In this edition we have tried to bring you notice the latest amendment that followed in the month of September, 2022 issued by MCA, RBI, SEBI, DIPP and others.
AMENDMENTS ISSUED BY MCA
Amendment to Schedule III to the Companies Act, 2013 vide Notification GSR. 207(E)
The notification mandates companies to round off the figures appearing in the Financial Statements depending upon their total income. However, if the companies provide absolute figures in e-forms ie. AOC-4, the same shall not be treated as incorrect certification by the Professionals.
To read more- https://www.mca.gov.in/content/mca/global/en/home.html
MCA extends due date for DIR3 KYC AND KYC WEB
Representations has been received in the ministry and matter vhas been examined and it is decided to allow filing of DIR3 KYC AND KYC WEB upto 15th October without payment of Additional Fees. To read more –https://www.mca.gov.in/bin/dms/getdocument?mds=7QUIB%252FsKoFbd2uXZjD3YXg%253D%253D&type=open
MCA amends Companies (Corporate Social Responsibility Policy) Rules, 2014
Mca amends rule 3,4,8 of Companies (Corporate Social Responsibility Policy) Rules, 2014 providing for the words “five percent”, the words “two per cent.” shall be substituted; (ii) for the words “whichever is less”, the words “whichever is higher” shall be substituted and and rule 4(1) has been substituted.
To read more- https://www.mca.gov.in/bin/dms/getdocument?mds=mJSgtVf5sUlxl4nsS4QvyQ%253D%253D&type=open
AMENDMENTS ISSUED BY RBI
New Overseas Direct Investment Rules, Regulation and Master Direction
The OI Rules, the OI Regulations and the OI Directions (hereinafter collectively referred to as New OI Norms) have been issued, keeping in the spirit of liberalization and to promote ease of doing business. These new OI Norms have been notified in supersession of the Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004 and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015 (Old OI Norms).
To read more- https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12380&Mode=0
Reserve Bank of India Guidelines on Digital Lending
Guidelines has been issued by Reserve Bank for Digital Lending by Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks and NBFC(including Housing Finance Companies). As per the guidelines, the Regulated Entities (RE) shall ensure that all loan servicing, repayment, etc., shall be executed by the borrower directly in the RE’s bank account without any pass-through account/ pool account of any third party.
To read more-https://rbidocs.rbi.org.in/rdocs/notification/PDFs/GUIDELINESDIGITALLENDINGD5C35A71D8124A0E92AEB940A7D25BB3.PDF
AMENDMENTS ISSUED BY SEBI
SEBI Notification under Securities Contract Regulation Act 1956
“Electronic Gold Receipt” means an electronic receipt issued on the basis of deposit of underlying physical gold in accordance with the regulations made by the Securities and Exchange Board of India under section 31 of the said Act.
SEBI issued Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007
SEBI has now strengthened the Guidelines for Debenture Trustees (DTs) with respect to listed securities. In furtherance of the decision to strengthen the role of DTs taken by SEBI at its meeting held on September 29, 2020, SEBI has enacted the (i) Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2020; (ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020; and (iii) Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020.