Securities and Exchange Board of India issues Operating Guidelines for Investment Advisers in International Financial Services Centre (IFSC)
- SEBI has issued SEBI (International Financial Services Centers) Guidelines, 2015 for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005. The IFSC Guidelines provide for a broad framework for operating of various intermediaries (including Investment Advisers).
- Further, in terms of Clause 3 (1) of the IFSC Guidelines, SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market.
Insolvency and Bankruptcy Board of India notifies details for deposit of unclaimed dividends and / or undistributed proceeds of liquidation process in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India
- The Insolvency and Bankruptcy Board of India (IBBI), vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020, inter alia, amended regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Regulations).
- The amended regulation 46 of the Regulations provides that the IBBI shall operate and maintain an Account to be called the Corporate Liquidation Account in the Public Accounts of India. It further provides that until the Corporate Liquidation Account is operated as part of the Public Accounts of India, the IBBI shall open a separate bank account with a scheduled bank for deposit of the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process.
- IBBI has opened a separate bank account for deposit of unclaimed dividends and/or undistributed proceeds of liquidation processes. The liquidators are, therefore, advised to deposit any unclaimed dividends and/or undistributed proceeds of liquidation processes into the aforesaid account in accordance with regulation 46 of the Regulations.
- liquidators are further advised to provide the particulars of the amount deposited into the account as per Form-I of the Schedule II to the Regulations and send a scanned signed copy of the said Form-I electronically to email@example.com.
Ministry of Corporate Affairs amends the requirement of appointing Company Secretary & Secretarial Audit Report
- Vide notification dated January 03, 2020, MCA notifies Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 which will be applicable for Financial Year commencing on or after April 01, 2020, and amends the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
- Thus, from financial year commencing on or after April 01, 2020, every Company i.e., Public or Private Companies with paid up share capital of ten crore rupees or more shall have a whole -time Company Secretary
Income Tax department extends time limit for filing of response to notices issued under E-assessment Scheme-2019
- With a view to provide relief to the taxpayers and tax professionals and to facilitate the compliance with respect to e-Assessment proceedings under E-assessment Scheme, 2019, the time limit for filing of response to notices under section 142(1) of the Incometax Act issued up to 24.12.2019 by the National e-Assessment Centre is extended up to 10.01.2020 or time given in such notices, whichever is later.
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