SEBI reviews provisions on valuation of debt and money market instruments due to COVID-19 pandemic
SEBI has now decided to extend discretion to valuation agencies to recognise defaults in cases where the proposal of restructuring of debt is only due to COVID-19 related stress. This discretion is granted to valuation agencies engaged by Asset Management Companies (AMCs) or the Association of Mutual Funds of India (AMFI). The valuation agency may not consider the restructuring or non-receipt of dues as default for the purpose of valuation of money market or debt securities held by mutual funds. This will occur only if upon assessing the proposal, the valuation agency forms the view that the proposed restructuring is solely on account of the fallout of the COVID-19 pandemic. In such a case it will not consider it as a default. Furthermore, any restructuring proposal received by debenture trustees must be immediately communicated to the investors. Any proposal received by mutual funds from lenders or issuers or debenture trustees must be immediately reported to the valuation agencies, credit rating agencies and the AMFI. The AMFI shall then disseminate such information to its members immediately.
SEBI issues the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2020
These Regulations will now be applicable to a rights issue by a listed issuer; where the aggregate value of the issue is INR 50 crore or more. Further, in case of rights issue of less than INR 50 crore, the issuer shall prepare the letter of offer in accordance with requirements and file the same with SEBI, for information and dissemination on the SEBI’s website. Prior to this amendment, the aggregate value of the right issue was required to be INR 10 crore or more and the present amendment has enhanced this value to INR 50 crore or more. In respect of the general conditions of the rights issue, the Amendment Regulations explain the concept of ‘finance for the specific project’ to mean finance of capital expenditures only. Prior to this amendment, there was no explanation provided for this term. The Amendment Regulations have brought sweeping changes and have thoroughly revised the provisions relating to disclosures in the letter of offer. Part B of Schedule VI has been revised by virtue of this amendment and Part B -1 has been inserted.
The Government of NCT of Delhi orders the maintenance of status quo for on-premises consumption of liquor in bars in hotels or clubs or restaurants
The Order applies to various categories of liquor licences. The stipulated status quo must be maintained till 31st October 2020 or till further orders are issued. This Order also mandates for strict compliance with the conditions mentioned in the Order dated 4th September 2020. Pertinently, the Order dated 4th September 2020, inter alia, states that there shall be no opening of bars or serving of liquor in hotels or clubs or restaurants in containment zones. It also calls for strict compliance with SOPSs issued by DDMA and Ministry of Health and Family Welfare, Government of India. Further, the Order stipulates for legal action in case of failure to comply with the prescribed SOPs.
CBDT notifies Income-tax (22nd Amendment) Rules, 2020.
New form 10-IE has been inserted which pertains to application for exercise/withdrawal of option under clause (i) of sub-section (5) of Section 115BAC of the Income-tax Act, 1961.
The Fertiliser (Inorganic, Organic or Mixed) (Control) Third Amendment Order, 2020.
every fertilizer testing laboratories specified or notified by the State Government under sub-clause (1) shall be required to obtain the accreditation of the National Accreditation Board for Testing and Calibration Laboratories within a period of two years from 28th day of September, 2020.
The Bilateral Netting of Qualified Financial Contracts Act, 2020.
The Act shall apply to a qualified financial contract entered into on a bilateral basis between qualified financial market participants, either under a netting agreement or otherwise, where at least one of such participants shall be an entity regulated by an authority.
IRN to be obtained for Tax Invoices by uploading GST INV-01.
GST INV-01 must be uploaded into the portal so as to generate the Invoice Reference Number (IRN), which is an alternative to the conventional system of invoicing wherein an original invoice is maintained by the buyer, a duplicate is issued to the transporter, and triplicate to the seller.
