| MCA: Corrigendum to the Commencement Notification of Companies (Amendment) Act, 2017 | ||
| Ministry of Corporate Affairs (“MCA”) has issued a Corrigendum for the Notification dated June 13, 2018 which had appointed June 13, 2018 as the date on which certain Sections of the Companies (Amendment) Act, 2017 (“Amendment Act”) shall come into force. Vide the Corrigendum, it has been clarified that Clause (iii) of Section 21 of the Companies (Amendment) Act, 2017 has also been notified on June 13, 2018. | ||
| MCA: Companies (Accounting Standards) Amendment Rules, 2018 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 18, 2018, has notified Companies (Accounting Standards) Amendment Rules, 2018 (“Amendment Rules”) by virtue of which Companies (Accounting Standards) Rules, 2006 (“Principal Rules”) has been amended. | ||
| MCA: National Guidelines on the Economic, Social and Environmental Responsibilities of Business, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), has issued National guidelines on the Economic, Social and Environmental Responsibilities of Business, 2018 (“National Guidelines”) to update the National Voluntary Guidelines on the Social, Environmental and Economic Responsibilities of Business (“NVGs”) released in 2011. | ||
| MCA: Cross Border Insolvency Framework for Corporate Debtors under the and Insolvency and Bankruptcy Code, 2016 | ||
| Ministry of Corporate Affairs (“MCA”), has issued a Draft Framework on Cross Border Insolvency for Corporate Debtors which is to be introduced as a chapter under the Insolvency and Bankruptcy Code, 2016 (“Code”) (“Draft Framework”) in order to introduce a globally accepted and well-recognized cross border insolvency law. | ||
| NSE: Enforcement of SEBI Orders regarding appointment of Directors by Listed Companies | ||
| National Stock Exchange (“NSE”), vide a Circular dated June 20, 2018, has issued directions on enforcement and monitoring of the appointment of restrained persons. The directions have been issued in pursuance of Securities and Exchange Board of India (“SEBI”) instructions vide which SEBI has directed all Exchanges to enforce its Orders debarring entities/individuals from accessing the capital markets and / or restraining from holding position of directors in any listed company. | ||
| BSE: New Platform to List "Startup" at BSE SME Segment | ||
| Bombay Stock Exchange (“BSE”), vide a Notice dated June 21, 2018, has informed all the Trading Members and Participants that “BSE Startup Platform” is enabled on BSE Small and Medium Enterprises (“SME”) Segment in order to provide further incentive to the companies which are “Startups” in the sector of IT, ITES, Bio-technology and Life Science etc. | ||
| RBI: Implementation and Compliance of Control Measures for ATMs | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 21, 2018, has advised banks and White-Label ATM Operators to initiate immediate action to implement control measures for ATMs. This advisory has been issued in furtherance to RBI Circular issued to banks dated April 17, 2017 highlighting concerns about the ATMs running on Windows XP and/or other unsupported operating systems. | ||
| Ministry of Finance: Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018 Notified | ||
| The Ministry of Finance, vide a Notification dated June 22, 2018, has notified the Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018 (“Amendment Rules”) by virtue of which the following amendments have been made to the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 (“Principal Rules”). | ||
| CBDT: Pre Legislation: Amendment Proposed u/Rule 10CB of IT Rules in Respect of Computation of Interest Income Pursuant to Secondary Adjustments | ||
| The Central Board of Direct Taxes (“CBDT”) has issued a Draft Notification dated June 19, 2018 proposing amendments in Rule 10CB of Income-tax Rules, 1962 (“Rules”) in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of the Income-tax Act, 1961 (“Act”). | ||
| IRDAI: Filing Process of Advertisements in Business Analytics Project Portal Simplified and IRDA Master Circular on Insurance Advertisements Modified Partially | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a Circular issuing instructions to all Life Insurers, General Insurers and Health Insurers in order to ease out the filing process of advertisements on the Business Analytics Project (“BAP”) Portal. | ||
SEBI: SEBI constitutes Group to Review Institutional Trading Platform (ITP) Framework to Facilitate the Listing of Startups | ||
| The Securities and Exchange Board of India (“SEBI”), vide a Press Release dated June 12, 2018, has informed that SEBI had constituted a group to review the existing Institutional Trading Platform (“ITP”) framework and suggesting measures to facilitate listing of startups. | ||
| SEBI: Expert Committee for Listing of Equity Share Capital of Companies Incorporated in India on Foreign Exchanges and vice versa | ||
| The Securities and Exchange Board of India (“SEBI”), vide a Press Release dated June 12, 2018, has proposed to consider facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa. | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated June 8, 2018, has notified the SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 (“Amendment Regulations”). | ||
| MCA: Limited Liability Partnership (Amendment) Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 12, 2018, has issued the Limited Liability Partnership (Amendment) Rules, 2018 (“Amendment Rules”) by virtue of which Limited Liability Partnership (“LLP”) Rules, 2009 (“Principal Rules”) have been amended. | ||
| MCA: Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 12, 2018, has issued the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2018 (“Amendment Rules”) by virtue of which Companies Appointment and Qualification of Directors) Rules, 2014 (“Principal Rules”) have been amended. | ||
| MCA: Companies (Significant Beneficial Owners) Rules, 2018 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 13, 2018, has introduced the Companies (Significant Beneficial Owners) Rules, 2018 (“the Rules”). The Rules have been introduced for Significant beneficial owner whose name is not entered in the register of members of a company as the holder of such shares. | ||
| MCA: Companies (Registered Valuers and Valuation) Second Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 13, 2018, has issued the Companies (Registered Valuers and Valuation) Second Amendment Rules, 2018 (“Amendment Rules”) by virtue of which Rule 19 of the Companies (Registered Valuers and Valuation) Rules, 2017 (“Principal Rules”) has been amended. | ||
| MCA: Companies (Management and Administration) Second Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated June 13, 2018, has issued the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2018 (“Amendment Rules”) by virtue of which Companies Appointment and Qualification of Directors) Rules, 2014 (“Principal Rules”) have been amended. | ||
| BSE: Enforcement of SEBI Orders regarding appointment of Directors by Listed Companies | ||
| Bombay Stock Exchange (“BSE”), vide a Circular dated June 20, 2018, has issued directions on enforcement and monitoring of the appointment of restrained persons. The directions have been issued in pursuance of Securities and Exchange Board of India (“SEBI”) instructions issued by vide which SEBI has directed all Exchanges to enforce its Orders debarring entities/individuals from accessing the capital markets and / or restraining from holding position of directors in any listed company. | ||
| RBI: Interest Rate Options (Reserve Bank) Directions, 2018 | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 14, 2018, has decided to permit Interest Rate Swaptions in Rupees so as to enable better timing flexibility for the market participants seeking to hedge their interest rate risk. With regards to this, RBI has issued Interest Rate Options (Reserve Bank) Directions, 2018 (“Directions”) enabling the introduction of swaptions. | ||
| Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM Losses and Creation of Investment Fluctuation Reserve (IFR) | ||
| The Reserve Bank of India (“RBI”) vide a Notification dated June 15, 2018, has reviewed circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of Mark to Market (“MTM”) losses and creation of Investment Fluctuation Reserve (“IFR”) dated April 2, 2018. | ||
| RBI: Operational Aspects of Investment by Foreign Portfolio Investors (FPI) in Debt | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 15, 2018, has issued directions regarding Investment by Foreign Portfolio Investors (“FPI”) in Debt – Review, in supersession of directions dated April 27, 2018 and May 1, 2018 on the same subject line. | ||
| RBI: Basel III Framework on Liquidity Standards -Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring ("LCM") Tools and LCR Disclosure Standards reviewed | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 15, 2018, has reviewed Circular on Basel III Framework on Liquidity Standards –LCR, LCM Tools and LCR Disclosure Standards. With regards to this, RBI has decided to permit banks, with effect from the date of this circular, to reckon Government securities held by them up to another 2 % of their Net Demand and Time Liabilities (“NDTL”), under Facility to Avail Liquidity for Liquidity Coverage Ratio (“FALLCR”) within the mandatory Statutory Liquidity Ratio (“SLR”) requirement, as Level 1 High Quality Liquid Assets (“HQLA”) for the purpose of computing their LCR. | ||
| RBI: Guidelines on Priority Sector Lending - Targets and Classification Revised | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 19, 2018, has revised guidelines on Priority Sector Lending – Targets and Classification with a view to bringing convergence of the Priority Sector Lending guidelines for housing loans with the Affordable Housing Scheme, and to give a filip to low-cost housing for the Economically Weaker Sections and Low Income Groups | ||
| RBI: Harmonisation of Data and Definitions under Liberalised Remittance Scheme | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 19, 2018, has decided that furnishing of Permanent Account Number (“PAN”), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (“LRS”) | ||
| CBDT: Pre Legislation: Draft Notification to Amend Form of Appeal to the Appellate Tribunal (Form No.36) and Form of Memorandum of Cross-Objections to the Appellate Tribunal (Form No.36A) | ||
| The Central Board of Direct Taxes (“CBDT”) has issued a Draft Notification dated June 13, 2018 proposing amendments in Rule 47 of the Income- tax Rules, 1962, Form of appeal to the Income Tax Appellate Tribunal (“ITAT”) (Form No.36) and Form of memorandum of cross-objections to the ITAT (Form No.36A). | ||
| CBIC: Central Goods and Services Tax (Fifth Amendment) Rules, 2018 Notified | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), has amended the Goods and Services Tax Rules, 2017 (“Principal Rules”) . By virtue of the Amendment Rules, Rules 37, 83, 89, 95, 97, 133, 138 have been amended and Forms GSTR-4, GST PCT-01, GST RFD-01, GST RFD-01A have been revised. | ||
| CBIC: Central Goods and Services Tax (Sixth Amendment) Rules, 2018 Notified | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated June 19, 2018 has amended the Goods and Services Tax Rules, 2017 (“Principal Rules”) . By virtue of the Amendment Rules, Rules 58, 138C and142 have been amended and FORM GST ENR-01 has been revised. | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated June 8, 2018, has notified the SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 (“Amendment Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Second Amendment) Regulations, 2018 | ||
| The Securities and Exchange Board of India (“SEBI”), vide a Notification dated June 8, 2018, has issued the SEBI (Registrars to an Issue and Share Transfer Agents) (Second Amendment) Regulations, 2018 (“Amendment Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2018 Notified | ||
| The Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2018 (“Amendment Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 (“Amendment Regulations”). | ||
| SEBI: Amendment to Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated June 6, 2018, has issued an amendment SEBI (Credit Rating Agencies) (“CRA”) Regulations, 1999. SEBI had previously issued the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2018 on May 30, 2018. | ||
| SEBI: Amendments to Prevention of Money-laundering (Maintenance of Records) Rules, 2005 | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated June 6, 2018, has issued directions for Stock Exchanges, Depositaries and Mutual Funds to comply with the requirements prescribed vide the Amendments made to the Prevention of Money-laundering (Maintenance of Records) (“PML”) Rules, 2005. | ||
| SEBI: Circular on Go Green Initiative in Mutual Funds | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Circular on ‘Go Green Initiative’ in Mutual Funds. The Circular is applicable to all Mutual Funds / Asset Management Companies (“AMCs”) / Trustee Companies / Boards of Trustees of Mutual Funds. | ||
| SEBI: Total Expense Ratio for Mutual Funds | ||
| Securities and Exchange Board of India (“SEBI”) vide a Circular dated June 5, 2018, has amended its previous circulars pursuant to amendments made to the SEBI (Mutual Funds) Regulations, 1996 (“Regulations”) vide a Notification dated May 29, 2018. | ||
| Ministry of Law & Justice: Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 | ||
| The Ministry of Law and Justice has issued the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (“the Ordinance”) as promulgated by the President on June 6, 2018. The Ordinance amends the Insolvency and Bankruptcy Code, 2016 (“Code”) to balance the interest of various stakeholders of the Code, especially interests of homebuyers and Micro, Small and Medium Enterprises (“MSME”), promoting resolution over liquidation of corporate debtor by lowering the voting threshold of committee of creditors and streamlining provisions relating to the eligibility of resolution applicants | ||
| MCA: Forms SPICe MoA and SPICe AoA Proposed to be Revised on MCA21 Company Forms Download page | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to revise the Forms SPICe MoA and SPICe AoA on the MCA21 Company Forms Download page with effect from June 14, 2018. | ||
| RBI: Monthly Reporting of External Commercial Borrowings through ECB 2 Return | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 7, 2018, has issued External Commercial Borrowings (“ECBs”) – Monthly reporting through ECB 2 Return. Also, the Master Direction – Reporting under Foreign Exchange Management Act, 1999 wherein the reporting arrangement for ECBs through ECB-2 Return has been stipulated is to be updated to reflect the same. | ||
| RBI: Rate of Interest Payable to the Depositors/Claimants on the Unclaimed Interest Bearing Deposit Amount Transferred to the Depositor Education and ("DEA") Fund- Revised | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 7, 2018, has revised the rate of interest payable by banks to the depositors/claimants for the Depositor Education and Awareness Fund Scheme, 2014. | ||
| RBI: Permission for Investment in the units of an Infrastructure Investment Trust ("InvIT") by sponsor Systemically Important Core Investment Companies ("CIC-NDSI") | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 7, 2018, has decided to permit Investment in the units of an Infrastructure Investment Trust (“InvIT”) by sponsor Systemically Important Core Investment Companies (“CIC-NDSI”). With regards to this it has been decided to permit CIC-NDSIs to hold InvIT units only as a sponsor. Exposure of such CICs towards InvITs shall be limited to their holdings as sponsors and shall not, at any point in time, exceed the minimum holding of units and tenor prescribed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014. | ||
| RBI: Margin Requirements Under the Liquidity Adjustment Facility ("LAF") and Marginal Standing Facility ("MSF") – Reviewed | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 6, 2018, has reviewed the margin requirements under the Liquidity Adjustment Facility (“LAF”) and Marginal Standing Facility (“MSF”). Vide an announcement in the Second Bi-monthly Monetary Policy Statement for 2018-19, it has now been decided to assign margin requirement on the basis of residual maturity of the collateral, i.e., the Treasury Bills, Central Government dated securities (including Oil Bonds) and SDLs. | ||
| RBI: Repo Rate Under Liquidity Adjustment Facility and Bank Rate Revised vide Second Bi-Monthly Monetary Policy Statement 2018-19 | ||
| The Reserve Bank of India (“RBI”), vide its Second Bi-Monthly Monetary Policy Statement 2018-19, has revised the policy Repo rate under Liquidity Adjustment Facility (“LAF”) and bank rate. | ||
| RBI: Encouraging formalization of Micro, Small and Medium Enterprises Sector | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 6, 2018, has decided to temporarily allow banks and Non-Banking Financial Companies (“NBFCs”) to classify their exposure, as per the 180 days past due criterion, to all MSMEs, including those not registered under GST, as a ‘standard’ asset subject to the following conditions as below: | ||
| IRDAI: Updated List of Insurance Marketing Firms | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has published the list of Insurance Marketing Firms (“List”) updated as on May 31, 2018. | ||
| SEBI: Enhanced Disclosure and Transparency Norms for Credit Rating Agencies | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 30, 2018, has issued the guidelines on Enhanced Disclosure and Transparency Norms for Credit Rating Agencies (“CRAs”) (“Guidelines”). | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 29, 2018, has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2018 to amend ‘Schedule I’ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Principal Regulations”). Schedule I prescribes the “Terms of Securities”, i.e. the manner in which the listed entity shall use the facility of electronic clearing services or real time gross settlement or national electronic funds transfer for the payment dividends, interest, redemption or repayment amounts. | ||
| SEBI: : Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 29, 2018, has notified the SEBI (Mutual Funds) (Second Amendment) Regulations, 2018 (“Amendment Regulations”) amending the SEBI (Mutual Funds) Regulations, 1996 (“Principal Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 30, 2018, has notified the SEBI (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2018 (“Amendment Regulations”) by virtue of which Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 (“Principal Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 30, 2018, has notified the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2018 (“Amendment Regulations”) amending the SEBI (Credit Rating Agencies) Regulations, 1999 (“Principal Regulations”). | ||
| SEBI: Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 30, 2018, has notified the Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2018 by amending SEBI (Bankers to an Issue) Regulations, 1994. Vide the Amendment Rules, Regulation 12 which prescribes the provisions for ‘Maintenance of books of account, records and the documents’ therein sub-regulation (3) has been amended to state that the bankers to an issue is required to preserve the records and documents for a minimum period of ‘eight’ years in place of ‘three’ years. | ||
| SEBI: Master Circular for Stock Brokers | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Master Circular for Stock Brokers dated June 1, 2018. This Master Circular is a compilation of the circulars/directions issued by SEBI to the Stock Brokers which are operational as on the date of this Master Circular. The Master Circular is applicable to all Stock Exchanges and all Registered Stock Brokers. | ||
| SEBI: Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2018. | ||
| SEBI: Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2018. | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018. | ||
| SEBI: Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2018 Notified | ||
| The Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 31, 2018, has notified the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2018. | ||
| SEBI: Circular on Go Green Initiative in Mutual Funds | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Circular on ‘Go Green Initiative’ in Mutual Funds. The Circular is applicable to all Mutual Funds / Asset Management Companies (“AMCs”) / Trustee Companies / Boards of Trustees of Mutual Funds. | ||
| SEBI: Total Expense Ratio for Mutual Funds | ||
| Securities and Exchange Board of India (“SEBI”) vide a Circular dated June 5, 2018, has amended its previous circulars pursuant to amendments made to the SEBI (Mutual Funds) Regulations, 1996 (“Regulations”) vide a Notification dated May 29, 2018. Regulation 52 (6A) (c) of the SEBI (Mutual Funds) Regulations, 1996 which prescribes the ‘Limitation on fees and expenses on issue of schemes’ had been amended to state that the Additional expenses incurred towards different heads should be charged to the scheme not exceeding 0.05 % in place of 0.20 % of daily net assets of the scheme. | ||
| RBI: Withdrawal of Exemptions Granted to Government Owned Non-Banking Financial Companies | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated May 31, 2018, has exempted Government owned companies, as defined under Section 2(45) of the Companies Act, 2013 and registered with the RBI India as Non-Banking Financial Companies (“NBFCs”), i.e All Government NBFCs from regulatory and statutory provisions | ||
| RBI: Proviso (ii) of Regulations 10(1) and 10(2) of Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017 Notified | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated June 1, 2018, has notified that “Proviso (ii)” of Regulation 10(1) and Regulation 10(2) of Principal Regulations shall come into force with effect from June 2, 2018. | ||
| SEBI: Circular on Segregated Nominee Account Structure in International Financial Service Centre (IFSC) | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 24, 2018, has permitted Segregated Nominee Account Structure in International Financial Service Centre (“IFSC”) wherein orders of foreign investors may be routed through eligible Segregated Nominee Account Providers (“Providers”), for trading on stock exchanges in IFSC while adhering to regulatory requirements, inter alia, relating to identification of end-client, Unique Client Code, order placement at client level, client level margining and position limits. | ||
| SEBI: System-driven Disclosures in Securities Market | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 28, 2018, has issued the next phase for the System-driven Disclosures in Securities Market after it had implemented first phase for disclosures of promoter/promoter group under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”) and SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) through its previous Circulars dated December 1, 2015 and December 21, 2016. | ||
| MCA: Clarification wrt Provisions of Corporate Social Responsibility under Section 135 (5) of the Companies Act, 2013 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Circular dated May 28, 2018, has issued a clarification regarding provisions under Section 135 (5) of the Companies Act, 2013, which lays down that the company should give preference to the local area and areas around it where it operates, for spending the amount earmarked for ‘Corporate Social Responsibility’ activities. MCA has directed the stakeholders to follow the above provision. | ||
| MCA: Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Third Amendment Rules, 2017 Notified | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 22, 2018, has notified the Investor Education and Protection Fund Authority (“IEPF”) (Accounting, Audit, Transfer and Refund) Third Amendment Rules, 2017 (“Amendment Rules”) in order to amend Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“Principal Rules”). | ||
| NSE: System-driven Disclosures in Securities Market | ||
| National Stock Exchange (“NSE”), vide a Circular dated May 29, 2018, has reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) regarding System-driven Disclosures in Securities Market dated May 28, 2018. The Circular is applicable to all Listed Companies. | ||
| CBDT: No Income Tax Payable on Consideration for Issue of Shares that Exceeds the Face Value of Such Shares | ||
| The Central Board of Direct Taxes (“CBDT”) has notified that income tax under the provision of section 56(2)(viib) of the said Income Tax Act, 1961 is not applicable on consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with approval granted by the Inter-Ministerial Board of Certification as notified by the Department of Industrial Policy and Promotion (“DIPP”) vide its Notification dated April 11, 2018 on ‘Start-ups’. | ||
| CBDT: Income-tax (6th Amendment), Rules, 2018: CA May No Longer Do Valuation of Unquoted Equity Shares | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Notification dated May 24, 2018 has amended Rule 11U and Rule 11UA of the Income-tax Rules, 1962 (“Principal Rules”). Rule 11UA prescribes the manner of determination of fair market value of valuation of a property, other than immovable property, such as jewellery, archaeological collections and shares and securities. | ||
| CBIC: Customs Audit Regulations, 2018 Notified | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated May 24, 2018, has notified the Customs Audit Regulations, 2018 (“Regulations”). The Regulations are applicable to ‘auditees’ under the Customs Act, 1962 (“Act”) and includes an importer or exporter or custodian or licensee of a warehouse and any other person concerned directly or indirectly in clearing, forwarding, stocking, carrying, selling or purchasing of imported goods or export goods or dutiable goods. | ||
| CBIC: Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018 Notified | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a series of Notifications dated May 28, 2018 and amending the erstwhile Notification dated June 28, 2017 issued in this respect, has notified that the intra state supply of Priority Sector Lending Certificate by any registered person would attract the Goods and Service Tax (“GST”) on reverse charge basis. | ||
| IRDAI: Updated List of Non-life Insurers | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has published the updated list of Non-life Insurers (“List”). The List provides the details of the Non-life Insurers, namely, the name of the company, names of the Principal Officers, Appointed Actuaries, and contact details such as telephone numbers, fax numbers and email and web addresses. | ||
| IRDAI: Constitution of Central Database of Licensed Insurance Sales Persons in India (ENVOY) at IIB - Phase II | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a Circular dated May 29, 2018 (“Circular”) in relation to the Central Database of all Licensed Insurance Sales Persons in India (“ENVOY”) at the Insurance Information Bureau of India (“IIB”). | ||
| SEBI: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated May 9, 2018, has introduced SEBI (Listing Obligations and Disclosure Requirement) (Amendment) Regulations, 2018 (“Amendment Regulations”) to amend SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Principal Regulations”). | ||
| SEBI: Circular for Implementation of Certain Recommendations of the Committee on Corporate Governance under the Chairmanship of Shri Uday Kotak | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Circular dated May 10, 2018 to implement certain recommendations of the Kotak Committee on Corporate Governance. This circular is applicable to all listed entities and all recognized stock exchanges. | ||
| SEBI: Consultation Paper for Review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Consultation Paper on May 14, 2018 with a view to propose changes in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) with respect to listed companies which have listed its Non-convertible debt securities (“NCDs”) or Non-convertible redeemable preference shares (“NCRPS”) or both. | ||
| MCA: Companies (Registration Offices and Fees) Second Amendment Rules, 2018 Notified | ||
| Central Government, vide a Notification dated May 7, 2018, has notified the Companies (Registration Offices and Fees) Second Amendment Rules, 2018 (“Amendment Rules”) as proposed to be issued by the Ministry of Corporate Affairs (“MCA”) vide a Notification dated May 7, 2018. Vide the Amendment Rules, MCA has amended the Companies (Registration Offices and Fees) Rules, 2014 (“Principal Rules”). | ||
| MCA: Due Date of Filings under Sections 92 or 137 of the Companies Act, 2013 Revised | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has stated that since the Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on May 7, 2018, the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 will expire after June 30, 2018. | ||
| MCA: Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 Notified | ||
| The Central Government, vide a Notification dated May 7, 2018, has notified the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 (“Amendment Rules”) as proposed to be issued by the Ministry of Corporate Affairs (“MCA”) vide a Notification dated May 7, 2018. | ||
| MCA: Companies (Share Capital and Debentures) Second Amendment Rules, 2018 Notified | ||
| Ministry of Corporate Affairs, vide a Gazette Notification dated May 7, 2018, has notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2018 (“Amendment Rules”) to amend the Companies (Share Capital and Debentures) Rules, 2014 (“Principal Rules”). | ||
| NSE/BSE: Securities and Exchange Board of India ("SEBI") Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 | ||
| National Stock Exchange (“NSE”) and Bombay Stock Exchange (“BSE”), vide Circulars dated May 10, 2018, have reiterated the Securities and Exchange Board of India (“SEBI”) Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 which amends the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, issued by SEBI on May 9, 2018. | ||
| NSE/BSE: Circular for Implementation of Certain Recommendations of the Committee on Corporate Governance under the Chairmanship of Shri Uday Kotak | ||
| National Stock Exchange (“NSE”) and Bombay Stock Exchange (“BSE”), vide Circulars dated May 10, 2018, have reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) on May 10, 2018 regarding the Implementation of Certain Recommendations of the Committee on Corporate Governance. | ||
| RBI: Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorized Dealers and Persons other than Authorized Dealers , 2017 – Updated | ||
| The Reserve Bank of India (“RBI”) has updated the Master Direction on External Commercial Borrowings (“ECB”), Trade Credit, Borrowing and Lending in Foreign Currency by Authorized Dealers and Persons other than Authorized Dealers Directions. | ||
| CBIC: Late Fee for Failure to Furnish Return in Form GSTR-3B due from Oct 2017 to Apr 2018 Waived | ||
| The Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated May 14, 2018, has waived the late fee payable under Section 47 of the Central Goods and Service Tax (“CGST”) Act, 2017 for failure to furnish the return in Form GSTR-3B for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before December 27, 2017. | ||
| CBIC: Sea Cargo Manifest and Transhipment Regulations, 2018 | ||
| The Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated May 11, 2018, has notified the Sea Cargo Manifest and Transhipment Regulations, 2018 (“Regulations”). These Regulations shall come into force on August 1, 2018. | ||
| CBIC: Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018 Notified | ||
| The Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated May 11, 2018, has notified the Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018 (“Regulations”). The Regulations are applicable to the import of goods through all customs stations where the Indian Customs Electronic Data Interchange System is in operation. | ||
| Ministry of Labour and Employment: Period of Declaration of Services in Certain Industries as Public Utility Service under the Industrial Disputes Act, 1947 Extended | ||
| The Ministry of Labour and Employment (“the Ministry”), vide a Notification dated May 10, 2018, has extended the period for which the services in the ‘Manufacturing of Alumina and Aluminium’ and ‘Mining of Bauxite’ have been declared as a Public Utility Service for the purpose of the Industrial Disputes Act, 1947. | ||
| IRDAI: List of Corporate Agents Listed with IRDAI as on April 30, 2018 | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has published the list of Corporate Agents listed with IRDAI as on April 30, 2018. | ||
| SEBI: Circular on Additional Risk Management Measures for Derivatives Segment | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 2, 2018 (“Circular”), has issued Additional Risk Management Measures, which are required to be complied with and implemented by the stock exchanges/clearing corporations for derivatives segment. | ||
| SEBI: Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2018 Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated April 27, 2018, has amended the Regulation 32(2) of the SEBI (Foreign Portfolio Investors) (“FPI”) Regulations, 2014 (“Principal Regulations”). Regulation 32(2) prescribes the Obligations and Responsibilities of Designated Depository Participants (“DDP”) engaged by an applicant seeking registration as foreign portfolio investor. | ||
| SEBI: Master Circular for Credit Rating Agencies | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Master Circular for Credit Rating Agencies dated May 2, 2018. This Master Circular is a compilation of the circulars issued by SEBI up to March 31, 2018 which are operational as on the date of this Master Circular. | ||
| SEBI: Non-compliance with provisions of the SEBI (LODR) Regulations, 2015 and the SOP for Suspension and Revocation of Trading of Specified Securities | ||
| Securities and Exchange Board of India (“SEBI”), has a issued a Circular dated May 3, 2018 (“Circular”) on Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities. | ||
| SEBI: Trading Hours on Stock Exchanges | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated May 3, 2018, has permitted the Exchanges to set their trading hours in the Equity Derivatives Segment between 9:00AM and 11:55 PM, similar to the trading hours for Commodity Derivatives Segment which are presently fixed between 10:00 AM and 11:55 PM, provided that the Stock Exchange and its Clearing Corporation(s) have in place risk management system and infrastructure commensurate to the trading hours. | ||
| MCA: Sections 227, 228 and 229 of the Insolvency and Bankruptcy Code, 2016 Notified | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 1, 2018, has notified Section 227, 228 and 229 of the Insolvency and Bankruptcy Code, 2016 (“Code”). The Central Government has appointed May 1, 2018 as the date on which the provisions of Section 227, 228 and 229 of the Code shall come into force. | ||
| MCA: Companies (Registration Offices and Fees) Second Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 7, 2018, has amended the Companies (Registration Offices and Fees) Rules, 2014 (“Principal Rules”) by introducing Companies (Registration Offices and Fees) Second Amendment Rules, 2018 (“Amendment Rules”). | ||
| MCA: Companies (Audit and Auditors) Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 7, 2018, has amended the Companies (Audit and Auditors) Rules, 2014 (“Principal Rules”) by introducing Companies (Audit and Auditors) Amendment Rules, 2018 (“Amendment Rules”). | ||
| MCA: Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 7, 2018, has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 (“Principal Rules”) by introducing Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 (“Amendment Rules”). | ||
| MCA: IBBI (Annual Report) Rules, 2018 and IBBI (Form of Annual Statement of Accounts) Rules, 2018 Notified | ||
The Ministry of Corporate Affairs (“MCA”), vide a series of Notifications dated May 1, 2018, in exercise of its powers conferred under the Insolvency and Bankruptcy Code, 2016 (“Code”), has notified the following Rules in relation to Insolvency and Bankruptcy Board of India (“IBBI”):
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| MCA: Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018 Notified | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 7, 2018, has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 (“Principal Rules”) by introducing Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018 (“Amendment Rules”). | ||
| MCA: Companies (Meetings of Board and its Powers) Amendment Rules, 2018 Notified | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated May 7, 2018, has amended the Companies (Meetings of Board and its Powers) Rules, 2014 (“Principal Rules”) by introducing Companies (Meetings of Board and its Powers) Amendment Rules, 2018 (“Amendment Rules”). | ||
| MCA: Companies (Specification of Definitions Details) Amendment Rules, 2018 Notified | ||
| Central Government, vide a Notification dated May 7, 2018, has notified the Companies (Specification of Definitions Details) Amendment Rules, 2018 (“Amendment Rules”) as proposed to be issued by the Ministry of Corporate Affairs (“MCA”) vide a Notification dated May 7, 2018. Vide the Amendment Rules, MCA has amended the Companies (Specification of Definitions Details) Rules, 2014 (“Principal Rules”). | ||
| NSE/BSE: Non-compliance with provisions of the SEBI (LODR) Regulations, 2015 and the SOP for Suspension and Revocation of Trading of Specified Securities | ||
| National Stock Exchange (“NSE”) and Bombay Stock Exchange (“BSE”), vide Circulars dated May 3, 2018, have reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) dated May 3, 2018 (“SEBI Circular”) on Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities. | ||
| NSDL: Amendment to Bye Law -Refund of Security Deposit | ||
| National Securities Depository Limited (“NSDL”), vide a Circular dated May 3, 2018, has notified an amendment in Bye Law 6.5.4 of Business Rules.Bye Law 6.5.4 (i) has been amended to state that on termination of participation, the Executive Committee must cause to be returned to or make available for collection by the Participant, all collateral held by the Depository from the Participant, provided that the Depository shall have the right to set off amounts due or which may become due to the Depository and Clients from the Participant. | ||
| BSE: Trading Hours on Stock Exchanges | ||
| Bombay Stock Exchange (“BSE”), vide a Notice dated May 7, 2018, has reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) dated May 4, 2018 (“SEBI Circular”) which specifies the Trading Hours on Stock Exchanges. | ||
| RBI: Monitoring of Foreign Investment Limits in Listed Indian Companies | ||
| The Reserve Bank of India (“RBI”), has issued a Notification dated May 3, 2018, relating to Monitoring of foreign investment limits in listed Indian companies. Vide this Notification, RBI, in consultation with the Securities and Exchange Board of India (“SEBI”) has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. | ||
| RBI: Sharing of Data with Directorate of Revenue Intelligence | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated May 3, 2018, has advised all banks to ensure compliance with the format, periodicity and manner of furnishing information required under section 108A & 108B of the Customs Act, 1962 (“Act”). Section 108A (1) prescribes the provision for furnishing such information to the proper officer in such manner as may be prescribed under the Act and Section 108B prescribes the punishment for the same. | ||
| RBI: Guidelines on Stripping/Reconstitution of Government Securities | ||
| The Reserve Bank of India (“RBI”), has issued a Notification dated May 3, 2018, relating to Guidelines on Stripping/Reconstitution of Government Securities. Vide this Notification, RBI has decided to revise the existing guidelines on mechanism of the Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) with a view to meeting the diverse needs of investors and making STRIPS more aligned with market requirements | ||
| CBDT: Draft Notification for New Rule 11UAB as inserted by Finance Act, 2018 – Stakeholders Comments Invited | ||
| The Central Board of Direct Taxes (“CBDT”), has issued a Draft Notification pertaining to the new Rule 11UAB under the Income Tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory which has been converted into, or treated as, capital asset. | ||
| CBIC: Press Release in respect of Changes in GST Rates | ||
| Central Board of Indirect Taxes and Customs (“CBIC”) has published a Press Release in respect of changes in Goods and Service Tax (“GST”) Rates as discussed vide the 27th GST Council (“the Council”) meeting held on May 4, 2018. | ||
| CBIC: 27th GST Council Meeting: Press Release in respect on Return Simplification | ||
| Central Board of Indirect Taxes and Customs (“CBIC”) has published a Press Release on Return Simplification as discussed vide the 27th GST Council meeting held on May 4, 2018. | ||
| CBIC: Applicability of the Place of Provision of Services Rules, 2012 to Development of Software and Services on Software | ||
| Central Board of Indirect Taxes and Customs (“CBIC”) has clarified the applicability of the Place of Provision of Services Rules, 2012 (“POPS”) in case of software related services such as development, design, programming, customization, adaptation, upgradation, enhancement and implementation of information technology software. | ||
| IRDAI: Circular on Compliance of Motor Third Party Obligations | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”), has issued a Circular dated April 26, 2018 regarding Compliance of Motor Third Party Obligations (“Circular”). | ||
| IRDAI: Cross Border Reinsurers (CBRs) Granted Approval under CBRs Guidelines | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”), vide a Circular dated May 9, 2018, has published the list of Cross Border Reinsurers (“CBRs”) which have been granted special approval for the financial year 2018-19, under guideline no. 6 of the Guidelines on CBRs. | ||
| SEBI: SEBI Circular on Monitoring of Foreign Investment Limits in Listed Indian Companies Amended Further | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 27, 2018 (“the present Circular”), has amended a previous SEBI Circular dated April 5, 2018 wherein SEBI had introduced a system for monitoring foreign investment limits in listed Indian companies and prescribed guidelines regarding the necessary infrastructure and data to be provided by listed Indian companies and other related matters. | ||
| MCA: Relaxation of Additional Fees and Extension of Last Date of Filing of AOC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Circular dated April 27, 2018, has extended the last date for filing of Form AOC-4 Extensible Business Reporting Language (“XBRL”) for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015 for the financial year 2016-17, without additional fee till May 31, 2018 from April 30, 2018. | ||
| MCA: Condonation of Delay Scheme, 2018 Extended up to May 1, 2018 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Circular dated April 27, 2018, has extended the Condonation of Delay Scheme, 2018 up to May 1, 2018 from April 30, 2018. The Circular has been issued in continuation of the MCA General Circular No. 02/2018 dated March 28, 2018 wherein the Scheme was extended up to April 30, 2018. | ||
| MCA: Form MGT-6 Proposed to be Revised on MCA21 Company Forms Download page | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to revise the Form MGT-6 on the MCA21 Company Forms Download page with effect from April 27, 2018. | ||
| NSE: Monitoring of Foreign Investment Limits in Listed Indian Companies | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 25, 2018, has reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) dated April 5, 2018 (“SEBI Circular”) wherein SEBI had introduced a mechanism for monitoring Foreign Investment Limits in Listed Indian Companies. | ||
| NSDL: Monitoring of Foreign Investment Limits in Listed Indian Companies | ||
| National Securities Depository Limited (“NSDL”), vide a Circular dated April 27, 2018, has drawn attention of all Issuers and Registrar and Share Transfer Agents (“RTAs”) to take note of NSDL Circular dated April 13, 2018 regarding Monitoring of Foreign Investment limits in listed Indian companies. | ||
| RBI: Operational Aspects of investments by Foreign Portfolio Investors (FPI) Clarified | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated May 1, 2018, has issued further clarifications with respect to the operational aspects of Foreign Portfolio Investors (“FPI”) investment in debt, enumerated vide RBI Circular dated April 27, 2018 (“Circular”). | ||
| RBI: Operational Aspects of investments by Foreign Portfolio Investors (FPI) Revised | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 27, 2018, has revised the operational aspects of Foreign Portfolio Investors (“FPI”) investment in furtherance to the Notification on Investment by FPI in Government Securities (“G-Secs”) - Medium Term Framework – Review, dated April 6, 2018. | ||
| RBI: Rationalization and Liberalization of External Commercial Borrowings Policy | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 27, 2018, has decided, to rationalize and liberalize the External Commercial Borrowings (“ECB”) Guidelines in consultation with the Government of India. The detailed guidelines are enlisted vide the Notification. | ||
| RBI: Master Direction - Reporting under Foreign Exchange Management Act, 1999 Updated Further | ||
| The Reserve Bank of India (“RBI”), vide a Notification issued on April 26, 2018, has updated the Master Direction for Reporting under Foreign Exchange Management Act, 1999 (“Updated Master Direction”) in relation to Application for obtaining permission to enter into Rupee/ Foreign Currency Drawing Arrangements with Exchange House (“Application”). | ||
| RBI: Master Direction - RBI [Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017 – Updated | ||
| The Reserve Bank of India (“RBI”), vide a Notification issued on April 25, 2018, has updated the Master Direction – RBI [Lending to Micro, Small & Medium Enterprises (“MSME”) Sector] Directions, 2017 in relation to qualification of MSME service enterprises for borrowings from Banks and Targets / sub-targets to be achieved by Banks for lending to MSMEs. | ||
| CBDT: Draft Notification under section 112A as inserted by Finance Act, 2018 – Stakeholders Comments Invited | ||
| The Central Board of Direct Taxes (“CBDT”), has issued a Draft Notification to specify the nature of acquisitions in respect of which the requirement of payment of Securities Transaction Tax (“STT”) shall not apply in the case of acquisition and transfer of equity share in a company. | ||
| Ministry of Labour and Employment: Central Labour Laws (Amendment) Rules, 2018 | ||
| The Ministry of Labour and Employment, has issued Draft Central Labour Laws (Amendment) Rules, 2018 (“Draft Rules”) which propose to substitute the Annual Returns Form with the Unified Annual Returns Form under the following labour laws. | ||
| Ministry of Labour and Employment: EPF''s Incremental Accretions wrt Debt Instruments and Related Investments Revised | ||
| The Ministry of Labour and Employment, vide a Notification dated April 20, 2018, has revised the percentage of the incremental accretions belonging to the Employees’ Provident Fund (“Fund”) that may be invested in Debt Instruments and Related Investments which was previously prescribed in a Notification dated April 23, 2015. | ||
| EPFO: Guidelines of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Amended | ||
| The Employees’ Provident Fund Organisation (“EPFO”), vide a Circular dated April 24, 2018, with the approval of the Cabinet Committee on Economic Affairs (CCEA) has amended the guidelines of the Pradhan Mantri Rojgar Protsahan Yojana (“PMRPY”). | ||
| IRDAI: IRDAI Circular on Panel of Actuaries for General and Life Insurance | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”), vide a Circular dated May 1, 2018 has amended its previous Circular on Expression of Interest by from Actuaries to form a Panel of Actuaries (“Previous Circular”). | ||
| SEBI: Strengthening the Guidelines and Raising Industry Standards for RTA, Issuer Companies and Banker to an Issue | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Circular dated April 20, 2018 for Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue. The guidelines are based on the recommendations of a Committee constituted by SEBI for the purpose of suggesting the guidelines to streamline and strengthen the procedures and processes with regard to handling and maintenance of records, transfer of securities and payment of dividend/interest/ redemption by the RTAs, Issuer Companies and Bankers to Issue. | ||
| MCA: Appointment of Special Court for the State of Uttar Pradesh for Speedy Trial of Certain Offences | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Notification dated April 23, 2018, has designated the ‘9th Court of Additional District and Sessions Judge, Kanpur Nagar’ as the Special Court for the state of Uttar Pradesh for the purposes of providing speedy trial of offences punishable with imprisonment of 2 years or more. | ||
| NSE: Strengthening the Guidelines and Raising Industry Standards for RTA, Issuer Companies and Banker to an Issue | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 23, 2018, has reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) dated April 20, 2018 for Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue | ||
| BSE: Amendments to Prevention of Money-Laundering (Maintenance of Records Rules, 2005) | ||
| Bombay Stock Exchange (“BSE”), vide a Notice dated April 19, 2018, has clarified the provisions of the clause 2(b)(4) of the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 (“PML Amendment Rules”) and has stated that in case the Permanent Account Number (“PAN”) is not submitted by any client at the time of opening of account based relationship, one certified copy of an ‘officially valid document’ (“OVD”) should be submitted. | ||
| BSE: Strengthening the Guidelines and Raising Industry Standards for RTA, Issuer Companies and Banker to an Issue | ||
| Bombay Stock Exchange (“BSE”), vide a Circular dated April 23, 2018, has reiterated the Circular issued by Securities and Exchange Board of India (“SEBI”) dated April 20, 2018 (“SEBI Circular”) for Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue. | ||
| BSE: Introduction of Scan Mandate and Mandate Status through Web Services API on the BSE StAR MF Platform | ||
| Bombay Stock Exchange (“BSE”), vide a Notice dated April 23, 2018, informed All Mutual Fund Intermediaries (“MFIs”)/Mutual Fund Distributors (“MFDs”)/Registered Investment Advisers (“RIAs”) using third party vendor solutions and/or in-house developed trading application that the changes will be made to the API (Application Programming Interface) Web Services, which has gone live from April 23, 2018. | ||
| RBI: Master Direction - Know Your Customer (KYC) Direction, 2016- Updated | ||
| Reserve Bank of India (“RBI”), vide a Notification issued on April 20, 2018, has updated the Master Direction - Know Your Customer (“KYC”) Direction, 2016 (“Master Direction”). Vide this update, RBI has directed all Regulated Entities (“REs”) to take steps to implement provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time, including operational instructions issued in pursuance of such amendment(s). | ||
| CBEC: E-Way Bill System to be Rolled Out for Intra-State Movement of Goods in 5 States from April 25, 2018 | ||
| Central Board of Excise and Customs (“CBEC”), vide a Press Release dated April 23, 2018, has informed that the e-Way Bill system for intra-State movement of goods would be implemented from April 25, 2018. | ||
| Ministry of Labour and Employment: Date for Comments/Suggestions Extended on Draft Labour Code on Occupational Safety, Health & Working Conditions | ||
| The Ministry of Labour and Employment (“Ministry”), vide a Note dated April 23, 2018, has extended the date for receiving Comments/suggestions from all concerned stakeholders and the general public on the Draft Code on Occupational Safety, Health and Working Conditions, 2018 (“Draft Code”) which amalgamates 13 labour laws relating to safety and health standards, health and working conditions, welfare provisions for the employees and leave and hours of work. The last date for submitting comments and suggestions on the Draft Code is now May 31, 2018. | ||
| SEBI: SEBI (STP Centralised Hub and STP Service Providers) Guidelines, 2004 Amended w.r.t. the Eligibility Criteria | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 17, 2018, has amended the Securities and Exchange Board of India (STP Centralised Hub and STP Service Providers) Guidelines, 2004 (“Guidelines”) which regulate the services and infrastructure set-up in respect of Straight Through Processing (“STP”). | ||
| SEBI: Guidelines for Issuance of Debt Securities by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Circular dated April 13, 2018 stating that REITs and InvITs are required to follow the provisions of SEBI (Issue and Listing of Debt Securities Regulations), 2008 (“ILDS Regulations”) while issuing Debt Securities. | ||
| SEBI: Performance Disclosure Post Consolidation/ Merger of Schemes | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 12, 2018, has decided to disclose the performance, post-merger of schemes as recommended by the Mutual Fund Advisory Committee (MFAC). Schedule VI under Regulation 30 of SEBI (Mutual Funds) Regulations, 1996 governs the depiction of past performance of schemes. | ||
| SEBI: Investments by FPIs in Government and Corporate Debt Securities | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 12, 2018, has revised the Corporate Debt Investment Limits (“CDIL”) and the limit for investment by FPIs in Government Securities and State Development Loans (“SDL”), for the Financial Year 2018-19. | ||
| SEBI: Clarifications with respect to Circular on "Specifications related to ISIN for Debt Securities issued under the SEBI (ILDS) Regulations, 2008" | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated April 10, 2018, has amended the Securities and Exchange Board of India (Real Estate Investment Trusts) (“REIT”) Regulations, 2014 (“Principal Regulations”). | ||
| SEBI: Review of Framework for Stocks in Derivatives Segment | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 11, 2018, has reviewed the previous circulars related to Revision of Eligibility Criteria for Stocks in Derivatives Segment and Physical Settlement of Stock Derivatives and has decided that physical settlement of stock derivatives shall be made mandatory in a phased/calibrated manner. | ||
| SEBI: Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018 | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated April 10, 2018, has amended the Securities and Exchange Board of India (Infrastructure Investment Trusts) (“InvIT”) Regulations, 2014 (“Principal Regulations”). | ||
| MCA: Forms 20B and DPT3 Proposed to be Revised on MCA21 Company Forms Download page | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to revise the Forms 20B and DPT3 on MCA21 Company Forms Download page with effect from April 18, 2018. | ||
| MCA: Companies (Share Capital and Debentures) Amendment Rules, 2018 Notified | ||
| Central Government, vide a Notification published in the Official Gazette on April 11, 2018, has notified the Companies (Share Capital and Debentures) Amendment Rules, 2018 (“Amendment Rules”) as proposed to be issued by the Ministry of Corporate Affairs (“MCA”) earlier vide a Notification dated April 10, 2018. | ||
| MCA: Forms CHG-1 and MGT-7 Proposed to be Revised on MCA21 Company Forms Download page | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to revise the Forms CHG-1 and MGT-7 on MCA21 Company Forms Download page with effect from April 13, 2018. | ||
| ICSI: Suggestions/Queries Invited on Secretarial Standards / Guidance Notes Developing Certain Topics | ||
| The Secretarial Standards Board (“SSB”) of the Institute of Company Secretaries of India (“ICSI”) has invited suggestions for developing the Secretarial Standards/Guidance Notes on emerging topics of professional and corporate interest. | ||
| NSE: Insider Trading Compliance Monitoring Module (ITCM) New Service for Listed Companies | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 13, 2018, has offered a new service to listed companies to enable Compliance Officers to check the trading done by its employees, employees in the group companies and connected persons in the securities of the company. | ||
| NSE: XBRL Based Compliance Filings for Listed Companies at NSE | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 13, 2018, has introduced XBRL (eXtensible Business Reporting Language) based compliance filing mechanism featuring identical and homogenous compliance data structures between Stock Exchanges / Ministry of Corporate Affairs (“MCA”). | ||
| NSDL: Information of Changes in Contact Details by Issuer to NSDL | ||
| National Securities Depository Limited (“NSDL”), vide a Circular dated April 12, 2018, has stated that all Issuers are required to inform NSDL about changes, if any, which would have taken place subsequent to the previous intimation to NSDL, in the contact details of the Issuer such as, name of Company Secretary / Managing Director, office address, address to which documents pertaining to dematerialisation requests are to be submitted, etc. | ||
| RBI: Master Direction - Priority Sector Lending – Targets and Classification Further Updated | ||
| Reserve Bank of India (“RBI”), vide a Notification issued on April 16, 2018, has updated the Master Direction on Priority Sector Lending – Targets and Classification (“Master Direction”). RBI incorporates the updated guidelines/ instructions/ circulars on the subject and consolidates the same in the Master Direction from time to time. | ||
| RBI: Sovereign Gold Bond Scheme 2018-2019 and Operational Guidelines | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 12, 2018, has put in place a daily reporting system by Authorized Dealer Banks (“AD Banks”) of transactions undertaken by individuals under Liberalized Remittance Scheme (“LRS”), which will be accessible to all the other ADs. | ||
| RBI: Use of Lockable Cassetes Swaps in ATMs | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 12, 2018, has advised the banks to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment by March 31, 2021 in order to mitigate risks involved in open cash replenishment/ top-up. | ||
| RBI: Interest Rates on Small Savings Schemes for the First Quarter of Financial Year 2018-19 | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 12, 2018, has stated that as per the Government of India Office Memorandum dated March 28, 2018, the interest rates on Small Savings Schemes for the first quarter of Financial Year 2018-19 starting April 1, 2018, will remain unchanged from those notified for the fourth quarter of Financial Year 2017-18. | ||
| RBI: Master Direction - Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 Updated Further | ||
| The Reserve Bank of India (“RBI”) has updated the Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (“Master Direction”) on April 11, 2018. | ||
| CBDT: Requirement for Obtaining PAN Card u/s 139A of IT Act, 1961 Eased for Corporate Assessees | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Press Release dated April 14, 2018, has stated that the Certificate of Incorporation (“COI”) issued by the Ministry of Corporate Affairs (“MCA”) would be considered sufficient proof of Permanent Account Number (“PAN”) and Tax Deduction and Collection Account Number (“TAN”) for corporate assessees. | ||
| CBDT: Rule 44E, Form 34C, 34D and 34DA of Income Tax Rules Proposed to be Amended as per Base Erosion and Profit Shifting (BEPS) Action item 5 | ||
| The Central Board of Direct Taxes (“CBDT”) has issued a Draft Notification dated April 10, 2018 which proposes to amend Rule 44E, Form 34C, 34D and 34DA of Income Tax Rules, 1962 (“Rules”) as per Base Erosion and Profit Shifting (“BEPS”) Action Item 5 with a view to improving transparency in tax rulings. | ||
| CBEC: Manner of Filing the Quarterly Return by Composition Dealers in Form GSTR-4 Clarified | ||
| Central Board of Excise and Customs (“CBEC”), vide a Press Release dated April 17, 2018, has clarified on the manner of filing quarterly return by composition dealers in Form GSTR-4. | ||
| CBIC: Central Goods and Services Tax (Fourth Amendment) Rules, 2018 | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a Notification dated April 18, 2018, has amended the Goods and Services Tax Rules, 2017 (“Principal Rules”). By virtue of the Central Goods and Services Tax (Fourth Amendment) Rules, 2018 (“Amendment Rules”), Rule 89 and 97 of the Principal Rules have been amended. | ||
| CBIC: Clarification Regarding Procedure for Recovery of Arrears under CGST and Reversal of Inadmissible Input Tax Credit | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a Circular dated April 13, 2018, has issued clarifications regarding procedure for recovery of arrears under the existing law and reversal of inadmissible input tax credit (“ITC”). | ||
| EPFO: Submission of Claims Through Online Mode in case Settlement Amount is above Rs. 10 Lakhs | ||
| The Employees’ Provident Fund Organisation (“EPFO”), vide a Circular dated April 13, 2018, has stated that submission of provident fund withdrawal claims in cases where the settlement amount is above Rs.10 Lakhs can be made manually or offline. | ||
| IRDAI: Compliance with Order of Preference under the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd''s) Regulations, 2015 | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a Circular dated April 11, 2018 to bring to attention the provisions of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (First Amendment) Regulations, 2016 dated January 28, 2016 (“Amendment Regulations”) relating to Order of Preference. | ||
| SEBI: Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2018 | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated April 2, 2018, has amended the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012. | ||
| SEBI: Orders Per Second Limit and Requirement of Empanelment of System Auditors for Algorithmic Trading in Commodity Derivatives | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 3, 2018, has permitted the exchanges to relax the limit on the number of orders per second from a particular CTCL (Computer to Computer link software) ID/ATS (Application Tracking System) User–ID upto hundred orders per second. | ||
| SEBI: Monitoring of Foreign Investment Limits in Listed Indian Companies | ||
| Securities and Exchange Board of India (“SEBI”) in consultation with Reserve Bank of India (“RBI”), vide a Circular dated April 5, 2018 has introduced a mechanism for monitoring foreign investment limits in listed Indian companies. | ||
| SEBI: Measures to Strengthen Algorithmic Trading and Co-location / Proximity Hosting Framework | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 9, 2018, has introduced the measures in connection with algorithmic trading and co-location / proximity hosting framework facility offered by the Exchanges. This Circular has been issued in furtherance of previous circulars related to the broad guidelines for algorithmic trading in the securities market and guidelines to ensure fair and equitable access to the Co-location/proximity hosting facility offered by the Exchanges. | ||
| SEBI: Master Circular for Debenture Trustees (DTs) | ||
| Securities and Exchange Board of India (“SEBI”), vide a Master Circular dated April 9, 2018, has issued a compilation of the circulars/communications issued by SEBI for Debenture Trustees (“DTs”) up to March 31, 2018, in order to enable the users to have an access to all the applicable circulars/directions at one place. | ||
| SEBI: Know Your Client Requirements for Foreign Portfolio Investors (FPIs) Revised | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 10, 2018, has made changes to the Know Your Client (“KYC”) Requirements for FPIs. The Circular has been issued in furtherance of previous circulars whereby risk based documentation requirements were prescribed for KYC requirements of eligible foreign investors classified as category I, II and III investing under Portfolio Investment Scheme (PIS) route. KYC of FPIs were done accordingly. | ||
| SEBI: Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2018 – Notified | ||
| Securities and Exchange Board of India (“SEBI”), vide a Notification dated April 5, 2018, has amended the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 (“Principal Regulations”). | ||
| SEBI: Clarification on Clubbing of Investment Limits of Foreign Government/ Foreign Government related Entities | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated April 10, 2018, has issued Clarification on clubbing of Investment Limits of Foreign Government or Foreign Government related Entities. | ||
| MCA: Constitution of Steering Committee on Corporate Social Responsibility (CSR) | ||
| Ministry of Corporate Affairs (“MCA”), vide an Office Order dated April 4, 2018, has constituted a 12 member Steering Committee on Corporate Social Responsibility (“CSR”) to review the functioning of CSR enforcement and to recommend a uniform approach for its enforcement. | ||
| MCA: Companies (Registration Offices and Fees) Rules 2014 Proposed to be Amended to Levy Additional Fee at Rs 100 Per Day for Certain Filings and Forms | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to amend the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee at the rate of Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. | ||
| MCA: Schedule I of the Companies Act, 2013 Amended | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated April 10, 2018, has amended the Schedule I of the Companies Act, 2013 (“the Act”). | ||
| MCA: Companies (Share Capital and Debentures) Amendment Rules, 2018 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated April 10, 2018, has amended Rule 5 of the of the Companies (Share Capital and Debentures) Rules, 2014 | ||
| NSE: Mechanism to Monitor Revised Limits relating to Requirement of Underlying Exposure for Currency Derivatives Contracts | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 3, 2018, has devised a mechanism to monitor revised limits relating to requirement of underlying exposure for Currency Derivatives Contracts and have received appropriate regulatory concurrence for the same. | ||
| RBI: Comprehensive Guidelines on Derivatives Further Modified | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 6, 2018, has reviewed Para 8.3 of the earlier modified Comprehensive Guidelines on Derivatives (“Circular”) in terms of which ‘user suitability and appropriateness’ are applicable to all generic and structured derivative products except forex forward contracts. | ||
| RBI: Limits of Investment by Foreign Portfolio Investors (FPI) in Government Securities Revised - Medium Term Framework | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 6, 2018, has revised the limits of Investment by FPI in G-Sec in relation to Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India. | ||
| RBI: Prohibition on Dealing in Services related to Virtual Currencies | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 6, 2018, has laid down instructions for prohibiting dealings in virtual currencies (“VCs”). RBI has issued various public notices, cautioning users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. | ||
| RBI: Storage of Data Relating to Payment Systems | ||
| The Reserve Bank of India (“RBI”), vide a Notification, has issued directives to payment system operators and their outsourcing partners. It is observed that at present only certain payment system operators and their outsourcing partners store the payment system data either partly or completely in the country. | ||
| RBI: Statement on Developmental and Regulatory Policies | ||
| The Reserve Bank of India (“RBI”), vide a Press release, has issued a Statement on Developmental and Regulatory Policies (“Statement”). This Statement sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening financial markets; improving currency management; promoting financial inclusion and literacy; and facilitating data management. | ||
| RBI: Revised General Notification for Sale of Government of India Treasury Bills/ Cash Management Bill by Auction | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated April 9, 2018, has issued the General Notification dated March 27, 2018, for Sale of Government of India Treasury Bills/ Cash Management Bill by Auction (“General Notification”) along with the Amendment Notification dated April 05, 2018 (“Amendment Notification”). | ||
| RBI: Auction for Sale (Issue/Re-issue) of Government Stock and Dated Securities | ||
| The Reserve Bank of India (“RBI”) has issued a series of Notifications dated April 9, 2018 for Auction for Sale (Issue/Re-issue) of Government Stock (“GS”) and Dated Securities informing all Scheduled Commercial Banks and certain other banks about the detailed process. Vide these Notifications, Government of India (“GoI”) has offered to sell (issue/re-issue) four Government Stocks and four dated securities for notified amount of Rs. 12,000 crore, the details of which have been enlisted vide the Notifications. | ||
| CBDT: CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Notification dated April 3, 2018 has notified the Income-tax (Second Amendment) Rules, 2018 by virtue of which new Income Tax Return (“ITR”) forms for filing returns for the financial year 2018-19 have been notified. In the principal rules, in Appendix II, “Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V” have been substituted. | ||
| CBDT: Clarification Regarding Applicability of Standard Deduction to Pension Received from Former Employer | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Press Release dated April 5, 2018 has issued a clarification regarding applicability of standard deduction to pension received from former employer. It has been clarified that taxpayers who receive pension from their former employers are entitled to claim a standard deduction of of Rs 40,000/- or the amount of pension, whichever is less. | ||
| CBDT: Procedure for Registration and Submission of Forms 61/61A/61B under Income-tax Rules, 1962 | ||
| The Central Board of Direct Taxes (“CBDT”), vide a series of Notifications dated April 5, 2018, has prescribed the procedure for registration of certain statements to be submitted under the Income Tax Rules, 1962 (“the Rules”) and the Income Tax Act, 1961 (“the Act”). | ||
| CBDT: Income-tax (Fourth Amendment) Rules, 2018 Notified | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Notification dated April 9, 2018, has notified the Income–tax (Fourth Amendment) Rules, 2018 (“Amendment Rules”). Vide the Amendment Rules, Form number 49A and Form number 49AA prescribed under the Income Tax Rules, 1962 (“Principal Rules”) have been amended. | ||
| CBDT: Income-Tax (Third Amendment) Rules, 2018 - Prescribed Transport Allowance u/ Rule 2BBof Income Tax Rules, 1962 Omitted | ||
| The Central Board of Direct Taxes (“CBDT”), vide a Notification dated April 6, 2018, has notified the Income–Tax (Third Amendment) Rules, 2018 (“Amendment Rules”) vide which the Transport allowance of Rs 1600 per month prescribed under Rule 2BB(2) of the Income Tax Rules, 1962 (“Principal Rules”) has been omitted. | ||
| CBIC: IT Grievance Redressal Mechanism to be Established to Address Grievances of Taxpayers | ||
| The Central Board of Indirect Taxes and Customs (“CBIC”) has set up an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on the Goods and Service Tax (“GST”) Portal faced by taxpayers. | ||
| CBIC: Clarification on Issues Related to Furnishing of Bond/Letter of Undertaking for Exports | ||
| Central Board of Indirect Taxes and Customs (“CBIC”), vide a Circular dated April 6, 2018, has issued a clarification on issues related to furnishing of Bond/Letter of Undertaking (“LUT”) for exports. | ||
| Ministry of Labour and Employment: Industrial Employment (Standing Orders) Central (Amendment) Rules, 2018 | ||
| The Ministry of Labour and Employment (“the Ministry”), vide a Notification dated March 16, 2018, has amended the Industrial Employment (Standing Orders) Act, 1946 and Industrial Employment (Standing Orders) Central Rules, 1946. | ||
| SEBI: Investor Grievance Redress Mechanism - New Policy Measures | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular issued on March 28, 2018, has issued new policy measures which have to be followed for filing and redressal of investor grievances using the SEBI Complaints Redress System (“SCORES”) platform. | ||
| SEBI: Clarifications with respect to Circular on "Specifications related to ISIN for Debt Securities issued under the SEBI (ILDS) Regulations, 2008" | ||
| Securities and Exchange Board of India (“SEBI”), vide a Circular dated March 28, 2018, has issued clarifications with respect to a previous circular dated June 30, 2017 on “Specifications related to International Securities Identification Number (“ISINs”) for debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“SEBI ILDS Regulations”)” (“ISIN circular”). | ||
| SEBI: Discussion Paper on Review of SEBI (Buyback of Securities) Regulations, 1998 and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Discussion Paper on March 28, 2018 to review SEBI (Buyback of Securities) Regulations, 1998 and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. | ||
| SEBI: Discussion Paper on Compliance with SEBI Regulations by Listed Entities Undergoing Corporate Insolvency Resolution Process under the IBC, 2016 | ||
| Securities and Exchange Board of India (“SEBI”) has issued a Discussion Paper on March 28, 2018 to provide clarification on certain compliances with SEBI Regulation which are required to be complied by the Listed Entities when they are undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (“IBC”), 2016. | ||
| MCA: Form 20B and MR-1 Proposed to be Revised on MCA21 Company Forms Download page | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has proposed to revise the Form 20B and MR-1 on MCA21 Company Forms Download page with effect from April 6, 2018. Form 20B prescribes the Form for filing annual return by a company having a share capital with the Registrar of Companies. | ||
| MCA: Temporary Suspension of Issuance of Allotment of New DINs Extended Till Further Notice | ||
| Ministry of Corporate Affairs (“MCA”), vide an Alert on its website, has stated that temporary suspension of issuance of allotment of new Director Identification Number (“DINs) for Designated Partners/Partners of Limited Liability Partnerships (“LLPs”) is being extended till further notice. | ||
| MCA: Condonation of Delay Scheme, 2018 Extended up to April 30, 2018 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Circular dated March 28, 2018, has extended the Condonation of Delay Scheme, 2018 up to April 30, 2018 from March 31, 2018. The Circular has been issued in continuation of the MCA General Circular dated December 29, 2017 on Condonation of Delay Scheme, 2018. | ||
| MCA: Companies (Indian Accounting Standards) Amendment Rules, 2018 | ||
| The Ministry of Corporate Affairs (“MCA”), vide a Notification dated March 28, 2018, has amended the Companies (Indian Accounting Standards) Rules, 2015 (“Principal Rules”). | ||
| MCA: Certain Government Companies Exempted Permanently from Deferred Tax related Provisions under AS 22 or Ind AS 12 | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification dated April 2, 2018, has amended the previous notification issued by MCA on February 5, 2018 which stated that Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the April 1, 2017, to certain Government company. | ||
| MCA: Companies (Incorporation) Second Amendment Rules, 2018 Notified | ||
| Ministry of Corporate Affairs (“MCA”), vide a Notification issued on March 31, 2018 in the Official Gazette, has notified the Companies (Incorporation) Second Amendment Rules, 2018 (“Amendment Rules”) as proposed to be issued by the MCA earlier vide a Notification dated March 23, 2018. | ||
| IBBI: Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2018 | ||
| The Insolvency and Bankruptcy Board of India (“IBBI”), vide a Notification dated March 27, 2018, has notified the IBBI (Information Utilities) (Amendment) Regulations, 2018 (“Amendment Regulations”) in order to amend the IBBI (Information Utilities) Regulations, 2017 (“Principal Regulations”). | ||
| IBBI: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 | ||
| The Insolvency and Bankruptcy Board of India (“IBBI”), vide a Notification dated March 27, 2018 and vide the Press Release dated March 28, 2018, has issued the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 (“Amendment Regulations”) to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“Principal Regulations”). | ||
| IBBI: Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2018 | ||
| The Insolvency and Bankruptcy Board of India (“IBBI”), vide a Notification dated March 27, 2018 and the Press Release dated March 28, 2018, has introduced the IBBI (Liquidation Process) (Amendment) Regulations, 2018 (“Amendment Regulations”) in order to amend the IBBI (Liquidation Process) Regulations, 2016 (“Principal Regulations”). | ||
| BSE: Filings by Listed Companies to be Mandatorily in Machine Readable Format | ||
| Bombay Stock Exchange (“BSE”), vide a Circular dated April 3, 2018, has stated that Listed Entities are required to submit PDF documents in Machine Readable or Searchable format only. If the PDF document submitted is not in Machine Readable or Searchable format, the document would not be accepted. | ||
| BSE: Annual System Audit of Stock Brokers / Trading Members | ||
| Bombay Stock Exchange (“BSE”) has issued a Notice on April 2, 2018 regarding Annual System Audit of Stock Brokers / Trading members. The Stock Brokers are required to note the following. | ||
| NSE: Flashing a Link to SCORES on the Dashboard of Demat Accounts | ||
| National Stock Exchange (“NSE”), vide a Circular dated April 2, 2018, has stated that members are required to provide a link to SCORES (SEBI Complaints Redress System) portal on the Demat/Trading Account Dashboard of clients/investors with effect from July 01, 2018 to make it easier for investors to lodge grievances. | ||
| PIB: Permission for Valuation Services without a Certificate of Registration Extended under the Companies (Registered Valuers and Valuation) Rules, 2017 | ||
| The Press Information Bureau (“PIB”), vide a Press Release dated April 2, 2018, has reiterated the Notification issued by the Ministry of Corporate Affairs (“MCA”) in relation to Companies (Registered Valuers and Valuation) Amendment Rules, 2018, dated February 9, 2018 (“Amendment Rules”) wherein Rule 11 of the Companies (Registered Valuers and Valuation) Rules, 2017 (“Principal Rules”) was amended which prescribes ‘Transitional Arrangements’. | ||
| RBI: Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM Losses and Creation of Investment Fluctuation Reserve (IFR) | ||
| The Reserve Bank of India (“RBI”) has issued a Notification dated April 02, 2018 relating to Spreading of Mark to Market (“MTM”) losses and creation of Investment Fluctuation Reserve (“IFR”). | ||
| RBI: Master Direction - Risk Management and Inter-Bank Dealings – Updated | ||
| The Reserve Bank of India (“RBI”), vide a Notification issued on April 2, 2018, has updated the Risk Management and Inter-Bank Dealings (“Updated Master Direction”) in relation to Facility for hedging exposures of Indian subsidiaries. | ||
| RBI: The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2018 Notified | ||
| RBI: The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2018 Notified | ||
| RBI: Taking Over of Valuation of Government Securities (G-Sec) by Financial Benchmark India Pvt. Ltd. (FBIL) - Valuation of Portfolios | ||
| The Reserve Bank of India (“RBI”), vide a Notification dated March 31, 2018, has decided to hand over valuation of Government Securities (“G-Sec”) to Financial Benchmark India Pvt. Ltd. (“FBIL”). This decision is in furtherance to the Statement on Developmental and Regulatory Policies (Press Release) issued as part of the sixth Bi-monthly Monetary Policy Statement for 2017- 18. | ||
| RBI: Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018 Notified | ||
| The Foreign Exchange Department of Reserve Bank of India (“RBI”), vide a Notification dated March 26, 2018, has issued the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018 (“the Regulations”). | ||
| CBEC: FAQs on E-way Bill System | ||
| Central Board of Excise and Customs (“CBEC”) has issued Frequently asked questions (“FAQs”) on the E-way Bill System. E-Way Bill System has been made mandatory for all inter-State movement of goods from April 1, 2018. | ||
| CBEC: Press Release: Smooth Roll out of e-Way Bill System from April 1, 2018 | ||
| Central Board of Excise and Customs (“CBEC”), vide a Press Release dated April 1, 2018 has informed all taxpayers that with effect from April 1, 2018, e-Way Bill system has become mandatory for all inter-State movement of goods. | ||
| CBEC: Due Date for Submitting the Statement in FORM GST TRAN-2 Extended till June 30, 2018 | ||
| Central Board of Excise and Customs (“CBEC”), vide an Order dated March 28, 2018, has extended the due date for submission of statement in FORM GST TRAN-2 under rule 117(4)(b)(iii) of the Central Goods and Service Tax Rules, 2017 till June 30, 2018. | ||
| CBEC: Due Date for Furnishing FORM GSTR-1 Extended | ||
| Central Board of Excise and Custom (“CBEC”), vide Notifications dated March 28, 2018, has extended the due dates for furnishing FORM GSTR-1 for the following categories of taxpayers. | ||
| ESIC: Clarification on the Status of Re-entrant Employees with regard to their Benefit Period and Maternity Benefit | ||
| The Employees’ State Insurance Corporation (“ESIC”) has issued a clarification on the status of Re-entrant employees with regard to their benefit period and maternity benefit. | ||
| Ministry of Labour and Employment: Payment of Gratuity (Amendment) Act, 2018 | ||
| The Ministry of Labour and Employment, vide a series of Notifications dated March 29, 2018, has notified the Payment of Gratuity (Amendment) Act, 2018 (“Amendment Act”), amending the Payment of Gratuity Act, 1972 (“Principal Act”) in relation to the ceiling on gratuity amount and the calculation of continuous service in case of maternity leave availed by female employees. | ||
| PIB: Payment of Gratuity (Amendment) Bill, 2018 Passed by Parliament | ||
| The Employees’ Provident Fund Organisation (“EPFO”) has issued a Circular dated March 26, 2018 regarding submission of Aadhaar as an identity document for enrolment as members of Employees’ Pension Scheme, 1995 (“EPS”). Vide a previous Circular dated June 5, 2017, the date for submission of Aadhaar as an identity document for enrolment as members of EPS was set as July 1, 2017. | ||
| IRDAI: Exemption of Reinsurance Schemes from the Purview of GST, in Respect of Specified Insurance Schemes | ||
| The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a Circular dated March 28, 2018 in relation to the exemption of reinsurance schemes from the purview of the Goods and Service Tax (“GST”), in respect of specified insurance schemes. | ||
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