In this edition we have tried to bring you notice the latest amendment that followed in the month of February, 2024 issued by MCA, RBI, SEBI, IBBI and others.
- MCA(Ministry of Corporate affairs)
The Ministry of Corporate Affairs (MCA) has notified the Companies (Registration Offices and Fees) Amendment Rules, 2024
The Registrar of the Central Processing Center is empowered to examine or cause to be examined every application or e-Form or document required or authorized to be filed or delivered as provided under Section 396(3), for approval, registration or taking on record by the Registrar. The Registrar of the Central Processing Center shall exercise jurisdiction all over India in respect of the examination of application, e-Forms.
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Deployment and usage of Change Request Form (CRF) on MCA-21
Change Request Form (CRF) has been made available on V3 portal for the convenience of users of MCA-21 services. This web- based Form is to be used only under exceptional circumstances, for making a request to Registrar of Companies (ROCs), for the purposes which cannot be catered through any existing form or services or functionality available either at Front Office level (users of MCA-21 services) or Back Office level (ROCs). This Form should also not be used as a substitute for any approval related and registration related queries for which existing tickets and help desk facilities must be used.
To read more:
https://www.mca.gov.in/bin/dms/getdocument?mds=Gdp7pwkWmPucgX1GlBvdSw%253D%253D&type=open
- IBBI (Insolvency and bankruptcy Board of India)
The IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
To streamline the Corporate Insolvency Resolution Process (CIRP), and to ensure financial transparency and accountability, it mandatory to have a separate bank account for each real estate project under a corporate debtor. With an aim to increase transparency and reduce disputes over valuation related issues, the amendment provides for explaining the valuation methodology to the members of the COC before the computation of estimates.
To read more:
https://ibbi.gov.in/uploads/legalframwork/88458173f47fbda03d775370a420f307.pdf
Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
It is clarified that to facilitate the request received from a stakeholder, under regulation 39(7), who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account for withdrawal before the dissolution of the corporate person, the liquidator shall apply to the Board for the release of the amount for onward distribution to the stakeholders.
To read more:
https://ibbi.gov.in/uploads/legalframwork/e0eb050c966002846267b7ef7e9fd5de.pdf
- SECURITIES LAWS AND CAPITAL MARKET
Centralization of certifications under Foreign Account Tax Compliance Act (FATCA)and Common Reporting Standard(CRS)at KYC Registration Agencies (KRAs)
Based on feedback received from stakeholders in securities market, and for ease of doing business and compliance reporting, it is decided that the intermediaries, who are RFI, shall upload the FATCA and CRS certifications obtained from the clients onto the system of KRAs.
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- MISCELLANEOUS
PFRDA (Pension Fund Regulatory and Development Authority) notifies amendments to National Pension System Trust (NPST) and Pension Fund Regulations for Good Governance
The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO. The amendments in key areas aim at simplification and reducing compliance.
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