RBI UPDATE

Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs

In terms of the extant instructions, all NBFCs are required to submit a certificate from their Statutory Auditors every year to the effect that they continue to engage in the business of NBFI requiring it to hold a CoR under Section 45-IA of the RBI Act.

With a view to ensure consistency in the manner in which the information...Continue Reading

MCA UPDATE

FAQs on Central Registration Centre

MCA has issued Frequently Asked Questions on Central Registration Centre (CRC) relating to name availability and incorporation. CRC is presently tasked to process applications for name availability (INC-1) and forms related to new companies incorporations (INC-2/INC-7/INC-29/INC-22 and DIR-12.

MCA UPDATE

Annual Filing Forms - 23AC, 23ACA, 23B, 20B and 21A

Annual filing forms for Companies Act, 1956 - 23AC, 23ACA, 23B, 20B, 21A are likely to be available on MCA21 portal by mid-August 2016. Stakeholders are requested to plan accordingly

MCA UPDATE 

New service complaint for Name Reservation or Company Incorporation related problems

Stakeholders are requested to select Type/category "CRC" while creating any new service complaint (Helpdesk ticket) for Name Reservation or Company Incorporation related problems.

RBI UPDATE

Changes in FDI Policy

The government on June 20 made changes to the foreign direct investment (FDI) policy at a meeting chaired by Prime Minister Narendra Modi. This is the second biggest reform in FDI since those announced in November 2015.

According to the amendments are meant to liberalise and simplify FDI policy to provide ease of doing business in the country, leading to larger FDI inflows that will contribute to...Continue Reading

RBI UPDATE

RBI decides to simplify and rationalise the process of registration of new NBFCs

In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration of new NBFCs and the checklist of documents to be submitted have been revised. 

Secondly, from now onwards, there would be two different types of...Continue Reading

SEBI UPDATE

Continuous disclosures to be made by Infrastructure Investment Trusts registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 

SEBI has issued a consultation paper regarding the continuous disclosures to be made by Infrastructure Investment Trusts registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014

These disclosures are contained herein in this paper under the...Continue Reading

RBI UPDATE

Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015

In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999, and in supersession of Notification No. FEMA 10/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of India has made regulations for opening,...Continue Reading

MCA UPDATE

Limited Liability Partnership (Second Amendment) Rules, 2016

The Ministry of Corporate Affairs has further amended the Limited Liability Partnership Rules, 2009. These Rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2016 They shall come into force on the date of their publication in the Official Gazette

KYC norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format

In terms of the SEBI (Foreign Portfolio Investors) Regulation, 2014 (FPI Regulations) and circulars issued from time to time regarding ODI, the Foreign Portfolio Investors (FPIs) issuing ODIs (hereinafter referred to as ODI Issuers) are required to comply with the...Continue Reading