In this edition we have tried to cover the latest amendment that followed in the month of July issued by MCA, SEBI, RBI and others.
Amendment introduced by MCA
Extension of the last date of filing of Form NFRA-2:
In continuation of the Ministry’s General circular No. 19/2020 dated 30th April, 2020 and after due examination, it has been decided that the time limit for filing of Form NFRA-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)
[Source: MCA Circular No.26/2020, Dated 06th July 2020]
Amendment of item no.(vi) of Schedule VII of the Companies Act,2013:
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 following further amendments in Schedule VII to the said Act as follows http://www.mca.gov.in/Ministry/pdf/NotificationCompAct_10072020.pdf
[Source: MCA Notification, Dated 10th July 2020]
Form PAS-6:
Form PAS-6 shall be available for filing as eForm w.e.f. 15th July 2020
[Source: MCA Website]
Companies (Indian Accounting Standards) Amendment Rules, 2020:
In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015, as follows http://www.mca.gov.in/Ministry/pdf/Rule_24072020.pdf
[Source: MCA Notification, Dated 24th July 2020]
Amendment introduced by SEBI
Securities and exchange board of India (substantial acquisition of shares and takeovers) (Third amendment) regulations, 2020:
In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as follows https://www.sebi.gov.in/legal/regulations/jul-2020/securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-third-amendment-regulations-2020_46990.html
[Source: Notification No. SEBI/LAD-NRO /GN/ 2020/20 ,dated 1st July, 2020]
Securities and exchange board of India (Issue of capital and disclosure requirements) (third amendment) regulations, 2020:
In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as follows https://www.sebi.gov.in/legal/regulations/jul-2020/securities-and-exchange-board-of-india-issue-of-capital-and-disclosure-requirements-third-amendment-regulations-2020_46991.html
[Source: Notification No. SEBI/LAD-NRO /GN/ 2020/21,dated 1st July, 2020]
Securities and Exchange Board of India (International Financial Services Centers) Guidelines, 2015 – Amendments:
In order to further streamline the operations at IFSC, based on the internal discussions and consultations held with the stakeholders, it has been decided to amend clause 4 (1) of SEBI (IFSC) Guidelines, 2015 as follows https://www.sebi.gov.in/legal/circulars/jul-2020/securities-and-exchange-board-of-india-international-financial-services-centres-guidelines-2015-amendments_47034.html
[Source: Circular No. SEBI/HO/IFSC/CIR/P/2020/117 dated 9th July, 2020]
Securities and exchange board of India (Prohibition of insider trading) (Amendment) regulations, 2020:
In exercise of the powers conferred under Section30 read with clause (g) of sub-section (2) of Section 11 and clauses (d) and (e) of Section12A of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board ofIndia (Prohibition of Insider Trading) Regulations, 2015 as follows https://www.sebi.gov.in/legal/regulations/jul-2020/securities-and-exchange-board-of-india-prohibition-of-insider-trading-amendment-regulations-2020_47104.html
[Source: Notification No. SEBI/LAD-NRO /GN/ 2020/23 dated 17th July, 2020]
Relaxations relating to procedural matters –Issues and Listing:
One time relaxations from strict enforcement of certain regulations as follow https://www.sebi.gov.in/legal/circulars/jul-2020/relaxations-relating-to-procedural-matters-issues-and-listing_47135.html
[Source: Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/136 dated 24th July, 2020]
Amendment introduced by RBI
Foreign Exchange Management (Non-debt Instruments)(Third Amendment) Rules, 2020:
Amendments are carried out to insert a new rule 2A which specifies the rules to be administered by the Reserve Bank of India (RBI), relating to interpret and issue such directions, circulars, instructions, clarifications, as it may deem necessary, for effective implementation of the provisions of these rules. Further Schedule 1, serial number 9.3 which specifies the sectoral cap and entry route for air transport services has been substituted.
[Source: RBI Website]
Extension of date of FLA flings with FLAIR portal:
The RBI through an announcement on the Foreign Liabilities and Assets Information Reporting (FLAIR) system website has extended the due date of filing of Foreign Liabilities and Assets (FLA) Return for FY 2019-20to 14th August, 2020.
[Source: RBI Website]
Relaxation to NBFC:
RBI has extended the timeline for finalization of audited accounts by Non Banking Financial Companies (NBFC).
[Source: RBI Website]
Exemption to Venture Capital funds:
The RBI exempts venture capital fund companies from section 45-IA and 45-IC of the Reserve Bank of India Act, 1934. Further, Consequent upon the repeal of Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 and enactment of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, it has been decided to substitute the word “Venture Capital Fund Companies” with “Alternative Investment Fund Companies”, in exercise of the powers conferred under section 45NC of RBI Act, 1934.
[Source: RBI Website]
Miscellaneous Laws
New Consumer Protection Act:
The Consumer Protection Act, passed by the Parliament in 2019, will come into effect from July 20, 2020. The new law aims at further protecting the interest of consumers and strengthening the mandate of consumer courts to take action against errant manufacturers, distributors, and sellers. The law will allow consumers to file complaints related to services or products at the consumer courts based in their district or state.
[Source: Gazette Notification15.07.2020]
The Consumer Protection (E-Commerce) Rules, 2020:
The Ministry of Consumer Affairs, Food and Public Distribution has notified the Consumer Protection (E-Commerce) Rules, 2020 which shall come into force on the date of their publication in the Official Gazette i.e. 23/07/2020.
[Source: Gazette Notification23.07.2020]
The Consumer Protection (Mediation) Regulations, 2020:
The National Consumer Disputes Redressal Commission (NCDRC) has notified the Consumer Protection (Mediation) Regulations, 2020, which shall come into force on the date of their publication in the Official Gazette 24/07/2020.
[Source: Gazette Notification24.07.2020]