Attorneys at Law Since 1964

Circulars & Notifications

 

mca icon Company Law

Notification dated 03.10.2016

The Central Government ha constituted an Advisory Committee on Accounting Standards, to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the Companies Act, 2013

 

Notification dated 1.10.2016

Under Alteration of Articles:  A copy of the order of the NCLT approving the alteration for effecting the conversion of a Public Company into a Private Company, shall be filed with the Registrar in Form No.INC-27 with fee together with the printed copy of altered Articles within 15 days from the date of receipt of the order from the Tribunal.

Also rule pertaining to the conversion of a Company Limited by guarantee into a company limited by shares have been inserted.

 

Notification dated 23.09.2016

  • The Proviso to sub-rule (1) and (2) of Rule 3 states that in case of existing companies, registered under the Companies Act,1956, the particulars shall be transferred to the new register of members in Form No. MGT 1instead of the same particulars being compiled within 6 months from the date of commencement of the rules.
  • Every listed company shall file with the Registrar, a return in Form No. MGT 10 pertaining to the changes in the shareholding position of promoters and the top ten shareholders of the company, representing increase or decrease by 2% or more of the paid – up share capital of the company, within 15 days of such change.
  • Every listed company and every company other than a nidhi, enterprise or institutional investor having not less one thousand members shall provide to its members facility to exercise their right to vote on resolutions proposed to be considered at a general meeting by electronic means.

 

Notification Dated :12.09.2016

With respect to Remuneration payable by companies to the managerial person having no profit or inadequate profit without Central Government approval, the limit of yearly remuneration payable has been revised.

 

Notification dated: 09.09.2016

The Regional Director shall prepare a panel of experts to be appointed as mediators or conciliators in the respective regions and such panel shall be placed on the website of the MCA as may be notified by the Central Government.

The process for mediation and conciliation under the rules shall be completed within a period of 3 months from the date of appointment of expert or experts from the panel.

 

Notification Dated :07.09.2016

With the effect of IEPE (AATR) Rules,2016, it is clarified that Companies that have not filed the requisite information in Form 1 INV can now file the information in Form IEPF-1. Further as a one-time measure for Companies with due date for filing of the Form 1-INV falling between the period 25th March 2016 to 6th September,2016, the Companies may file the Form IEPF-1 without additional fees on or before 6th October 2016.

Curated from Relaxation of additional fees for filing Form IEPF-1

 


 

sebi icon SEBI

Circular Dated: 21.07.2016

 

Central Registry of Securitization and Asset Reconstruction and Security interest of India (CERSAI), constituted under Section 20 (1) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, will perform the functions of, the Central KYC Records Registry.

The registered intermediaries are required to use the KYC template finalised by CERSAI as Part I of Account Opening Form for individuals.  Further, Permanent Account Number (PAN) would continue to be mandatory for completing the KYC process.

 

Circular Dated: 15.07.2016

 

Based on recommendations of the Risk Management Review Committee of SEBI, the Clearing Corporations are directed not to accept Fixed Deposit Receipts (FDRs) from trading/clearing members as collateral, which are issued by the trading/ clearing member themselves or banks who are associate of trading/ clearing member.

Trading/Clearing Members who have deposited their own FDRs or FDRs of associate banks shall replace such collateral, with other eligible collateral within a period of six months from the date of issuance of the circular.

 

 

With a view to simplify the account opening kit, SEBI has directed the Stock brokers/ Depository Participants to make available the list of standard documents to the clients, either in electronic or physical form, as preferred by the clients as part of the account opening kit.

 

Dated- 29.06.2016

ODI subscribers who have subscribed to ODIs under FII Regulations can continue to subscribe to ODI under the FPI regime.

This Circular to be effective from August 1,2016.

 

 

Circular dated 07.06.2016

SEBI (Depositories and Participants) (Amendment) Regulations, 2012 require every depository to establish and maintain an Investor Protection Fund (IPF). The Depository System Review Committee (DSRC) had examined various aspects of the depository IPF including utilization and investment policy of IPF and quantum of funds to be transferred to IPF.

The SEBI (Depositories and Participants) Regulations were amended mandating the depositories to credit five per cent or such percentage as may be specified by the Board, of its profits from depository operations every year to the IPF.

 

Circular Dated 02.05.2016

 

SEBI had also constituted an expert Committee on Clearing Corporations, to examine, the issues pertaining to

(a) Investment Policy of a Clearing Corporation,

(b) Liquid assets for calculation of Net worth of a Clearing Corporation, and

(c) Regulation 33 of SECC Regulations on ‘Transfer of Profits’.

The Clearing Corporations are advised to comply with certain recommendations of SEBI.

 


 

fema iconFEMA

Notification dated 16.02.2017

It has been decided to permit Multi-lateral and Regional Financial Institutions in which India is a member country to invest in Rupee denominated bonds issued overseas by Indian entities.

 

Notification dated 02.02.2017

NRIs are permitted to access to the exchange traded currency derivatives market for hedging the currency risks arising out of their investments in India under the Foreign Exchange Management Act, 1999 subject to compliance of the terms and conditions prescribed under the said Notification.

 

Notification dated: 25.01.2017

Indian Party is prohibited from making direct investment in an overseas entity (set up or acquired abroad directly as JV/ WOS or indirectly as step down subsidiary) located in the countries identified by the FATF as “non co-operative countries and territories” as per list available on FATF website www.fatf-gafi.org or as notified by the Reserve Bank of India from time to time.

 

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