Compliance Calendar for April, 2021 By CS Lalit Rajput


 About Article :

This article contains various Compliance requirements for the Month of April, 2021 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

If you think compliance is expensive, try non? compliance”

Compliance Requirement Under

1. Income Tax Act, 1961

2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars

3. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

4. Other Statutory Laws and Updates

5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015

6. SEBI Takeover Regulations 2011

7. SEBI (Prohibition of Insider Trading) Regulations, 2015

8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

9. SEBI (Buyback of Securities) Regulations, 2018

10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications

11. Stamp duty rates w.e.f. 1st July 2020 & AIF update

12. Companies Act, 2013 (MCA/ROC Compliance) and Notifications

13. Insolvency and Bankruptcy Board of India (IBBI) Updates

1. Compliance requirement under Income Tax act, 1961

 

Sl.

 

Compliance Particulars

 

Due Dates

 

1

Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

07-04-2021

 

2

Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

07-04-2021

3

Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of February, 2021

14-04-2021

4

Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 2021

14-04-2021

5

Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of February, 2021

14-04-2021

6

Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2021

15-04-2021

7

Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2021

 

 

30-04-2021

8

30 April 2021 -Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2021 has been paid without the production of a challan

30-04-2021

9

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of March, 2021

30-04-2021

10

Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2021

30-04-2021

11

Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of March, 2021

30-04-2021

12

Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2021

30-04-2021

13

Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2020 to March 31, 2021

30-04-2021

14

Due date for deposit of TDS for the period January 2021 to March 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H

30-04-2021


Notes:

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

Click here

Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020.

Click here


Importatnt updates:

1. TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021

In May 2020, the government reduced TDS and TCS rates for interest income, dividend income, rent payments and other non-salary payments by 25%. This was done to increase liquidity in the hands of individuals, especially those going through financial hardships caused by the coronavirus-induced lockdown. The reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2021, and will be applicable till March 31, 2021.

Thus, effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels.

2. Due date extension by CBDT beyond 31st March, 2021

Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalization levy statements also extended to 30th April, 2021.

Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.

introduces Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 for enterprises in Hospitality, Travel & Tourism, Leisure & Sporting sectors. Also extends ECLGS 1.0 & 2.0 up to 30.6.2021.

3. ITR forms for FY 2020-21 notified by the govt

ITR-1 has to be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The income sources for ITR 1 include income from salaries, one house property, other sources such as interest income etc. and agriculture income up to Rs 5,000.

The government has notified the income tax return filing forms for the financial year 2020-21 via a notification dated March 31, 2021. As per the notification, some of the new elements in the forms are: ITR-1 cannot be used by an individual for whom income tax is deferred on ESOPs; if the return is being filed in response to any tax notice then DIN has to be mentioned; the ITR forms also ask the filer to specify the tax regime - new or old- for which he/she has opted.

ITR-1 cannot be used by an individual who is either a director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N of the Income-tax Act, 1961. TDS under section 194N is deducted for cash withdrawal exceeding Rs 1 crore in a financial year from a bank account.

ITR-2 form has to be used by an individual having income/losses from capital gains, or having more than one house property. However, this form cannot be used by an individual who has income from profits and gains from business and profession. The ITR-2 also asks for the DIN number if the ITR-2 is filed in the response to any tax notice from the tax department.

7. The Finance Act, 2021

The Finance Bill, 2021 has received the assent of the President, Shri Ram Nath Kovind, on 28th March, 2021. The Finance Act, 2021 (No. 13 of 2021) contains 172 Sections impacting more than 20 Acts. This Act shall enforce various provisions with effect from 01-02-2021 (i.e., taxation of ULIPs, discontinuation of settlement commission, etc.), some provision shall come into force from 01-04-2021 (i.e., new income escaping assessment procedure, Section 194P, etc.)

Important Notifications – For the month of March - 2021:

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

Amendments in Direct Tax Vivad se Vishwas Act

[Notification No. 09/2021/ F.No. IT (A)/01/2020-TPL

LINK

 

2.

Amendments in the Jurisdiction Order No.3/2020 dated 22.12.2020

F. No. Pro CCIT(IT)/ Delhi/Juris/ Eq. Levy /2020-21/ 1414

 

LINK

 

3.

CBDT issues notification for extension of due date till 31st March, 2021 for filing DTVSV Forms under DTVSV Act, 2020

 

DTVSV Forms

 

LINK

 

4.

FAQs on Video Conferencing and Seek Adjournment,

 

FAQs

 

LINK

 

5.

Partial modification of the notification – “f the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020”

Notification No. 10/ 2021/F. No. 370142/ 35/2020-TPL

 

LINK

 

6.

M/s Bennett University, Greater Noida, Uttar Pradesh under the category of ‘University, College or other institution’ for Scientific Research and Research

Notification No. 12 /2021/ F.No. 203/ 13/2019/ITA-II

 

LINK

 

7

The Income-tax (2 nd Amendment) Rules, 2021

Notification No. 13/2021/ F. No. 142/15/2015-TPL

 

LINK

8

Amendment in the notification no. 70 / 2014 dated the 13th November, 2014.

Notification No. 14 /2021./F. No. 187/7/ 2021 (ITA-I)

 

LINK

9

The Income-tax (3rd Amendment) Rules, 2021.

Notification No. 15/ 2021/ F. No. 370142/ 04/2019-TPL

 

LINK

10

The Income-tax (4th Amendment) Rules, 2021

Notification No. 16/ 2021] [F.No. 370142/ 03/2021-TPL

 

LINK

11

Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 – reg.

Circular No. 04/ 2021

 

LINK

12

Order u/s 119 of the Income-tax Act, 1961

Circular No. 05/ 2021

 

LINK

13

The Income-tax (6 th Amendment) Rules, 2021

Notification No. 19/2021

 

LINK

14

The Income-tax (5th Amendment) Rules, 2021.

Notification No. 18/2021

 

LINK

15

Notification No. 17/ 2021  F. No. 279/Misc./66/2014-SO(ITJ)(Pt.)] / SO 1225(E)

Notification No. 17/2021

 

LINK

16

Notification in partial modification of the notification of the Government of India in the

Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020

Notification No. 20/ 2021/F. No. 370142/35/2020-TPL

LINK

17

The Income-tax (7th Amendment) Rules, 2021

Notification No. 21/ 2021

LINK

18

Facilitation of the conduct of Faceless Assessment proceedings under section 144B of the said Act,

Notification No. 22/2021/F. No. 187/3/2020-ITA-I

LINK

19

To facilitate the conduct of Faceless Assessment proceedings under section 144B of the said Act

Notification No. 23/2021/F. No. 187/3/2020-ITA-I

LINK

20

Central Board of Direct Taxes

Notification No. 24/2021/F. No. 187/3/2020-ITA-I

LINK

21

The Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC)

Notification No. 25/2021/F. No. 187/3/2020-ITA-I

LINK

22

The Faceless Appeal (Amendment) Scheme, 2021.

Notification No. 26/2021/F. No. 370142/33/2020-TPL

LINK


2. Compliance Requirement under GST, 2017

Filing of GSTR –3B

A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

March, 2021

20th April,

2021

-

-

-


B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

March, 2021

22nd April,

2021

 

 

 

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep


C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

March, 2021

24th April,

2021

 

 

 

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi


D. Filing Form GSTR-1:

Tax period

Due Date

Remarks

Monthly return

(March, 2021)

11.04.2021

Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

GSTR-1 (Jan-Mar, 2021)

13.04.2021

GSTR-1 for Jan – Mar 2021 under QRMP Scheme.


E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.

Compliance Particulars

Timeline 

Due Date

GSTR-5 & 5A

Non-resident ODIAR services provider file Monthly GST Return           

20th of succeeding month           

20.04.2021

 

GSTR -6

Every Input Service Distributor (ISD)

 

13th of succeeding month

 

13.04.2021

 

GSTR -7

Return for Tax Deducted at source to be filed by Tax Deductor

 

10th of succeeding month

 

10.04.2021

 

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.04.2021


F. GST Refund:

Form No.

Compliance Particulars

Due Date

 

RFD -10

Refund of Tax to Certain Persons

18 Months after the end of quarter for which refund is to be claimed


Key UPDATE
(s):

1. Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 21. They are requested to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed.

2. Significant Changes from 1st April 2021

A. E-invoicing will be mandatory

The Central Board of Indirect Taxes and Customs (CBIC) notified that e-invoicing will be mandatory for business to business (B2B) transactions for taxpayers having turnover of over Rs 50 crore from April 1, 2021.

E-invoicing replaces the physical invoice and will soon replace the existing e-way bill system, and taxpayers will not have to generate separate e-way bills. The government expects e-invoicing to have also other major advantages, such as improving the payment cycle for industry and giving boost to invoice-based lending to MSMEs.

B. HSN Code (Harmonized System of Nomenclature)

Taxpayers to mandatorily declare HSN codes in GST Tax Invoices from 1st April, 2021.

The Taxpayers whose aggregate Turnover is up to Rs. 5 crores in the preceding Financial Year HSN code of 4 digits is mandatory for all the B2B tax invoices and optional for B2C tax invoices on the supplies of Goods and Services.

The Taxpayers whose aggregate Turnover is more than Rs. 5 crores in the preceding Financial Year HSN code of 6 digits is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services.

C. Important system changes need to be integrated in your e waybills, Delivery challans, Tax invoices, GSTR 1 reporting, Shipping bills, GST refund applications and further note that options available for non reporting under Table 17 and Table 18 would be done away from FY 2021-22 positively.

3. CBIC extends customs duty and integrated GST exemptions till March 31, 2022

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday extended the basic customs duty and integrated goods and service tax exemptions for export-oriented units, by a year till March 31, 2022.

The Board also made it mandatory for a GST taxpayer having turnover of more than Rs 5 crore in the preceding financial year,to furnish 6 digits HSN Code on invoices issued for supplies.

4. Ready to discuss bringing petrol, diesel under GST at next Council meet: FM Nirmala Sitharaman

For instance, taxes make up for 60 per cent of the present retail price of petrol of Rs 91.17 a litre in Delhi. Excise duty constitutes 36 per cent of the retail price. Over 53 per cent of the retail selling price of Rs 81.47 a litre for diesel in Delhi is made up of taxes. As much as 39 per cent of the retail price comprises central excise.

Amidst outcry over high taxes on motor fuel, Finance Minister Nirmala Sitharaman on Tuesday said she would be "glad" to discuss the suggestion of bringing petrol and diesel under the ambit of the Goods and Services Tax at the next meeting of the GST Council. State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel.

GST UPDATES from 01.03.2021 to 31.03.2021:

Sl.

Notification Particulars

Notification No.

Link(s)

1.

 

Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply.

03/2021-Central Tax dated 23.02.2021

 

LINK

2.

Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 31.03.2021.

04/2021-Central Tax dated 28.02.2021

 

LINK

3.

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 - Reg.

146/02/2021-GST    

 

LINK

4.

Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 50 Cr from 01st April 2021.

05/2021-Central Tax dated 08.03.2021

 

LINK

5.

seeks to clarify certain refund related issues

147/02/2021-GST

LINK

6

Seeks to impose definitive anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of five years from the date of levy of provisional anti-dumping duty, i.e. 2nd September, 2020. 

13/2021-Customs (ADD), dt. 11.03.2021     

 

LINK

7

Opting-in for Composition Scheme for Financial year 2021-22

GSTN Circular 458

 

LINK

8

Filing GSTR-1 (Q) for Jan-Mar 2021 under QRMP Scheme

GSTN Circular 459

LINK

9

Seeks to waive penalty payable for non-compliance of provisions of Notification No. 14/2020 dated 21st March 2020.

06/2021-Central Tax dated 30.03.2021

LINK


3. Compliances under FEMA / RBI

Applicable Laws/Acts

Due Dates

Compliance Particulars

Forms / (Filing mode)

 

 

FEMA ACT 1999

 

 

15 July every year

Annual Return on Foreign liabilities and assets. 

The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year

 

 

FLA Return through Flair Portal: Click here

 

FEMA ACT 1999

 

Monthly Basis

External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

 

 

ECB 2 Return

 

 

FEMA ACT 1999

 

Not later than 30 days from the date of issue of Capital instrument

 

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

 

 

Form FC-GPR

 

 

 

FEMA ACT 1999

 

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.

 

Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

 

 

 

 

Form FC-TRS.

 

 

FEMA ACT 1999

 

within 30 days from the date of receipt of the amount of consideration.

 

A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

 

 

Form FDI LLP-I

 

 

FEMA ACT 1999

 

within 60 days from the date of receipt of funds in

 

A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)

 

Form FDI LLP-II

 

FEMA ACT 1999

 

within 30 days from the date of allotment of capital instruments

 

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts

 

Downstream statement -Form DI & reporting at FIFP too


Procedure for submission of previous year's FLA return:

In case of submission of FLA returns for previous years, the reporting entity need to take approval from RBI. Visit https://flair.rbi.org.in/fla → Login to FLAIR → Go to “Menu” (upper left corner) → Go to “Multiple Year CIN Enable Screen” → select year 2019 (2018,2017,… 2012,2011). Click “→” then Click “Request”. After sending request to RBI through FLA portal, entities need to wait for at least one working day for approval. Entities can check the status of their request in “Multiple Year CIN Enable Screen” under menu on the left corner. Once approved by RBI, the entity can submit FLA return for the requested previous year”.It may be noted that for example if FLA return for 2020 is not submitted then submission of previous year FLA 2019 and prior years, will not be allowed.

Important Updates, March-2021:

1. R RBI Has Released New Rules For Card Payments To Come Into Effect From April 1st, 2021

Reserve Bank of India has issued a new set of rules for payments made automatically from a user’s account for mobile, utility, e-commerce, OTT platforms and other bills. These automatic payments are likely to be disrupted from April 1st, 2021 as the new mandates will come into effect from the first of April. The RBI has issued that there will be a requirement of an additional authentication for recurring transactions using credit cards, debit cards, UPI or other prepaid payment instruments (PPIs).

2. Banks to conduct special clearing operations for closure of govt accounts on Mar 31: RBI

"It is mandatory for all banks to participate in the special clearing operations on March 31, 2021.” Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year.

To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021.

RBI Circulars / Notifications: March, 2021

 

Sl.

 

Particulars of the Circulars

 

Link

 

1

Finance Minister Smt. Nirmala Sitharaman attends virtual G20 Finance Ministers and Central Bank Governors Meeting

 

Click Here

2

Sovereign Gold Bond Scheme 2020-21 (Series XII) – Issue Price

Click here

3

Finance Minister Smt. Nirmala Sitharaman chairs meeting to discuss post-budget action points for infrastructure roadmap ahead

 

Click Here

4

Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations

 

Click Here

5

Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

 

Click Here

6

Reserve Bank of India imposes monetary penalty on Bank of Maharashtra

 

Click Here

7

RBI Bulletin - February 2021

Click Here

8

Financial Action Task Force (FATF) High risk and other monitored jurisdictions

 

Click Here

9

RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities

 

Click Here

10.

RBI releases data on ECB / FCCB/RDB for January 2021

Click Here

11.

Performance of the private corporate business sector during the third quarter of 2020-21

 

Click Here

12

Overseas Direct Investment for February 2021

Click Here

13

India attracted total FDI inflow of US$ 67.54 billion during April to December 2020;

 

Click Here

14

Enabling Dealings by IFSC – Banking Units in Bullion Unallocated Accounts

Click Here

15

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

 

Click here

16

Extension of Cheque Truncation System (CTS) across all bank branches in the country

 

Click here

17

Reporting and Accounting of Central Government transactions of March 2021

 

Click here

18

RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on March 12, 2021

Click here

19

Revocation of Certificate of Authorisation

Click here

20

RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina

 

Click here

21

Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)– Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra – Extension of Period

 

 

Click here

22

RBI imposes monetary penalty on State Bank of India

Click here

23

Survey on Computer Software and Information Technology- Enabled Services Exports: 2019-20

 

Click here

24

RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities

 

Click here

25

Government encouraged investment for economic growth, including health sector

 

Click Here

26

Large Exposures Framework – Deferment of applicability of limits on non-centrally cleared derivatives exposures

 

Click here

27

Amendment to Master Direction (MD) on KYC – Procedure for Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967

 

Click here

28

Master Direction - Amalgamation of Urban Cooperative Banks, Directions, 2020

 

Click here

29

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 8 entries

 

Click here

30

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21)

 

Click here


4. Compliance under Other Statutory LAws

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / (Filing mode)

EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)

 

15.04.2021

 

PF Payment

 

ECR

ESIC (Employees' State Insurance Act, 1948)

 

15.04.2021

 

ESIC Payment

ESI Challan

 

Contract Labour (Regulation & Abolition) Act, 1970

 

Within 15 Days of commencement/ completion of contract work

Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer

Form VI-B

 

Payment of Gratuity Rule

Within 30 Days of applicability of the Act & any change

Notice of applicability of the Act & any change

Form A or B

The Apprenticeship Act 1961

 

15.04.2021

Half Yearly Return March Ending

Form APP-2

The Employment Exchange (CNV) Act 1959 & Rules      

 

30.04.2021

Quarterly Return For Quarter Ended 31st March 

ER-1 Rule 6


Key Update:

1. From 15th Feb.,2020, new Companies registered through MCA Portal, www.mca.gov.in need not comply with provisions of ESI Act till they reach threshold limit of ESI coverage or initial 6 months whichever is earlier. For further details login to ' www.esic.in . Submission of Mobile Number and Bank Account details (Bank Name, Branch Name & IFSC) shall be mandatory for registration of New employee. For more updates: Click here

2. Govt. defers implementation of Labour Codes due to Covid-19 Outbreak

Reason behind deferment of New Labour Codes: Resurgence of Covid-19 cases in major industrial states have raised apprehensions that economic recovery seen so far could be stalled or even reversed if the cases continue to go up.

Crux about New Labour Codes: The labour ministry had amalgamated 29 labour laws into four Codes to significantly reduce compliance burden, improve the ease of doing business, greater ease of hiring and firing of workers and enhanced flexibility to employers in terms of work hours.

Key Highlights:

The government has deferred implementation of labour codes beyond April 1, citing delay on the part of states to finalise Rules.

The move is expected to give more time and bandwidth to companies to retweak their salary structures and other human resource (HR) policies as certain provisions of the Code would have led to increase in employee cost for the companies.

The government wants at least some industrial states to notify rules across four labour codes along with the Centre to avoid any legal void.

Only Jammu and Kashmir has notified Rules for the codes while states of Uttar Pradesh, Bihar, Uttarakhand and Madhya Pradesh have put up draft Rules for two Codes while Karnataka has put it up for one Code.

Updates TRACKER under Labour LAws – March, 2021:

Sl.

Particulars

Link

1

Gangwar says, fall in inflation will improve purchasing power of the working class

 

Click here

2

2-day comprehensive consultative sessions held with subject-matter experts to discuss and finalize the schedules and the sampling methodology for the five All-India Surveys

 

Click here

3

EPFO extended social security benefits to the subscribers of J&K and Ladakh

 

Click here

4

The Central Board recommends 8.50 % rate of interest to its subscribers for the year 2020-21

 

Click here

5

The Code on Wages (Central Advisory Board) Rules, 2021.

Click here

6

Fraud Risk Management in EPFO - Further instructions

Click here

7

Exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952

 

Click here

8

How to activate UAN?

Click here

9

EPFO launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors.

 

Click here

10

Now Employees can also update their Date of exit – EPFO

Click here

11

Employment Generation

Click here

12

1.35 Crore ESI beneficiaries of 113 districts of four States – Chhatisgarh, Karnataka, Madhya Pradesh & Maharashtrato get cashless treatment from Ayushman Bharat PM-JAY empaneled hospitals

 

Click here

13

Ministry of Labour& Employment refutes tweet pursuant to a news story on reskilling of retrenched workers

 

Click here

14

Creation of New Employment through PMRPY

Click here

15

Financial support to Unorganised Sector 

Click here

16

Contributions of Employee and Employer

Click here

17

ILO report on Indian Workers

Click here

18

Changes in Working Hours

Click here

19

The Impact of COVID-19 on the Human Rights of Older Persons

Click here

20

Social Security Schemes for Organised and Unorganised Sector

Click here

21

Health Insurance for Domestic Workers

Click here


5. SEBI – Securities Exchange Board of INDIA

Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s) :

·         For BSE                    : BSE LISTING CENTRE

·         For NSE                    : NEAPS Portal


Quarterly Compliance

Regulation reference

Timeline

For the quarter ended March

Regulation 31 (1) (b)- Shareholding Pattern

Within 21 days from the end of the quarter

By 21-April

27(2)(a) – Corporate Governance Report

Within 15 days from the end of the quarter.

By 15-April

Regulation 33 (3) (a) - Financial Results along with Limited review report/ Auditor’s report : 

Within 60 days from the end of the FY.

30th May, 2021

Reconciliation of Share Capital Audit Report: (Reg. 76 – D & P Reg.)

Within 30 days from the end of the quarter.

By 30-April

Regulation 13 (3) - Statement of Grievance Redressal Mechanism

Within 21 days from the end of the quarter.

By 21-April


Half year Compliances

Sl.

Compliance Particulars

Timeline

1

Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility

Within one month of end of each half of the financial year.

2

Regulation 40 (9) – Certificate from
Practicing Company Secretary.

Within one month of the end of each half of the financial year.

3

Regulation 23(9) Submission of disclosure on Related party transactions under

The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges.


Regular / Annual Compliance

REG NO

REGULATION NO

PARTICULARS

TIMELINE

47 Advertisements in Newspapers.

47 (3) Advertisements in Newspapers

Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.

48 HOURS

23 Related party transactions.

Reg 23(9) Related party transactions

The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website

30 days

24A Secretarial Audit.

Red 24A

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)

60 days from the Closure of FY

36 Documents & Information to shareholders.

36(1)

The listed entity shall send annual report referred to in sub-regulation 36(1), to the holders of securities, not less than twenty-one days before the annual general meeting

21 days before AGM

46 Website

46(2)(s)

The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]

21 days prior 1 days prior to the date of AGM


COMPLIANCE ON IMPACT OF COVID 19:Reg 4(2)(e),30,33,51

Advisory on disclosure of material impact of COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Link

Quarterly compliance which included half year compliance except FR

REG NO

REGULATION NO

PARTICULARS

TIMELINE

Intimation

Reg 29 read with Reg 33

intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors

 at least 5 working days in advance, excluding the date of the intimation and date of the meeting

Intimations and Disclosure of events or information to Stock Exchanges.

87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III

The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:

24 HOURS

Valuation, Rating and NAV disclosure.

87C(1) (iii)

An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.

15 Days

           


Event based Compliances

30 Disclosure of events or information.

30(6) AND Part A of Schedule III

The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information

24 HOURS

30 Disclosure of events or information.

30(6) AND sub-para 4 of Para A of Part A of Schedule III

The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following:
a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched;
b) any cancellation of dividend with reasons thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising proposed to be undertaken
e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched;
f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to;
g) short particulars of any other alterations of capital, including calls;

h) financial results;

i) decision on voluntary delisting by the listed entity from stock exchange(s).

30 MINUTES

31A: Conditions for re-classification of any person as promoter / public

31A(8)

The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event:
(a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification;
(b) minutes of the board meeting considering such request which would include the views of the board on the request;
(c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such application as communicated to the listed entity;

24 HOURS

34 Annual Report.

34(1)(b)

in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]

48 HOURS

44 Meetings of shareholders and voting

44(3)

The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.

48 HOURS

47 Advertisements in Newspapers.

47 (3) Advertisements in Newspapers

The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report;
(d) notices given to shareholders by advertisement

Simultaneously

-

SCHEDULE III PART PART A 7(A)

resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor

24 HOURS

-

SCHEDULE III PART PART A 7(B)

In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities:
i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges.
ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided.
iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]

7 days from the date of resignation

7 Share Transfer Agent.

Reg 7(4) & (5) Share Transfer Agent.

The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.

7 DAYS

29

Reg 29(1)

The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price:
Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:

 at least 2 working days in advance, excluding the date of the intimation and date of the meeting

31 Holding of specified securities and shareholding pattern.

Reg 31 (1)(a)

The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time -
 one day prior to listing of its securities on the stock exchange(s);

1 day prior to listing of its securities on the stock exchange(s

31

Reg 31 (1 (c)

within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:

within 10 days of any capital restructuring

31A Conditions for re-classification of any person as promoter / public

Reg 31A

an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting

30 days from the date of approval by shareholders in general meeting

37 Draft Scheme of Arrangement & Scheme of Arrangement.

37(1)

Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.

Before filling the same with any court or tribunal

39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.

39(2)

The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.

30 Days

39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities

39(3)

The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.

2 days of its getting information.

40 Transfer or transmission or transposition of securities.

40 (3)

On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer.

15 days

40 Transfer or transmission or transposition of securities.

40 (3)

the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:

7 Days

40 Transfer or transmission or transposition of securities.

40 (3)

the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:

21 Days

-

SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))

In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
(a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred

15 Days

42 Record Date or Date of closure of transfer books.

42(2)

The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:

 7 working days advance intimation excluding the date of the intimation and date of the meeting

42 Record Date or Date of closure of transfer books.

42(2)

in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]

 3 working days advance intimation excluding the date of the intimation and date of the meeting

42 Record Date or Date of closure of transfer books.

42(3)

The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.

 5 working days advance intimation excluding the date of the intimation and date of the meeting

46 Website

46 (3)(b)

The listed entity shall update any change in the content of its website within two working days from the date of such change in content.

 2 working days

50 Intimation to stock exchange(s).

50(1)

The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.

11 working days

50 Intimation to stock exchange(s).

50(3)

The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered.

 2 working days advance intimation excluding the date of the intimation and date of the meeting

52 Financial Results.

52 (4) & (5)

The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents

 7 working days

52 Financial Results.

52 (4) & (8)

The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.

two calendar days of the conclusion of the meeting

57 Other submissions to stock exchange(s).

57(1)

The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities

within 2 days

60 Record Date

60(2)

The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.

 7 working days advance intimation excluding the date of the intimation and date of the meeting

78 Record Date.

78(2)

The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date

notice in advance of at least 4 working days

82 Intimation and filings with stock exchange(s).

82(2)

The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.

 2 working days in advance, excluding the date of the intimation and date of the meeting,

82 Intimation and filings with stock exchange(s).

82(3)

The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time:
Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.

within 7 days

87 Record Date.

87(2)

The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date

 7 working days advance intimation excluding the date of the intimation and date of the meeting

87E Record Date.

87E(2)

The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.

 7 working days advance intimation excluding the date of the intimation and date of the meeting


SYSTEM DRIVEN DISCLOSURE

FOR SAST AND PIT REG: Listed entities shall follow System Driven Disclosure by designating 1 Depository as Designated Depository and uploading the Formation of promoter. Promoter Group ,Designated Person, Directors, Employees not below 2 level (till 30/09/2020)

The Key Summary of System Driven Disclosure of Sep 9, 2020 (Link) is reproduced below:

“→. Listed company shall provide the information including PAN number of Promoter(s) including member(s) of the promoter group, designated person(s) and director(s) (hereinafter collectively referred to as entities) as per PIT Regulations to the designated depository (selected in terms of SEBI circular ref. no. SEBI/HO/CFD/DCR1/CIR/P/2018/85 dated May 28, 2018) in the format and manner prescribed by the Depositories. For PAN exempt entities, the Investor’s Demat account number(s) shall be specified by the listed company. The information shall be provided within 10 days from the date of this circular.

→. The designated depository shall share the information received from the listed company with other depository.

→. In case of any subsequent update in the details of the entities, the listed company shall update the information with the designated depository on the same day. The designated depository shall share the incremental changes with the other depository on the day of receipt from the listed company.”

Below is summary of circulars issued in this regards.

Date

Title

Sep 23, 2020

System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011

Sep 09, 2020

Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 - System driven disclosures

May 28, 2018

System-driven Disclosures in Securities Market

Dec 21, 2016

System-driven disclosures in Securities Market

Dec 01, 2015

Introduction of system-driven disclosures in Securities Market


6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.".

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 

1

 

Regulation 30(1)

Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.

 

 

 

The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;

 

·         every stock exchange where the shares of the target company are listed; and

 

·         the target company at its registered office

 

 

 

2

 

 

 

Regulation 30(2)

The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may

 

 

 

 

 

3.

Regulation 31(1) read with Regulation 28(3) of Takeover Regulations

AUGUST 7, 2019 CIRCULAR

https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,

within 2 (two) working days

 

 

 

4.

 

 

 

Regulation 31(4)

 

 

 

Disclosure of encumbered shares

Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified


7. SEBI (Prohibition of Insider Trading) Regulations, 2015

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 

 

 

 

 

 

1

 

 

 

 

Regulation 7(2)

“Continual Disclosures”

Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;

Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information


8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

 

 

 

1

Schedule XIX - Para (2) of ICDR

Read with Reg 108 of SEBI LODR

“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.

 

In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the date of allotment within 20 days (unless otherwise specified).

Within 20 days from the date of allotment

 

2

Regulation 162

 

The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.

 

Within 18 months from date of allotment

3

SEBI CIRCULAR

Aug 19, 2019

https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.html

Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.

 

Within 7 working days from grant of date of listing approval

4

Regulation 76

Application for rights issue

The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.

 

5.

Regulation 77

Service of Documents

In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.

 

6

Regulation 84

 

Advertisement

Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on: 

 

A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges.

 

B. Television channels, radio, the internet, etc. to spread information related to the process.


9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

 

 

 

 

 

1

 

 

 

 

Regulation 11 and 24(iv)

Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates

 

 

7 days of extinguishment and destruction of the certificates

 

 

 

2

 

 

Regulation 24(i) (f)

 

 

 

Minimum time between buy back and raising of funds

Temporary relaxation in the period of restriction

provided in Regulation 24(i)(f) from “one year” to “six months”

Applicable up to December 31, 2020 only


10. SEBI (Depositories and Participants) Regulations 2018)

 

Sl. No.

 

 

Compliance Particulars

 

Due Date

 

1.

Regulation 76  (Quarter, January – March 2021)

Reconciliation of Shares and Capital Audit

30.04.2021

 

2.

Regulation 74 (5): Processing of demat requests form by Issuer/RTAs - Certificate Received from Registrar

Within 15 days of receipt of the certificate of security


11. STAMP DUTY RATES W.E.F. 1ST JULY 2020 & AIF UPDATE

The amended provisions of the Indian Stamp Act, 1899 brought through Finance Act, 2019 and Rules made thereunder shall come into force w.e.f 1st July, 2020. The stamp duty rates being implemented through the Amended Indian Stamp Act w.e.f 01/07/2020 are:

Instruments

Rate

Issue of Debenture

0.005%

Transfer and Re-issue of debenture

0.0001%

Issue of security other than debenture

0.005%

Transfer of security other than debenture on delivery basis;

0.015%

Transfer of security other than debenture on non-delivery basis

0.003%

Derivatives–

(i) Futures (Equity and Commodity)

0.002%

(ii) Options (Equity and Commodity)

0.003%

(iii) Currency and Interest Rate Derivatives

0.0001%

(iv) Other Derivatives

0.002%

Government Securities

0%

Repo on Corporate Bonds

0.00001%


REFER FAQ ON STAMP DUTY:
LINK

AIFs,  where  RTAhave  not  been  appointedso  far,  shall  appoint  RTA,  at  the earliest, butnotlater than July 15, 2020 to enable collection of applicable stamp duty on issue,  transfer  and saleof  units  of  AIFs in  compliance  with  the applicable  provisions  of the  Indian  Stamp  Act,  1899 and  the  Rules  made thereunder: CIRCULAR : LINK

SEBI Circulars Tracker: 01.03.2021 to 31.03.2021

Sl.

Particulars

Link

1

UNSC Sanctions Committee List - Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List

 

Click here

2

Trading halt at NSE on February 24, 2021

Click here

3

Recovery Proceedings - Attachment Proceeding Order nos. 2519 of 2016 & 2520 of 2016 against Mr. Jayanta Kumar Basu [Defaulter] PAN: AKSPB8412H, [Defaulter] in the matter of Basil International Limited under Recovery Certificate No. 898 of 2016

 

Click Here

4

Public Issues - Shyam Metalics and Energy Limited

Click Here

 

5

Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM)

 

 

Click Here

6.

Buybacks - Bharat Rasayan Limited - Draft Letter of Offer

 

Click Here

7.

SEBI issues Consultation paper on “Review of Regulatory Provisions related to Independent Directors”

 

Click Here

8.

Consultation Paper on Review of Regulatory Provisions related to Independent Directors

 

Click Here

9.

Master Circular on Surveillance of Securities Market

 

Click Here

10.

Right Issues - Letter of Offer - Arvind Fashions Limited

Click Here

11.

Code of Conduct & Institutional mechanism for prevention of Fraud or Market Abuse

Click Here

12.

Adjudication Order in respect of Mr. Adil Shamsi in the matter of Unregistered Investment Adviser

 

Click Here

13.

Circular on Mutual Funds

Click Here

14.

Circular on Guidelines for votes cast by Mutual Funds

Click Here

15.

Invesco India Medium Duration Fund

Click Here

16.

Unserved Summons / Notices - Hearing in the matter of GDR issue of Southern Ispat and Energy Ltd

 

Click here

17

Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN)

 

Click here

18

Debt Offer Document - Edelweiss Financial Services Limited- Draft Prospectus

 

Click Here

19

Mutual Funds - Nippon India Fixed Horizon Fund - XLIII

Click Here

20

Public Issues - Craftsman Automation Limited

 

Click Here

21

Settlement Order in respect of Mr. Rajgopalachari Venkattesh and Mr. Ravi Kumar Vadlamani in the matter of DCB Bank Limited

 

Click Here

22

Rights Issues - Rajapalayam Mills Ltd. - Letter of Offer

Click Here

23

Rollout of Legal Entity Template

 

Click Here

24

Notice For Meeting on Schemes - Notice of the meeting of the equity shareholders, Secured Creditors and Unsecured Creditors of GHCL Limited

 

 

Click Here

25

Review of norms regarding investment in debt instruments with special features, and the valuation of perpetual bonds

 

Click Here

26

Processing Status: Takeovers

Click Here

27

ICICI Prudential Consumption ETF

Click Here

28

Notice For Meeting on Schemes - Notice for meeting on schemes - Chalet Hotels Limited

 

Click Here

29

Streamlining the process of IPOs with UPI in ASBA and redressal of investors grievances

Click Here

30

Right Issues - Emerald Leasing Finance and Investment Company Limited - Abridged Letter of Offer

 

Click Here

31

Releasing Order of Omnipresent Credits Private Limited in the matter of Dealing in illiquid Stock Options at the BSE

 

Click Here

32

"SEBI Order for Compliance" – Attachment of Notice of Demat Account and Mutual Fund Folio(s) under Recovery Certificate No. 3279 of 2021……….

 

Click Here

33

Buybacks - VRL Logistics Limited - Post Buyback Public Announcement

Click here

34

Takeovers - Majesco Limited

Click here

35

Informal Guidance - In the matter of Ramkrishna Forgings Limited - Informal guidance under regulation 10(1)(d)(iii) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 1

 

 

Click Here

36

SEBI condoles the demise of Shri G. V. Ramakrishna, former Chairman, SEBI

 

Click Here

37

Global Money Week - 2021 being celebrated in India from today

 

Click Here

38

Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs)

 

Click Here

39

Trading halt at NSE on February 24, 2021

 

Click Here

40

Clarification on the valuation of bonds issued under Basel III framework

Click Here


12. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / Filing mode

 

Companies Act, 2013

 

Within 180 Days From The Date Of Incorporation Of The Company

(one time compliance only)

 

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.

MCA E- Form INC 20A

(one time compliance)

 

 

Companies Act, 2013

 

First declaration within 90 days from the date of notification Dt. 08.02.2019

 

 

A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

 

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

 

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013

 

within 30 days of acquiring beneficial interest

 

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

 (the date of receipt of declaration in BEN-1 )

CLICK HERE

 

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

 

One time Compliance

Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

 

 

Active Form

INC -22A

Companies Act, 2013

 

Annual Compliance

*DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021

 

Annual Exercise: CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

 

E-Form DIR – 3 KYC

(Web Based and E-form)

 

Companies Act, 2013

Within 270 days from the date of deployment of this Form

Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

CLICK HERE

CLICK HERE

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013

Within 30 days of the board meeting

Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.

MGT-14

 (Filing of resolution with MCA)

 

 

 

Companies Act, 2013

Within 60 (sixty) days from the conclusion of each half year.

Reconciliation of Share Capital Audit Report (Half-yearly)

Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014

To be filed all unlisted companies, deemed public companies

Till further clarification to be filled in GNL-2

E-Form PAS – 6

 

 

 

 

Companies Act, 2013

For half year period ‘October to March’ – 30th April

All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.

Form MSME -1


New MCA E-form Introduced:  CSR related Compliance

CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for registration of entities for undertaking CSR Activities:

Form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended/substituted by the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.

KEY UPDATES:

1. MCA DEFERS SOFTWARE WITH AUDIT TRAIL BY 1 YEAR till 01.04.2022

Ministry of Corporate Affairs (MCA) vide notification dated 01st April 2021 has deferred mandating Companies to use Software with an Audit Trail of each Transaction till 01st April, 2022.

Kindly note that:

The MCA had earlier notified that every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

Now, this notification now shall come into force with effect from the 1 April, 2022 only.

Source: Click Here and / Click Here

Important Updates

MCA Monthly UPdate Calendar: March, 2021

 

Sl.

 

 

Particulars of the Circulars

 

Link

1

Press release on MCA signing Data Exchange MoU with CBIC on 25th February, 2021

Click Here

2

Companies (Management and Administration) Amendment Rules, 2021

Click Here

3

Companies (Incorporation) Third Amendment Rules, 2021

Click Here

4

Commencement notification dated 05 March 2021

Click Here

5.

MCA advises investors to verify status of Nidhi companies before investment

Click Here

6.

MCA strikes off 10,113 companies between April 2020 and February 2021

Click Here

7

The Companies (Amendment) Act, 2017

Click Here

8

The Companies (Incorporation) Third Amendment Rules, 2021

Click Here

9

The Companies (Management and Administration) Amendment Rules, 2021

Click Here

10

Central Scrutiny Centre (CSC) has been established for carrying out scrutiny of Straight Through Processes (STP) e-forms

 

Click Here

11

The provisions of section 32 and section 40 of the Companies (Amendment) Act, 2020 shall come into force w.e.f. 18.03.2021

 

Click Here

12

Amendments to Schedule V of the Companies Act, 2013

Click Here

13

Action initiated to control fraudulent companies

Click Here

14

3,82,875 number of Companies struck off in three years up to FY 2020

Click Here

15

CSR expenditure by all companies in Aspirational Districts from 2017-20

Click Here

16

Extension in last date of Application for recruitment for the post of Driver in NFRA on Deputation/Re-employment

 

Click Here

17

The Companies (Accounts) Amendment Rules, 2021

Click Here

18

The Companies (Audit and Auditors) Amendment Rules, 2021

Click Here

19

Amendment to Schedule III to the Companies Act, 2013

Click Here

20

Commencement notification dated 24.03.2021

Click Here

21

Sanction for prosecution accorded in 366 cases in violation of CSR provisions

Click Here

22

SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21

 

Click Here

23

1,38,051 new companies registered from April 2020 to February 2021

Click Here

24

Extending deadline of Companies Fresh Start Scheme and LLP Settlement Scheme

 

Click Here

25

Spending of CSR Fund by Sail

Click Here

26

Finance Minister Smt. Nirmala Sitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’

 

Click Here

27

Companies (Audit and Auditors) Second Amendment Rules, 2021

Click Here

28

Company (Accounts) Second amendment Rules, 2021

Click Here


13. IBBI Updates {Insolvency and Bankruptcy Board of India}

IBC will be back in full force from March 25, 2021.

Bankruptcy filings can resume; govt working on ‘pre-pack’ resolutions to clear backlog, new cases. With the economy returning to normalcy, the Centre has, as widely expected, allowed the IBC suspension valid till Wednesday (March 24) to lapse. The Insolvency and Bankruptcy Code will be back in full force from Thursday, 25.03.2021.

By not extending beyond March 24 the suspension of insolvency proceedings i, the Corporate Affairs Ministry (MCA) has indicated that time has come for the IBC to resume rescue of the corporate debtor through resolution and failing that through liquidation. Stakeholders are bracing themselves for the normal functioning of the IBC ecosystem.

Pre-pack mechanism : With the IBC suspension now revoked, the government is now working towards introduction of a ‘pre-pack’ insolvency mechanism for which certain legislative changes are required, official sources said. Indications are that pre-packs will initially be available for MSMEs and the legal changes wll be introduced in the ongoing Budget session of Parliament itself either through an amendment Bill or even an Ordinance.

Budget Allcation for IBBI

As per the Budget document, the Insolvency and Bankruptcy Board of India (IBBI) has been allocated Rs 39 crore.

Important Notifications and Circulars Tracker (March, 2020)

Sl.

Notification(s)

Link(s)

1.

Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations w.e.f 1st April, 2021

 

Click Here

2.

In the matter of P. Mohanraj & Ors. Vs. Shah Brothers Ispat Pvt. Ltd. Civil Appeal No. 10355 of 2018

Click Here

 

3

In the matter of Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors., Civil Appeal No(s). 3395/2020

Click Here

 

4

Circular - Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016

 

Click Here

5

IBBI (Liquidation Process) (Amendment) Regulations, 2021

Click Here

6

In the matter of Mr. Venkatesan, Insolvency Professional

Click Here

 

7

Invitation of application for 19th Basic IP Workshop for Insolvency Professionals to be held on 17th March, 2021.

 

Click Here

8

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

 

Click here

9

Extension of Cheque Truncation System (CTS) across all bank branches in the country

 

Click here

10

Reporting and Accounting of Central Government transactions of March 2021

 

Click here

11

RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on March 12, 2021

 

 

Click here

12

Revocation of Certificate of Authorisation

Click here

13

RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina

 

Click here

14

Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)– Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra – Extension of Period

 

 

Click here

15

RBI imposes monetary penalty on State Bank of India

Click here

16

Survey on Computer Software and Information Technology- Enabled Services Exports: 2019-20

 

Click here

17

RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities

 

Click here

18

Government encouraged investment for economic growth, including health sector

 

Click Here

19

Bankrupt Companies after lockdown was imposed due to COVID-19 pandemic

 

Click Here

20

Provisional list of IPs prepared in accordance with Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018,' for a period from April 1, 2021 to September 30, 2021

Click Here

21

In the matter of Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors. Civil Appeal No. 3395 of 2020

Click Here

22

Regarding news item - "Normalcy restored, says Sahoo, as India resumes Insolvency proceedings", in the Business Standard dated 26th March 2021

 

Click Here

23

In the matter of Laxmi Pat Surana Vs. Union Bank of India & Ars., Civil Appeal No. 2734 of 2020

 

Click Here

24

In the matter of Indus Biotech Private Limited Vs. Kotak India Venture (Offshore) Fund (earlier known as Kotak India Venture Limited) & Ors., Arbitration Petition (Civil) No. 48/2019 with Civil Appeal No.1070 /2021 @ SLP (C) No. 8120 of 2020

 

Click Here

Click here to read the disclaimer


Write a Comment