Legal Updates - Corporate Law Reporter

SEBI issues clarification on margin trading facility

CIRCULAR CIR/MRD/DP/ 86/2017 August 01, 2017 To, All Stock Exchanges Dear Sir/Madam, Sub: Margin Trading Facility- Clarification 1. SEBI vide circular CIR/MRD/DP/54/2017 dated June 13, 2017 prescribed comprehensive framework for permitting stock brokers to provide margin trading facility to their clients. 2. Representations have been received from the Stock brokers and their Association requesting to… Read More

CBEC rescinds notification no 63/2017-customs dated 05.07.2017.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 69 /2017 -Customs New Delhi, the 31st July, 2017 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

CBEC amends notification no 50/2017-cus dated 30.06.2017.

[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) (CENTRAL BOARD OF EXCISE AND CUSTOMS) NOTIFICATION No. 70 /2017-Customs New Delhi, the 31st July, 2017 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section… Read More

MoL&E enters into agreement with banks or easy deposit & withdrawals of EPF Contributions

Agreements with Banks for easy deposit & withdrawals of EPF Contributions The Employees’ Provident Fund Organisation (EPFO) has tied up/entered into agreement with ten banks to collect EPFO dues and to make payments of Provident Fund (PF) withdrawals, pension and insurance to EPFO beneficiaries. These banks are State Bank of India, Punjab National Bank, Indian… Read More

Number of Income Tax payers increased after demonetisation:MoF

Increase in number of Income Tax payers after demonetisation The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.… Read More

Govt. mandates Aadhaar linkage to PAN cards

Mandating Aadhaar linkage to PAN cards Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective of one PAN to one assessee it is required to… Read More

RBI issues Cyber security framework to mitigate cyber crimes in banks

Measures to check cyber crimes in Banking System As per data reported by the Reserve Bank of India (RBI), the number of cyber crime pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15, to 13,653 in 2016-17. RBI has issued Cyber Security Framework in… Read More

Govt. imposes levy of 10% BCD on cellular mobile phones and certain electronic goods

Government imposes levy of 10% basic customs duty (BCD) on cellular mobile phone, specified parts thereof and certain electronic goods. The Government had constituted Inter Ministerial Committee [IMC] comprising of officers from Ministry of Electronics and Information Technology (MeitY), the Department of Commerce (DoC), Department of Telecommunication (DoT) and Department of Revenue (DoR) to identify… Read More

Government enters into 9 UAPAs with Indian taxpayers in July, 2017

Government enters into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in July, 2017 The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July, 2017. Some of the UAPAs signed had rollback provisions also. The APA Scheme endeavours to provide certainty… Read More

SEBI amends Serial No. 2889(E) dt. 20th October, 2015

MINISTRY OF FINANCE (Department of Economic Affairs) (FINANCIAL MARKET DIVISION) NOTIFICATION New Delhi, the 28th July, 2017 S.O. 2419(E).—In exercise of powers conferred by Sub-Section 1 read with Section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following further amendment in the notification… Read More

SEBI amends Issue of Capital and Disclosure Requirements Regulation

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JULY 31, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 31st July, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2017 No.SEBI/LAD-NRO/GN/2017-18/014─ In exercise of the powers conferred under… Read More

SEBI constitutes Committee on Fair Market Conduct

PRESS RELEASE Aug 01, 2017 PR No.: 50/2017 SEBI constitutes “Committee on Fair Market Conduct” A fair and efficient securities market stands on investor confidence. The same can be instilled by keeping the market free from manipulative practices. Regulatory intervention in this regard has been made in the areas of market manipulation and insider trading in the… Read More

SEBI to take action against ELC’s pending exit offers to the shareholders

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2017/92 August 01, 2017 All Listed Entities All Registered Registrar & Share Transfer Agents All Depositories All Recognised/Non-operational /Exited Stock Exchanges All Exclusively Listed Companies on the Dissemination Board (shares of companies available for buying and selling and not for companies referred as vanishing companies) Dear Sir/Madam, Sub: Action against Exclusively Listed Companies and… Read More