Newsletter - MMJC - Page 23

Securities and Exchange Board of India (“SEBI”) has amended Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“SEBI ILNCS”) by way of its amendment notification dt: February 3, 2023. The highlights of this amendment are as follows:- Debenture trustees already have powers to appoint nominee director on the board

The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the Securities Contracts (Regulation) Rules, 1957 (“SCRR”) prescribes various conditions with regard to securities market. Rule 19 of SCRR deals with conditions with respect to listing of securities on recognised stock exchange, whereas Rule 19A of SCRR deals with minimum public shareholding related conditions to be fulfilled

Our previous article dated 16th December 2022 was about the convening General meeting through video conferencing (VC) or other Audio-Visual Means (OAVM). In that article, we discussed at length the evolution of provisions of Companies Act, 2013 (the Act) with respect to conducting Board Meetings as well as General meetings through VC or OAVM. We

Background: The Covid -19 pandemic was an unprecedented global crisis. During these times of pandemic, rigorous restrictions were placed on public movement, thereby forcing businesses to go digital and consequently relaxations w.r.t provisions of law were also granted so that one can cope up with these challenging times, and comply with law and run the

Securities and Exchange Board of India [“SEBI” or “Board”] vide its Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth amendment) Regulations, 2022 [LODR Sixth amendment] amended certain provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI LODR]. An analysis of these amendments is presented

Background: As per Section 132 of the Companies Act, 2013 read with National Financial Regulatory Authority (NFRA) Rules, 2018, certain companies and other entities as prescribed in these NFRA Rules and their auditors are governed by NFRA. NFRA 2 – Compliance MCA has prescribed Form NFRA-2 as the Annual Return which is to be filed

The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No. 16 dated September 30, 2022 has revised the matrix for calculation of late submission fee (LSF) for reporting delays under FEMA with immediate effect. Earlier regime The concept of LSF was introduced for delayed reporting under various functions as below: Sr. No. Provision/Function

Introduction: Ministry of Corporate Affairs (MCA) has amended Companies (Incorporation) Rules, 2014, wherein Form INC-9 i.e. Declaration to be given by Subscribers and First Directors at the time of incorporation and Form INC-32 (SPICe+) to be filed for incorporation has got modified to enforce the amendment made in FEMA (Non-Debt Instruments) Rules, 2019 in April