In this edition we have tried to bring you notice the latest amendment that followed in the month of July, 2022 issued by MCA, RBI, SEBI, DIPP and others.
AMENDMENTS ISSUED BY MCA
MCA notification for V3 portal w e f 31st August 2022
Following forms will be rolled out in this phase: DIR3-KYC Web, DIR3-KYC E-form, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9.
To read more –https://www.mca.gov.in/content/mca/global/en/home.html
MCA CLARIFICATION FOR “HAR GHAR TIRANGA” (CSR FUNDS SPENDING)
It is clarified that spending of CSR funds for the activities related to this campaign, such as mass scale production and supply of the National Flag, outreach and amplification efforts and other related activities, are eligible CSR activities.
To read more – https://www.mca.gov.in/bin/dms/getdocument?mds=dXH1ziMu%252FmN%252BBSRLHN9evw%253D%253D&type=open
CBDT NOTIFICATION FOR PAN APPLICATION & ALLOTMENT (FILLIP-MCA) An applicant may apply for allotment of a pan through a common application form (CAF), CAF in the form of (Form) FiLLiP has been notified by MCA.
To read more https://www.mca.gov.in/bin/dms/getdocument?mds=kvBTyn49lNlMUOv%252B38VTDg%253D%253D&type=open
AMENDMENTS ISSUED BY SEBI
SEBI-NEW GUIDELINES-SETTLEMENT OF RUNNING ACCOUNTS
Under the new guidelines, SEBI decided that the settlement of running account of funds of the client shall be done by the TM after considering the End of the day (EOD) obligation of funds as on the date of settlement across all the Exchanges on the first Friday of the Quarter (i.e., Apr-Jun, Jul-Sep, Oct-Dec, Jan–Mar) for all the clients..
To read more- https://www.mca.gov.in/bin/dms/getdocument?mds=kvBTyn49lNlMUOv%252B38VTDg%253D%253D&type=open
SEBI HAS PROPOSED A FRAMEWORK FOR THE ONLINE BOND PLATFORMS
Under the proposal, bond platforms should register as stock brokers (debt segment) with the SEBI or be run by SEBI-registered brokers, according to a consultation paper. . To read more- https://www.sebi.gov.in/reports-and-statistics/reports/jul-2022/consultation-paper-on-online-bond-trading-platforms-proposed-regulatory-framework_61087.html
AMENDMENTS ISSUED BY NSE/BSE
STOCK EXCHANGES HAVE ISSUED A CIRCULAR W.R.T MAINTENANCE OF A FUNCTIONAL WEBSITE REGULATION 46 & 62 OF SEBI (LODR).
All the listed entities are requested to disseminate certain requirements mentioned in sub-regulation 2(46) and 62(1) of Listing Regulation for equity and debt listed entities, respectively, under a separate section on its website.
To read more- https://static.nseindia.com//s3fs-public/inlinefiles/NSE_CIRCULAR_04072022.pdf
NSE has directed the listed to furnish information required under Reg 46 & 62 of LODR . As per Reg 46 and Regulation 62 of SEBI LODR, 2015, the listed entities are required to maintain a functional website containing basic information about the Company.
To read more- https://static.nseindia.com//s3fs-public/inline-files/NSE_Circular_11072022.pdf
AMENDMENTS ISSUED BY RBI
RBI HAS ISSUED A NOTIFICATION TO RELAX PROVISIONS FOR OVERSEAS INVESTMENTS IN THE DEBT MARKET AND FOREIGN CURRENCY LENDING BY BANKS,
Accordingly, Banks can utilise the funds raised from overseas foreign currency borrowing between July 8 and October 31, 2022 for lending in foreign currency to constituents in India.
To read more- https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12355&Mode=0
RBI RELEASE-MASTER DIRECTION ON NBFCs
The master direction is revised for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any NBFC-ND-SI and NBFC-D from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such NBFCs.
To read more- https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10585
AMENDMENTS ISSUED BY IBBI
IBBI (IPA)(AMENDMENT) REGULATIONS, 2022 TO FURTHER AMEND THE IBBI (IPA) REGULATIONS, 2016
Through the amendment, Regulation 8 which deals with “Disciplinary proceedings “has been substituted to provide that the Disciplinary Proceedings shall be conducted as per code read with rules and regulations.
To read more- https://ibbi.gov.in/uploads/legalframwork/7ed6c5fe677e5114ec5d1e0ccf5d2704.pdf
IBBI HAS PUBLISHED IBBI (IP) (AMENDMENT) REGULATIONS, 2022
Through the amendment, An IP is now duty-bound to disclose his relationship with the Corporate Debtor (CD), other professionals engaged by him, financial creditors, interim finance providers, and prospective resolution applicants to the insolvency professional agency of which he is a member, within three days of the relationship being established as detailed in the regulation.
To read more – https://ibbi.gov.in/uploads/legalframwork/11dcaa983423cb22743089cf13aec4d6.pdf
Miscellaneous
RULE 43A NOTIFIED UNDER SEZ
New Rule 43A which deals with work from home has been notified to provide that a Unit may permit its employees, including contractual employees, to work from home or from any place outside the Special Economic Zone in accordance with this rule.
To read more- https://egazette.nic.in/WriteReadData/2022/237284.pdf
PUNJAB GOVT AMENDED WORKING HOURS
Every employee working in the establishment shall be given one day holiday in a week without making any deductions from his/her wages on account thereof and list of the time table of such holidays for a month shall be placed on the notice board in advance.
To read more- https://pblabour.gov.in/Content/documents/shop_guidelines.pdf