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Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th November, 2015 S.O. 3183(E).— In exercise of the powers conferred by clause (j) of Sub-section (2) of Section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), read with clause (aa) of sub-rule (1) of rule 2 and rule 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (hereafter referred to as the said rules), the Central Government hereby authorises the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), set up under sub-section (1) of Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), to act as, and to perform the functions of, the Central KYC Records Registry under the said rules, including receiving, storing,

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here The Companies Act, 2013, a historic legislation which intends to improve corporate governance and empower shareholders. It moves from the regime of control to that of liberalisation/self-regulation. The Act has incorporated a framework which is based on self-regulation but with enhanced disclosures and accountability on the part of companies and their managements. The corporate sector will be required to exhibit responsible self-regulation and corporate governance on their part, which necessitates the services of independent, competent and responsible governance professionals. Regulators too are increasingly relying on professionals in achieving better governance and Independent professionals are seen as an extended arm of the government. Section 92 of the Companies Act, 2013 requires every company to prepare an Annual Return, a comprehensive document which contains inf

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here Recently, Prime Minister of India, Mr Modi, during his trip to Singapore aired that GST is about to roll out in 2016 in India. This was a big statement, amidst various speculations and political changes in the country. The timing of the meeting between existing PM and previous PM Mr Manmohan Singh alongwith Mrs Sonia Gandhi, President of Congress Party in India is also seen as a new and big diplomatic attempt to make GST a reality . It is pertinent to note that winter session of Parliament has started and this session will play a crucial factor for deciding whether GST will become a truth or still a dream away for 2016 in India or otherwise. With GST, a slight drop in prices of goods is being speculated. Since, it will curtail tax burden on the consumer, reduce transit time and result more efficiency into the system. There are various implications and expectations

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here CA Pradeep Jain CA Neetu Sukhwani Introduction:-   The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards ‘Ease of doing business’ with reduction in the compliance procedure for maintaining separate accounting records for Education Cess and SHE Cess. However, the assessees forgot that everything comes for a cost. The hapeless assessees did not realise that the exemption brought the inbuilt cost in the form of unutilised balance of Education Cess and SHE Cess for which there was no amendment or clarification. This article is an attempt to highlight the probable difficulties faced by the assessees on account of no clarification as regards utilisation of the balance of Education Cess and SH

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here Securities and Exchange Board of India CIRCULAR No. CIR/IMD/DF1/10/2015 Dated-November 27, 2015 All Listed Entities All the Recognized Stock Exchanges Dear Sir/Madam, Sub:   Format for statements/reports to be submitted to Stock Exchange  (s) by listed entity which has listed its securitised debt instruments 1. Regulation 82(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), specifies that the listed entity shall submit statements/reports 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. 2.    Accordingly, formats for statements/reports as per the   Annexure I   to this circular are being prescribed which requires t

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here Security & Exchange Board of India CIRCULAR No. CIR/CFD/CMD/15/2015, Dated-November 30, 2015 To All Listed Entities All Recognized Stock Exchanges Dear Madam / Sir, Sub.:   Formats for publishing financial results 1.  In order to enable investors to make well-informed investment decisions, timely, adequate and accurate disclosure of financial results on a periodical basis is critical. At the same time, to ensure comparability, uniformity and parity in disclosures made by listed entities across stock exchanges is essential. 2.    Towards this end, Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “the listing Regulations, 2015”), has prescribed various disclosures to be filed under various provisions contained therein in the formats as may be specified by the Board. 3. For

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here General circular No. 15/2015 F.No. 01/3412013 CL-V Government of India Ministry of Corporate Affairs 5t’ Floor, ‘A’ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-l Dated: 30 /11/2015 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Relaxation of additional fees and extension of last date of in filing of forris MGT-7 (Annual Return) and AOc-4 (Financial Statement) under the Companies Act, 2013-reg. Sir, In continuation of this Ministry’s   General Circular 14/2015 dated 28.10.2015, keeping in view requests received from various stakeholders,   it has been decided to relax the additional fees payable on e-forms AOC4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 30.12,2015 , wherever additional fee is applicable. 2. This issues with the approval of the competent authority Yours faithfully

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here Securities and Exchange Board of India SEBI CIRCULAR No. CIR/CDMRD/DEA/03/2015 Dated-November 26, 2015 To, The Managing Directors / Chief Executive Officers   of all Commodity Derivatives Exchanges Dear Sir / Madam, Sub:   Timelines for Compliance with various provisions of Securities Laws by Commodity   Derivatives Exchanges 1. Pursuant to Section 131 of the Finance Act, 2015 and Central Government Notification O. 2362 (E) dated August 28, 2015, all recognized associations (commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (‘FCRA) are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956 (‘SCRA’) with effect from September 28, 2015. 2. Section 131 of the Finance Act, 2015 also stipulates that SEBI may provide such deemed exchanges, adequate time to comply with the provisio