“Corporate Compliance Calendar

“Corporate Compliance Calendar – September, 2020”

09/02/2020

“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

Income Tax Act, 1961
Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars

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

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

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:

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 31^st March, 2021 due to COVID – 19 outbreak.

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

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

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.

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.

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%.

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 (20^th 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

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:

Filing of GSTR –3B

STR 3B Due Dates for May 2020

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	20^th September, 2020	–	–	–

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	22^nd August, 2020	27^th September, 2020	28 Sep-30 Sep 2020	01.10.2020 to till actual date of deposit of Tax
August, 2020	22^nd 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

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	24^th August, 2020	29th Sept., 2020	30th Sept., 2020	1st Oct., 2020
August, 2020	24^th 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

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

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

Tax period	Late fees waived if return filed on or before
May, 2020	30^th September, 2020 (Interest is NIL for the first 15 days, 9% after 15 days till 24th June and 18% thereafter)
June, 2020
July, 2020

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

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

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

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):

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

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

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

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.

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)

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

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

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:

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.

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

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:

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.

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.

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

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

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)

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)

Regulation 7 (5)

Intimation of

appointment / Change of Share Transfer Agent.

Within 7 days of Agreement with

RTA.

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.

Regulation 18(2)

Meeting of the audit committee

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.

Regulation 30

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

within 30 minutes of the closure of the meeting

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

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

Regulation 43

Declaration of Dividend

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

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.

Regulation 23(9)

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

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

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)