MCA MONTHLY UPDATES (AUGUST 2017)

1. Revised Secretarial Standards on Meeting of the Board of Directors (SS-1) and Read More

MCA UPDATES

1. Companies (Appointment and Qualification of Directors) Amendment Rules, 2017

The Ministry of Corporate Affairs vide its notification dated 05.07.2017 has amend the Read More

Companies (Audit and Auditors) Second Amendment Rules, 2017

Ministry of Corporate Affairs vide its notification dated June 22, 2017 has made an amendment to the Read More

1. Application for Surrender of Director Identification Number (“DIN”) now Separate E-form 

MCA in its recent notice has stated that Form DIR-5 will be deployed as an E-form for filing purposes w.e.f June 21, 2017. Stakeholders who wish to surrender DINs ... Read More

Transfer of Shares to IEPF Authority

MCA has issued a General Circular No. 05/2017 on 16.05.2017, wherein it has withdrawn the previous General Circular No. 03/2017 ... Read More

Companies (Acceptance of Deposits) Amendment Rules, 2017

Ministry of Corporate Affairs vide its Notification dated 11th May, 2017 has made the following amendments in the Companies (Acceptance of Deposits) Rules, 2014 through the Companies (Acceptance of ... Read More

1. Due to urgent maintenance the following document related services will not be available on Tuesday, 9th May 2017 -

(i) View Public Documents,

(ii) Download of form 49A/49B,

(iii) Download form for Resubmission, and

(iv) Documents in Track Payment Status / Track ... Read More

MCA General Circular on Transfer of Shares to IEPF Authority

Pursuant to second proviso to Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017Read More

The SEBI Board met in Mumbai on 26.04.2017 and took the following decisions:

1. Instant Access Facility (IAF) in Mutual Funds and use of e-wallet for investment in Mutual Funds

2. Amendments to Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012

3. Inclusion of ... Read More

In terms of Investors Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 as notified on 05.09.2016, and as per the prerequisites of e-form IEPF-1, the companies are required to transfer the amounts to Investor Education and ... Read More

New Corporate Laws Treatise:  News Bulletin

Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2017

Earlier MCA vide Read More

New Corporate Laws Treatise:  News Bulletin

Commencement of Section 234 of the Companies Act, 2013

The Central Government has vide its notification dated 13.04.2017 notified that section 234 of the ... Read More

New Corporate Laws Treatise:  News Bulletin

Companies (Removal of Names of Companies from the Register of Companies)Read More

New Corporate Laws Treatise - News Bulletin 

For the purpose of providing effective service to the stakeholders, the Ministry
of Corporate Affairs has put in place a well- defined Citizens’/Clients’ Charter. ... Read More

1. The MCA21 system will be unavailable from 8:00am to 6:00pm IST on Saturday, 8th Apr 2017 for system maintenance. Stakeholders are requested to plan accordingly.

2. Forms CHG-1, CHG-4 and CHG-9 are likely to be revised w. e. f. 10th April, 2017 wherein certain declarations and field level changes have ... Read More

Ministry of Corporate Affairs vide its Notifications No. G.S.R. 309(E) dated 30th March, 2017 has made the following amendment in Companies (Meetings of Board and its Powers) Rules, 2014

In the Companies (Meetings of Board and its Powers) Rules, 2014, in rule 15, in sub-rule (3), in clause (a)&... Read More

Redressal of Investors Grievances 

As per the investors’ grievances data maintained by the Ministry of Corporate Affairs, action has been initiated against 2414 companies in 2014-15 and 89 companies in 2015-16. During the period from 1/4/2016 to 28/02/2017 action has been initiated against 189 companies. 

... Read More

Early Warning System of Frauds 

Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs is in the process of developing ‘Early Warning System’ (EWS) to generate alerts as well as to strengthen its capability for taking stringent action against corporate ... Read More

Easy Registration of Companies 

The Ministry of Corporate Affairs had setup the Central Registration Centre in 2016 for processing “Name Availability” and “Incorporation” applications for starting a new company. In cases where the applications are compliant with the Companies Act/Rules, ... Read More

Amendment in Companies Act 

Amendments in the Companies Act, 2013 have been proposed through Companies (Amendment) Bill, 2016. The said Bill, inter-alia, includes changes in provisions relating to incorporation related matters with regard to name reservation, contents ... Read More

The Trade Mark Rules, 2017 have been notified and have come into effect from 06.03.2017.

These Rules, will replace the erstwhile Trade Mark Rules 2002, and will streamline and simplify the ... Read More

National Company Law Tribunal, Chandigarh Bench to now hear matters related to State of Haryana

As per the earlier MCA Notification No. 1935 (E) the ... Read More

Ministry of Corporate Affairs news update 19.01.2017:

• As part of the Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to include the functionality of ... Read More

National Company Law Tribunal holds shareholders meeting mandatory for approval of amalgamation scheme of unlisted company, under the Companies Act, 2013

The provisions of Corporate Restructuring i.e. section 230  except sub-section (11) and (12) of 230; 231-233 and sections 235 - 240 was ... Read More

MCA carves out special previliges under the Companies Act, 2013 for private company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority ... Read More

Prickly Issues May Delay GST Rollout

BONE OF CONTENTION Division of tax administration between states and the Centre is holding up progress

The Centre is not yet giving up on an April 1 rollout of the Goods and Services Tax, although there is growing ... Read More

Additional Fees payable by the Companies havin registered office in the State of Jammu and Kashmir on e-forms, AOC-4, AOC-4 XBRL, AOC-4 CFS and MGT-7 has been waived till 31.12.2016 vide General Circular No. 14/2016 dated 07.12.2016.

Click here to view the Read More

Additional Fees payable by the Companies havin registered office in the State of Jammu and Kashmir on e-forms, AOC-4, AOC-4 XBRL, AOC-4 CFS and MGT-7 has been waived till 31.12.2016 vide General Circular No. 14/2016 dated 07.12.2016.

Click here to view the Read More

Forms SPICe, SPICe MoA, CHG-1, CHG-4, CHG-9 are likely to be revised on MCA21 Company Forms Download page w.e.f 7th December, 2016. Stakeholders are advised to check the latest version before filing

Form INC-1 is likely to be revised on MCA21 Company Forms Download page w.e.f 1st Dec 2016. Stakeholders are advised to check the latest version before filing.

Forms Spice MoA INC-33 and Spice AoA INC-34 are likely to be revised on MCA21 Company Forms Download page w.e.f 27th NOV 2016. Stakeholders are advised to check the latest version before filing.

In order to provide seamless services to stake holders filing company Annual Reports & Financial statements during the peak filing period, New registration of View Public Document (VPD) services may not be available from 11.00 AM to 8:00 PM during the period from 24th  November to 29th November 2016.  Uninterrupted VPD ... Read More

Stakeholders may please note that there will be no extension of last date beyond 29th Nov 2016 for filing financial statements and Annual Returns under the Companies Act, 2013 using eforms AoC-4/AoC-4 (XBRL)/AoC-4 CFS or MGT-7 as the case may be without payment of additional fee. Additional fee as ... Read More

Forms MGT-7, AOC-4 XBRL and INC-23 are likely to be revised on MCA21 Company Forms Download page w.e.f 25th NOV 2016. Stakeholders are advised to check the latest version before filing.

In exercise of the powers conferred by sections 196, 203 and 205 read with section 240 of the Insolvency and Bankruptcy Code 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

Click ... Read More

In exercise of the powers confereed by sections 196, 201, 202, 219 and 220 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 to provide a framework for regulation of insolvency professional agencies.

Click here to ... Read More

In exercise of the powers conferred by sub-section (1) of Section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the further amendments to amend the Schedule II of the Companies Act, 2013.

Click here to view the ... Read More

Central Government, with the concurrence of the Chief Justice of the High Court of Meghalaya, hereby designates the following Court as Special Court or the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the Companies Act, 2013.

Click here to ... Read More

In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections of the said Code shall come into force:--

(1) section 199 to ... Read More

Forms AOC-4, AOC-4 Addendum and AOC-4 CFS are likely to be revised on MCA21 Company Forms Download page w.e.f 16th November 2016. Stakeholders are advised to check the latest version before filing

Form 20B was recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.

Prime Minister Narendra Modi on Tuesday said Rs 500 and Rs 1000 notes will no longer be legal from midnight today. He explained that the currency notes will be just paper with no value. Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank ... Read More

Stakeholders are informed that the PAN validation interface with CBDT systems has been restored. Stakeholders may continue to file DIR-3 form or perform ‘Associate DSC’ service on MCA portal.

Stakeholders are informed that PAN validation with CBDT systems is temporarily unavailable and efforts are being made to restore the interface at the earliest. Stakeholders will not be able to file DIR-3 form or perform ‘Associate DSC with PAN’ on MCA portal until the PAN validation interface ... Read More

Forms 23C and 23D are likely to be revised on MCA21 Company Forms Download page w.e.f 8th NOV 2016. Stakeholders are advised to check the latest version before filing.

The Securities and Exchange Board of India (Sebi) on Tuesday tightened rules for credit rating agencies, prescribing more disclosures on suspension and withdrawal of ratings.

Click here to view the Circular Dated 01.11.2016

Forms MGT-7 and GNL-4 are likely to be revised on MCA21 Company Forms Download page w.e.f 03rd Nov 2016. Stakeholders are advised to check the latest version before filing.

Stakeholders may kindly note that e-Form INC-29 (Integrated Incorporation Form) has been withdrawn. Accordingly, INC-29 e-Form will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions from this date. Stakeholders are requested to plan accordingly and use ... Read More

In continuance  of this Ministry’s General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date  for ... Read More

Stakeholders facing issues with modification of AOC-4 forms only are requested to download revised form from the portal.

Tata group in order to prevent any ex-parte orders being passed against them without a hearing of their side of the story has on Tuesday learned to have filed caveats in Supreme Court (SC), Bombay High Court (HC) and National Company Law Tribunal (NCLT) to prevent ousted ... Read More

SEBI has issued a circular requiring the insurance companies (life and non-life) to submit the disclosures for quarters ending 30th September, 2016 and 31st December, 2016 in the format as specified by IRDAI.

Click here to ... Read More

In order to provide seamless services to stake holders filing company Annual Reports & Financial statements during the peak filing period, New registration of View Public Document (VPD) services may not be available from 8.00 AM to 8:00 PM during the period from 21st October to 29th October 2016. Uninterrupted VPD services will, ... Read More

SEBI introduces online system for Investment Advisers and Research Analysts

SEBI has introduced an online system for Investment Advisers and Research Analysts to promote ease of operations in terms of e-registration, compliance reporting, etc.

 Accordingly, applicants seeking grant of registration as ... Read More

RBI decides to allow FDI up to 100% in other financial services

The Reserve Bank of India (RBI) on Thursday decided to allow foreign investment up to 100 per cent under the automatic route in ‘other financial services’.

RBI, however, said foreign investment ... Read More

LLP Forms, Form 3 and Form 4 are likely to be revised on MCA21 LLP Forms Download page w.e.f 20th October 2016. Stakeholders are advised to check the latest version before filing.

Forms CHG-8, AOC-4 and 20-B are likely to be revised on MCA21 Company Forms Download page w.e.f 22nd OCT 2016. Stakeholders are advised to check the latest version before filing.

Stakeholders may kindly note that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1st November, 2016. Accordingly, INC-29 e-Form will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions from this date. Stakeholders are requested to ... Read More

Ministry of Corporate Affairs (MCA) has issued public notice for inviting public comments on the following draft regulations under Insolvency and Bankruptcy Code, 2016-

1. Insolvency ... Read More

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified 

       In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and ... Read More

Forms MGT-15, FC-3, INC-4 , MGT-14  and Refund Form are likely to be revised on MCA21 Company Forms Download page w. e. f 8th OCT 2016. Stakeholders are advised to check the latest version before filing.

Banks gear up for GST with Dec deadline for IT upgrades

Public and private banks are readying themselves to handle collection, accounting, and money transfers under the goods and services tax (GST) structure by December.

The Reserve Bank of India (RBI) and the ... Read More

The Ministry of Coprporate Affais has issued Notification No. S.O.(E) dated 03.10.2016 regarding National Advisory Committee on Accounting Standards.

Notification provides that in exercise of the powers conferred by sub-section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisoty Committee to ... Read More

MCA introduced SPICE (Simplified Proforma for Incorporating Company Electronically) w.e.f. 02.10.2016 in e-Form INC-32.

Highlights of Read More

Govt issues draft GST procedural rules

Businesses within India may get online registration within three days of submission of their application under the proposed Goods and Services Tax (GST) regime, according to draft rules floated for registration, invoice and payments for the new indirect tax ... Read More

Mr. M. S. Sahoo, Member, CCI (& Former Secretary, ICSI) has been appointed as the Chairperson of Insolvency and Bankruptcy Board for a term of 5 years.

States want GST Council and FMs' panel, too

States want the empowered committee of state finance ministers to continue, though a GST (Goods and Services Tax) Council has been set up to recommend on key areas such as draft model Bills, rates, dual control of ... Read More

Jaitley Warns Against Too Many Exemptions in GST

KEEPING THAT BALANCE Speaking at Incredible India Global Investors' Summit, FM says the more the exemptions, the higher will be the rate

A day before the Centre and states sit down to thrash out key ... Read More

FinMin to look into tax issues of FPIs: Das

The finance ministry on Tuesday promised to look into some taxation issues raised by foreign portfolio investors (FPIs) and also certain suggestions made by them such as permitting them in short- term corporate paper. Some of ... Read More

Constitution amendment Act on GST to be discussed today

The finance ministry will clarify on Monday certain aspects of the Contitution amendment Act on the goods and services notified recently. Some questions are raised about the notifications issued recently in respect of GST constitution amendment, ... Read More

Sebi Plans to Allow FPIs Have Multiple Demat A|cs

India's capital market regulator is considering a proposal to allow foreign portfolio investors to hold multiple demat accounts in the wake of recent changes to tax treaties related to capital gains besides granting permanent ... Read More

FinMin likely to issue PSU exchange traded fund by Dec

Having zeroed in on fund manager, the finance ministry is considering to launch second tranche of exchange traded fund ( ETF) comprising stocks of 10 public sector units (PSU) by the end of December. The second tranche ... Read More

President nod to Constitution Amendment Bill on GST

President Pranab Mukherjee on Thursday gave assent to the Constitution Amendment Bill on the goods and services tax (GST), enacting the legislation.

The move paves the way for setting up of a GST Council ... Read More

GST Bill set for prez assent, Odisha 16th state to ratify

The Goods and Services Tax ( GST) Constitutional amendment Bill crossed an important landmark on Thursday with Odisha becoming the 16th state to ratify the Bill, paving the way for it to get Presidential assent.Read More

National Company Law Tribunal (herein NCLT), the adjucating authority set under the Companies Act, 2013 has stopped Getit Infoservices from shutting down its ecommerce websites – AskMeBazaar, AskMeGrocery and Mebelkart. The order was passed as a relief measure in the company petition made by ... Read More

Maharashtra Assembly ratifies GST Bill

The Maharashtra Legislative Assembly on Monday ratified the goods and services tax (GST) constitutional amendment Bill passed by Parliament, at a special one- day session of the state legislature. The proposal was passed unanimously by the lower House, making Maharashtra ... Read More

Haryana Assembly ratifies GST Bill

On the second day of the Monsoon session, the Haryana Assembly on Monday unanimously ratified the Constitution Amendment Bill on goods and services tax ( GST). The Bill was introduced by state Finance Minister Capt Abhimanyu and passed after a brief ... Read More

Making company law tribunal more effective

The formation of the National Company Law Tribunal ( NCLT) on June 1, 2016, marked a decade- long attempt to overhaul company law litigation in India. NCLT President M M Kumar struck an optimistic note while speaking at a recent public function, ... Read More

Government wants GST to be hacker-­proof

The government wants to fully insulate the goods and services tax (GST) technology backbone from hackers, amid growing risks of cyber-criminals misusing confidential information on transactions worth thousands of crores of rupees.

Revenue secretary Hashmukh ... Read More

Gujarat Assembly ratifies goods and services tax Bill

The Gujarat Legislative Assembly ratified the Constitution Amendment Bill on Goods and Service Tax ( GST) unopposed on the last day of monsoon session on Tuesday in the absence of Congress legislators, who were suspended for creating ruckus ... Read More

Execute Bankruptcy Law in Time Bound Manner: FM

Finance Minister Arun Jaitley on Tuesday directed senior officials of the ministries of finance and corporate affairs to take steps, including setting up of a board, for the implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a ... Read More

Sebi’s move to curb distributors may hurt MF investors

A person with surplus money is likely to invest it in four broad classes of assets and investments: Real estate, gold, fixed deposits and other investments.

The last decade has been brutal ... Read More

GST rollout likely to be pushed to mid-2017 as India Inc seeks time

The government could be looking at rolling out the country's biggest indirect tax reform from mid-2017, realising that it may be an uphill task to have all the pieces for GST ... Read More

Decoding Ind- AS impact on India Inc’s balance sheet

AUTOMOTIVE Companies made adjustments to revenue recognition. This was more visible in case of deferment of revenue of future performance obligations, or for recognition of cash/ trade discounts

ENERGY, METALS AND MINING ... Read More

Tax relief for leasing companies

If a company’s only income is from leasing property, it should be taxed under the provision ‘ profit and gains of business or profession’ and not under the head ‘ income from house property’, the Supreme ... Read More

Chambers point out ambiguity in GST Bills

Assocham says non-inclusion of electricity will lead to significant economic distortions

Industry chambers met Revenue Secretary Hasmukh Adhia and pointed out certain loopholes in the draft model goods and services (GST) law and the constitution amendment ... Read More

Budget to get slimmer after GST rollout

GST Council To Fix Rates, Govt To Focus On Policy

The Union budget is set to get thinner once the Goods and Services Tax (GST), a vital indirect tax reforms that aims to develop a common ... Read More

 CBEC to meet e-tailers on GST roll-out concerns

The Central Board of Excise and Customs (CBEC) will chair a meeting this week with e-commerce companies over their apprehensions about the Goods and Services Tax (GST) and to fine-tune and improve the law.

Sebi, exchanges begin delisting drive for suspended companies

BSE sends compulsory de-listing notices to 194 companies; Sebi might attach properties of promoters who fail to comply

The Securities Exchange Board of India (Sebi)’s drive to de-list companies facing suspension has ... Read More

GST platform to become analytics powerhouse

The Goods and Services Tax Network, the information technology backbone that will implement the new indirect tax regime, will become a data analytics powerhouse in the months after the roll-out.

“Once sufficient amount of data ... Read More

Sebi to tweak arbitration norms at exchanges

Market regulator Securities and Exchange Board of India (Sebi) plans to tweak norms related to arbitration process at exchanges, for better resolution of disputes.

The need has been prompted by an unusually high arbitration award passed ... Read More

Nod to 100% FDI in commodity broking, other financial services

Foreign investment will now be able to flow into financial services such as commodity broking and other such areas not covered in the 18 areas specified for non- banking financial companies (NBFCs).

The Cabinet on ... Read More

There will be anomaly with petroleum out of GST

Petroleum being out of the goods and services tax (GST) initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said Revenue Secretary Hasmukh Adhia in ... Read More

GST Effect: FMCG, Auto Cos In a Fix Over Tax Holiday Offered by States

HP, Uttarakhand, Gujarat, TN to be worst hit as some of the backward areas in the states have tax holidays
Many companies, especially in the fast moving consumer ... Read More

Making GST work for India Inc

‘Litigation may stonewall economic reforms’

Businesses have only 240 days to realign their systems and processes in line with the new indirect tax regime in the country. Experts share their views on the steps ... Read More

GST worries Indian industry

Since the Rajya Sabha okayed the constitutional amendment for anational goods and services tax ( GST), businesses have been trying to understand the looming change to the indirect tax structure.

That they have much to learn was shown at a ... Read More

9 states may ratify GST Bill by Aug- end

Senior Union ministers have advised the nine Bharatiya Janata Party ( BJP)- ruled states to call special sessions of their legislative assemblies to ratify the Goods and Services Tax (GST) Constitution amendment Bill by the end of ... Read More

Auto to benefit most from GST: Moody’s

The automobile sector is expected to be the biggest beneficiary of the Goods and Service ( GST) tax regime, says ratings agency Moody’s in a new report. Though the shift to the new indirect tax ... Read More

Centre may take money Bill route for next GST laws

The government and the Bharatiya Janata Party ( BJP) are confident of a smooth legislative journey for the goods and services tax ( GST) over the next few months, both in state Assemblies and Parliament. The two ... Read More

More compliance, less black money

For all those who thought that GST was just an indirect tax reform, think again.

The implementation of GST will affect direct taxes as well, helpinwideningthetaxbaseand increase taxe collections.

According to tax administrators, GST will help ... Read More

GST to push up inflation in the short term

While the finance ministry has sought to allay fears that the implementation of the goods and services tax (GST) will have an impact on inflation, analysts remain sceptical.

“Implementation of the GST in ... Read More

WHO WILL ASSESS COMPANIES? 

The goods and services tax ( GST) still faces many challenges and one that stands out is with the issue of administrative control over assessing companies, yet to be ironed out between the Centre and the states.
The states ... Read More

Merger of taxes to improve compliance

What is GST?

The goods and services tax ( GST) will be a comprehensive nationwide indirect tax on manufacture, sale and consumption of goods and services. The aim is to make India a unified common market. ... Read More

Miles To Go For A Smooth Jounery

The Constitution (Amendment) Bill, passed by the Rajya Sabha on Wednesday, only gives authority to the Centre and states to frame laws on goods and services tax (GST). And that, too, only if at least 15 of the 29 states ... Read More

One Nation, One Tax Gets Going

GST clears Rajya Sabha hurdle, but tough negotiations ahead on power of Centre and states

Ahigh- pitched debate. Worry about the future. Voting. And, the Goods and Services Tax ( GST) Constitution ( Amendment) Bill was passed by the ... Read More

New RBI norms rule out banking licences for big corporates

Large corporate houses will not be allowed to start banks, according to the Reserve Bank of India, effectively ruling out the possibility of big business houses to become lenders.

However, they will be ... Read More

Panama Papers: I- T dept approaches 12 nations to widen probe

Faced with resistance in disclosures by those named in the Panama Papers, the Income Tax department has made references to about a dozen countries in order to obtain actionable evidence against such Indian entities.
<... Read More

Sebi proposes valuation norms for InvITs

The Securities and Exchange Board of India (Sebi) has issued a consultation paper on financial disclosures and valuation of the units of the newly introduced Infrastructure Investment Trusts (InvITs).

Sebi has proposed mandatory disclosure in the valuation ... Read More

India may raise foreign investment limit in media

India is considering a proposal to increase the limit on foreign direct investment in local newspapers and magazines, two government officials said on Thursday.

The Finance Ministry recommended raising the cap to 49 per cent from 26 ... Read More

Need More Women on Boards? Hire a Female CEO

Cos with women CEOs find it easier to comply with regulatory requirement aimed at promoting diversity

Companies struggling to find a woman director should take heed. Those with female CEOs typically find ... Read More

Implementation of new accounting standards postponed

The income tax (I-T) department has postponed the implementation of the new accounting standards for computation of business income by a year, a move that will give companies a breather.

Now, the Income Computation and Disclosure Standards (... Read More

NGOs not furnishing annual returns to be penalised: Govt

Non-governmental organisations (NGOs) not furnishing annual income and expenditure statement for two consecutive years will face a penalty totalling 10 per cent of foreign contributions received by them or Rs 10 lakh, whichever is less, the home ministry ... Read More

NCLT: Still a long way to go

After a quick walk- through the CGO Complex in New Delhi, one can find the multi- storey block that used to house the erstwhile Company Law Board ( CLB), which has now evolved into the principal and ancillary benches ... Read More

Govt eases remuneration disclosure norms for firms

The government on Friday eased disclosure norms by companies on their top executive payouts while doing away with the need to explain the link between their salaries and increments with business performance. The yearly remuneration threshold that triggers ... Read More

Deadline on tax settlement offers likely for companies

India plans a deadline for companies such as Vodafone Group and Cairn Energy to accept its offer to settle disputes on back taxes, said an official with knowledge of the matter, after neither responded four months after ... Read More

Deposit Norms Relaxed to Help Startups Raise Funds

In order to make it easier for startups to secure funding, the government has exempted any advance of more thanRs.25 lakh to a startup from being treated as deposit provided that the person giving the money does ... Read More

BSE asks brokers to submit client funding details

The BSE asked stock brokers, operating in the cash segment, to submit total amount funded to clients during June on filing system by July 8. According to the BSE norms, trading members have to provide information on amount ... Read More

Taxpayers can now file a new ‘ e- nivaran’ form

In order to ensure quick redressal of taxpayer grievances, the income- tax ( I- T) department will soon launch a new form called ‘e- nivaran’ on the lines of the income tax return ( ... Read More

GST may stifle innovation in e-commerce space: IAMAI

Good and Services Tax (GST) bill creates unnecessary confusion for e-commerce companies as it boxing them in poorly-defined categories, said Internet & Mobile Association of India (IAMAI), the industry lobby group which represents companies like Flipkart, Snapdeal and ... Read More

Real estate firms press RBI for easier lending norms

In a closed-door meeting with Reserve Bank of India (RBI) gover nor Raghuram Rajan on Tuesday, realtor lobby Confederation of Real Estate Developers’ Associations of India (CREDAI) urged the central bank to ease lending norms ... Read More

Stressed firms coming back on track: RBI

Stressed companies are deleveraging fast and the number of ‘ weak’ companies in the economy is declining, according to the bi- annual report of the Financial Stability and Development Council ( FSDC), released by the Reserve Bank of ... Read More

PMO keeping an eye on blackmoney scheme

The Prime Minister’s Office ( PMO) is monitoring the response to the four- month domestic black money disclosure scheme, reviewing weekly reports sent by the finance ministry.

“Prime Minister Narendra Modi is personally monitoring ... Read More

GST will improve tax to GDP ratio: Subramanian

Subramanian said on Sunday that the Goods and Services collection efforts. He also termed the proposed tax system – along with strategic disinvestment and twin balance sheets – as governments major pending agenda. He was speaking at ... Read More

RBI allows start- ups to open foreign currency accounts

The Reserve Bank of India (RBI) on Thursday said an Indian start- up, with a subsidiary abroad, may open a foreign currency account with a bank outside India for crediting money to the account of foreign- ... Read More

Bad debts responsible for low credit growth: RBI guv

Opposes using RBI reserves to recapitalise banks

Reserve Bank of India Governor Raghuram Rajan on Wednesday said bad debts, rather than high interest rates, impinged on public sector banks ( PSB)’ ability ... Read More

Annual report delayed is annual report denied

It is the annual general meeting ( AGM) season. The annual ritual of conducting the shareholder meetings, complete with tea, coffee, samosas and some incidental work such as passing of resolutions, begins somewhere in June and goes on till ... Read More

Sebi issues order on suspected GDR manipulation

The Securities and Exchange Board of India ( Sebi), investigating issuance of Global Depository Receipts ( GDRs) abroad by Indian companies, has directed depositories to freeze beneficiary accounts which have received the underlying shares on conversion or cancellation of the ... Read More

Sebi announces stricter norms on P- notes, effective July 1

The Securities and Exchange Board of India ( Sebi) has tightened its know- your- client (KYC) and disclosure rules on issue of participatory notes ( Pnotes), to curb misuse of the investment route used by foreign investors not ... Read More

Now, Sebi Wants to Clamp Down on Unsponsored DRs

REGULATOR NOT COMFORTABLE as DRs are transferable and identity of overseas holders is not certain

After curbs on participatory notes, India's capital market regulator is proposing a clamp down on unsponsored ... Read More

Govt plans to amend Sebi Act for more members, Benches of SAT

To help expedite cases related to securities markets, the government is planning to amend the Securities and Exchange Board of India ( Sebi) Act with an aim  to increase members and Benches in ... Read More

Sebi issues guidelines for depositories’ investor fund

The Securities and Exchange Board of India ( Sebi) has issued guidelines on utilising the Investor Protection Fund (IPF) of depositories.

It is for specific purposes like promotion of investor education, assistance in research activities for ... Read More

Sebi warns investors of barred entities

Regulator names 235 firms, asks investors not to be lured by their schemes

The Securities and Exchange Board of India ( Sebi) on Monday warned unlisted companies and their directors who fraudulently raised money and asked investors ... Read More

India ranks second in retail potential

India jumped 13 positions and was placed second in retail potential in the 2016 Global Retail Development Index ( GRDI), released by AT Kearney, a Chicago- based consultancy.

The country was ranked 15 in the previous year. The report profiled 30 developing ... Read More

Company Law Board hears FTIL plea on modifying interim order

The principle bench of the Company Law Board (CLB) on Monday heard Financial Technologies (India) Ltd’s (FTIL) plea for modification of its interim order on managerial mismanagement of the National Spot Exchange Limited (... Read More

Concessions to startups regarding Labour Laws 

In order to promote the Start-Up ecosystem in the country and incentivizing the entrepreneurs in setting up new start-up ventures and thus catalyze the creation of employment opportunities through them, the Ministry of Labour & Employment has issued an ... Read More

Sebi tightens P- note norms

Capital market regulator Securities and Exchange Board of India ( Sebi) on Thursday tightened rules on issue of participatory notes (P- notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in ... Read More

Legal infrastructure key for success of bankruptcy law

Even as the Bankruptcy Bill, India’s own Chapter Eleven, has been approved by both Houses of the Parliament, it is still early for banks to hope for a faster settlement of the bad-loan mess, since ... Read More

Sebi plans further checks on participatory notes

Board to discuss next week; move follows consultations with market players following SIT recommendations on black money

Capital markets regulator   Securities and Exchange Board of India (Sebi) is mulling further checks and ... Read More

Dividend disclosure policy may be made mandatory

To cover all listed companies; Sebi might set minimum terms
Upping the corporate governance ante, capital market regulator Securities and Exchange Board of India (Sebi) plans to make dividend disclosure policy compulsory for listed companies. ... Read More

Rajya Sabha passes Bankruptcy Code

The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stakeholders for the first time in India.

The law - which ... Read More

Sebi issues norms for InvITs listing

Capital market regulator Securities and Exchange Board of India ( Sebi) on Wednesday issued listing guidelines for infrastructure investment trusts (InvITs).

Like real estate investment trusts ( Reits), InvITs are instrument through which investors can take exposure to income- ... Read More

Sebi to relax norms for online MF investments

The Securities and Exchange Board of India is considering doing away with the Rs.50,000  yearly limit perfund house for investing in mutua lfunds through the on line route. Additionally,  KYC Registration Agencies are ... Read More

New era of reforms: The Bankruptcy & Insolvency Code 2016

The Insolvency and Bankruptcy Code 2015 is expected to address the problem of dealing with multiple laws for anyone wanting to do business in India. The present government has realised that the ease of doing business is not ... Read More

Lok Sabha clears bankruptcy code

Amid a surge in bad loans, the Lok Sabha on Thursday approved a Bill to overhaul century- old laws that regulate insolvency. The proposed Insolvency and Bankruptcy Code aims to slash the time it takes to wind up a company ... Read More

Sebi Asks Clearing Corp to Invest in FDs, Debt MFs

To ensure the “highest degree of safety“, Sebi on Wednesday asked clearing corporations to invest their money broadly in fixed deposits, government securities and liquid schemes of debt mutual funds.

The ... Read More

Committee Clears Bankruptcy Law

Budget session will now discuss proposed legislation dealing with wilful defaulters

A joint Parliament standing committee has cleared the proposed bankruptcy law and it's likely to be discussed in the ongoing budget session of Parliament, finance ... Read More

Sebi may ease norms for AIF Investments

Decisions likely at board meeting to take place on May 20

The Securities and Exchange Board of India ( Sebi) is likely to relax rules for investing in alternative investment funds ( AIFs) on the suggestions of ... Read More

M & A lawyers see red in Sebi’s control test 

Going only by numerical threshold could create further ambiguities in determinig control definition in takeover code, they argue
Top law firms have expressed concern over the proposed move by the ... Read More

Sebi defers disclosures requirement for MFs

The Securities and Exchange Board of India ( Sebi) has deferred the deadline for enhancing scheme related to disclosures for mutual fund houses.

In a circular dated March 18, 2016, the market regulator had asked fund houses to disclose, effective ... Read More

Panel gives bankruptcy law overseas ambit

Joint committee cuts timeline from 60 to 45 days; suggests shield for employees

Those filing for bankruptcy could find their assets in other countries assessed under Indian laws, if India implements the suggestions made by a parliamentary ... Read More

Buybacks draw firms as taxes squeeze dividends

Companies to pay shareholders via buybacks, which attract zero tax
In order to reward shareholders, especially promoters, companies are opting for share buybacks over dividend payouts. This is because buybacks attract zero tax whereas dividends are taxable ... Read More

Conflicting Orders by Sebi Draw SAT Ire

CRITICISES MARKET REGULATOR for passing conflicting orders on similar securities law violations
The Securities Appellate Tribunal took the capital market regulator to task for passing conflicting orders on similar securities law violations. In an ... Read More

Govt Likely to Completely Ban FDI in Tobacco Sector

After making larger pictorial warnings on cigarette packets mandatory, the govern ment is now working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. At present, FDI is allowed in technology ... Read More

Sebi dividend distribution proposal to help small investors

Ravi Chopra holds securities of several companies, but doesn’t keep a track of the cash benefits, including dividends, accruing from his investments. He also isn’t certain if all the dividends and interests earned ... Read More

E-book must for pvt placement debt issues: Sebi

Capital markets regulator Sebi today made electronic book mandatory for all private placement issues on debt basis for more than Rs 500 crore.

Business Standard New Delhi,22 April 2016

The Reserve Bank of India (RBI) on Thursday came out with a master direction for merger of private sector banks and also mergers between non-banking finance companies (NBFCs) and banks.

In another master direction, a compilation which consolidates instructions on rules and regulations framed by RBI under ... Read More

Government invites bids from merchant bankers for stake sale in NMDC 

Government today invited bids from merchant bankers interested in assisting it in the sale of 10 per cent stake in blue-chip NMDC BSE -2.20 % which could fetch about Rs 3,900 crore to the exchequer. <... Read More

Seeks to sign more advance pricing agreements this fiscal in a move aimed at progressive taxation policy; CBDT signs a record 55 advance pricing agreements in 2015-16

In a move towards a more progressive taxation policy the revenue officials have set an aggressive target of resolving ... Read More

BIGGER AMBIT Punishment for companies offering bribes to public servants recommended
A parliamentary panel has favoured the inclusion of companies under the Prevention of Corruption Act, which regulates matters of corrupt practices by public officials. The panel, which examined a bill to amend the act, has ... Read More

Service tax authorities refer matter to RBI, enforcement directorate

Multinationals that have challenged service tax levies on salaries paid overseas to expats employed in India may be faced with a more fearsome challenge -scrutiny under the Foreign Exchange Management Act (FEMA), which deals with forex ... Read More

Trade unions, including Rashtriya Swayamsevak Sangh (RSS) backed Bharatiya Mazdoor Sangh (BMS), today accused the government of unilaterally deciding to tighten the PF withdrawal norms which had led to unrest and violent protest in Bengaluru.

Business Standard New Delhi,21st April 2016

Under fire from trade unions, the Employees’ Provident Fund Organisation (EPFO) has rolled back its decision to tighten provident fund (PF) withdrawal norms.

This is the second rollback in EPFO withdrawal norms. Earlier, the government was forced to reverse the Budget proposal to tax 60 per cent ... Read More

The government has identified 7,500 cases related to service tax and Customs it plans to withdraw from tribunals and high courts.

These cases are where the disputed tax is below the threshold set in December at Rs 10 lakh for the Customs Excise & Service Tax Appellate Tribunal (CESTAT) and ... Read More