Compliance Calendar for May, 2021 By CS Lalit Rajput


About Article :

This article contains various Compliance requirements for the Month of May, 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. Companies Act, 2013 (MCA/ROC Compliance) and Notifications

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

5. Other Statutory Laws and Updates

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

7. SEBI Takeover Regulations 2011

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

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

10. SEBI (Buyback of Securities) Regulations, 2018

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

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

13. IRDAI – Insurance Sector Updates

1. Compliance requirement under Income Tax act, 1961

 

Sl.

 

Compliance Particulars

 

Due Dates

 

1

Deposits of TDS /TCS for the month of April 21.

07-05-2021

 

2

Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on “specified services”.

07-05-2021

3

TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021.

15-05-2021

4

TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021.

15-05-2021

5

TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021.

15-05-2021

6

TCS quarterly return for the quarter ended on March 2021.

15-05-2021

7

Form no 3BB by a Stock Exchange for month of April 2021. The said to be furnished by Stock Exchange in respect of transactions in which client codes been modified after registering in the system.

15-05-2021

8

Due Date by Government’s office for furnishing of Form 24G. (TDS for the month of April 21 without challan production)

15-05-2021

9

Form No 49C statement submission by non-resident having a liaison office in India for the Financial year 2020-21.

30-05-2021

10

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

30-05-2021

11

Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IB in the month of April 2021.

30-05-2021

12

Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IM in the month of April 2021.

30-05-2021

13

TCS certificates issue for the quarter ended on March 2021 of Financial year 2020-21.

30-05-2021

14

Quarterly TDS return for the quarter ended on March 2021 of F.Y 2020-21.

31-05-2021

15

Return of Tax Deduction from contributions paid by the trustees of an superannuation fund.

31-05-2021

16

Statement of financial transaction due date in Form 61A under section 285BA(1) of F.Y. 2020-21.

31-05-2021

17

Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2020 by reporting financial institutions.

31-05-2021

18

Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn’t been allotted any PAN.

31-05-2021

19

Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.

31-05-2021

20

Filing belated return of income tax u/s 139(4) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021)

31-05-2021

21

Filing revised return of income tax u/s 139(5) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021)

31-05-2021

22

Return filled in response to section 148 of Income tax Act – where income tax return had to be filed on or after 1st April 2021 – can now be filed upto 31st May 2021

31-05-2021

23

Relaxation of Filing Appeal dates for Appeals to CIT (Appeals) extended to 31st May, 2021 (where such last date was 1st April, 2021 or after)

31-05-2021

24

Payments of TDS deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement on the same may be furnished on or before 31st May, 2021 (earlier date 30th April, 2021)

31-05-2021

25

Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on “specified services”.

31-05-2021

26

TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021.

31-05-2021

27

TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021.

31-05-2021

28

TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021.

31-05-2021


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 – April, 2021:

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

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.

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 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.

2. Tax Alert! TDS to be levied at higher rate for non-filers of

For those who have not filed their income tax return (ITR) but their income is liable for TDS deduction, there will be a levy of TDS at a higher rate. And, in case one does not have the PAN, the rate of tax deduction will even be higher. This new TDS rule will be effective from July 2021 as per the Budget announced by the Finance Minister. Archit Gupta, Founder and CEO, ClearTax explains the new TDS rule, whom it will impact and who all are excluded from it.

3. Government extends certain timelines in light of the raging pandemic

In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today:

i. Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called 'the Act' ) the time limit for which is provided under section 153 or section 153B thereof;

ii. Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;

iii. Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;

iv. Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.

It has also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.

Important Notifications – For the month of April - 2021:

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

 

Circular No. 08/2021

LINK

 

2.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent

 

 

Notification No. 4 of 2021

 

LINK

 

3.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

 

 

Notification No. 3 of 2021

 

LINK

 

4.

the Income-tax (12th Amendment) Rules, 2021

Notification No. 40/2021] [F.No. 370142/8/2021-TPL

 

LINK

 

5.

The Income-tax (11th Amendment) Rules, 2021.

Notification No. 37/2021/ F. No. 370142/28/2020-TPL

 

LINK

 

6.

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

Notification No. 21/ 2021

LINK

 

7

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

8

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

9

Central Board of Direct Taxes

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

LINK

10

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

11

The Income-tax (eighth Amendment) Rules, 2021.

Notification No. 28 /2021/F. No 370142 /9/2018-TPL

LINK

12

Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income

Notification No.29/2021/F.No.501/03/92-FTD-II

 

LINK

13

CBDT  authorizes the Director of Income Tax(Centralized Processing Centre), Bengaluru and Commissioner of Income-Tax (Exemption), Bengaluru for various matters

Notification No. 30 /2021/F.No. 370142 /4/2021-TPL

 

LINK

14

The Income-tax (9th Amendment) Rules, 2021

Notification No. 31/ 2021 / F.No.370142 /19/2019-TPL

LINK

15

The Income-tax (10th Amendment) Rules, 2021

Notification No. 32 /2021/F. No. 370142/28/2020-TPL

 

LINK

16

Number of unique investors across Mutual Fund schemes also increased by 10% in FY 2020-21

 

Twitter Updates

LINK

17

The Central Government hereby specifies the sovereign wealth fund

Notification No. 33/2021/ F. No. 370142/6/2021-TPL

 

LINK

18

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Dividend income

 

Notification No. 1 of 2021

 

LINK

19

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income

Notification No. 2 of 2021

LINK

20

The Central Government hereby specifies the pension fund, namely, the Canada Pension Plan Investment Board

Notification No. 34/2021/F. No. 370142/39/2020-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

April, 2021

20th May,

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

April, 2021

22nd May,

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

April, 2021

24th May,

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

(Monthly Filing of GSTR – 1 for the month of April 2021 for taxpayer who does not opt QRMP Scheme under GST.)


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           

20.05.2021

 

GSTR -6

Every Input Service Distributor (ISD)

 

13th of succeeding month

 

13.05.2021

 

GSTR -7

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

 

10th of succeeding month

 

10.05.2021

 

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.05.2021


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. Taxpayers registered under Companies Act, 2013, can now file their Form GSTR-1 and GSTR-3B with EVC also, apart from using DSC, on GST Portal.

2. Auto-population of e-invoice details into GSTR-1

For the month of March, 2021, the auto-population of e-invoices into GSTR-1 (of March, 2021) is still in progress and is likely to take some more time.

Hence, notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March, 2021 (by the due date), based on actual data as per their records.

To check whether a HSN Code is valid or not, please visit GST Portal:gst.gov.in> Services > User Services > Search HSN Code

The HSN Master for download in excel format will also be published shortly on the same page.

If HSN of any Goods/Service is otherwise valid but not available in the HSN master, kindly raise a ticket on GST Self-Service Portal: https://selfservice.gstsystem.in/


3. 6-digit HSN code mandatory in invoices for biz with over Rs 5 crore turnover

Businesses with turnover of more than Rs 5 crore will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1, the Finance Ministry said on Wednesday. Those with turnover of up to Rs 5 crore in the preceding financial year would be required to mandatorily furnish four-digit HSN code on B2B invoices. Earlier, the requirement was four-digits and two-digits respectively. “With effect from the 1st April, 2021, GST taxpayers will have to furnish HSN (Harmonised System of Nomenclature Code), or Service Accounting Code (SAC) in their invoices, as per the revised requirement, the Ministry said in a statement.

GST UPDATES from 01.04.2020 to 30.04.2021:

Sl.

Notification Particulars

Notification No.

Link(s)

1.

 

Module wise new functionalities deployed on the GST Portal for taxpayers

GSTN Circular 455

 

LINK

2.

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.

Auto-population of e-invoice details into GSTR-1

GSTN Circular 460

LINK

4.

Clarification on reporting 4-digit/6-digit HSNs

GSTN Circular 463

LINK

5.

New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme

GSTN Circular 464

 

LINK

6

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme

GSTN Circular 466

 

LINK

7

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

06/2021-Central Tax dt  30.03.2021

 

LINK

8

Widening the net: How e-invoicing is boosting GST compliance

 

News update

 

LINK

9

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

 

News update

 

LINK

10

 

Seeks to make second amendment (2021) to CGST Rules..

07/2021-Central Tax dated 27.04.2021

 

LINK


3. 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 15 days of appointment of an auditor.

The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.

E – Form

NFRA -1

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


LLP Compliance:

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / Filing mode

 

LLP Act, 2008

 

within 60 days from the closure of the financial year

LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21

Form LLP-11

 

 


MCA Clarification: CSR related activities

MCA issues clarification on spending CSR funds for setting up makeshift hospitals and temporary COVID care facilities:

The Ministry of Corporate Affairs vide its notification dated 22nd April 2021 has clarified that spending of CSR funds for setting up “makeshift hospitals and temporary Covid care facilities” would be treated as an eligible CSR activity.

The companies may undertake the activities of setting up makeshift hospitals and temporary Covid care facilities in consultations with the State governments. This will be allowed so long as companies comply with the Companies (CSR Policy) rules 2014.

Important Updates

MCA Monthly Update Calendar: April, 2021

 

Sl.

 

 

Particulars of the Circulars

 

Link

1

E-form INC-6 revised as per Companies (Incorporation) Second Amendment Rules, 2021 is now available for filing.

 

Click Here

2

CSR-1 Form is now available for filing as e - Form.

Click Here

3

Companies (Audit and Auditors) Second Amendment Rules, 2021

Click Here

4

Company (Accounts) Second amendment Rules, 2021

Click Here

5.

MCA registers 1.55 lakh company incorporations in FY 2020-21, an increase of 27% year-on-year

 

Click Here

6.

Fund raising for Public Issues and Rights Issues registered an increase of 115% and 15% respectively in FY 2020-21

 

Click Here

7

The Companies (Audit and Auditors) Second Amendment Rules, 2021

Click Here

8

The Companies (Accounts) Second Amendment Rules, 2021.

Click Here

9

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

Click Here

10

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 – Provision notified

 

Click Here

11

The Insolvency and Bankruptcy (prepackaged insolvency resolution process) Rules, 2021

 

Click Here

12

Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009

 

Click Here

13

MCA Appeal

Click Here

14

Clarification on spending of CSR funds for setting up temporary COVID Care facilities and makeshift hospitals-reg.

 

Click Here

15

Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009

 

Click Here

16

Cabinet approves Amendments to the Finance Bill, 2021

Click Here


4. 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


All applicants before raising any queries to RBI, may contact the respective AD bank as per the contact details provided under Contact Us. It may be noted that all Business user registrations as well as forms in SMF are processed at AD level. AD shall always be the first point of contact. All AD banks shall ensure that the queries from the applicants are answered correctly and in the timely manner.

Important Updates, April-2021:

1. RBI caps bank MD, CEO tenure at 15 yrs, puts upper age limit of 70 yrs

The Reserve Bank of India (RBI) on Monday capped the tenure of MD, CEO and whole-time director (WTD) of private sector banks at 15 years and said the upper age limit for these posts will be 70 years. The central bank also fixed the maximum age limit for chairman and non-executive directors (NED) at 75 years.

"Subject to the statutory approvals required from time to time, the post of the MD and CEO or WTD cannot be held by the same incumbent for more than 15 years. Thereafter, the individual will be eligible for re-appointment as MD and CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions,"

During the three-year cooling period, the individual cannot be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly.

2. RBI Monetary Policy: Key Highlights

Monetary Policy Committee decides to retain its 'Accommodative' policy stance.

the monetary policy in which it has kept the repo rate unchanged at 4%. Monetary Policy Committee decides to retain its 'accommodative' policy stance.

the central bank will remain accommodative as long as necessary to sustain growth on a durable basis.

RBI’s bend towards looking through inflationary pressures in current uncertain times and err in favour of growth

RBI’s commitment to ensure smooth execution of government’s huge borrowing program by a separate G-sec Acquisition Program to purchase government bonds in FY22. This should help bond market sentiments.''

RBI Circulars / Notifications: April, 2021

 

Sl.

 

Particulars of the Circulars

 

Link

1

Sale of Electoral Bonds 2018 at Authorised Branches of State Bank of India (SBI)

 

Click here

2

Foreign Trade Policy 2015-2020 extended for 6 months till September 2021

Click here

3

Government measures increase FDI inflows in the country;

Click here

4

Rs 2,74,034 crore Foreign Portfolio Investments (FPI) inflows in Indian equity markets

 

 

Click here

5

Finance Minister Smt. Nirmala Sitharaman attends Plenary Meeting of International Monetary and Financial Committee (IMFC) of IMF through video-conference

 

Click here

6

Investment by Foreign Portfolio Investors (FPI): Investment limits

Click here

7

Guidelines on Regulation of Payment Aggregators and Payment Gateways

Click here

8

Framework for processing of e-mandates for recurring online transactions

 

Click here

9

Master Circular – Facility for Exchange of Notes and Coins

Click here

10.

Master Circular – Scheme of Penalties for bank branches including Currency Chests based on performance in rendering customer service to the members of public

 

Click here

11.

Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances

 

Click Here

12

Master Circular - Disbursement of Government Pension by Agency Banks

Click Here

13

Amendment to Master Direction (MD) on KYC – KYC norms for Self Help Groups (SHGs)

 

Click Here

14

Master Circular – Lead Bank Scheme

Click Here

15

Gold Monetization Scheme (GMS), 2015

Click Here

16

Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending

Click Here

17

External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits

 

Click Here

18

Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package

Click Here

19

Reporting and Accounting of Central Government transactions of March 2021 – Change of date of closure

 

Click Here

20

Enhancement of limit of maximum balance per customer at end of the day from ?1 lakh to ?2 lakh – Payments Banks (PBs)

Click Here

21

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

 

Click here

22

RTGS System Upgrade - Non-Availability of Service – 00.00 Hrs to 14.00 Hrs. on Sunday, April 18, 2021

 

Click here

23

Overseas Direct Investment for March 2021

 

Click here

24

RBI Governor meets MD & CEOs of Public and Private Sector Banks over Video Conference

 

Click here

25

Constitution of the Regulations Review Authority 2.0

Click here

26

RBI releases Names of Applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks in the Private Sector

 

Click here

27

Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – United Cooperative Bank Limited, Bagnan Station Road (North), P.O. – Bagnan, Dist- Howrah, West Bengal – Extension of Period

 

 

 

Click here

28

Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

 

Click here

29

RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: January-March 2021 (Round 53)

 

Click here

30

Formation of new district in the State of Tamil Nadu – Assignment of Lead Bank Responsibility

 

Click here


5. 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)

 

15.05.2021

 

PF Payment

 

ECR

ESIC (Employees' State Insurance Act, 1948)

 

15.05.2021

 

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


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. Labour ministry notifies draft rules under Occupational Safety, Health and Working Conditions Code

The labour ministry has notified draft rules pertaining to setting up of a technical committee under the Occupational Safety, Health and Working Conditions Code (OSH&WC Code), 2020. The committee is expected to help the government or the national board to be set up under the Code in discharging safety and other related measures across industrial establishments. The Codes have been passed by the Parliament and the government has finalised the Rules under the four Codes.

The ministry has invited suggestions on the draft Rules in the next 45 days following which the above Rules will be finalised. This would enable the government to put in place the required technical committee for smooth implementation of the OSH&WC Code.

Updates TRACKER under Labour LAws – ApRil, 2021:

Sl.

Particulars

Link

1

Labour Minister flags off Field Work of All India Survey on Migrant Workers and the AQEES

 

Click here

2

Labour Bureau launches two of the five all-India surveys

Click here

3

Ministry of Labour & Employment set up Expert Committees for suggesting standards under the OSH&WC Code, 2020

 

Click here

4

Bringing into effect the provisions of the Code on Wages, 2019 relating to Central Advisory Board                                

 

Click here

5

Office Order No.A-19011/05/2018-W.I dated 06.04.2021  

Click here

6

Clarification regarding full and final settlement of bills claims pertaining to LTC Special Cash Package Scheme.

 

Click here

7

Introduction/FAQs on Atal Beemit Vyakti Kalyan Yojana (ABVKY).

Click here

8

Labour laws of Maharashtra, Haryana and UP to be reviewed

Click here

9

Big breather for India Inc as government defers implementation of labour codes

 

Click here

10

Labour Ministry finalises new job rules under 4 codes, reform to be a reality soon

 

Click here

11

Three days Online Training Programme on All India Survey of Migrant Workers&All India Quarterly Establishment based Employment Survey (AQEES)For Field Enumerators, Supervisors/ State Government Officials/ State Nodal Officers

 

Click here

12

Additional Office of Labour Bureau opened at Salt Lake City, Kolkata for conducting All India Surveys

 

Click here

13

Filling up of 2 posts of Director of Mines Safety (Mechanical) in DGMS, Dhanbad                                                        

 

Click here

14

Circular regarding extension of time lines for submission of APAR in respect of Gr. A, B and C Officers for the year 2020-21

 

Click here

15

Labour ministry notifies draft rules under Occupational Safety, Health and Working Conditions Code

 

Click here

16

Labour laws of Maharashtra, Haryana and UP to be reviewed

Click here

17

Why provident fund is so important?

Click here

18

Get PPO number using Bank Account Number or PF Number

Click here

19

EPFO adds 12.37 lakh net subscribers in the month of February, 2021

 

Click here

20

Rejuvenation of 20 control rooms set up to address grievances of workers

 

Click here

21

Service measures taken by ESI Corporation during recent surge of COVID-19 pandemic

 

Click here


6. 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


Timeline Extended – Regulatory Compliance

Regulation reference

Timeline

For the quarter ended March

Regulation 24A read with circular No.

CIR/CFD/CMD1/27/2019 dated February 8, 2019 relating to Annual Secretarial Compliance report

Within 60 days from the end of the FY.

30th June, 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 33 (3) – Quarterly financial results / Annual audited financial results

45 days from end of the quarter /

60 days from end of the financial year

30th June, 2021

Regulation 32 (1) read with SEBI circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019 on Statement of deviation or variation in use of funds

Along with the financial results (within 45 days of end of each quarter / 60 days from end of the financial year)

30th June, 2021


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


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


Relaxation in Compliance norms w.r.t. Trading Members / Clearing Members / Depository Participants / KYC Registration Agencies

SEBI decided to extend the timelines for compliance with the following regulatory requirements by the Trading Members / Clearing Members / Depository Participants / KYC Registration Agencies, as under:

 

S.

 

Compliance

Extended timeline

/ Period         of exclusion

1.

Maintaining call recordings of orders / instructions received from clients.

Till June 30, 2021

 

 

2.

 

 

KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days.

Till June 30, 2021, documents may be uploaded on to the system of KRA within 15 working days.

*A 30-day time period is provided to SEBI Registered Intermediary after June 30, 2021 to clear the backlog

 

3.

 

Issue of Annual Global Statement to clients.

Till June 30, 2021.

*Relaxation is provided only if the client has requested for a physical statement.

4.

Submission of Internal Audit Report for HYE March-2021

Till July 31, 2021

5.

Net worth certificate in Margin Trading for CM Segment for HYE March 31, 2021

Till July 31, 2021

6.

Net worth certificate for all members for HYE March 2021.

Till July 31, 2021

7.

Reporting of Risk based supervision

Till July 31, 2021

8.

Risk Assessment Template

Till July 31, 2021

9.

Reporting      for       Artificial          Intelligence (AI) and   Machine Learning (ML) applications

Till July 31, 2021

10.

Client Funding Reporting

Till June 30, 2021

11.

Submission of System Audit Report for the period ended March 2021

Till July 31, 2021

12.

Submission of Cyber Security & Cyber Resilience Audit Report for the period ended March 2021

Till July 31, 2021

13.

To operate the trading terminals from designated alternate locations.

Till June 30, 2021

14.

Compliance certificate for Margin Trading for CM Segment for HY ended March 31, 2021

Till July 31, 2021

15.

System Audit /Cyber Audit Report – Algo / Type III Members for the period ended March 31, 2021

Till July 31, 2021

16.

Action taken/follow-on audit report for System Audit /Cyber Audit Report for 2019-20

Till July 31, 2021


Relaxation in time period for certain activities carried out by Depository Participant:

Sl.

Compliance

Extended        timeline           \ Period of exclusion

 

1.

 

BO Grievances Report

Till May 31, 2021 for the month of April 2021 and till June 30, 2021, for the month of May 2021.

 

 

2.

 

 

Redressal of investor grievances

During period from April 01, 2021 to June 30, 2021 timeline permitted for redressal of grievances extended to 30 days.

 

 

3.

 

 

Closure of demat account

During period from April 01, 2021 to June 30, 2021 may be excluded in timelines of 30 days provided no charges shall be levied for the period after receipt of closure request.

 

4.

 

Processing of the demat requests

During period from April 01, 2021 to July 31, 2021 timeline of 15 days


7. 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


8. 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


9. 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.


10. 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


11. 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

31.07.2021

 

2.

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

31.07.2021


SEBI Circulars Tracker: 01.04.2021 to 30.04.2021

Sl.

Particulars

Link

 

1

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

 

 

 

Click here

2

COMPREHENSIVE FAQs ON SEBI (PIT) REGULATIONS, 2015

Click here

3

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 due to the CoVID-19 pandemic

 

Click Here

 

4

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 / other applicable circulars due to the CoVID-19 pandemic

 

Click Here

 

5

Addendum to SEBI Circular on “Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19” dated April 13, 2020

 

 

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6.

Relaxation in timelines for compliance with regulatory requirements

 

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7.

Timelines for updation of Scheme Information Document (SID) and Key Information Memorandum (KIM)

 

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8.

Mutual Funds-Aditya Birla Sun Life Fixed Term Plan-Series TI to Series TM

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9.

Circular on Guidelines pertaining to Surrender of FPI Registration

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10.

Adjudication Order in respect of Kunvarji Finstock Pvt. Ltd.in the matter of Kunvarji Finstock Pvt. Ltd.

 

Click Here

11.

Securities And Exchange Board Of India (Underwriters) (Repeal) Regulations, 2021

 

Click Here

12.

Securities And Exchange Board Of India (Stock Brokers) (Amendment) Regulations, 2021

 

Click Here

13.

Securities And Exchange Board Of India (Merchant Bankers) (Amendment) Regulations, 2021

 

Click Here

14.

BNK Capital Markets Limited

 

Click Here

15.

Adjudication Order in respect of Uma Bansal in the matter of Dealings in Illiquid Stock Options at BSE

 

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16.

Reduction in unblocking/refund of application money

 

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17

Declaration of highest bidder in the matter of Arise Bhoomi Developers Ltd. & its Directors in e-auction - Sr. No. 3 – Tal. Vikramgad, Wada, District – Palghar

 

 

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18

Securities Contracts (Regulation) Act, 1956 (As amended by the Finance Act, 2021 (13 of 2021) w.e.f. April 1, 2021)

 

Click Here

19

Securities and Exchange Board of India Act 1992 (As amended by the International Financial Services Centres Authority Act, 2019 w.e.f. October 01, 2020)

 

Click Here

20

InvIT Private Issues - National Highways Infra Trust

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21

Notice For Meeting on Schemes - Motherson Sumi Systems Limited - Notice of meeting of the shareholders

 

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22

Chairman’s speech dated April 06, 2021 at 14th CII Corporate Governance Summit

 

 

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23

Setting up of Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds

 

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24

"SEBI Order for Compliance" – Recovery Certificate No. 2532 of 2019 (Mr. Anil Bagaria) – Release Order

 

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25

Public Issues - Macrotech Developers Limited - Prospectus

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26

Circular on Reporting Formats for Mutual Funds

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27

Notice of Attachment of Bank Accounts and Demat Accounts 6569 & 6570 of 2021 dated April 12, 2021 against Corporate Professionals Capital Pvt. Ltd. [Defaulter] PAN: AABCC7247B in the matter of ECE Industries Ltd. under Recovery Certificate No. 3376 of 2021

 

 

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28

SEBI cautions investors against impersonation

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29

Buybacks - Aarti drugs Limited - Letter of offer

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30

Public Issues - G R Infraprojects Limited - Draft Red Herring Prospectus

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31

Circular on Guidelines for warehousing norms for Agricultural and Agri-processed goods and non-agricultural goods (only base and industrial metals)

 

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32

Informal Guidance sought by Paytm Money Limited regarding SEBI (Investment Advisers) Regulations, 2013

 

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33

Mutual Fund - UTI Focused Equity Fund

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34

Adjudication Order in respect of Mayfair Infosolution Private Ltd. in the matter of Esteem Bio Organic Food processing Ltd.

 

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

Important Notifications and Circulars Tracker (April, 2021)

Sl.

 

Notification(s)

Link(s)

1.

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021

 

Click Here

2.

IBBI (Insolvency Professionals) (Amendment) Regulations, 2021

Click Here

3

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

Click Here

 

4

Corrigenda-Insolvency and Bankruptcy Code (Amendment) Ordinances, 2021

 

Click Here

5

President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

Click Here

 

6

Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021.

 

 

Click Here

 

7

Panel 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 appointment as Administrator for a period from April 1, 2021 to September 30, 2021

 

 

Click Here

8

IBBI QUARTERLY NEWSLETTER FOR OCT-DEC, 2020

Click Here

9

Notification under section 4 of the Insolvency and Bankrutpcy Code, 2016 for Chapter III-A

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10

NCLT to take up regular hearing through Video conference w.e.f. 12th April, 2021

Click Here

11

Corporate Insolvency Resolution Processes Ending With Order of Liquidation: As on 31st December, 2020

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12

Corporate Insolvency Resolution Processes Yielding Resolution: As on 31st December, 2020

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13

IBBI notifies the IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

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14

Notice- Extension of last date of applications for ED

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15

IBBI (Information Utilities) (Amendment) Regulations, 2021

Click Here

16

Information Brochure: Insolvency Professional - A Key To Resolution

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17

In the matter of Ghanashyam Mishra and Sons Pvt. Ltd. Through Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Ltd. Through the Director & Ors. Civil Appeal No. 8129 of 2019 and other appeals.

 

 

Click Here


13. IRDAI– Insurance Sector Updates

IRDAI directs insurers to decide on COVID-19 claims within 60 mins                     

Direction issued in view of Delhi HC order asking IRDAI to tell insurers to communicate their cashless approvals within 30 to 60 minutes so that there is no delay in discharge of patients.

Regulator IRDAI on Thursday directed insurers to decide on cashless COVID-19 treatment claims within 60 minutes of the receipt of final bill so that the hospital bed can be quickly made availabhosle to another waiting patient.

The Insurance Regulatory and Development Authority of India (IRDAI) also directed all general and health insurers to communicate their decision on authorisation for cashless treatment for COVID-19 claims to the hospital within 60 minutes from the time of receipt of request along with all necessary requirements from the hospital.

In the wake of prevailing conditions of COVID-19 cases in the form of second wave and in line with aforesaid directions of the High Court, IRDAI has issued the following directions to all insurers:

a) Decision on authorization for cashless treatment for COVID-19 claims shall be communicated to the network provider (hospital) within a period of 60 minutes from the time of receipt of authorization request along with all necessary requirements from the hospital.

b) Decision on final discharge of patients covered in COVID-19 claims shall be communicated to the network provider within a period of one hour from the time of receipt of final bill along with all necessary requirements from the hospital.

Key Updates – April, 2021

Sl.

Particulars

Link

1

Norms on settlement of COVID-19 health insurance claims

Click here

2

Standard products on Fire and Allied perils insurance business

 

Click here

3

Dividend Criteria for Equity Investment under “Approved Investment”

Click here

4

Comments / suggestions of the stakeholders on draft on IRDAI (General Insurance Products) Regulations, 2021

 

Click Here

5

RTI - Frequently Asked Questions (FAQs)-Department wise

 

Click Here

6

Final order in the matter of M/s Muthoot Risk Insurance and Broking Services Pvt. Ltd.

 

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7

Draft Guidelines on Trade Credit Insurance

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8

Investment in Alternative Investment Fund (AIFs)

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9

IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021

Click here

10

IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021

Click here

11

Order in the matter of Future Generali India Insurance Co Ltd

Click Here

12

Standard Prodcuts-Health Insurance

Click Here

14

Order in the matter of M/s SBI General Insurance Company Ltd.

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15

Order in the matter of M/s Royal Sundaram General Insurance Co. ltd.

Click Here

16

Order in the matter of M/s Bajaj Allianz General Insurance Company Ltd.

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17

Gross premium underwritten by non-life insurers within India (segment wise) : For the month / upto the Month Of March, 2021 (Provisional & Unaudited)

 

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18

Granting cashless facility for treatment of Covid-19

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19

Facilitation by the Insurers for Cashless services at network hospitals

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20

Investments in Debt Securities of InvITs and REITs

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21

Communication on Health Insurnace Claims

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22

IRDAI (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021

 

Click Here

This article is updated till 30th April, 2021 with all Laws / Regulations and their respective amendments.     

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