“Corporate Compliance Calendar – September, 2020”

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“Corporate Compliance Calendar – September, 2020”

Dear Readers,

 

This article contains various Compliance requirements under 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.

 

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

  1. Other Statutory Laws and Updates
  2. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
  3. SEBI Takeover Regulations 2011
  4. SEBI (Prohibition of Insider Trading) Regulations, 2015
  5. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  6. SEBI (Buyback of Securities) Regulations, 2018
  7. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
  8. Timelines for compliance with the regulatory requirements by DPS / RTAS / KRAS
  9. Sebi Relaxations for Preferential Issues Matters
  10. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
  11. Insolvency and Bankruptcy Board of India (IBBI) Updates
  12. NCLT & NCLAT UPDATES

 

  1. Compliance requirement under Income Tax act, 1961

 

 

Applicable Laws/Acts

 

 

Compliance Particulars

 

Due Dates

Revised Due Dates
Income Tax Act, 1961 Filing of original return for the Assessment Year 2019-20 u/s 139 (1) 30-07-2020 30-09-2020
Income Tax Act, 1961 Filing of belated return for the Assessment Year 2019-20 u/s 139 (4) 30-06-2020 30-09-2020
Income Tax Act, 1961 Filing of revised return for the Assessment Year 2019-20 u/s 139 (5) 30-06-2020 30-09-2020
Income Tax Act, 1961 Investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB 30-06-2020 30-09-2020
 

Income Tax Act, 1961

Furnishing of Form 24G by an office of the Government for the month of:

·         April to November 2020

Within 15

days from

the end of

the month

 

31-03-2020

 

Income Tax Act, 1961 New procedure for registration, approval or notification entities under u/s 10(23C), 12AA, 35 and 80G  

01.06.2020

 

01.10.2020

Income Tax Act, 1961 Tax audit report 31.10.2020
Income Tax Act, 1961 The date for commencement of operation for the SEZ units for claiming tax holiday 30.09.2020
Income Tax Act, 1961 Instalments of Advance Tax for the Assessment year 2021-22 15.09.2020 15.09.2020

 

 

  • Importatnt updates:

​​

  1. PAN-Aadhaar linking deadline FURTHER extended to beyond JUNE, 2020

The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 and further extended to 31st March, 2021 due to COVID – 19 outbreak.

 

  1. In line with the circular number 13/2020, e-Verification of Return data of AY 2015-16, 2016-17, 2017-18,2018-19 and 2019-20 has been re-enabled upto 30-September-2020 for taxpayers who could not verify the Return data within the stipulated timelines. Process to e-Verify –> Post Login –> My Account–> e-Verify Return Data of Previous Years –> Click ‘e-Verify’ –> Select the verification option and verify the Return Data. To view Circular 13/2020, Click here

 

  1. ITR 1, 2, 3, 4 & 5 for AY 2020-21 is available for e-Filing.

 

  1. This year ITR-1 form has introduced schedule DI to provide details of the tax-saving investments made in the extended period till July 31, 2020. To avoid payment of excessive tax, it is advisable that you should fill the information in the required columns.

 

  1. For NRI investors, 20% plus surcharge and cess is withheld. However, tax will be assessed on the basis of documents submitted to avail tax treaty benefit under DTAA.

 

  1. Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020

 

As per the government announcement via a press conference, “Due date for all income-tax return for FY 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to 31st October 2020.”

 

  • The government has also reduced the TDS rates applicable for non-salaried payments.

 

  • To provide more funds to taxpayers, TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%.

 

  1. TAX REFORMS ANNOUNCED BY HON’BLE PM ON 13.08.2020

 

The ‘Transparent Taxation – Honoring The Honest’ platform will initiate major tax reforms aimed at bringing transparency in income tax systems and empowering taxpayers. It has also been focussing on simplification of direct tax laws and increasing transparency in communication. A major step in this regard was the introduction of Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number.

 

Key Announcements in the PM Speech

  • Taxpayers’ Charter
  • Faceless Assessments to be made effective from 13.08.2020
  • Faceless Appeals to be made effective from 25.09.2020
  • Extending Scope of SFT (notification to be issued)

 

Statutory Orders to give effect of PM announcements

  • Order u/s 119 dt 13.08.2020 Power of survey u/s 133 A
  • Order u/s 119 dt 13.08.2020 Faceless Assessment
  • Transfer order dt 13.08.2020 wherein number of field officers transferred under NeAC

 

  • Key highlights of Faceless assessments / faceless appeals

 

  • Faceless assessment will be effective from 13 August 2020.
  • Faceless income tax appeal will be effective from 25 September 2020.

 

  • Important Notifications:

 

Sl. No. Particulars of the Notification(s) File No. / Circular No. Notification Link(s)
1. the Income-tax (19th Amendment) Rules, 2020 G.S.R. 499(E)

Notification no. 58/2020

LINK
 

2.

the Central Government, in consultation with the Chief Justice of the High Court of Bombay, hereby designates the following courts of Magistrates of First Class S.O. 2682(E)

Notification no. 59/2020

 

LINK

 

3.

the Central Government has made the major amendments in the E-assessment Scheme, 2019 S.O. 2745 (E).

Notification no. 60/2020

 

LINK

 

 

 

 

4.

the Central Government has made amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O 3265 (E) dated the 12th September, 2019 S.O. 2746(E)

Notification no. 61/2020

 

 

LINK

 

 

5.

amendments in the notification of the Government of India, Ministry of Finance published in the Gazette of India, vide no. S.O. 2753 (E) dated the 22nd October, 2014 S.O. 2754(E).

Notification no. 62/2020

 

LINK

 

6.

amendments in the notification of the Government of India, vide S.O. 2752(E) dated the 22nd October, 2014 S.O. 2755(E)

Notification no. 63/2020

 

LINK

7. the Income-tax Authorities of the National e-Assessment Centre S.O. 2756(E)

Notification no. 64/2020

LINK
8. the Income-tax Authorities of Regional e-Assessment Centres S.O. 2757(E)

Notification no. 65/2020

LINK
9. Various amendments by Central Board of Direct Taxes S.O. 2758(E)

Notification no. 66/2020

LINK
10. the Income-tax (20th Amendment) Rules, 2020. Notification No. 67/2020

F. No. 370142/ 28/2020-TPL

 

LINK

11. CORRIGENDUM date 27th August, 2020 Notification No. 68/2020/F. No. 187/3/2020 (ITA.-I) LINK
12. Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 – reg. Circular no. 16,

F .No .370142/35 /2019-TPL-Pt

LINK

 

 

  1. Compliance Requirement under GST, 2017

 

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns.

 

GST Compliance Relaxations:

 G

Filing of GSTR –3B

STR 3B Due Dates for May 2020

  1. 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
August, 2020 20th September, 2020

 

  1. 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
Feb, 2020 22nd March, 2020 30th June, 2020 1st July to 30th Sept., 2020 1st Oct., 2020
March, 2020 22nd April, 2020 3rd July, 2020 4th July to 30th Sept., 2020 1st Oct., 2020
April, 2020 22nd May, 2020 6th July, 2020 7th July to 30th Sept., 2020 1st Oct., 2020
May, 2020 12th July, 2020 (extended date for filing) 12th Sept., 2020 13th Sept to 30th Sept., 2020 1st Oct., 2020
June, 2020 22nd July, 2020 23rd Sept., 2020 24th Sept to 30th Sept., 2020 1st Oct., 2020
July, 2020 22nd August, 2020 27th September, 2020 28 Sep-30 Sep 2020 01.10.2020 to till actual date of deposit of Tax
August, 2020 22nd September, 2020
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

 

  1. 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
Feb, 2020 24th March, 2020 30th June, 2020 1st July to 30th Sept., 2020 1st Oct., 2020
March, 2020 24th April, 2020 5th July, 2020 6th July to 30th Sept., 2020 1st Oct., 2020
April, 2020 24th May, 2020 9th July, 2020 10th July to 30th Sept., 2020 1st Oct., 2020
May, 2020 14th July, 2020 (extended date for filing) 15th Sept., 2020 16th Sept to 30th Sept., 2020 1st Oct., 2020
June, 2020 24th July, 2020 25th Sept., 2020 26th Sept to 30th Sept., 2020 1st Oct., 2020
July, 2020 24th August, 2020 29th Sept., 2020 30th Sept., 2020 1st Oct., 2020
August, 2020 24th September, 2020
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

 

 

  1. Late Fee Relief to Normal Taxpayers filing Form GSTR-3B

 

  1. i) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

 

Tax period Late fees waived if return filed on or before
May, 2020 30th September, 2020

(Interest is NIL for the first 15 days, 9% after 15 days till 24th June and 18% thereafter)

June, 2020
July, 2020

 

  1. ii) Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY
Tax period Late fees waived if return filed on or before (For Group A States)* Late fees waived if return filed on or before (For Group B States)*
May, 2020 12th Sept., 2020 15th Sept., 2020
June, 2020 23rd Sept., 2020 25th Sept., 2020
July, 2020 27th Sept., 2020 29th Sept., 2020
States Group A- 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 Group B- 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

Kindly note:

Taxpayers who are yet to file Form GSTR-3B for any month(s) from July, 2017 till Jan., 2020, can now file Form GSTR-3B from 1st July, 2020 till 30th Sept., 2020, without any late fee, for those months in which they did not have any tax liability. However, for the months they had a tax liability, their late fee is capped at Rs 500 per return.

 

 

 

iii) Filing Form GSTR-1:

 

Tax period Due Date Remarks
July to September, 2020

Quarterly return

31.10.2020 Taxxpayers having an aggregate turnover of Up to than Rs. 1.50 Crores (< Rs 1.50 Cr) or opted to file Quarterly Return
Monthly return 11.09.2020 Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

 

 

  1. Compliances for Composition taxpayers\

 

Form No. Compliance Particulars Due Date (New)

 

GST CMP-08 2nd Quarter – July to September 2020 18.10.2020
GSTR-4 The yearly return for 2019-20 shall be required to be filed in Form GSTR 4

 

 

31.10.2020

 

  1. 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 20.09.2020
 

GSTR -6

Every Input Service Distributor (ISD)  

13th of succeeding month

 

13.09.2020

 

GSTR -7

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

10th of succeeding month

 

10.09.2020

 

GSTR -8

E-Commerce operator registered under GST liable to TCS 10th of succeeding month 10.09.2020

 

 

  1. GST Annual Returns:

 

Form No. Compliance Particulars Due Date (New)

 

GSTR-9A (2018-19) Annual return 30.09.2020
GSTR-9  (2018-19) Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return. 30.09.2020
GSTR-9C (2018-19) Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores. 30.09.2020

 

 

  • Key UPDATE(s):

 

  1. Facility for filing refund application for July 2017 has been restored on the portal. Inconvenience caused in the past is regretted                

 

  1. Downloading document-wise details of Table 8A of Form GSTR-9

A facility has been provided to the taxpayers to download document wise details of Table 8A of Form GSTR-9, from the portal in excel format. This can be done by using a new option of ‘Document wise Details of Table 8A’ given on the GSTR-9 dashboard, from Financial Year 2018-19 onwards. This will help the taxpayer in reconciling the values appearing in Table 8A of Form GSTR 9, thus facilitate filling the Form GSTR 9.

 

Steps to Download: To download, navigate to Services > Returns > Annual Return > Form GSTR-9 (PREPARE ONLINE) > DOWNLOAD TABLE 8A DOCUMENT DETAILS option.

For more info: Click Here

 

  1. Provision for Aadhar Authentication in GST Registration

Aadhaar Authenticatiobn process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer Notification No 62/2020-CT dt 20.08.2020 ).

For Link : Click Here

  1. Letter of Undertaking (LUT): Due date for filing of LUT for the financial year 2020-21 is extended to 31st August, 2020 as per Notification No. 55/2020 dated 27.06.2020.

 

  1. Amendment In Export Policy Of Ventilators:

Notification No.53 dated 24.03.2020 is amended to the extent that all ventilators including any artificial respiratory apparatus or oxygen therapy apparatus or any other breathing appliance/device are made “free” for export.

(Notification No.23/2015-2020 dated 04.08.2020)

  1. GST Department has released notification on Using Offline Tool to prepare Form GSTR-4 Annual Return by Composition Taxpayers

 

An EXCEL based offline tool has been provided on GST portal for composition taxpayers to prepare their GSTR-4 Annual Return. (Click here for more info)

 

Click here for User Manual & FAQ:  Click here

 

  1. Functionality to file Revocation Application under Removal of Difficulty.

In view of the Removal of Difficulty Order No. 01/2020 dated 25.06.2020, the restriction on filing revocation application, in case it was rejected, has been removed. Aggrieved taxpayers can file application for revocation of cancellation of registration once again.

 

Further, those taxpayers who have filed Appeal against rejection of the Revocation Application and the decision is still pending, they may also file the Revocation of Cancellation.

 

Taxpayer is required to login and navigate to Services> Registration> Application for Revocation to file the application for revocation.

(Click here for more info.)

 

  • GST UPDATES from 01.08.2020 to 31.08.2020:

 

Sl. No.

 

Notification(s) Notification No. Link(s)
1.

 

Seeks to make Tenth amendment (2020) to CGST Rules 62/2020-Central Tax dated 20.08.2020  

LINK

2. In exercise of the powers conferred by section 146 of the Delhi Goods and Services Tax Act 2017 03 of 2017 read with sub rule 4 of rule 48 of the Delhi Goods and Services Tax Rules 2017 Gazette ID

SG-DL-E-21082020-221265

 

LINK

3. GST Revenue collection for July 2020 – ₹ 87,422 crore gross GST revenue collected in  July  

Press Release ID: 1642870

LINK
4. ITC Statement Form GSTR-2B, made available on GST Portal for taxpayers Notification no. 396 LINK
 

5.

Seeks to notify the provisions of section 100 of the Finance (No. 2) Act, 2019 to amend section 50 of the CGST Act, 2017 w.e.f. 01.09.2020 63/2020-Central Tax dated 25.08.2020  

LINK

 

  1. Compliances under FEMA / RBI

 

 

Applicable Laws/Acts

 

Due Dates

 

Compliance Particulars

 

Forms / (Filing mode)

 

 

FEMA ACT 1999

 

 

14.08.2020

(last extended)

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

 

 

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

 

Important Updates:

  1. Procedure for revision of current year FLA return:

The reporting entity need to take approval from RBI in case of revision of duly submitted current year FLA return. Visit https://flair.rbi.org.in/fla → Login to FLAIR → Click “Please click here to get the approval to fill revised FLA form for current year” → select “Year” → 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 Enable Screen” under menu on the left corner. Once approved by RBI, the entity can revise FLA return for current year.

 

  1. RBI monetary policy key highlights

 

  • No change in repo rate, economic growth to contract in first half of fiscal year
  • the Reserve Bank of India has already reduced the repo rate by a total of 115 basis points.
  • the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%
  • The central bank also allowed lenders to restructure corporate and MSME loans as well as raised the limit of loans that can be availed against gold ornaments and jewellery.
  • additional liquidity of Rs 10,000 crore at repo rate to NABARD and NHB
  • the RBI allowed stressed MSME borrowers to restructure debt if their loans were classified as ‘standard’ as on 1 March 2020.
  • the RBI has increased the permissible loan to value ratio (LTV) for loans sanctioned against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent till 31 March 2021

 

  • RBI Circulars / Notifications:

(01.08.2020 to 31.08.2020)

 

 

S. N.

 

 

Particulars of the Circulars

 

Link

1 System-based asset classification – UCBs Click here
2 Reserve Bank announces constitution of an Expert Committee Click here
3 Foreign Exchange Turnover Data: June 29 – July 03, 2020 Click Here

 

4 Results of Auctions State Development Loans of 9 State Governments / Union Territories – Full Auction Result Click Here
5 Overseas Direct Investment for July 2020 Click Here
6 Underwriting Auction for sale of Government Securities for ₹30,000 cr on August 14, 2020 Click Here
7 Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) – Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, Distt. Amravati, Maharashtra – Extension of Period  

Click here

8 584th Meeting of Central Board of the Reserve Bank of India Click here
9 RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments Click Here
10. Reserve Bank invites comments on the draft framework for recognition of a Self-Regulatory Organisation (SRO) for Payment System Operators  

Click Here

11. Minutes of the Monetary Policy Committee Meeting August 4 to 6, 2020 Click Here
12 New Definition of Micro, Small and Medium Enterprises – clarifications  

Click here

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

Click here

14 It is Time for Banks to Look Deeply Within: Reorienting Banking Post-Covid (Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India – Delivered at the Unlock BFSI 2.0 with Business Standard on Thursday, August 27, 2020)  

 

Click Here

15 Annual Report for the year 2019-20 Click Here
16 Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) – Extension of time  

Click Here

17 Ad-hoc/Short Review/Renewal of Credit Facilities  

Click Here

18 RBI launches the September 2020 round of the Inflation Expectations Survey of Households

 

 

Click Here

19 Sovereign Gold Bond Scheme 2020-21 Series VI-Issue Price

 

 

Click Here

20 Directions issued to the Rupee Co-operative Bank Ltd., Pune, Maharashtra – Extension of Period  

Click Here

 

  1. 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)

 

 

15.09.2020

 

PF Payment

 

ECR

 

ESIC (Employees’ State Insurance Act, 1948)

 

 

15.09.2020

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
 

 

Contract Labour (Regulation &Abolition) Act, 1970

 

Within 15 Days of commencement/completion of contract work

Notice of commencement/ completion of contract work by the Contractor within 15 days Form VI-A
 

 

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. EPFO operationalizes Pradhan Mantri Garib Kalyan Package for Low Wage Earning EPF Member and EPF covered Establishments with upto 100 Employees:
  • Relief available for 6 months from March – August, 2020
  • ECR with declaration to be filed to avail benefits of eligible employees and establishments.
  • Eligible Establishments remitting for March, 2020 prior to PMGKY ECR Facility have to update Bank details in Form 5A to get re-imbursement.

 

  1. Committee on Labour suggests unemployment insurance for unorganised sector workers

The committee has pulled up the government for not declaring the indicated expenditure and source of revenue for running the social security scheme while urging them to include unemployment insurance as part of the code for the unorganised workers so that unprecedented labour market situations can be well taken care of.

 

  1. Labour reforms: After Centre’s push, states explore ways to house migrants better

 

Gujarat’s new industrial policy launched talks about dormitory housing for migrant workers near industrial zones under state and central urban housing schemes, while some others including Haryana, Tamil Nadu and Karnataka are working on similar policies, people aware of the development.

 

 

  • Updates TRACKER under Labour LAws:

 

Sl. No. Particulars Link

 

1 Relaxation in eligibility criteria and enhancement in the payment of unemployment benefit under Atal Bimit Vyakti Kalyan yojana of ESIC  

Click here

2 EPFO Makes Signficant Progress in Updating KYC of its Subscribers During July- 2020 Despite Covid Pendemic  

Click here

3 Implications of AI on the Indian Economy Click Here
4 Employees’ Provident Fund Organisation (Personal Assistant) Recruitment Rules, 2020 Click Here
5 the Central Government is of the opinion that public interest requires the extension of the public utility service status to the said industries for a further period of six months;  

Click Here

 

 

  1. SEBI – Securities Exchange Board of INDIA

 

SEBI MEASURES IN REPOSNSE TO COVID 19

 

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

 

FILING MODE(s) :

 

·         For BSE                    : BSE LISTING CENTRE

·         For NSE                    : NEAPS Portal

 

  • Half Yearly Compliances

 

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

Revised Due Date

1. Regulation 33 Quarterly / Annually

Relating to Financial Results

Un audited Financial Results within 45 days & Audited finance within 60 days

 

Q. 15.05.2020

A. 30.05.2020

 

 

 

 

 

15.09.2020

 

  • Annual Compliance

 

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

 

 

 

1

 

 

 

Regulation 24A

 

 

Secretarial Audit

 

Due date Extended to 31.07.2020

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)

 

 

  • 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

 

  • Event based Compliances

 

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

 

 

1.

 

Regulation 7 (5)

Intimation of

appointment / Change of Share Transfer Agent.

 

 

Within 7 days of Agreement with

RTA.

 

 

 2.

 

 

Regulation 17(2)

 

 

 

Meeting of Board of Directors

 

 

 

COVID-19 Relaxation:

The board of directors and Audit Committee of the listed entity are exempted from observing the maximum stipulated time gap between two meetings.

Extension of maximum time gap between two board/Audit Committee meetings as provided by circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 is further extended till July 31, 2020.

 

However the board of directors / Audit Committee shall ensure that they meet at least four times a year, as stipulated under regulations 17(2) and 18(2)(a) of the LODR.

 

 

 

 

3.

 

 

Regulation 18(2)

 

 

Meeting of the audit committee

 

 

 

4.

 

 

Regulation 29

 

 

Notice for Board Meeting to consider the prescribed matters.

 

COVID19 Relaxation

 

Board meetings in all cases –

2 days in respect of Board Meetings held till July 31, 2020.

 

 

 

5

 

 

Regulation 30 

 

Outcome of Board Meeting (Schedule III Part A- (4)

 

 

within 30 minutes of the closure of the meeting

 

 

 

 

6.

 

 

 

Regulation 39 (3)

 

Intimation to Stock Exchanges regarding loss of share certificates and issue of the duplicate certificates – within 2 days of its getting information.

 

 

 

Extension granted:

No penalty for delay in intimation made between March 1 to May 31, 2020

 

 

 

 

 

 

7.

 

 

 

 

 

 

Regulation 40

 

 

 

 

 

 

Transfer or transmission or transposition of securities

 

After due verification of the documents, the Listed Company 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 15 days from the date of such receipt of request for transfer:

 

Transmission requests are processed for securities held in dematerialized mode and physical mode within 7 days and 21 days respectively, after receipt of the specified documents

 

 

 

8.

 

 

Regulation 43

 

 

Declaration of Dividend

 

 

The company has to declare and disclose the dividend on per share basis only.

 

 

 

 

9.

 

 

 

Regulation 46

 

Company Website:.

Listed entity shall disseminate the information as stated in Regulation 46 (2)

 

 

Shall update any change in the content of its website within

2 working days from the date of such change in content.

 

 

 

 

 

 

10.

 

 

 

 

Regulation 50

 

 

 

 

Intimation to stock exchange(s).

Listed Company shall give prior intimation at least 11 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.

 

 

 

Regulation 57

 

 

 

Other submissions to stock exchange(s).

 

 

Listed Company shall submit a certificate to the stock exchange within 2 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.

 

 

 

 

 

 

 

 

12.

 

 

 

 

 

 

 

 

Regulation 82

 

 

 

 

 

 

 

Intimation and filings with stock exchange(s).

 

Intention to issue new securitized debt instruments either through a public issue or on private placement basis :

 

Reg. 82(2) : Intimation of Meeting

at least 2 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

 

 

 

13.

 

SCHEDULE III

PART A: DISCLOSURES OF EVENTS OR INFORMATION: SPECIFIED SECURITIES

 

Events which shall be disclosed without any application of the guidelines for materiality as specified in sub-regulation (4) of regulation (30)

 

(7B) In case of resignation of an independent director of the listed entity, within 7 days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities as mentioned in 7B (i), 7B(ii) & 7B(iii).

 

 

 

 

14.

 

 

 

Regulation 106J

 

 

Period of subscription and issue of allotment letter.

A rights issue shall be open for subscription in India for a period as applicable under the laws of its home country but in no case less than 10 days.

 

 

 

15.

 

 

Regulation 108

 

 

Application for Listing.

The issuer / the issuing company, shall, make an application for listing, within 20 days from the date of allotment, to one or more recognized stock exchange(s) along with the documents specified by stock exchange(s) from time to time.

 

 

 

 

 

 

 

16.

 

 

 

 

 

 

Regulation 23

 

 

 

 

 

Corporate governance requirements with respect to subsidiary of listed entity

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.

 

17 Regulation 23(9)  

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.

 

 

Disclosure Of Related Party Transactions Pursuant To Regulation 23(9) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 WITHIN 30 days from the date of publication of Financial Results (for half year )

 

 

 

 

 

 

 

18.

 

 

 

 

Regulation 30 (6) read with Para A of Part A of Schedule III (except sub para 4 of with Para A of 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:

 

Provided that in case the disclosure is made after twenty four hours of occurrence of the event or information, the listed entity shall, along with such disclosures provide explanation for delay

Example :

Proceedings of Annual and extraordinary general meetings of the listed entity.

 

 

 

 

 

24 hours of Occurrence of event

 

 

 

 

19.

 

 

 

 

SCHEDULE III

PARTA A

(SUB CLAUSE 7A)

 

In case of 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 of Occurrence of event

 

 

 

 

 

20.

 

 

 

 

SCHEDULE III

PARTA A

(SUB CLAUSE 7B)

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  

 

 

 

 

within 7 days from the date of resignation

 

 

 

 

 

21.

Regulation 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
22 Regulation 37(1) read with Section 31 of the Insolvency Code, No need to follow Regulation 37 & 94 if restructuring proposal approved as part of a resolution plan by the Tribunal under section 31 of the Insolvency Code, subject to the details being disclosed to the recognized stock 23exchanges within one day of the resolution plan being approved

 

within one day of the resolution plan being approved
23 Regulation 42(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 stock exchange(s) of record date specifying the purpose of the record date. (Refer 42(1) Record date)

 

7 working days (excluding the date of intimation and the record date)
24. Regulation 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.

 

within 48 hours of conclusion of its General Meeting
25. Regulation 31A Re-classification of status of a promoter/ person belonging to promoter group to public

 

an application for re-classification to the stock exchanges has been 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.

 

Not later than 30 days of general Meeting
26. Regulation 50(1)

(Debt OR Non-Convertible Redeemable Preference Shares Or Both)

Intimation to stock exchange(s).

Listed Company shall give prior intimation at least 11 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.

 

 

 

at least 11 working days

27. Regulation 50(3)

(Debt OR Non-Convertible Redeemable Preference Shares Or Both)

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.

 

at least 2 working days in advance, excluding the date of the intimation and date of the meeting
29. Regulation 52(5)

(Debt OR Non-Convertible Redeemable Preference Shares Or Both)

 

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

7 working days of FR
31. Regulation 57

(Debt OR Non-Convertible Redeemable Preference Shares Or Both)

Other submissions to stock exchange(s).

Listed Company shall submit a certificate to the stock exchange within 2 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
32. Regulation 60(2)

(Debt OR Non-Convertible Redeemable Preference Shares Or Both)

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.

(Refer 60(1) Record date)

 

7 working days (excluding the date of intimation and the record date)
33. Regulation 78(2)

(Obligations of listed entity which has listed its indian depository receipts)

 

Record date

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.

 

at least 4 working days
34. Regulation 82

(Obligations Of Listed Entity Which Has Listed Its Securitised Debt Instruments)

Intimation and filings with stock exchange(s).

 

Intention to issue new securitized debt instruments either through a public issue or on private placement basis.

At least 2 working days in advance
35. Regulation 87(2)

(Obligations of listed entity which has listed its Indian depository receipts)

 

Record date

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.

at least 7 working days(excluding the date of intimation and the record date)
36. Regulation 87B

(Obligations Of Listed Entity Which Has Listed Its Security Receipts)

 

 

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:

 

Provided that in case the disclosure is made after twenty four hours of occurrence of the event or information, the listed entity shall, along with such disclosures provide explanation for the delay.

 

24 hours of Occurrence of event

 

 

Few More SEBI (LODR) Relaxations:

 

 

Sl. No.

 

 

Compliance Particulars

 

Due Date

 

Extended Due Date

1 Regulation 44(5) relating to holding of AGM by top 100 listed entities by market capitalization for FY 19-20

Relaxations on holding AGM by top 100 listed entities vide circular dated April 23, 2020

 

31.08.2020

 

30.09.2020

 

 

 

 

 

 

 

2.

Regulation 19(3A)

The nomination and remuneration

committee shall meet at least once in

a year

 

Regulation 20(3A)

The Stakeholders Relationship committee

shall meet at least once in a year.

 

Regulation 21(3A)

The Risk Management Committee shall

meet at least once in a year.

 

 

 

 

 

 

31.03.2020

 

 

 

 

 

30.06.2020

 

Nomination and Remuneration Committee, Stakeholder Relationship Committee and Risk Management Committee shall meet atleast once in a year extended by 3 months i.e. June 30, 2020

3. Regulation 47: Publication of advertisements in the newspapers

 

It has been decided to exempt publication of advertisements in newspapers as required under regulation 47 for all events.

No advertisement publication in newspaper required for events taking place up to June 30, 2020

4 Regulation 52 (1) and (2) relating to Financial Results

 

a) 45 days from the end of the Half Year

b) 60 days from the end of Financial Year for Annual Financial Results

 

 

 

15.05.2020

 

30.05.2020

 

 

 

31.07.2020

5. Regulation 44(5)

holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization, due to the COVID –19 pandemic

 

31.08.2020

 

30.09.2020

 

 

6. Regulation 36 (1)(b) & (c) ;

Regulation 58 (1)(b) &(c)

Hard copy of the statement containing salient features of all the documents, as prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses and hard copies of full annual reports to those shareholders, who request for the same

 

SEBI has dispensed with the requirement of dispatch of hard copies for all listed entities who conduct their AGM till December 31, 2020
7. Regulation 44(4)

Proxy for general meetings

SEBI has dispensed with this requirement temporarily for all listed entities who conduct their AGM through electronic mode only till 31st December, 2020
8. Regulation 12

Dividend warrants of cheques

SEBI has clarified that this requirement shall apply only once postal services resume normal operations. Where email addresses of shareholders are available, listed entities shall endeavour to obtain their bank account details and use the electronic modes of payment specified in Schedule I of the SEBI (LODR), Regulations, 2015.

 

9. Regulation 52(8)

Newspaper publication of financial results

 

Within 2 calendar days of the conclusion of the meeting of the board of directors No advertisement publication in newspaper required for events taking place up to June 30, 2020

 

10. Regulation 33(3)(b)

All listed entities having subsidiaries must submit quarterly/year-to-date consolidated financial results on a quarterly basis. The Companies (Indian Accounting Standards) Rules, 2015 provide for the phased adoption of Ind AS is currently applicable to all listed entities except entities in the banking and insurance sectors

Considering the challenges faced in preparing consolidated financial results due to different accounting standards being followed, listed entities that are in or have subsidiaries in the banking or insurance sectors may submit consolidated financials for the quarter ended June 30, 2020 voluntarily. Entities that choose to publish only standalone results must provide reasons for doing so.

however, such entities must continue to submit quarterly/year-to-date standalone financial results.

 

11. Clarification regarding the use of digital signatures

 

Authentication /certification of any filing /submission made to stock exchanges under LODR may be done using digital signature certifications until June 30, 2020

 

 

  1. 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.

 

 

 

Report as per the 2020 calendar are required to be filed by April 15, 2020

 

 

Due Date Extended

 

It has been decided by SEBI to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.

 

 

 

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

 

 

  1. 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

 

  1. 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.

 

7. All offer documents filed until July 31, 2020 A. Authentication/ certification for offer documents can be done through DSC.

B. The issuer shall provide a procedure to inspect documents electronically

 

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

 

 

  1. SEBI (Depositories and Participants) Regulations 2018)

 

 

Sl. No.

 

 

Compliance Particulars

 

Due Date

 

Extended Due Date

 

1.

Regulation 76

Reconciliation of Shares and Capital Audit

30.04.2020 Equivalent period of lock down declared by Government of India i.e. 21 days, over and above the prescribed time limits
 

2.

Regulation 74 (5)

Certificate Received from Registrar

 

 

 

  1. Timelines for compliance with the regulatory requirements by DPs / RTAs / KRAs

 

Compliance requirements for which timelines were extended vide SEBI circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/62

dated April 16, 2020.

S. Nos. for which timeline is extended Extended timeline/  Period of exclusion
Processing of the demat request form by Issuer / RTA. I Period of exclusion shall be from 23.03.2020

till 30.09.2020.

 

A 15day time period after 30.09.2020 is allowed to Depository / DPs, to clear the back log.

Processing of the demat request form by the Participants II
 KYC application form and supporting documents of

the clients to be uploaded on system of KRA within 10 working days.

III
Compliance requirements for which timelines were extended vide SEBI circular  No.

SEBI/HO/MIRSD/DOP/CIR/P/2020/72

dated April 24, 2020.

S. Nos. for which timeline is extended Extended timeline/  Period of exclusion
Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended March 31, 2020. II 30.09.2020
Redressal of investor grievances. III Period of exclusion shall be from 23.03.2020

till 30.09.2020.

 

A 15day time period after 30.09.2020 is allowed to Depository / DPs, to clear the back log.

Transmission of securities. IV
Closure of demat account. V
Systems audit on annual basis. VI 30.09.2020 for the financial year ended on 31.03.2020

 

  1. SEBI RELAXATIONS FOR PREFERENTIAL ISSUES MATTERS

Securities Exchange Board of India (SEBI) vide Press Release no. PR No.35/2020 dated 23rd June, 2020 has come out with Relaxations for Listed Companies having stressed assets aimed at helping stressed companies raise capital through timely financial intervention, at the same time protecting the interest of shareholders.

 

Relaxations are divided into two main parts:

 

  • Relaxations in the pricing methodology for preferential issues
  • exempt allottees of preferential issues from open offer obligations

 

What are the relaxations:

Pricing of their preferential allotments

 

Exempted from making an open offer
not less than the average of the weekly high and low of the volume weighted average prices of the related equity shares during the two weeks preceding the relevant date. if the acquisition is beyond the prescribed threshold or if the open offer is warranted due to change in control, in terms of Takeover Regulations.’

 

Read full at : Click here

 

  • SEBI Circulars Tracker: 01.08.2020 to 31.08.2020

 

 

Sl. No. Particulars Link
1 Processing status – Scheme of Arrangement. Click here
 

2

Remittance order of attached amount under AP No. 1236 of 2014 in Recovery Certificate No. 349 of 2014 against M/s Fineline Mercantile Co. Pvt. Ltd.  

Click here

 

3

SEBI (International Financial Services Centres) Guidelines, 2015 – Amendment Click Here
 

4

Release Order of Basmati Securities Pvt. Ltd. in the matter of CAT Technologies Ltd. Click Here
 

5

Rights Issues : Final Letters of Offer filed with Stock Exchanges

Satin Creditcare Network Ltd

 

Click Here

 

 

6.

Interim Order dated August 7, 2020, In the matter of Front Running Trading activity of Dealers of Reliance Securities Ltd. and other connected entities  

Click Here

7. Amrit Corp Ltd. – Post Buyback Public Announcement Click Here
8. Adjudication Order in respect of Bhawani Ferrous Private Limited in the matter of its dealing in Illiquid Stock Options at BSE Click Here
9. Resources for Trustees of Mutual Funds Click Here
10. Adjudication Order in respect of Siddarth Businesses Limited (currently known as Shivamshree Businesses Limited) in the matter of Siddarth Businesses Limited (currently known as Shivamshree Businesses Limited)  

Click Here

 

11.

Remittance order of attached amount under Attachment Proceedings Nos. 5336 & 5337 of 2019 in Recovery Certificate No. 2532 of 2019 against Mr. Anil Bagaria  

Click Here

12. Public notice for Processing of Complaints only through SCORES Click Here
13. Adjudication order in respect of Yochana Vyapaar Private Limited in the matter of Dealing in Illiquid Stock Options at BSE Click Here
14. Takeovers : Letter of Offer

International Conveyors Limited

Click Here
15. Orders : Orders of Chairman/Members

Togo Retail Marketing Limited (Earlier Known as “M/s Multi–Ex Marketing & Communications Limited”)

 

Click Here

16. Orders : Orders of Chairman/Members

Final Order in the matter of Trading activities of certain entities in Castor Seeds at NCDEX

 

Click Here

17 Processing status – Scheme of Arrangement. Click here
18 Processing Status: Takeovers Click here
19 Adjudication Order in respect of State Bank of India Click Here
20 Adjudication Order in respect of LIC of India Click Here
21 Shri G P Garg takes charge as Executive Director, SEBI Click Here
22 Triveni Engineering & Industries Limited – Draft Letter of Offer Click Here
23 Remittance Advice to Banks/Mutual Funds – Abhayraj Rampher Shukla Click Here
24 Corrigendum to Master Circular for Depositories dated October 25, 2019 on preservation of records Click Here
25 Consultation Paper on the format for Business Responsibility and Sustainability Reporting Click Here
26 Attachment Proceedings Order Nos. 5882 & 5883 of 2020 to Certificate No. 2889 of 2020 against Jigar Dilip Shah in the matter of Finalysis Credit & Guarantee Company Limited  

Click Here

27 Adjudication Order in respect of Goldcrest Jute Fibre Limited in the matter of SCORES Authentication  

Click Here

28 Recalibration of threshold for Minimum Public Shareholding norms, enhanced disclosures in Corporate Insolvency Resolution Process (CIRP) cases Click Here
29 Adjudication Order in respect of Balaji Infrasolutions Pvt. Ltd. in the matter of its dealing in Illiquid Stock Options at BSE Click Here
30 Adjudication Order in the matter of The Orissa Minerals Development Co. Ltd. Click Here
31 Processing status – Scheme of Arrangement. Click here
32 MPS Limited – Draft Letter of Offer Click here
33 Adjudication order in the matter of Maximaa Systems Private Ltd. Click Here
34 Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015- Amendments Click Here
35 Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments Click Here
36 Adjudication Order in the matter of Ravi Kumar Distilleries Ltd Click Here
37 Attachment Proceeding No. 5894 and 5895 in Recovery Certificate 2845 of 2020- Shri Arvind Babulal Goyal Click Here
38 Adjudication Order in respect of MCS Share Transfer Agent Limited In the matter of Inspection/Audit of Books of MCS Share Transfer Agent Limited  

Click Here

39 Master Circular for Mutual Funds Click Here
40 In the matter of KP Capital Advisors Private Ltd. under SEBI (Prohibition of Insider Trading) Regulations, 2015 Click Here
41 Addendum cum Corrigendum to the Rights Issue of Minda Industries Limited  

Click Here

42 Adjudication Order in the matter of National Stock Exchange of India Limited Click Here
43 FAQ- Portfolio Managers Click Here
44 Regulatory measures to continue Click Here
45 Temporary relaxation in processing of documents pertaining to FPIs due to COVID-19 Click Here
46 Relaxation from default recognition due to restructuring of debt Click Here

 

List of BSE Circulars:

 

Grievance Resolution between listed entities and proxy advisers’ – Extension of timeline for implementation August 28, 2020
Updated Frequently Asked Questions (FAQs) on SEBI (Buy-back of Securities) Regulations, 2018 August 18, 2020
Investor grievances redressal mechanism-Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies August 18, 2020
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020 August 6, 2020
Grievance Resolution between listed entities and proxy advisers. August 4, 2020

 

 

  1. 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 + An additional time of 6 more months shall be allowed by MCA

(6+6 months)

 

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.

CLICK HERE

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

 

30.09.2020

 

(Due Date Extended as covered under CFSS 2020 Scheme

 

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

(Within 30 days from deployment of the E –form (earlier the date of receipt of declaration in BEN-1 )

CLICK HERE

BEN -2 due date extended till 31.03.2020

Circulars Link:

CLICK HERE

Form BEN – 2

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

Companies Act, 2013

 

File between 1st April, 2020 to 30th September, 2020 without any Additional filing fee (Rs. 10,000/-)  

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

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

Due date extended- Link :

CLICK HERE

 

Active Form

INC -22A

Companies Act, 2013

 

File between 1st April, 2020 to 30th September, 2020 without any Additional filing fee (Rs. 5,000/-) *DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th November 2019

CLICK HERE

CLICK HERE

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 60 days from the date of deployment of this form on the website of the

Ministry.

 

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

Applicable w.e.f. 30.09.2019

Extension Notification:

 

E-Form PAS – 6

Available w.e.f. 15.07.2020

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 Due date was 30.06.2020 and can be filed till 30.09.2020 under Moratorium period / CFSS DPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.

 

Company can file Form DPT-3 upto 30.09.2020 without any additional fee

DPT-3

 

  • Important Updates

 

  1. MCA update on Extract on Annual Return (MGT – 9)

 

Ministry of Corporate Affairs (MCA) vide Gazette ID CG-DL-E-28082020-221419 dated 28th day of august 2020 has issued and published the Companies (Management and Administration) Amendment Rules, 2020, In exercise of the powers conferred under sub-section (3) of section 92, read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014.

Applicable w.e.f. from 28th day of August, 2020.

 

Crux of this notification:

“Provided that a company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT.9, in case the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.”

For circular, Click here

  • MCA Monthly UPdate Calendar: august 2020

 

 

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Particulars of the Circulars

 

Link

1 Report of the Committee on Business Responsibility Reporting Click here
 

2

The timeline for receiving the proposals for Research studies on Corporate Governance has expired. It will be informed when applications are being accepted again.  

Click here

 

3

Shri Keshav Chandra, IAS (AGMUT: 1995) has been appointed as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs, with effect from the forenoon of 03.08.2020, for an overall tenure of five years up to 17.12.2022 or until further orders, whichever is earlier.  

 

Click Here

 

4

Filling up the posts of Joint Registrar, Deputy Registrar, Assistant Registrar, Programmer, Court Officer, Private Secretary, Senior Legal Assistant, Assistant Library Information Officer, etc. on deputation basis in National Company Law Tribunal (NCLT) Benches. – Last date of receipt of applications is 19.10.2020.  

 

 

Click here

5. Clarification on Extension of Annual General Meeting (AGM) for the financial year ended 31.03.2020, Companies Act, 2013  

Click here

6 NFRA issues Audit Quality Review Report of the Statutory Audit for FY 2017-18 of IL&FS Financial Services Limited  

Click here

7 Amendment of item no. (ix) in the Schedule VII of the Companies Act, 2013  

Click here

8 Amendment of the Companies (CSR Policy) Rules, 2014 of the Companies Act, 2013  

Click here

9 The timeline for receiving the proposals for Research studies on Corporate Governance has expired. It will be informed when applications are being accepted again.  

Click here

 

 

  1. IBC / IBBI Updates {Insolvency and Bankruptcy Board of India}

 

Due to the emerging financial distress faced by most companies it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs.

 

  • Important Notifications and Circulars Tracker

 

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Notification(s) Link(s)
1. IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

 

Click here
2. IBBI amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 Click here
3 Judgment dated 14th August, 2020 of the Hon’ble Supreme Court of India in the matter of Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited & Anr. [Civil Appeal No. 6347 of 2019]  

Click here

4 In the matter of Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr., Civil Appeal No. 6347 of 2019  

Click here

5 In the matter of Univalue Projects Pvt. Ltd. vs. The Union of India & Ors. W. P. No. 5595 (W) of 2020 With C.A.N. 3347 of 2020 and others petitions  

Click here

6 In the matter of RV Registration Click here
7 In the matter of State Bank of India Vs. Anil Dhirajlal Ambani in IA No. 1009 of 2020 in CP(IB) 916 (MB) of 2020 & IA No. 1010 of 2020 in CP(IB) 917 (MB) of 2020  

Click here

8 In the matter of Mr. Rajneesh Singhvi, Insolvency Professional Click here
9 Invitation of Public comments: Discussion Paper on Corporate Liquidation Process  

Click here

 

  1. NCLT & NCLAT UPDATES

 

Sl. No. Particulars Link
1 Constitution of  Special Bench NCLT  Kolkata  from 24.8.2020 to 26.8.2020 Click here
2 Constitution of  Bench at NCLT Hyderabd  on  28.8.2020 & 31.8.2020 Click here
3 Corrigendum to advertisement issued vide O.M. No. 10/57/2016-NCLT (Pt.III) dated 17.08.2020 regarding Filling up various posts on deputation basis in NCLT  

Click Here

4 Take notice that the matter listed on 25.08.2020 in the Court of Chairperson will not be taken up due to non-availability of the Bench. The next date of hearing will be notified later. Click Here
5. Take notice that the matter adjourned on 17.08.2020 in the Court – II will be listed Click Here
6. Filing of default record from Information Utility in petitions filed U/s 7 of IBC. Click Here

 

Prepared by

CS Lalit Rajput

Contact details: +918802581290

E-mail id: lalitrajput537@gmail.com

Website: www.xcede.in

Blog: http://enlightengovernance.blogspot.com/

LinkedIn: https://www.linkedin.com/in/cslalitrajput/

 

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This article is updated till 31st August, 2020 with all Laws / Regulations and their respective amendments.

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