment) Scheme, 2016
|
The
Ministry of Labour and Employment via notification dated November 2, 2016 has
issued The Employees Provident Funds (Fifth Amendment) Scheme, 2016 amending
the Employees’ Provident Funds Scheme, 1952.
|
The Employees" Pension (Sixth Amendment) Scheme, 2016
|
The
Ministry of Labour and Employment via notification dated November 2, 2016 has
issued The Employees" Pension (Sixth Amendment) Scheme, 2016 amending
the Employees’ Pension Scheme, 1995.
|
SEBI: Enhanced standards for Credit Rating Agencies (“CRAs”)
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Circular dated
November 1, 2016 enhancing the standards and guidelines for CRAs. By virtue
of this Circular, SEBI has introduced the following provisions to strengthen
the guidelines and raising industry standards for CRAs.
|
NCLT allows compounding of offence for delay in appointment of woman director
|
The
Hyderabad bench of the National Company Law Board (“NCLT”), in the case of
‘Jalpower Corporation Limited vs. Registrar of Companies’, (“ROC”) Telangana,
Andhra Pradesh, has held that where the provisions pertaining to appointment
of Woman Director are compiled by the Company with delay and such delay has
not caused any prejudice to any creditors of the Company or public at large,
then such delay can be condoned. The NCLT further observed that the delay in
appointing Woman Director does not in any way benefit the Company.
|
MCA notifies certain Sections of Insolvency and Bankruptcy Code, 2016
effective from November 1, 2016
|
The
Ministry of Corporate Affairs (“MCA”), vide its notification dated November
1, 2016 has notified the following Sections of the Insolvency and Bankruptcy
Code, 2016 (“Code”).
|
Draft amendment to CAR Section 8 Series A Part I - Minimum Flight Crew
Requirements
|
The
Ministry of Civil Aviation, through a notification dated November 4, 2016 has
invited Objections or suggestions for the Draft amendment to CAR Section 8
Series A Part I - Minimum Flight Crew Requirements.
|
Online Fee Collection System in DGCA
|
The
Office of Director General of Civil Aviation, through a notice dated October
17, 2016 has decided that the fees charged in lieu of various services being
provided by DGCA may be collected only through online mode.
|
Draft amendment to CAR Section 8 Series O Part II - Operation of
commercial air transport - aeroplanes
|
The
Ministry of Civil Aviation, through a notification dated November 4, 2016 has
invited Objections or suggestions for the Draft amendment to CAR Section 8
Series O Part II - Operation of commercial air transport - aeroplanes.
|
Employees Provident Fund- Settlement of death case claim within 7 days
|
The
Employees Provident Fund organization has issued a circular dated October 28,
2016 in relation to the settlement of cases relating to death claims within 7
days.
|
National Pharmaceutical Pricing Authority has displayed draft version
of Proposed Price Calculation Sheets for 2 proposed revised/notified ceiling
price/retail prices
|
Via
Office Memorandum dated November 4, 2016 NPPA has released the draft version
of proposed price calculation sheets for 2 proposed revised/notified ceiling
price/retail price on the website of NPPA. Draft of calculation sheets based
on Pharma Trac data are uploaded on the website.
|
National Pharmaceutical Pricing Authority has displayed draft version
of Proposed Price Calculation Sheets for 1 proposed revised/notified ceiling
price/retail price
|
Via
Office Memorandum dated November 3, 2016 NPPA has released the draft version
of proposed price calculation sheets for 1 proposed revised/notified ceiling
price/retail price on the website of NPPA. Draft of calculation sheets based
on Pharma Trac data are uploaded on the website.
|
Drugs and Cosmetics (Seventh Amendment) Rules, 2016
|
The
Ministry of Health and Family welfare via notification dated November, 4th
2016 has issued the Drugs and Cosmetics (Seventh Amendment) Rules, 2016 to
amend the Drugs and Cosmetics Rules, 1945.
|
The Haryana Motor Vehicles (Second Amendment) Rules, 2016
|
The
Haryana Government Department of Transport, on September 19, 2016, has issued
The Haryana Motor Vehicles (Second Amendment) Rules, 2016 amending The Haryana
Motor Vehicles Rules, 1993.
|
Employees Provident Fund- Payment of PF and Pension on the date of
retirement
|
The
Employees Provident Fund organization has issued circular dated November 1,
2016 in relation to the payment of PF and pension on the date of
retirement.
|
Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) (Sixteenth Amendment) Regulations, 2016
|
The
Reserve Bank of India (“RBI”) has issued the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident outside India) (Sixteenth
Amendment) Regulations, 2016 on November 4, 2016. The said regulations have
made amendments to the Foreign Exchange Management (Transfer or issue of
Security by a Person Resident outside India) Regulations, 2000 (‘2000
Regulations’).
|
IRDAI- Modification in master circular on Insurance Advertisements,
regarding Spurious Phone Calls and Fictitious/Fraudulent offers
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated November 7, 2016 has modified the master circular on Insurance
Advertisements, dated August 13, 2015.
|
Employees Provident Fund- Digitization of registers and other
documents
|
The
Employees Provident Fund organization has issued circular dated October 31,
2016 regarding Digitization of registers and other documents.
|
Bank notes of existing series of denomination of the value of Rs.
500/- and Rs. 1000/- have ceased to be legal tender on and from the November
9, 2016
|
Government
of India vide notification dated November 8, 2016 has declared that the bank
notes of existing series of denomination of the value of Rs. 500/- and Rs.
1000/- have ceased to be legal tender on and from the November 9, 2016.
|
CBEC- No more requirement of filing of Annual Return forms under Rule
12 of Central Excise Rules, 2002 & under Rule 7 of Service Tax Rules,
1994
|
Central
Board of Excise and Customs (‘CBEC’) vide circular dated November 8, 2016 in
view of impending implementation of Goods & Service Tax (GST), has
decided that there is no more requirement to file annual returns under Rule
12 of Central Excise Rules, 2002 & under Rule 7 of Service Tax Rules,
1994 for the financial year 2015-16 which is due to be filed by November 30,
2016.
|
Central Board of Excise and Customs (‘CBEC’) vide circular dated
November 8, 2016 in view of impending implementation of Goods & Service
Tax (GST), has decided that there is no more requirement to file annual
returns under Rule 12 of Central Excise R
|
The
Personnel and Administrative Reforms Department of the state of Tamil Nadu
has issued orders dated 7th November, 2016, enhancing the maternity leave
from 180 days (6 months) to 270 days (9 months) to married women Government
workers with less than two surviving children in Tamil Nadu. The maternity leave
may be spread over from the pre confinement rest to post confinement
recuperation, with full pay, at the option of the women Government
Servants.
|
Draft: KERC (Procurement of Energy from Renewable Sources) (Fourth
Amendment) Regulations, 2016
|
The Karnataka
Electricity Regulatory Commission, through a notification dated October 26,
2016, has invited objections or suggestions on the Draft: KERC (Procurement
of Energy from Renewable Sources) (Fourth Amendment) Regulations, 2016.
|
Draft- Ease of Compliance to Maintain Registers under various Labour
Laws Rules, 2016
|
The
Ministry of Labour and Employment, through a notification dated November 4,
2016, has invited objections or suggestions on the Draft- Ease of Compliance
to Maintain Registers under various Labour Laws Rules, 2016.
|
CBDT - Income Tax (29th Amendment) Rules, 2016
|
The
Central Board of Direct Taxes (CBDT) has issued a notification amending the
Income Tax rules. Vide this amendment,
|
CBEC- Service Tax (Fourth Amendment) Rules, 2016
|
Central Board of Excise and Customs (‘CBEC’) vide notification dated
November 9, 2016 has further amended the Service Tax Rules, 1994.
|
RBI-External Commercial Borrowings (ECB) by Startups
|
Reserve
Bank of India (‘RBI’) vide notification, dated October 27, 2016, has
permitted Startup enterprises to access loans under External Commercial
Borrowings (‘ECB’) framework.
|
Maharashtra VAT- e-Returns for dealers registered under the
Maharashtra Tax on Entry of Goods into Local Areas Act, 2002
|
Finance
Department, Maharashtra vide trade circular dated October 27, 2016 has
started the facility to file e-returns for the importer is made available
through departments website www.mahavat.gov.in.
|
IRDAI- Extension in time limit for registering of Insurance companies
& TPA's in Hospital Registry ROHINI
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated October 27, 2016 has extended the time limit for registration of
network providers in hospital registry, ROHINI maintained by Insurance
Information Bureau (IIB) from 90 days from the date of notification of the
guidelines to December 31, 2016.
|
Maharashtra VAT- e-payment under SAP-TRM automation system
|
Finance
Department, Maharashtra vide trade circular dated October 27, 2016 has
started the first phase of e-payment system under SAP-TRM new automation
system.
|
The Tea (Distribution and Export) Control (Amendment) Order, 2016
|
The
Ministry of Commerce and Industry via notification dated October 25, 2016 has
issued The Tea (Distribution and Export) Control (Amendment) Order, 2016
amending The Tea (Distribution and Export) Control Order, 2005.
|
The Tea Warehouses (Licensing) Amendment Order, 2016
|
The
Ministry of Commerce and Industry via notification dated October 25, 2016 has
issued The Tea Warehouses (Licensing) Amendment Order, 2016 amending The Tea
Warehouses (Licensing) Order, 1989.
|
The Tea (Marketing) Control (Amendment) Order, 2016
|
The
Ministry of Commerce and Industry via notification dated October 25, 2016 has
issued The Tea (Marketing) Control (Amendment) Order, 2016 amending The Tea
(Marketing) Control Order, 2003.
|
The Tea Waste (Control) Amendment Order, 2016
|
The
Ministry of Commerce and Industry via notification dated October 25, 2016 has
issued The Tea Waste (Control) Amendment Order, 2016 amending The Tea Waste
(Control) Order, 1959.
|
MCA - Relaxation of additional fees and extension of last date of
filing AOC-4, AOC-4 (XBRL), AOC-4(CFS) and MGT-7 under the Companies Act,
2013
|
The
Ministry of Corporate Affairs (“MCA”) has issued a Circular dated
October 27, 2016 in furtherance to its previous Circular dated July 29, 2016
pertaining to extension of last date for filing of financial statements and
annual return through e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7
without payment of any additional fees. The due date for filing of such
financial statements and annual return is extended till November 29,
2016.
|
Aircraft (Fifth Amendment) Rules, 2016
|
The
Ministry of Civil Aviation, through a notification dated October 19, 2016 has
made amendments to Aircraft Rules, 1937.
The notification has made amendments to Rule 62 by amending the fees in the
Table for Issue, renewal or endorsement in the scope of a license, Authorisation,
Approval or Certificate of Competency in respect of Aircraft Maintenance
Engineers or Authorised persons or Approved persons or Certificate of
Competency holders.
|
IRDAI- Formation of working groups to come out with comprehensive
framework for cyber security in insurance sector
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated October 31, 2016 has planned to come out with a comprehensive framework
for cyber security. Two separate working groups to be formed for life and
non-life sector (including health) comprising of Chief Information Officers
(CIOs) of insurers to discuss and decide on the issues related cyber
security.
|
IRDAI- Cyber Security Framework
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated October 31, 2016 has decided to beef up the efforts on a comprehensive
cyber security framework for Insurance sector of India to implement
appropriate mechanism to mitigate cyber risks.
|
CBEC- Customs, Central Excise Duties and Service Tax Drawback
(Amendment) Rules, 2016.
|
Central
Board of Excise and Customs (‘CBEC’) vide notification dated October 29, 2016
has amended the Customs, Central Excise Duties and Service Tax Drawback
Rules, 1995.
|
NSE – Filing of information on Electronic Platform
|
The
National Stock Exchange of India Limited (“NSE”) has issued a Circular dated
October 27, 2016 in furtherance of previous Circulars dated December 28,
2015, January 21, 2016 and January 25, 2016. The present Circular is in
relation to Principles of Corporate Governance enunciated in Chapter II of
Listing Regulations and also provides information to shareholders without any
loss of time
|
Draft - Central Motor Vehicles (Amendment) Rules, 2016
|
The
Ministry of Road Transport and Highways, on October 26, 2016, has invited
objections/suggestions for the draft - Central Motor Vehicles (Amendment)
Rules, 2016. The objections/suggestions can be sent before expiry of 30 days
from the date of the notification to the Joint Secretary (Transport),
Ministry of Road Transport and Highways, Transport Bhawan, Parliament Street,
New Delhi- 110001 or can be mailed to js.tpt@gov.in.
|
The Removal of Licensing requirements, Stock Limits and Movement
Restrictions on Specified Foodstuffs (Amendment) Order, 2016
|
The
Ministry of Consumer Affairs, Food and Public Distribution via notification
dated October 27, 2016 has issued The Removal of Licensing requirements,
Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment)
Order, 2016 amending the Removal of Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs Order, 2016.
|
CBEC- Deferred Payment of Import Duty Rules, 2016.
|
Central Board of Excise and Customs (‘CBEC’) vide notification
dated November 2, 2016 hereby makes rules which may be called as the Deferred
Payment of Import Duty Rules, 2016.
|
MERC- Practice directions processing of open access applications
|
The
Maharashtra Electricity Regulatory Commission has issued practice directions
dated October 19, 2016, related to processing of open access
applications.
The commission has received several representations regarding difficulties
faced by Open Access Applicants with regard to the following issues raised by
a Distribution Licensee: i) Day-ahead Open Access for sourcing power through
Power Exchanges; ii) Renewable Purchase Obligation (RPO) compliance by Open
Access Applicants; iii) Restricting Open Access to the extent of Contract
Demand.
|
National Pharmaceutical Pricing Authority (NPAA) - draft version of 10
Proposed Price Calculation Sheets
|
Via
Office Memorandum dated October 20, 2016 NPPA has released the draft version
of proposed price calculation sheets for 10 proposed revised/notified ceiling
price/retail price on the website of NPPA. Draft of calculation sheets based
on Pharma Trac data are uploaded on the website.
All the companies aggrieved by NPPA’s proposed price fixation, can make
representations against the proposed ceiling price/retail price by submitting
documents /information of price to retailer (PTR) and Moving Annual Turnover
(MAT) data along with supporting documents like copies of sample invoices to
retailer and samples of August, 2015 duly attested with name, designation,
mobile no, signature and seal of the authorized officer of the company along
with the summary of all the invoices issued during the month of August 2015
(giving details like Invoice No. , Date, Name of Distributor, & Retailer,
quantity, pack size, PTR (excluding VAT), Discounts/Free goods, (if any) and
copies of supporting Form V/IPDMS, within 10 working days to NPPA in order to
take necessary action in this regard.
|
SEBI - Disclosures in case of listed insurance Companies
|
The
Securities and Exchange Board of India (“SEBI”) has issued a Circular dated
October 24, 2016 in furtherance of previous two circulars dated November 30,
2015 and July 05, 2016 pertaining to the formats for publishing financial
results by listed Companies under the provisions of the Regulation 33 and 47
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. The Circular dated July 06, 2016, allowed the Banking and Insurance
Companies to follow the formats as prescribed under their respective Acts or
Regulations, while submitting the Unaudited/Audited quarterly financial
results.
|
RBI-Master Direction- Foreign investment in Other Financial Services
|
Reserve
Bank of India (‘RBI’) vide notification
dated October
20, 2016, has decided to allow foreign
investment up to 100% under the automatic route in ‘Other Financial Services’
that include activities which are regulated by any financial sector regulator
viz. Reserve Bank of India, Securities and Exchange Board of India, Insurance
Regulatory and Development Authority, Pension Fund Regulatory and Development
Authority, National Housing Bank or any other financial sector regulator as
may be notified by the Government of India.
|
National Pharmaceutical Pricing Authority (NPAA) - draft version of 18
Proposed Price Calculation Sheets
|
Via
Office Memorandum dated October 21, 2016 NPPA has released the draft version
of proposed price calculation sheets for 18 proposed revised/notified ceiling
price/retail price on the website of NPPA. Draft of calculation sheets based
on Pharma Trac data are uploaded on the website.
All the companies aggrieved by NPPA’s proposed price fixation, can make
representations against the proposed ceiling price/retail price by submitting
documents /information of price to retailer (PTR) and Moving Annual Turnover
(MAT) data along with supporting documents like copies of sample invoices to
retailer and samples of August, 2015 duly attested with name, designation,
mobile no, signature and seal of the authorized officer of the company along
with the summary of all the invoices issued during the month of August 2015
(giving details like Invoice No. , Date, Name of Distributor, & Retailer,
quantity, pack size, PTR (excluding VAT), Discounts/Free goods, (if any) and
copies of supporting Form V/IPDMS, within 10 working days to NPPA in order to
take necessary action in this regard.
|
IRDAI- Submission of Returns for Non-Life (Reinsurance) through
Business Analytics Project (BAP)
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide this
circular has instructed the insurers who have not submitted their Annual and
Half-yearly returns in the BAP-Non Life (Reinsurance) Module for the FY
2013-14, FY 2014-15 & FY 2015-16, till date, to submit all the forms,
except Forms Input_NL_34, 35 and 38 (which are now under modification) by
November 30, 2016.
|
IRDAI- Products for sale through Micro Insurance Agents
|
The
Insurance Regulatory and Development Authority of India (IRDAI) vide circular
dated October 21, 2016 has decided to allow Government insurance schemes such
as Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop insurance
Scheme (WBCIS) & Coconut Palm lnsurance Scheme (CPIS) covering the
non-loanee farmers to be solicited and marketed by Micro Insurance Agents.
|
IRDAI- Quality of data filed for online allotment of FRN to Cross
Border Reinsurer
|
The Insurance Regulatory and Development Authority of India (IRDAI)
vide this circular has instructed the insurers to file the complete data in
the information sheet while filing the Cross Border Reinsurer (CBR) online as
follows-
1.
Solvency Ratio for last three years of the CBR
2.
Rating of CBR in last three years
3.
ICR for last 3 years
4.
Combined Ratio for last 3 years
The
insurers are also advised to strictly ensure filling of all data fields in
information sheet while filing the CBR details for auto generation of Filing
Reference Number (FRN).
|
Draft - Aircraft (Amendment) Rules, 2016
|
The
Ministry of Civil Aviation, through a notification dated October 18, 2016 has
invited Objections or suggestions for the draft - Aircraft
(Amendment) Rules, 2016 which would be amending Aircraft Rules, 1937.
The draft has proposed to make amendments by making changes in Rule 82 of the
Aircraft Rules, 1937 by changing the reasonable time period and Rule 83 by
inserting a new sub-rule.
|
Prohibition of Benami Property Transactions Rules, 2016
|
Ministry of Finance vide notification dated October 25, 2016 makes the
Prohibition of Benami Property Transactions Rules, 2016.
Salient features of this rule are-
· Determination of price of
unquoted equity shares shall be the higher of, —
1.
Its cost of acquisition;
2.
The fair market value of such equity shares determined, on the date of
transaction, by a merchant banker or an accountant as per the Discounted Free
Cash Flow method.
· Furnish information under
sec 285BA of Income-tax Act, 1961 electronically to Initiating Officer or
such authority or agency authorized by the Initiating Officer on or before
fifteen days from the end of the month in which said statement is received.
|
RBI-Foreign Exchange Management (Foreign Exchange Derivative
Contracts) (Amendment) Regulations, 2016
|
Reserve
Bank of India (‘RBI’) vide The Gazette of India (“the Gazette”), dated
October 25, 2016, has made amendments in the Foreign Exchange Management
(Foreign Exchange Derivative Contracts) Regulations, 2000.
Vide the Gazette, the existing Regulation 5B shall be substituted by- 5B
Permission to a person resident outside India to enter into exchange traded
currency derivatives
|
Draft Regulation-Amendment to Reg 4.2 of Odisha Electricity Regulatory
Commission (Procurement of Energy from Renewable Sources and its compliance)
Regulations, 2015
|
The Odisha Electricity Regulatory Commission through a Notice dated
September, 30 2016 has invited objections or suggestions on the draft regulations
of Odisha Electricity Regulatory Commission (Procurement of Energy from
Renewable Sources and its compliance) Regulations, 2015.
The commission has proposed an amendment to Regulation 4.2 of OERC
(Procurement of Energy from Renewable Sources and its Compliance)
Regulations, 2015.
The objections or suggestions can be sent by November 15, 2016 to the OERC
Secretary Bhubaneswar.
https://innovatorsrace50.com/team/compliance-watcher.html#.WJxAx8FH6A4.gmail
|
