Compliance Calendar for April 2021

CORPORATE COMPLIANCE CALENDAR APRIL 2021

Corporate Compliance Calendar for April 2021

Monthly Compliance Calendar for April 2021 ((Track due dates)

This article contains various Compliance requirements for the Month of April, 2021 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

Contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST) and Important Updates/Circulars, Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications, Foreign Exchange Management Act FEMA, 1999 (FEMA) and Important Notifications, Other Statutory Laws and Updates, Due dates of LLP Return filling, Due dates of ROC Return Filings and Updates, Mutual funds updates, SEBI ( Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015, SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018SEBI (Buyback of Securities) Regulations, 2018SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications, Insolvency and Bankruptcy Board of India (IBBI) Updates, NCLT & NCLAT Updates, MSME Key Updates, Competition Commission of India, IRDAI-Insurance Sector Updates, NBFC Key Updates, Vivad se Vishwas Scheme.

 Corporate Compliance Calendar April 2021 (Track due dates)

Compliance requirement under Income Tax act, 1961

  Sl.  Compliance Particulars  Due Dates  
1Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan07-04-2021
  2Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan07-04-2021
3Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of February, 202114-04-2021
4Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 202114-04-2021
5Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of February, 202114-04-2021
6Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 202115-04-2021
7Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2021    30-04-2021
830 April 2021 -Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2021 has been paid without the production of a challan30-04-2021
9Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of March, 202130-04-2021
10Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 202130-04-2021
11Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of March, 202130-04-2021
12Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 202130-04-2021
13Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2020 to March 31, 202130-04-2021
14Due date for deposit of TDS for the period January 2021 to March 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H30-04-2021

Notes:

  1. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.Click here
Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020.Click here
  • Importatnt updates:

1. TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021

In May 2020, the government reduced TDS and TCS rates for interest income, dividend income, rent payments and other non-salary payments by 25%. This was done to increase liquidity in the hands of individuals, especially those going through financial hardships caused by the coronavirus-induced lockdown. The reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2021, and will be applicable till March 31, 2021.

Thus, effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels.

2. Due date extension by CBDT beyond 31st March, 2021

  • Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalization levy statements also extended to 30th April, 2021.
  • Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.
  • Govt. introduces Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 for enterprises in Hospitality, Travel & Tourism, Leisure& Sporting sectors. Also extends ECLGS 1.0 & 2.0 up to 30.6.2021.

3. ITR forms for FY 2020-21 notified by the govt

ITR-1 has to be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The income sources for ITR 1 include income from salaries, one house property, other sources such as interest income etc. and agriculture income up to Rs 5,000.

The government has notified the income tax return filing forms for the financial year 2020-21 via a notification dated March 31, 2021. As per the notification, some of the new elements in the forms are: ITR-1 cannot be used by an individual for whom income tax is deferred on ESOPs; if the return is being filed in response to any tax notice then DIN has to be mentioned; the ITR forms also ask the filer to specify the tax regime – new or old- for which he/she has opted.

ITR-1 cannot be used by an individual who is either a director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N of the Income-tax Act, 1961. TDS under section 194N is deducted for cash withdrawal exceeding Rs 1 crore in a financial year from a bank account.

ITR-2 form has to be used by an individual having income/losses from capital gains, or having more than one house property. However, this form cannot be used by an individual who has income from profits and gains from business and profession.The ITR-2 also asks for the DIN number if the ITR-2 is filed in the response to any tax notice from the tax department.

7. The Finance Act, 2021

The Finance Bill, 2021 has received the assent of the President, Shri Ram NathKovind, on 28th March, 2021. The Finance Act, 2021 (No. 13 of 2021) contains 172 Sections impacting more than 20 Acts. This Act shall enforce various provisions with effect from 01-02-2021 (i.e., taxation of ULIPs, discontinuation of settlement commission, etc.), some provision shall come into force from 01-04-2021 (i.e., new income escaping assessment procedure, Section 194P, etc.)

  1. Important Notifications – For the month of March – 2021:
Sl.Particulars of the Notification(s)File No. / Circular No.Link(s)
1.Amendments in Direct Tax Vivad se Vishwas Act[Notification No. 09/2021/ F.No. IT (A)/01/2020-TPLLINK
  2.Amendments in the Jurisdiction Order No.3/2020 dated 22.12.2020F. No. Pro CCIT(IT)/ Delhi/Juris/ Eq. Levy /2020-21/ 1414  LINK
  3.CBDT issues notification for extension of due date till 31st March, 2021 for filing DTVSV Forms under DTVSV Act, 2020  DTVSV Forms  LINK
  4.FAQs on Video Conferencing and Seek Adjournment,  FAQs  LINK
  5.Partial modification of the notification – “f the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020”Notification No. 10/ 2021/F. No. 370142/ 35/2020-TPL  LINK
  6.M/s Bennett University, Greater Noida, Uttar Pradesh under the category of ‘University, College or other institution’ for Scientific Research and ResearchNotification No. 12 /2021/ F.No. 203/ 13/2019/ITA-II  LINK
  7The Income-tax (2 nd Amendment) Rules, 2021Notification No. 13/2021/ F. No. 142/15/2015-TPL  LINK
8Amendment in the notification no. 70 / 2014 dated the 13th November, 2014.Notification No. 14 /2021./F. No. 187/7/ 2021 (ITA-I)  LINK
9The Income-tax (3rd Amendment) Rules, 2021.Notification No. 15/ 2021/ F. No. 370142/ 04/2019-TPL  LINK
10The Income-tax (4th Amendment) Rules, 2021Notification No. 16/ 2021] [F.No. 370142/ 03/2021-TPL  LINK
11Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 – reg.Circular No. 04/ 2021  LINK
12Order u/s 119 of the Income-tax Act, 1961Circular No. 05/ 2021  LINK
13The Income-tax (6 th Amendment) Rules, 2021Notification No. 19/2021  LINK
14The Income-tax (5th Amendment) Rules, 2021.Notification No. 18/2021  LINK
15Notification No. 17/ 2021  F. No.279/Misc./66/2014-SO(ITJ)(Pt.)] / SO 1225(E)Notification No. 17/2021  LINK
16Notification in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020Notification No. 20/ 2021/F. No. 370142/35/2020-TPLLINK
17The Income-tax (7th Amendment) Rules, 2021Notification No. 21/ 2021LINK
18Facilitation of the conduct of Faceless Assessment proceedings under section 144B of the said Act,Notification No. 22/2021/F. No. 187/3/2020-ITA-ILINK
19To facilitate the conduct of Faceless Assessment proceedings under section 144B of the said ActNotification No. 23/2021/F. No. 187/3/2020-ITA-ILINK
20Central Board of Direct TaxesNotification No. 24/2021/F. No. 187/3/2020-ITA-ILINK
21The Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC)Notification No. 25/2021/F. No. 187/3/2020-ITA-ILINK
22The Faceless Appeal (Amendment) Scheme, 2021.Notification No. 26/2021/F. No. 370142/33/2020-TPLLINK

2. Compliance Requirement under GST, 2017

Filing of GSTR –3B

A. Taxpayers having aggregate turnover >Rs. 5 Cr. in preceding FY

Tax periodDue DateNo interest payable tillInterest payable @ 9% from & tillInterest payable @ 18% from
March, 202120thApril, 2021

B. Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group A)

Tax periodDue DateNo interest payable tillInterest payable @ 9% from & tillInterest payable @ 18% from
March, 202122nd April, 2021   
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

C. Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group B)

Tax periodDue DateNo interest payable tillInterest payable @ 9% from & tillInterest payable @ 18% from
March, 202124thApril, 2021   
Group B States:Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

D. Filing Form GSTR-1:

Tax periodDue DateRemarks
Monthly return (March, 2021)11.04.2021Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (>Rs 1.50 Cr) or opted to file Monthly Return
GSTR-1 (Jan-Mar, 2021)13.04.2021GSTR-1 for Jan – Mar 2021 under QRMP Scheme.

E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.Compliance ParticularsTimeline Due Date
GSTR-5 & 5ANon-resident ODIAR services provider file Monthly GST Return           20th of succeeding month           20.04.2021
  GSTR -6Every Input Service Distributor (ISD)  13th of succeeding month  13.04.2021
  GSTR -7Return for Tax Deducted at source to be filed by Tax Deductor  10th of succeeding month  10.04.2021
  GSTR -8E-Commerce operator registered under GST liable to TCS10th of succeeding month10.04.2021

F. GST Refund:

Form No.Compliance ParticularsDue Date  
RFD -10Refund of Tax to Certain Persons18 Months after the end of quarter for which refund is to be claimed
  • Key UPDATE(s):

1. Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 21. They are requested to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed.

2.  Significant Changes from 1st April 2021

A. E-invoicing will be mandatory

The Central Board of Indirect Taxes and Customs (CBIC) notified that e-invoicing will be mandatory for business to business (B2B) transactions for taxpayers having turnover of over Rs 50 crore from April 1, 2021.

E-invoicing replaces the physical invoice and will soon replace the existing e-way bill system, and taxpayers will not have to generate separate e-way bills. The government expects e-invoicing to have also other major advantages, such as improving the payment cycle for industry and giving boost to invoice-based lending to MSMEs.

B. HSN Code (Harmonized System of Nomenclature)

• Taxpayers to mandatorily declare HSN codes in GST Tax Invoices from 1st April, 2021. 

• The Taxpayers whose aggregate Turnover is up to Rs. 5 crores in the preceding Financial Year HSN code of 4 digits is mandatory for all the B2B tax invoices and optional for B2C tax invoices on the supplies of Goods and Services.

• The Taxpayers whose aggregate Turnover is more than Rs. 5 crores in the preceding Financial Year HSN code of 6 digits is mandatory for both  B2B and B2C tax invoices on the supplies of Goods and Services.

C. Important system changes need to be integrated in your e waybills, Delivery challans, Tax invoices, GSTR 1 reporting, Shipping bills, GST refund applications and further note that options available for non reporting under Table 17 and Table 18 would be done away from FY 2021-22 positively.

3. CBIC extends customs duty and integrated GST exemptions till March 31, 2022

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday extended the basic customs duty and integrated goods and service tax exemptions for export-oriented units, by a year till March 31, 2022.

The Board also made it mandatory for a GST taxpayer having turnover of more than Rs 5 crore in the preceding financial year,to furnish 6 digits HSN Code on invoices issued for supplies.

4. Ready to discuss bringing petrol, diesel under GST at next Council meet: FM NirmalaSitharaman

For instance, taxes make up for 60 per cent of the present retail price of petrol of Rs 91.17 a litre in Delhi. Excise duty constitutes 36 per cent of the retail price. Over 53 per cent of the retail selling price of Rs 81.47 a litre for diesel in Delhi is made up of taxes. As much as 39 per cent of the retail price comprises central excise.

Amidst outcry over high taxes on motor fuel, Finance Minister NirmalaSitharaman on Tuesday said she would be “glad” to discuss the suggestion of bringing petrol and diesel under the ambit of the Goods and Services Tax at the next meeting of the GST Council. State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel.

GST UPDATES from 01.03.2021 to 31.03.2021:

Sl.Notification ParticularsNotification No.Link(s)
1.  Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply.03/2021-Central Tax dated 23.02.2021  LINK
2.Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 31.03.2021.04/2021-Central Tax dated 28.02.2021  LINK
3.Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 – Reg.146/02/2021-GST             LINK
4.Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 50 Cr from 01st April 2021.05/2021-Central Tax dated 08.03.2021  LINK
5.seeks to clarify certain refund related issues147/02/2021-GSTLINK
6Seeks to impose definitive anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of five years from the date of levy of provisional anti-dumping duty, i.e. 2nd September, 2020. 13/2021-Customs(ADD), dt. 11.03.2021    LINK
7Opting-in for Composition Scheme for Financial year 2021-22GSTN Circular 458  LINK
8Filing GSTR-1 (Q) for Jan-Mar 2021 under QRMP SchemeGSTN Circular 459LINK
9Seeks to waive penalty payable for non-compliance of provisions of Notification No. 14/2020 dated 21st March 2020.06/2021-Central Tax dated 30.03.2021LINK

3. Compliances under FEMA / RBI

Applicable Laws/ActsDue DatesCompliance ParticularsForms / (Filing mode)
    FEMA ACT 1999    15 July every yearAnnual Return on Foreign liabilities and assets.  The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year    FLA Return through Flair Portal: Click here
  FEMA ACT 1999  Monthly BasisExternal Commercial Borrowings Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.    ECB 2 Return
    FEMA ACT 1999  Not later than 30 days from the date of issue of Capital instrument  FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.    Form FC-GPR
      FEMA ACT 1999  With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.  Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.        Form FC-TRS.
    FEMA ACT 1999  within 30 days from the date of receipt of the amount of consideration.  A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1    Form FDI LLP-I
    FEMA ACT 1999  within 60 days from the date of receipt of funds in  A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)  Form FDI LLP-II
  FEMA ACT 1999  within 30 days from the date of allotment of capital instruments  The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts  Downstream statement -Form DI & reporting at FIFP too
  • Procedure for submission of previous year’s FLA return:

In case of submission of FLA returns for previous years, the reporting entity need to take approval from RBI. Visit https://flair.rbi.org.in/fla → Login to FLAIR → Go to “Menu” (upper left corner) → Go to “Multiple Year CIN Enable Screen” → select year 2019 (2018,2017,… 2012,2011). Click “→” then Click “Request”. After sending request to RBI through FLA portal, entities need to wait for at least one working day for approval. Entities can check the status of their request in “Multiple Year CIN Enable Screen” under menu on the left corner. Once approved by RBI, the entity can submit FLA return for the requested previous year”.It may be noted that for example if FLA return for 2020 is not submitted then submission of previous year FLA 2019 and prior years, will not be allowed.

  • Important Updates, March-2021:
  1. RRBI Has Released New Rules For Card Payments To Come Into Effect From April 1st, 2021

Reserve Bank of India has issued a new set of rules for payments made automatically from a user’s account for mobile, utility, e-commerce, OTT platforms and other bills. These automatic payments are likely to be disrupted from April 1st, 2021 as the new mandates will come into effect from the first of April. The RBI has issued that there will be a requirement of an additional authentication for recurring transactions using credit cards, debit cards, UPI or other prepaid payment instruments (PPIs).

2. Banks to conduct special clearing operations for closure of govt accounts on Mar 31: RBI

“It is mandatory for all banks to participate in the special clearing operations on March 31, 2021.”Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year.

To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021.

  • RBI Circulars / Notifications: March, 2021
  Sl.  Particulars of the Circulars  Link  
1Finance Minister Smt. NirmalaSitharaman attends virtual G20 Finance Ministers and Central Bank Governors Meeting  Click Here
2Sovereign Gold Bond Scheme 2020-21 (Series XII) – Issue PriceClick here
3Finance Minister Smt. NirmalaSitharaman chairs meeting to discuss post-budget action points for infrastructure roadmap ahead  Click Here
4Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations  Click Here
5Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments  Click Here
6Reserve Bank of India imposes monetary penalty on Bank of Maharashtra  Click Here
7RBI Bulletin – February 2021Click Here
8Financial Action Task Force (FATF) High risk and other monitored jurisdictions  Click Here
9RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities  Click Here
10.RBI releases data on ECB / FCCB/RDB for January 2021Click Here
11.Performance of the private corporate business sector during the third quarter of 2020-21  Click Here
12Overseas Direct Investment for February 2021Click Here
13India attracted total FDI inflow of US$ 67.54 billion during April to December 2020;  Click Here
14Enabling Dealings by IFSC – Banking Units in Bullion Unallocated AccountsClick Here
15Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures  Click here
16Extension of Cheque Truncation System (CTS) across all bank branches in the country  Click here
17Reporting and Accounting of Central Government transactions of March 2021  Click here
18RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on March 12, 2021Click here
19Revocation of Certificate of AuthorisationClick here
20RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina  Click here
21Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)– Dr.ShivajiraoPatilNilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra – Extension of Period    Click here
22RBI imposes monetary penalty on State Bank of IndiaClick here
23Survey on Computer Software and Information Technology- Enabled Services Exports: 2019-20  Click here
24RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities  Click here
25Government encouraged investment for economic growth, including health sector  Click Here
26Large Exposures Framework – Deferment of applicability of limits on non-centrally cleared derivatives exposures  Click here
27Amendment to Master Direction (MD) on KYC – Procedure for Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967  Click here
28Master Direction – Amalgamation of Urban Cooperative Banks, Directions, 2020  Click here
29Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List – Amendment of 8 entries  Click here
30Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21)  Click here

4. Compliance under Other Statutory LAws

  Applicable Laws/Acts    Due Dates  Compliance Particulars  Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)  15.04.2021  PF Payment  ECR
ESIC (Employees’ State Insurance Act, 1948)  15.04.2021  ESIC PaymentESI Challan
  Contract Labour (Regulation &Abolition) Act, 1970  Within 15 Days of commencement/ completion of contract workReturn/Notice within 15 days of commencement/ completion of each contract by the Principal employerForm VI-B
  Payment of Gratuity RuleWithin 30 Days of applicability of the Act & any changeNotice of applicability of the Act & any changeForm A or B
The Apprenticeship Act 1961             15.04.2021Half Yearly Return March EndingForm APP-2
The Employment Exchange (CNV) Act 1959 & Rules        30.04.2021Quarterly Return For Quarter Ended 31st MarchER-1 Rule 6
  • Key Update:

1. From 15th Feb.,2020, new Companies registered through MCA Portal, www.mca.gov.inneed not comply with provisions of ESI Act till they reach threshold limit of ESI coverage or initial 6 months whichever is earlier. For further details login towww.esic.in . Submission of Mobile Number and Bank Account details(Bank Name, Branch Name & IFSC) shall be mandatory for registration of New employee.For more updates:Click here

2. Govt. defers implementation of Labour Codes due to Covid-19 Outbreak

Reason behind deferment of New Labour Codes:Resurgence of Covid-19 cases in major industrial states have raised apprehensions that economic recovery seen so far could be stalled or even reversed if the cases continue to go up.

Crux about New Labour Codes: The labour ministry had amalgamated 29 labour laws into four Codes to significantly reduce compliance burden, improve the ease of doing business, greater ease of hiring and firing of workers and enhanced flexibility to employers in terms of work hours.

Key Highlights:

  • The government has deferred implementation of labour codes beyond April 1, citing delay on the part of states to finalise Rules.
  • The move is expected to give more time and bandwidth to companies to retweak their salary structures and other human resource (HR) policies as certain provisions of the Code would have led to increase in employee cost for the companies.
  • The government wants at least some industrial states to notify rules across four labour codes along with the Centre to avoid any legal void.
  • Only Jammu and Kashmir has notified Rules for the codes while states of Uttar Pradesh, Bihar, Uttarakhand and Madhya Pradesh have put up draft Rules for two Codes while Karnataka has put it up for one Code.
  • Updates TRACKER under Labour LAws – March, 2021:
Sl.ParticularsLink
1Gangwar says, fall in inflation will improve purchasing power of the working class  Click here
22-day comprehensive consultative sessions held with subject-matter experts to discuss and finalize the schedules and the sampling methodology for the five All-India Surveys  Click here
3EPFO extended social security benefits to the subscribers of J&K and Ladakh  Click here
4The Central Board recommends 8.50 % rate of interest to its subscribers for the year 2020-21  Click here
5The Code on Wages (Central Advisory Board) Rules, 2021.Click here
6Fraud Risk Management in EPFO – Further instructionsClick here
7Exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952  Click here
8How to activate UAN?Click here
9EPFO launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors.  Click here
10Now Employees can also update their Date of exit – EPFOClick here
11Employment GenerationClick here
121.35 Crore ESI beneficiaries of 113 districts of four States – Chhatisgarh, Karnataka, Madhya Pradesh &Maharashtrato get cashless treatment from Ayushman Bharat PM-JAY empaneled hospitals  Click here
13Ministry of Labour& Employment refutes tweet pursuant to a news story on reskilling of retrenched workers  Click here
14Creation of New Employment through PMRPYClick here
15Financial support to Unorganised Sector Click here
16Contributions of Employee and EmployerClick here
17ILO report on Indian WorkersClick here
18Changes in Working HoursClick here
19The Impact of COVID-19 on the Human Rights of Older PersonsClick here
20Social Security Schemes for Organised and Unorganised SectorClick here
21Health Insurance for Domestic WorkersClick here

5. SEBI – Securities Exchange Board of INDIA

Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s) :   For BSE                     : BSE LISTING CENTRE For NSE                     : NEAPS Portal
  • Quarterly Compliance
Regulation referenceTimelineFor the quarter ended March
Regulation 31 (1) (b)- Shareholding Pattern Within 21 days from the end of the quarterBy 21-April
27(2)(a) – Corporate Governance ReportWithin 15 days from the end of the quarter.By 15-April
Regulation 33 (3) (a) – Financial Results along with Limited review report/ Auditor’s report : Within 60 days from the end of the FY.30th May, 2021
Reconciliation of Share Capital Audit Report: (Reg. 76 – D & P Reg.)Within 30 days from the end of the quarter.By 30-April
Regulation 13 (3) – Statement of Grievance Redressal MechanismWithin 21 days from the end of the quarter.By 21-April
  • Half year Compliances
Sl.Compliance ParticularsTimeline
1Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facilityWithin one month of end of each half of the financial year.
2Regulation 40 (9) – Certificate from
Practicing Company Secretary.
Within one month of the end of each half of the financial year.
3Regulation 23(9) Submission of disclosure on Related party transactions underThe listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges.
  • Regular / Annual Compliance
REG NOREGULATION NOPARTICULARSTIMELINE
47 Advertisements in Newspapers.47 (3) Advertisements in NewspapersFinancial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.48 HOURS
23 Related party transactions.Reg 23(9) Related party transactionsThe listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website30 days
24A Secretarial Audit.Red 24AEvery listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)60 days from the Closure of FY
36 Documents & Information to shareholders.36(1)The listed entity shall send annual report referred to in sub-regulation 36(1), to the holders of securities, not less than twenty-one days before the annual general meeting21 days before AGM
46 Website46(2)(s)The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]21 days prior 1 days prior to the date of AGM
  • COMPLIANCE ON IMPACT OF COVID 19:Reg 4(2)(e),30,33,51

Advisory on disclosure of material impact of COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Link

  • Quarterly compliance which included half year compliance except FR
REG NOREGULATION NOPARTICULARSTIMELINE
IntimationReg 29 read with Reg 33intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule IIIThe listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:24 HOURS
Valuation, Rating and NAV disclosure.87C(1) (iii)An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.15 Days
  • Event based Compliances
30 Disclosure of events or information.30(6) AND Part A of Schedule IIIThe listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information24 HOURS
30 Disclosure of events or information.30(6) AND sub-para 4 of Para A of Part A of Schedule IIIThe listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following:
a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched;
b) any cancellation of dividend with reasons thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising proposed to be undertaken
e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched;
f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to;
g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).
30 MINUTES
31A: Conditions for re-classification of any person as promoter / public31A(8)The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event:
(a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification;
(b) minutes of the board meeting considering such request which would include the views of the board on the request;
(c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such application as communicated to the listed entity;
24 HOURS
34 Annual Report.34(1)(b)in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]48 HOURS
44 Meetings of shareholders and voting44(3)The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.48 HOURS
47 Advertisements in Newspapers.47 (3) Advertisements in NewspapersThe listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report;
(d) notices given to shareholders by advertisement
Simultaneously
SCHEDULE III PART PART A 7(A)resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor24 HOURS
SCHEDULE III PART PART A 7(B)In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities:
i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges.
ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided.
iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
7 days from the date of resignation
7 Share Transfer Agent.Reg 7(4) & (5) Share Transfer Agent.The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.7 DAYS
29Reg 29(1)The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price:
Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
 at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.Reg 31 (1)(a)The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time –
 one day prior to listing of its securities on the stock exchange(s);
1 day prior to listing of its securities on the stock exchange(s
31Reg 31 (1 (c)within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:within 10 days of any capital restructuring
31A Conditions for re-classification of any person as promoter / publicReg 31Aan application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting30 days from the date of approval by shareholders in general meeting
37 Draft Scheme of Arrangement & Scheme of Arrangement.37(1)Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.Before filling the same with any court or tribunal
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.39(2)The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities39(3)The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.2 days of its getting information.
40 Transfer or transmission or transposition of securities.40 (3)On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer.15 days
40 Transfer or transmission or transposition of securities.40 (3)the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:7 Days
40 Transfer or transmission or transposition of securities.40 (3)the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:21 Days
SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
(a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
15 Days
42 Record Date or Date of closure of transfer books.42(2)The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.42(2)in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.42(3)The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website46 (3)(b)The listed entity shall update any change in the content of its website within two working days from the date of such change in content. 2 working days
50 Intimation to stock exchange(s).50(1)The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.11 working days
50 Intimation to stock exchange(s).50(3)The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered. 2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.52 (4) & (5)The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents 7 working days
52 Financial Results.52 (4) & (8)The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).57(1)The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securitieswithin 2 days
60 Record Date60(2)The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date. 7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.78(2)The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record datenotice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).82(2)The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered. 2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).82(3)The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time:
Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
within 7 days
87 Record Date.87(2)The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date 7 working days advance intimation excluding the date of the intimation and date of the meeting
87E Record Date.87E(2)The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date. 7 working days advance intimation excluding the date of the intimation and date of the meeting

SYSTEM DRIVEN DISCLOSURE

FOR SAST AND PIT REG: Listed entities shall follow System Driven Disclosure by designating 1 Depository as Designated Depository and uploading the Formation of promoter. Promoter Group ,Designated Person, Directors, Employees not below 2 level (till 30/09/2020)

The Key Summary of System Driven Disclosure of Sep 9, 2020 (Link) is reproduced below:

“→. Listed company shall provide the information including PAN number of Promoter(s) including member(s) of the promoter group, designated person(s) and director(s) (hereinafter collectively referred to as entities) as per PIT Regulations to the designated depository (selected in terms of SEBI circular ref. no. SEBI/HO/CFD/DCR1/CIR/P/2018/85 dated May 28, 2018) in the format and manner prescribed by the Depositories. For PAN exempt entities, the Investor’s Demat account number(s) shall be specified by the listed company. The information shall be provided within 10 days from the date of this circular.

→. The designated depository shall share the information received from the listed company with other depository.

→. In case of any subsequent update in the details of the entities, the listed company shall update the information with the designated depository on the same day. The designated depository shall share the incremental changes with the other depository on the day of receipt from the listed company.”

Below is summary of circulars issued in this regards.

DateTitle
Sep 23, 2020System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011
Sep 09, 2020Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures
May 28, 2018System-driven Disclosures in Securities Market
Dec 21, 2016System-driven disclosures in Securities Market
Dec 01, 2015Introduction of system-driven disclosures in Securities Market

6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.”.

  Sl. No.  Regulation No.  Compliance ParticularCompliance Period (Due Date)
  1  Regulation 30(1)Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.      The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;   every stock exchange where the shares of the target company are listed; and   the target company at its registered office
      2      Regulation 30(2)The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may  
        3.Regulation 31(1) read with Regulation 28(3) of Takeover Regulations AUGUST 7, 2019 CIRCULAR https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.htmlThe promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,within 2 (two) working days
      4.      Regulation 31(4)      Disclosure of encumbered sharesPromoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified

7. SEBI (Prohibition of Insider Trading) Regulations, 2015

  Sl. No.  Regulation No.  Compliance ParticularCompliance Period (Due Date)  
          1        Regulation 7(2) “Continual Disclosures”Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)  
      1Schedule XIX – Para (2) of ICDR Read with Reg 108 of SEBI LODR“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.   In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from thedate of allotment within 20 days (unless otherwise specified).Within 20 days from the date of allotment  
2Regulation 162  The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.  Within 18 months from date of allotment
3SEBI CIRCULAR Aug 19, 2019 https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.htmlApplication for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.  Within 7 working days from grant of date of listing approval
4Regulation 76 Application for rights issueThe issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.  
5.Regulation 77 Service of DocumentsIn case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.  
6Regulation 84   AdvertisementIssuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on:    A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges.   B. Television channels, radio, the internet, etc. to spread information related to the process.

9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)

  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)  
          1        Regulation 11 and 24(iv)Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates    7 days of extinguishment and destruction of the certificates
      2    Regulation 24(i) (f)      Minimum time between buy back and raising of fundsTemporary relaxation in the period of restriction provided in Regulation 24(i)(f) from “one year” to “six months” Applicable up to December 31, 2020 only

10. SEBI (Depositories and Participants) Regulations 2018)

  Sl. No.    Compliance Particulars  Due Date
  1.Regulation 76  (Quarter, January – March 2021) Reconciliation of Shares and Capital Audit30.04.2021
  2.Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from RegistrarWithin 15 days of receipt of the certificate of security

11. STAMP DUTY RATES W.E.F. 1ST JULY 2020 & AIF UPDATE

The amended provisions of the Indian Stamp Act, 1899 brought through Finance Act, 2019 and Rules made thereunder shall come into force w.e.f 1st July, 2020. The stamp duty rates being implemented through the Amended Indian Stamp Act w.e.f 01/07/2020 are:

InstrumentsRate
Issue of Debenture0.005%
Transfer and Re-issue of debenture0.0001%
Issue of security other than debenture0.005%
Transfer of security other than debenture on delivery basis;0.015%
Transfer of security other than debenture on non-delivery basis0.003%
Derivatives–
(i) Futures (Equity and Commodity)0.002%
(ii) Options (Equity and Commodity)0.003%
(iii) Currency and Interest Rate Derivatives0.0001%
(iv) Other Derivatives0.002%
Government Securities0%
Repo on Corporate Bonds0.00001%

REFER FAQ ON STAMP DUTY: LINK

AIFs,  where  RTAhave  not  been  appointedso  far,  shall  appoint  RTA,  at  the earliest, butnotlater than July 15, 2020 to enable collection of applicable stamp duty on issue,  transfer  and saleof  units  of  AIFs in  compliance  with  the applicable  provisions  of the  Indian  Stamp  Act,  1899 and  the  Rules  made thereunder: CIRCULAR : LINK

SEBI Circulars Tracker: 01.03.2021 to 31.03.2021

Sl.ParticularsLink
1UNSC Sanctions Committee List – Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List  Click here
2Trading halt at NSE on February 24, 2021Click here
3Recovery Proceedings – Attachment Proceeding Order nos. 2519 of 2016 & 2520 of 2016 against Mr.Jayanta Kumar Basu [Defaulter] PAN: AKSPB8412H, [Defaulter] in the matter of Basil International Limited under Recovery Certificate No. 898 of 2016  Click Here
4Public Issues – ShyamMetalics and Energy LimitedClick Here
  5Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM)    Click Here
6.Buybacks – Bharat Rasayan Limited – Draft Letter of Offer  Click Here
7.SEBI issues Consultation paper on “Review of Regulatory Provisions related to Independent Directors”  Click Here
8.Consultation Paper on Review of Regulatory Provisions related to Independent Directors  Click Here
9.Master Circular on Surveillance of Securities Market  Click Here
10.Right Issues – Letter of Offer – Arvind Fashions LimitedClick Here
11.Code of Conduct & Institutional mechanism for prevention of Fraud or Market AbuseClick Here
12.Adjudication Order in respect of Mr.AdilShamsi in the matter of Unregistered Investment Adviser  Click Here
13.Circular on Mutual FundsClick Here
14.Circular on Guidelines for votes cast by Mutual FundsClick Here
15.Invesco India Medium Duration FundClick Here
16.Unserved Summons / Notices – Hearing in the matter of GDR issue of Southern Ispat and Energy Ltd  Click here
17Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN)  Click here
18Debt Offer Document – Edelweiss Financial Services Limited- Draft Prospectus  Click Here
19Mutual Funds – Nippon India Fixed Horizon Fund – XLIIIClick Here
20Public Issues – Craftsman Automation Limited  Click Here
21Settlement Order in respect of Mr.RajgopalachariVenkattesh and Mr. Ravi Kumar Vadlamani in the matter of DCB Bank Limited  Click Here
22Rights Issues – Rajapalayam Mills Ltd. – Letter of OfferClick Here
23Rollout of Legal Entity Template  Click Here
24Notice For Meeting on Schemes – Notice of the meeting of the equity shareholders, Secured Creditors and Unsecured Creditors of GHCL Limited    Click Here
25Review of norms regarding investment in debt instruments with special features, and the valuation of perpetual bonds  Click Here
26Processing Status: TakeoversClick Here
27ICICI Prudential Consumption ETFClick Here
28Notice For Meeting on Schemes – Notice for meeting on schemes – Chalet Hotels Limited  Click Here
29Streamlining the process of IPOs with UPI in ASBA and redressal of investors grievancesClick Here
30Right Issues – Emerald Leasing Finance and Investment Company Limited – Abridged Letter of Offer  Click Here
31Releasing Order of Omnipresent Credits Private Limited in the matter of Dealing in illiquid Stock Options at the BSE  Click Here
32“SEBI Order for Compliance” – Attachment of Notice of Demat Account and Mutual Fund Folio(s) under Recovery Certificate No. 3279 of 2021……….  Click Here
33Buybacks – VRL Logistics Limited – Post Buyback Public AnnouncementClick here
34Takeovers – Majesco LimitedClick here
35Informal Guidance – In the matter of Ramkrishna Forgings Limited – Informal guidance under regulation 10(1)(d)(iii) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 1    Click Here
36SEBI condoles the demise of Shri G. V. Ramakrishna, former Chairman, SEBI  Click Here
37Global Money Week – 2021 being celebrated in India from today  Click Here
38Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs)  Click Here
39Trading halt at NSE on February 24, 2021  Click Here
40Clarification on the valuation of bonds issued under Basel III frameworkClick Here

12. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

  Applicable Laws/Acts    Due Dates  Compliance Particulars  Forms / Filing mode
  Companies Act, 2013  Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only)  As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.MCA E- Form INC 20A (one time compliance)    
Companies Act, 2013  First declaration within 90 days from the date of notification Dt. 08.02.2019    A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019   In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.  Form BEN-1 Draft Format available at LINK
Companies Act, 2013  within 30 days of acquiring beneficial interest  Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.  (the date of receipt of declaration in BEN-1 ) CLICK HERE  Form BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019
Companies Act, 2013  One time ComplianceFiling of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.)    Active Form INC -22A
Companies Act, 2013  Annual Compliance*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021   Annual Exercise:CLICK HERE Penalty after due date is Rs. 5000/-(one time)  E-Form DIR – 3 KYC (Web Based and E-form)  
Companies Act, 2013Within 270 days from the date of deployment of this FormAnnual Return To Be Filed By Auditor With The National Financial Reporting Authority CLICK HERE CLICK HERE Click Here Note on NFRA -2Click HereNFRA-2 (NFRA-2 e-Form live since 9th December 2019.)
Companies Act, 2013Within 30 days of the board meetingFiling of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.MGT-14  (Filing of resolution with MCA)
      Companies Act, 2013Within 60 (sixty) days from the conclusion of each half year.Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2E-Form PAS – 6
        Companies Act, 2013For half year period ‘October to March’ – 30th AprilAll Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.Form MSME -1


New MCA E-form Introduced:  CSR related Compliance

CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for registration of entities for undertaking CSR Activities:

Form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended/substituted by the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.

  • KEY UPDATES:

  1. MCA DEFERS SOFTWARE WITH AUDIT TRAIL BY 1 YEAR till 01.04.2022

Ministry of Corporate Affairs (MCA) vide notification dated 01st April 2021 has deferred mandating Companies to use Software with an Audit Trail of each Transaction till 01st April, 2022.

Kindly note that:

The MCA had earlier notified that every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

Now, this notification now shall come into force with effect from the 1 April, 2022 only.

Source: Click Here and / Click Here

  • Important Updates

MCA Monthly UPdate Calendar: March, 2021

  Sl.    Particulars of the Circulars  Link
1Press release on MCA signing Data Exchange MoU with CBIC on 25th February, 2021Click Here
2Companies (Management and Administration) Amendment Rules, 2021Click Here
3Companies (Incorporation) Third Amendment Rules, 2021Click Here
4Commencement notification dated 05 March 2021Click Here
5.MCA advises investors to verify status of Nidhi companies before investmentClick Here
6.MCA strikes off 10,113 companies between April 2020 and February 2021Click Here
7The Companies (Amendment) Act, 2017Click Here
8The Companies (Incorporation) Third Amendment Rules, 2021Click Here
9The Companies (Management and Administration) Amendment Rules, 2021Click Here
10Central Scrutiny Centre (CSC) has been established for carrying out scrutiny of Straight Through Processes (STP) e-forms  Click Here
11The provisions of section 32 and section 40 of the Companies (Amendment) Act, 2020 shall come into force w.e.f. 18.03.2021  Click Here
12Amendments to Schedule V of the Companies Act, 2013Click Here
13Action initiated to control fraudulent companiesClick Here
143,82,875 number of Companies struck off in three years up to FY 2020Click Here
15CSR expenditure by all companies in Aspirational Districts from 2017-20Click Here
16Extension in last date of Application for recruitment for the post of Driver in NFRA on Deputation/Re-employment  Click Here
17The Companies (Accounts) Amendment Rules, 2021Click Here
18The Companies (Audit and Auditors) Amendment Rules, 2021Click Here
19Amendment to Schedule III to the Companies Act, 2013Click Here
20Commencement notification dated 24.03.2021Click Here
21Sanction for prosecution accorded in 366 cases in violation of CSR provisionsClick Here
22SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21  Click Here
231,38,051 new companies registered from April 2020 to February 2021Click Here
24Extending deadline of Companies Fresh Start Scheme and LLP Settlement Scheme  Click Here
25Spending of CSR Fund by SailClick Here
26Finance Minister Smt. NirmalaSitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’  Click Here
27Companies (Audit and Auditors) Second Amendment Rules, 2021Click Here
28Company (Accounts) Second amendment Rules, 2021Click Here

13. IBBI Updates {Insolvency and Bankruptcy Board of India}

  • IBC will be back in full force from March 25, 2021.

Bankruptcy filings can resume; govt working on ‘pre-pack’ resolutions to clear backlog, new cases. With the economy returning to normalcy, the Centre has, as widely expected, allowed the IBC suspension valid till Wednesday (March 24) to lapse. The Insolvency and Bankruptcy Code will be back in full force from Thursday, 25.03.2021.

By not extending beyond March 24 the suspension of insolvency proceedings i, the Corporate Affairs Ministry (MCA) has indicated that time has come for the IBC to resume rescue of the corporate debtor through resolution and failing that through liquidation. Stakeholders are bracing themselves for the normal functioning of the IBC ecosystem.

Pre-pack mechanism :With the IBC suspension now revoked, the government is now working towards introduction of a ‘pre-pack’ insolvency mechanism for which certain legislative changes are required, official sources said. Indications are that pre-packs will initially be available for MSMEs and the legal changes wll be introduced in the ongoing Budget session of Parliament itself either through an amendment Bill or even an Ordinance.

  • Budget Allcation for IBBI

As per the Budget document, the Insolvency and Bankruptcy Board of India (IBBI) has been allocated Rs 39 crore.

  • Important Notifications and Circulars Tracker (March, 2020)
Sl.Notification(s)Link(s)
1.Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations w.e.f 1st April, 2021  Click Here
2.In the matter of P. Mohanraj&Ors. Vs. Shah Brothers IspatPvt. Ltd. Civil Appeal No. 10355 of 2018Click Here
  3In the matter of Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs. NBCC (India) Ltd. &Ors., Civil Appeal No(s). 3395/2020Click Here
  4Circular – Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016  Click Here
5IBBI (Liquidation Process) (Amendment) Regulations, 2021Click Here
6In the matter of Mr.Venkatesan, Insolvency ProfessionalClick Here
  7Invitation of application for 19th Basic IP Workshop for Insolvency Professionals to be held on 17th March, 2021.  Click Here
8Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures  Click here
9Extension of Cheque Truncation System (CTS) across all bank branches in the country  Click here
10Reporting and Accounting of Central Government transactions of March 2021  Click here
11RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on March 12, 2021    Click here
12Revocation of Certificate of AuthorisationClick here
13RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina  Click here
14Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)– Dr.ShivajiraoPatilNilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra – Extension of Period    Click here
15RBI imposes monetary penalty on State Bank of IndiaClick here
16Survey on Computer Software and Information Technology- Enabled Services Exports: 2019-20  Click here
17RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities  Click here
18Government encouraged investment for economic growth, including health sector  Click Here
19Bankrupt Companies after lockdown was imposed due to COVID-19 pandemic  Click Here
20Provisional list of IPs prepared in accordance with Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018,’ for a period from April 1, 2021 to September 30, 2021Click Here
21In the matter of Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs. NBCC (India) Ltd. &Ors. Civil Appeal No. 3395 of 2020Click Here
22Regarding news item – “Normalcy restored, says Sahoo, as India resumes Insolvency proceedings”, in the Business Standard dated 26th March 2021  Click Here
23In the matter of Laxmi Pat Surana Vs. Union Bank of India &Ars., Civil Appeal No. 2734 of 2020  Click Here
24In the matter of Indus Biotech Private Limited Vs. Kotak India Venture (Offshore) Fund (earlier known as Kotak India Venture Limited) &Ors., Arbitration Petition (Civil) No. 48/2019 with Civil Appeal No.1070 /2021 @ SLP (C) No. 8120 of 2020  Click Here

This article is updated till 31st March, 2021 with all Laws / Regulations and their respective amendments.                  

—THE END—

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

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GST TAXPAYERS WHO ARE UNDER QRMP SCHEME? Auto-population of e-invoice details into GSTR-1 trial ITR 1 and 4 Utilities for has been available for E-filing for the Assessment year 2021-2022 Accounting Software with Audit Trail Just In:- CBDT Issue clarification Knowledge is Power! Latest Post