SEBI UPDATE

Enhanced Supervision of Stock Brokers/Depository Participants 

SEBI issued a Circular providing the Guidelines for Enhanced Supervision of Stock Brokers/Depository Participants. The Guidelines include the nomenclature for bank accounts and demat accounts which is to be uniformly followed, a Sophisticated alerting and reconciliation mechanism for monitoring the Client’s Funds, Changes in...Continue Reading

RBI UPDATE

RBI cancels Certificate of Registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following NBFCs in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

MCA UPDATE

The Companies (Management and Administration) Amendment Rules, 2016

The MCA has further made amendments in the Companies (Management and Administration) Rules, 2014 whereby following broad changes have been made in the rules:

In Rule 3(1) the existing proviso has been substituted with a new proviso  whereby

In the case of a company existing on the commencement of the Act, the particulars as...Continue Reading

RBI UPDATE

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions – Issuance of EMV Chip and PIN Cards

A reference is invited to RBI circular DPSS (CO) PD No.2112/02.14.003/2014-15 dated May 07, 2015 and DPSS.CO.PD.No.448/02.14.003/2015-16 dated August 27, 2015 on the captioned subject wherein directions were issued with timelines for migration to EMV Chip & PIN cards.

Despite the...Continue Reading

SEBI UPDATE

Clarification by SEBI regarding Revenue recognition and Excise Duty Restrictions.

SEBI had issued a circular dated November 30, 2015, wherein, it was prescribed that ‘revenue from operations’ may be disclosed net of excise duty.
 
Subsequently, as per Schedule III of the Companies Act, 2013, which was notified on April 6, 2016, revenue from sale of products should be disclosed...Continue Reading

SEBI UPDATE

Unique Client Code (UCC) and Mandatory requirement of Permanent Account Number (PAN)

It shall be mandatory for the members of the commodity derivatives exchanges to use Unique Client Code (UCC) for all clients transacting on the commodity derivatives exchanges. The commodity derivatives exchanges shall not allow execution of trades without uploading of the UCC details by the members of the exchange. 

PAN would be the sole...Continue Reading

MCA UPDATE

New Version of e-Forms

Forms CRA-2, CRA-4, SH-8, CHG-4 and MR-2 Forms are likely to be revised on MCA21 Company Forms Download page w.e.f 22nd September, 2016. Stakeholders are advised to check the latest version before filing.

BOARD RESOLUTIONS

• Board Resolution - Acceptance of Fixed Deposit from Members of the Company
• Board Resolution - Acceptance of resignation of Managing Director / Whole...Continue Reading

SEBI UPDATE

Standardization and Simplification of Procedures for Transmission of Securities

With a view to make the process of transmission of securities more efficient and investor friendly, Securities and Exchange Board of India had issued a circular no. CIR/MIRSD/10/2013 dated October 28, 2013.

Pursuant to various investors requests and complaints from the investors with regard to the clarification of certain points...Continue Reading

RBI UPDATE

Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016

The Reserve Bank of India in exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, has issued these directions for compliance of the same by every non-banking financial company undertaking the business of Account...Continue Reading

MCA UPDATE

Amendment to Schedule V of Companies Act, 2013

In exercise of the powers conferred by sub-sections (1) and (2) of section 467 of the Companies Act, 2013, the Central Government has made various amendment in Schedule V of the said Act which deals with appointments and remuneration of managerial personnel of companies.  

Listing Regulation

• Auditor’s Report on Quarterly Financial Result s...Continue Reading