Newsletter May(2021)

May 10, 2021by admin0

SECURITIES EXCHANGE BOARD OF INDIA (SEBI)

RELAXATION IN TIMELINES FOR COMPLIANCE WITH REGULATORY REQUIREMENTS BY DEBENTURE TRUSTEES DUE TO THE COVID-19 PANDEMIC

Circular is issued in exercise of the powers conferred upon SEBI to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market. Read More

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING BY LISTED ENTITIES

There is an increased focus of investors and other stake holders seeking businesses to be responsible and sustainable towards the environment and society. Thus, reporting of company’s performance on sustainability related factors has become as vital as reporting on financial and operational performance. Read More

ENHANCEMENT OF OVERALL LIMIT FOR OVERSEAS INVESTMENT BY ALTERNATIVE INVESTMENT FUNDS (AIFS)/VENTURE CAPITAL FUNDS(VCFS)

SEBI registered AIFs and VCFs are permitted to invest overseas, subject to an overall limit of USD 750 million. The limit has now been enhanced to USD1,500million. Read More

PROCEDURE FOR SEEKING PRIOR APPROVAL FOR CHANGE IN CONTROL OF SEBI REGISTERED PORTFOLIO MANAGERS

Regulation 11(aa) provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Read More

RELAXATION FROM COMPLIANC TO REITS AND INVITS DUE TO THE COVID19 VIRUS PANDEMIC

SEBI is in receipt of representations from InITs and REITs requesting extension of timelines for various regulatory filings and compliances for InvITs and REITs for the period ending March 31, 2021 inter-alia, due to ongoing second wave of the CoVID-19 pandemic and restrictions imposed by various state governments. Read More

FORMAT OF COMPLIANCE REPORT ON CORPORATE GOVERNANCE BY LISTED ENTITIES

A listed entity is required to submit a quarterly compliance report on corporate governance in the format specified by the Board from time to time to recognised Stock Exchanges. Read More

RELAXATION IN COMPLIANCE WITH REQUIREMENTS PERTAINING TO AIFS AND VCFS

SEBI in receipt of representation from AIF Industry, requesting extension of timelines for various regulatory filings and compliances for AIFs and VCFs, due to ongoing second wave of the CoVID-19 pandemic and restrictions imposed by various state governments. Read More

DISCLOSURE OF THE FOLLOWING ONLY W.R.T SCHEMES WHICH ARE SUBSCRIBED BY THE INVESTOR

a. risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and b. Details of the portfolio. It has been decided to extend the implementation date of the provisions of the aforesaid circular. Read More

MINISTRY OF CORPORATE AFFAIRS (MCA)

RELAXATION ON LEVY OF ADDITIONAL FEES IN FILING CERTAIN FORMS UNDER CA, 2013 AND LLP ACT, 2008

MCA has provided relaxation on levy of additional fees for filing of certain forms other than the charge related forms having due dates between April 01, 2021 and May 31, 2021.These forms can now be filed upto July 31, 2021 without levy of additional fees. Read More

CLARIFICATION ON OFFSETTING THE EXCESS CSR SPENT FOR FY 2019-20

If a company has contributed any amount to PM CARES fund and the said contribution is over and above the minimum amount then the same can be set off against the CSR obligation for FY 2020-21 only subject to certain conditions Read More

RELAXATION W.R.T. GAP BETWEEN TWO BOARD MEETINGS
The MCA with circular extended the interval of 120 days for holding Board meetings by a period of 60 days. The gap between 2 board meetings may extend to 180 days instead of 120 days. Read More

GOVERNMENT CONSIDERING FDI POLICY TWEAK TO FACILITATE BPCL PRIVATIZATION

Allow’s overseas investors pick up majority stake in the India oil refiner Bharat Petroleum Corp Ltd by privatising BPCL and is selling its entire stake in the company. Vedanta had put in an expression of interest for buying the government’s 52.98 per cent stake in the PSU. Read More

IBC AND RBI

LALIT KUMAR JAIN VS. UNION OF INDIA & ORS.

Central Government brought into force provisions relating to the personal guarantors (PGs) to CDs. Supreme Court noted that the Code was at a nascent stage and it was better that the interpretation of the provisions is taken up by it to avoid any confusion and to authoritatively settle the law and the court held that the approval of a resolution plan relating to a CD not operate as a discharge of the liabilities of PGs the CD. Read More

PRIORITY SECTOR LENDING (PSL) -ON-LENDING BY SMALL FINANCE BANKS (SFBS) TO NBFC-MFIS
Due to the COVID-19 pandemic and to address the emergent liquidity position of smaller MFIs. The RBI allowed fresh credit extended by SFBs to NBFC-MFIs and other MFIs Societies, trust, etc., which are members of RBI recognised self-regulatory organisation and gross loan portfolio The loans shall be for the purpose of on-lending to individuals.Read More

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