SEBI tightens disclosure norms on loan defaults for listed companies
The Securities Exchange Board of India has issued an circular to listed entities to disclose any delay or default in payment of interest/principal on debt securities such as Non-Convertible Debt(NCDs), Non-Convertible Redeemable Preference Shares(NCRPS)etc on their part to the stock exchange as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
RBI issues Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019
The Reserve Bank of India has issued The Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 vide Notification dated 13 November 2019. The RBI has relaxed the procedural constraints for operating an Special Non Resident Rupee Account (SNRR Account).
Ease of Doing Business Reforms by Andhra Pradesh Pollution Control Board
The Andhra Pradesh Pollution control board has initiated the business reforms Action plan 2019 under the ease of doing business and in furtherance of E-Governance. The initial steps are published in Andhra Pradesh Pollution Control Board official website as Flash Notification.
TNERC Issues Draft amendments to the Tamil Nadu Electricity Distribution Code to facilitate consumers to obtain supply under the “Ease of doing business”
The Tamil Nadu Electricity Regulatory Commission has issued draft amendments to the Tamil Nadu Electricity Distribution Code, to improve the High Tension (HT) or Low Tension (LT) line ratio, facilitate consumers to obtain supply under the ‘Ease of doing business’ programme of the Department of Industrial Policy and Promotion (DIPP), and provide choice of supply to other consumers.
The interest rates for the credit to the General Provident Fund account is fixed as 7.9% for the quarter
The Department of economic affairs vide notification dated 21st October 2019 has revised the interest rates for the credit of subscribers to account of General provident fund and other similar funds. The interest rate is fixed as 7.9% for the quarter from October 1st to December 31st, 2019.
CBIC Issues clarification on fully electronic refund process by Form GST RFD-01 & Single disbursement
Central Board of Indirect Taxes and Customs , has issued a clarification explaining the new fully electronic refund process through FORM GST RFD-01 and single disbursement.
MCA Notifies the Appropriate Regulator for resolution of Financial Service Providers under Insolvency and bankruptcy code, 2016
The Ministry of Corporate Affairs in its Notification dated 18th November 2019, has notified that The insolvency resolution and liquidation proceedings of the Non-Banking Finance Companies (NBFC) (which include housing finance companies) with asset size of Rs. 500 crore or more, as per last audited balance sheet shall be undertaken in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
SEBI Issues directions on margins collection in cash segment
The Securities and Exchange Board of India has issued a Circular on collection and reporting of margins by trade members/clearing members in cash segment in order to align and streamline the risk management framework of both cash and derivatives segments.
FSSAI directs E-commerce food businesses to declare to license authorities their abstinence from advertisement or sale of alcoholic beverages online
The FSSAI has issued a Circular dated 15 November 2019 directing E-commerce businesses that intend to sell liquor or alcoholic food beverages online to submit for Non-Objection Certificate from Excise department of concerned states. Other E-commerce food businesses are directed to file self-declaration to license authorities that they’ll abstain from advertisement or sale of liquor or alcoholic food beverages online.
The Ministry of Corporate Affairs invites comments on the report of the company law committee by 25th November 2019
The Ministry of Corporate Affairs has issued a notice on 18th November 2019, Inviting comments from the stakeholders by 25th November, on the report of the Company Law Committee to decriminalize contraventions of the Companies Act.
