SEBI – Refund of Security Deposit by Trading Members: Key Highlights

 OVERVIEW
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/FCR/CIR/P/2021/01 issued and publishes dated 06th January, 2021, has published “Refund of Security Deposit” Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 10 of the Securities Contract (Regulation) Act, 1956.
 The Circular is issued to :
• The Managing Director/Executive Director,
• All Stock Exchanges

 Aim and vision of this circular:
– to protect the interests of investors in securities, to promote the development of, and to regulate the securities market

 Previous Reference:
This is with reference to the letter MRD/DSA/OW/14347/4/2019 dated June 10, 2019 issued to NSE regarding refund of security deposit and arbitration mechanism after the surrender of membership of Trading Members.

MCA Update on CSR _ Expense related to COVID-19 Awareness & Vaccination Qualify for CSR

spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme shall be Considered and qualify for CSR and is eligible under Item No. (i), (ii) and (xii) of Schedule VII of the Companies Act, 2013 relating to:

· Promotion of Health Care

· Including Preventive Health Care

· Sanitization,

· Promoting Education

· Disaster Management

Corporate Compliance Calendar for January, 2021 Includes MCA Compliance, INCOME TAX Compliance, GST Compliance etc.

Corporate Compliance Calendar For The Month of January, 2021 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), 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, Companies Act, 2013 (MCA/ROC and LLP Compliance), Due dates of LLP Return Filing, Due dates of ROC Return Filings, Mutual FUnd related updates, Insolvency and Bankruptcy Board of India (IBBI) Updates, NCLT & NCLAT Updates, MSME Key Updates and Investor Education and Protection Fund.

NEFT & RTGS 24X7X365 by RBI

What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.

24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, 2019.
No charges on online NEFT transactions: RBI has mandated banks to not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. According to the central bank’s press release, this move is aimed at pushing savings bank account customers to transfer money using electronic modes via NEFT.
 RTGS – Real Time Gross Settlement