In this edition we have tried to bring to your notice the latest amendment that followed in the month of March, 2023 issued by MCA, RBI, SEBI, DIPP and others.
Ministry of Corporate Affairs (MCA)
- MCA notifies the Companies (Indian Accounting Standards) Amendment Rules,2023
The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2023. As per the amended rules, a new para 39AG has been inserted in Ind AS 101, which states that ‘deferred tax related to assets and liabilities arising from a single transaction’ shall apply for annual reporting periods beginning on or after 01.04.2023.
To read more-
- MCA notifies the Amendment in the Companies (Accounts) Rules, 2014,
MCA notification has being made mandatory from 1st April, 2023 for every company to add on the feature of audit trail in their accounting software in which it maintains its books of account. The feature of Audit trail should have an edit log which shall record each and every transaction along with modifications made at any point of time.
Read more at:
https://taxguru.in/company-law/audit-trail-feature-accounting-software-1st-april-2023.
- MCA establishes a Centre for Processing Accelerated Corporate Exit (C-PACE)
In reference with the Notification No. SO-1269(E) dated 17.03.2023 that Ministry of Corporate Affairs establishes a Centre for Processing Accelerated Corporate Exit (C-PACE) in exercise of the powers conferred by sub-section (1) of section 396 of the Companies Act, 2013. This notification shall come into force with effect from the 01st day of April, 2023.
Read more at:
Securities and Exchange Board of India (SEBI)
- Major amendments approved by the SEBI ON 29.03.2023 are given below:
- Balanced framework for ESG disclosures, ratings and investing.
- SEBI to amend SEBI LODR Regulations to introduce a quantitative threshold for determining ‘materiality’ of events/information.
- Top 100 listed companies are required to verify and confirm the market rumors, deny or clarify rumors in the market.
- Periodic approval from the shareholders will be required for (i) special rights granted to a shareholder; and (ii) continuation of directors’ tenure to do away with the practice of permanent board seats.
- The timelines for submission of first financial results by a company which recently got listed, to overcome the challenges faced in immediate submission of financial results
- The vacancy of Directors, Compliance Officer, CEO and CFO are required to be fulfilled within three months.
- Bonus issue shall be made only in dematerialized form
National Stock Exchange
- NSE- Introduction of Issue Summary Document (ISD) – Further Issues:
NSE issued a circular on dated March 31, 2023 in reference with SEBI circular SEBI/HO/CFD/PoD-1/P/CIR/2023/29 dated February 15, 2023 in relation to Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements. The said circular has introduced ISD for the following Further Issues, in XBRL (Extensible Business Reporting Language) format, effective from April 03, 2023: Preferential issue, qualified institutions placement (QIP), Rights issue, Issue of American Depository Receipts (ADR), Issue of Global Depository Receipts (GDR) and Issue of Foreign Currency Convertible Bonds (FCCBs
To read more: NSE_Circular_31032023.pdf (nseindia.com)