Legal Updates

SEBI issues circular on Investment of own funds by Clearing Corporations in IFSC

Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2018/82 May 21, 2018 All recognized Clearing Corporations in International Financial Services Centre (IFSC) Dear Sir / Madam Investment of own funds (excluding funds lying in Core Settlement Guarantee Fund) by Clearing Corporations in International Financial Services Centre (IFSC) SEBI vide circular SEBI/HO/MRD/DRMNP/CIR/P/2016/54 dated May 04, 2016, has… Read More

RBI issues directions for setting up of IFSC Banking Units (IBUs)

RBI/2017-18/177 DBR.IBD.BC. 105/23.13.004/2017-18 May 17, 2018 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Setting up of IFSC Banking Units (IBUs) – Permissible activities Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs). 2. In terms of para… Read More

SEBI amends Circular on Monitoring of Foreign Investment limits in listed Indian companies

CIRCULAR SEBI/HO/IMD/FPIC/CIR/P/2018/81  May 17, 2018 To, 1. All Foreign Portfolio Investors (through their designated Custodian of Securities) 2. The Depositories (NSDL and CDSL) 3. The Stock Exchanges (BSE, NSE and MSEI) Sir/ Madam, Subject: Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of… Read More

MCA issues corrigendum to Companies (Audit and Auditors) Second Amendment Rules, 2018

MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 17th May, 2018 G.S.R. 461(E).— In the notification of the Government of India in the Ministry of Corporate Affairs number G.S.R. 432(E), dated the 7th May, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 7th May, 2018, at page… Read More

Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018 notified

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th May, 2018 G.S.R. 456(E).—In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation… Read More

RBI revises guidelines on lending to Priority Sector for Primary UCBs

RBI/2017-18/175 DCBR.BPD (PCB).Cir.No.07/09.09.002/2017-18 May 10, 2018 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam Revised guidelines on lending to Priority Sector for Primary (Urban) Co-operative Banks (UCBs) Please refer to our circular UBD.CO.BPD.(PCB).MC.No.18/09.09.001/2013-14 dated October 8, 2013 on the captioned subject and amendments thereto from time to time, consolidated in Master Circular DCBR.BPD.(PCB).MC.No:11/09.09.001/2015-16… Read More

SEBI circular on implementation of certain recommendations of Committee on Corporate Governance

Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/CMD/CIR/P/2018/79 May 10, 2018 To, 1. All the listed entities 2. All the recognized stock exchanges Sir/Madam, Sub: Circular for implementation of certain recommendations of the Committee on Corporate Governance under the Chairmanship of Shri Uday Kotak 1. The Committee on Corporate Governance under the Chairmanship of Shri… Read More

SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 notified

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 9, 2018 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 9th May, 2018 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2018 No. SEBI/LAD-NRO/GN/2018/10. ─ In exercise of the powers conferred by… Read More

MCA amends Companies (Prospectus and Allotment of Securities)Rules, 2014

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, The 07 May, 2018 GSR. (E):- - In exercise of the powers conferred by section 26 read, with section 469 of the Companies Act, 2013 (18 of 2013), the Central Govemment hereby makes the folowing rures further to amend the Companies (Prospectus and Allotment of securities) Rules, 2014, namely:… Read More

Section 227 and 229 of IBC to be enforceable w.e.f 1st May 2018

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st May, 2018 S.O. 1817(E).—In exercise of the powers conferred by sub-section (3) of Section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st day of May, 2018 as the date on which the provisions of Section 227… Read More

SEBI releases circular on Trading Hours on Stock Exchanges

CIRCULAR SEBI/HO/MRD/DRMNP/CIR/78 May 04, 2018 All recognized Stock Exchanges and recognized Clearing Corporations (except those in International Financial Services Centre) Dear Sir / Madam Trading Hours on Stock Exchanges Pursuant to the approval of the SEBI Board, in its meeting held on December 28, 2017, Stock Exchanges have been permitted to trade commodity derivatives along… Read More

SEBI seeks public views on Review of Regulations and Circulars on Market Infrastructure Institutions

May 04, 2018 PR No.: 11/2018 SEBI seeks public comments on Reports submitted by Committee on Review of Regulations and Relevant Circulars pertaining to Market Infrastructure Institutions (MIIs) A discussion paper on review of regulations and relevant circulars pertaining to Market Infrastructure Institutions (MIIs) was placed on SEBI website on February 22, 2017, for seeking public comments.… Read More

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962

Ministry of Finance  03 MAY 2018 Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has… Read More

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