Legal Updates - Corporate Law Reporter

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 5th September 2016 G.S.R._____ (E).- In exercise of the powers conferred by sub-sections (1), (2), (3), (4), (8), (9), (10) and (11) of section 125 and sub-section (6) of section… Read More

Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, 31st August, 2016. PRESS RELEASE Sub: Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA - reg.- The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into… Read More

Effective date notified for Section 124 and 125 of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th September, 2016 S.O. 2866(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints 7th September, 2016 as the date on which the provisions of section 124, sub-sections (1) to (4), (6)… Read More

Ease of Doing Business – Paperless PAN & TAN application process

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd July, 2016. Sub :- Ease of Doing Business – Paperless PAN & TAN application process. For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the… Read More

Master Direction- Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17 September 02, 2016 Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 The Reserve Bank of India, (the Bank), in exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934 (hereinafter referred to “the Act”), and of all the powers enabling it… Read More

Designation of Special Court

The Ministry of Corporate Affairs has issued a notification dated 1st September, 2016 in exercise of the powers conferred by sub-section(1) of section 435 of the Companies Act, 2013(18 of 2013). Please click on the below link to download complete notification: Designation of Special Court Read More

FAQS on SEBI circular CIR/IMD/FPI&C/59/2016 dated June 10, 2016

Frequently Asked Questions (FAQs) on SEBI circular CIR/IMD/FPI&C/59/2016 dated June 10, 2016 FAQ 1. The Beneficial Owner is defined in sub rule (3) of Rule (9) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (“PMLA Rule 9”) as a natural person holding in excess of the threshold, 15% or 25% as applicable. The… Read More

MCA releases new LLP Forms

LLP Forms Form 4, Form 5 and Form 8 are likely to be revised on MCA21 LLP Forms Download page w.e.f 8th September 2016. Stakeholders are advised to check the latest version before filing. Read More

IEPF Forms are likely to be available on the IEPF portal w.e.f 7th Sep 2016

IEPF Forms are likely to be available on the IEPF portal w.e.f 7th Sep 2016. Stakeholders are requested to plan accordingly Read More

Additional risk management norms for National Commodity Derivatives Exchanges

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 September 01, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Sir / Madam, Sub: Additional risk management norms for National Commodity Derivatives Exchanges 1. With an objective of streamlining and strengthening the risk management framework across national commodity derivatives exchanges SEBI vide circular CIR/CDMRD/DRMP/01/2015 dated October 01, 2015,… Read More

Spot Price Polling Mechanism

CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/78 September 02, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Dear Sir / Madam, Sub: Spot Price Polling Mechanism 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable… Read More

Advances against Term Deposits of Non-members

RBI/2016-17/57 DCBR.BPD (PCB).BC.No.3/12.05.001/2016-17 September 1, 2016 The Chief Executive Officers Salary Earners Primary (Urban) Co-operative Banks Dear Sir/Madam, Advances against Term Deposits of Non-members In terms of our circular UBD.No.BL.(SEB)5A/07.01.00-2001/02 dated August 8, 2001, Salary Earners’ Primary (Urban) Co-operative Banks (SEBs) applying for permission to open branches should ensure, inter alia, that their byelaws do… Read More

Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/44 Master Direction DNBR.PD.007/03.10.119/2016-17 September 01, 2016 Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the financial system to the… Read More