Compliance requirements for the Month May, 2022 under various Statutory Laws,Compliance rules and regulations

About Article:

This article contains various Compliance requirements for the Month of May, 2022 under various 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.

If you think compliance is expensive, try non compliance”

Compliance Requirement Under

1. Income Tax Act, 1961

2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars

3 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

4. Other Statutory Laws and Updates

5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015

6. SEBI Takeover Regulations 2011

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

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

9. SEBI (Buyback of Securities) Regulations, 2018

10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications

11. Companies Act, 2013 (MCA/ROC Compliance) and Notifications

12. Insolvency and Bankruptcy Board of India (IBBI) Updates

  1. Compliance requirement under Income Tax act, 1961
  Sl.  Compliance Particulars  Due Dates  
1Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month.  07.05.2022
2.Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, and 194M in the month of March 2022.  15.05.2022
  3​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April 2022.  15.05.2022
  4Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April 2022 has been paid without the production of a challan.  15.05.2022
5​Quarterly statement of TCS deposited for the quarter ending March 31, 2022.15.05.2022
    6Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194-IM,  in the month of December 2021.  30.05.2022
  7Due date of issuance of TCS certificates for the 4th Quarter of the Financial Year 2021-22.30.05.2022
8​Quarterly statement of TDS deposited for the quarter ending March 31, 2022.31.05.2022
9Due date for furnishing of statement of Specified financial transaction as per Section 285BA (1).  31.05.2022
10Due date for e-filing of annual statement of reportable accounts by reporting financial institution.  31.05.2022
        11“1. Due date for filing ​Application for allotment of PAN of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2021-22 and has not been allotted any PAN.   ​2. Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who has not allotted any PAN”.      31.05.2022
  • Important Notifications – For the month of April – 2022:
Sl.Particulars of the Notification(s)File No. / Circular No.Link(s)
1.​Faceless Jurisdiction of Income-tax Authorities Scheme, 2022Notification No. 15/2022Click Here
2.The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020Notification No. 16/2022Click Here
  3.The Income-tax (Third Amendment) Rules, 2022.Notification No. 17/2022Click Here
  4.The e-Assessment of Income Escaping Assessment Scheme, 2022.Notification No. 18/2022Click Here
5The Faceless Inquiry or Valuation Scheme, 2022Notification No. 19/2022Click Here
6Notification under sub-section (1G) of section 206C of the Income-tax Act, 1961 in relation to non-resident individual visiting IndiaNotification No. 20/2022Click Here
7The Income-tax (fourth Amendment) Rules, 2022Notification No. 21/2022Click Here
8The Income-tax (5th Amendment) Rules, 2022Notification No. 23/2022Click Here
9The Income-tax (6th Amendment) Rules, 2022Notification No. 24/2022Click Here
10The Income-tax (Seventh Amendment) Rules, 2022.Notification No. 26/2022Click Here
11The e-Dispute Resolution Scheme, 2022Notification No. 27/2022Click Here
12The Income-tax (8th Amendment) Rules, 2022.Notification No. 28/2022Click Here
13“The Somnath Temple managed by Shree Somnath Trust (PAN: AAATS9555Q)”Notification No. 29/2022Click Here
14‘Rajasthan Electricity Regulatory Commission’ (PAN AAABR0296D)Notification No. 30/2022Click Here

2. Compliance Requirement under GST, 2017

A. Filing of GSTR –3B / GSTR 3B QRMP

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

Tax periodDue DateNo interest payable tillParticulars
April, 202220th May, 2022Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.   Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.  

b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Tax periodDue DateNo interest payable tillParticulars
April, 202222nd May, 2022 Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
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 upto Rs. 5 crores in preceding FY (Group B)

Tax periodDue DateNo interest payable tillParticulars
April, 202224th May, 2022  
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  

B. Filing Form GSTR-1:

Tax periodDue DateRemarks
Monthly return (April, 2022)11.05.2022“1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceeding year.   2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP”

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

Form No.Compliance ParticularsTimeline Due Date
GSTR-5 & 5ANon-resident ODIAR services provider file Monthly GST Return20th of succeeding month           20.05.2022
  GSTR -6Every Input Service Distributor (ISD)  13th of succeeding month  13.05.2022
  GSTR -7Return for Tax Deducted at source to be filed by Tax Deductor  10th of succeeding month  10.05.2022
  GSTR -8E-Commerce operator registered under GST liable to TCS10th of succeeding month10.05.2022

D. GSTR – 1 QRMP monthly / Quarterly return

Form No.Compliance ParticularsTimeline Due Date
  Details of outward supply-IFF &   Summary of outward supplies by taxpayers who have opted for the QRMP scheme.GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore.   Summary of outward supplies by taxpayers who have opted for the QRMP scheme.        13th of succeeding month  – Monthly   Quarterly Return        13.05.2022

E. 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

Kindly Note:

For GSTR – 3B -Tax Liability Payment: 25.05.2022: Due Date for Payment of Tax Liability for the taxpayer with Aggregate turnover up to INR 5 crores during previous year and who has opted for Quarterly filing of return under QRMP.

  • GST UPDATES – April, 2022:
Sl.Notification ParticularsNotification No.Link (s)
1.  Advisory to composition taxpayersGSTN Update 536  Click Here
2.Module wise new functionalities deployed on the GST Portal for taxpayersGSTN 533Click Here
3.Seeks to amend notification no. 14/2019-Central Tax to implement special composition scheme for Brick Kilns, as recommended by 45 GSTC04/2022- Central Tax  Click Here
4.Seeks to amend notification no. 10/2019-Central Tax to implement special composition scheme for Brick Kilns, as recommended by 45 GSTC03/2022- Central Tax  Click Here
5.Seeks to provide for a concessional rate on intra state supply of bricks conditional to not availing the ITC , as recommended by 45 GSTC02/2022-Central Tax (Rate)   Click Here
6Seeks to amend notification No. 1/2017-Central Tax (Rate)01/2022-Central Tax (Rate)Click Here
7Seeks to amend notification No. 1/2017-Integrated Tax (Rate)01/2022- Integrated Tax (Rate)Click Here
8Standard Operating Procedure (SOP) for Scrutiny of returns for FY 2017-18 and 2018-19           Instruction No. 02/2022-GSTClick Here

3. Key Compliances under FEMA / RBI

Applicable Laws/ActsDue DatesCompliance ParticularsForms / (Filing mode)
    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 1999With 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 1999Within 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
    Types of AccountsCapital Account and Current Account – The purpose of the capital account is to adjust the assets and liabilities of individuals outside India to persons residing in India. Thus any transaction that results in a change of the overseas assets and liabilities in India of an Indian residing outside India or transactions overseas of a person residing in India will be considered under the capital account. All other transactions fall under the category of the current account.
  NRI Bank AccountsThere is option for the Non-Resident Indians to set up various bank accounts in India, like FCNR, NRE and NRO Accounts.
  • RBI Circulars / Notifications: April, 2022
  Sl.  Particulars of the Circulars  Link
1Bilateral Netting of Qualified Financial Contracts – Amendments to Prudential Guidelines  Click here
2Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 – Amendment  Click here
3Master Circular – Facility for Exchange of Notes and CoinsClick here
4Master Circular on SHG-Bank Linkage ProgrammeClick here
5Master Circular – Asset Reconstruction CompaniesClick here
6Master Circular – Scheme of Penalties for bank branches including Currency Chests for deficiency in rendering customer service to the members of public  Click here
7Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission  Click here
8Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to AdvancesClick here
9Establishment of Digital Banking Units (DBUs)Click here
10.Master Circular – Management of Advances – UCBsClick here
11.Processing and Settlement of Small Value Export and Import related payments facilitated by Online Export-Import Facilitators – Draft Guidelines for Comments  Click here
12RBI releases data on ECB / FCCB/RDB for February 2022Click here
13Compliance Function and Role of Chief Compliance Officer (CCO) – NBFCsClick here
14Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here
15Overseas Direct Investment for March 2022Click here
16Cancellation of CoR of 22 NBFCs and One HFCClick here
17RBI cancels Certificate of Registration of One NBFCClick here
18Conversion/Switch of Government of India (GoI)’s SecuritiesClick here

4. Compliance under Other Statutory LAws

  Applicable Laws/Acts    Timeline / Due Dates  Compliance Particulars  Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)  15.05.2022  PF Payment  ECR
ESIC (Employees’ State Insurance Act, 1948)  15.05.2022  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
  Contract Labour (Regulation & Abolition) Act, 1970  Within 15 Days of commencement/ completion of contract workNotice of commencement/ completion of contract work by the Contractor within 15 daysForm VI-A
  Payment of Gratuity RuleWithin 30 Days of applicability of the Act & any changeNotice of applicability of the Act & any changeForm A or B
  • Updates TRACKER under Labour LAws – April, 2022:
Sl.ParticularsLink
1#EPFO never asks its members to share their personal details like Aadhaar, PAN, UAN, Bank Account or OTP over phone or on social media.Click Here
2Benefits of filing e-Nomination.Click Here
3Operational guidelines for taxing EPF issuedClick Here
4EPFO asks PF members not to do these | Details hereClick Here
5HC for Delhi govt reply on appointment of presiding officers in Labour Courts, Industrial Tribunals  Click Here
6Scope of Emergency Credit Line Guarantee Scheme (ECLGS) enhanced and validity extended till 31.3.2023Click Here
7Cabinet approves release of an additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners, due from 01.01.2022  Click Here
8National Pension Scheme For TradersClick Here
9Atmanirbhar Bharat Rojgar YojanaClick Here
10Foundation for Sustained Economic GrowthClick Here

5. SEBI – Securities Exchange Board of INDIA

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

  • Quarterly Compliance
Regulation referenceTimelineFor the quarter ended March
Regulation 33 (3) (a) – Financial Results along with Limited review report/ Auditor’s report : Within 60 days from the end of the FY.By 30th May

A. Half Yearly Compliances:

Sl. No.Regulation No.Compliance Period (Due Date)Due Date
1.Regulation 23(9) Related party transactions.The listed entity shall make such disclosures every 6 months within 15 days from the date of publication of its standalone and consolidated financial results: Provided further that the listed entity shall make such disclosures every 6 months on the date of publication of its standalone and consolidated financial results with effect from April 1, 2023.      Within 15 days of FR

B. Regular / Annual Compliances:

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
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

C. Other Quarterly compliance which included half year compliance except FR (Financial Results)

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
Other corporate governance requirements.Reg 27(2)The listed entity shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to time to the recognised stock exchange(s) within fifteen days from close of the quarter.15 days    
Indian Depository Receipt holding pattern & Shareholding details.69(1)The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.15 days from end of each quarter  

D. Event based Compliances

REG NOREGULATION NOPARTICULARSTIMELINE
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 transfer15 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

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.      Omitted through introduction of SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021   Applicable w.e.f. 01.04.2022    
      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.html The 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   (Provision Insertion: “Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository”)  
      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 the date 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 2022) Reconciliation of Shares and Capital AuditWithin 30 days from end of quarter.
  2.Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar (Quarter, January – March 2022)Within 15 days from the end of each quarter.
  • SEBI Circulars Tracker: April, 2022
Sl.ParticularsLink
1.Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors – SEBI to generate FPI registration number and both the Depositories to host the CAF.  Click Here
2.Reduction of timelines for listing of units of Infrastructure Investment Trust (InvIT)Click Here
3.SEBI Bulletin – April 2022 [MSWord]   [MSExcel]Click Here
4.Press Releases – SEBI Board MeetingClick Here
5.Timelines for Rebalancing of Portfolios of Mutual Fund SchemesClick Here
6.Clarification on applicability of regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions  Click Here
7.“Manthan” – SEBI Ideathon to promote innovation in the Securities Market  Click Here
8.Informal Guidance sought by Equirus Capital Private Limited in relation to provisions of Chapter III (Prospectus and Allotment of Securities) – Part I (Public Offer) of Companies Act, 2013    Click Here
9.Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds, Two Factor Authentication (‘2FA’) for redemption and other related requirements: Extension of timeline        Click Here
10.Processing status – Scheme of Arrangement.  Click Here
11.Standardisation of Ratings Scales Used by credit rating agencies – Extension of timeline for implementation  Click Here
12.Standardization of industry classification- Applicability to Credit Rating Agencies (CRAs)  Click Here
13.Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities  Click Here
14.SEBI constitutes committee on Strengthening of Governance of Market Infrastructure InstitutionsClick Here
15.Revision of UPI limits in Public Issue of Equity Shares and convertiblesClick Here
16.Guidelines in pursuance of amendment to SEBI KYC Registration Agency (KRA) Regulations, 2011  Click Here
  17Names of the companies/Intermediaries/MIIs having complaints pending for more than 3 months on SCORES as on March 31, 2022Click Here
18SEBI Constitutes Working Groups for Mutual FundsClick Here
19Standard Operating Procedures (SOP) for dispute resolution available under the stock exchange arbitration mechanism for disputes between a listed company and its shareholder(s) investor(s)  Click Here
20Clarification on applicability of Regulation 23(4) read with Regulation 23(3)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions  Click Here
21Circular on Risk value of commodities for risk-o-meterClick Here
22Comprehensive Risk Management Framework for Electronic Gold Receipts (EGR) segment  Click Here
23SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2022Click Here
24SEBI (Debenture Trustees) (Amendment) Regulations, 2022Click Here
25SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2022  Click Here
26SEBI issues operational guidelines for “Security and Covenant Monitoring using Distributed Ledger Technology (DLT)”Click Here
27Right Issues-   Letter of Offer of Asian Granito India LimitedClick Here
28SEBI signs MoU with the Manitoba Securities Commission, CanadaClick Here

11. 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 Click Here 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 interestFiling of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.  (the date of receipt of declaration in BEN-1 ) CLICK HEREForm BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019
Companies Act, 2013  Annual Compliance (30.09.2021)*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2021-22 is 30th September, 2022   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 -2 Click HereNFRA-2 (NFRA-2 e-Form live since 9th December 2019.)
Companies Act, 2013Within 15 days of appointment of an auditor.The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.E – Form NFRA -1
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’ by 30th April, 2022All 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
  Companies Act, 2013One Time compliances   Registration of Entities for undertaking CSR activities – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021E-Form CSR-1
Companies Act, 2013within a period of 60 days after the holding of AGMIEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlierIEPF -2
  • MCA has extended the timeline for filing web form CSR-2 till May 31, 2022.
  • FC-4 is an annual return of foreign companies, due date is 30th May, 2022.
  • LLP Compliance
  Applicable Laws/Acts    Due Dates  Compliance Particulars  Forms / Filing mode
  LLP Act, 2008  within 60 days from the closure of the financial yearLLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21Form LLP-11    
  • Important Updates –  April, 2022
  Sl.    Particulars of the Circulars  Link
1Companies (Registration of Charges) Amendment Rules, 2022  Click Here
2Updated FAQ FORM11, Fillip & LoginClick Here
3Companies (Accounts) Second Amendment Rules, 2022-reg.  Click Here
4Companies (Management and Administration) Amendment Rules, 2022Click Here
5Dissolution Notice of M/s Jersey India Ltd & M/s Himanshu Proteins Ltd (cos in liquidation)  Click Here
6Punwire Paging Services Ltd, M/s Sunbeam Agro Chemical Punjab Ltd & M/s Seema Industries Ltd (cos. in liquidation)  Click Here
7Notice inviting comments on Company Law Committee Report 2022  Click Here
8Nidhi (amendment) rules, 2022Click Here
9Revised MCA21 V3 Login FAQsClick Here
    10Stakeholders are requested to use their V2 user ID and password to log into the new V3 portal, and then upgrade to a Business user. Once upgraded the email ID of the V2 account will automatically become the login ID for V3 and password will remain the same, which can be then changed as required.        Click Here
11Dissolution Notice of M/s Bagrian Shoes Ltd & M/s Northern Metalmen Pvt. Ltd (cos in liquidation)  Click Here
12Company Law Committee suggests fractional shares issuance, easier fund raising norms for distressed cos  Click Here

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

  • NCLT directs to initate insolvency proceedings against Andhra Cement

The National Company Law Tribunal has directed to initiate insolvency proceedings against Andhra Cement, a company owned by the debt-ridden Jaypee Group.

The Hyderabad bench of the NCLT (National Company Law Tribunal) has also appointed Nirav K Pujara as the Interim Resolution Professional (IRP) of the company, and declared a moratorium in respect of the company as per the provision of the Insolvency & Bankruptcy Code (IBC).

“The company is now under CIRP (Corporate Insolvency Resolution Process) as per the provisions of the code. As per Section 17 of the code, the powers of the board of directors of the company stand suspended and as such the powers shall be vested with and exercised by the IRP,” Andhra Cement said in a regulatory filing.

The company has also shared the order passed by the insolvency tribunal on April 26, 2022, in this regard. NCLT’s direction came after a petition filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd, claiming a default. (To read more Click Here)

  • Important Notifications and Circulars Tracker (April, 2022)
DateSubject
01st May, 2022Successful conclusion of the First International Research Conference on Insolvency and Bankruptcy, organised by Insolvency and Bankruptcy Board of India jointly with IIM, Ahmedabad on 30th April, 2022 – 1st May, 2022.
30th April, 2022Quarterly Newsletter for Jan-Mar, 2022
30th April, 2022Inauguration of the First International Research Conference on Insolvency and Bankruptcy, being organized by the Insolvency and Bankruptcy Board of India, jointly with IIM, Ahmedabad on 30th April, 2022.
28th April, 2022First International Research Conference on Insolvency and Bankruptcy being organized by Insolvency and Bankruptcy Board of India in association with IIM Ahmedabad on 30th April- 1st May 2022.
28th April, 2022IBBI (Liquidation Process) (Amendment) Regulations, 2022
15th April, 2022The Insolvency and Bankruptcy Board of India launches the 3rd National Online Quiz on the Insolvency and Bankruptcy Code, 2016
13th April, 2022Consultation paper on issues related to reducing delays in the corporate insolvency resolution process
13th April, 2022In the matter of Mr. Pankaj Dhanuka, Insolvency Professional
12th April, 2022Clarifications with respect to Temporary Surrender of Professional Membership
11th April, 20225th International Insolvency Moot Court Competition at NLU, Delhi
09th April, 2022Discussion Paper on “Enhancing effectiveness of Information Utility”
08th April, 2022In the matter of Mr. Manoj Kumar Singh, Insolvency Professional
08th April, 2022In the matter of Mr. Nanak Chand Gupta, Registered Valuer
08th April, 2022Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
08th April, 2022In the matter of Mr. Mahender Kumar Khandelwal, Insolvency Professional
08th April, 2022In the matter of Mr. Manish Gupta, Insolvency Professional

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This Article / Compliance Tracker is updated till 30th April, 2022 with all Laws / Regulations and their respective amendments.                                  

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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. Many sources have been considered including newspapers (ET, BS & HT etc.)

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