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SEBI issues Circular regarding Cross Margin in Commodity Index Futures and its underlying constituent futures or its variants

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992 regarding Cross Margin in Commodity Index Futures and its underlying constituent futures or its variants. SEBI has decided to introduce cross margin benefit between Commodity Index futures and futures of its underlying constituents or its variants. This shall reduce the cost of trading and may lead to enhanced liquidity in both the Commodity index futures and its underlying constituent futures or its variants.
Change Type	Circular
State	Central
Effective Date	29-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/cross-margin-in-commodity-index-futures-and-its-underlying-constituent-futures-or-its-variants_50740.html

BSE issues Guidance Note on Analyst/Institutional Investors meet

Brief Details	The Bombay Stock Exchange issues Guidance Note on Analyst/Institutional Investors meet. All listed companies shall be required to disclose audio recordings or transcripts of all such information where UPSI is shared, irrespective of whether the meeting was organized by the listed company or by any other entity. All the listed entities are requested to comply with the requirement of the applicable regulations as amended from time to time.
Change Type	Notice
State	Central
Effective Date	29-June-2021
Source	https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20210629-44

Ministry of Finance appoints the 30th day of June, 2021 as the date on which certain provisions of the Finance Act, 2021 shall come into force

Brief Details	The Ministry of Finance in exercise of the powers conferred by section 128 of the Finance Act, 2021 appoints the 30th day of June, 2021 as the date on which the provisions of Part III of the Finance Act, 2021 shall come into force.
Change Type	Notification
State	Central
Effective Date	30-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227981.pdf

RBI issues Guidelines for Managing Risk in Outsourcing of Financial Services by Cooperative Banks

Brief Details	The Reserve Bank of India in order to enable the co-operative banks to put in place necessary safeguards for addressing the risks inherent in outsourcing of activities, guidelines on managing risks in outsourcing are given. Co-operative banks are advised to conduct a self-assessment of their existing outsourcing arrangements and bring the same in line with these guidelines within a period of six months from the date of issue of this Circular.
Change Type	Circular
State	Central
Effective Date	28-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT642C29DCE69C264AC198E4BDE2C671F7F2.PDF

Ministry of Skill Development and Entrepreneurship notifies the Apprenticeship (Amendment) Rules, 2021

Brief Details	The Ministry of Skill Development and Entrepreneurship in exercise of the powers conferred by sub-section (1) of section 37 of the Apprentices Act, 1961 notifies the Apprenticeship (Amendment) Rules, 2021. The amendments are made to Schedule I in the Apprenticeship Rules, 1992.
Change Type	Notification
State	Central
Effective Date	24-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227863.pdf

RBI issues Notification regarding Appointment of Managing Director (MD) / Whole-Time Director (WTD) in Primary (Urban) Co-operative Banks

Brief Details	The Reserve Bank of India issues Directions in terms of powers conferred under Sections 10, 10B, 10BB, 35A, 35B, 36AA and 53A (read with Section 56) of the Banking Regulation Act, 1949 relating to appointment, re-appointment, termination and removal of Managing Director (MD) and Whole-Time Director (WTD), the Reserve Bank. These directions are applicable to all Primary (Urban) Co-operative Banks.
Change Type	Notification
State	Central
Effective Date	25-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MDWTD207E35D0F9F749B69C27F7AD9330D1DE.PDF

RBI issues Circular regarding Appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks

Brief Details	The Reserve Bank of India has decided that all UCBs having asset size1 of ₹5000 crore or above, shall appoint a Chief Risk Officer. UCBs meeting the prescribed criteria as on 31^st March, 2021 shall appoint / designate a CRO by 31^st March, 2022. UCBs which may fulfill the criteria at the end of the current or subsequent financial years shall appoint / designate a CRO within a period of six months from the end of the financial year concerned.
Change Type	Circular
State	Central
Effective Date	25-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/CROUCBSD545EE5F0C96458E89985A8E04EC7140.PDF

RBI notifies the Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021

Brief Details	The Reserve Bank of India issues Directions in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934 with reference to Master Direction – Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 dated 1^st April, 2021 notifies the Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021.
Change Type	Notification
State	Central
Effective Date	25-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI6141CA2DB281DF48CBBB8CDE90A16BF327.PDF

RBI issues Circular giving the New Definition of Micro, Small and Medium Enterprises

Brief Details	The Reserve Bank of India issues Circular with reference to the circular FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 dated 21^st August, 2020. RBI had notified amendments in paragraph (7) sub-paragraph (3) in the notification of Government of India, Ministry of Micro, Small and Medium Enterprises number S.O. 2119 (E), dated 26^th June, 2020, paragraph 2.2 (i) of RBI circular dated 21^st August, 2020 stands modified as under: “The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020 shall remain valid till 31^st December, 2021.
Change Type	Circular
State	Central
Effective Date	25-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MSME28A16AE7D21948D5A25728815AECF48E.PDF

SEBI issues Circular giving the Prudential norms for liquidity risk management for open ended debt schemes

Brief Details	The Securities and Exchange Board of India issues Circular in exercise the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulation, 1996 giving the Prudential norms for liquidity risk management for open ended debt schemes.
Change Type	Circular
State	Central
Effective Date	25-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/circular-on-prudential-norms-for-liquidity-risk-management-for-open-ended-debt-schemes_50692.html

SEBI issues Circular regarding Alignment of interest of key employees of Asset Management Companies with the unitholders of the Mutual Fund Schemes

Brief Details	The Securities and Exchange Board of India issues Circular in exercise the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulation, 1996 with reference to Circular no. SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/553 dated 28^th April, 2021, specified provisions with regard to ‘Alignment of interest of Key Employees of Asset Management Companies with the Unitholders of the Mutual Fund Schemes’. The aforesaid Circular was to be applicable with effect from 1^st July, 2021 but SEBI has now decided to extend the date of implementation of the Circular to 1^st October, 2021.
Change Type	Circular
State	Central
Effective Date	01-October-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/alignment-of-interest-of-key-employees-of-asset-management-companies-amcs-with-the-unitholders-of-the-mutual-fund-schemes_50693.html

SEBI issues Circular on Amendment to SEBI (Alternative Investment Funds) Regulations, 2012

Brief Details	The Securities and Exchange Board of India issues Circular in exercise the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992 making Amendment to SEBI (Alternative Investment Funds) Regulations, 2012.
Change Type	Circular
State	Central
Effective Date	25-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/circular-on-amendment-to-sebi-alternative-investment-funds-regulations-2012_50694.html

CBDT makes amendment to Notification No. 85/2020, dated the 27^th October, 2020

Brief Details	The Central Board of Direct Taxes in exercise of the powers conferred by section 3 of the Direct Tax Vivad se Vishwas Act, 2020 makes amendment to Notification No. 85/2020, dated the 27^th October, 2020. In the said notification,— (i) in clause (b), for the figures, letters and words “30th day of June, 2021”, the figures, letters and words“31st day of August, 2021” shall be substituted; (ii) in clause (c), for the figures, letters and words “1st day of July, 2021”, the figures, letters and words“1st day of September, 2021” shall be substituted; (iii) after clause (c), the following clause shall be inserted, namely: — “(d) 31st day of October, 2021 shall be the last date under clause (l) of sub-section (1) of section 2 of the said Act.”.
Change Type	Notification
State	Central
Effective Date	25-June-2021
Source	https://www.incometaxindia.gov.in/communications/notification/notification_75_2021.pdf

CBDT makes amendment to Notification No. 93/2020 dated the 31st December, 2020

Brief Details	The Central Board of Direct Taxes in exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and in partial modification of Notifications No. 93/2020 dated the 31st December, 2020, No. 10/2021 dated the 27th February, 2021, No. 20/2021 dated the 31st March, 2021, No. 38/2021 dated 27th April, 2021. (A) where the specified Act is the Income-tax Act, 1961 (i) the completion of any action, referred to in clause (a) of sub-section (1) of section 3 of the said Act, relates to passing of any order ,- (a) for assessment or reassessment under the Income-tax Act, and the time limit for completion of such action under section 153 or section 153B thereof, expires on the 30thday of June, 2021 due to its extension by the said notifications, such time limit shall further stand extended to the 30th day of September, 2021.
Change Type	Notification
State	Central
Effective Date	25-June-2021
Source	https://www.incometaxindia.gov.in/communications/notification/notification_74_2021.pdf

CBDT issues Circular regarding Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Brief Details	The Central Board of Direct Taxes in exercise of the powers under Section 119 of the Income Tax Act, provides relaxation in respect of the following compliances as under: 1) Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Act. 2) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21. 3) The Certificate of Tax Deducted at Source in Form No.16. 4) The Statement of Income paid or credited etc.
Change Type	Circular
State	Central
Effective Date	25-June-2021
Source	https://www.incometaxindia.gov.in/communications/circular/circular_no_12_2021.pdf

BSE issues Notice of Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees

Brief Details	The Bombay Stock Exchange issues Notice of Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees. All listed entities are requested to take a note that as per the directions of Securities Exchange Board of India (SEBI) regarding Standard Operating Procedure (SOP) on actions for non-payment of Annual Listing Fees, following actions shall be taken if a listed entity fails to pay the outstanding ALF. Stage1: Reminders to defaulting entities. Stage 2: Issue of notices and no approval for further listing of securities. Stage 3: Freezing of shareholding of promoter(s) of defaulting entities. Stage 4: Suspension with limited trading.
Change Type	Notice
State	Central
Effective Date	25-June-2021
Source	https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20210625-43

RBI issues Notification regarding Declaration of dividends by NBFCs

Brief Details	The Reserve Bank of India has decided to prescribe guidelines on distribution of dividend by NBFCs. These guidelines shall be applicable to all NBFCs regulated by RBI1 as below: (a) Applicable NBFCs as defined in Paragraph 2(2) of Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016; and (b) Applicable NBFCs as defined in Paragraph 2(2) of Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016.
Change Type	Notification
State	Central
Effective Date	24-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NBFCS2A8A6D0DFCD346B7BA78285EE25759A6.PDF

MCA issues Clarification on passing of ordinary and special resolutions

Brief Details	The Ministry of Corporate Affairs Issues Circular in continuation to Circular No. 14/2020 dated 8^th April 2020. No.17/2020 dated 13^th April, 2020, No.22/2020 dated 15^th June, 2020, No.33/2020 dated 28^th September, 2020 and No. 39/2020 dated 31^st December, 2020. MCA has decided to allow companies to conduct their EGMs through VC or OAVM upto 31^st December, 2021.
Change Type	Circular
State	Central
Effective Date	24-June-2021
Source	https://www.mca.gov.in/bin/dms/getdocument?mds=fYGpVQRhK8ssM3lRSs7fsg%253D%253D&type=open

MCA notifies the Companies (Accounting Standards) Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 and in supersession of the Companies (Accounting Standards) Rules, 2006 notifies the Companies (Accounting Standards) Rules, 2021.
Change Type	Notification
State	Central
Effective Date	23-June-2021
Source	https://www.mca.gov.in/bin/dms/getdocument?mds=RKk43Bmg99ksfV0bUGr6XA%253D%253D&type=open

CBDT issues Notification regarding Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961

Brief Details	The Central Board of Direct Taxes in exercise of powers conferred under section 138(1 )(a)(i) of Income-tax Act, 1961 (Act), has issued Order via F.No. 225/671202111TA.1I dated 21 .06.2021 , directing that Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information to the “Tax Deductor/Tax Collector”, having registered in the reporting portal of the Project Insight through valid TAN, to identify the ‘Specified Persons’ for the purposes of section 206AB and 206CCA of the Act through the functionality “Compliance Check for Section 206AB& 206CCA”.
Change Type	Notification
State	Central
Effective Date	22-June-2021
Source	https://www.incometaxindia.gov.in/communications/notification/notification01_2021-compliance-check-functionality.pdf

NSDL issues Circular making Amendments to Bye Laws of NSDL

Brief Details	The National Securities Depository Limited has made amendments in Bye Law 6.2.1 (iv) of NSDL with respect to Admission Criteria of Participants.
Change Type	Circular
State	Central
Effective Date	23-June-2021
Source	https://nsdl.co.in/downloadables/pdf/2021-0060-Policy-Amendments%20to%20Bye%20Laws%20of%20NSDL.pdf

Delhi Government issues the Minimum Wages Notification (April 2021)

Brief Details	The Government Of National Capital Territory of Delhi vide notification number No. F. 12(142)/02/MW/VII/Partfile/2044-2055 has released minimum wages including variable dearness allowance for the National Capital Territory of Delhi effective 1st April 2021.
Change Type	Notification
State	Delhi
Effective Date	01-April-2021
Source	http://it.delhigovt.nic.in/writereaddata/Odr2021631323.pdf

Delhi Government notifies exemption of certain compliances under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 in Delhi

Brief Details	The Government of Delhi vide notification no.F.N.17(889)/DBOCWWB/2020/1275-1281 has exempted certain compliances under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act,1996 for the next three months from the date of issue of this order such as annual contribution, late fees, penalty towards registration and renewal of construction worker. Therefore, existing eligibility condition for registration and renewal of construction workers shall remain the same.
Change Type	Notification
State	Delhi
Effective Date	09-June-2021
Source	https://labour.delhi.gov.in/sites/default/files/All-PDF/DBOCWWB_Order.pdf

TN Government Issues Order of extension of Lockdown in the State

Brief Details	The Government of Tamil Nadu issues Order extending complete lockdown from 21-06-2021 to 06:00 on 28-06-2021.
Change Type	Order
State	Tamil Nadu
Effective Date	21-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Tamil-Nadu-lockdown-G.O.409-20062021.pdf

CBIC issues Circular giving Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020

Brief Details	The Central Board of Indirect Taxes and Customs had issued Notification No. 14/2020-Central Tax, dated 21st March 2020 which requires Dynamic QR Code on B2C invoice issued by taxpayers having aggregate turnover more than 500 crore rupees, w.e.f. 01.12.2020. Further, vide notification No. 06/2021-Central Tax, dated 30th March 2021, penalty has been waived for non-compliance of the provisions of notification No.14/2020 – Central Tax for the period from 01st December, 2020 to 30th June, 2021, subject to the condition that the said person complies with the provisions of the said notification from 1st July, 2021. Further, various issues on Dynamic QR Code have been clarified vide Circular No. 146/2/2021-GST, dated 23.02.2021. Now CBIC issues Circular giving Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020.
Change Type	Circular
State	Central
Effective Date	21-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/156-12-2021%20GST%20Circular.pdf

NSE issues Circular giving the Penalty structure for incorrect submission of Client Level Holding Statement, Cash & Cash Equivalent Balances and Bank Account Balances by members

Brief Details	The National Stock Exchange of India Limited issues Circular with reference to Exchange circular NSE/INSP/48655 dated 18^th June, 2021 on penalty structure for incorrect submission of Client Level Holding Statement, Cash & Cash Equivalent Balances and Bank Account Balances by members.
Change Type	Circular
State	Central
Effective Date	21-June-2021
Source	https://archives.nseindia.com/content/circulars/INSP48661.pdf

CBDT issues Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961

Brief Details	The Central Board of Direct Taxes Issues Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961.
Change Type	Circular
State	Central
Effective Date	21-June-2021
Source	https://www.incometaxindia.gov.in/communications/circular/circular_11_2021.pdf

MH Finance Department notifies extension of due date for submitting Maharashtra Profession Tax return for the months of March 21, April 21, and May 21

Brief Details	The Maharashtra Finance Department notifies extension of due date for submitting Maharashtra Profession Tax return for the months of March 21, April 21, and May 21. The new deadline is on 30^th June, 2021, with no late fee.
Change Type	Notification
State	Maharashtra
Effective Date	17-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-4-22nd-June.pdf

Haryana Labour Department Issues Circular for providing financial assistance to dependent of deceased person

Brief Details	The Deputy Labour Commissioner (Welfare) Gurugram, Government of Haryana vide circular no. No/DLCW/2021/459 has instructed all establishments located in Gurugram circle to utilize financial scheme of Rs.2,15,000 provided under labour welfare fund for widows and dependents of deceased employees and funeral expenses. The Mukhya Mantri Shramik Suraksha Yojna also provides Rs.5,00,000 in the event of the death of an employee at workplace. Hence, dependents of the concerned employees can avail these benefits by applying through online website https://saralharyana.gov.in/.
Change Type	Circular
State	Haryana
Effective Date	15-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-5-22nd-June.pdf

SEBI issues Circular giving the Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 14(2) of the SEBI (Investment Advisers) Regulations, 2013 giving the Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013.
Change Type	Circular
State	Central
Effective Date	18-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/framework-for-administration-and-supervision-of-investment-advisers-under-the-sebi-investment-advisers-regulations-2013_50605.html

SEBI issues Circular giving the Norms for disclosure by Mutual Funds in Derivatives

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996 giving the Norms for disclosure by Mutual Funds in Derivatives. SEBI vide Circular No.Cir/IMD/DF/11/2010 dated 18^th August, 2010 has, inter alia, prescribed the guidelines for participation of mutual fund schemes in Interest Rate Swaps (IRS). In this regard based on the feedback received from the industry, it has been decided to modify paragraph 8 of the aforesaid Circular.
Change Type	Circular
State	Central
Effective Date	18-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/norms-for-investment-and-diclosure-by-mutual-funds-in-derivatives_50612.html

NSDL issues Circular for Submission of Compliance Certificate by RTAs/Issuers having direct electronic connectivity with NSDL

Brief Details	The National Securities Depository Limited issues Circular with reference to Circular No. NSDL/CIR/II/25/2020 dated 6^th July, 2020 and Circular No. NSDL/CIR/II/51/2020 dated 24^th December, 2020 regarding submission of half yearly Compliance Certificate by RTAs/ Issuers having direct electronic connectivity in prescribed format by 31^st January and 31^st July 31 every year. The Compliance Officer will be required to submit the digitally signed Compliance Certificate online through e-PASS platform using login credentials.
Change Type	Circular
State	Central
Effective Date	18-June-2021
Source	https://bit.ly/3qqjPCF

BIS makes amendment to Standards of a.c. Static Transformer Operated Watthour Meters

Brief Details	The Bureau of Indian Standards in pursuance of Sub-rule (1) of Rule (15) of the Bureau of Indian Standards Rules, 2018 notifies that Indian standards, particulars of which are given in the second column of the schedule hereto annexed have been established on the date indicated against it in third column.
Change Type	Notification
State	Central
Effective Date	19-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227728.pdf

BIS makes amendment to Standards of IS 15660 : 2017 Refillable Transportable Seamless Aluminium Alloy Gas Cylinders

Brief Details	The Bureau of Indian Standards in pursuance of Sub-rule (1) of Rule (15) of the Bureau of Indian Standards Rules, 2018 notifies that Amendments to Indian standards, particulars of which are given in schedule hereto annexed have been established.
Change Type	Notification
State	Central
Effective Date	19-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227726.pdf

Ministry of Finance notifies the Securities Contracts (Regulation) (Amendment) Rules, 2021

Brief Details	The Ministry of Finance in exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 notifies the Securities Contracts (Regulation) (Amendment) Rules, 2021. The amendments are made to Rules 19 and 19A in the Securities Contracts (Regulation) Rules, 1957.
Change Type	Notification
State	Central
Effective Date	19-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227722.pdf

MCA notifies the Companies (Indian Accounting Standards) Amendment Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by section 133, read with section 469 of the Companies Act, 2013 notifies the Companies (Indian Accounting Standards) Amendment Rules, 2021.
Change Type	Notification
State	Central
Effective Date	18-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227712.pdf

MCA notifies the Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by section 150 read with section 469 of the Companies Act, 2013 notifies the Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021. The amendments are made to Rule 3 in the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.
Change Type	Notification
State	Central
Effective Date	18-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227694.pdf

Ministry of Finance Issues Notification regarding housing financial companies registered under sub-section (5) of section 29A of the National Housing Bank Act, 1987

Brief Details	The Ministry of Finance in exercise of the powers conferred by sub-clause (iv) of clause (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in supersession of the notifications of the Government of India, Ministry of Finance numbers S.O.1282 (E), dated the 10th November, 2003, S.O. 1083 (E) dated 16th March, 2006, S.O. 2757 dated 19th September, 2007, S.O. 1516(E) dated 23rd June, 2010, S.O. 3466 (E) dated 18th December, 2015, and S.O.404(E) dated 22nd January, 2018, except as respects things done or omitted to be done before such supersession the Central Government hereby specifies such housing financial companies registered under sub-section (5) of section 29A of the National Housing Bank Act, 1987, having assets worth rupees one hundred crore and above, as financial institutions for the purposes of the said Act.
Change Type	Notification
State	Central
Effective Date	18-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227706.pdf

ESIC notifies the ESIC COVID-19 RELIEF SCHEME

Brief Details	The Employees’ State Insurance in exercise of the powers conferred upon it under sub-section (1) of Section 97 of the Employees’ State Insurance Act 1948 notifies the scheme ESIC COVID-19 RELIEF SCHEME under Section 19 of the Act as a welfare measure for the Insured Persons who are employees under Section 2(9) of the ESI Act under which in case of death of IP due to COVID-19, the eligible dependant family members of IP will be paid periodic payments directly to their bank accounts.
Change Type	Notification
State	Central
Effective Date	18-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227718.pdf

Karnataka Government Issues Order giving the Guidelines for Relaxation of Lockdown in the State

Brief Details	The Karnataka Government in exercise of the powers conferred under the Section 24 of the Disaster Management Act, 2005, issues guidelines for COVID 19 containment based on the case positivity rates of the districts, which will come into effect from 6 am on 21-06-2021 and will be in force including and upto 5 am of 05-07-2021.
Change Type	Order
State	Karnataka
Effective Date	21-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-11-21st-June.pdf

RBI notifies Liberalized Remittance Scheme for Resident Individuals – Reporting

Brief Details	The Reserve Bank of India issues directions under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 on Liberalized Remittance Scheme for Resident Individuals. Banks were required to upload the data in respect of number of applications received and the total amount remitted under the Liberalized Remittance Scheme (the Scheme) on Online Return Filing System. RBI has decided to collect this information through XBRL system instead of the ORFS. Banks shall upload the requisite information on XBRL system on or before the fifth of the succeeding month from 1^st July, 2021 onwards.
Change Type	Circular
State	Central
Effective Date	01-July-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/APDIR07AFB5B474A5A448F88DBF8A4BBFAC166F.PDF

NCDEX issues Circular for Reporting of Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by market intermediaries

Brief Details	The National Commodity and Derivatives Exchange Limited issues Circular with reference to Exchange Circular no. NCDEX/COMPLIANCE-001/2019 dated 7^th January, 2019 issued on ‘Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by market intermediaries. The members are required to submit Artificial Intelligence (AI) and Machine Learning (ML) applications and systems details as on 30^th June, 2021 to the Exchange latest by 15^th July, 2021.
Change Type	Circular
State	Central
Effective Date	17-June-2021
Source	https://ncdex.com/public/uploads/circulars/AI_ML_Jun_17062021_1623918098.pdf

MIB notifies the Cable Television Networks (Amendment) Rules, 2021

Brief Details	The Ministry of Information and Broadcasting in exercise of the powers conferred by section 22 of the Cable Television Networks (Regulation), Act, 1995 notifies the Cable Television Networks (Amendment) Rules, 2021. The amendments include amendment of Rules 6, 7 and insertion of Rules 15, 16, 17, 18, 19, 20, 21 in the Cable Television Networks Rules, 1994.
Change Type	Notification
State	Central
Effective Date	17-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227661.pdf

MCA notifies the Companies (Meetings of Board and its Powers) Amendment Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by sections 173, 177, 178 and section 186, read with section 469 of the Companies Act, 2013 notifies the Companies (Meetings of Board and its Powers) Amendment Rules, 2021. In the Companies (Meetings of Board and its Powers) Rules, 2014, rule 4 shall be omitted.
Change Type	Notification
State	Central
Effective Date	16-June-2021
Source	https://www.mca.gov.in/bin/dms/getdocument?mds=zwpAcIfQhKOgB8vwf%252FztbA%253D%253D&type=open

SEBI issues Circular regarding settlement of running account of client’s funds lying with trading member

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 and in partial modification of SEBI Circulars dated 3^rd December, 2009 and 26^th September, 2016 regarding settlement of running account of client’s funds lying with trading member.
Change Type	Circular
State	Central
Effective Date	16-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/settlement-of-running-account-of-client-s-funds-lying-with-trading-member-tm-_50570.html

SEBI issues Circular regarding Automation of continual disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 4(3) and 11 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 regarding Automation of continual disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015. SEBI has decided to include the listed debt securities of equity listed companies under the purview of the said System Driven Disclosures.
Change Type	Circular
State	Central
Effective Date	01-July-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/automation-of-continual-disclosures-under-regulation-7-2-of-sebi-prohibition-of-insider-trading-regulations-2015-system-driven-disclosures-for-inclusion-of-listed-debt-securities_50572.html

CBDT makes amendment to Notification published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017

Brief Details	The Central Board of Direct Taxes in exercise of the powers conferred by clause (v) of the Explanation to Section 48 of the Income-tax Act, 1961 makes amendment to Notification published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017. In the said notification, in the Table, after serial number 20, a new table has been inserted.
Change Type	Notification
State	Central
Effective Date	01-April-2022
Source	https://www.incometaxindia.gov.in/communications/notification/notification_73_2021.pdf

MSME makes amendment to Notification No. S.O. 2119 (E), dated the 26th June, 2020

Brief Details	The Ministry of Micro, Small and Medium Enterprises in exercise of the powers conferred by sub-sections (1) and (9) of section 7 read with sub-sections (2) and (3) of section 8 of the Micro, Small and Medium Enterprises Development Act, 2006 makes amendment to Notification No. S.O. 2119 (E), dated the 26th June, 2020. In the said notification, in paragraph (7), in sub-paragraph (3), for the figures and words, “31st day of March, 2021” the figures and words “31st day of December, 2021” shall be substituted.
Change Type	Notification
State	Central
Effective Date	16-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227649.pdf

Haryana Government issues the Minimum Wages Notification (January 2021)

Brief Details	The Government of Haryana vide Notification I.R- 2/2021/2771-916 has released the variable dearness allowance towards Minimum Wages effective from 1st January 2021.
Change Type	Notification
State	Haryana
Effective Date	01-January-2021
Source	http://storage.hrylabour.gov.in/uploads/labour_laws/Y2021/June/W3/D15/1623739404.pdf

SEBI issues Circular on revised framework for Regulatory Sandbox

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 and Section 19 of the Depositories Act, 1996 on revised framework for Regulatory Sandbox to grant certain facilities and flexibilities to the entities regulated by SEBI so that they can experiment with FinTech solutions in alive environment and on limited set of real users for a limited time frame.
Change Type	Circular
State	Central
Effective Date	14-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/revised-framework-for-regulatory-sandbox_50521.html

SEBI issues Circular giving relaxation from the requirement of minimum vesting period in case of death of employee under SEBI (Share Based Employee Benefit) Regulations, 2014

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 in view of the COVID-19 pandemic situation, to provide relief to the families of the deceased employees of listed companies, it has been decided as under: a. the provisions under the SBEB Regulations relating to minimum vesting period of one year shall not apply in case of death (for any reason) of an employee and in such instances all the options, SAR or any other benefit granted to such employee(s)shall vest with his/her legal heir or nominee on the date of death of the employee; and b. this relaxation shall be available to all such employees who have deceased on or after 1^st April, 2020.
Change Type	Circular
State	Central
Effective Date	01-April-2020
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/relaxation-from-the-requirement-of-minimum-vesting-period-in-case-of-death-of-employee-s-under-sebi-share-based-employee-benefit-regulations-2014_50545.html

EPFO notifies extension of timeline for Mandatory Seeding of Aadhaar Number for filing of ECR

Brief Details	The Employees’ Provident Fund Organization vide notification No: WSU/15(1)2019/ATR/529, has amended the previous circular dated 1st June 2021. As per the amendment, the filing of ECR for UAN to seed with Aadhaar has extended till 1st September 2021. The concerned field officers shall advise employers for implementation after the period of deferment.
Change Type	Notification
State	Central
Effective Date	15-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-3-16th-June.pdf

Karnataka Government Issues Order giving the Guidelines for Relaxation of Lockdown in the State

Brief Details	The Karnataka Government in exercise of the powers conferred under the Section 24 of the Disaster Management Act, 2005 directs that the revised guidelines to break the chain of COVID 19 transmission in the State issued vide Order No. RD 158 TNR 2020, dated 07-05-2021 and further amendments to the said guidelines issued vide Addendums I to I0 will continue in districts having high positivity rates, viz, Chikkamagaluru; Shivamogga, Davanagere, Mysuru, Chamarajanagara, Hassan, Dakshina Kannada, Bengaluru Rural, Mandya, Belagavi an~d Kodagu districts . In rest of the districts in the State certain additional activities (relaxations), as set out, to the said guidelines are permitted. These measures will come into effect from 6 am on 14-06-2021 and will be in force including and upto 6 am of 21-06-2021.
Change Type	Order
State	Karnataka
Effective Date	14-June-2021
Source	https://bit.ly/3iMOOHc

CBDT issues Press Release giving Relaxation in electronic filing of Income Tax Forms 15CA/15CB

Brief Details	The Central Board of Direct Taxes in view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in has decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30th, 2021. Authorized dealers are advised to accept such Forms till June 30th, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.
Change Type	Press Release
State	Central
Effective Date	14-June-2021
Source	https://bit.ly/3zsvSmU

PFRDA notifies the Pension Fund Regulatory and Development Authority (Point of Presence) (Amendment) Regulations, 2021

Brief Details	The Pension Fund Regulatory and Development Authority in exercise of the powers conferred by sub-section (1) read with clauses (e), (l), (n), (o), (p) and (w) of sub-section (2) of Section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 notifies the Pension Fund Regulatory and Development Authority (Point of Presence) (Amendment) Regulations, 2021. The amendments include amendment of Regulations 2, 5, 9, 13, 15, 17, 21, 25, 28, 44 in the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018.
Change Type	Notification
State	Central
Effective Date	14-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227598.pdf

PFRDA notifies the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2021

Brief Details	The Pension Fund Regulatory and Development Authority in exercise of the powers conferred by sub-section (1) of Section 52 read with clause (v) and clause (w) of sub-section (2) of the Pension Fund Regulatory and Development Authority Act, 2013 notifies the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2021. The amendments include amendment of Regulations 2, 3, 4, 7, 9, 11, 12, 13, 14, 36 in the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015.
Change Type	Notification
State	Central
Effective Date	14-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227596.pdf

PFRDA notifies the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021

Brief Details	The Pension Fund Regulatory and Development Authority in exercise of the powers conferred by sub-section (1) of Section 52 read with clauses (e),(j), (k), (l), (n), (o) and (p) of sub-section (2) of the Pension Fund Regulatory and Development Authority Act, 2013 notifies the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021. The amendments include amendment of Regulations 15, 18, 21, 23, 26, 31 in the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015.
Change Type	Notification
State	Central
Effective Date	14-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227592.pdf

Ministry of Labour and Employment notifies the Draft Employees’ State Insurance (Central) Amendment Rules, 2021

Brief Details	The Ministry of Labour and Employment in exercise of the powers conferred by Section 95 of the Employees’ State Insurance Act, 1948 notifies the Draft Employees’ State Insurance (Central) Amendment Rules, 2021. In the Employees’ State Insurance (Central) Rules 1950, in rule 55, the following proviso shall be added: – “Provided further that in case an Insured woman who is in receipt of maternity benefit and due to reason of which, a shorter contribution period is available to her in the contribution period ending in which the Maternity Benefit falls, she shall be qualified to claim sickness benefit in the corresponding benefit period if the contribution in respect of her were payable for not less than half the number of days available for working in such contribution period”.
Change Type	Notification
State	Central
Effective Date	14-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227579.pdf

RBI issues Circular on Risk Based Internal Audit

Brief Details	The Reserve Bank of India issues Circular with reference to Circular No. DoS. CO.PPG/SEC.05/11.01.005/2020-21 dated 3^rd February, 2021. RBI has decided that the provisions of the aforesaid circular shall be applicable to Housing Finance Companies (HFCs) also, as stipulated: a. All deposit taking HFCs, irrespective of their size b. Non-deposit taking HFCs with asset size of ₹5,000 crores and above. These entities shall put in place a Risk Based Internal Audit framework by 30^th June, 2022.
Change Type	Circular
State	Central
Effective Date	11-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/HFCSF43CED6D843A4F36B629DEFFFE61CA49.PDF

BSE issues Guidance note on communications by Listed Entities

Brief Details	The Bombay Stock Exchange issues Notice that no price-sensitive information is disclosed unless the same has been first disclosed to the stock exchanges. The following is an indicative list of things that shall be kept in mind by the listed entities while publicizing the company: a) The statement made shall be truthful, fair, evidence-based and shall not be manipulative or deceptive or distorted and the listed entity shall not make any statement, promise, or forecast which is untrue or misleading. b) The information shall contain clear, concise, and understandable language. c) If the listed entity presents any financial data, data for the past three years shall also be included along with particulars relating to sales, gross profit, net profit, share capital, reserves, earnings per share, dividends, debts, and the book values. The companies should also provide a link to the company’s website where the details are available and can be verified. d) Listed entities shall use simple and easy-to-understand language without using extensive technical, legal terminology, or complex language. The details provided should be adequate and appropriate so that the investors are not distracted with excessive details. e) e. The company should provide information only with respect to publicly reported financial information and not provide any forward-looking statement.
Change Type	Notice
State	Central
Effective Date	11-June-2021
Source	https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20210611-28

IRDAI issues Guidelines on Standard Professional Indemnity Policy for Insurance Brokers/Corporate Agent/Web Aggregators/IMF

Brief Details	The Insurance Regulatory and Development Authority of India issues Guidelines on Standard Professional Indemnity Policy for Insurance Brokers/Corporate Agent/Web Aggregators/IMF with an objective to specify the Professional Indemnity Policy that meets the Regulatory Requirements.
Change Type	Notification
State	Central
Effective Date	11-June-2021
Source	https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4509&flag=1

TRAI notifies the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Third Amendment) Regulations, 2021

Brief Details	The Telecom Regulatory Authority of India in exercise of the powers conferred by section 36, read with sub-clauses (ii), (iii), and (iv) of clause (b) of sub-section (1) of section 11, of the Telecom Regulatory Authority of India Act, 1997 notifies the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Third Amendment) Regulations, 2021. The amendments include insertion of Regulation 4A and Schedule IX in the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) Regulations, 2017.
Change Type	Notification
State	Central
Effective Date	11-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227523.pdf

SEBI notifies the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021

Brief Details	The Securities and Exchange Board of India in exercise of the powers conferred by section 31 read with section 21A of the Securities Contracts (Regulation) Act, 1956 and section 30, sub-section (1) of section 11 and sub-section (2) of section 11A of the Securities and Exchange Board of India Act, 1992 notifies the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.
Change Type	Notification
State	Central
Effective Date	11-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227507.pdf

IBBI notifies extension of last date of submission of Expression of Interest – Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021

Brief Details	The Insolvency and Bankruptcy Board of India notifies extension of last date of submission of Expression of Interest till 25^th June, 2021 for Insolvency Professionals to act as Interim Resolution under the Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021.
Change Type	Notification
State	Central
Effective Date	10-June-2021
Source	https://www.ibbi.gov.in/uploads/whatsnew/52e51f50d8bdb1995c32b161ea1ede91.pdf

CBDT issues Notification regarding the purposes of ‘Competition Commission of India’

Brief Details	The Central Board of Direct Taxes in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 notifies for the purposes of the said clause, ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 , in respect of the following specified income arising to the said Commission, namely:- (a) Amount received in the form of Government grants; (b) Fee received under the Competition Act, 2002; and (c) Interest income accrued on (a) and (b) above.
Change Type	Notification
State	Central
Effective Date	10-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227458.pdf

FSSAI has issued an Order mandating the mention of FSSAI license/ registration no. on the receipts and invoices

Brief Details	The Food safety and standards authority of India on 8^th June, 2021 has issued an order for the mandating the mentioning of FSSAI license/ registration number on receipts/ invoices/ cash memo/ bills etc. by food business on sale of food products. FSSAI has mandated the declaration of the 14- digit FSSAI license or registration number on cash receipts/ memos/ bills etc. the only exemption will be GST e-way bill and such other government documents which are system generated. The implementation shall be mandatorily done by 1^st October, 2021.
Change Type	Order
State	Central
Effective Date	08-June-2021
Source	https://www.fssai.gov.in/upload/advisories/2021/06/60c08b4456ef1Order_License_Registration_Mandating_09_08_2021.pdf

Gujarat Government issues SOP for the implementation of provisions of extension of timeline to apply for revocation of cancellation of registration under S. 30 of CGST Act, 2017

Brief Details	The Finance Department of Gujarat on 5^th June, 2021 has issued the Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the GGST Act, 2017 and rule 23 of the GGST Rules, 2017. The following guidelines have been given: • In order to ensure uniformity in the implementation of the provisions of above rule across the field formations, till the time an independent functionality for extension of time limit for applying in FORM GST REG-21 is developed on the GSTN portal, the Chief Commissioner of State tax in exercise of the powers conferred by section 168 of the GGST Act, hereby provides the following guidelines for implementation of the provision for extension of time limit for applying or revocation , of cancellation of registration under the said section and rule.
Change Type	Circular
State	Gujarat
Effective Date	05-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-4-11th-June.pdf

Gujarat Government notifies the Gujarat Goods and Services Tax (Fourth Amendment) Rules, 2021

Brief Details	The Finance Department of Gujarat on 2^nd June, 2021 has issued the Gujarat Goods and Services Tax (Fourth Amendment) Rules, 2021 to further amend the Gujarat Goods and Services Tax Rules, 2017. The amendments include amendment of Rules 23, 90, 92, 96, 138E and substitution of Form GST RFD-07 in the Gujarat Goods and Services Tax Rules, 2017.
Change Type	Notification
State	Gujarat
Effective Date	18-May-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-5-11th-June.pdf

MCA notifies the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by sub-sections (1), (2), (3), (4), (8), (9), (10) and (11) of section 125, sub-section (6) of section 124 and sub-sections (9) and (9A) of section 90 read with section 469 of the Companies Act, 2013 notifies the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021. The amendments include amendment of Rule 3, insertion of Rule 6A and substitution of Forms IEPF-4 and IEPF-7 in the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
Change Type	Notification
State	Central
Effective Date	09-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227437.pdf

ESIC notifies extension of medical benefits to the family members of Insured Persons in the State of West Bengal

Brief Details	The Employees’ State Insurance Corporation vide notification no.N-16/1/WB/2017 has extended medical benefits to the family of Insured persons in the entire area of Alipurduar, South Dinajpur, Purulia, North Dinajpur, Kalimpong and Cooch Behar in addition to the already notified areas in the districts of West Bengal.
Change Type	Notification
State	West Bengal
Effective Date	01-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227407.pdf

RBI issues Circular for preservation of CCTV recordings

Brief Details	The Reserve Bank of India issues Circular with reference to Circular DCM (Plg) No. 1712/10.27.00/2016-17 dated 13^th December, 2016 wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from 8^th November, 2016 to 30^th December, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes. Now, RBI has advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from 8^th November, 2016 to 30^th December, 2016 in a proper way, till further orders.
Change Type	Circular
State	Central
Effective Date	08-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT51F08A0581297D4C9EAF02C8839EA4F83A.PDF

CBDT notifies the Income-tax (17th Amendment) Rules, 2021

Brief Details	The Central Board of Direct Taxes in exercise of the powers conferred by sections 194,194A,194Q, 196D, 206AB and 206CCAread with section 295 of the Income-tax Act, 1961 notifies the Income-tax (17th Amendment) Rules, 2021. The amendments include amendment of Rule 31A, Appendix II in the Income-tax Rules, 1962.
Change Type	Notification
State	Central
Effective Date	08-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227423.pdf

CBDT issues a press release for the new taxpayer friendly e-filing portal of the Income Tax Department

Brief Details	The Central Board of Direct Taxes on 5^th June, 2021 has issued a press release for the New, Taxpayer-friendly e-filing Portal of the Income Tax Department. Some of the highlights of the new portal are available: • New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers. • All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer.
Change Type	Press Release
State	Central
Effective Date	07-June-2021
Source	https://bit.ly/353nVXe

MH Finance Department notifies amendment in the Maharashtra Value Added Tax Act, 2002

Brief Details	The Maharashtra Finance Department on 3^rd June, 2021 has issued a notification for the amendment in the Maharashtra Value Added Tax Act, 2002 notification no. VAT.1513/C.R. 124/Taxation-1 dated 1^st January, 2014. The following amendment has been made: • In the schedule, which specifies the late payment fee in case the returns have not been filed by the dealers, entry 10, has been inserted, namely: “Dealers who are liable to file return under clause (c) of sub-rule 4B of rule 17 and sub-rule 1A of rule 18 and who have not filed return for the period of March 2021, April 2021 and May 2021 shall file the same on or before 30^th June, 2021.”
Change Type	Notification
State	Maharashtra
Effective Date	03-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-4-9th-June.pdf

MCA notifies the Companies (Incorporation) Fourth Amendment Rules, 2021

Brief Details	The Ministry of Corporate Affairs in exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 notifies the Companies (Incorporation) Fourth Amendment Rules, 2021. The amendments include amendment of Rule 38A, substitution of e-Form No.INC-35 in the Companies (Incorporation) Rules, 2014.
Change Type	Notification
State	Central
Effective Date	07-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227408.pdf

RBI issues directions for reporting of Transactions in Government securities by Foreign Portfolio Investors

Brief Details	The Reserve Bank of India issues Directions under the powers vested in the Reserve Bank of India under Section 45W of the Reserve Bank of India Act, 1934 for reporting of Transactions in Government securities by Foreign Portfolio Investors. RBI has n decided to provide operational flexibility for reporting of such transactions undertaken by the Foreign Portfolio Investors (FPIs) in Government securities, as under. a. FPIs/custodian banks shall report their transactions to the NDS-OM platform within three hours after the close of trading hours for the Government securities market. b. Information about trades undertaken by domestic counterparties with FPIs shall be disseminated by the Clearcorp Dealing Systems (India) Ltd. (CDSL) after one leg of the trade is reported on the NDS-OM platform by the domestic counterparty with a suitable qualifier to indicate that the trade is awaiting counterparty confirmation.
Change Type	Notification
State	Central
Effective Date	14-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI50C3D09616F2E14DE995279FD359A5313B.PDF

SEBI issues Circular regarding Potential Risk Class Matrix for debt schemes based on Interest Rate Risk and Credit Risk

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) read with Section 11A of the Securities and Exchange Board of India Act, 1992 read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulation, 1996 regarding Potential Risk Class Matrix for debt schemes based on Interest Rate Risk and Credit Risk. SEBI has decided that all debt schemes also be classified in terms of a Potential Risk Class matrix consisting of parameters based on maximum interest rate risk (measured by Macaulay Duration (MD) of the scheme) and maximum credit risk (measured by Credit Risk Value (CRV) of the scheme).
Change Type	Circular
State	Central
Effective Date	01-December-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/circular-on-potential-risk-class-matrix-for-debt-schemes-based-on-interest-rate-risk-and-credit-risk_50440.html

TRAI issues Press Release extending the time to receive comments on Supplementary Consultation Paper on Roadmap to Promote Broadband Connectivity and Enhanced Broadband Speed

Brief Details	The Telecom Regulatory Authority of India issues Press Release extending the time to receive comments on Supplementary Consultation Paper on Roadmap to Promote Broadband Connectivity and Enhanced Broadband Speed till 10^th June, 2021 and counter comments if any by 17^th June, 2021.
Change Type	Press Release
State	Central
Effective Date	01-June-2021
Source	https://www.trai.gov.in/sites/default/files/PR_No.30of2021.pdf

ESIC notifies the Covid-19 Relief Scheme

Brief Details	The Employees’ State Insurance Corporation vide notification no. P-11/14/11/ COVID-19 Relief Scheme/2021-Bft- II has approved ESIC COVID-19 Relief Scheme to provide help to the families of the Insured Persons who died due to Covid-19. The dependent of insured person is entitled to receive 90% of the Average Daily Wages of the Insured persons during their life and will be paid periodically. For the dependents to receive the benefits, the insured person should have been registered on the ESIC portal at least 3 months prior to diagnosis of COVID resulting in death. Also, the Insured person must have been employed for wages and contribution for 78 days should have been paid or payable in respect of deceased insured person during a period of one year preceding the death. The scheme shall be effective for a period of two years w.e.f. 24.03.2020.
Change Type	Notification
State	Central
Effective Date	24-March-2020
Source	https://www.esic.nic.in/attachments/circularfile/46ce42c4ae1c173ed0f159923cefeafa.pdf

EPFO allows its members to avail second COVID-19 advance

Brief Details	The Ministry of Labour and Employments vide a Press Release dated 31st May 2021 has allowed members of EPFO to avail second non-refundable COVID-19 advance to support subscribers amidst second wave of the pandemic. The provision for special withdrawal to meet the financial need of members during pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY) which provided non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member’s credit in the EPF account, whichever is less. Further, EPFO has deployed a system driven auto claim settlement process in respect of all such members whose KYC requirements is complete in all respect. Auto-mode settlement enables EPFO to reduce the claim cycle to three days as against the statutory requirement to settle the claims within twenty days.
Change Type	Notification
State	Central
Effective Date	31-May-2021
Source	https://pib.gov.in/PressReleasePage.aspx?PRID=1723083

Ministry of Labour and Employment Issues Advisory to State Governments/UTs to Encourage Work-from-Home for Nursing Mothers

Brief Details	The Ministry of Labour and Employments vide a Press Release dated 1st June 2021 has issued an advisory to all state government and union territories to encourage work from home for nursing mothers. The provision for working from home said that where the nature of work is such that she may work from home, the employer may allow her to do so on mutual agreement. It also further requested to allow more nursing mothers to work from home under Sec 5(5) of the Maternity Benefit (Amendment) Act, 2017 to prevent deepening of crisis amidst the pandemic.
Change Type	Advisory
State	Central
Effective Date	01-June-2021
Source	https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1723504

RBI issues Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021

Brief Details	The Reserve Bank of India in exercise of the powers conferred under Section 45W of the Reserve Bank of India Act, 1934 read with Section 45U and in supersession of Section III of FMRD.Master Direction No. 2/2016-17 dated 7^th July, 2016 notifies the Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021.
Change Type	Master Direction
State	Central
Effective Date	07-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT5080C62E3929DE4D70AABB8136B7B5F647.PDF

RBI issues Notification extending the timeline for Submission of returns under Section 31 of the Banking Regulation Act, 1949

Brief Details	The Reserve Bank of India mandates the submission of the following: In terms of Section 31 of the Banking Regulation Act, 1949 (“the Act”), read with Section 56 of the Act, accounts and balance sheet referred to in Section 29 of the Act together with the auditor’s report shall be published in the prescribed manner and three copies thereof shall be furnished as returns to the Reserve Bank within three months from the end of the period to which they refer. In terms of Section 31 read with Section 56 (t) (ii) of BR Act, State Co-operative Banks and Central Co-operative Banks are also required to submit these statements as returns to the National Bank for Agriculture and Rural Development. Now, in view of the Pandemic, RBI extends the said period of three months for the furnishing of the returns under Section 31 of the Act for the financial year ended on 31^st March, 2021, by a further period of three months (on or before 30^th September, 2021).
Change Type	Notification
State	Central
Effective Date	04-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT49C564C1C7E65D45F2BF2388647D092EA5.PDF

RBI issues Directions regarding Payment of margins for transactions in Government Securities by Foreign Portfolio Investors

Brief Details	The Reserve Bank of India issues Directions under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 regarding Payment of margins for transactions in Government Securities by Foreign Portfolio Investors. RBI has decided to allow banks in India having an Authorized Dealer Category-1 license under FEMA, 1999 to lend to Foreign Portfolio Investors (FPIs) in accordance with their credit risk management frameworks for the purpose of placing margins with CCIL in respect of settlement of transactions involving Government Securities (including Treasury Bills and State Development Loans) by the FPIs.
Change Type	Circular
State	Central
Effective Date	04-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/APDIRFEMA85487D1D5655434093517B26B1E6CCBA.PDF

RBI issues Circular – Resolution Framework – 2.0: Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs) – Revision in the threshold for aggregate exposure

Brief Details	The Reserve Bank of India issues Circular with reference to Circular DOR.STR.REC.12/21.04.048/2021-22 on “Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)” dated 5^th May, 2021. Clause 2 of this Circular specifies the eligibility conditions for MSME accounts to be considered for restructuring under the framework, which inter alia include sub-clause (iii) which states that the aggregate exposure, including non-fund based facilities, of all lending institutions to the MSME borrower should not exceed ₹25 crores as on 31^st March, 2021. Now, RBI has decided to enhance the limit from ₹25 crores to ₹50 crores.
Change Type	Circular
State	Central
Effective Date	04-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/REC21MSMES67B4E963A5AA42AAB17E25A39880F062.PDF

RBI issues Circular – Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses – Revision in the threshold for aggregate exposure

Brief Details	The Reserve Bank of India issues Circular with reference to Circular DOR.STR.REC.11/21.04.048/2021-22 on “Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses” dated 5^th May, 2021. Clause 5 of this Circular specifies the eligible borrowers who may be considered for resolution under the framework. Now, RBI has decided to enhance the limit from ₹25 crores to ₹50 crores.
Change Type	Circular
State	Central
Effective Date	04-June-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/REC20ISBE0FCD14D0D6D43A391241C8CE88C0051.PDF

SEBI issues Circular regarding Centralized Database for Corporate Bonds/ Debentures

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) read with Section 11A of the Securities and Exchange Board of India Act, 1992 read with Regulation 31 (2) (b) of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 with reference to Circular no.CIR/IMD/DF/17/2013 dated 22^nd October, 2013 regarding Centralized Database for Corporate Bonds/ Debentures. SEBI has decided to further streamline the database and provide further ease of access of information for investors. In view of the same, it is proposed to supersede the above referred Circular and provide an updated list of data fields to be maintained in the database along with the manner of filing the same.
Change Type	Circular
State	Central
Effective Date	01-August-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/centralized-database-for-corporate-bonds-debentures_50421.html

BIS notifies the Bureau of Indian Standards (Conformity Assessment) Third Amendment Regulations, 2021

Brief Details	The Bureau of Indian Standards in exercise of the powers conferred by section 39 read with sections 12 and 13 of the Bureau of Indian Standards Act, 2016 notifies the Bureau of Indian Standards (Conformity Assessment) Third Amendment Regulations, 2021.
Change Type	Notification
State	Central
Effective Date	04-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227379.pdf

SEBI issues Circular on Enhancement of Overseas Investment Limits

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) read with Section 11A of the Securities and Exchange Board of India Act, 1992 read with Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 on Enhancement of Overseas Investment Limits.
Change Type	Circular
State	Central
Effective Date	03-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/circular-on-enhancement-of-overseas-investment-limits_50415.html

CBIC issues Notification to provide relief by lowering of interest rate for a specified time for tax periods March, 2021 to May, 2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 read with section 148 of the said Act issues Notification to provide relief by lowering of interest rate for a specified time for tax periods March, 2021 to May, 2021.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-18-central-tax-english-2021.pdf;jsessionid=BC2252323C892CF7B9B9FDE74F72884E

CBIC extends the due date for FORM GSTR-1 for May, 2021 by 15 days

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 makes amendment to Notification. No. 83/2020 – Central Tax, dated the 10th November, 2020. In the said notification, in the second proviso, after the word and figure “April, 2021”, the words and figure “and May, 2021” shall be inserted.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-17-central-tax-english-2021.pdf;jsessionid=7973EBAD3E7A56EBE3678E2547D3A562

CBIC appoints the 1^st day of June, 2021, as the date on which certain provisions of the Finance Act, 2021 shall come into force

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section sub-section (2) of section 1 of the Finance Act, 2021 appoints the 1^st day of June, 2021, as the date on which the provisions of section 112 of the Finance Act, 2021 shall come into force.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-16-central-tax-english-2021.pdf;jsessionid=B2D709FDA10D0DAB3A8332B1E4A8562B

Ministry of Labour and Employment notifies the Draft Code on Social Security (Employee’s Compensation) (Central) Rules, 2021

Brief Details	The Ministry of Labour and Employment in exercise of the powers conferred by sections 155, 158 and 159 of the Code on Social Security, 2020 read with section 24 of the General Clauses Act, 1897 and in supersession of the – (i) Employee’s Compensation Rules, 1924; (ii) Employee’s Compensation (Transfer of Money) Rules, 1935; and (iii) Employee’s Compensation (Venue of Proceedings) Rules, 1996 notifies the Draft Code on Social Security (Employee’s Compensation) (Central) Rules, 2021.
Change Type	Notification
State	Central
Effective Date	03-June-2021
Source	https://www.egazette.nic.in/WriteReadData/2021/227359.pdf

EPFO issues Notification on mandatory seeding of Aadhaar Number for filing of ECR

Brief Details	The Employees’ Provident Fund Organization vide notification no. BKG-27/7/2020-G/Pt. file, has directed that the employers shall be allowed to file the ECR only for the UANs seeded with Aadhaar w.e.f. 1st June 2021. The Employers are asked to ensure the Aadhaar seeding in respect of all the contributory members to enable them to avail uninterrupted services of the EPFO and to avoid any inconvenience.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Newsletter-EPF-Message-to-Employers-Aadhar-Seeding-Jun21.pdf

Karnataka Government Issues Order extending the Lockdown

Brief Details	The Karnataka Government Issues Order extending the Lockdown form 7^th June, 2021 to 14^th June, 2021.
Change Type	Order
State	Karnataka
Effective Date	07-June-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Karnataka-Lockdown-Extension-of-Guidelines-Order-dt-03-06-2021-1.pdf

SEBI issues Circular regarding Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) read with Section 11A of the Securities and Exchange Board of India Act, 1992 to further streamline the processing of ASBA applications through UPI process among intermediaries/SCSBs and also provided a mechanism of compensation to investors.
Change Type	Circular
State	Central
Effective Date	02-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/streamlining-the-process-of-ipos-with-upi-in-asba-and-redressal-of-investors-grievances_50401.html

CBIC notifies the Central Goods and Services Tax (Fifth Amendment) Rules, 2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 notifies the Central Goods and Services Tax (Fifth Amendment) Rules, 2021. The amendments are made to Rules 26 and 36 in the Central Goods and Services Tax Rules, 2017.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-27-central-tax-english-2021.pdf;jsessionid=9CC2F1F8081C0A4722267ECF0C00D228

CBIC extends the due date for furnishing of FORM ITC-04 for QE March, 2021 to 30.06.2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 and sub-rule (3) of rule 45 of the Central Goods and Services Tax Rules, 2017 makes amendment to Notification No. 11/2021- Central Tax, dated the 1st May, 2021. In the said notification, in the first paragraph, for the figures, letters and words “31st day of May, 2021”, the figures, letters and words “30^th day of June, 2021” shall be substituted.
Change Type	Notification
State	Central
Effective Date	31-May-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-26-central-tax-english-2021.pdf;jsessionid=BC901763FD61D1113CA8640B63C433ED

CBIC extends the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.07.2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 makes amendment to Notification No. 21/2019- Central Tax, dated the 23rd April, 2019. In the said notification, in the third paragraph, in the second proviso, for the figures, letters and words “31st day of May, 2021”, the figures, letters and words “31st day of July, 2021” shall be substituted.
Change Type	Notification
State	Central
Effective Date	31-May-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-25-central-tax-english-2021.pdf;jsessionid=65225E3F98FFB386B426C587F50EB5A0

CBIC extends the due date of compliances which fall during the period from “15.04.2021 to 29.06.2021” till 30.06.2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017, read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of Union Territory Goods and Services Tax Act, 2017 makes amendment to Notification No. 14/2021-Central Tax, dated the 1st May, 2021 extending the due date of compliances which fall during the period from “15.04.2021 to 29.06.2021” till 30.06.2021.
Change Type	Notification
State	Central
Effective Date	30-May-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-24-central-tax-english-2021.pdf;jsessionid=B16151C62D793A5F4C396D84A1DD381F

CBIC makes amendment to Notification no. 13/2020-Central Tax to exclude government departments and local authorities from the requirement of issuance of e-invoice

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017 makes amendment to Notification No. 13/2020 – Central Tax, dated the 21st March, 2020. In the said notification, in the first paragraph, after the words “notifies registered person, other than”, the words “a government department, a local authority,” shall be inserted.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-23-central-tax-english-2021.pdf;jsessionid=95F8BC9109701099AE5B38D3D168723A

CBIC issues Notification to rationalize late fee for delay in filing of return in FORM GSTR-7

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 issues Notification to rationalize late fee for delay in filing of return in FORM GSTR-7. The total amount of late fee payable under section 47 of the said Act by such registered person for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, shall stand waived which is in excess of an amount of one thousand rupees.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-22-central-tax-english-2021.pdf;jsessionid=9958B23B8AA57E3DCEE320435D16CB34

CBIC issues Notification to rationalize late fee for delay in filing of return in FORM GSTR-4

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 issues Notification to rationalize late fee for delay in filing of return in FORM GSTR-4. The e total amount of late fee payable under section 47 of the said Act for financial year 2021-22 onwards, by the registered persons who fail to furnish the return in FORM GSTR-4 by the due date, shall stand waived – (i) which is in excess of two hundred and fifty rupees where the total amount of central tax payable in the said return is nil; (ii) which is in excess of one thousand rupees for the registered persons other than those covered under clause (i).”
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-21-central-tax-english-2021.pdf;jsessionid=3BE6C3A0934DD855825FA8DC68299F31

CBIC issues Notification to rationalize late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 issues Notification to rationalize late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1. The total amount of late fee payable under section 47 of the said Act for the tax period June, 2021 onwards or quarter ending June, 2021 onward, as the case may be, shall stand waived which is in excess of an amount as specified in column (3) of the Table given, for the class of registered persons mentioned in the corresponding entry in column (2) of the Table, who fail to furnish the details of outward supplies in FORM GSTR-1 by the due date.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-20-central-tax-english-2021.pdf;jsessionid=2892875E84A16CD3F5FBCF76FF72E394

CBIC issues Notification to rationalize late fee for delay filing of return in FORM GSTR-3B

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 issues Notification to rationalize late fee for delay filing of return in FORM GSTR-3B.
Change Type	Notification
State	Central
Effective Date	01-June-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-19-central-tax-english-2021.pdf;jsessionid=95C5D4235788CFB2CF8431E9C2434406

SEBI issues Circular regarding ‘Off-market’ transfer of securities by Foreign Portfolio Investors

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 regarding ‘Off-market’ transfer of securities by Foreign Portfolio Investors. SEBI has decided that a FPI (‘original fund’ or its wholly owned special purpose vehicle) may approach its DDP for approval of a one-time ‘off-market’ transfer of its securities to the ‘resultant fund’. The terms ‘original fund’, ‘relocation’ and ‘resultant fund’ will have the same meaning as assigned to them under the Finance Act, 2021.
Change Type	Circular
State	Central
Effective Date	01-June-2021
Source	https://www.sebi.gov.in/legal/circulars/jun-2021/-off-market-transfer-of-securities-by-fpi_50380.html

NSDL issues Circular regarding Mandatory Updation of certain attributes of KYC of clients

Brief Details	The National Securities Depository Limited issues Circular with reference to NSDL Circular No. NSDL/POLICY/2021/0036 dated 7^th April, 2021 regarding Mandatory Updation of certain attributes of KYC of clients. Now, SEBI has decided to extend the deadline for making 6-KYC attributes mandatory for new accounts opened by 1 month to 1^st July, 2021.
Change Type	Circular
State	Central
Effective Date	01-June-2021
Source	https://nsdl.co.in/downloadables/pdf/2021-0055-Policy-Mandatory%20updation%20of%20certain%20attributes%20of%20KYC%20of%20clients-%20Extension.pdf

Karnataka Government Issues Order on further extension of payment of enrolment tax under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976

Brief Details	The Government of Karnataka vide notification no. FD 02 CPT 2021 dated 31st May 2021, with reference to earlier notification dated 26th April 2021 has further extended the due date of payment of enrolment tax from 30th May 2021 to 30th June 2021 due to the continuation of tough measures regarding Covid-19.
Change Type	Order
State	Karnataka
Effective Date	31-May-2021
Source	https://erajyapatra.karnataka.gov.in/WriteReadData/2021/2512.pdf

RBI issues Circular regarding Investment by Foreign Portfolio Investors (FPI) in Government Securities: Medium Term Framework (MTF)

Brief Details	The Reserve Bank of India issues Directions under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 regarding Investment by Foreign Portfolio Investors in Government Securities: Medium Term Framework.
Change Type	Circular
State	Central
Effective Date	31-May-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/44FPII84839F6569834341AB66803B079BF59E.PDF

RBI issues Circular regarding Customer Due Diligence for transactions in Virtual Currencies

Brief Details	The Reserve Bank of India has noticed that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated 6^th April, 2018. Such references to the Circular by banks/ regulated entities are not in order as this Circular was set aside by the Hon’ble Supreme Court on 4^th March, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the Circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.
Change Type	Circular
State	Central
Effective Date	31-May-2021
Source	https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF

SEBI issues Circular giving the Format for Compliance Report on Corporate Governance by Listed Entities

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 giving the Format for Compliance Report on Corporate Governance by Listed Entities.
Change Type	Circular
State	Central
Effective Date	31-May-2021
Source	https://www.sebi.gov.in/legal/circulars/may-2021/format-of-compliance-report-on-corporate-governance-by-listed-entities_50338.html

SEBI issues Circular regarding Disclosure of the Schemes which are subscribed by the investor

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulation, 1996 regarding Disclosure of the Schemes which are subscribed by the investor. SEBI, vide Circular no. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/555 dated 29^th April, 2021, specified disclosures with regard to disclosure of (a) risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and (b) details of portfolio, which were applicable from 1^st June, 2021. SEBI has decided to extend the implementation date of the provisions of the aforesaid Circular to 1^st September, 2021.
Change Type	Circular
State	Central
Effective Date	01-September-2021
Source	https://bit.ly/2SIl6Iq

SEBI issues Circular on relaxation in compliance with requirements pertaining to AIFs and VCFs

Brief Details	The Securities and Exchange Board of India issues Circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 due to COVID-19 has decided to extend the due dates for regulatory filings by AIFs and VCFs, during the period ending March 2021 to July 2021 as prescribed under SEBI (Alternative Investment Funds) Regulations, 2012 and Circulars issued thereunder. AIFs and VCFs may submit regulatory filings for the aforesaid periods, as applicable, on or before 30^th September, 2021.
Change Type	Circular
State	Central
Effective Date	31-May-2021
Source	https://www.sebi.gov.in/legal/circulars/may-2021/circular-on-relaxation-in-compliance-with-requirements-pertaining-to-aifs-and-vcfs-_50361.html

CBIC issues Notification extending the exemption from IGST on imports of specified COVID-19 relief material donated from abroad, up to 31st August, 2021

Brief Details	The Central Board of Indirect Taxes and Customs in exercise of the powers conferred by sub-section (2) of section 25 of the Customs Act, 1962 makes the following amendment in the ad hoc exemption order No. 4/2021-Customs dated the 3rd May, 2021. In the said order, in paragraph 2, for the figures, letters and words “30th day of June, 2021”, the figures, letters and words “31st day of August 2021” shall be substituted.
Change Type	Notification
State	Central
Effective Date	31-May-2021
Source	https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/AdHoccs05-2021.pdf

Delhi Government Issues Notification regarding registration of establishment under Delhi Shops and Establishments Act integrated with MCA SPICE+ Portal

Brief Details	The Ministry of Corporate Affairs, under Easy of Doing Business has “developed a single window facility for incorporation of a new company and other different services including issuance of PAN, TAN, ESIC No, Bank Account, Professional Tax registration, GSTIN etc. on “SPICE+” portal. Now, Government of Delhi vide notification no. PA/Addl.LC/Lab/2021/1859 has directed that Ministry of Corporate Affairs “SPICE+” portal is now integrated with the registration portal of “Delhi Shops & Establishments” and any new company seeking registration under the Delhi Shops and Establishments Act, 1954 should be done on the “SPICE +” portal. However, any such subsequent registration for different branch offices of an establishments under the Act can be done on Delhi Shops & Establishment registration portal i.e https://labourcis.nic.in. Hence, employer of a new company intending to register its establishments in Delhi under The Delhi Shops and Establishments Act, 1954, may register directly on the “SPICE+” portal.
Change Type	Notification
State	Delhi
Effective Date	28-May-2021
Source	https://www.ricago.com/wp-content/uploads/2021/06/Attachment-7-3.pdf