SEBI issues Clarification to its earlier circular on ‘Disclosure Standards for Alternative Investment Funds (AIFs)’
It is clarified that the Audit of compliance with terms of PPM shall be conducted at the end of each Financial Year and the findings of audit along with corrective steps, if any, shall be communicated to the Trustee or Board or Designated Partners of the AIF, Board of the Manager and SEBI, within 6 months from the end of the Financial Year.
SEBI modifies the investment scheme for asset management companies
The sponsor or AMC is required to invest at least one per cent of the amount which would be raised in the new fund offer (NFO) or Rs 50 lakh, whichever is less in the growth option of the scheme.
RBI releases Discussion Paper on ‘Governance in Commercial Banks.
The Reserve Bank of India vide its notification dated 11th June 2020 has released on its website a Discussion Paper on ‘Governance in Commercial Banks in India’ for public comments. The paper is aimed to align the current regulatory framework with global best practices while being mindful of the context of the domestic financial system.
CBIC extends the time period of 15 days to pass order for granting Refund of Unutilised ITC
The Central Board of Indirect Taxes and Customs vide its notification dated 9th June 2020 has extended the timeline for the issue of notice for rejection of refund claim to 15 days after the receipts of reply to the notice from the registered person or the 30 June, 2020, whichever is later.
CBIC extends the validity of the e-way bill till 30th June 2020.
The Central Board of Indirect Taxes and Customs vide its notification dated 9th June 2020 has further extended the validity period of the e-way bills generated during March amid the pandemic situation, till 30th June 2020.
