Mrinal Shankar & Associates

Mrinal Shankar & Associates Basic reason for creating this page is for keeping the associates well informed about the regulatory law changes.....

22/08/2015

📮RBI UPDATE:-

💻ONLINE filing of FCTRS (Foreign Currency Transfer of Share) return through e-biz portal of Govt. of India. Now, transfer between, PRI and PROI or vice -versa of shares/ convertible debentures/ partly paid shares and warrants can be reported online.

👇Salient features👇:-

1. Online filing optional and to be available w.e.f. 24.08.2015.

2. Customer to upload digitally signed FCTRS through e-biz portal.

3. AD ( Authorised Dealer Banks) to download form and verify (may ask for additional info).

4.Post verification, AD to upload form to RBI, who after processing will allot UIN (Unique Identification Number)

Source:-
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9993&Mode=0

20/08/2015

MCA UPDATE:📮

MCA has on 19-08-2015 come out with finalized rules for service conditions of President & members (NCLT); and Chairperson & members (NCLAT) which are yet to be notified.

Source: MCA website

http://www.mca.gov.in/Ministry/pdf/NCLAT_Rules_19082015.pdf

http://www.mca.gov.in/Ministry/pdf/NCLAT_Rules_19082015_1.pdf

12/08/2015

📮SEBI UPDATE:

SEBI has vide notification dated 11-08-2015 has issued SEBI (ICDR), 3rd amendment regulations, 2015

⚫FAST TRACK ISSUE

🔹Dilutions:

1. The average Market Capitalisation required is now reduced from 3000 crore to 1000 crore for public issue and 250 crore for right issue.

2. The Condition pertaining to compliance of equity listing agreement for a period of min. 3 years before reference date now has a carve-out. Now, imposition of only monetary fines by STX shall not be a ground for ineligibility for Fast Track Issue.

🔹Added Conditions:

1. The issuer or promoter or promoter group or director of the issuer has not settled any alleged violation of securities laws through the consent or settlement mechanism with the Board during 3 years immediately preceding the reference date.

2. In Right Issue, promoters and promoter group shall mandatorily subscribe to their rights entitlement and shall not renounce their rights except

a) Renunciation within promoter group allowed;
b) Renunciation to comply with condition of minimum public shareholding (rule 19a of SCRA) can be done.

3. No suspension of equity shares should have been done as a disciplinary measure during 3 years immediately preceding the reference date.

4. There should be no conflict of interest between lead merchant Banker and Issuer/its associate/ group.

⚫NET ISSUE PROCEEDS DISCLOSURES

1. Net issue proceeds pending utilisation shall be kept at only in the scheduled commercial banks included in the Second Schedule of RBI Act and disclosure should be there in Prospectus/letter of Offer.

2. Net issue proceeds shall be, in case of IDR kept in in a bank having a credit rating of 'A' or above by an international credit rating agency and disclosure should be there in Prospectus/addendum to offer for Right Issue.

08/08/2015

SEBI Chairman U.K. Sinha said in an interview that requirement of Special Resolution in case Related Party Transaction will be brought down to Ordinary Resolution aligning it with the Companies Act, 2013.

Source: wap.business-standard.com/article/companies/sebi-set-to-align-its-governance-norms-with-companies-act-115080601136_1.html

16/07/2015

📢
RBI & SEBI UPDATE 16/07/2015

📰RBI

🔹Revision in Guidelines of concurrent audit of Banks

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9949&Mode=0

🔹Inscribing on Bank Notes

RBI has come out with a press release urging the members public and institutions to not to deface Bank notes by writing anything on watermark window which makes it difficult to distinguish it from counterfeit notes.

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=34469

🔹Amendment to FEM (Transfer or Issue of Securities by PROI Regulations) regarding issuance of ESOPs.

Major changes:-

1. Employee defined which now includes employee, director of company/ its JV/ wholly owned overseas subsidiaries. Employees/ Director of holding company also covered.

2. Recognised the concept and sweat equity shares and inserted definition for it.

3. Restriction that face value of shares alloted to non-resident employees shouldn't be more than 5% of paid up capital removed.

4. Scheme should be in conformity to SEBI Guidelines/ Companies (share capital and debenture rules), 2014.

5. Prior FIPB permission reqd. if company falls under approval route or shares being issued to citizen of Pakistan/Bangladesh.

6. Issuing company to furnish to the Regional Office of the RBI within 30 days a return as per Form-ESOP.

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9944&Mode=0

📰SEBI

Policy on annulment of trades undertaken on stock exchange to bring uniformity and transparency in the process of trade annulment by Stock exchanges.

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1437033678905.pdf

14/07/2015

MINISTRY OF FINANCE - PRESS RELEASE
Clearing misapprehension on service charge

It is clarified that ‘Service Charges’ collected by the restaurants etc. are retained by them and are not ‘Service Tax’ imposed by the Government.

It is further clarified that effective rate of service tax in respect of serving of food or beverage by a restaurant etc. having Air–Conditioning or Central Air-Heating in any part of the establishment is 5.6% (14% of 40%) of the total amount charged.

Source:Ministry of Finance Website
http://finmin.nic.in/press_room/2015/serviceTax_By_Hotels14072015.pdf

14/07/2015

MCA update:

e forms MGT-7, AOC 4 and AOC 4 XBRL shall be available by 30.09.2015 and eform AOC 4 CFS ( For consolidated A/c) will be available by October, 2015.

Additional fees of MGT-7, AOC 4 and AOC 4 XBRL relaxed upto 31.10.2015.

Additional fees of AOC 4 CFS for companies on which XBRL is not applicable relaxed upto 30.11.2015.

10/07/2015

RBI Updates

1. Obtaining prior approval in cases of acquisition/ transfer of control of NBFCs

RBI has issued NBFC (Approval of Acquisition or Transfer of Control) Directions, 2015 in place of earlier Directions.

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CN11294B9AB06785045C3A3C6CEDCDEBCDA37.PDF

2. Submission of Annual Return by NBFC-ND

All non-deposit taking NBFCs (NBFCs-ND), with assets size less than Rs. 500 crore are required to submit an Annual Return to be filed annually within 30 days of closing of financial year.

RBI has notified forms in this respect.

Form NBS 8 is for NBFC-ND with assets size between 100-500 crores.
Form NBS 9 is for NBFC-ND with assets size below 100 crores.

No change in the returns prescribed for NBFCs with assets of Rs 500 crore and above.

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/119NTDNBS2163025105B74844A32C422681B9C0E0.PDF

07/07/2015

SEBI has come out with a circular dtd. 06/07/2015 regarding framework of Cyber Security and Cyber Resilience for STXs, Clearing Corporations and Depositories.

SEBI has done this to conform to the principles of IOSCO (International Organization of Securities Commission), being its member.

Compliance timeline:- within 6 months from this Circular

Salient features of framework document:-

1. formulation of cyber security and cyber resilience policy.

2. The policy to contain identify, protect, detect, respond and recover process and should also contain prescribed principles of National Critical Information Infrastructure Protection Centre (NCIIPC).

3. Designating a senior official as Chief Information Security Officer (CISO).

4.Quarterly review of policy implementation.

5. Establishing a reporting procedure to report unusual activities and events to CISO.

Source:- SEBI Website
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1436179654531.pdf

05/07/2015

RBI has directed Banks vide its notification to not to open current account of entities which enjoy credit facilities (fund based or non-fund based) from the banking system without specifically obtaining a No-Objection Certificate (NOC) from the lending bank(s).

However, the Banks may open the account if no response received from existing bankers after minimum 15 days waiting period.

Further RBI has also said that Banks should not only rely on NOC but should also check CRILC (Central Repository of Information on Large Credit) info to improve credit discipline.

RBI may take appropriate penal action in case of non-compliance.

Source:- RBI Website
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/112CIR314FCCAB28184272874225346A167BA6.PDF

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