MCA UPDATES
RESPITE FOR DIR – 3 KYC COMPLIANT DIN HOLDERS
SEBI UPDATES
SEBI’S BOARD MET ON 27.06.2019 AND APPROVED DISCLOSURE NORMS AND FRAMEWORK AMONG VARIOUS OTHER THINGS
for more detail-
www.acquisory.com
This document summarizes a presentation given to telecom contractors and technical personnel about telecom licensing and compliance in Kenya. It outlines several key requirements of telecom licenses including: maintaining equipment according to customer contracts, only using licensed technical personnel, and submitting an annual compliance report. It also discusses the process of renewing the annual compliance certificate which requires being up-to-date on records and addresses, submitting audited financial accounts, and paying renewal fees. Non-compliance with license terms and conditions can result in penalties, suspension of the license, criminal prosecution, or revocation of the license.
Venkateswaran Santhanam is seeking a management position leveraging over 31 years of experience in finance, accounting, human resources, and marketing. He holds an MBA in Finance and has worked in finance and accounting roles for various companies in India and the UAE, most recently as Finance and Accounts Manager. His experience includes implementing ERP systems, managing statutory compliance and audits, handling large cash flows, and resolving disputes to avoid litigation.
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
This document outlines an agenda for Government Purchase Card Training presented by the Mission and Installation Contracting Command at Fort Benning. The training will cover GPC policies, cardholder and billing official responsibilities, purchase limits, documentation requirements, and prohibited purchases. It provides contact information for the Agency Program Coordinator and U.S. Bank and lists prerequisite training requirements for cardholders and billing officials. The purpose is to ensure proper use of the purchase card in accordance with regulations.
CORPORATE UPDATES
*INDEPENDENT DIRECTORS MAY HAVE TO CLEAR EXAMS BEFORE APPOINTMENT ON BOARD
RBI UPDATES
*WAIVER OF RTGS AND NEFT CHARGES
*OMO PURCHASE OF GOVERNMENT SECURITIES
*COMMITTEE FOR ATM INTERCHANGE FEE STRUCTURE NOTIFIED
read more at:
http://www.acquisory.com/Newsletter
This document provides an overview of the Sevottam model for excellence in public service delivery in India. Key points include:
- Sevottam is an assessment and improvement model developed by the Indian government to improve quality of public services.
- It provides a framework for public organizations to assess and improve their services based on a quality standard for service delivery.
- The model aims to bring transparency, accountability, and citizen-centricity to government service provision. Certification under Sevottam involves a self-assessment and audit process to evaluate compliance with the quality standard.
The document discusses India's remarkable progress in improving its ease of doing business ranking according to the World Bank's Ease of Doing Business Index. It notes that India jumped from 142nd in 2014 to 63rd in 2019 due to regulatory reforms aimed at reducing compliances, streamlining processes, and improving various business regulations and procedures related to starting a business, construction permits, electricity access, property registration, credit access, investor protections, tax compliance, trade, contract enforcement and insolvency resolution. However, the index was discontinued in 2021 due to concerns about data manipulation.
This document summarizes a presentation given to telecom contractors and technical personnel about telecom licensing and compliance in Kenya. It outlines several key requirements of telecom licenses including: maintaining equipment according to customer contracts, only using licensed technical personnel, and submitting an annual compliance report. It also discusses the process of renewing the annual compliance certificate which requires being up-to-date on records and addresses, submitting audited financial accounts, and paying renewal fees. Non-compliance with license terms and conditions can result in penalties, suspension of the license, criminal prosecution, or revocation of the license.
Venkateswaran Santhanam is seeking a management position leveraging over 31 years of experience in finance, accounting, human resources, and marketing. He holds an MBA in Finance and has worked in finance and accounting roles for various companies in India and the UAE, most recently as Finance and Accounts Manager. His experience includes implementing ERP systems, managing statutory compliance and audits, handling large cash flows, and resolving disputes to avoid litigation.
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
This document outlines an agenda for Government Purchase Card Training presented by the Mission and Installation Contracting Command at Fort Benning. The training will cover GPC policies, cardholder and billing official responsibilities, purchase limits, documentation requirements, and prohibited purchases. It provides contact information for the Agency Program Coordinator and U.S. Bank and lists prerequisite training requirements for cardholders and billing officials. The purpose is to ensure proper use of the purchase card in accordance with regulations.
CORPORATE UPDATES
*INDEPENDENT DIRECTORS MAY HAVE TO CLEAR EXAMS BEFORE APPOINTMENT ON BOARD
RBI UPDATES
*WAIVER OF RTGS AND NEFT CHARGES
*OMO PURCHASE OF GOVERNMENT SECURITIES
*COMMITTEE FOR ATM INTERCHANGE FEE STRUCTURE NOTIFIED
read more at:
http://www.acquisory.com/Newsletter
This document provides an overview of the Sevottam model for excellence in public service delivery in India. Key points include:
- Sevottam is an assessment and improvement model developed by the Indian government to improve quality of public services.
- It provides a framework for public organizations to assess and improve their services based on a quality standard for service delivery.
- The model aims to bring transparency, accountability, and citizen-centricity to government service provision. Certification under Sevottam involves a self-assessment and audit process to evaluate compliance with the quality standard.
The document discusses India's remarkable progress in improving its ease of doing business ranking according to the World Bank's Ease of Doing Business Index. It notes that India jumped from 142nd in 2014 to 63rd in 2019 due to regulatory reforms aimed at reducing compliances, streamlining processes, and improving various business regulations and procedures related to starting a business, construction permits, electricity access, property registration, credit access, investor protections, tax compliance, trade, contract enforcement and insolvency resolution. However, the index was discontinued in 2021 due to concerns about data manipulation.
The document provides information about CERSAI Charge Registration services offered by CompaniesInn. It details the CERSAI registration process, the forms required for different transactions, and fee details. CompaniesInn assists banks and financial institutions by preparing and filing the necessary forms for registering charges, modifications, and satisfactions. Their services help banks ensure timely compliance and free up bank managers. CompaniesInn charges INR 1100 per document for processing and registering the forms on behalf of banks.
RBI has issued a master direction for the NBFC P2P lending platform in October, 2017. The initiative by the RBI is a boosting mechanism for fin-tech companies. It also provides an opportunity to individuals to borrow and lend money without the use of an official financial institution as an intermediary. As this kind of platform involves money of common people hence RBI is cautious to save the public money as this may be vulnerable, therefore RBI has prescribed certain Compliances for the NBFC P2P companies. A small presentation extracting compliance from Master Direction is attached here with.
Ministry of Corporate Affairs (MCA) - various notificationsVenkatesh Prabhu
The Ministry of Corporate Affairs issued various notifications amending rules under the Companies Act of 2013. Key amendments include: 1) Amounts received by companies from real estate investment trusts are excluded from deposits. Form DPT-3 must be filed for outstanding loans not considered deposits. 2) Rule 9A of chapter III on issue of securities in demat form will not apply to nidhis, government companies, or wholly owned subsidiaries. 3) Specified companies must file form MSME I with details of outstanding dues to micro and small enterprise suppliers within 30 days and half-yearly returns by October 31 and April 30.
The document outlines the step-by-step process for company registration in India. It details the 4 main procedures: 1) obtaining a digital signature certificate, 2) preparing and filing the INC-29 form which combines various registration requirements into a single form, 3) filing the INC-29 and paying fees, and 4) receiving the incorporation certificate within 2 days. Filling out the lengthy INC-29 form requires various documents and approvals, but significantly reduces interactions with authorities compared to the previous process.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
SEBI(LODR) Regulations, 2015- Obligations on listing of specified securities-...DVSResearchFoundatio
Key Takeaways:
- Meetings of shareholders and their voting
- Change in name of the listed entity
- Dissemination of information on website and in newspapers
IBPS Clerk Recruitment 2023 Notification For 4045 Post.pdfKarthik Ps
Are you an aspiring bank clerk looking to kickstart your career in the banking sector? Exciting news awaits! The IBPS Clerk Notification 2023 Released Now, outlining the new exam pattern and other important updates. As a highly skilled assistant specializing in digital marketing, copywriting, and content writing, I am thrilled to provide you with a comprehensive overview of what to expect in the upcoming IBPS Clerk exam.
Director Identification Number - ProcessVipul Parekh
The document outlines the step-by-step process for obtaining a Director Identification Number (DIN) in India. Applicants must submit an eForm DIN-1 along with identity documents and pay the fees electronically. If certified by a professional, the DIN will be approved immediately, otherwise the MCA will process it within 1-2 days and issue a provisional DIN. Directors must then intimate their DIN to any companies they serve within 30 days using Form DIN-2, and companies must inform the ROC of directors' DINs within 7 days using Form DIN-3. Form DIN-4 can be used to update any changes to DIN details.
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”- attached today's newsletter 07.08.2020. Have a great day ahead.
CBDT extends due date for filing form 24Q and issuance of Form 16
RBI reduces rates
Removal of LEVY on NEFT and RTGS transactions
Committee to review ATM interchange fee structure
website-
www.acquisory.com
The document provides various clarifications and updates from the Ministry of Corporate Affairs (MCA) on matters related to corporate governance and compliance. Some key points include:
i) MCA allowing paperless compliances through electronic mode and issuing certificates digitally.
ii) Companies now permitted to hold shareholder meetings online through video conferencing.
iii) Directors can participate in board meetings through video conferencing under certain conditions.
iv) NSDL and CDSL approved to provide electronic platform for e-voting under Companies Act.
The document provides various clarifications and updates from the Ministry of Corporate Affairs (MCA) on matters related to corporate governance and compliance. Some key points include:
i) MCA allowing paperless compliances through electronic mode and issuing certificates digitally.
ii) Companies now permitted to hold shareholder meetings online through video conferencing.
iii) Directors can participate in board meetings through video conferencing under certain conditions.
iv) NSDL and CDSL approved to provide electronic platform for e-voting under Companies Act.
The document summarizes key highlights of India's Foreign Trade Policy 2015-2020. Some key points include:
1) Simplification and merger of various export reward schemes into a single Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) with simplified procedures.
2) Incentives under MEIS and SEIS will be extended to Special Economic Zones to boost 'Make in India'.
3) Initiatives to facilitate trade and ease of doing business through online applications, paperless processing, and inter-ministerial consultations.
4) New initiatives to support exports of SCOMET items, defense goods, and e-commerce exports
The document summarizes recent updates to the Companies Act 2013 in India, including increasing the threshold for mandatory appointment of a Company Secretary to Rs. 10 crores, expanding requirements for secretarial audit reports, introducing new forms like SPICe+ for easier incorporation, extending various filing timelines due to COVID-19, and allowing meetings to be conducted virtually.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
The document provides a summary of recent regulatory updates in the pensions and superannuation industry in Australia. Key developments include legislation passing to implement recommendations from the Hayne Royal Commission regarding treating of employers, ending grandfathered commissions, and imposing penalties on trustees. Other updates include reforms to protecting superannuation, member outcomes requirements, and the consumer data right framework. The summary highlights impacts and recommendations for superannuation trustees.
Meaning and legal framework of Director Identification Number (DIN)Ankitasahu60
DIN stands for Director Identification Number, which is issued by the Central Government to anybody who wishes to become a director or who is already a director of a firm. The notion of Director Identification Number (DIN) will be discussed in this article based on some important topics.
Sikkim aims to improve its investment climate and ease of doing business through various regulatory reforms and infrastructure development. Key areas of focus include streamlining processes for obtaining electricity connections, paying taxes, resolving commercial disputes, registering and transferring property, conducting inspections, obtaining permits and approvals through online single window systems. Sikkim also aims to develop physical infrastructure like roads, telecommunications and rail/air connectivity to facilitate business and trade. However, challenges remain due to environmental protections, land ownership laws, unemployment and slow implementation of reforms.
The document provides information about CERSAI Charge Registration services offered by CompaniesInn. It details the CERSAI registration process, the forms required for different transactions, and fee details. CompaniesInn assists banks and financial institutions by preparing and filing the necessary forms for registering charges, modifications, and satisfactions. Their services help banks ensure timely compliance and free up bank managers. CompaniesInn charges INR 1100 per document for processing and registering the forms on behalf of banks.
RBI has issued a master direction for the NBFC P2P lending platform in October, 2017. The initiative by the RBI is a boosting mechanism for fin-tech companies. It also provides an opportunity to individuals to borrow and lend money without the use of an official financial institution as an intermediary. As this kind of platform involves money of common people hence RBI is cautious to save the public money as this may be vulnerable, therefore RBI has prescribed certain Compliances for the NBFC P2P companies. A small presentation extracting compliance from Master Direction is attached here with.
Ministry of Corporate Affairs (MCA) - various notificationsVenkatesh Prabhu
The Ministry of Corporate Affairs issued various notifications amending rules under the Companies Act of 2013. Key amendments include: 1) Amounts received by companies from real estate investment trusts are excluded from deposits. Form DPT-3 must be filed for outstanding loans not considered deposits. 2) Rule 9A of chapter III on issue of securities in demat form will not apply to nidhis, government companies, or wholly owned subsidiaries. 3) Specified companies must file form MSME I with details of outstanding dues to micro and small enterprise suppliers within 30 days and half-yearly returns by October 31 and April 30.
The document outlines the step-by-step process for company registration in India. It details the 4 main procedures: 1) obtaining a digital signature certificate, 2) preparing and filing the INC-29 form which combines various registration requirements into a single form, 3) filing the INC-29 and paying fees, and 4) receiving the incorporation certificate within 2 days. Filling out the lengthy INC-29 form requires various documents and approvals, but significantly reduces interactions with authorities compared to the previous process.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
SEBI(LODR) Regulations, 2015- Obligations on listing of specified securities-...DVSResearchFoundatio
Key Takeaways:
- Meetings of shareholders and their voting
- Change in name of the listed entity
- Dissemination of information on website and in newspapers
IBPS Clerk Recruitment 2023 Notification For 4045 Post.pdfKarthik Ps
Are you an aspiring bank clerk looking to kickstart your career in the banking sector? Exciting news awaits! The IBPS Clerk Notification 2023 Released Now, outlining the new exam pattern and other important updates. As a highly skilled assistant specializing in digital marketing, copywriting, and content writing, I am thrilled to provide you with a comprehensive overview of what to expect in the upcoming IBPS Clerk exam.
Director Identification Number - ProcessVipul Parekh
The document outlines the step-by-step process for obtaining a Director Identification Number (DIN) in India. Applicants must submit an eForm DIN-1 along with identity documents and pay the fees electronically. If certified by a professional, the DIN will be approved immediately, otherwise the MCA will process it within 1-2 days and issue a provisional DIN. Directors must then intimate their DIN to any companies they serve within 30 days using Form DIN-2, and companies must inform the ROC of directors' DINs within 7 days using Form DIN-3. Form DIN-4 can be used to update any changes to DIN details.
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”- attached today's newsletter 07.08.2020. Have a great day ahead.
CBDT extends due date for filing form 24Q and issuance of Form 16
RBI reduces rates
Removal of LEVY on NEFT and RTGS transactions
Committee to review ATM interchange fee structure
website-
www.acquisory.com
The document provides various clarifications and updates from the Ministry of Corporate Affairs (MCA) on matters related to corporate governance and compliance. Some key points include:
i) MCA allowing paperless compliances through electronic mode and issuing certificates digitally.
ii) Companies now permitted to hold shareholder meetings online through video conferencing.
iii) Directors can participate in board meetings through video conferencing under certain conditions.
iv) NSDL and CDSL approved to provide electronic platform for e-voting under Companies Act.
The document provides various clarifications and updates from the Ministry of Corporate Affairs (MCA) on matters related to corporate governance and compliance. Some key points include:
i) MCA allowing paperless compliances through electronic mode and issuing certificates digitally.
ii) Companies now permitted to hold shareholder meetings online through video conferencing.
iii) Directors can participate in board meetings through video conferencing under certain conditions.
iv) NSDL and CDSL approved to provide electronic platform for e-voting under Companies Act.
The document summarizes key highlights of India's Foreign Trade Policy 2015-2020. Some key points include:
1) Simplification and merger of various export reward schemes into a single Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) with simplified procedures.
2) Incentives under MEIS and SEIS will be extended to Special Economic Zones to boost 'Make in India'.
3) Initiatives to facilitate trade and ease of doing business through online applications, paperless processing, and inter-ministerial consultations.
4) New initiatives to support exports of SCOMET items, defense goods, and e-commerce exports
The document summarizes recent updates to the Companies Act 2013 in India, including increasing the threshold for mandatory appointment of a Company Secretary to Rs. 10 crores, expanding requirements for secretarial audit reports, introducing new forms like SPICe+ for easier incorporation, extending various filing timelines due to COVID-19, and allowing meetings to be conducted virtually.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
The document provides a summary of recent regulatory updates in the pensions and superannuation industry in Australia. Key developments include legislation passing to implement recommendations from the Hayne Royal Commission regarding treating of employers, ending grandfathered commissions, and imposing penalties on trustees. Other updates include reforms to protecting superannuation, member outcomes requirements, and the consumer data right framework. The summary highlights impacts and recommendations for superannuation trustees.
Meaning and legal framework of Director Identification Number (DIN)Ankitasahu60
DIN stands for Director Identification Number, which is issued by the Central Government to anybody who wishes to become a director or who is already a director of a firm. The notion of Director Identification Number (DIN) will be discussed in this article based on some important topics.
Sikkim aims to improve its investment climate and ease of doing business through various regulatory reforms and infrastructure development. Key areas of focus include streamlining processes for obtaining electricity connections, paying taxes, resolving commercial disputes, registering and transferring property, conducting inspections, obtaining permits and approvals through online single window systems. Sikkim also aims to develop physical infrastructure like roads, telecommunications and rail/air connectivity to facilitate business and trade. However, challenges remain due to environmental protections, land ownership laws, unemployment and slow implementation of reforms.
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Acquisory news bytes 28th june 2019
1. www.acquisory.com
27 June-2019
MCA UPDATES
❖ CIRCULAR ON FORM DIR-3 KYC
MCA vide its circular dated 27.06.2019 has
proposed new mechanism for fulfilling the
KYC norms by Directors. As per the circular:
• DIR-3 KYC compliant DIN holders can
complete KYC formalities through a
simple web-based verification service.
• Any director who wishes to update his/
her data in the records (like phone
number, address, etc), will need to do so
through eform DIR-3 KYC only.
• Alternatively, updation of records can
also be done by filing eForm DIR-6 before
completing the KYC process through
web-based service.
The amendment in relevant rules w.r.t.
extension of time for completing of KYC
formalities through eForm or web-based
service will be notified by the Ministry
shortly.
SEBI UPDATES
❖ KEY DECSIONS OF SEBI BOARD MEET
TIGHTENS DISCLOSURE NORMS FOR
PLEDGED SHARES
As per the new directions issued by SEBI in
its Board Meeting on 27.06.2019:
• A direct or indirect lien on shares will
qualify as encumbered shares.
• Promoters of the company will be
required to furnish detailed reasons
when combined encumbrance of
promoters and persons acting in concert
(PAC) crosses 20% of the total share
capital or 50% of their shareholding in
the Company.
FRAMEWORK FOR ISSUANCE OF
DIFFERENTIAL VOTING RIGHTS (DVR)
SHARES
SEBI in its Board Meeting approved a
framework for issuance of DVR shares. The
key highlights are:
• Only tech firms to be allowed to issue
superior rights shares (SRs).
• SR shares to be issued only to promoters/
founders who hold an executive position
in the Company.
• SR shares to be authorized by special
resolution in the general meeting.
• SR shares to have voting rights in the ratio
of minimum 2:1 to maximum 10:1
compared to ordinary shares.
• SRs to have a sunset clause of 5 years.
For any query:
Contact – Akanksha Gupta
Email: akanksha.g@acquisory.com