Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020

Legal Category: SEBI
Rule ACT: SEBI (Issue and Listing of Debt Securities) Regulations
Update Type: Amendment
Release Date: 08, Oct, 2020
Notification No: SEBI/LAD-NRO/GN/2020/35
Description: The Securities and Exchange Board of India has decided to further amend the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008.
Highlights of the amendments:
i. new definition of Private Placement
ii. in regulation 4(4), the words and symbols “Section 117B of the Companies Act, 1956 (1 of 1956)” substituted with the words and symbols “Section 71 of the
Companies Act, 2013 (18 of 2013)”
iii. substituted Regulation 5(2)(a), 15(2),
iv. the words and symbols "Companies Act, 1956" substituted with the words and symbols “Companies Act, 2013.”
v. notice period for Rollover reduced to fifteen days
vi. Inserted new section 21B which talks about the creation of security.

Contactless delivery of International Courier Consignments -reg

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Release Date: 21, Oct, 2020
Notification No: No. 47/2020-Customs
Description: Central Board of Indirect Taxes and Customs has decided to allow the delivery of International Courier Shipments, based on the OTP validation as follows:
i. Consignee gets OTP on their mobile number which has been registered with the authorized courier. The authorized courier should exercise due diligence to ensure that
the mobile number belongs to the consignee at the time of registering the phone number
ii. At the time of delivery, the authorized courier electronically validates the OTP from the consignee
iii. Upon successful validation, the shipment is delivered as per the instructions of the consignee. In case of failure to validate the OTP, the consignment will not be delivered.

Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020

Legal Category: SEBI
Rule ACT: SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation
Update Type: Amendment
Release Date: 19, Oct, 2020
Notification No: No. SEBI/LAD-NRO/GN/2020/36
Description: The Securities and Exchange Board of India has issued Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020 to further amend the provision of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
Highlights of the amendment:
In regulation 4(1), the following Explanation shall be inserted:
“Explanation.– For the removal of doubts, it is clarified that any act of diversion, misutilisation, or siphoning off of assets or earnings of a company whose securities are listed or any concealment of such act or any device, scheme, or artifice to manipulate the books of accounts or financial statement of such a company that would directly or indirectly manipulate the price of securities of that company shall be and shall always be deemed to have been considered as manipulative, fraudulent and an unfair trade practice in the securities market.”

Central Goods and Services Tax (Twelfth Amendment) Rules, 2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Amendment
Release Date: 15, Oct, 2020
Notification No: Notification No. 79/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has issued the Central Goods and Services Tax (Twelfth Amendment) Rules, 2020 to further amend the Central Goods and Services Tax Rules, 2017. 

CBIC amends the notification for the exemption of intra-State supply of services

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: Notification No. 78/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has amended the notification no. 12/2017- Central Tax dated June 28, 2017 which specifies the exemption of the intra-State supply of services of description given in the notification.
The following amendment has been made:

The table, which specifies the aggregate turnover and number of harmonised systems of nomenclature, has been substituted, namely:

1.The aggregate turnover is up to 5 crores, the number of harmonised nomenclatures shall be 4.

2.The aggregate turnover more than 5 crores, the number of harmonised nomenclatures shall be 6.

CBIC amends the notification for filing of annual returns for registered taxpayers with aggregate turnover of up to 2 crores

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: Notification No. 77/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has amended the notification no. 47/2019-Central Tax dated October 09, 2019 which specifies that all the person who have an aggregate turnover of up to 2 crores and have not furnished the annual return shall follow a special procedure.

The paragraph for the financial years, has been substituted, namely:

“As the class of registered persons who shall, in respect of financial years 2017-18, 2018-19 and 2019-20.”

CBIC extends the due date of filing of GSTR-3B for registered person with aggregate turnover up to 5 crores

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: Notification No. 76/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has issued a notification and specifies that the return in FORM GSTR-3B for each of the months from October, 2020 to March, 2021 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.

All the taxpayers having an aggregate turnover of up to five crore rupees in the previous financial year, whose principal place of business is in the States of Chhattisgarh,
Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli,
Puducherry, Andaman and Nicobar Islands or Lakshadweep, the return in FORM GSTR-3B of the said rules for the months of October, 2020 to March, 2021 shall be furnished
electronically through the common portal, on or before the twenty-second day of the month succeeding such month.

All the taxpayers having an aggregate turnover of up to five crore rupees in the previous financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return in FORM GSTR-3B of the said rules for the months of October, 2020 to March, 2021 shall be furnished electronically through the common portal, on or before the twenty-fourth day of the month succeeding such month.

CBIC extends the due date of filing of GSTR-1 for registered person with aggregate turnover of more than 1.5 crores

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: Notification No. 75/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has issued a notification extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021 till the eleventh day of the month succeeding such month.

CBIC extends the due date for filing of GSTR-1 for registered person with aggregate turnover up to 1.5 crores

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: Notification No. 74/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on October 15, 2020 has issued a notification specifying that the registered persons having an aggregate turnover of up to 1.5 crores in the preceding financial year or the current financial year shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 under the Central Goods and Services Tax Rules, 2017, effected during the quarter as specified:
For the quarter of October 2020 to December 2020 the details shall be furnished by January 13, 2021.
For the quarter of January 2021 to March 2021 the details shall be furnished by April 13, 2021.

Companies (Prospectus and Allotment of Securities) Amendment Rules, 2020

Legal Category: Corporate
Rule ACT: Companies Act
Update Type: Amendment
Release Date: 16, Oct, 2020
Notification No: F.No 1/21/2013-CL-V-part
Description: The Ministry of Corporate Affairs (MCA) on October 16, 2020, has issued Companies (Prospectus and Allotment of Securities) Amendment Rules, 2020 to further amend Companies (Prospectus and Allotment of Securities) Rules, 2014 and added a proviso after the third proviso of sub-rule 1 of rule 14 as follows:
provided also that in case of offer or invitation of any securities to qualified institutional buyers , it shall be sufficient if the company passes a previous special resolution only once in a year for all the allotments to such buyers during the year.

CBIC requests the taxpayers to file Form GSTR-3B at the earliest

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Order
Release Date: 15, Oct, 2020
Notification No: NA [CBIC requests the taxpayers to file Form GSTR-3B at the earliest]
Description: The Central Board of Indirect Taxes and Customs has issued a notification stating that all the taxpayers who have not file their GSTR returns shall file the same at the earliest. Further, the board has clarified that all the taxpayers who have not filed their returns in Form GSTR-3B for the period up to July, 2020 will not be able to generate the E-way bill, Part A, beginning October 15, 2020.

Clarification relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Circular
Release Date: 09, Oct, 2020
Notification No: Circular No. 142/12/2020- GST
Description: The Central Board of Indirect Taxes and Customs on 9th October 2020 issued Clarification relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020.

Exchange Rate of Foreign Currency

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 15, Oct, 2020
Notification No: No.99/2020 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Customs (CBIC) has determined the exchange rate of foreign currency related to import and export of goods in supersession of the notification No.95/2020-CUSTOMS (N.T.).

Uttar Pradesh Minimum Wages in 74 Schedule Employment (Oct 2020)

Legal Category: HR and Labour
Rule ACT: Minimum Wages Act - Uttar Pradesh
Update Type: Others
Release Date: 08, Oct, 2020
Notification No: No-1362-89/NEW/MW/15
Description: The Government of Uttar Pradesh has released the Minimum Rate of Wages for 74 Schedule Employment with effective from 1st October 2020 for the State of Uttar Pradesh.

Caution to Investors against Unsolicited Investment Tips

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Press Release
Release Date: 14, Oct, 2020
Notification No: No.53/2020
Description: Securities and Exchange Board of India has advised all investors and the general public not to rely on unsolicited stock tips/investment advice circulated through bulk SMS, websites, and social media platforms. Investors are further advised to exercise appropriate due diligence before dealing in the securities market.

Standardisation of Procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of Listed Debt Securities

Legal Category: SEBI
Rule ACT: SEBI (Issue and Listing of Debt Securities) Regulations
Update Type: Circular
Release Date: 13, Oct, 2020
Notification No: SEBI/HO/MIRSD/CRADT/CIR/P/2020/203
Description: Securities and Exchange Board of India has issued procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of Listed Debt Securities including seeking consent from the investors for enforcement of security/entering into an Inter-Creditor Agreement (“ICA”).

Faceless Assessment - Measures for timely assessment of Bills of Entry and clarification on defacement of physical documents - reg.

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Circular
Release Date: 12, Oct, 2020
Notification No: No. 45/2020-Customs
Description: Central Board of Indirect Taxes & Customs has prescribed the measures for Faceless Assessment as the prompt and timely assessment of Bills of Entry and clearance of imported consignments are key objectives of Turant Customs.
Highlights of the measures for Faceless Assessment:
i. Continuous Assessment
ii. Raising of Queries by FAG Officers
iii. Resorting to First Checks
iv. Role of RMCC/LRM in Facilitation
v. Re-assessment of Bills of Entry
vi. Grievance Redressal.

Procedure for AD/IFSC Code Online Registration Through ICEGATE

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notice
Release Date: 07, Oct, 2020
Notification No: No. 130/2020
Description: Jawaharlal Nehru Customs House has decided to elaborate the step by step process on ICEGATE for smooth registration. The same is explained below:
i. IEC holder is required to get Bank Authorisation Letter in Annexure-A from the concerned bank and request the bank to email the same on EDI, JNCH email
ID- edi@jawaharcustoms.gov.in.
ii. Registration of the exporter/importer on the Icegate websitewww.icegate.gov.in is required to submit an online request for AD/IFSC code which is one-time activity If not registered, then the applicant is advised to get ICEGATE registration before AD code application.
iii. ICEGATE registered IEC holders are required to log in on the websitewww.icegate.gov.in and choose E-Sanchit and generate one IRN number for all required documents
iv. If any error is reported by the ICEGATE, the exporters are advised to take remedial action/correction, if the problem persists, the applicant is advised to send an email on ICEGATE on SAKSHAM SEVA mail ID saksham.seva@icegate.gov.in.

OSPCB Order Regarding the Time Limit for Disposal of Application for Authorization or Renewal under Plastic Waste Management Rules, 2016

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Plastic Waste Management Rules - Odisha
Update Type: Order
Release Date: 07, Oct, 2020
Notification No: No.9768/IND-PQ-Misc.186
Description: The Odisha State Pollution Control Board (OSPCB) has revised the timeline for disposal of application for registration or renewal under Plastic Waste Management Rules, 2016. The Plastic Waste Management Rules, 2016 stipulates that registration or renewal shall be granted by the Board within a period of 90 days from the date of receipt of application, complete in all respect. Considering the necessity of faster disposal of registration or renewal application in order to regulate the management of plastic waste in the State, the time limit for disposal of application for registration or renewal under Plastic Waste Management Rules, 2016 is fixed as 60 days with effect from the date of receipt of online applications complete in all respect against the statutory period of 90 days.

OSPCB Order Regarding the Time Limit for Disposal of Application for Authorization or Renewal under E- Waste Management Rules, 2016

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: E-Waste (Management) Rules - Odisha
Update Type: Order
Release Date: 07, Oct, 2020
Notification No: No.9761/IND-PQ-Misc.93
Description: The Odisha State Pollution Control Board (OSPCB) has revised the timeline for authorization/ renewal under E-Waste Management Rules, 2016. The E-Waste Management Rules, 2016 stipulates that authorization or renewal shall be granted by the Board within a period of 120 days from the date of receipt of application, complete in all respect.
Considering the necessity of faster disposal of authorization/ renewal application in order to regulate the management of E- waste in the State, the time limit for disposal of application for authorization or renewal under E-Waste Management Rules, 2016 is fixed as 90 days with effect from the date of receipt of online applications complete in all respect against the statutory period of 120 days.

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Amendment
Release Date: 08, Oct, 2020
Notification No: SEBI/LAD-NRO/GN/2020/33
Description: The Securities and Exchange Board of India has decided to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Highlights of the amendment:
i. Listed entity shall maintain a hundred percent. asset cover or asset cover as per the terms of offer document/Information Memorandum and/or Debenture Trust Deed, sufficient to discharge the principal amount at all times for the non-convertible debt securities issued.
ii. Listed entity shall intimate followings to the Debenture trustee:
a. all covenants of the issue (including side letters, accelerated payment clause, etc.)
b. a half-yearly certificate regarding maintenance of hundred percent asset cover or asset cover as per the terms of offer document/ Information Memorandum and/or Debenture Trust Deed, including compliance with all the covenants, in respect of listed non-convertible debt securities, by the statutory auditor, along with the half-yearly financial result.

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Addition of one entry

Legal Category: Finance
Rule ACT: RBI (Master Direction - Know Your Customer Guidelines)
Update Type: Circular
Release Date: 09, Oct, 2020
Notification No: RBI/2020-2021/51DOR.AML.BC.No.21/14.06.001/2020-21
Description: Ministry of External Affairs (MEA) has forwarded the Press Release issued by the United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011), and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings, and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017) and adopted under Chapter VII of the Charter of the United Nations.
Updated lists of individuals and entities linked to ISIL (Da'esh), Al-Qaida, and Taliban are available at:
https://www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list
https://www.un.org/securitycouncil/sanctions/1988/materials

Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/Decaution Listing of Exporters’ - Review

Legal Category: Exchange Control
Rule ACT: FEMA (Master Direction - Export of Goods and Services)
Update Type: Circular
Release Date: 09, Oct, 2020
Notification No: RBI/2020-2021/50 A.P. (DIR Series) Circular No.03
Description: The Reserve Bank of India has issued the revised Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/Decaution Listing of Exporters’ and decided an exporter would be caution-listed by the Reserve Bank based on the recommendations of the AD bank concerned, depending upon the exporters track record with the AD bank and investigative agencies. The AD bank would make recommendations in this regard to the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank in case the exporter has come to the adverse notice of the Enforcement Directorate(ED)/Central Bureau of Investigation (CBI)/Directorate of Revenue Intelligence (DRI)/any such other law enforcement agency and/or the exporter is not traceable and/or is not making sincere efforts to realize the export proceeds. Similarly, the AD bank would also make recommendations to the Regional Office of the Reserve Bank for de-caution-listing an exporter as per the laid down procedure.

Madhya Pradesh Minimum Wages Notification 1st October 2020

Legal Category: HR and Labour
Rule ACT: Minimum Wages Act - Madhya Pradesh
Update Type: Notification
Release Date: 29, Sep, 2020
Notification No: No. 1/11/NW/Five/2015/36273-422
Description: The Government ofMadhya Pradesh has released the Minimum Rate of Wages effective from 1st October 2020 for the State of Madhya Pradesh.

Jharkhand Tax on Professions, Traders, Calling and Employment (Amendment) Rules, 2020

Legal Category: Taxation
Rule ACT: Professional Tax Act -Jharkhand
Update Type: Amendment
Release Date: 22, Sep, 2020
Notification No: S.O.No. 79
Description: The Commercial Taxes Department of Jharkhand has issued the Jharkhand Tax on Professions, Traders, Calling and Employment (Amendment) Rules, 2020 to further amend the Jharkhand Tax on Professions, Traders, Calling and Employment Rule, 2012.
  • 08, Oct, 2020 Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020
  • 21, Oct, 2020 Contactless delivery of International Courier Consignments -reg
  • 19, Oct, 2020 Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020
  • 15, Oct, 2020 Central Goods and Services Tax (Twelfth Amendment) Rules, 2020
  • 15, Oct, 2020 CBIC amends the notification for the exemption of intra-State supply of services
  • 15, Oct, 2020 CBIC amends the notification for filing of annual returns for registered taxpayers with aggregate turnover of up to 2 crores
  • 15, Oct, 2020 CBIC extends the due date of filing of GSTR-3B for registered person with aggregate turnover up to 5 crores
  • 15, Oct, 2020 CBIC extends the due date of filing of GSTR-1 for registered person with aggregate turnover of more than 1.5 crores
  • 15, Oct, 2020 CBIC extends the due date for filing of GSTR-1 for registered person with aggregate turnover up to 1.5 crores
  • 16, Oct, 2020 Companies (Prospectus and Allotment of Securities) Amendment Rules, 2020
  • 15, Oct, 2020 CBIC requests the taxpayers to file Form GSTR-3B at the earliest
  • 09, Oct, 2020 Clarification relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020
  • 15, Oct, 2020 Exchange Rate of Foreign Currency
  • 08, Oct, 2020 Uttar Pradesh Minimum Wages in 74 Schedule Employment (Oct 2020)
  • 14, Oct, 2020 Caution to Investors against Unsolicited Investment Tips
  • 13, Oct, 2020 Standardisation of Procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of Listed Debt Securities
  • 12, Oct, 2020 Faceless Assessment - Measures for timely assessment of Bills of Entry and clarification on defacement of physical documents - reg.
  • 07, Oct, 2020 Procedure for AD/IFSC Code Online Registration Through ICEGATE
  • 07, Oct, 2020 OSPCB Order Regarding the Time Limit for Disposal of Application for Authorization or Renewal under Plastic Waste Management Rules, 2016
  • 07, Oct, 2020 OSPCB Order Regarding the Time Limit for Disposal of Application for Authorization or Renewal under E- Waste Management Rules, 2016
  • 08, Oct, 2020 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020
  • 09, Oct, 2020 Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Addition of one entry
  • 09, Oct, 2020 Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/Decaution Listing of Exporters’ - Review
  • 29, Sep, 2020 Madhya Pradesh Minimum Wages Notification 1st October 2020
  • 22, Sep, 2020 Jharkhand Tax on Professions, Traders, Calling and Employment (Amendment) Rules, 2020
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