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Corporate Compliance Calendar for June 2021

This article contains various Compliance requirements for the Month of June, 2021 under various Statutory Laws.

Compliance Requirement Under

  • Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
  • Income Tax Act, 1961
  • Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
  • Other Statutory Laws and Updates
  • SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
  • SEBI Takeover Regulations 2011
  • SEBI (Prohibition of Insider Trading) Regulations, 2015
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  • SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
  • Companies Act, 2013 (MCA/ROC Compliance) and Notifications
  • Insolvency and Bankruptcy Board of India (IBBI) Updates
  • NCLT & NCLAT Updates
  • MSME Key Updates
  • Compliances under FEMA / RBI

Applicable Laws/Acts Due Dates Compliance Particulars Forms / (Filing mode)
 

 

FEMA ACT 1999

 

 

15 July every year

Annual 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 Basis

External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

 

 

ECB 2 Return

 

 

FEMA ACT 1999

 

Not later than 30 days from the date of issue of Capital instrument

 

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

 

 

Form FC-GPR

 

 

 

FEMA ACT 1999

 

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.

 

Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

 

 

 

Form FC-TRS.

 

 

FEMA ACT 1999

 

within 30 days from the date of receipt of the amount of consideration.

 

A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

 

 

Form FDI LLP-I

 

 

FEMA ACT 1999

 

within 60 days from the date of receipt of funds in

 

A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)

 

Form FDI LLP-II

 

FEMA ACT 1999

 

within 30 days from the date of allotment of capital instruments

 

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts

 

Downstream statement -Form DI & reporting at FIFP too

All applicants before raising any queries to RBI, may contact the respective AD bank as per the contact details provided under Contact Us. It may be noted that all Business user registrations as well as forms in SMF are processed at AD level. AD shall always be the first point of contact. All AD banks shall ensure that the queries from the applicants are answered correctly and in the timely manner.

  • Important Updates, May-2021
  1. RBI Guides Banks On Due Diligence For Crypto Dealings Of Customers

The Reserve Bank of India has guided banks to continue doing due diligence on any crypto currency related dealings of their customers. The regulator has, however, said a 2018 circular from the RBI, that was set aside by the Supreme Court in March last year, cannot be cited as a reason to curb customer dealings in these tokens.

“Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from. – Text from RBI Circular.

  1. KYC details can be updated by Dec 31; select limited KYC A/Cs can be made fully compliant: RBI

This announcement was part of the RBI governor, Shakthikantha Das’ unscheduled speech on May 5, 2021 to announce measures to tackle the ongoing second wave of the novel coronavirus pandemic.

RBI eases KYC compliance, no punitive actions till Dec 2021; extends video KYC to new customers. RBI also announced that limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode can be converted to fully KYC-compliant accounts.

Those who have to update their KYC details of their bank accounts can breathe a little easy. The Reserve Bank of India (RBI) announced today that banks should not take punitive action against those customer accounts where periodic KYC updating is due/pending. RBI has given time until December 31, 2021 for customers to update their KYC details.

  • RBI Circulars / Notifications: May, 2021
 

Sl.

 

Particulars of the Circulars

 

Link

1 Customer Due Diligence for transactions in Virtual Currencies (VC)  

Click here

2 Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited  

Click here

3 Exim Bank’s Government of India supported Line of Credit (LoC) of USD 250 million to the Government of the Republic of Mozambique Click here
4 Priority Sector Lending (PSL) – On-lending by Small Finance Banks (SFBs) to NBFC-MFIs  

Click here

5 Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance  

 

Click here

6 Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses  

Click here

7 Committee on Asset Reconstruction Companies invites views and suggestions from stakeholders  

Click here

8 RBI joins Network for Greening the Financial System Click here
9 RBI Governor meets MD & CEOs of Small Finance Banks over Video Conference  

Click here

10. RBI Governor meets MD & CEOs of Non-Banking Financial Company- Micro Finance Institutions (NBFC-MFIs) over VC  

Click here

11. Reserve Money for the week ended April 30, 2021 Click here
12 Priority Sector Lending (PSL) – On-lending by Small Finance Banks (SFBs) to NBFC-MFIs  

Click here

13 Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer Click here
14 Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance  

Click here

15 Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses  

 

Click here

16 Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)  

Click here

17 Exim Bank’s Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua  

Click here

18 Amendment to the Master Direction (MD) on KYC Click here
19 Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)  

Click here

20 Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs  

Click here

21 36th Half Yearly Report on Management of Foreign Exchange Reserves: October-March 2020-2021  

Click here

22 RBI appoints Shri Jose J. Kattoor as new Executive Director Click here
23 Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs) Click here
24 Sovereign Gold Bond Scheme 2021-22 Click here
25 Tariff Notification No. 47/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver  

Click here

26 Finance Minister Smt. Nirmala Sitharaman hands over possession to homebuyers through virtual meet  

Click here

27 Prepaid Payment Instruments (PPIs) – (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers  

 

Click here

28 Relaxation in timeline for compliance with various payment system requirements  

Click here

29 Overseas Direct Investment for April 2021 Click here
30 RBI Bulletin – May 2021  

 

Click here

31 RBI Governor meets MD & CEOs of Public Sector Banks over Video Conference  

Click here

32 RBI imposes monetary penalty on Daimler Financial Services India Private Limited, Pune, Maharashtra  

Click here

33 589th Meeting of Central Board of the Reserve Bank of India Click here
34 Sovereign Gold Bond Scheme 2021-22 Series II – Issue Price Click here
35 RBI surplus transfer to Centre likely to impact economy, markets, banks: Experts  

Click here

36 CII protests RBI rules on auditors, says will cause ‘enormous difficulties’  

Click here

37 Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules,2017 Click here
38 Extension of Validity of Registration Certificates issued under The Foreign Contribution (Regulation) Act, (FCRA) 2010 Expiring/Expired during period between 29.09.2020 and 30.09.2021  

Click here

39 Existing FCRA Account Holders given more time till 30.06.2021 to open “FCRA Account” in designated New Delhi Branch of State Bank of India  

Click here

40 India attracted highest ever total FDI inflow of US$ 81.72 billion during 2020-21, 10% more than the last financial year  

Click here

41 Constitution of an Expert Committee on Investment Funds Click here
42 Sovereign Gold Bond Scheme 2021-22 Series II – Issue Price Click here
43 DRG Study No. 45: Threshold Level of Inflation – Concept and Measurement Click here
44 Reserve Bank of India imposes monetary penalty on HDFC Bank Limited Click here
45 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here

Compliance requirement under Income Tax act, 1961

 

Sl.

 

Compliance Particulars

 

Due Dates

 

 

Due Dates

 

1 Deposits of TDS /TCS for the month of May 21. 07-06-2021 07-06-2021
 

2

Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021 14-06-2021 14-06-2021
3 Due date for  First Installment of advance tax for the AY 2022-23 15-06-2021 15-06-2021
4 Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of May 2021  

 

15-06-2021

 

 

15-06-2021

5 Due date for issuance of TCS Certificate for Q4 of FY 2020-21 15-06-2021 15-06-2021
6 Certificate of TDS in respect of tax deducted for payments other than salary. 15-06-2021 15-06-2021
7 Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 vide Circular no. 9/2021, dated 20-05-2021  

 

31-05-2021

 

 

30-06-2021

8 Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan (Extended date Circular no. 9/2021, dated 20-05-2021)  

15-06-2021

 

30-06-2021

9 Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extended date)  

31-05-2021

 

30-06-2021

10 Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extended date)  

31-05-2021

 

30-06-2021

11 Statement of Reportable Account where Information is required to be maintained and reported by reporting Financial Institutions with respect to reportable account.  

31-05-2021

 

30-06-2021

12 Linking of PAN with AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (if not linking the PAN with AADHAAR number then the PAN will be inoperative and a person will not be able to conduct financial transactions)  

 

30-06-2021

13 Vivad se Vishwas Scheme – Settling tax disputes between individuals and the income tax department. Its declaration last date was 31st march though its payment last date without additional interest is 30th April 2021, these dates have been Extended to 30th June 2021 vide Notification S.O. 1704 (E), dated 27-04-2021  

 

 

30-06-2021

14 furnishing challan cum statement of TDS in respect of tax deducted u/s 194IA,194M, 194-IB 30-06-2021
  • Importatnt updates – MAY, 2021:
  1. New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept

The Income Tax Department on 29th May, 2021, said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility.

Giving the salient features of the “e-filing 2.0 portal”, the I-T Department said there will be a “all new mobile app” and taxpayers will have a step-by-step guidance with user manuals and videos. Besides, multiple options for on-portal tax payments, multiple options for login, helpdesk support and chatbot are the features in the portal.

  1. New rules notified for determining deemed consideration for slump sale; key things to know

Union Budget 2021 introduced significant amendments in the provisions relating to the taxation of slump sale transactions. One of the key amendments is in relation to computation of consideration value for slump sale taxation. Earlier, the consideration actually paid or received on the slump sale was considered for determining the capital gains tax on the sale. CBDT has now prescribed the rules containing the mechanism relating to computation of the FMV in slump sale transactions.

The Finance Act, 2021 has however provided that to compute the tax arising on account of such slump sale, the Fair Market Value (FMV) of the capital assets (being an undertaking or division transferred by way of slump sale) shall be deemed to be full value of the consideration. However, the methodology to compute FMV was not prescribed by the Finance Act, 2021.

  • Important Notifications – For the month of May – 2021:
Sl. Particulars of the Notification(s) File No. / Circular No. Link(s)
1. The Income-tax (12th Amendment) Rules, 2021. Notification No. 40/2021][F.No. 370142/8/2021-TPL  

LINK

 

2.

Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961 Circular No. 08/2021 LINK
 

3.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for MF Transactions by Registrar and Share Transfer Agent Notification No. 4 of 2021  

LINK

 

4.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions Notification No. 3 of 2021  

LINK

 

5.

Amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), number 85/2020, dated the 27th October, 2020, Notification No. 39/2021/ F.No. IT(A)/01/2020-TPL  

LINK

 

6.

The Income-tax (11th Amendment) Rules, 2021. Notification No. 37/2021/ F. No. 370142/28/2020-TPL  

LINK

 

7

The Income-tax (13th Amendment) Rules, 2021. Notification No. 41 /2021/ F. No. 370142/ 11/2018-TPL  

LINK

8 The Income-tax (14th Amendment) Rules, 2021 [Notification No. 42/2021 LINK
9 The Central Government hereby specifies the pension fund, namely, the Caisse de dépôt et placement du Québec Notification No. 43/2021  

LINK

10 The Central Government hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc. Notification No. 44/2021  

LINK

11 The Income tax (15th Amendment), Rules, 2021. Notification No. 50/2021  

LINK

12 Modification of the Notification No. 14/2015 dated 16.02.2015 Notification No. 47/2021  

LINK

13 Govt eases income tax norms for cash received by hospitals providing Covid treatment Notification No. 56/2021  

LINK

14 Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic Circular No. 9 of 2021  

LINK

15 Income Tax department to launch new e-filing portal for taxpayers on June 7 Newspaper  

LINK

16 Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962.  

Notification No. 05 of  2021

 

 

 

LINK

17 Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic Circular No. 9 of 2021  

LINK

18 The Income- tax (16th Amendment) Rules, 2021 Notification No.68 /2021/F. No.370142 /16 /2021-TPL  

LINK

19 Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act) Circular No. 10/ 2021  

LINK

Compliance Requirement under GST, 2017

S. No. Purpose Compliance Period Original date Extended Date Compliances Particulars
1 GSTR – 3B April, 2021 20th May 2021 04th June 2021 Extended Due Date for filling GSTR – 3B return for the month of April, 2021 without interest for the taxpayer with:
a. Aggregate turnover exceeding INR 5 crores during previous year
b. Aggregate turnover of less then INR 5 Crores for registered person opted for monthly filing of return under QRMP
2 GST Challan Payment under QRMP April, 2021 25th May 2021 09th June 2021 Extended due date of GST payment for the month of April, 2021 by registered person having aggregate turnover of less than INR 5 Crores and who has opted for quarterly filing of return under QRMP.
3 GSTR-7- TDS return under GST May-21 10th June 2021 10th June 2021 GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST.
4 GSTR-8- TCS return under GST May-21 10th June 2021 10th June 2021 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
5 GSTR -6 May-21 13th June 2021 13th June 2021 Due Date for filing return by Input Service Distributors.
6 GST CMP-08 January to March, 2021 18th April 2021 17th June 2021 Extended Due date of filing of GST CMP-08 for dealers opted for composition scheme with reduced interest of 9%.
7 GSTR – 3B March, 2021 20th April 2021 19th June 2021 Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with:
a. Aggregate turnover exceeding INR 5 crores during previous year
b.Aggregate turnover of less then INR 5 Crores for registered person opted for monthly filing of return under QRMP
8 GSTR – 3B May-21 20th June 2021 20th June 2021 Due Date for filling GSTR – 3B return for the previous month without interest for the taxpayer with:
a. Aggregate turnover exceeding INR 5 crores during previous year
9 GSTR -5 May-21 20th June 2021 20th June 2021 GSTR-5 to be filed by Non-Resident Taxable Person for the previous month.
10 GSTR -5A May-21 20th June 2021 20th June 2021 GSTR-5A to be filed by OIDAR Service Providers for the previous month.
11 GSTR – 3B March, 2021 22th April 2021 21th June 2021 Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with aggregate turnover of less than INR 5 Crores and opted for quarterly filing of return. (Category X state)
12 GSTR – 3B March, 2021 24th April 2021 23th June 2021 Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with aggregate turnover of less than INR 5 Crores and opted for quarterly filing of return. (Category Y state)
13 GSTR-1 May-21 11th June 2021 26th June 2021 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores.
2. Registered person, with aggregate turnover of less then INR 5 Crores, opted for monthly filing of return under QRMP
14 Details of outward supply-IFF May-21 13th June 2021 28th June 2021 Invoice furnishing facility is availbaled for registered person with turnover less than INR 5 Crores and opted for quarterly filing of return.
15 GST ITC-04 January to March, 2021 25th April 2021 30th June 2021 Extended due date of filing of details of goods sent to and received from Job Worker.

 

*Note 1: Not Opting for QRMP Scheme-  Due Date for filling GSTR – 3B with Annual Turnover up to 5 Crore in State 1 Group (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)

 

**Note 2: Not Opting for QRMP Scheme- Due Date for filling GSTR – 3B with Annual Turnover up to 5 Crore in State 2 Group (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).

  • GST Refund:

Form No. Compliance Particulars Due Date

 

RFD -10 Refund of Tax to Certain Persons 18 Months after the end of quarter for which refund is to be claimed

 Key UPDATE(s):

  1. Taxpayers registered under Companies Act, 2013, can now file their Form GSTR-1 and GSTR-3B with EVC also, apart from using DSC, on GST Portal.
  2. Haryana allows reimbursement of GST on Covid items’ donations

The Haryana government has allowed reimbursement of goods and service tax paid by companies, non-governmental organisations and individuals on purchase of 15 items including Covid vaccines, remdesivir injections, ventilators and oxygen cylinders that they have donated free of cost to the state government or state-run hospitals.

  1. Govt. relaxes GST refund claim norms

The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications. The period between filing a refund claim and an officer issuing a deficiency notice will not be counted in the total time limit available for filing a refund request.

  • GST UPDATES from 01.05.2020 to 31.05.2021:
Sl. Notification Particulars Notification No. Link(s)
1.

 

Extension of the due date of filing Application for Revocation of Cancellation of Registration GSTN Circular 474  

LINK

2. Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021  

GSTN Circular 468

 

LINK

3. Seeks to provide relief by lowering of interest rate for the month of March and April, 2021 08/2021-Central Tax dated 01.05.2021  

LINK

4. Seeks to amend notification no. 76/2018-Central Tax in order to provide waiver of late fees for specified taxpayers and specified tax periods 09/2021-Central Tax dated 01.05.2021  

LINK

5. Seeks to extend the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021 10/2021-Central Tax dated 01.05.2021 LINK
6 Seeks to extend the due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 31st May, 2021. 11/2021-Central Tax dated 01.05.2021 LINK
7 Seeks to extend the due date of furnishing FORM GSTR-1 for April, 2021 12/2021-Central Tax dated 01.05.2021 LINK
8 Seeks to make third amendment (2021) to CGST Rules. 13/2021-Central Tax dated 01.05.2021 LINK
9 Seeks to extend specified compliances falling between 15.04.2021 to 30.05.2021 till 31.05.2021 in exercise of powers under section 168A of CGST Act. 14/2021-Central Tax dated 01.05.2021 LINK
10 SSeeks to provide relief by lowering of interest rate for the month of March and April, 2021 01/2021- Integrated Tax dated 01-05-2021 LINK
11 Seeks to provide relief by lowering of interest rate for the month of March and April, 2021 01/2021-Union Territory Tax,dt. 01-05-2021 LINK
12 GST Revenue collection for April’ 21 sets new record Release ID: 1715314 LINK
13 Module wise new functionalities deployed on the GST Portal for taxpayers  

GSTN Circular 470

 

LINK

14 Extension in dates of various GST Compliances for GST Taxpayers GSTN Circular 469  

LINK

15 Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021  

 

GSTN Circular 468

 

 

LINK

16 Extension of the due date of filing Revocation application of Cancellation  

GSTN Circular 472

 

LINK

17 Generation of GSTR-2B for April 2021 GSTN Circular 473  

LINK

18 Seeks to prescribe Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the CGST Act, 2017 and rule 23 of the CGST Rules, 2017.  

 

148/04/2021-GST

 

 

LINK

19 Seeks to make fourth amendment (2021) to CGST Rules, 2017. 15/2021-Central Tax dated 18.05.2021  

LINK

20 Seeks to appoint 01.06.2021 as the day from which the provisions of section 112 of Finance Act, 2021, relating to amendment of section 50 of the CGST Act, 2017 shall come into force. 16/2021-Central Tax dated 01.06.2021  

LINK

21 Seeks to extend the due date for FORM GSTR-1 for May, 2021 by 15 days. 17/2021-Central Tax dated 01.06.2021  

LINK

22 Seeks to provide relief by lowering of interest rate for a specified time for tax periods March, 2021to May, 2021. 18/2021-Central Tax dated 01.06.2021  

LINK

23 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-3B ; and to provide conditional waiver of late fee for delay in filing FORM GSTR-3B from July, 2017 to April, 2021; and to provide waiver of late fees for late filing of return in FORM GSTR-3B for specified taxpayers and specified tax periods.  

19/2021-Central Tax dated 01.06.2021

 

 

LINK

24 Seeks to rationalize late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1. 20/2021-Central Tax dated 01.06.2021  

LINK

25 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-4. 21/2021-Central Tax dated 01.06.2021  

LINK

26 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-7. 22/2021-Central Tax dated 01.06.2021  

LINK

27 Seeks to amend Notification no. 13/2020-Central Tax to exclude government departments and local authorities from the requirement of issuance of e-invoice. 23/2021-Central Tax dated 01.06.2021  

LINK

28 Seeks to amend notification no. 14/2021-Central Tax in order to extend due date of compliances which fall during the period from “15.04.2021 to 29.06.2021” till 30.06.2021. 24/2021-Central Tax dated 01.06.2021  

LINK

29 Seeks to extend the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.07.2021. 25/2021-Central Tax dated 01.06.2021  

LINK

30 Seeks to extend the due date for furnishing of FORM ITC-04 for QE March, 2021 to 30.06.2021. 26/2021-Central Tax dated 01.06.2021  

LINK

31 Seeks to make amendments (Fifth Amendment, 2021) to the CGST Rules, 2017. 27/2021-Central Tax dated 01.06.2021  

LINK

Compliance under Other Statutory Laws

 

Applicable Laws/Acts

 

 

Timeline / Due Dates

 

Compliance Particulars

 

Forms / (Filing mode)

EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)  

15.06.2021

 

PF Payment

 

ECR

ESIC (Employees’ State Insurance Act, 1948)  

15.06.2021

 

ESIC Payment

ESI Challan
 

Contract Labour (Regulation & Abolition) Act, 1970

 

Within 15 Days of commencement/ completion of contract work

Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer Form VI-B
 

Contract Labour (Regulation & Abolition) Act, 1970

 

Within 15 Days of commencement/ completion of contract work

Notice of commencement/ completion of contract work by the Contractor within 15 days Form VI-A
 

Payment of Gratuity Rule

Within 30 Days of applicability of the Act & any change Notice of applicability of the Act & any change Form A or B
  • Key Updates – May, 2021:
  1. “Interest for the year 2019-20 has been credited at 8.5%. Kindly seed UAN accounts with KYC, if not already done, to view credit of interest and updated PF accounts.”
  2. EPFO extends challan filing date for employers by a month to May 15

“The employers disbursing the wages for March 2020 not only get relief of extension of due date for payment of EPF dues for March, 2020 but also avoid liability of interest and penalty, if they remit on or before May 15, 2020,”.

Labour ministry is of the view that the above decision will support and provide relief to employers of establishments which have disbursed wages for March, 2020 to its employees and an incentive to employers for wage payment during the COVID-19 pandemic.

  1. EPFO allows withdrawing money from EPF account twice to meet coronavirus emergency

The labour ministry has announced that EPF members can now avail a second non-refundable advance from their EPF accounts in order to meet the coronavirus related financial emergencies. Earlier, only a one-time advance was available for EPF members.

The provision to withdraw money from EPF accounts was first announced last year in March 2020 under Pradhan Mantri ​​Garib Kalyan Yojana (PMGKY). Earlier, only a one-time advance was available for EPF members. EPFO allows members second Covid advance withdrawal.

EPFO allows its members to withdraw non-refundable withdrawal of up to three months of basic wages and dearness allowance or 75% of the amount available in the EPF account, whichever is less. However, members can apply for lesser amounts as well.

  • Updates TRACKER under Labour LAws – MAY, 2021:
Sl. Particulars Link
1 COVID-19 facility Dashboard for ESIC Hospitals Click here
2 ESIC reaches out to its Beneficiaries to provide medical care and relief during Covid-19 pandemic  

Click here

3 Cabinet approves allocation of additional foodgrain to NFSA Beneficiaries under Pradhan Mantri Garib Kalyan Anna Yojana (Phase III) for another period of two months – May and June, 2021  

Click here

4 Section 142 of the Social Security Code – 2020 Notified Click here
5 Exemption to formulate and operate ESIC Rate Contracts as listed for one year  

Click here

6 Implementation of guidelines, circulars, protocol of Ministry of AYUSH regarding management of COVID-19.  

Click here

7 Note on Ayush Guidelines -26 April 2021 Click here
8 AITUC rejects proposed draft rules pertaining to negotiating union under Industrial Relations Code, 2020  

Click here

9 that the services engaged in the Banking industry which is covered under item 2 of the First Schedule to the Industrial Disputes Act 1947  

Click here

10 Amendments in the notification of the Government of India in the Ministry of Labour and Employment number S.O.1433(E), dated the 29th May, 2015 Click here
11 Preventive measures to contain spread of Covid-19 Click here
12 Filling of contribution for the month of April 2021 up to 15th June 2021 instead of 15th May 2021  

Click here

13 Target of Contribution Income for the financial Year 2021-22 Click here
14 Reduce expenditure, Covid appropriate behavior and Atma Nirbhar Bharat Abhiyan  

Click here

15 ESIC installs oxygen plants at two hospitals in Delhi NCR; will facilitate augmentation of critical care facility in these hospitals  

Click here

16 DEPwD(GoI) invites comments on draft guidelines for persons having less than 40% disability or persons having medical condition for availing facility of scribe/compensatory time while taking written examination  

 

Click here

17 Union Labour Minister inspected the upgraded Covid related medical facilities at ESIC Medical College & Hospital, Alwar  

Click here

18 Total 77.08 lakh net subscribers added under EPFO during FY 2020-21 Click here
19 All-India Consumer Price Index Numbers for Agricultural and Rural Labourers – April, 2021  

Click here

20 Rate of Minimum Wages Revised for Central sphere Employees Click here
21 Clarification regarding full and final settlement of bills claims pertaining of LTC Special Cash Package Scheme.  

Click here

22 Payroll Reporting in India – A Formal Employment Perspective Click here
23 Assets Under Management under Pension Fund Regulatory and Development Authority cross Rs 6 trillion  

Click here

24 Labour Ministry announces major social security relief to dependents of workers passing away due to COVID-19  

Click here

25 Memorandum- Revised guidelines relating to implementation of ESIC Pensioner Medical Scheme – 2006  

Click here

26 Family Pension under ESIC and EPFO- Employees’ Deposit Linked Insurance Scheme will provide a financial cushion to those families who have lost their earning member due to COVID-19. GOI stands in solidarity with these families. (Click Here)  

 

Click here

27 NIRBADH SEWA by EPFO – Subscribers to get Pension Payment Order (PPO) on the Date of Retirement.  

Click here

SEBI – Securities Exchange Board of INDIA

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

FILING MODE(s) :

·         For BSE                    : BSE LISTING CENTRE

·         For NSE                    : NEAPS Portal

  • Timeline Extended – Regulatory Compliance
Regulation reference Timeline For the quarter ended March
Regulation 24A read with circular No.

CIR/CFD/CMD1/27/2019 dated February 8, 2019 relating to Annual Secretarial Compliance report

Within 60 days from the end of the FY. 30th June, 2021
Regulation 33 (3) – Quarterly financial results / Annual audited financial results 45 days from end of the quarter /

60 days from end of the financial year

30th June, 2021
Regulation 32 (1) read with SEBI circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019 on Statement of deviation or variation in use of funds Along with the financial results (within 45 days of end of each quarter / 60 days from end of the financial year) 30th June, 2021
  • Half year Compliances
Sl. Compliance Particulars Timeline
1 Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility Within one month of end of each half of the financial year.
2 Regulation 40 (9) – Certificate from
Practicing Company Secretary.
Within one month of the end of each half of the financial year.
3 Regulation 23(9) Submission of disclosure on Related party transactions under 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.
  • Regular / Annual Compliance
REG NO REGULATION NO PARTICULARS TIMELINE
47 Advertisements in Newspapers. 47 (3) Advertisements in Newspapers Financial 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 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 website 30 days
24A Secretarial Audit. Red 24A Every 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 meeting 21 days before AGM
46 Website 46(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
  • Quarterly compliance which included half year compliance except FR
REG NO REGULATION NO PARTICULARS TIMELINE
Intimation Reg 29 read with Reg 33 intimation 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 III The 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 III The 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 information 24 HOURS
30 Disclosure of events or information. 30(6) AND sub-para 4 of Para A of Part A of Schedule III The 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 / public 31A(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 voting 44(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 Newspapers The 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

(SEBI extended the exemptions (Regulation 47 and Regulation 52(8)) from publication of advertisements in newspapers are extended for all events scheduled till June 30, 2020.)

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 auditor 24 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
29 Reg 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
31 Reg 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 / public Reg 31A an 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 meeting 30 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 securities 39(3) The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information. 2 days of its getting information.
40 Transfer or transmission or transposition of securities. 40 (3) On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer. 15 days
40 Transfer or transmission or transposition of securities. 40 (3) the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents: 7 Days
40 Transfer or transmission or transposition of securities. 40 (3) the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents: 21 Days
SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1)) In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
(a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
15 Days
42 Record Date or Date of closure of transfer books. 42(2) The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:  7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books. 42(2) in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]  3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books. 42(3) The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.  5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website 46 (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 securities within 2 days
60 Record Date 60(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 date notice 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
  • Relaxation in Compliance norms w.r.t. Trading Members / Clearing Members / Depository Participants / KYC Registration Agencies

SEBI decided to extend the timelines for compliance with the following regulatory requirements by the Trading Members / Clearing Members / Depository Participants / KYC Registration Agencies, as under:

 

S.

 

Compliance

Extended timeline

/ Period         of exclusion

1. Maintaining call recordings of orders / instructions received from clients. Till June 30, 2021
 

 

2.

 

 

KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days.

Till June 30, 2021, documents may be uploaded on to the system of KRA within 15 working days.

*A 30-day time period is provided to SEBI Registered Intermediary after June 30, 2021 to clear the backlog

 

3.

 

Issue of Annual Global Statement to clients.

Till June 30, 2021.

*Relaxation is provided only if the client has requested for a physical statement.

4. Submission of Internal Audit Report for HYE March-2021 Till July 31, 2021
5. Net worth certificate in Margin Trading for CM Segment for HYE March 31, 2021 Till July 31, 2021
6. Net worth certificate for all members for HYE March 2021. Till July 31, 2021
7. Reporting of Risk based supervision Till July 31, 2021
8. Risk Assessment Template Till July 31, 2021
9. Reporting      for       Artificial          Intelligence (AI) and   Machine Learning (ML) applications Till July 31, 2021
10. Client Funding Reporting Till June 30, 2021
11. Submission of System Audit Report for the period ended March 2021 Till July 31, 2021
12. Submission of Cyber Security & Cyber Resilience Audit Report for the period ended March 2021 Till July 31, 2021
13. To operate the trading terminals from designated alternate locations. Till June 30, 2021
14. Compliance certificate for Margin Trading for CM Segment for HY ended March 31, 2021 Till July 31, 2021
15. System Audit /Cyber Audit Report – Algo / Type III Members for the period ended March 31, 2021 Till July 31, 2021
16. Action taken/follow-on audit report for System Audit /Cyber Audit Report for 2019-20 Till July 31, 2021
  • Relaxation in time period for certain activities carried out by Depository Participant:
Sl. Compliance Extended        timeline           / Period of exclusion
 

1.

 

BO Grievances Report

Till June 30, 2021, for the month of May 2021.
 

 

2.

 

 

Redressal of investor grievances

During period from April 01, 2021 to June 30, 2021 timeline permitted for redressal of grievances extended to 30 days.
 

 

3.

 

 

Closure of demat account

During period from April 01, 2021 to June 30, 2021 may be excluded in timelines of 30 days provided no charges shall be levied for the period after receipt of closure request.
 

4.

 

Processing of the demat requests

During period from April 01, 2021 to July 31, 2021 timeline of 15 days

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 Particular

Compliance Period

(Due Date)

 

1

 

Regulation 30(1)

Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.

 

 

 

The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;

 

·         every stock exchange where the shares of the target company are listed; and

 

·         the target company at its registered office

 

 

 

2

 

 

 

Regulation 30(2)

The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may

 

 

 

 

 

3.

Regulation 31(1) read with Regulation 28(3) of Takeover Regulations

AUGUST 7, 2019 CIRCULAR

https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company, within 2 (two) working days
 

 

 

4.

 

 

 

Regulation 31(4)

 

 

 

Disclosure of encumbered shares

Promoter 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

SEBI (Prohibition of Insider Trading) Regulations, 2015

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance 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

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

Sl. No. Regulation No.  

Compliance Particular

 

Compliance Period

(Due Date)

 

 

 

 

1

Schedule 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

 

2 Regulation 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
3 SEBI 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.html

Application 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
4 Regulation 76

Application for rights issue

The 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 Documents

In 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.

 

6 Regulation 84

 

Advertisement

Issuer 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.

SEBI (Depositories and Participants) Regulations 2018)

 

Sl. No.

 

 

Compliance Particulars

 

Due Date

 

1.

Regulation 76  (Quarter, January – March 2021)

Reconciliation of Shares and Capital Audit

31.07.2021
 

2.

Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar 31.07.2021
  • SEBI Circulars Tracker: 01.05.2021 to 31.05.2021
Sl. Particulars Link
1 ‘Off-market’ transfer of securities by FPI Click here
2 Circular on Relaxation in compliance with requirements pertaining to AIFs and VCFs.  

Click here

 

3

Disclosure of the following only w.r.t schemes which are subscribed by the investor: a. risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-a-vis benchmark and b. Details of the portfolio  

Click Here

4 Format of compliance report on Corporate Governance by Listed Entities Click Here
 

5

Handbook of Statistics 2020  

Click here

6. Exemption order under regulation 11(5) of SEBI (SAST) Regulations, 2011 in the matter of H. G. Infra Engineering Ltd.  

Click here

7. Welspun India Ltd. – Draft Letter of Offer Click Here
8. Aditya Birla Sun Life NASDAQ 100 FOF  

Click Here

9. Buybacks – Smartlink Holdings Limited – Post offer PA Click Here
10. Adjudication Order in respect of Shri Dinesh Bhanushali in the matter of market manipulation of GDR issue of K Sera Sera Limited, now known as KSS Limited  

Click Here

11. Notice For Meeting on Schemes – Notice of the meeting of the equity shareholders  

Click Here

12. Right Issues – Vikas Lifecare Limited – Pre-Issue Advertisement  

Click Here

13. Adjudication order in respect of Prakash Estates Pvt Ltd in the matter of Dealings in Illiquid Stock Options at BSE  

Click Here

14. Adjudication Order in respect of 3 entities in the matter of Websol Energy System Limited  

Click Here

15. Takeover: Pentokey Organy (India) Limited  

Click here

16. Consultation Paper on proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021  

Click here

17 Notice For Meeting on Schemes – Notice to Equity Shareholders of Mastek Limited on Scheme of Amalgamation  

Click Here

18 SEBI seeks public comments on the Consultation Paper on the proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021  

 

Click Here

19 Orders – Adjudication Order in the matter of Gromo Trade and Consultancy Limited  

Click Here

20 Buybacks – Welspun India Ltd. – Public Announcement Click Here
21 Consultation Paper – Review and Merger of SEBI (Issue and listing of Debt Securities) Regulations, 2008 and SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 into SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021  

 

Click Here

22 Unserved Summons / Notices – Show Cause Notice in the matter of Yamini Investment Company Ltd.  

 

Click Here

23 Mutual Funds – Axis 2050 Gilt Fund of Fund Click Here
24 Orders That Could Not be Served – Unserved Adjudication order in respect of five entities in the matter of Aadhar Ventures India Ltd  

Click Here

25 SEBI Bulletin – April 2021 [MSWord]   [MSExcel] Click Here
26 Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs)  

Click Here

27 Right issue – Vikas Lifecare Limited – Letter of Offer Click Here
28 Notice For Meeting on Schemes – Notice of Meeting of Equity shareholders for Scheme of Arrangement involving Harishree Aromatics and Chemicals Private Limited and Lasa Supergenerics Limited  

 

Click Here

29 Public Issues – Zomato Limited – DRHP Click here
30 Adjudication Order in respect of Mr. Ronald Peter Dsouza in the matter of Sterling International Enterprises Limited  

Click here

31 Alignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes  

Click Here

32 Mutual Funds – Mahindra Manulife Flexi Cap Yojana Click Here
33 Disclosure of the following only w.r.t schemes which are subscribed by the investor: (a) risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and (b) Details of the portfolio  

Click Here

34 Clarifications on Insider Trading – COMPREHENSIVE FAQs ON SEBI (PIT) REGULATIONS, 2015  

Click Here

35 Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 due to the CoVID-19 pandemic  

 

 

Click Here

36 Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 / other applicable circulars due to the CoVID-19 pandemic  

Click Here

37 Addendum to SEBI Circular on “Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19” dated April 13, 2020  

Click Here

38 Relaxation in timelines for compliance with regulatory requirements  

Click Here

39 Takeovers – Trijal Industries Ltd (TIL) Click Here
40 Timelines for updation of Scheme Information Document (SID) and Key Information Memorandum (KIM)  

Click Here

41 Clarifications on Insider Trading – COMPILATION OF INFORMAL GUIDANCE RELATING TO SEBI (PIT) REGULATIONS, 2015 FOR THE PERIOD OCT 2015- MAR 2021  

Click Here

42 Mutual Funds – IIFL Global Innovation Fund Click Here
43 Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to the CoVID-19 pandemic Click Here
44 Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021  

Click here

45 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2021  

Click here

46 Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021  

Click Here

47 Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2021  

Click Here

48 Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021  

Click Here

49 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021  

Click Here

50 SIS Limited – Letter of Offer  

Click Here

51 Technical Group Report on Social Stock Exchange  

Click Here

52 SEBI seeks public comments on the Report Submitted by the Technical Group on Social Stock Exchange  

Click Here

53 Aditya Birla Sun Life Nifty Healthcare ETF  

Click Here

54 Consultation Paper on Segregation and Monitoring of Collateral at Client level  

Click Here

55 Public Issue – Fincare Small Finance Bank Limited Click Here
56 Business responsibility and sustainability reporting by listed entities Click Here
57 SEBI issues Circular on “Business Responsibility and Sustainability Reporting by listed entities”  

Click Here

58 Consultation Paper on Review of the regulatory framework of promoter, promoter group and group companies as per Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018  

Click Here

59 Informal Guidance sought by Jade Capital Markets Pvt. Ltd. in connection with SEBI (Investment Advisers) Regulations, 2013  

Click Here

60 Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers  

Click Here

61 Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic  

Click Here

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

  • If due date of any form given below falling between 1st April, 2021 to 30th May, 2020 then those forms can be file without additional fees till 31st July, 2021.
  • Please refer MCA circular related extension Click Here
 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / Filing mode

 

Companies Act, 2013

 

Within 180 Days From The Date Of Incorporation Of The Company

(one time compliance only)

 

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. MCA E- Form INC 20A

(one time compliance)

 

 

Companies Act, 2013

 

First declaration within 90 days from the date of notification Dt. 08.02.2019

 

 

A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

 

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

 

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013

 

within 30 days of acquiring beneficial interest Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

(the date of receipt of declaration in BEN-1 )

CLICK HERE

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

 

One time Compliance Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

 

Active Form

INC -22A

Companies Act, 2013

 

Annual Compliance

(30.09.2021)

*DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021

 

Annual Exercise: CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

 

E-Form DIR – 3 KYC

(Web Based and E-form)

 

Companies Act, 2013 Within 270 days from the date of deployment of this Form Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013 Within 15 days of appointment of an auditor. The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act. E – Form

NFRA -1

Companies Act, 2013 Within 30 days of the board meeting Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed. MGT-14

(Filing of resolution with MCA)

 

 

 

Companies Act, 2013

Within 60 (sixty) days from the conclusion of each half year. Reconciliation of Share Capital Audit Report (Half-yearly)

Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014

To be filed all unlisted companies, deemed public companies

Till further clarification to be filled in GNL-2

E-Form PAS – 6
 

Companies Act, 2013

30th June, 2021 Every company must file DPT 3 for outstanding loans annually.

 

The Companies (Acceptance of Deposits) Amendment Rules, 2019,

E-Form DPT – 3

LLP Compliance:

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / Filing mode

 

LLP Act, 2008

 

within 60 days from the closure of the financial year

(date extended till 31.07.2021)

LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21 Form LLP-11

 

 

  • KEY UPDATES – May, 2021:
  1. Relaxation in Maximum Gap between Two Board Meetings:

MCA extended gap between two board meetings by 60 days for first two quarters of financial year 2021-22. According to this, the gap between two consecutive Board Meetings may extend to 180 days during the quarters, April to June and July to August.

  1. Relaxation in additional fees for filing of form after due date:

As per this circular, if due date of any form (except CHG-1, CHG-4 and CHG-9) falling between 1st April, 2021 to 30th May, 2020 then those forms can be file without additional fees till 31st July, 2021.

Presently 40 forms are included in the MCA Notification – Click Here

  • Important Updates
    • MCA Monthly Update Calendar: May, 2021
 

Sl.

 

 

Particulars of the Circulars

 

Link

1 Relaxation of time for filing certain forms under the Companies Act, 2013 Click Here
2 Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013  

Click Here

3 Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) – Clarification – reg.  

Click Here

4 The Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees.  

 

 

Click Here

5. Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc.  

Click Here

6. Extension in the last date of receipt of Application for Recruitment for the Post of Driver in NFRA on Deputation/ Re-employment  

Click Here

7 Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly.  

 

Click Here

8 Ministry of Corporate Affairs nudges Sebi on startup listing rules Click Here
9 Publication of provisional database for the companies under the regulatory ambit of National Financial Reporting Authority  

Click Here

10 Deemed approval given under Green Channel to Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited for internal restructuring of IBM Corporation  

 

Click Here

11 Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc.  

Click Here

12 Clarification on offsetting the excess CSR spent for FY 2019-20 – reg. Click Here
13 List of forms providing waiver of additional fee as per Circular no. 06/2021 and 07/2021 – Total 40 forms added to extension List

Due date has been extended till 31st July, 2021

 

Click Here

14 Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches 1st Phase of MCA21 Version 3.0

Revamped website, e-Book, e-Consultation module and new email services deployed for better stakeholders’ experience introduced

 

Click Here

IBBI Updates {Insolvency and Bankruptcy Board of India}

  • NAREDCO-UP writes to Finance ministry for suspension of IBC

The National Real Estate Development Council (NAREDCO) has requested the Ministry of Finance and Corporate Affairs for suspension of IBC provisions for one year to protect the corporate entities considering the unprecedented second wave of COVID19.

NAREDCO as a representative body of real estate developers had taken up the matter with the Finance Ministry, seeking adequate relief measures so as to revive the economy as a whole and real estate sector in particular. Large number of employees and others associated with construction activities became COVID positive and lost their lives recently.

  • Important Notifications and Circulars Tracker (May, 2021)

 

Sl.

 

Notification(s) Link(s)
1. IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021  

Click Here

2. IBBI (Insolvency Professionals) (Amendment) Regulations, 2021 Click Here
3 Invitation of application for 21st Basic Workshop for Insolvency Professionals to be held on 13th May, 2021 Click Here
 

4

Invitation of application for Webinar for Creating Awareness about the Recent Ordinance on Pre-packaged Insolvency Resolution Process for Insolvency Professional to be held on 12th May, 2021  

 

Click Here

5 Invitation of application for 10th Advanced Workshop for Insolvency Professionals to be held on 19th May, 2021  

Click Here

 

6

Invitation of application for Webinar for Creating Awareness about the Recent Ordinance on Pre-packaged Insolvency Resolution Process for Insolvency Professionals to be held on 20th May, 2021  

Click Here

 

7

Another IBC suspension on cards? FinMin begins industry consultations Click Here
8 SC Upholds Changes in IBC to Initiate Case Against Debtor Firms  

Click Here

9 Invitation of application for Webinar for Creating Awareness about the Recent Ordinance on Prepack Insolvency Process for Insolvency Professional to be held on 27th May, 2021  

 

Click Here

10 In the matter of Lalit Kumar Jain Vs. Union of India & Ors., Transferred Case (Civil) No. 245/2020 and other writ petitions  

Click Here

11 Summary – Judgment dated 21st May 2021 of the Hon’ble Supreme Court of India in the matter of Lalit Kumar Jain Vs. Union of India & Ors. [Transferred Case (Civil) No. 245/2020 and other writ petitions] Click Here
12 Summary – Judgment dated 21st May 2021 of the Hon’ble Supreme Court of India in the matter of Lalit Kumar Jain Vs. Union of India & Ors. [Transferred Case (Civil) No. 245/2020 and other writ petitions]  

 

Click Here

13 Insolvency and Bankruptcy Board of India marks the 5th Anniversary of enactment of Insolvency and Bankruptcy Code, 2016  

Click Here

14 Quarterly Newsletter for Jan – March, 2021 Click Here

 NCLT & NCLAT UPDATES (Updates- May, 2021)

Sl. Particulars Link
1 Special Bench at NCLT, New Delhi- Court No. IV  

Click here

2 Urgent matters hearing at NCLT Kochi from 3.5.2021 to 16.5.2021. Click here
3 NCLT, New Delhi Bench- Court No. III & VI Click Here
  1. Reappoint NCLT judges within two months: SC to Govt

The Supreme Court Monday ordered the government to complete reappointing NCLT judges within two months citing waning strength in all such tribunals that are now holding virtual courts amid the pandemic. There is a sanctioned limit of 63 judges, nearly half of which are now lying vacant triggering delays amid rising caseloads.

“As the strength of the members of the NCLT and NCLAT is depleting which would be detrimental to the smooth functioning of the Tribunals, we direct the Government to complete the process at the earliest and not later than two months,” the apex court said in the order.

Reappointment of members can be considered separately without waiting for the process of fresh appointments to commence, the court said.

  1. NCLT directs liquidation of Devas Multimedia, allows petition by ISRO’s Antrix Corp

The National Company Law Tribunal (NCLT) has directed to initiate the liquidation process of Devas Multimedia by allowing the petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organization.

The Bengaluru bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government. CBI had later filed charge sheets and ED had initiated PMLA proceedings. The MCA had also initiated an investigation into the affairs of Devas Multimedia, but a stay was granted by the Delhi High Court.

  1. RBI opposes fresh insolvency freeze

The Reserve Bank of India (RBI) has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent.

In initial discussions with the government, the RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of non-performing assets (NPAs), government sources told TOI. The government has not completely shut the door on the issue but the regulator’s reluctance will certainly weigh on the decision.

MSME (Ministry of Micro, Small and Medium Enterprises)

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.

MSME – Merged Criteria: Investment and Annual Turnover

Revised Classification applicable w.e.f 1st July 2020

 

Classification Micro Enterprise Small Enterprise Medium Enterprise
Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or Equipment:
Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore
Investment in Plant and Machinery or Equipment:
Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore
Investment in Plant and Machinery or Equipment:
Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore

 

  • Key Updates – For the month of May, 2021
  1. MSME needs ‘concentrated, right kind’ of relief package: Assocham

Industry body Assocham has demanded from the government a ‘concentrated and right kind’ of relief package for MSME sector, which was most affected by covid-19 pandemic.

“Yes, there is a need for a relief package which has to be directed very carefully. We at Assocham believe that both the Centre and the states need to come together with certain plans, so that we can give a concentrated, focused and the right kind of relief to whoever needs it the most,” Assocham president Vineet Agarwal said.

Suggesting some measures, he said banks should increase working capital limit of MSMEs by 20 per cent but not charge any extra collateral.

  1. IDBI Bank launches digital loan processing system for MSME, agri borrowers

IDBI Bank on Wednesday announced the launch of its fully digitised loan processing system, offering over 50 products to MSME and agriculture sector. The Loan Processing System (LPS) for MSME and agri products seamlessly integrates with data fintechs, bureau validations, document storage, account management and customer notifications among others.

Suresh Khatanhar, Deputy Managing Director, IDBI Bank said the LPS integrates with the existing core database, human resource management system, and various other applications of the bank.

  • Key Updates – for the month of May – 2021.
Sl. Particulars Link
1 Nineteen companies filed their applications under the PLI scheme for IT Hardware  

Click here

2 Credit Support Measures announced for Individuals, Small Businesses and MSMEs  

Click Here

3 Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)  

Click Here

4 Credit to MSME Entrepreneurs Click Here
5 Transfer of CSIR-CMERI technologies to three MSMEs Click here
6 CSIR-CMERI empowering the MSMEs through Technology Infusion Click Here
7 AA framework offers UPI-style revolution in MSME financing Click Here
8 Sops for MSMEs in the works to reform apprentice system Click Here
9 We must study the MSME credit gap before we can fix it Click Here
10 Covid second wave: MSMEs need help again but not the way govt did last time  

Click Here

11 IDBI Bank launches digital loan processing system for MSME, agri borrowers  

Click here

12 IDBI Bank launches automated Loan Processing System for MSMEs Click Here
13 BSE, Dun & Bradstreet India sign pact to foster MSME growth Click Here

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

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.

CS Lalit Rajput TaxClue
CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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