Corporate Compliance Calendar – Nov. 2020 (Track due dates)

Corporate Compliance Calendar – Nov. 2020  (Track due dates)

About Article :

This article contains various Compliance requirements for the Month of November, 2020 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.

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

4. Other Statutory Laws and Updates

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

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

7. SEBI Takeover Regulations 2011

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

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

10. SEBI (Buyback of Securities) Regulations, 2018

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

12. NCLT & NCLAT Updates

13. MSME Key Updates

14. Competition Commission of India

Stay Connected & Stay Updated !!

  1. Compliance requirement under Income Tax act, 1961
Sr. No.ParticularsPeriodActual Due DateRevised Due Date
1Income Tax Return u/s 139 (Revised or Belated Return)AY 2019- 2031st March 202030th November, 2020
2Revised Return of Income forA/Y 2019-20           30th November, 2020
3Income Tax Return u/s 139 (In cases of assessee to whom TP Audit, Company Audit and Tax Audit is applicable)AY 2020-2131st October 2020/ 30th November 202031st January, 2021
4Income Tax Return u/s 139 (Other than Sr. no. 2 above)AY 2020-2131st July, 202031st December, 2020
5Self – Assessment (SA) Tax Liability. No interest chargeable under Section 234A, if the SA Tax liability is up-to INR 1 LakhAY 2020-21On or Before 31st July 2020/ 31st October 202031st January, 2021
(In case of
assessees not
requiring any Audit, it is 31st December,
2020)
6Filing of Tax Audit Report under section 44AB and TP Report under section 92E of the IT ActAY 2020-2130th September, 202031st December, 2020
7Filing of Master file in Form 3CEAA-Part A and /or Part BAY 2020-2130th November 2020No clarification
presumed to be 31st January, 2021*
8Intimation for Master File – Form 3CEABAY 2020-2131st October 202031st December, 2020*
9Safe Harbour Rule – Form 3CEFAAY 2020-2130th November 202031st January, 2021*
10Filing of Intimation in Form 3CEAC Country by Country ReportingAY 2020-2131st January 2021No Change
31st January, 2021
11Filing of Form 3CEAD Country by Country ReportingAY 2020-2131st March 2021No Change 31st March, 2021
12Deduction available under Chapter VI A, in heading B (e g., 80C, 80D, 80G etc.)AY 2020-2131st March 2020No Change
31st July, 2020
13Capital Gain Exemption u/s 54 to 54GBAY 2020-21Due dates as per Income Tax ActNo Change
30th September, 2020
14Furnishing of TDS/ TCS Statement (Returns)Q4 of AY 2020-2131st May 2020No Change
31st July, 2020
15Issuance of TDS/ TCS certificateAY 2020-2115th June 2020No Change
15th August, 2020
16Linking of Aadhar with PAN30th June 2020No Change
31st March, 2021
17Payment under Vivad se Vishwas Act, 202031st March 2020As per Notification
dated 27 October
2020 31st March 2021**
18Declaration to be filed before the designated authority under Vivad se Vishwas Act, 202031st March 202031st December 2020**
19Commencement of Operation for Special Economic Zone units under section 10AA of the IT Act31st March 2020No Change 30th September, 2020
20Matters other than specifically provided: a. Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the specified Act; or Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the specified ActDeadline falling between
20th March 2020 and 31st December 2020
No Change
31st March, 2021
21Form 24Q, 26Q, 27Q, and 27EQ of Q1 and Q2F/Y 2020-21           31st March, 2021
22Form 26QB, 26QC, and 26QDApril to November 2020   31st March, 2021
23In case where any due date for making payments towards any tax or levy under the specified Act falls between 20.3.2020 and 29.6.2020 and where such tax or levy has been paid on or before 30.6.2020, Interest would be levied at a reduced rate of 0.75% p.m. Further no penalties or prosecution shall be initiated in respect of such amount for the period of delay. No clarification on extension of date for the same is issued.

Note: ** The Ministry of Finance has issued a Notification No 85/2020 dated 27 October, 2020, under the Vivad se Vishwas Act, 2020, that in order to mitigate undue hardship and remove difficulty that may be caused by the requirement of payment within 15 days from date the date of receipt of certificate from designated authority, allows the declarant to make the payment without any additional amount till on or before 31st March, 2021. Further, the declaration can be filed by 31 December, 2020.

  • Importatnt updates:

​​

1. You must check these 5 things in your Form 26AS

  1. Information regarding Tax Deducted at Source for all income and Tax Collected at Source wherever applicable.
  2. Information related to specified financial transactions from ‘specified persons’, mutual funds, banks, bond issuers etc.
  3. Information related to income-tax payments such as advance tax and self-assessment tax paid by the taxpayer.
  4. Information regarding tax demands and tax refunds by the IT department.
  5. Information related to pending and completed income tax proceedings.

2. Income Tax refunds issued: Taxpayers get more than Rs 1 lakh crore in first half of this fiscal

The Income Tax Department today said that it has issued refunds of over Rs 1.18 lakh crore to more than 33.54 lakh taxpayers between 1 April 2020 and 29 September 2020. Income tax refunds of Rs 32,230 crore have been issued in 31.75 lakh cases and corporate tax refunds of Rs 86,094 crore have been issued in 1.78 lakh cases.

3. New Tax Collected at Source (TCS) regime

The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform

4. Scrip-wise reporting in ITR must only for LTCG exemption, not for day-trading, short-term gains: CBDT

The Central Board of Direct Taxes has clarified that there is no requirement for scrip wise reporting for day trading and short-term sale or purchase of listed shares in the filing of income tax return (ITR) in assessment year (AY) 2020-21.

The scrip wise details are needed while filing ITR for AY 2020-21 for reporting long-term capital gains (LTCG) for listed shares or specified units eligible for the benefit of grandfathering. The Finance Act, 2018 exempted gains made on the listed shares/specified units up to January 31, 2018, by introducing grandfathering mechanism for computation of LTCG for these shares.

5. No need to fill Schedule 112A in ITR for stock trading, clarifies CBDT; but no respite for investors

If an investor redeems his/her investment in equity MF done through monthly SIP after 10 years, he/she will have to fill 7 columns in 240 rows for a single investment.

The CBDT, however, said that without scrip wise entries, taxpayers may not claim the grandfathering benefit properly.

Moreover, without separate entries, the income tax authorities can’t check the correctness of the claim, argues the CBDT. As a result many returns will require to be audited, which may lead to unnecessary grievances/rectifications at a later stage.

6. Income tax: Faceless Appeals Scheme challenged in Delhi High Court

A petition has been filed in Delhi HC seeking a direction to government to grant an opportunity of hearing to all taxpayers/assessees under the Faceless Appeals Scheme 2020. The petitioner has challenged the discretionary power of the Chief Commissioner or the Director General of Income Tax in granting chance of hearing to assessee. In the matter Delhi HC has issued notice to the Income-Tax department and reply has been sought in four weeks. Matter to be heard on 15th December, 2020.

7. Various Due date Extended

In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:

  1. The due dt of furnishing Income Tax Returns (ITRs) for taxpayers whose accounts require to be audited has been extended to 31st, January,2021.
  2. The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021.
  3. The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December, 2020
  4. The date for furnishing of various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to 31st December, 2020  
  5. Providing further relief to small & middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment of self-assessment tax have again been extended. Details in Press Release above.

Source: Click here

8. Income Tax Department issues guidelines for filing income tax returns

The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.

  • Important Notifications:
Sl. No.Particulars of the Notification(s)File No. / Circular No.Notification Link(s)
1.CBDT issues Notification on Extension of time limit for filing of AY 2019-20 under the Income Tax Act, 1961.F. No. 225/150/2020 – ITA-II  LINK
  2.CBDT Notifies Faceless Appeal SchemeCG-DL-E-25092020-221959  LINK
  3.​Order of the CBDT regarding uploading Information relating to GST return in Form 26AS as per Rule 114-IF. No.225/15512020/ ITA.IILINK
  4.the Income-tax (22nd Amendment) Rules, 2020Notification No. 82/2020/F. No. 370142/30/2020-TPLLINK
    5.Income Tax Department conducts search in AhmedabadRelease ID: 1663253  LINK
  6.the Central Government hereby notifies that where the variation between the arm‟s length price determined under section 92CNotification No. 83/2020/F. No. 500/1/2014-APA-II  LINK
7.CBDT issues Press Release for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act,Press Release  LINK
8.the Income-tax (23rd Amendment) Rules, 2020.Notification No. 84/2020/F. No. 370149/76/2019-TPL]LINK
9.Extension Notification w.r.t. Direct Tax Vivad se Vishwas Act, 2020Notification No. 85/2020, F. No. IT(A)/1/2020-TPLLINK
10.the Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh.Notification No. 86/2020 dated 28-10-2020/F. No. 285/09/2018-IT(Inv.V) CBDTLINK
11.the Equalisation levy (Amendment) Rules,2020Notification No. 87/2020 / F. No. 370142/21/2020-TPLLINK
12.the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (Notification No. 88/2020/ F. No. 370142/35/2020-TPLLINK
13Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020 – reg.F. No. IT(A)/ 1I2020- TPLLINK

2. Compliance Requirement under GST, 2017

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the various due date for Filing GST Returns without additional fee / penalty.

G

Filing of GSTR –3B

STR 3B Due Dates for May 2020

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

Tax periodDue DateNo interest payable tillInterest payable @ 9% from & tillInterest payable @ 18% from
October, 202020th November, 2020

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

Tax periodDue DateNo interest payable tillInterest payable @ 9% from & tillInterest payable @ 18% from
Feb, 202022nd March, 202030th June, 20201st July to 30th Sept., 20201st Oct., 2020
March, 202022nd April, 20203rd July, 20204th July to 30th Sept., 20201st Oct., 2020
April, 202022nd May, 20206th July, 20207th July to 30th Sept., 20201st Oct., 2020
May, 202012th July, 2020 (extended date for filing)12th Sept., 202013th Sept to 30th Sept., 20201st Oct., 2020
June, 202022nd July, 202023rd Sept., 202024th Sept to 30th Sept., 20201st Oct., 2020
July, 202022nd August, 202027th September, 202028 Sep-30 Sep 202001.10.2020 to till actual date of deposit of Tax
October, 202022nd November, 2020   
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 tillInterest payable @ 9% from & tillInterest payable @ 18% from
Feb, 202024th March, 202030th June, 20201st July to 30th Sept., 20201st Oct., 2020
March, 202024th April, 20205th July, 20206th July to 30th Sept., 20201st Oct., 2020
April, 202024th May, 20209th July, 202010th July to 30th Sept., 20201st Oct., 2020
May, 202014th July, 2020 (extended date for filing)15th Sept, 202016th Sept to 30th Sept., 20201st Oct., 2020
June, 202024th July, 202025th Sept, 202026th Sept to 30th Sept., 20201st Oct., 2020
July, 202024th August, 202029th Sept, 202030th Sept., 20201st Oct., 2020
October, 202024th November, 2020   
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 
October to December, 2020 Quarterly return13.01.2021Taxpayers having an aggregate turnover of Up to Rs. 1.50 Crores (< Rs 1.50 Cr) or opted to file Quarterly Return
Monthly return (October, 2020)11.11.2020Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

E. Compliances for Composition taxpayers

Form No.Compliance ParticularsDue Date (New)  
GST CMP-083rd Quarter – October to December,  2020    18.01.2021
GSTR-4The yearly return for 2019-20 shall be required to be filed in Form GSTR 4  31.10.2020 (no further extension)
GSTR-4Annual Return by Composition Dealer for the F/Y 2019-202031.10.2020 (no further extension)

F. 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           20.11.2020
  GSTR -6Every Input Service Distributor (ISD)  13th of succeeding month  13.11.2020
  GSTR -7Return for Tax Deducted at source to be filed by Tax Deductor  10th of succeeding month  10.11.2020
  GSTR -8E-Commerce operator registered under GST liable to TCS10th of succeeding month10.11.2020

G. GST Annual Returns:

Form No.Compliance ParticularsDue Date (New)  
GSTR-9A (2018-19)Annual return31.12.2020
GSTR-9  (2018-19)Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.31.12.2020
GSTR-9C (2018-19)Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores.31.12.2020
  • Key UPDATE(s):

1. E – Invoice mandatory for taxpayers

E – Invoice mandatory for taxpayers whose Aggregate Turnover in any of the previous financial year from 2017-18 onwards is more than Rs 500 crore. (Notification No. 60, 61 & 70/2020 CT; Dated 30th July 2020) from 1 Oct 2020.

CBIC notifies registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of the said rules, whose aggregate turnover in  any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 of the said rules in respect of supply of goods or services or both to a registered person or for exports.

2. Implementation of the Dynamic QR Code for B2C invoices extended till 01.12.2020.

Where registered person having turnover in excess of INR 500 crore, makes supply to an unregistered person (i.e. B2C supply) then invoices shall contain QR Code. [Notification No. 72/2019 – CT dated 13th December, 2019] (subject to certain exceptions).

The said provisions were to be applicable w.e.f. 1st October, 2020. Amidst COVID – 19, the CBIC has decided to further defer the same and make it effective from 1st December, 2020

3. New functionalities made available for TCS and Composition taxpayers

  1. Provision to make amendment, multiple times, in Table 4 of Form GSTR-8
  2. TCS facility extended to composition taxpayers

Read full circular at : Click here

4. Composition taxpayers with ‘NIL’ returns can file via SMS: GSTN

GST Network on Monday said it has launched the facility of filing quarterly returns by SMS for composition taxpayers with ‘NIL’ liability. Out of the total of 17.11 lakh taxpayers registered under the Composition Scheme, about 20 per cent or 3.5 lakh taxpayers are NIL return filers.

With this, composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to be submitted by composition taxpayers.

5. Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B.

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020

  • GST UPDATES from 01.10.2020 to 31.10.2020:
Sl. No.  Notification(s)Notification No.Link(s)
1.  Seeks to amend notification no. 41/2020-Central Tax dt. 05.05.2020 to extend due date of return under Section 44 till 31.10.202069/2020-Central Tax dated 30.09.2020  LINK
2.Seeks to amend notification no. 13/2020-Central Tax dt. 21.03.2020.70/2020-Central Tax dated 30.09.2020LINK
3.Seeks to amend notification 14/2020- Central Tax to extend the date of implementation of the Dynamic QR Code for B2C invoices till 01.12.2020.71/2020-Central Tax dated 30.09.2020  LINK
4.e-invoicing – Relaxation and latest changesNews and Updates 405  LINK
  5.Seeks to make the Eleventh amendment (2020) to the CGST Rules.72/2020-Central Tax dated 30.09.2020`LINK
6Seeks to notify a special procedure for taxpayers for issuance of e-Invoices in the period 01.10.2020 – 31.10.2020.73/2020-Central Tax dated 01.10.2020  LINK
7Extension of CGST exemption on services by way of transportation of goods by air or by sea from customs station of clearance in India to a place outside India, by one year i.e. upto 30.09.2021.04/2020-Central Tax (Rate) ,dt. 30-09-2020LINK
8DGGI Gurugram Zonal Unit arrest one person on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit of Rs 190 croreRelease ID: 1663176  LINK
9DGGI busts exporter companies for defrauding exchequer through fraudulent claims of ITC and cash refund of around Rs. 61 croreRelease ID: 1662983LINK
10Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19Release ID: 1663175LINK
11Recommendations of the 42nd GST Council MeetingRelease ID: 1661827  LINK
12Clarification of issues relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017, cumulatively for the months of February, 2020 to August, 2020CBIC-20/06/14-2020 -GST    `LINK
13Circular clarifying issues relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017, cumulatively for the months of Feb to Aug, 2020    Circular No. 142/12/ 2020- GSTLINK
14Seeks to prescribe the due date for furnishing FORM GSTR-1 for the quarters October, 2020 to December, 2020 and January, 2021 to March, 2021 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year.74/2020-Central Tax dated 15.10.2020  LINK
15Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021.75/2020-Central Tax dated 15.10.2020LINK
16Seeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along with due dates of furnishing the said form for October, 2020 to March, 2021.76/2020-Central Tax dated 15.10.2020LINK
17Seeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2019-20 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.77/2020-Central Tax dated 15.10.2020  LINK
18Seeks to notify the number of HSN digits required on tax invoice.78/2020-Central Tax dated 15.10.2020`LINK
19Seeks to make the Twelfth amendment (2020) to the CGST Rules.2017.79/2020-Central Tax dated 15.10.2020`LINK
20To amend notification No. 12/ 2017- Central Tax (Rate) so as to exempt satellite launch services provided by ISRO, Antrix Co. Ltd and NSIL as recommended by GST Council in its 42nd meeting held on 05.10.2020.05/2020-Central Tax (Rate) ,dt. 16-10-2020LINK
21The Delhi Goods and Services Tax (Third Amendment) Rules, 2020.No 16/2020- State Tax  LINK
22further amendments in the notification of the Government of the National Capital Territory of Delhi, in the Department of Finance (Revenue-1), No.13/2017- State Tax (Rate), dated the 30th June, 2017No 29/2019- State Tax (Rate)LINK
23further amendment in the notification of the Government of National Capital Territory of Delhi in the Department of Trade and Taxes(Policy Branch) No.44/2019 – State Tax, dated the 20th November, 2019,No. 07/2020– State TaxLINK

3. 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 + An additional time of 6 more months shall be allowed by MCA (6+6 months)  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. CLICK HEREMCA E- Form INC 20A (one time compliance)   (also covered under CFSS, 2020)
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  31.12.2020   (Due Date Extended as covered under CFSS 2020 Scheme  Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018. (Within 30 days from deployment of the E –form (earlier the date of receipt of declaration in BEN-1 ) CLICK HERE BEN -2 due date extended till 31.03.2020 Circulars Link: CLICK HEREForm BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019
Companies Act, 2013  File between 01.04.2020 to 31.12.2020  without any Additional filing fee (Rs. 10,000/-)  Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.) Due date extended- Link : CLICK HERE  Active Form INC -22A
Companies Act, 2013  File between 01.04.2020 to 31.12.2020   without any Additional filing fee (Rs. 5,000/-)*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th November 2019 CLICK HERE CLICK HERE 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, 2013  within 60 days from the date of deployment of this form on the website of the Ministry.  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-2 Applicable w.e.f. 30.09.2019 Extension Notification:  E-Form PAS – 6 Available w.e.f. 15.07.2020 (ICSI Representation sent to the ministry  to include PAS-6 into CFSS)
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, 2013Due date was 30.06.2020 and can be filed till 31.12.2020 under Moratorium period / CFSSDPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.   Company can file Form DPT-3 upto 31.12.2020 without any additional feeDPT-3
Companies Act, 2013Due date is 30.11.2020 and can be filed till 31.12.2020 under Moratorium period / CFSSIEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts  IEPF -2
Companies Act, 2013On or before 31.12.2019Statement of Amounts credited to Investor Education and Protection Fund Pursuant to Rule 5(4A)IEPF Form – 1A
  • Due dates of LLP Return Filing:

LLP Form 8 (Statement of Account & Solvency) on or before 31.12.2020 (due date is 31.10.2020 and extended as per Modified LLP Settlement scheme, 2020)

• The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim)

• Form LLP -8 can be filed after due date with a penalty of Rs. 100/- per day till the filing is completed.

  • Due dates of ROC Annual Return Filings:
Sl. No.ParticularsDue DateE- Form
  1  Appointment of Auditor  Within 15 days from the conclusion of AGM (ratification at every annual general meeting is not mandatory)    ADT-1
      2  Filing of financial statement and other documents with the ROCWith in 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)        AOC-4
  3  Filing of annual return by a company.  With in 60 days from the conclusion of AGM    MGT-7
  4Filing of Cost Audit Report with the Central Government  With in 30 days from the receipt of Cost Audit Report    CRA-4
  5Filing of Resolutions and agreements to the Registrar  Within 30 days from the date of Board Meeting.  MGT-14
  • KEY UPDATES:

1. MCA Relaxation u/s 149 for FY 2020-21 related Minimum Residency Period

In continuation to General Circular No. 11/2020 dated 24th March, 2020, keeping in view the requests received from various stakeholders seeking relaxation from the residency requirement of 182 days in a year and after due examination, it is hereby clarified that Non Compliance of Minimum residency in India for a period of at least 182 days in a year, by at least one director in every Company, under section 149 of the Companies Act, 2013 shall not be treated as non – compliance  for the Financial Year 2020-21 also.

Read Circular at: Click here

2. The Companies Amendment Act, 2020

The Companies Amendment Act, 2020 is being introduced with an aim to promote greater ease of doing business by decriminalizing various non compoundable offences in case of defaults made under the Companies Act, 2013 and rules made there under. 

The Companies (Amendment) Bill, 2020 was passed on 19th September , 2020 in the Lok Sabha with 72 changes made in  65 sections and decriminalization of certain offences under Companies Act,  2013. The Companies (Amendment) Bill, 2020 was passed in the Rajya Sabha on 22nd September, 2020. On 28th September, 2020- Received the assent of the President & published in the Gazette of India by Ministry Of Law And Justice (Legislative Department) and become an Act called “The Companies (Amendment) Act, 2020”.

Copy of the Companies (Amendment) Act, 2020 is available at: Click here

  • Important Updates
  • MCA Monthly UPdate Calendar: October, 2020
  Sl. No.    Particulars of the Circulars  Link
1Please take note that Companies Fresh Start Scheme, LLP Settlement Scheme and Charge related fillings under the Companies Act, 2013 has been extended till 31st December 2020  Click here
  2Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 – COVID-19 – Extension of time-regarding.    Click here
  3Vacancy Circular for engagement of Consultants in NFRA.(Please apply by Email or Post)Click here
  4Companies (Amendment) Act, 2020Click here
5.Extension of Companies Fresh Start Scheme, 2020 till 31.12.2020Click here
6Extension of time- LLP Settlement Scheme, 2020 till 31.12.2020Click here
7Extension of time – Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-.  Click Here
8Extension of time for EGM through Video Conference (V)C or Other Audio Visual Means (OAVM) or passing of certain items only through postal ballot without convening general meeting –  Click here
9Independent Directors Registration date Extended till 31.12.2020: The Ministry of Corporate Affairs has also extended the time within which Independent Directors of companies have to register themselves on the databank maintained by the IICA from 30.09.2020 to 31.12.2020.Click here
10The Companies (Meetings of Board and its Powers) Third Amendment Rules, 2020.Click here
11Stakeholders may please note that as part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs has integrated with Profession Tax[PT] – Karnataka. SPICe+ applications approved for the State of Karnataka w.e.f 08th October 2020 shall mandatorily provide Profession Tax Registration also. Stakeholders may kindly take note and refer instruction kit and FAQs for more details.Click here
12Please take note that Companies Fresh Start Scheme, LLP Settlement Scheme and Charge related fillings under the Companies Act, 2013 has been extended till 31st December 2020  Click here  
13MCA Relaxation u/s 149 for FY 2020-21 related Minimum Residency Period  Click here  
14The Companies (Prospectus and Allotment of Securities) Amendment Rules, 2020.  Click here
16Companies Fresh Start Scheme, LLP Settlement Scheme and Charge related fillings under the Companies Act, 2013 has been extended till 31st December 2020.  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)  15.11.2020  PF Payment  ECR
  ESIC (Employees’ State Insurance Act, 1948)  15.11.2020ESIC Payment  ESI 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
Maharashtra Professional Tax30.11.2020Monthly Return for October 2020PT Payment
  • Key Update:

1. From 15th Feb.,2020, new Companies registered through MCA Portal, www.mca.gov.in need 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 to hire experts for framing rules of three labour codes

The labour ministry has sought application from legal experts that it aims to hire as consultants on contractual basis to help government frame rules of the three labour codes which have been recently passed by the Parliament.

The Parliament had recently passed the Industrial Relations Code, the Code in Social Security and the Code on Occupational Safety, Health and Working Condition following which they have been notified. The Code on Wages was passed and notified last year but has not been implemented so far.

Once the four Codes get implemented, the establishments will have to file a single return to the authorities, thereby significantly easing the compliance burden. Besides, there will be a floor level minimum wage with a statutory backing while the number of minimum wages across the country will reduce substantially to 12 from 540 under central laws and to 180-200 under the state laws compared to over 9,000 now.

3. Plans afoot to implement all four labour codes from April 1

The Union labour ministry has intended to implement all the new labour codes together from April 1.

4. Labour codes to help workers become self-reliant in coming days: Santosh Gangwar

Santosh Gangwar sought support from the industry to help government achieve the goal of making India a $5 trillion economy. According to the statement, minister Gangwar underlined that growth and expansion of enterprises contribute to rise in employment as also improved working conditions.

  • Updates TRACKER under Labour LAws:
Sl. No.ParticularsLink
1The Directorate General, Factory Advice Service and Labour Institutes (Group ‘A’ and Group ‘B’–Safety Discipline Posts) Recruitment Rules, 2020.  Click here
2The Industrial Relations Code, 2020Click here
3The Occupational Safety, Health and Working Conditions Code, 2020.  Click here
4The Code on Social Security, 2020Click here
5The Appropriation (No. 4) Act, 2020.Click here
  6Setting up of NPS oversight mechanism for quarter ending March 2021  Click here
7About 30 crore mandays employment provided and more than Rs 27,000 crore spent so far in the pursuit of objectives of the Garib Kalyan Rojgar Abhiyaan  Click here
8ESIC Issues Guidelines for COVID-19 Safety Measures at WorkplaceClick here
9Three Farm Reform Laws Will Change the Fortune of Agriculture In the Country-Union Minister Prakash JavadekarClick here
10ESIC refutes report on certain TV Channels reporting of alleged improper services & facilities at ESIC Medical College & Hospital, Rajajinagar, Bangalore  Click here
11EPFO’s recently WhatsApp helpline to resolve Grievances under Nirbadh initiative gains popularity  Click here
12Industry engaged in the services in any oilfield, which is covered under item 17 of the First Schedule to the Industrial Disputes Act, 1947 (14 of 1947), to be a public utility service  Click here
13Constitution the Board of Mining Examinations (Metal)Click here
14ESIC decides for Prompt payment of Permanent Disablement Benefit (PDB) and Dependent Benefit (PB) to beneficiaries by ESI Corporation during Covid -19 pandemic within a month Medical Boards Arranged at Jaipur for 48 IPs  Click here
15Union Labour Secretary Shri Apurva launches facility for bulk transfer for exempted establishments of EPFOClick here
16Draft Rules: The Industrial Relation (Central) Rules, 2020  Click here
17The Employees’ State Insurance (Central) Amendment Rules, 2020Click here
18The Employees’ State Insurance (Central) Amendment rules, 2020  Click here
19To know more or have any queries related to Atal Bimit Vyakti Kalyan Yojana (ABVKY), then have a look on its ‘Introduction’ and answers to your ‘Frequently Asked Questions’. (visit http://esic.in )  Click here

5. Compliances under FEMA / RBI

  Applicable Laws/Acts  Due Dates  Compliance Particulars  Forms / (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
  • Important Updates:

A. RBI releases “State Finances: A Study of Budgets of 2020-21”

RBI on 27.10.2020 has released the report titled “State Finances: A Study of Budgets of 2020-21”, an annual publication that provides information, analysis and an assessment of the finances of state governments for 2020-21 against the backdrop of actual and revised (or provisional accounts) outcomes for 2018-19 and 2019-20, respectively. The theme of this year’s Report is “COVID-19 and its Spatial Dimensions in India”.

To read in details: Click here

B. Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)

The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions.

The details of the Scheme are available at: Click here

C. Submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949 – Extension of time

In view of the difficulties faced by Primary (Urban) Co-operative Banks (UCBs) in finalizing the financial statements amidst the COVID-19 pandemic, Government of India, on the recommendation of the Reserve Bank, has issued a Gazette Notification No. S.O. 3377(E) dated September 29, 2020 (copy enclosed) declaring that the provisions of Section 31 read with clause (t) of Section 56 of the Act shall not apply to Primary Co-operative Banks till December 31, 2020. Accordingly, all UCBs shall ensure submission of the aforesaid returns to the Reserve Bank on or before December 31, 2020.

The Reserve Bank hereby extends the period for furnishing of the returns under Section 31 of the Act for the financial year ended on March 31, 2020 by a further period of three months in terms of the first proviso to the above section. Accordingly, all State Co-operative Banks and Central Co-operative Banks shall ensure submission of the aforesaid returns to the Reserve Bank and NABARD on or before December 31, 2020.

To read in details: Click here

  • RBI Circulars / Notifications:
  S. N.    Particulars of the Circulars  Link
1Marginal Standing Facility (MSF) – Extension of RelaxationClick here
2Extension of Interim Relaxation in WMA limits and OD regulationsClick here
3All-India House Price Index (HPI) for Q1:2020-21Click Here
4Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning October 1, 2020Click Here
5Sources of Variation in Foreign Exchange Reserves in India during April-June 2020Click Here
6Auction of State Government SecuritiesClick Here
7Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick Here
8RBI releases data on ECB/FCCB/RDB for August 2020Click Here
9Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR)Click Here
10.Positive Pay System for Cheque Truncation SystemClick Here
11.The Banking Regulation (Amendment) Act, 2020Click Here
12Interest Subvention Scheme for MSMEs – Co-operative banksClick here
13Exim Bank’s Government of India supported Line of Credit (LoC) of USD 310 million to the Government of the Republic of ZimbabweClick here
14Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/De-caution Listing of Exporters’ – ReviewClick Here
15Sovereign Gold Bond Scheme (SGB) 2020-21- Series VII, VIII, IX, X, XI, XIIClick Here
16Regulatory Retail Portfolio – Revised Limit for Risk WeightClick Here
17Submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949 – Extension of timeClick Here
18RBI Releases “Handbook of Statistics on Indian States 2019-20”Click Here
19RBI Bulletin – October 2020Click Here
20Statement on Developmental and Regulatory PoliciesClick Here
21Meeting Schedule of the Monetary Policy Committee (MPC) for 2020-21Click Here
22Individual Housing Loans – Rationalisation of Risk WeightsClick here
23Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – Regional Rural BanksClick here
24Framework for Recognition of a Self-Regulatory Organisation for Payment System OperatorsClick Here
25Digital Payment Transactions – Streamlining QR Code infrastructureClick Here
26Review of regulatory framework for Housing Finance Companies (HFCs)Click Here
27RBI Working Paper No. 12/2020: “Bank Capital and Monetary Policy Transmission in India”Click Here
28RBI imposes monetary penalty on IndusInd Bank LimitedClick Here
29Performance of the private corporate business sector during the first quarter of 2020-21Click Here
30Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2019-20Click Here
31585th Meeting of Central Board of the Reserve Bank of IndiaClick Here
32Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI)Click Here
33Finance Minister Smt. Nirmala Sitharaman participates in 102nd meeting of the World Bank Development Committee PlenaryClick Here
34Foreign Direct Investment InflowClick Here
35The Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020Click here
36Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)  Click here
37RBI releases “State Finances: A Study of Budgets of 2020-21”Click Here
38Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity  Click Here
39Two NBFCs surrender their Certificate of Registration to RBIClick Here
40Vigilance Awareness Week 2020 – Panel Discussions on “Strengthening Preventive Vigilance – a Tool for Good Governance” and “Leveraging Technology for Vigilance Oversight”  Click Here
41Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick Here

6. 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 CENTREFor NSE                     : NEAPS Portal
  • Half Yearly Compliances
  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)Due Date
1.Regulation 7(3)Share Transfer Agent.Listed entity to submit a COMPLIANCE CERTIFICATE within one month of end of half Financial Year to certify maintenance of physical and electronic transfer facility.31/10/2020   (No further extension)
2.Regulation 33*Quarterly / Annually Relating to Financial ResultsUn audited Financial Results within 45 days & Audited finance within 60 days  14/11/2020
2.1Regulation 23(9)Related party transactions.  The 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 websiteWithin 30 days of FR
3.Regulation 40(9) & (10)   / Regulation 61(4)Transfer or transmission or transposition of securities.    The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing company secretary within one month of the end of each half of the financial year, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies. & The listed entity shall ensure that certificate mentioned at sub-regulation (9), shall be filed with the stock exchange(s) simultaneously. Note: Reg 61(4) :The listed entity shall comply with requirements as specified in regulation 40 for transfer of securities including procedural requirements specified in Schedule VII.            31/10/2020   (Final due date, no extension)
4.Regulation 52(1)*Financial Results.The listed entity shall prepare and submit un-audited or audited financial results on a half yearly basis in the format as specified by the Board within forty five days from the end of the half year to the recognised stock exchange(s).14/11/2020
5.Regulation 52(2)*Financial Results.if the listed entity intimates in advance to the stock exchange(s) that it shall submit to the stock exchange(s) its annual audited results within sixty days from the end of the financial year, un-audited financial results for the last half year accompanied by limited review report by the auditors need not be submitted to stock exchange(s).30/11/2020

*as on 30/09/2020 there is no circular for extension of Financial Result for September Quarter

 Annual Compliances

  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)  
  1  Regulation 34(1) & 36(2) –    Annual ReportNot later than the day of commencement of dispatch to its shareholders and not less than 21 days before the annual general meeting          
  2Annual report in XBRL mode 16 may 2019 BSE CIRCULAR’ https://www.bseindia.com/corporates/Displaydata.aspx?Id=7a3c8414-03fa-4976-8579-db3f8fc8d2bc&Page=cir    Filings in respect of Annual Report has to be done by all listed entities in XBRL mode in addition to the currently used PDF mode mandatorily, for periods ending March 31, 2019.        Same time limit of Regulation 34
        3.        Regulation 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.      Within 48 hours after AGM
  • 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 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
  • Few More SEBI (LODR) Relaxations:
  Sl. No.    Compliance Particulars  Due Date  Extended Due Date
1.Regulation 36 (1)(b) & (c) ; Regulation 58 (1)(b) &(c) Hard copy of the statement containing salient features of all the documents, as prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses and hard copies of full annual reports to those shareholders, who request for the same  SEBI has dispensed with the requirement of dispatch of hard copies for all listed entities who conduct their AGM till December 31, 2020
2.Regulation 44(4) Proxy for general meetingsSEBI has dispensed with this requirement temporarily for all listed entities who conduct their AGM through electronic mode only till 31st December, 2020
3.Regulation 12 Dividend warrants of chequesSEBI has clarified that this requirement shall apply only once postal services resume normal operations. Where email addresses of shareholders are available, listed entities shall endeavour to obtain their bank account details and use the electronic modes of payment specified in Schedule I of the SEBI (LODR), Regulations, 2015.  
5.Clarification regarding the use of digital signatures  Authentication /certification of any filing /submission made to stock exchanges under LODR may be done using digital signature certifications until December 31, 2020

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

7. 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.      Report as per the 2020 calendar are required to be filed by April 15, 2020     Due Date Extended   It has been decided by SEBI to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.
      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

8. 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

9. 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.
7.All offer documents filed until July 31, 2020A. Authentication/ certification for offer documents can be done through DSC. B. The issuer shall provide a procedure to inspect documents electronically
CIRCULAR DATED :  APRIL 21,2020: the relaxation on change in fresh issue size shall be applicable for issues (IPO/ Rights Issues/ FPO) opening before December 31, 2020 (Link) Read with Circular Dated 29/09/2020 Relaxation with respect to Validity of SEBI Observations and Revision in issue size (Link) w.e.f 01/10/2020
In view of the impact of the COVID-19 pandemic, based on representations from various  industry  bodies, SEBI  has  decided  to  grant  the  following  onetime relaxations: (i)In  terms  of  Regulation  44(1),  85  and  140 of the Securities  and  Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018(ICDR Regulations), a public issue/rights issue may be opened within twelve months from the date of issuance of observations by SEBI. The  validity  of  the  SEBI Observations where the  same have expired/will expire between March1, 2020 and September 30, 2020 has been extended by  6  months,  from  the  date  of  expiry  of  such  observation, subject  to an undertaking  from  lead  manager  of  the  issue on firming compliance  with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board.  (ii)In  terms  of  Schedule  XVI  (1)  (f)(i)  of  the  ICDR  Regulations,  2018  any increase  or  decrease  in  estimated fresh issue  size  by  more  than  twenty percent of the estimated fresh issue size shall require fresh filing of the draft offer document along with fees. An issuer shall be permitted to increase or decrease the fresh issue size by up to 50% of the estimated issue size without requiring to file fresh draft offer document with the Board subject to following conditions: (a)there has been no change in the objects of the issue(b)the  lead  manager  undertakes  that  the  draft  offer  document  is  in compliance with provisions of Regulation 7(1)(e)(c)the  lead  manager  shall  ensure  that  all  appropriate  changes  are made  to  the  relevant  section  of  DRHP  and  an  addendum,  in  this regard, shall be made public   This shall continue till 31/03/2021 (Added in circular 29/09/2020)the  validity  of  the  SEBI observations expiringbetween  October  1,  2020  and March 31,2021 shall beextended upto March 31, 2021, subject to an undertaking from lead manager tothe  issue  confirming  compliance  with  Schedule  XVI  of  the  ICDR Regulations, 2018while submitting the updated offer document to the Board (Added in circular 29/09/2020)

10. 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
  • SEBI Circulars Tracker: 01.10.2020 to 31.10.2020
Sl. No.ParticularsLink
1Adjudication order in respect of Lyka Labs Ltd. in the matter of disclosures by Lyka Labs Ltd. in GDR issueClick here
  2Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2020Click here
3Buy-back: Magna Electro Castings LimitedClick Here
  4Relaxation with respect to Validity of SEBI Observations and Revision in issue sizeClick Here
5Recovery Proceedings: Attachment order for Recovery Certificate No. 2946 of 2020 against Vibhuti Multi Trade Private Private Limited  Click Here
6.SEBI Board MeetingClick Here
7.InvIT Private Issues: Digital Fibre Infrastructure TrustClick Here
8.Takeovers: Resonance Specialties Ltd.Click Here
9.Exemption order under regulation 11 of SEBI (SAST) Regulations, 2011 in the matter of Alembic Ltd.Click Here
10.Rights Issues: EIH LimitedClick Here
  11.Framework for monitoring of foreign holding in Depository Receipts  Click Here
12.Relaxation in timelines for compliance with regulatory requirementsClick Here
13.Circular on Review of provisions regarding valuation of debt and money market instruments due to the COVID – 19 pandemicClick Here
14.Standard Operating Procedure in the cases of Trading Member / Clearing Member leading to default – Extension of timeline for submission of the Undertaking cum Indemnity bond by the Trading members (TMs) / Clearing Members (CMs) for all the bank accounts.    Click Here
15.Interim Order in the matter of Front Running by employee / dealer of India Infoline Group and other connected entities using Mule Accounts    Click Here
16.Standardization of timeline for listing of securities issued on a private placement basisClick Here
17Dalmia Bharat Limited – Post Buy-back Public AnnouncementClick Here
18Circular on Product Labeling in Mutual Fund schemes – Risk-o-meterClick Here
19Standardization of timeline for listing of securities issued on a private placement basisClick here
20Circular on Review of Dividend option(s) / Plan(s) in case of Mutual Fund SchemesClick here
21Circular on Product Labeling in Mutual Fund schemes – Risk-o-meterClick Here
22Public Issue: Mazagon Dock Shipbuilders LimitedClick Here
23Issuance, listing and trading of Perpetual Non-Cumulative Preference Shares (PNCPS) and Innovative Perpetual Debt Instruments (IPDIs)/ Perpetual Debt Instruments (PDIs) (commonly referred to as Additional Tier 1 (AT 1) instruments)  Click Here
24Buybacks: Gokul Refoils and Solvent Limited – Post Offer Public AnnouncementClick Here
25Final order in respect of Sumana Ghosh Roy in the matter of PDS Agro Industries Limited.Click Here
26Circular on Guidelines on Inter Scheme Transfers of SecuritiesClick Here
27Clarifications on Insider Trading: Revised FAQs on SEBI (Prohibition of Insider Trading) Regulations, 2015Click Here
28Extension of facility for conducting extraordinary meeting(s) of unit holders of InvITs and REITs through Video Conferencing or Other Audio-Visual Means (VC/OAVM)  Click Here
29Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020  Click Here
30Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020  Click Here
31Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020Click Here
32Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 [Last amended on October 08, 2020]  Click Here
33SEBI (Debenture Trustees) (Amendment) Regulations, 2020  Click Here
34Buybacks: FDC Limited – Post Offer Public AnnouncementClick Here
35Standardisation of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securitiesClick Here
36Utilization of Fund Created out of the Regulatory Fee Forgone by SEBI – Additional Guidelines  Click Here
37Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020.Click Here
38Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020  Click Here
39Clarification on SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13 August, 2020 on Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies.      Click Here
40Regulatory measures to continue Regulatory measures taken by SEBI in view of ongoing market volatility (Click here)Click Here
41Public notice in respect of Extension of the SEBI Settlement Scheme 2020Click Here
42The Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020  Click Here
43The Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020  Click Here
44Press Release: SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations    Click Here
45Equitas Small Finance Bank – Prospectus FilingClick here
46Informal Guidance sought by SREI Multiple Asset Investment TrustClick here

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

Due to the emerging financial distress faced by most companies it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs.

  • Important Notifications and Circulars Tracker (October, 2020)
Sl. No.  Notification(s)Link(s)
1.Invitation of Expression of Interest for Research Study on Individual Indebtedness and InsolvencyClick Here
2.Limited Insolvency Examination – Syllabus w.e.f 1st January, 2021Click Here
3Annual Publication 2020: ‘Insolvency and Bankruptcy Regime in India: A Narrative’  Click Here
4In the matter of Mr. Arun Rajabhau Joshi, Insolvency ProfessionalClick Here
5Insolvency and Bankruptcy Board of India celebrates the Fourth Annual Day  Click Here
6Notice for appointment of Chief General Manager/General Manager on deputationClick Here
7Circular – Meetings of the Disciplinary Committee and Appellate Panel of the RVOsClick Here
8In the matter of Mr. Pranav Kumar, Insolvency ProfessionalClick Here
9Mr. Santosh Kumar Shukla takes charge as Executive Director, IBBIClick Here
10In the matter of Dewan Housing Finance Corporation Ltd and Anr. Vs. Securities and Exchange Board of India and Anr. Appeal No.206 of 2020, before Securities Appellate Tribunal, MumbaiClick Here
11Circular – Serving of copy of the application to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016  Click Here
12In the matter of IBBI Vs. Lalit Kumar Jain & Ors (Transfer Petition (Civil) No (s).1034 of 2020 with other petitions)  Click Here
13In the matter of Mr. Sundaresh Bhat, Insolvency ProfessionalClick Here
14In the matter of Mr. Dushyant C Dave, Insolvency ProfessionalClick Here
15In the matter of Mr. Anil Goel, Insolvency ProfessionalClick Here
16In the matter of registration of Insolvency ProfessionalClick Here

12. NCLT & NCLAT UPDATES

Sl. No.ParticularsLink
1Constitution of  Special Bench NCLT Chennai from 2.11.2020 to 13.11.2020Click here
2Constitution of  Special Bench NCLT  Mumbai from 26.10.2020 to 20.11.2020Click here
3Delegation of powers of Registrar at NCLT KolkataClick Here
4Delegation of powers of Registrar at NCLT MumbaiClick Here
5.Re-Constituted of Bench NCLT New Delhi dated 16.10.2020 001Click Here
6.Constitution of  Bench at NCLT GuwahatiClick Here
  1. NCLT directs liquidator of ABG Shipyard to approach Sebi to recover Rs 101 crore from promoters. In April 2019, the NCLT ordered the liquidation of the company in the absence of any viable resolution plan.
  • Jet’s 2nd coming will depend on reclaiming slots: The winning consortia, London-based Kalrock Capital and UAE businessman Murari Lal Jalan, are likely to initially put in Rs 400 crore and infuse about Rs 650 crore in all in the first year for Jet-2.0 to take to the skies again.
  • Former resolution professional moves NCLT on ‘fraud’ in Bheema Cements’ forensic audit: Ministry of Corporate Affairs had earlier this month served notices on 17 members, which include both the erstwhile and new promoters, following complaints by retail investors alleging a fraud that benefited the promoters.
  • NCLT allows extension of 90 days for the resolution process of DHFL: The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the extension for the resolution process of the company and has also allowed the administrator’s plea for the exclusion of the time of lockdown from the CIRP process.
  • NCLT excludes lockdown period in Cox & Kings resolution process: Lawyers said the order could set a precedent by establishing the duration of the lockdown, which is expected to help cases where the resolution process was hampered due to Covid-19-led restrictions.

13. MSME KEY UPDATES

Sl.ParticularsLink
1Unveiling of Charkha at KVIC central office in Mumbai on Gandhi JayantiClick Here
2Govt Forms Five Task Forces to Make Indian MSMEs ‘Future-ready’ and Formulate Plan on Exports  Click here
3Only Standard Loan Accounts as of March Can Be Recast Under Pandemic Scheme, Says RBI  Click Here
4Government guarantee ups MSME loans: CibilClick Here
5Industry hails PLI scheme, bats for an MSME targeted planClick Here
6Ministry of MSME alerts the public at large about unauthorized and ill-intentioned activities of MSME Export Promotion Council    Click here
7Riding on excellent outcome of its efforts, MSME Ministry substantially widens request to India Inc. for making payments to MSMEs; writes to over 2800 corporates to clear MSME dues  Click here
8Shri Nitin Gadkari Launched Unique Khadi Footwear; KVIC Targets Rs 5000 Crore Business  Click Here
9MSDE and NCVET unveil the new guidelines and operation manuals for Awarding Bodies and Assessment Agencies for further strengthening the skilling ecosystem    Click here
10KVIC Launches high quality Muslin fabric Masks for Diwali  Click Here

14. Competition Commission of India

Sl.ParticularsLink
1CCI approves demerger of the Textiles Business of GHCL Ltd. (“GHCL”)into its wholly owned subsidiary GHCL Textiles Limited (“GHCL Textiles”)  Click here
2CCI approves acquisition of certain real estate projects of RMZ Group and 100% equity shareholding in CoWrks by Brookfield Private Capital (DIFC) Limited  Click here
3CCI approves acquisition of shares in CG Power and Industrial Solutions Limited by Tube Investments of India Limited  Click here
4CCI approves acquisition of solar energy generation assets of Adani Green Energy Ten Limited by Adani Green Energy Twenty-Three Ltd  Click here
5Competition Commission dismisses ILMA’s complaint against 19 chemical importers  Click here
6Competition Commission reviewing both online, offline aspects of Reliance-Future deal  Click here
7NCLAT officiating Chairperson Justice BL Bhat gets another extensionClick here
8JK Tyre, others firms face antitrust scrutiny in bid-rigging caseClick here

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This article is updated till 31st October, 2020 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

Prepared by

CS Lalit Rajput

Contact details: +918802581290