Single Master Form introduced for reporting Foreign investment in India.GAURAV KR SHARMA
The Reserve Bank of India will introduce a Single Master Form (SMF) to integrate reporting of foreign investment in India. The SMF will be filed online. It will provide a facility to report total foreign investment in an Indian entity as well as investment in an Investment Vehicle by non-residents. Indian entities must input data on total foreign investment through an online interface available from June 28, 2018 to July 12, 2018. Entities not complying will be non-compliant with foreign exchange laws and regulations. The format of the SMF is provided in the annexures. Commercial banks are asked to inform customers of this new reporting requirement under FEMA.
The document summarizes key amendments made by the Companies (Amendment) Act, 2017 in India. Some of the major amendments addressed difficulties in implementation of certain provisions, facilitated ease of doing business, and harmonized company law with other statutes. Specifically, it reduced the time period for name reservation from 60 to 20 days, increased the deadline for informing about a change in registered office from 15 to 30 days, and required companies to prepare consolidated financial statements including associate companies in addition to subsidiaries.
Monitoring of Foreign Investment limits in listed Indian companies May 17th 2018GAURAV KR SHARMA
SEBI issued a circular amending two previous circulars regarding monitoring foreign investment limits in listed Indian companies. The deadline for companies to provide necessary data to depositories was extended to May 25th. The new monitoring system was pushed back to becoming operational on June 1st, in response to requests from stakeholders. This circular was issued under powers of the Securities and Exchange Board of India Act of 1992.
The document outlines amendments made by the Securities and Exchange Board of India to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key changes include requiring listed companies to have at least one independent woman director, increasing the minimum board size for large companies, setting limits on the number of directorships a person can hold, strengthening independent director requirements, and enhancing nomination and remuneration committee meetings and composition. The amendments are aimed at improving corporate governance practices of listed companies in India.
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
SEBI update on Additional Risk management measures for derivatives segmentGAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
This notification announces that various sections of the Companies (Amendment) Act 2017 will come into force on February 6, 2018. Specifically, sections 2, 3, 9, 11-12, 14, 17, 27-29, 32, 34-35, 38, 41-45, 47-48, 50-51, 53, 59-60, 63-65, 72-74, 77-79, 82, 84-85, and 90-93 will take effect from that date. The notification is issued by the Ministry of Corporate Affairs, Government of India to inform all relevant parties of the commencement of these new provisions.
Mca has notified below mentioned 41 sections of companies amendment actGAURAV KR SHARMA
The document notifies that 41 sections of the Companies Amendment Act, 2017 will come into effect from February 9th, 2018. These sections pertain to definitions, member liability, authentication of documents, voting rights, issue of shares, board meetings, related party transactions, auditing standards, and qualifications for directors, tribunal members, and appellate tribunal members among other things. The notification provides a table with the section numbers of the amendment act and the corresponding sections in the Companies Act, 2013 that have been amended.
Securities and Exchange Board of India (International Financial Services Cent...GAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing amendments to the definition of "issuer" in the SEBI (International Financial Services Centres) Guidelines from 2015. The definition has been amended to include any entity incorporated in India seeking to raise foreign currency other than Indian rupee with necessary approvals, any entity incorporated abroad allowed to issue securities outside its place of incorporation per local laws, and any supranational organizations allowed to issue securities per their constitution. The circular was issued under SEBI's power to protect investors and regulate securities markets.
Report Submitted by Committee on Corporate Governance GAURAV KR SHARMA
The committee was formed in June 2017 under the chairmanship of Mr. Uday Kotak to enhance corporate governance standards of listed Indian entities. It consisted of officials from government, industry, professional bodies and academia.
The committee's terms of reference were to make recommendations to SEBI on ensuring independence of independent directors, improving related party transaction disclosures and safeguards, addressing issues in accounting/auditing practices, improving board evaluation effectiveness, and addressing investor voting issues.
The committee submitted its report on October 5, 2017 after taking public comments on its recommendations.
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notif...GAURAV KR SHARMA
The Central Board of Excise and Customs of India determined new exchange rates of foreign currencies relating to imported and exported goods, effective September 22, 2017. Schedules I and II list 19 currencies and their exchange rates in Indian rupees for both imported and exported goods. For example, the rate for the Australian dollar was set at 52.65 rupees for imported goods and 50.80 rupees for exported goods. The notification supersedes the previous exchange rate notification from September 7, 2017.
Outsourcing of activities by Stock Exchanges and Clearing CorporationsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to clarify regulations around exchange traded cross currency derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Key points:
- SEBI had previously laid out a framework for these cross currency futures and options contracts, as well as currency options on EUR-INR, GBP-INR and JPY-INR.
- The circular modifies the proprietary position limits for stock brokers (both bank and non-bank) for positions created in foreign currency-rupee pairs like USD-INR.
- Stock exchanges must implement a uniform methodology, in consultation, for computing and monitoring these proprietary position
Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-...GAURAV KR SHARMA
The document provides guidelines from the Securities and Exchange Board of India (SEBI) for stock exchanges and clearing corporations regarding outsourcing activities. Some key points:
- Stock exchanges and clearing corporations must develop an outsourcing policy and approval process for any outsourced activities.
- Core and critical activities like trading, clearing, settlement, and regulatory functions cannot be outsourced.
- Due diligence must be conducted on any third-party service providers and legal agreements must define roles and responsibilities.
- Exchanges and clearing corporations retain ultimate responsibility and must monitor outsourced services and have contingency plans.
Single Master Form introduced for reporting Foreign investment in India.GAURAV KR SHARMA
The Reserve Bank of India will introduce a Single Master Form (SMF) to integrate reporting of foreign investment in India. The SMF will be filed online. It will provide a facility to report total foreign investment in an Indian entity as well as investment in an Investment Vehicle by non-residents. Indian entities must input data on total foreign investment through an online interface available from June 28, 2018 to July 12, 2018. Entities not complying will be non-compliant with foreign exchange laws and regulations. The format of the SMF is provided in the annexures. Commercial banks are asked to inform customers of this new reporting requirement under FEMA.
The document summarizes key amendments made by the Companies (Amendment) Act, 2017 in India. Some of the major amendments addressed difficulties in implementation of certain provisions, facilitated ease of doing business, and harmonized company law with other statutes. Specifically, it reduced the time period for name reservation from 60 to 20 days, increased the deadline for informing about a change in registered office from 15 to 30 days, and required companies to prepare consolidated financial statements including associate companies in addition to subsidiaries.
Monitoring of Foreign Investment limits in listed Indian companies May 17th 2018GAURAV KR SHARMA
SEBI issued a circular amending two previous circulars regarding monitoring foreign investment limits in listed Indian companies. The deadline for companies to provide necessary data to depositories was extended to May 25th. The new monitoring system was pushed back to becoming operational on June 1st, in response to requests from stakeholders. This circular was issued under powers of the Securities and Exchange Board of India Act of 1992.
The document outlines amendments made by the Securities and Exchange Board of India to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key changes include requiring listed companies to have at least one independent woman director, increasing the minimum board size for large companies, setting limits on the number of directorships a person can hold, strengthening independent director requirements, and enhancing nomination and remuneration committee meetings and composition. The amendments are aimed at improving corporate governance practices of listed companies in India.
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
SEBI update on Additional Risk management measures for derivatives segmentGAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
This notification announces that various sections of the Companies (Amendment) Act 2017 will come into force on February 6, 2018. Specifically, sections 2, 3, 9, 11-12, 14, 17, 27-29, 32, 34-35, 38, 41-45, 47-48, 50-51, 53, 59-60, 63-65, 72-74, 77-79, 82, 84-85, and 90-93 will take effect from that date. The notification is issued by the Ministry of Corporate Affairs, Government of India to inform all relevant parties of the commencement of these new provisions.
Mca has notified below mentioned 41 sections of companies amendment actGAURAV KR SHARMA
The document notifies that 41 sections of the Companies Amendment Act, 2017 will come into effect from February 9th, 2018. These sections pertain to definitions, member liability, authentication of documents, voting rights, issue of shares, board meetings, related party transactions, auditing standards, and qualifications for directors, tribunal members, and appellate tribunal members among other things. The notification provides a table with the section numbers of the amendment act and the corresponding sections in the Companies Act, 2013 that have been amended.
Securities and Exchange Board of India (International Financial Services Cent...GAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing amendments to the definition of "issuer" in the SEBI (International Financial Services Centres) Guidelines from 2015. The definition has been amended to include any entity incorporated in India seeking to raise foreign currency other than Indian rupee with necessary approvals, any entity incorporated abroad allowed to issue securities outside its place of incorporation per local laws, and any supranational organizations allowed to issue securities per their constitution. The circular was issued under SEBI's power to protect investors and regulate securities markets.
Report Submitted by Committee on Corporate Governance GAURAV KR SHARMA
The committee was formed in June 2017 under the chairmanship of Mr. Uday Kotak to enhance corporate governance standards of listed Indian entities. It consisted of officials from government, industry, professional bodies and academia.
The committee's terms of reference were to make recommendations to SEBI on ensuring independence of independent directors, improving related party transaction disclosures and safeguards, addressing issues in accounting/auditing practices, improving board evaluation effectiveness, and addressing investor voting issues.
The committee submitted its report on October 5, 2017 after taking public comments on its recommendations.
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notif...GAURAV KR SHARMA
The Central Board of Excise and Customs of India determined new exchange rates of foreign currencies relating to imported and exported goods, effective September 22, 2017. Schedules I and II list 19 currencies and their exchange rates in Indian rupees for both imported and exported goods. For example, the rate for the Australian dollar was set at 52.65 rupees for imported goods and 50.80 rupees for exported goods. The notification supersedes the previous exchange rate notification from September 7, 2017.
Outsourcing of activities by Stock Exchanges and Clearing CorporationsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to clarify regulations around exchange traded cross currency derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Key points:
- SEBI had previously laid out a framework for these cross currency futures and options contracts, as well as currency options on EUR-INR, GBP-INR and JPY-INR.
- The circular modifies the proprietary position limits for stock brokers (both bank and non-bank) for positions created in foreign currency-rupee pairs like USD-INR.
- Stock exchanges must implement a uniform methodology, in consultation, for computing and monitoring these proprietary position
Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-...GAURAV KR SHARMA
The document provides guidelines from the Securities and Exchange Board of India (SEBI) for stock exchanges and clearing corporations regarding outsourcing activities. Some key points:
- Stock exchanges and clearing corporations must develop an outsourcing policy and approval process for any outsourced activities.
- Core and critical activities like trading, clearing, settlement, and regulatory functions cannot be outsourced.
- Due diligence must be conducted on any third-party service providers and legal agreements must define roles and responsibilities.
- Exchanges and clearing corporations retain ultimate responsibility and must monitor outsourced services and have contingency plans.
Fema (transfer or issue of any foreign security) (second amendment) regulations, 2016 (382 of 2016) (02012017).pdf
1. 11 GI/2017 (1)
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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PUBLISHED BY AUTHORITY
la- 01] ubZ fnYyh] lkseokj] tuojh 2] 2017@ ikS"k 12] 1938
No. 01] NEW DELHI, MONDAY, JANUARY 2, 2017/PAUSA 12, 1938
भारतीय रज़व बक
(िवदेशी मु ा िवभाग)
(क ीय कायालय)
अिधसूचना
मुंबई, 2 जनवरी, 2017
सं. फेमा. 382/2016-आरबी
िवदेशी मु ा बंध ( कसी िवदेशी ितभूित का अंतरण या िनगम)
(दूसरा संशोधन) िविनयमावली, 2016
सा.का.िन. 01(अ).—िवदेशी मु ा बंध अिधिनयम, 1999 (1999 का 42) क धारा 6 क उप-धारा (3) के खंड (ए) और
धारा 47 क उप-धारा (2) ारा द शि य का योग करते ए, भारतीय रज़व बक एतद् ारा समय-समय पर यथासंशोिधत िवदेशी
मु ा बंध ( कसी िवदेशी ितभूित का अंतरण अथवा िनगम) िविनयमावली, 2004 (7 जुलाई, 2004 क अिधसूचना
सं. फे मा.120/आरबी-2004) म िन िलिखत संशोधन करता है, अथात् :—
1. संि नाम और ारंभ:-
(i) ये िविनयम िवदेशी मु ा बंध ( कसी िवदेशी ितभूित का अंतरण अथवा िनगम) (दूसरा संशोधन) िविनयमावली, 2016 कहलाएंगे।
(ii) वे सरकारी राजप म उनके काशन क तारीख से लागू ह गे।
2. िविनयम म संशोधन
मूल िविनयमावली म, िविनयम 6 म, उप-िविनयम (2) म, मौजूदा खंड (vi) के प ात् िन िलिखत को जोड़ा जाएगा, अथात् :
2. 2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
“(vii) भारतीय पाट कसी ऐसी समु पारीय एं टटी [िवदेश म थािपत अथवा अिध िहत कए गए संयु उ म (JV) / पूण- वािम व
वाली सहायक कंपनी (WOS) म य प म अथवा उप-अनुषंगी सहायक कं पनी (SDS) म अ य प म] म य िनवेश नह
करेगी जो उन देश म अवि थत है, िजनक िव ीय कारवाई कायबल (FATF) ारा “असहयोगी देश एवं देश” के प म पहचान क गई
है और इसक सूची िव ीय कारवाई कायबल (FATF) क वेबसाइट www.fatf-gafi.org पर उपल ध है अथवा समय-समय पर भारतीय
रज़व बक ारा इस बारे म अिधसूिचत कया जाता है। ”
[फा. सं. 1/24/ईएम/2016]
शेखर भटनागर, भारी मु य महा बंधक
पाद- ट पणी : मूल िविनयमावली 19 नवंबर 2004 के सा.का.िन.सं. 757(अ), भाग II, खंड 3, उप-खंड (i) के तहत सरकारी राजप म
कािशत ई थी और त प ात िन िलिखत ारा संशोिधत क गयी:-
सा.का.िन. सं. 220(अ), दनांक अ ैल 7, 2005
सा.का.िन. सं. 337(अ), दनांक मई 27, 2005
सा.का.िन. सं. 552(अ), दनांक अग त 31, 2005
सा.का.िन. सं. 535(अ), दनांक िसतंबर 6, 2006
सा.का.िन. सं. 13(अ), दनांक जनवरी 5, 2008
सा.का.िन. सं. 209(अ), दनांक माच 25, 2008
सा.का.िन. सं. 676(अ), दनांक िसतंबर 24, 2008
सा.का.िन. सं. 756(अ), दनांक अ ूबर 31, 2008
सा.का.िन. सं. 108(अ), दनांक फरवरी 20, 2009
सा.का.िन. सं. 301(अ), दनांक मई 1, 2009
सा.का.िन. सं. 441(अ), दनांक जून 23, 2009
सा.का.िन. सं. 609(अ), दनांक अग त 28, 2009
सा.का.िन. सं. 607(अ), दनांक अग त 3, 2012
सा.का.िन. सं. 609(अ), दनांक अग त 3, 2012
सा.का.िन. सं. 947(अ), दनांक दसंबर 31, 2012
सा.का.िन. सं. 345(अ), दनांक मई 29, 2013
सा.का.िन. सं. 516(अ), दनांक जुलाई 30, 2013
सा.का.िन. सं. 529(अ), दनांक अग त 5, 2013
सा.का.िन. सं. 552(अ), दनांक अग त 14, 2013
सा.का.िन. सं. 323(अ), दनांक मई 7, 2014
सा.का.िन. सं. 489(अ), दनांक जुलाई 11, 2014
सा.का.िन. सं. 828(अ), दनांक नव बर 21, 2014
सा.का.िन. सं. 868(अ), दनांक दस बर 3, 2014
सा.का.िन. सं. 7(अ), दनांक जनवरी 5, 2015
सा.का.िन. सं. 921(अ), दनांक दस बर 2, 2015
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 2nd January, 2017
No. FEMA.382/ 2016-RB
Foreign Exchange Management (Transfer or Issue of any
Foreign Security) (Second Amendment) Regulations, 2016
G.S.R. 01(E).—In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub-section
(2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby
3. ¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security)
Regulations, 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004) namely:-
1. Short Title & Commencement:-
(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign
Security) (Second Amendment) Regulations, 2016.
(ii) They shall be deemed to have come into force from the date of publishing in the Gazette.
2. Amendment of Regulation
In the Principal Regulations, in Regulation 6, in sub-regulation (2), after the existing clause (vi), the following shall be
inserted, namely:
“ (vii) Indian Party shall make no direct investment in an overseas entity [set up or acquired abroad directly as JV/WOS
or indirectly as Step Down Subsidiary] located in the countries identified by the Financial Action Task Force (FATF) as
“non co-operative countries and territories” as per list available on FATF website www.fatf-gafi.org or as notified by the
Reserve Bank of India from time to time.”
[F. No. 1/24/EM/2016]
SHEKHAR BHATNAGAR, Chief General Manager-in-charge
Foot Note : The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No 757(E), dated
November 19, 2004 – in Part II, Section 3, Sub-section (i) and subsequently amended vide:-
G.S.R. No. 220(E), dated 7.04. 2005
G.S.R. No. 337(E), dated 27.05. 2005
G.S.R. No. 552(E), dated 31.08.2005
G.S.R. No. 535(E), dated 06.09.2006
G.S.R. No. 13(E), dated 05.01.2008
G.S.R. No. 209(E), dated 25.03.2008
G.S.R. No.676(E), dated 24.09.2008
G.S.R. No.756(E), dated 31.10.2008
G.S.R. No.108(E), dated 20.02.2009
G.S.R. No. 301(E), dated 01.05.2009
G.S.R. No. 441(E), dated 23.06.2009
G.S.R. No. 609(E), dated 28.08.2009
G.S.R. No. 607(E), dated 03.08. 2012
G.S.R. No. 609(E), dated 03.08.2012
G.S.R. No. 947(E), dated 31.12.2012
G.S.R. No. 345(E), dated 29.05.2013
G.S.R. No. 516(E), dated 30.07.2013
G.S.R. No. 529(E), dated 05.08.2013
G.S.R. No. 552(E), dated 14.08.2013
G.S.R. No. 323(E), dated 07.05.2014
G.S.R. No. 489(E), dated 11.07.2014
G.S.R. No. 828(E), dated 21.11.2014
G.S.R. No. 868(E), dated 03.12.2014
G.S.R. No. 7(E), dated 05.01.2015
G.S.R. No. 921(E), dated 02.12.2015
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
SARVESH KUMAR
SRIVASTAVA
Digitally signed by SARVESH
KUMAR SRIVASTAVA
Date: 2017.01.04 16:20:46
+05'30'