Relaxation in Timelines for Compliance with Regulatory Requirements

Legal Category: SEBI
Rule ACT: SEBI (Depositories and Participants) Regulations
Update Type: Circular
Release Date: 01, Dec, 2020
Notification No: SEBI/HO/MIRSD/DOP/CIR/P/2020/235
Description: The Securities and Exchange Board of India has decided to extend the timelines for the following regulatory requirements by Depository participants:
i. Internal Audit for the half-year ended on September 30, 2020, extended to December 31, 2020
ii. System Audit for the half-year ended on September 30, 2020, extended to December 31, 2020
iii. Half-yearly net worth certificate as of September 30, 2020, extended to December 31, 2020
iv. Submission of half-yearly Internal Audit Report by DPs for the half-year ended on September 30, 2020, extended to December 31, 2020.

Validation of Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Press Release
Release Date: 26, Nov, 2020
Notification No: NA (Validation of Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports)
Description: The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.

In consonance with the above requirement, Income-tax efiling portal had already factored mandatory quoting of UDIN with effect from 27th April, 2020 for documents certified/attested in compliance with the Income-tax Act,1961 by a Chartered Accountant. With this system level integration, UDIN provided for the audit reports/certificates submitted by the Chartered Accountants in the e-filing portal shall be validated online with the ICAI. This will help in weeding out fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.

If for any reason, a Chartered Accountant was not able to generate UDIN before submission of audit report/certificate, the Income-tax e-filing portal permits such submission, subject to the Chartered Accountant updating the UDIN generated for the form within 15 calendar days from the date of form submission in the Income- tax efiling portal. If the UDIN for the audit report/certificate is not updated within the 15 days provided for the same, such audit report/certificate uploaded shall be treated as invalid submission.

Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020

Legal Category: Corporate
Rule ACT: IBC (Information Utilities) Regulations
Update Type: Amendment
Release Date: 13, Nov, 2020
Notification No: No. IBBI/2020-21/GN/REG065
Description: The Insolvency and Bankruptcy Board of India has further amended the provision of Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
Highlights of the amendment:
i. Added definition of "Financial Information".
Ii. Added provision of Dissemination of public announcement by information utility.

Disclosure in the Term Sheet for listing of privately placed debt securities

Legal Category: SEBI
Rule ACT: SEBI (Issue and Listing of Debt Securities) Regulations
Update Type: Circular
Release Date: 27, Nov, 2020
Notification No: NSE/CML/2020/21
Description: National Stock Exchange (NSE) has advised Issuer of privately placed debt securities to specifically indicate in the Term Sheet of the Issue to the Stock Exchange in which the securities are proposed to be listed. This will be applicable for issuances that open on or after December 1, 2020.

Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2020

Legal Category: Anti trust
Rule ACT: Competition Act
Update Type: Amendment
Release Date: 26, Nov, 2020
Notification No: F.No. CCI/CD/Amend/Comb. Regl./2020
Description: Competition Commission of India ha amended the Form A of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.

Review of regulatory measures introduced vide SEBI Press Release dated March 20, 2020

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Press Release
Release Date: 25, Nov, 2020
Notification No: No.59/2020
Description: The Securities and Exchange Board of India has decided to revise and review the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 based on market feedback and changed market environment.

Standard Operating Procedure (SOP) for Processing FDI Proposals

Legal Category: Exchange Control
Rule ACT: FDI Policy
Update Type: Circular
Release Date: 09, Nov, 2020
Notification No: No. 1/8/2016-FDI Policy
Description: Department of Industrial Policy & Promotion has issued Standard Operating Procedure (SOP) for Processing FDI Proposals. The applicant would be required to submit the proposal for foreign investment in terms of the guidelines and requirements under the FDI Policy, Standard Operating Procedure for processing FDI proposals, as amended from time to time (SOP) and FIFP. The applicant shall make the application as per the format and requirements under the FIFP and upload documents.

Introduction of Unified Payments Interface (UPI) Mechanism and Application through Online interface and Streamlining the process of Public Issues of securities under SEBI (ILDS) Regulations, SEBI(NCRPS) Regulations, SEBI(SDI) Regulations and SEBI(ILDM)Regulations

Legal Category: SEBI
Rule ACT: SEBI (Issue and Listing of Debt Securities) Regulations
Update Type: Circular
Release Date: 23, Nov, 2020
Notification No: SEBI/HO/DDHS/CIR/P/2020/233
Description: The Securities and Exchange Board of India has introduced the Unified Payments Interface (UPI) Mechanism and Application through Online interface and Streamlining the process of Public Issues of securities. It provides an option to investors to apply in public issues of debt securities through the app/web interface of Stock Exchange(s) with a facility to block funds through Unified Payments Interface (UPI)mechanism for application value up to Rs. 2 Lac and permits UPI mechanism to block funds for application value up to Rs. 2 Lac submitted through intermediaries (Syndicate members, Registered Stock Brokers, Registrar, and Transfer Agent and Depository Participants).

Testing of software used in or related to Trading and Risk Management

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Circular
Release Date: 24, Nov, 2020
Notification No: SEBI/HO/MRD1/DSAP/CIR/P/2020/234
Description: The Securities and Exchange Board of India has decided that the requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if Stock Exchange provides a suitable simulated test environment to test new software or existing software that has undergone any change of functionality and ensures the following:
i. The test environment shall be made available to all the members.
ii. The test environment shall be made available for at least two hours after market hours and at least on two trading days in a week.
iii. For the purpose of testing, the Stock Exchange shall make available data from at least one trading day in all segments and the same shall not be older than one month from the day of the testing environment.
iv. All trading members (excluding those who use only Exchange provided front end and/or ASP services) having approved Algorithms available with the member, irrespective of the algorithm having undergone change or not, shall participate in the Simulated Environment at least on one trading day during each calendar month at all the exchanges where they are members. This shall be audited and reported in the System Auditors report.
v. Exchange shall provide a daily log, including Algos used, of members participation in Simulated Environment to all participating members. The Exchange shall provide a summary report of such activity to SEBI in the monthly development report (MDR).

Exchange Rate of Foreign Currency

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 19, Nov, 2020
Notification No: No.108/2020 - 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.105/2020-CUSTOMS (N.T.).

Non-Compliance with Provisions Related to Continuous Disclosures.

Legal Category: SEBI
Rule ACT: SEBI Act
Update Type: Circular
Release Date: 13, Nov, 2020
Notification No: SEBI/HO/DDHS/DDHS/CIR/P/2020/231
Description: The Securities and Exchange Board of India (SEBI) has prescribed continuous disclosure norms for issuers of listed Non-Convertible Debt Securities, Non-Convertible Redeemable Preference Shares (NCRPS) and Commercial Papers. Further, to ensure effective enforcement of continuous disclosure obligations by issuers of listed Non-Convertible Debt Securities or NCRPS or Commercial Papers, it has been decided to lay down a similar uniform structure for imposing fines for non-compliance with continuous disclosure requirements after discussion with market participants. Therefore, in the interest of the investors and the securities market, the Stock Exchanges shall levy fine and take actions in case of non-compliance.

Haryana Minimum Wages Notification 1st July 2020

Legal Category: HR and Labour
Rule ACT: Minimum wages Act - Haryana
Update Type: Letter
Release Date: 11, Nov, 2020
Notification No: No. IR-2/ 2020/ 11083-11109
Description: The Government of Haryana has released the Minimum Rate of Wages effective from 1st July 2020 for the State of Haryana.

Public Notice Regarding Registration under Plastic Waste Management Rule, 2016.

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Plastic Waste Management Rules - Haryana
Update Type: Notice
Release Date: 12, Nov, 2020
Notification No: NO. HSPCB/ SWM/13109
Description: The Haryana State Pollution Control Board (HSPCB) has issued public notice regarding the Registration under Plastic Waste Management, Rules, 2016. Companies/firms using plastics packaging's(MLP & Other Plastic) for packaging different items which fall under the category of Brand owner/ producers/importer should submit their application with EPR action plan to the concerned regional offices of HSPCB. Form- 1 should be submitted to the concerned State Pollution Control Board or Pollution Control Committee or the Union territory, if operating one or two States or Union territories.

CBIC notifies new rules for Monthly/ Quarterly filing of return

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 84/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on November 10, 2020 has issued a notification specifying that a Registered person having aggregate turnover upto 1.5 crore and have furnished GSTR-1 on quarterly basis in current financial year will be deemed to file quarterly return and if the same person has furnished GSTR-1 on monthly basis will be deemed to file monthly return and the registered person having turnover more than 1.5 crore and upto 5 crore in preceeding financial year will be deemed to file quarterly return. However, this deemed option can be changed electronically on the common portal during the period from 5th of December,2020 to 31st of January, 2021.

CBIC notifies procedures for those opting to file GSTR-3B Quarterly

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 85/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on November 10, 2020 has issued a notification specifying that the Registered person who has opted for furnishing quarterly return must deposit 35% of the tax liability in electronic cash ledger and the amount must be paid by debiting the electronic cash ledger in the return for preceding quarter, for the 1st month or the 2nd month or the both month of the quarter provided no such amount may be required to be deposited for the 1st or the 2nd month where the balance in the electronic cash ledger or the electronic credit ledger is adequate for the settlement of tax liability.

CBIC notifies time limit for GSTR - 1

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 83/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on November 10, 2020 has issued a notification specifying that Notification no.74/2020 - Central Tax and Notification NO. 75/2020 - Central Tax has been superceded and has stated that from 1st of January,2021 the new due date for filling monthly GSTR-1 is the 11th Day of month succeeding such tax period and new due date for filling quarterly GSTR-1 is the 13th day of the month succeeding such tax period.

Quarterly Return Monthly Payment Scheme under GST

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Circular
Release Date: 10, Nov, 2020
Notification No: Circular No. 143/13/2020- GST
Description: The Central Board of Indirect Taxes and Customs (CBIC) on 10th November 2020 as a trade facilitation measure and in order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021

CBIC amends Notification No. 13-2020 dated 21st March 2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 88/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on 10th November 2020 makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020, namely:-

In the said notification, in the first paragraph, with effect from the 1st day of January, 2021, for the words “five hundred crore rupees”, the words “one hundred crore rupees” shall be substituted.

CBIC extends thetime limit for furnishing ITC-04 in respect of goods dispatched to a job or received drom job worker

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 87/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on 10th November 2020 extends the time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 till the 30th day of November, 2020.

CBIC rescinds the notification no. 76-2020 Central Tax

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 86/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on 10th November 2020 rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 76/2020-Central Tax, dated the 15th October, 2020, published in the Gazette of India, Extraordinary, vide number G.S.R. 636 (E), dated the 15th October, 2020, except as respects things done or omitted to be done before such rescission.

CBIC issues notification for the implementation of Section 97 of Finance Act, 2019

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 10, Nov, 2020
Notification No: Notification No. 81/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on November 10, 2020 has issued a notification stating that the Section 97 of the Finance Act, 2019 which specifies the amendment to section 39 of the said act, shall come into force from November 10, 2020.

Central Goods and Services (Thirteenth Amendment) Rules, 2020

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Amendment
Release Date: 10, Nov, 2020
Notification No: Notification No. 82/2020 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on 10th October 2020 has issued a notification Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 to further amend Central Goods and Services Tax Rules, 2017.

Amendment in Exchange Rate of Foreign Currency

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 12, Nov, 2020
Notification No: No.106/2020 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Customs (CBIC) has decided to make the amendments in Schedule I of the Notification No.105/2020-CUSTOMS (N.T.), dated 5th November 2020.

Monitoring and Disclosures by Debenture Trustee(s)

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Circular
Release Date: 12, Nov, 2020
Notification No: SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/23
Description: The Securities and Exchange Board of India has mandated Issuer to submit information/documents to Debenture Trustee(s). In order to enable debenture trustee(s) to discharge its obligations in respect of listed debt securities, the debenture trustee(s) shall undertake an independent periodical assessment of the compliance with covenants or terms of the issue of listed debt securities including for ‘security created’.

OSPCB Order Regarding Implementation of Online Services for Consent and Authorization under Various Acts and Rules

Legal Category: Environmental, Occupational Health and Safety
Rule ACT: Bio-Medical Waste Management Rules - Odisha
Update Type: Order
Release Date: 28, Oct, 2020
Notification No: No. 10626/IND-II-CTE-6391
Description: The Odisha State Pollution Control Board (OSPCB) has implemented online services for granting Consent and Authorization under Different EHS Acts and Rules. The Board has also issued detailed guidelines regarding the procedure for granting Consent and Authorization in online mode. Hence, now no paper or physical application is required for Consent and Authorization.
  • 01, Dec, 2020 Relaxation in Timelines for Compliance with Regulatory Requirements
  • 26, Nov, 2020 Validation of Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports
  • 13, Nov, 2020 Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020
  • 27, Nov, 2020 Disclosure in the Term Sheet for listing of privately placed debt securities
  • 26, Nov, 2020 Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2020
  • 25, Nov, 2020 Review of regulatory measures introduced vide SEBI Press Release dated March 20, 2020
  • 09, Nov, 2020 Standard Operating Procedure (SOP) for Processing FDI Proposals
  • 23, Nov, 2020 Introduction of Unified Payments Interface (UPI) Mechanism and Application through Online interface and Streamlining the process of Public Issues of securities under SEBI (ILDS) Regulations, SEBI(NCRPS) Regulations, SEBI(SDI) Regulations and SEBI(ILDM)Regulations
  • 24, Nov, 2020 Testing of software used in or related to Trading and Risk Management
  • 19, Nov, 2020 Exchange Rate of Foreign Currency
  • 13, Nov, 2020 Non-Compliance with Provisions Related to Continuous Disclosures.
  • 11, Nov, 2020 Haryana Minimum Wages Notification 1st July 2020
  • 12, Nov, 2020 Public Notice Regarding Registration under Plastic Waste Management Rule, 2016.
  • 10, Nov, 2020 CBIC notifies new rules for Monthly/ Quarterly filing of return
  • 10, Nov, 2020 CBIC notifies procedures for those opting to file GSTR-3B Quarterly
  • 10, Nov, 2020 CBIC notifies time limit for GSTR - 1
  • 10, Nov, 2020 Quarterly Return Monthly Payment Scheme under GST
  • 10, Nov, 2020 CBIC amends Notification No. 13-2020 dated 21st March 2020
  • 10, Nov, 2020 CBIC extends thetime limit for furnishing ITC-04 in respect of goods dispatched to a job or received drom job worker
  • 10, Nov, 2020 CBIC rescinds the notification no. 76-2020 Central Tax
  • 10, Nov, 2020 CBIC issues notification for the implementation of Section 97 of Finance Act, 2019
  • 10, Nov, 2020 Central Goods and Services (Thirteenth Amendment) Rules, 2020
  • 12, Nov, 2020 Amendment in Exchange Rate of Foreign Currency
  • 12, Nov, 2020 Monitoring and Disclosures by Debenture Trustee(s)
  • 28, Oct, 2020 OSPCB Order Regarding Implementation of Online Services for Consent and Authorization under Various Acts and Rules
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