“Corporate Compliance Calendar for the M/o February, 2021”

About Article :

This article contains various Compliance requirements for the Month of February, 2021 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.

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 and LLP 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. MSME Key Updates
14. Competition Commission of India

1. Compliance requirement under Income Tax act, 1961

Sl.	Compliance Particulars	Due Dates
1	​Due date for deposit of Tax deducted/collected for the month of January, 2021. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan	07-072-2021
2	​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2020	14-02-2021
3	​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of December, 2020	14-02-2021
4	​Due date for issue of TDS Certificate for tax deducted under section 194M in the month of December, 2020	14.02.2021
5	​​​ Due date for filing of return of income for the assessment year 2020-21 if the assessee is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or (d) required to submit a report under section 92E pertaining to international or specified domestic transaction(s)	15.02.2021
6	​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of January, 2021 has been paid without the production of a challan	15.02.2021
7	​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2020.	15.02.2021

Notes:

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

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.	Click here
Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020.	Click here

• Importatnt updates:

1. I-T refunds worth Rs 1.81 lakh cr issued so far in FY21

The Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.

Of this, personal income tax refunds of Rs 62,231 crore have been issued to over 1.71 crore taxpayers and corporate tax refunds of Rs 1.19 lakh crore have been issued in 2.12 lakh cases. CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021, the department tweeted.

2. Capital gains relief rule on flat sales given retro effect

A recent ruling of the Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has come as a relief to taxpayers embroiled in litigation on capital gains arising out of sale of their flats due to the sale price being lower than the stamp duty valuation.

ITAT has held that the benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and the stamp duty valuation will apply with retrospective effect.

The ITAT bench of vice-president Pramod Kumar and judicial member Saktijit Dey held this benefit would apply retrospectively from financial year 2002-03 (assessment year beginning April 1, 2003) when anti-abuse provisions were introduced in the income-tax Act.

To prevent tax abuse and deter the use of black money in property deals, Section 50C was introduced by the Finance Act, 2002. It provided that if the sale consideration claimed to be received by the seller is less than the stamp duty rate, the latter would be considered for determining capital gains.

3. Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets

The taxman now has huge data coming in from various international and domestic sources to check possible illegal foreign assets holding of an individual and hence, a dedicated wing was required to analyse this information and sift through this mountain of data, according to an official.

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.

• Important Notifications – For the month of January – 2021:

Sl. No.	Particulars of the Notification(s)	File No. / Circular No.	Notification Link(s)
1.	​Clarification regarding approval for attachment provided in the Order dated 19th October, 2020 issued under section 119 of the Income-tax Act, 1961	F.No. 275129/ 2020-IT(B)	LINK
2.	e-filing website has enabled the public to file information on Tax Evasion under the link ‘Submit Tax Evasion Petition or Benami Property holding’	Notification No. 03/2021	LINK
3.	the Faceless Penalty Scheme, 2021	Notification No. 02/2021	LINK
4.	Amount of remuneration prescribed under section 9A(3)(m) of the Income-tax Act, 1961	Circular No. 01/2021	LINK
5.	ORDER UNDER SECTION 119 OF INCOME TAX ACT, 1961	F.NO. 370153/39/2020-TPL	LINK
6.	​ Timeline before which UDIN are to updated with respect to the audit report and certificates uploaded from 27th April, 2020 extended up to 15th February, 2021. Kindly update to avoid invalidation.	UDIN	LINK
7	CBDT issues press release for extension of due dates for filing Income-Tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21	Press Release	LINK
8	Amendment to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020	Notification No. 93/2020	LINK
9	Direct Tax Vivad se Vishwas Act, 2020 – Reg.	Notification No. 92/2020	LINK

3. Compliance Requirement under GST, 2017

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
January, 2021	20th February, 2021	–	–	–

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
January, 2021	22nd February, 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

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
January, 2021	24th February, 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

1. Filing Form GSTR-1:

 

Tax period	Due Date	Remarks
Monthly return (January, 2021)	11.02.2020	Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

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	20.02.2020
GSTR -6	Every Input Service Distributor (ISD)	13th of succeeding month	13.02.2020
GSTR -7	Return for Tax Deducted at source to be filed by Tax Deductor	10th of succeeding month	10.02.2020
GSTR -8	E-Commerce operator registered under GST liable to TCS	10th of succeeding month	10.02.2020

1. GST Annual Returns:

Form No.	Compliance Particulars	Due Date (New)
GSTR-9  (FY 2019-20)	Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.	28.02.2021
GSTR-9C (FY 2019-20)	Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores.	28.02.2021

1. GST Refund:

Form No.	Compliance Particulars	Due Date (New)
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. HC tells GST dept to tone down harsh measures

Hearing a case related to the Central Goods and Service Tax act the Gujrat high court asked the union government to take steps to stop provisionally attaching bank account of person after the GST departments raids over suspected tax evasion or other irregularities.

2. Module wise new functionalities deployed on the GST Portal during October-December, 2020 for taxpayers.

Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund, other Miscellaneous topics. Various webinars are also conducted during the period for the benefit of the stakeholders.

New functionalities made available for Taxpayers on GST Portal (October-December, 2020) Link: : Click here

3. New GST return filing system: How ‘Quarterly Return Monthly Payment’ scheme helps small taxpayers

With an intent to ease of doing business & as a trade facilitation measure, GST Council in its 42nd Meet held on 5th October 2020 proposed new GST Return Filing System for the small taxpayers having aggregate annual turnover (hereinafter AATO) up to Rs 5 crore in the preceding FY i.e. 2019-20, with effect from January 01, 2021. The very attempt behind the Introduction of this scheme is to reduce the monthly return filing burden on the small taxpayers. The council recommended that the taxpayers having the AATO up to Rs 5 Crore is allowed to furnish GSTR-3B quarterly with a monthly payment of GST Liability, from January 01, 2021, onwards. The government has issued various notifications to implement this scheme & circular to explain this scheme in simple terms & to ensure uniformity in its implementation. 

• GST UPDATES from 01.01.2021 to 31.01.2021:

Sl. No.	Notification(s)	Notification No.	Link(s)
1.	Module wise new functionalities deployed on the GST Portal during October-December, 2020 for taxpayers.	GSTN Update 443	LINK
2.	Notifying amendment to jurisdiction of Central Tax officers.	02/2021-Central Tax dated 12.01.2021	LINK
3.	Strict compliance to Limitation while filing Appeals/Petitions before Courts/ Tribunal	Circular No. 1077/01/2021 – CX	LINK
4.	Order dated 22.01.2020 in WP 112826/2019 filed by UoI ( CGST Bangalore) Vs. Contempt 65/2018 & Order (Shrinivas, Part Time Casual Worker) Instructions-Reg.	Order against WP 112826/ 2019	LINK
5.	Auto-population of e-invoice details into GSTR-1	GSTN Update 439	LINK
6	Due dates for filing of Form GSTR-3B for the Tax Period of December, 2020	GSTN Update 440	LINK
7	Seeks to make amendment (2021) to CGST Rules, 2017.	02/2021-Central Tax dated 12.01.2021	LINK
8	Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme	GSTN Update 437	LINK
9	Aadhaar Authentication / e-KYC for Existing Taxpayers on GST Portal	GSTN Update 438	LINK
10	Seeks to make amendment (2021) to CGST Rules, 2017.	01/2021-Central Tax dated 01.01.2021	LINK
11	Module wise new functionalities deployed on the GST Portal for taxpayers.	GSTN Update 444	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	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.) Due date extended- Link : CLICK HERE	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 2019-20 was  extended till 31st December, 2020 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 270 days from the date of deployment of this Form	Annual Return To Be Filed By Auditor With The National Financial Reporting Authority CLICK HERE CLICK HERE Click Here Note on NFRA -2 Click Here	NFRA-2 (NFRA-2 e-Form live since 9th December 2019.)
Companies Act, 2013	Within 30 days of the board meeting	Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.	MGT-14 (Filing of resolution with MCA)

• Due dates of LLP Return Filing:
• LLP Form 8 (Statement of Account & Solvency) on or before 31.12.2020 (due date is 31.10.2020 and extended as per Modified LLP Settlement scheme, 2020)
• The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim)
• Form LLP -8 can be filed after due date with a penalty of Rs. 100/- per day till the filing is completed.
• Due dates of ROC Annual Return Filings:

Sl. No.	Particulars	Due Date	E- Form
1	Appointment of Auditor	Within 15 days from the conclusion of AGM (ratification at every annual general meeting is not mandatory)	ADT-1
2	Filing of financial statement and other documents with the ROC	With in 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year) Extension Link: Click here	AOC-4 (due date extended till 15.02.2021)
3	Filing of annual return by a company.	Within 60 days from the conclusion of AGM	MGT-7
4	Filing of Cost Audit Report with the Central Government	With in 30 days from the receipt of Cost Audit Report Extension notification: Click here	CRA-4

• KEY UPDATES:

1. OPC Annual Filing & AGM Provisions (including 2020 extension clarification)

Due date for filing of AOC -4 has been extended till 15.02.2021.

For OPC: Return Filing Provisions & AGM

• Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year

• AGM not Applicable for OPC: Section 96

(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.

For FY 2019-20: OPC Annual Filing & AGM

Due date for Annual Filing was 27.09.2020 and can be filed till 31.12.2020 without any additional fee under CFSS, 2020 but at present CFSS is finished. So in case return has not been filed, Penalty (additional fees) will be levied from the due date (27.09.2020).

Further AGM Provisions under Section 96 of CA, 2013 are not applicable on One Person Company (OPC). AGM Extension will not work for OPC because due date for filing Annual Returns is 180 days from closure of FY not from the date of AGM.

In case you want to conduct AGM voluntary for OPC, you are required to conduct the same  before due date of return i.e. 27.09.2020.

AGM extension orders not applicable on OPC and hence OPC can’t conduct their AGM (Voluntary) beyond 27.09.2020. Delhi Order Copy: http://www.mca.gov.in/MinistryV2/extensionofagm.html

• Important Updates

• MCA Monthly UPdate Calendar: January, 2021

Sl. No.	Particulars of the Circulars	Link
1	Companies (Share Capital and Debentures) Second Amendment Rules, 2020	Click Here
2	Companies (Incorporation) Third Amendment Rules, 2020	Click Here
3	CFSS-2020 Form is now available for filing as e-Form w.e.f. 16.01.2021	Click Here
4	Scheme for condonation of delay for companies restored during Dec 2020 u/s 252 of the CA 2013	Click Here
5.	Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme	Click Here
6.	Clarification on holding of AGM through VC other OAVM	Click Here
7	The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021	Click Here
8	Scheme for condonation of delay for companies restored during Dec 2020 u/s 252 of the CA 2013	Click Here
9	The Central Government hereby appoints the 22nd day of January, 2021 as the date on which the certain provisions of the Companies (Amendment) Act, 2020 shall come into force	Click Here
10	The Central Government hereby appoints the 22nd day of January, 2021 as the date on which the certain provisions of the Companies (Amendment) Act, 2020 shall come into force	Click Here
11	New ‘Extend’ functionality shall be introduced as part of SPICe+ Part A in line with Rule 9A ‘Extension of reservation of name in certain cases’ of the Companies (Incorporation) Third Amendment Rules, 2020 with effect from 26th January 2021.	MCA home page
12	Relaxation of additional fee in filing all AOC-4 e-form	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

• Important Updates, December-2020: 

1. Amazon, Flipkart are violating investment rules: Govt to ED, RBI

In a significant development related to war between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.

CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal informed that on several complaints made by the CAIT to Union Commerce Minister Piyush Goyal in the recent past against Amazon & Walmart-owned-Flipkart, the Department of Promotion of Industries and Internal Trade (DPIIT) of the Ministry of Commerce in its letter issued on December has asked both Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Flipkart.

CAIT said that traders across Country will observe Year 2021 as “Bhartiya Vyapaar Samman Varsh” under the aegis of CAIT and all efforts will be made to clean the e-commerce landscape of India and an era of manipulations, mal-practices and exploitation will come to end and the CAIT will promote and encourage traders across Country to adopt digital commerce and digital payments as new instruments to widen the net of business in India.

2. ED Initiates Probe Against Amazon Under Foreign Exchange Management Act

The probe is being conducted under various sections of the Foreign Exchange Management Act after ED recently received a communication from the Commerce Ministry seeking action against e-commerce players pertaining to certain multi-brand retail businesses.

The Enforcement Directorate (ED) has initiated a probe against e-commerce giant Amazon for alleged violation of the foreign exchange law and rules of the country, official sources said on Thursday. The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the Commerce Ministry seeking “necessary action” against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.

The court had also made several observations indicating that Amazon’s attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company will be violative of the FEMA FDI rules. Since then, Amazon has also filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block the Future-Reliance deal. (Read full article at Click Here)

• RBI Circulars / Notifications: January, 2021

S. N.	Particulars of the Circulars	Link
1	Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme	Click Here
2	Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems	Click here
3	Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements	Click Here
4	Reserve Bank of India imposes monetary penalty on Vyavasayik Sahakari Bank Maryadit, Raipur	Click Here
5	RBI Working Paper No. 1/2021: Monetary Policy Transmission in India: New Evidence from Firm-Bank Matched Data	Click Here
6	College of Supervisors (CoS)	Click Here
7	Six NBFCs surrender their Certificate of Registration to RBI	Click Here
8	RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities	Click Here
9	Resumption of Normal Liquidity Management Operations	Click Here
10.	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click Here
11.	Sovereign Gold Bond Scheme 2020-21 (Series X) – Issue Price	Click Here
12	Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs)	Click Here
13	Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements	Click Here
14	Sovereign Gold Bond Scheme 2020-21 Series X – Issue Price	Click here
15	RBI releases the Financial Stability Report, January 2021	Click Here
16	RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: October-December 2020 (Round 52)	Click Here
17	Reserve Bank constitutes a Working Group on digital lending including lending through online platforms and mobile apps	Click Here
18	Reserve Money for the week ended January 08, 2021	Click Here
19	Government Stock – Full Auction Results	Click Here
20	RBI announces Open Market Operations (OMO) Purchase of Government of India Securities	Click Here
21	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click Here
22	Monthly Data on India’s International Trade in Services for the Month of November 2020	Click Here
23	INDIA’S FOREIGN TRADE DATA: DECEMBER 2020	Click Here
24	Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes	Click Here
25	Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme	Click here
26	Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems	Click Here
27	Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements	Click Here
28	Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021	Click Here
29	Withdrawal of circulars – on Recovery of excess pension made to pensioners	Click Here
30	RBI releases 2020 list of Domestic Systemically Important Banks (D-SIBs)	Click Here
31	RBI Bulletin – January 2021	Click Here
32	RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach	Click Here
33	Launching of 28th Round of Quarterly Services and Infrastructure Outlook Survey (SIOS)–Q4:2020-21	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)	15.02.2020	PF Payment	ECR
ESIC (Employees’ State Insurance Act, 1948)	15.02.2020	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
Payment of Gratuity Rule	Within 30 Days of applicability of the Act & any change	Notice of applicability of the Act & any change	Form A or B
The minimum Wages Act, 1948	01.02.2021	Annual Return	Form – III Rule 21 (4A)
The Payment of Wages Act,1936 & related Mines Rules	15.02.2021	Annual Return	Form – IV
The Contract Labour 9 (R&A) Act, 1970 & Rules	15.02.2021	Annual Return	Form – XXV

• 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. How EPF discriminates against those who need it the most

For a vast number of the salaried, the employee provident fund (EPF) is the only social security net they have. But the EPF rules are such that they tend to discriminate against the young and vulnerable — those who have not yet worked for five years without a break. It took a pandemic to expose how this hurts the private-sector salaried workers most when they were hit hard.

3. Budget 2021 needs to hike gratuity exemption limit, tax benefits on EPF, NPS due to new labour laws

Under the new labour laws, the definition of wages is standardised. This will impact on how gratuity and EPF will be calculated and lead to hike in amount and individual is eligible to receive.

• Updates TRACKER under Labour LAws – Jan. 2021:

 

Sl.	Particulars	Link
1	Employees’ Provident Funds and Miscellaneous Provisions Act, 1952	Click here
2	Draft Model Standing Order for Manufacturing Sector & Mining Sector	Click here
3	Draft Model Standing Order for Service Sector	Click here
4	Office Order in respect of Additional charge of WC, Ranchi to WC, Patna – reg.	Click here
5	Scheme Guidelines for Aatmanirbhar Bharat Rojgar Yojana (ABRY)	Click here
6	One-time Relaxation to those Employers who could not file Return of contribution for the contribution period April, 2020 to September, 2020 within 42 days i.e. upto 11.11.2020	Click here
7	Declaration of Rate of Interest for the Employees’ Provident Fund Members Account for the year 2019-20	Click here
8	Disposal of old pending cases-reg	Click here
9	Permission for Inspections – regarding	Click here
10	Government publishes the Draft Model Standing Orders for the Manufacturing Sector, Mining Sector and Service Sector; invites suggestions/objections from the stakeholders within a period of thirty days.	Click here
11	Upgraded version of ISO Certificaiton 9001:2015 QMS	Click here
12	Extension of period for submission of Life Certificate by Central Government pensioners till February 28, 2021	Click here
13	Revised rate of interest – with regard to Staff Provident Fund in EPFO	Click here
14	Trade unions to boycott meeting called by labour ministry, terms it farce	Click here
15	Labour ministry formalises work from home for services sector	[Click here
16	YEAR END REVIEW 2020: LEGISLATIVE DEPARTMENT	Click here
17	Report for quarter ending June 2020 & September 2020 regarding setting up of NPS overnight mechanism	Click here
18	Modifications / Improvements in the Unified Website www.esic.nic.in	Click here
19	Order dated 09/11/2020 of Hon’ble High Court in M/s. United News of India Vs. Regional Provident Fund Commissioner, Delhi (Central) [W.P. (C) 8851/2020 & CM APPLs. 28443/2020, 28444/2020]	Click here
20	Reimbursement of cancellation / reschedule charges for air/train tickets booked for the purpose of LTC and relaxation of LTC advance due to COVID-19 pandemic relaxation	Click here
21	Instructions for conduct of quasi judicial proceedings under the EPF & MP Act, 1952	[ Click here
22	Employees Provident Fund (EPF) wage ceiling: PF deduction on Rs 21,000 instead of Rs 15,000 likely soon	Click here
23	Ministry of Labour & Employment Tableau Celebrates the Well being and Security of Workers	Click here
24	Republic Day Parade Tableau by Ministry of Labour and Employment to Depict Historical Labour Reforms Brought in Recently	Click here
25	EPFO adds 10.11 lakh net subscribers in the November 2020 Payroll Data	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

 Annual Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 34(1) & 36(2) –	Annual Report	Not later than the day of commencement of dispatch to its shareholders and not less than 21 days before the annual general meeting
2	Annual report in XBRL mode 16 may 2019 BSE CIRCULAR’ https://www.bseindia.com/corporates/Displaydata.aspx?Id=7a3c8414-03fa-4976-8579-db3f8fc8d2bc&Page=cir	Filings in respect of Annual Report has to be done by all listed entities in XBRL mode in addition to the currently used PDF mode mandatorily, for periods ending March 31, 2019.	Same time limit of Regulation 34
3.	Regulation 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.	Within 48 hours after AGM

• Regular / Annual Compliance

REG NO	REGULATION NO	PARTICULARS	TIMELINE
47 Advertisements in Newspapers.	47 (3) Advertisements in Newspapers	Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.	48 HOURS
23 Related party transactions.	Reg 23(9) Related party transactions	The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website	30 days
24A Secretarial Audit.	Red 24A	Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)	60 days from the Closure of FY
36 Documents & Information to shareholders.	36(1)	The listed entity shall send annual report referred to in sub-regulation 36(1), to the holders of securities, not less than twenty-one days before the annual general meeting	21 days before AGM
46 Website	46(2)(s)	The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]	21 days prior 1 days prior to the date of AGM

 

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

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

• Quarterly compliance which included half year compliance except FR

REG NO	REGULATION NO		PARTICULARS		TIMELINE
Intimation		Reg 29 read with Reg 33		intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors	at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.		87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III		The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:	24 HOURS
Valuation, Rating and NAV disclosure.		87C(1) (iii)		An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.	15 Days

• Event based Compliances

30 Disclosure of events or information.	30(6) AND Part A of Schedule III	The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information	24 HOURS
30 Disclosure of events or information.	30(6) AND sub-para 4 of Para A of Part A of Schedule III	The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following: a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched; b) any cancellation of dividend with reasons thereof; c) the decision on buyback of securities; d) the decision with respect to fund raising proposed to be undertaken e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched; f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to; g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).	30 MINUTES
31A: Conditions for re-classification of any person as promoter / public	31A(8)	The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event: (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification; (b) minutes of the board meeting considering such request which would include the views of the board on the request; (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges; (d) decision of the stock exchanges on such application as communicated to the listed entity;	24 HOURS
34 Annual Report.	34(1)(b)	in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]	48 HOURS
44 Meetings of shareholders and voting	44(3)	The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.	48 HOURS
47 Advertisements in Newspapers.	47 (3) Advertisements in Newspapers	The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below 47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report; (d) notices given to shareholders by advertisement	Simultaneously
–	SCHEDULE III PART PART A 7(A)	resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor	24 HOURS
–	SCHEDULE III PART PART A 7(B)	In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities: i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges. ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]	7 days from the date of resignation
7 Share Transfer Agent.	Reg 7(4) & (5) Share Transfer Agent.	The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.	7 DAYS
29	Reg 29(1)	The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price: Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:	at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.	Reg 31 (1)(a)	The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time – one day prior to listing of its securities on the stock exchange(s);	1 day prior to listing of its securities on the stock exchange(s
31	Reg 31 (1 (c)	within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:	within 10 days of any capital restructuring
31A Conditions for re-classification of any person as promoter / public	Reg 31A	an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting	30 days from the date of approval by shareholders in general meeting
37 Draft Scheme of Arrangement & Scheme of Arrangement.	37(1)	Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.	Before filling the same with any court or tribunal
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.	39(2)	The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.	30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities	39(3)	The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.	2 days of its getting information.
40 Transfer or transmission or transposition of securities.	40 (3)	On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer	15 days
40 Transfer or transmission or transposition of securities.	40 (3)	the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:	7 Days
40 Transfer or transmission or transposition of securities.	40 (3)	the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:	21 Days
–	SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))	In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities: (a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred	15 Days
42 Record Date or Date of closure of transfer books.	42(2)	The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:	7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.	42(2)	in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]	3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.	42(3)	The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.	5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website	46 (3)(b)	The listed entity shall update any change in the content of its website within two working days from the date of such change in content.	2 working days
50 Intimation to stock exchange(s).	50(1)	The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.	11 working days
50 Intimation to stock exchange(s).	50(3)	The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered.	2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.	52 (4) & (5)	The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents	7 working days
52 Financial Results.	52 (4) & (8)	The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.	two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).	57(1)	The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities	within 2 days
60 Record Date	60(2)	The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.	7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.	78(2)	The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date	notice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).	82(2)	The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.	2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).	82(3)	The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time: Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.	within 7 days
87 Record Date.	87(2)	The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date	7 working days advance intimation excluding the date of the intimation and date of the meeting
87E Record Date.	87E(2)	The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.	7 working days advance intimation excluding the date of the intimation and date of the meeting

SYSTEM DRIVEN DISCLOSURE

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

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

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

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

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

Below is summary of circulars issued in this regards.

Date	Title
Sep 23, 2020	System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011
Sep 09, 2020	Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures
May 28, 2018	System-driven Disclosures in Securities Market
Dec 21, 2016	System-driven disclosures in Securities Market
Dec 01, 2015	Introduction of system-driven disclosures in Securities Market

 

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.

 

CIRCULAR DATED :  APRIL 21,2020: the relaxation on change in fresh issue size shall be applicable for issues (IPO/ Rights Issues/ FPO) opening before December 31, 2020 (Link) Read with Circular Dated 29/09/2020 Relaxation with respect to Validity of SEBI Observations and Revision in issue size (Link) w.e.f 01/10/2020
In view of the impact of the COVID-19 pandemic, based on representations from various  industry  bodies, SEBI  has  decided  to  grant  the  following  onetime relaxations: (i)In  terms  of  Regulation  44(1),  85  and  140 of the Securities  and  Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018(ICDR Regulations), a public issue/rights issue may be opened within twelve months from the date of issuance of observations by SEBI. The  validity  of  the  SEBI Observations where the  same have expired/will expire between March1, 2020 and September 30, 2020 has been extended by  6  months,  from  the  date  of  expiry  of  such  observation, subject  to an undertaking  from  lead  manager  of  the  issue on firming compliance  with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board.	(ii)In  terms  of  Schedule  XVI  (1)  (f)(i)  of  the  ICDR  Regulations,  2018  any increase  or  decrease  in  estimated fresh issue  size  by  more  than  twenty percent of the estimated fresh issue size shall require fresh filing of the draft offer document along with fees. An issuer shall be permitted to increase or decrease the fresh issue size by up to 50% of the estimated issue size without requiring to file fresh draft offer document with the Board subject to following conditions: (a)there has been no change in the objects of the issue(b)the  lead  manager  undertakes  that  the  draft  offer  document  is  in compliance with provisions of Regulation 7(1)(e)(c)the  lead  manager  shall  ensure  that  all  appropriate  changes  are made  to  the  relevant  section  of  DRHP  and  an  addendum,  in  this regard, shall be made public This shall continue till 31/03/2021 (Added in circular 29/09/2020)	the  validity  of  the  SEBI observations expiringbetween  October  1,  2020  and March 31,2021 shall beextended upto March 31, 2021, subject to an undertaking from lead manager tothe  issue  confirming  compliance  with  Schedule  XVI  of  the  ICDR Regulations, 2018while submitting the updated offer document to the Board (Added in circular 29/09/2020)

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, Oct – Dec 2020) Reconciliation of Shares and Capital Audit	30.01.2021
2.	Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar	Within 15 days of receipt of the certificate of security

• SEBI Circulars Tracker: 01.01.2021 to 31.01.2021

Sl. No.	Particulars	Link
1	Procedural Guidelines for Proxy Advisors	Click here
2	POWER FINANCE CORPORATION LIMITED- Draft Shelf Prospectus	Click here
3	Buybacks: HSIL Limited – Post Buyback Public Announcement	Click Here
4	Interim Ex Parte Order in the matter of GJ Advisory Services and Profit Ideas Advisory Services	Click Here
5	Public Issue: Puranik Builders Limited – addendum to DRHP	Click Here
6.	Refund of Security Deposit	Click Here
7.	Discussion paper on Review of Ownership and Governance norms to facilitate new entrants to set up Stock Exchange / Depository	Click Here
8.	Certificate No. RC3180 of 2020_A.P. Nos. 6280 & 6281 of 2021_ in the matter of Helios Chemicals Limited	Click Here
9.	Adjudication order in respect of Padma Mundunuri and China Jogiraju Patsamatla in the matter of L N Industries Ltd.,	Click Here
10.	Takeover: Art Nirman Limited	Click Here
11.	Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation	Click Here
12.	Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2021	Click Here
13.	Monthly Reporting of Portfolio Managers	Click Here
14.	Securities and Exchange Board of India (Alternative Investment Funds) ( Amendment) Regulations, 2021	Click Here
15.	Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021	Click Here
16.	Circular on Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012	Click Here
17	Mutual Funds- HSBC Global Equity Climate Change Fund	Click here
18	Review of Volatility Scan Range (VSR) for Option contracts in Commodity Derivatives Segment	Click here
19	Revision in Daily Price Limits (DPL) for Commodity Futures Contracts	Click Here
20	SEBI Bulletin – December 2020 [MSWord]   [MSExcel]	Click Here
21	Recovery proceedings against Brahm (Alloys) Ltd. – (Certificate No RC2497 of 2019 – A. P. Nos. 5084 & 5085 of 2019) – in the matter of dealing in illiquid stock options at the BSE	Click Here
22	Power Finance Corporation of India Shelf Prospectus	Click Here
23	Public Issue: Indigo Paints Limited	Click Here
24	Attachment order under Recovery Certificate No. 3185 of 2020- Yogesh Kela and Prakash Nandalal Kela	Click Here
25	Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2021	Click Here
26	Interim Order dated January 13, 2021 In the matter of CNBC Awaaz “Stock 20-20” Show co-hosted by Mr. Hemant Ghai	Click Here
27	Mutual Funds: ICICI Prudential Alpha Low Vol 30 FOF	Click Here
28	Informal Guidance Sought by HDFC Securities Limited regarding SEBI (Investment Advisers) Regulations, 2013	Click Here
29	Role of KYC Registration Agencies (KRAs)/ Market Infrastructure Institutions (MIIs) in performing KYC (Know Your Client) of the client in securities market	Click Here
30	Consultation paper on Role of KYC Registration Agencies (KRAs) / Market Infrastructure Institutions (MIIs) in performing KYC of clients in securities market	Click Here
31	Notification repealing SEBI (Central Database of Market Participants) Regulations, 2003	Click Here
32	SEBI Chairman meets industry representatives on Business Responsibility and Sustainability Reporting by listed companies	Click Here
33	Norms for investment and disclosure by Mutual Funds in Exchange Traded Commodity Derivatives (“ETCDs”)	Click Here
34	Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 pandemic	Click Here
35	Notice of the meeting of the equity shareholders of Meghmani Organics Ltd.	Click Here
36	Public Issue: Addendum to RHP of Indian Railway Finance Corporation Limited	Click here
37	Adjudication Order in respect of five entities in the matter of Nicer Green Housing and Infrastructure Developers Limited	Click here
38	Buybacks: GAIL (India) Limited – Public Announcement	Click Here
39	Relaxations relating to procedural matters – Issues and Listing	Click Here
40	Right Issue: Urja Global Limited – Letter of Offer	Click Here
41	Adjudication order in respect of Mansoor Khanda and Firoz Khanda in the matter of their non-compliance with the order of disgorgement of SEBI	Click Here
42	Corrigendum to the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2021	Click Here
43	Mutual Funds: Nippon India Flexi Cap Fund	Click Here
44	Notice For Meeting on Schemes: Notice of the meeting of the equity shareholders of ICICI Lombard General Insurance Company Limited	Click Here
45	Takeovers: Pratik Panels Ltd	Click Here
46	Mutual Funds: Kotak Multicap Fund	Click Here
47	Auction Notice under Recovery Proceedings: NOTICE OF SALE FOR E-AUCTION OF VEHICLES IN THE MATTER OF KERALA HOUSING FINANCE LIMITED	Click Here
48	Right Issues: L&T Finance Holdings Limited – Letter of Offer	Click Here
49	Circular on Revision of Monthly Cumulative Report	Click Here

 

• List of BSE Circulars – January, 2020:

Circulars	Date
FAQ’s – System driven disclosures under SEBI (Prohibition of Insider Trading) Regulations, 2015	January 29, 2021
Relaxations relating to procedural matters –Issues and Listing.	January 19, 2021
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 pandemic.	January 16, 2021

 

12. 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 (December, 2020)

Sl.	Notification(s)	Link(s)
1.	In the matter of Mr. Anil Goel, Insolvency Professional	Click Here
2.	Circular – Retention of records relating to Corporate Insolvency Resolution Process	Click Here
3	In the matter of Mr. A. Arumugam, Insolvency Professional	Click Here
4	Circular – Retention of records relating to Corporate Insolvency Resolution Process	Click Here
5	MCA invites comments on recommendations of sub-committee of Insolvency Law Committee on pre-packaged insolvency resolution process	Click Here
6	Final Panel of IPs for appointment as IRP, Liquidator, RP and BT for a period from January 1, 2021 to June 30, 2021 prepared in accordance with ‘the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020	Click Here
7	In the matter of Mr. Kedarram Ramratan Laddha, Insolvency Professional	Click Here
8	In the matter of Mr. U. Balakrishna Bhat, Insolvency Professional	Click Here
9	In the matter of Mr. Girish Siriram Juneja, Insolvency Professional	Click Here
10	IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021	Click Here
11	Graduate Insolvency Programme by IICA – Prospectus 2021-23	Click Here
12	In the matter of Manish Kumar Vs. Union of India & Anr., Writ Petition (C) No.26 of 2020 with other writ petitions	Click Here
13	Notice: Chennai Bench of NCLAT to start its functioning through virtual mode	Click Here
14	Summary – Judgment dated 19th January 2021 of the Hon’ble Supreme Court of India in the matter of Manish Kumar Vs. Union of India and Another [Writ Petition (C) No. 26 of 2020 with other writ petitions]	Click Here

13. NCLT & NCLAT UPDATES (Updates- January, 2021)

Sl.	Particulars	Link
1	Panel of Insolvency Professional (IPs) for the period January-June 30, 2021- All Benches	Click here
2	Constitution of  Special Bench NCLT  Mumbai on 13.1.2021, 15.1.2021 & 18.1.2021	Click here
3	Constitution of  Special Benches NCLT Hyderabad bench  order dated 18.1.2021	Click Here
4	Sitting arrangement of Benches NCLT Chandigarh & NCLT Jaipur order dated 28.1.2021	Click Here
5.	Sitting arrangement of Benches NCLT New Delhi order dated 28.1.2021	Click Here

1. Aircel may seek NCLT nod to sell its non-spectrum assets

Under the insolvency process, Deloitte is running the bankrupt telco’s asset sale process, being the resolution professional. The consultancy firm declined to comment.

2. CARE to challenge NCLT’s freeze on Srei downgrade

The rating agency is likely to make securities market regulator Sebi a party to the matter that follows a preemptive court move on the rating — leaving agencies, lenders and investors to wonder as to what extent NCLT has jurisdiction on actions of rating firms.

Sensing a ‘dangerous precedent’, credit rating agency CARE will challenge the ruling of the National Company Law Tribunal (NCLT) on the freeze on the downgrade of securities issued by Srei Equipment Finance (SEFL) — one of the country’s largest finance companies which along with parent Srei Infrastructure recently faced a special audit directed by the Reserve Bank of India (RBI).

3. SEFL debt repayment: After banks, regulators to appeal against NCLT order

​​​​Banking sources told TOI that the RBI too will file a petition in the coming days as the NCLT had stopped all government or regulatory authorities from taking any coercive steps against the non-bank finance company, “including reporting in any form and/or changing the account status of the company from being a standard asset”.

After banks, regulators, including the RBI, are set to appeal against an order of the National Company Law Tribunal’s (NCLT’s) Kolkata bench, which had allowed a moratorium on debt repayment by Srei Equipment Finance (SEFL). Some lenders have already moved the National Company Law Appellate Tribunal (NCLAT) to stay the order and appeal against it.

SEFL had argued that the RBI allowed moratorium and loan restructuring for NBFC borrowers but finance companies were not given a moratorium.

4. NCLT admits Antrix Corporation’s winding up plea for Devas Multimedia, appoints liquidator

The tribunal has also directed the existing management of Devas Multimedia to extend full cooperation to the provisional liquidator appointed by it.

The National Company Law Tribunal (NCLT) has admitted the petition filed by Antrix Corporation, the commercial arm of Indian Space Research Organisation, for winding up Devas Multimedia and has appointed a provisional liquidator for the company. A two-member NCLT Bengaluru bench of the NCLT has directed the provisional liquidator to take control of the management, properties and actionable claims of Devas Multimedia.

The NCLT has posted the matter on February 8 for further hearing into the matter.

15. MSME (Ministry of Micro, Small and Medium Enterprises)

1. Economic Survey reveals Government’s rationale behind revising the definition of MSME

The need for a change in definition, that’s aimed at offering small firms the incentives to grow and thereby reap economies of scale was argued for in the Economic Survey 2018-19 too. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 had defined MSMEs, based on investment in plant and machinery or equipment. Such an investment based criteria was to be calculated at the original price thereof. This had disadvantaged the sector as it disincentivised investment and prevented the MSMEs to reap the benefits of economies of scale and contribute more significantly to employment generation, the economic survey ’21 states.

The RBI also constituted an Expert Committee on Micro, Small and Medium Enterprises (2019) which recommended using the annual turnover as the criteria instead of the investment based criteria.

2. YES BANK launches YES MSME initiative to enable access to funding

• This will be facilitated by curated offerings to address both business and individual needs of MSMEs and of new-age entrepreneurs.
• The YES MSME proposition has been curated, taking into consideration the insights and feedback from customers and industry associations.

The launch comes during the SME carnival from January 18 – 22, 2021 at the Bank’s MSME-focused branches across India.

YES BANK has rolled out YES MSME, a proposition with the aim to strengthen the Micro, Small and Medium Enterprises (MSMEs) with speedy and easy access to funds. This will be facilitated by curated offerings to address both business and individual needs of MSMEs and of new-age entrepreneurs. The YES MSME proposition has been curated, taking into consideration the insights and feedback from customers and industry associations.

3. SOLV launches ‘Buy Now, Pay Later’ for MSME sector

Bolstering SOLV’s financial services offering for MSMEs is its proprietary alternate credit score, SOLV SCORE which uses AI and ML to create a comprehensive score card for MSMEs with their traditional and alternate data.

SOLV, a B2B e-commerce platform for micro, small and medium enterprises (MSME), has announced the launch of a Buy-Now-Pay-Later (BNPL) product for MSME buyers and sellers on its platform. BNPL as a concept has already made inroads into the consumer retail sector and seen significant success there, especially in the last year.

• For the partnering fintechs and NBFCs, the BNPL offering helps them increase their volumes of loan disbursal.
• It is also giving them a way to evaluate a customer’s credit behaviour without incurring a risk.
• SOLV’s technology platform enables lending partners lower cost to serve and thereby finance invoices as small as Rs 3,000.

Key Updates – for the month of January – 2021.

Sl.	Particulars	Link
1	Khadi and Village Industries Commission Signs MoU with ITBP	Click here
2	CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs	Click Here
3	Activities -NIC Codes- not covered -with exception of certain categories- under MSMED Act, 2006 for Udyam Registration-regarding	Click Here
4	Gadkari launches Khadi Prakritik paint – India’s first cow dung paint – developed by KVIC	Click here
5	Third phase of Pradhan Mantri Kaushal Vikas Yojana (PMKVY 3.0) to be launched	Click Here
6	“PMKVY 3.0 will take skilling to the remotest of villages and towns in India; States and Districts will have an increased responsibility”: Dr. Mahendra Nath Pandey	Click Here
7	Big Boost for Khadi Artisans with Railway’s Rs 49-crore Purchase Order to KVIC during Covid-19 Lockdown	Click Here
8	Activities -NIC Codes- not covered -with exception of certain categories- under MSMED Act, 2006 for Udyam Registration-regarding	Click Here
9	KVIC signs MOUs with Ministry of Tribal Affairs aimed at creating local employment, strengthen Khadi artisans and the tribal population	Click here
10	KVIC to sign two MOUs with Ministry of Tribal Affairs tomorrow aimed at creating local employment, strengthen Khadi artisans and the tribal population	Click Here

15. Competition Commission of India

Sl.	Particulars	Link
1	NCLT approves NHPC’s Resolution Plan for Jalpower Corporation Limited	Click here
2	CCI approves acquisition of 100% shareholding of the Columbia Asia Hospitals Private Limited by Manipal Health Enterprises Private Limited	Click here
3	CCI approves acquisition of a minority stake in Aditya Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL)	Click here
4	CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited	Click here
5	CCI approves acquisition of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG)	Click here
6	CCI approves acquisition by Total SE through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited	Click here
7	CCI approves acquisition of stake in Ecom by PG Esmeralda	Click here
8	CCI approves Proposed Combination in acquisition of 100% equity interest and joint control in Virtusa Corporation by Austin Hold Co., GIC Investor and CPPIB Investor	Click here

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This article is updated till 31^th January, 2021 with all Laws / Regulations and their respective amendments.