Legal Updates - Corporate Law Reporter

SEBI circular on Margin provisions for intra-day crystallised losses

CIRCULAR CIR/MRD/DRMNP/008/2018 January 08, 2018 All Recognised Clearing Corporations Dear Sir/Madam, Sub: Margin provisions for intra-day crystallised losses 1. The margining system of Clearing Corporations currently levies margin based on net buy value (Buy – Sales value of underlying) of unsettled trades in the cash segment and based on the net open positions (Open Interest)… Read More

Electronic book mechanism for issuance of securities on private placement basis

CIRCULAR SEBI/HO/DDHS/CIR/P/2018/ 05 January 05, 2018 To All Recognized Stock Exchanges (except Commodity Exchanges) All Depositories Issuers of debt securities/NCRPS Merchant Bankers and Brokers registered with SEBI Primary Dealers registered with RBI Dear Sir / Madam, Sub: Electronic book mechanism for issuance of securities on private placement basis 1. SEBI vide circular No. CIR/IMD/DF1/48/2016 dated… Read More

Govt. amends the effective rate of customs duty in NOT. No. 82/2017-Customs

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 01/2018-Customs New Delhi, the 5 th January, 2018 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52… Read More

Exchange Rates Notification No.1/2018-Custom(NT) dated 4.1.2018

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) ***** Notification No.1/2018 - Customs (N.T.) New Delhi, dated the 4th January, 2018 14 Pausha 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification… Read More

CBEC excludes petroleum coke from the purview of concessional 5% Basic Customs Duty (BCD)

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 05th January, 2018 No. 02/2018-Customs G.S.R. 15(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied… Read More

Notice for Stakeholders of Condonation of Delay Scheme

Stakeholders of Condonation of Delay Scheme (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivating’ the DINs in system in respect of disqualified Directors is in progress and they may check the status of the relevant DINs by 12th January 2018. However, they are requested to be ready with… Read More

Schemes of Arrangement by Listed Entities and (ii) Relaxation under Rule 19 of the Securities Contracts (Regulation) Rules, 1957

CIRCULAR CFD/DIL3/CIR/2018/2 January 03, 2018 To All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957 1. SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017… Read More

XBRL Returns – Harmonization of Banking Statistics

RBI/2017-18/117 DBR.No.BP.BC.99/08.13.100/2017-18 January 04, 2018 All Scheduled Commercial Banks (Excluding Regional Rural Banks), Madam/Dear Sir, XBRL Returns – Harmonization of Banking Statistics The Reserve Bank of India had constituted an inter-departmental Task-force in December 2014, to provide “harmonised” definitions of major balance sheet/ profit and loss/ off-balance sheet items covered in the banking/ regulatory returns… Read More

Refinancing of External Commercial Borrowings

RBI/2017-18/116 A.P. (DIR Series) Circular No.15 January 4, 2018 To All Category-I Authorised Dealer Banks Madam / Sir Refinancing of External Commercial Borrowings Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to paragraph 2 of the Statement on Developmental and Regulatory Policies issued along with the Fifth Bi-monthly Monetary Policy Statement for… Read More

Submission of Financial Information to Information Utilities

RBI/2017-18/115 DNBR.PD(ARC)CC.No.05/26.03.001/2017-18 January 04, 2018 The Chairman/ Managing Director/ Chief Executive Officer All registered Asset Reconstruction Companies Dear Sir/Madam, Submission of Financial Information to Information Utilities Please refer to circular DBR.No.Leg.BC.98/09.08.019/2017-18 dated December 19, 2017 on the captioned subject. Instructions contained therein are applicable to all registered Asset Reconstruction Companies (ARCs) as well. Yours faithfully, (C.D. Srinivasan)… Read More

RBI issues Master Direction on Foreign investment in India

The Reserve Bank of India, in consultation with the Government of India, has revised the Regulations on foreign investment in India and has repealed and replaced the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 (Notification No. FEMA 20) and Foreign Exchange Management (Investment in a Firm… Read More

MCA XBRL Validation Beta Tool for Ind AS Taxonomy has been released

New version of XBRL Validation Tool with IND-AS taxonomy related changes will be available for Beta Testing shortly. Software Vendors are requested to incorporate the required changes in their tagging tools accordingly.IND-AS Taxonomy and Business Rules are available on XBRL portal. Click here for Business_Rules_for_IndAS_Taxonomy Click here for Final_Ind_AS_Taxonomy IND-AS Taxonomy and Business Rules can be accessed… Read More

Companies (Amendment) Act, 2017 receives President’s assent

Companies (Amendment) Act, 2017 has received assent of the President and the same has been published in the Official Gazette on 3rd January, 2018. The amendments shall come into force from the date notified by the MCA. Different dates may be prescribed by the MCA for different provisions. Another Good News: Latest amendments in Companies… Read More