RBI issues Master Circular regarding exchange of notes and coins in banks

Brief DetailsThe Reserve Bank of India issues Master Circular mandating all banks to provide good customer service to the public, so that there is no need for the people to go to the RBI Regional Offices. This Circular mandates all banks to issue fresh, good quality notes and coins of all denominations. Exchanging soiled/mutilated and defective notes. The RBI has also provided definitions of soiled/mutilated and defective notes and has also provided the procedure for exchange of the same in this Master Circular.
Change TypeMaster Circular
StateCentral
Effective Date01-July-2020
Sourcehttps://rbidocs.rbi.org.in/rdocs/notification/PDFs/07MCEN070120205BA3004DF8D84F5AB3DE482F78A54033.PDF

 

RBI issues Notification regarding Credit Guarantee Scheme for Subordinate Debt for Stressed MSMEs

Brief DetailsThe Reserve Bank of India issues Notification with reference to Circular No. 170/2020-21 dated 24th June, 2020 issued by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) regarding the captioned scheme. By this Notification all Scheduled Commercial Banks have been permitted to reckon the funds infused by the promoters in their MSME units through loans availed under the captioned scheme as equity/quasi equity from the promoters for debt-equity computation.
Change TypeNotification
StateCentral
Effective Date01-July-2020
Sourcehttps://rbidocs.rbi.org.in/rdocs/notification/PDFs/SUBDEBT727024EBBDFF4ECDA8CD0196455BFEC1.PDF

 

RBI issues Master Circular regarding Detection and Impounding of Counterfeit notes

Brief DetailsThe Reserve Bank of India issues Master Circular giving instructions to all Banks for detection and impounding of Counterfeit notes. This Master Circular is in reference to e Master Circular DCM (FNVD) G-1/16.01.05/2019-20 dated 1st July, 2019. The Authorities which can impound counterfeit notes according to this Circular are 1. All Banks 2. All Treasuries and Sub-Treasuries 3. Issue Offices of Reserve Bank of India. The procedure for detection is provided in this Master Circular and the same if detected have to be reported to The RBI.
Change TypeMaster Circular
StateCentral
Effective Date01-July-2020
Sourcehttps://rbidocs.rbi.org.in/rdocs/notification/PDFs/04MC010720202B82DF3159704DFF9E2D67C155F1E1A8.PDF

 

SEBI issues Circular giving relaxations from compliance to REITs and InvITs

Brief DetailsThe 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 33 of Infrastructure Investment Trusts (InvIT) Regulations and Regulation 33 of Real Estate Investment Trusts (REIT) Regulations. SEBI, vide circular No. SEBI/HO/DDHS/CIR/P/2020/42 dated 23rd March, 2020, had granted temporary relaxations in compliance requirements for REITs and InvITs i.e the due date for regulatory filings and compliances for REIT and InvIT for the period ending 31st March, 2020 was extended by one month over and above the timelines, prescribed under SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real estate Investment Trusts) Regulations, 2014. This relaxation has been further extended by another month.
Change TypeCircular
StateCentral
Effective Date01-July-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jul-2020/relaxation-from-compliance-to-reits-and-invits-due-to-the-covid-19-virus-pandemic-amendment_46985.html

 

SEBI notifies Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2020

Brief DetailsThe Securities and Exchange Board of India in exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 has notified The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020. Regulations 17, 18 and 22 are hereby amended.
Change TypeNotification
StateCentral
Effective Date01-July-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220315.pdf

 

CBIC notifies The Central Goods and Services Tax (Eighth Amendment) Rules, 2020

Brief DetailsThe 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 has notified The Central Goods and Services Tax (Eighth Amendment) Rules, 2020. Rule 67A – Manner of furnishing of return or details of outward supplies by short messaging service facility has been amended.
Change TypeNotification
StateCentral
Effective Date01-July-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-58-central-tax-english-2020.pdf

 

CERC notifies Central Electricity Regulatory Commission (Sharing of Revenue Derived from Utilization of Transmission Assets for Other Business) Regulations, 2020 and three other Regulations

Brief DetailsThe Central Electricity Regulatory Commission in exercise of powers conferred under Section 178 of The Electricity Act, 2003 notifies The Central Electricity Regulatory Commission (Sharing of Revenue Derived from Utilization of Transmission Assets for Other Business) Regulations, 2020. The three other Regulations are:

1. The Central Electricity Regulatory Commission (Open Access in inter-State Transmission) (Sixth Amendment) Regulations, 2019

2. The Central Electricity Regulatory Commission (Indian Electricity Grid Code) (Sixth Amendment) Regulations, 2019

3. The Central Electricity Regulatory Commission (Indian Electricity Grid Code) (Sixth Amendment) Regulations, 2019

Change TypeNotification
StateCentral
Effective Date01-July-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220316.pdf

 

SEBI issues Circular giving relaxation to in timelines for compliance with regulatory requirements by DPs and RTAs

Brief DetailsThe 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 extending the timeline for compliance with regulatory requirements by the depository participants(DPs) / Registrars to an Issue & Share Transfer Agents (RTAs). The compliances include Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended on 31st March 2020 by 31st July, 2020, Transmission of securities (Period of exclusion shall be from 23rd March, 2020 till 31st July, 2020.
Change TypeCircular
StateCentral
Effective Date30-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-in-timelines-for-compliance-with-regulatory-requirements_46967.html

 

SEBI issues Circular regarding collection of stamp duty on issue, transfer and sale of units of AIFs

Brief DetailsThe 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. Registrars to an Issue & Share Transfer Agents (RTA) already appointed by Alternative Investment Funds (AIFs) shall collect the stamp duty on issue, transfer and sale of units of AIFs. AIFs, where RTA have not been appointed so far, shall appoint RTA, at the earliest, but not later than 15th July, 2020 to enable collection of applicable stamp duty on issue, transfer and sale of units of AIFs in compliance with the applicable provisions of the Indian Stamp Act, 1899 and the Rules made thereunder.
Change TypeCircular
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/collection-of-stamp-duty-on-issue-transfer-and-sale-of-units-of-aifs_46983.html

 

CBIC issues Circular extending the validity of AEO Certification for ease of renewal process

Brief DetailsThe Central Board of Indirect Taxes and Customs Issues Circular extending the validity of Authorized Economic Operator (AEO) expired/expiring between 1st March, 2020 and 30th September, 2020 to 30th September, 2020. This Circular is issued to make modification in Circular No. 27/2020 dated 2nd June, 2020
Change TypeCircular
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2020/Circular-No-31-2020.pdf

 

NSE issues Circular stating the procedure to submit quarterly report of unusual activity relating to Cyber Security

Brief DetailsThe National Stock Exchange of India Limited issues a Circular to inform Stock Brokers and Depository Participants, the format for submitting the Quarterly Report about unusual activity relating to Cyber Security. The Exchange has developed a module in Electronic NSE Interface for Trading Members (ENIT) to submit Quarterly Report and for reporting of unusual activities and events. This Circular has reference to the SEBI circular SEBI/HO/MIRSD/CIR/PB/2018/147 dated 3rd December, 2018 and Exchange Circular no. NSE/INSP/41723 dated 26th July, 2019 and NSE/INSP/42422 dated 16th October, 2019 on Cyber Security & Cyber Resilience framework for Stock Brokers / Depository Participants. Designated Officer shall submit the Quarterly report within 15 days after the end of the respective quarter through ENIT. Link for submission.
Change TypeCircular
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.nseindia.com/resources/exchange-communication-circulars

 

NSDL issues Circular giving new Guidelines/Procedure for collection of stamp duty

Brief DetailsThe National Securities Depository Limited issues Circular giving new Guidelines/Procedures for collection of stamp duty and has also released DPM-SHR System Version 7.4 for the users’ convenience.
Change TypeCircular
StateCentral
Effective Date30-Jun-2020
Sourcehttps://nsdl.co.in/downloadables/pdf/22%20Circular%20for%20Detailed%20procedure%20%20guidelines%20for%20collection%20of%20stamp%20duty%20and%20Release%20of%20DPM-SHR%20System%20Version%207.4.pdf

 

NCDEX issues Circular regarding cut-off time for determining minimum threshold of margins to be collected from clients

Brief DetailsThe National Commodity and Derivatives Exchange Limited has issued a Circular regarding cut-off time for determining minimum threshold of margins to be collected from clients along with a list of Frequently Asked Questions (FAQs). This Circular is with reference to Circular No NCCL/RISK-025/2020 dated 26th June, 2020 and NCCL/CLEARING-016/2020 dated 31st March, 2020 and SEBI circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2019/149 dated 29th November, 2019.
Change TypeCircular
StateCentral
Effective Date01-July-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/Cutoff_Time_Determining_Minimum_Threshold_Margins_Collected_Clients_30062020.pdf

 

CBIC issues Notification amending the provisions for late fee for failure to furnish return

Brief DetailsThe Central Board of Indirect Taxes and Customs Issues Notification in exercise of the powers conferred by Section 128 of the Central Goods and Services Tax Act, 2017 amending the late fee charged for failure to furnish return. If one furnishes the said return till the 30th day of September, 2020, the total amount of late fee payable under Section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil
Change TypeNotification
StateCentral
Effective Date30-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220279.pdf

 

SEBI issues Circular giving relaxation to Portfolio Managers to comply with the Guidelines issue

Brief DetailsThe 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 extending the timeline for compliance with the requirements of SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26 dated 13th February, 2020 by further three months. The provisions of the Circular which provides Guidelines for Portfolio Managers shall be applicable with effect from 1st October, 2020.
Change TypeCircular
StateCentral
Effective Date30-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/guidelines-for-portfolio-managers-extension-of-implementation-timeline_46959.html

 

IRDAI issues Circular giving timelines for submission of Life Operational returns in BAP for Life Insurers

Brief DetailsThe Insurance Regulatory and Development Authority of India issues Circular giving timelines for submission of Life Operational returns in Business Analytics Project (BAP) Module for all Life Insurers. Here are the timelines for the following:

i) Monthly returns: 8th of following month.

ii) The timelines for all other returns remain unchanged, as follows:

(1) Unaudited quarterly returns: 30th day from the end of the quarter. (2) Audited Annual Returns: 30th June.

(3) Yearly Outsourcing Return: 15th May. (4) Other Yearly Returns: 30th June.

Change TypeCircular
StateCentral
Effective Date29-Jun-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4167&flag=1

 

DGFT issues Notification amending the export policy of Personal Protection Equipment

Brief DetailsThe Directorate General of Foreign Trade Issues Notification in exercise of powers conferred by Section 3 of the Foreign Trade (Development and Regulation) Act, 1992 read with para 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020 amending Schedule 2 of the ITC Export Policy related to export of Personal Protection Equipment (PPE). The amendment allows restricted export of PPE kits which is 50 Lakh per month.
Change TypeNotification
StateCentral
Effective Date29-Jun-2020
Sourcehttps://dgft.gov.in/whats-new

 

CBDT issues Notification amending the Income Tax Rules

Brief DetailsThe Central Board of Direct Taxes Issues Notification in exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of Section 56 read with Section 295 of the Income-tax Act, 1961 making amendments to the Income Tax Rules, 1962. The amended rules are called as The Income Tax (14th Amendment) Rules, 2020. The amendments include substitution of Rule 11UAC.
Change TypeNotification
StateCentral
Effective Date29-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220248.pdf

 

MHA issues order on Guidelines for phasing re-opening (Unlock 2) outside of containment zones

Brief DetailsThe Ministry of Home Affairs has issues new Guidelines for Unlock 2. Here are the new Guidelines as follows:

1. Lockdown will continue till 31st July, 2020

2. Schools, Colleges and coaching institutions will remain shut during lockdown

3. Shops will remain open

4. Domestic trains and flights will function with restriction

5. No restriction on intra-state and inter-state movement of person and goods. No separate permission required for the same.

6. Religious places, restaurants and shopping malls will remain open outside containment zones

Change TypeOrder
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.mha.gov.in/

 

Ministry of Labour and Employment has notified Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Rules, 2020

Brief DetailsThe Government of Gujarat had earlier had published draft rules of Gujarat Shops and Establishment Rules. No objections have been received for the same. Therefore, The Government of Gujarat in exercise of powers conferred by Section 39 (1) of The Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2019 and all other powers enabling it in this behalf has notified The Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Rules, 2020. Therefore The Gujarat Shops and Establishment Rules, 1962 have been repealed.
Change TypeNotification
StateGujarat
Effective Date23-Jun-2020
Sourcehttps://labour.gujarat.gov.in/e-citizen-notifications.htm

 

RBI issues Circular regarding minimum daily maintenance of the cash reserve requirement for Scheduled Banks

Brief DetailsThe Reserve Bank of India issues Circular regarding change in minimum daily maintenance of the cash reserve ratio from 90% to 80%. This relaxation was effective from 28th March 2020 to 26th June 2020. This relaxation has been extended for further three months up to 25th September 2020 keeping in view the present situation and the hardships faced by Scheduled Banks.
Change TypeNotification
StateCentral
Effective Date26-June-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11922&Mode=0

 

RBI issues Circular regarding maintenance of Statutory Liquidity Ratio for Scheduled Banks

Brief DetailsThe Reserve Bank of India issues Circular regarding maintenance of Statutory Liquidity Ratio (SLR) by Scheduled Banks in terms of Marginal Standing Facility (MSF) wherein, the borrowing limit of Scheduled Banks under the Marginal Standing Facility was increased from 2% to 3% of their Net Demand and Time Liabilities outstanding at the end of the second preceding fortnight. This relaxation was effective from 27th March 2020 to 30th June 2020. However, this relaxation has been extended for further three months up to 30th September 2020.
Change TypeNotification
StateCentral
Effective Date26-Jun-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11922&Mode=0

 

SEBI issues Circular giving relaxation of time gap between two Board/Audit Committee meetings of listed entities

Brief DetailsThe Securities and Exchange Board of India issues Circular in exercise of powers conferred under Section 11(1) of The Securities and Exchanges Board of India Act, 1992 read with Regulation 101 of the Listing Obligations and Disclosure Requirements, 2015. SEBI, vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated 19th March 2020, had relaxed the requirement of the maximum stipulated time gap of 120 days between two meetings of the board and Audit Committees of listed entities. This relaxation was provided for the meetings held/proposed to be held between the period 1st December 2019 and 30th June, 2020. However, this relaxation has been extended further up to 31st July 2020.
Change TypeCircular
StateCentral
Effective Date26-Jun-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-of-time-gap-between-two-board-audit-committee-meetings-of-listed-entities-owing-to-the-covid-19-pandemic_46945.html

 

CBIC issues Notification extending the time limit for refund claims

Brief DetailsThe Central Board of Indirect Taxes and Customs Issues Notification 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 and Section 21 of Union Territory Goods and Services Tax Act, 2017. In cases where a notice has been issued for rejection of refund claim, in full or in part and where the time limit for issuance of order in terms of the provisions of sub-section (5), read with sub-section (7) of Section 54 of the said Act falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020, in such cases the time limit for issuance of the said order shall be extended to fifteen days after the receipt of reply to the notice from the registered person or the 30thday of June, 2020, whichever is later. However, in view of the present situation this is extended till 30th August, 2020.
Change TypeNotification
StateCentral
Effective Date27-Jun-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment_1.pdf

 

BSE issues notice to submit data on clients’ funds lying with Stock Brokers by 1st July, 2020

Brief DetailsThe Bombay Stock Exchange has issued a Notice to all Stock Brokers to submit the data on clients funds as on 26th June, 2020 by 1st July, 2020 using the link provided in the notice.
Change TypeNotice
StateCentral
Effective Date29-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200626-41

 

BSE advised to comply with SEBI circular regarding relaxation of time gap between two board / Audit Committee meetings of listed entities

Brief DetailsThe Bombay Stock Exchange has advised members to comply with SEBI circular No. SEBI/HO/CFD/CMD1/CIR/P/ 2020 /110 dated June 26, 2020, regarding relaxation of time gap between two board / Audit Committee meetings of listed entities owing to the CoVID-19 pandemic wherein maximum time gap between two board/Audit Committee meetings has further extended till July 31, 2020. However, the board of directors and audit committees of listed entities shall ensure that they meet atleast four times a year, as stipulated under Regulations 17(2) and 18(2)(a) of the LODR Regulations.
Change TypeNotice
StateCentral
Effective Date26-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200626-44

 

Ministry of Law and Justice notifies The Banking Regulation (Amendment) Ordinance, 2020

Brief DetailsThe Ministry of Law and Justice has notified The Banking Regulation (Amendment) Ordinance, 2020 to amend the Banking Regulation Act, 1949. The amendments include Substitution of Section 3 and Amendment of Sections 45 and 56.
Change TypeNotification
StateCentral
Effective Date29-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220203.pdf

 

SEBI grant further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to COVID-19 pandemic

Brief DetailsThe SEBI has been given further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to the continuing impact of the CoVID-19 pandemic and decided to extend the timeline for submission of the Annual Secretarial Compliance Report by one more month, i.e. from 30th June, 2020 to 31st July, 2020.
Change TypeCircular
StateCentral
Effective Date25-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/further-extension-of-time-for-submission-of-annual-secretarial-compliance-report-by-listed-entities-due-to-the-continuing-impact-of-the-covid-19-pandemic_46933.html

 

CBIC provides relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020

Brief DetailsThe Central Board of Indirect Taxes and Customs provides relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020 for class of registered persons who are required to furnish the returns in FORM GSTR-3B, but fail to furnish the said return along with payment of tax for the months mentioned in column (4) in the table by the due date as mentioned in the Notification.
Change TypeNotification
StateUnion Territory
Effective Date24-June-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/Notification-02-2020-Union-Territory-Tax-English.pdf

 

CBIC seeks to bring into force Section 134 of Finance Act, 2020 in order to bring amendment to Section 25 of IGST Act

Brief DetailsThe CBIC Seeks to bring into force Section 134 of Finance Act, 2020 in order to bring amendment to Section 25 of IGST Act with effect from 30th June, 2020.
Change TypeNotification
StateCentral
Effective Date24-June-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-4-2020-igst-english.pdf

 

BSE advised to comply with the SEBI circular regarding extension of time for submission of Annual Secretarial Compliance Report by listed entities

Brief DetailsThe BSE advised listed companies to comply with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/ P/2020/109 dated June 25, 2020, regarding further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to the impact of the CoVID-19 pandemic wherein it has been decided to further extend the timeline for submission of the ASC Report by one more month, i.e. from 30th June to 31st July, 2020.
Change TypeNotice
StateCentral
Effective Date25-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200625-37

 

IRDAI issues Advisory on COVID-19 related Phishing Attack Campaign by Malicious Actors

Brief DetailsThe IRDAI issued an Advisory on COVID-19 related Phishing Attack Campaign by Malicious Actors to guard against large-scale phishing attack campaign against Indian individuals and businesses (small, medium, and large enterprises) and all insurers and the regulated entities are advised to alert their staff and subordinate offices to exercise extreme caution to prevent any such malicious activities.
Change TypePress Release
StateCentral
Effective Date25-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4162&flag=1

 

NCDEX issues circular regarding extension of time for submission of Half Yearly Net worth Certificate as on March 31, 2020

Brief DetailsThe NCDEX with reference to the Exchange circular no. NCDEX/MEMBERSHIP-13/2020 dated April 09, 2020 & NCDEX/MEMBERSHIP-015/2020 dated June 05, 2020 with regard to Submission of Half Yearly Net Worth Certificate as on March 31, 2020 whereby members were advised to submit their Half yearly Net worth certificate as on March 31, 2020 on or before June 30, 2020 and hereby decided to further extend the time for submission of Half Yearly Net worth certificate that required to be uploaded by Members on NCFE portal on or before July 31, 2020 as per the provisions of above Exchange circulars, to avoid any penal action for late/ non submission.
Change TypeCircular
StateCentral
Effective Date24-June-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/Extension_of_time_for_submission_of_Half_Yearly_Net_worth_Certificate.pdf

 

DGFT makes amendment in Foreign Trade Policy 2015-2020

Brief DetailsThe DGFT has made amendment in Foreign Trade Policy 2015-20, wherein Para 4.44 of Foreign Trade Policy 2015-20 regarding Export of Cut & Polished Diamonds with Re-import Facility at Zero Duty has been amended.
Change TypeNotification
StateCentral
Effective Date15-June-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220164.pdf

 

Ministry of Finance notifies the Central Goods and Services Tax (Removal of Difficulties) Order, 2020

Brief DetailsThe Ministry of Finance notifies the Central Goods and Services Tax (Removal of Difficulties) Order, 2020 for removal of difficulties and hereby clarified that for the purpose of calculating the period of thirty days for filing application for revocation of cancellation of registration under sub-section (1) of section 30 of the Central Goods and Services Tax Act, 2017 for those registered persons who were served notice under Section 29 (2), clause (b) or clause (c) in the manner as provided under Section 169 (1), clause (c) or clause (d) and where cancellation order was passed up to 12th June, 2020, the later of the following dates shall be considered date of service of the said cancellation order or 31st August, 2020.
Change TypeOrder
StateCentral
Effective Date25-June-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220170.pdf

 

FSSAI provides extension of timelines for compliance with Food Safety and Standards (Recovery and Distribution of Surplus Food) Regulations, 2019

Brief DetailsThe FSSAI with reference to notification No. REG/11/27/ Surplus Food/FSSAI-2017 dated 26th July, 2019 published in the Gazette of India where Food Business Operator were need to comply with all the provisions of Food Safety and Standards (Recovery and Distribution of Surplus Food) Regulations, 2019 by 1st July, 2020. Due to the current COVID-19 pandemic, the surplus distribution agencies and food businesses require additional time to develop their food safety management system so as to ensure safe handling of surplus food for distribution and considering the difficulties faced by Food Business Operators, it has been decided to further extend the timeline, for compliance of the above mentioned notifications, up to 1st January, 2021.
Change TypeNotification
StateCentral
Effective Date26-June-2020
Sourcehttps://www.fssai.gov.in/upload/advisories/2020/06/5ef589717a4ffLetter_Extension_Timeline_Surplus_Food_26_06_2020.pdf

 

MCA notifies the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020

Brief DetailsThe MCA notifies the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020 and made amendment in the Companies (Meetings of Board and its Powers) Rules, 2014 wherein, rule 4 in sub-rule (2), for the figures, letters and word “30th June, 2O2O”, the figures, letters and word “30th September, 2020” has been substituted.
Change TypeNotification
StateCentral
Effective Date23-Jun-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Rule1_25062020.pdf

 

MCA notifies the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020

Brief DetailsThe MCA notifies the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 and made amendment in the Companies (Appointment and Qualification of Directors) Rules, 2014 wherein, in rule 6, in sub-rule (1), in clause (a), for the words “seven months” the words “ten months” has been substituted.
Change TypeNotification
StateCentral
Effective Date23-Jun-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Rule2_25062020.pdf

 

RBI issues notification regarding Loans Sourced by Banks and NBFCs over Digital Lending Platforms in Adherence to Fair Practices Code and Outsourcing Guidelines

Brief DetailsThe RBI has issued a notification regarding loans sourced by Banks and NBFCs over Digital Lending Platforms in adherence to Fair Practices Code and Outsourcing Guidelines and hereby decided that banks and NBFCs, irrespective of whether they lend through their own digital lending platform or through an outsourced lending platform, must adhere to the Fair Practices Code guidelines in letter and spirit and must also meticulously follow regulatory instructions on outsourcing of financial services and IT services. Any violation in this regard by banks and NBFCs (including NBFCs registered to operate on ‘digital-only’ or on digital and brick-mortar channels of delivery of credit) will be viewed seriously.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11920&Mode=0

 

SEBI issues circular relating to guidelines for Order-to-trade ratio(OTR) for Algorithmic Trading

Brief DetailsThe SEBI issues circular in relation with guidelines for OTR with reference to SEBI circulars no. CIR/MRD/DP/09/2012 dated 30 March,2012, CIR/MRD/DP/16/2013 dated May 21, 2013 and SEBI/HO/MRD/DP/CIR/P/2018/62 dated April 09, 2018, wherein Stock exchanges may be permitted to introduce additional slabs up to OTR of 2000 (from existing OTR of 500), and for OTR more than 2000. On the third instance of OTR being 2000 or more, in last 30 days (rolling basis), the concerned member shall not be permitted to place any orders for the first 15 minutes on the next trading day as a cooling off action. The recognised stock exchanges may make necessary amendment to their existing byelaws, rules and/or regulations, wherever required.
Change TypeCircular
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/guidelines-for-order-to-trade-ratio-otr-for-algorithmic-trading_46925.html

 

SEBI issues circular in relation to further extension of time for submission of financial results for the quarter/half year/financial year ending 31st March 2020 due to COVID-19

Brief DetailsThe SEBI issues circular in relation to further extension of time for submission of financial results for the quarter/half year/financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic with reference to SEBI vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 and circular No. SEBI/HO/DDHS/ON/P/2020/41 dated March 23, 2020 and decided to extend the timeline for submission of financial results under Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from 30th June, 2020 to 31st July, 2020 (extension of one month) for the quarter and the year ending 31st March 2020. Similarly, the timeline under Regulation 52 of the LODR for submission of half yearly and/or annual financial results for the period ending March 31, 2020 for entities that have listed NCDs, NCRPS’, CPs, MDS’ has also been extended to July 31, 2020.
Change TypeCircular
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/further-extension-of-time-for-submission-of-financial-results-for-the-quarter-half-year-financial-year-ending-31st-march-2020-due-to-the-continuing-impact-of-the-covid-19-pandemic_46924.html

 

CBDT issues notification with respect to extension of time limits under the Income Tax Act,1961

Brief DetailsThe CBDT issues circular in relation to further extension of time limits under Income Tax Act 1961 and related Acts and hereby specifies, 31st December, 2020 shall be the end date of the period during which the time limit specified under Section 3(1) of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 for completion of action as specified and 31st March, 2021 shall be the end date. Provided that where the specified Act is the Income-tax Act, 1961 and the compliance relates to furnishing of return under section 139 for the assessment year commencing on 1st April, 2019, the end date shall be extended to 31st July, 2020 and the end date shall be extended from 1st April, 2020 to 30th November, 2020. This notification shall come into force from the 30th June 2020.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220145.pdf

 

BSE issues circular in relation with (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020.

Brief DetailsThe BSE has issue a circular in accordance with (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020. Securities and Exchange Board of India (SEBI) has issued notification No. SEBI/LAD-NRO /GN/ 2020/19 dated June 22, 2020, regarding further amendment to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette. Listed Companies has requested to take note and comply accordingly.
Change TypeCircular
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200625-2

 

BSE issues circular in relation with (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2020

Brief DetailsThe BSE has issue a circular in accordance with (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2020. Securities and Exchange Board of India (SEBI) has issued notification No. SEBI/LAD-NRO /GN/ 2020 /18 dated June 22, 2020, regarding further amendment to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette. Listed Companies has requested to take note and comply accordingly.
Change TypeCircular
StateCentral
Effective Date25-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200625-1

 

CBIC Seeks to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 with effect from 30th June, 2020

Brief DetailsThe CBIC seeks to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 with effect from 30th June, 2020 in order to bring amendment to Sections 2, 109, 168 & 172 of the Central Goods and Services Tax Act, 2017.
Change TypeNotification
StateCentral
Effective Date30-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-49-central-tax-english-2020.pdf

 

CBIC notifies the Central Goods and Services Tax (Seventh Amendment) Rules, 2020

Brief DetailsThe CBIC notifies the Central Goods and Services Tax (Seventh Amendment) Rules, 2020, and made amendment in the Central Goods and Services Tax Rules, 2017, wherein the table as specified in Rule 7 has been amended.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-50-central-tax-english-2020.pdf

 

CBIC seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February 2020 to July 2020.

Brief DetailsThe CBIC seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020 for the class of registered persons who are required to furnish the returns in FORM GSTR-3B, but fail to furnish the said return along with payment of tax for the months mentioned in column (4) in the table by the due date as mentioned in the Notification.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-51-central-tax-english-2020.pdf

 

CBIC seeks to provide one time amnesty by lowering/waiving of late fees for non- furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to July, 2020

Brief DetailsThe CBIC seeks to provide one time amnesty by lowering/waiving of late fees for non -furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also provided relief by conditional waiver of late fee payable for a tax period, under section 47 of the said Act for the registered person who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 1st July, 2020 to 30th September, 2020. Provided also that where the total amount of central tax payable in the said return is nil, the total amount of late fee payable for a tax period, under section 47 of the said Act shall stand waived for the registered person who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 1st July, 2020 to 30th September, 2020.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-52-central-tax-english-2020.pdf

 

CBIC seeks to provide relief by waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly filers

Brief DetailsThe CBIC seeks to provide relief by waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly filers
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-53-central-tax-english-2020.pdf

 

CBIC seeks to extend due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore.

Brief DetailsThe CBIC has extended the due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore in the previous financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep on or before the 1st October, 2020 and for taxpayers having an aggregate turnover of up to rupees five crore rupees in the previous financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return in FORM GSTR-3B for the month of August, 2020 shall be furnished electronically through the common portal, on or before the 3rd October, 2020.
Change TypeNotification
StateCentral
Effective Date24-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-54-central-tax-english-2020.pdf

 

IRDAI issues a circular relating to guidelines on introduction of short-term health insurance policies providing coverage for COVID-19 disease

Brief DetailsIRDAI issues a circular vide ref. IRDAI/HLT/REG/CIR/054/03/2020 dated 04th March, 2020 advising the general and health insurers to design need based products covering costs of treatment of corona virus (COVID-19) disease. With an objective of making available insurance protection to various sections of people in the prevailing COVID-19 pandemic, it is considered that short term health insurance policies providing coverages specific to COVID-19 disease is the need of the hour. Accordingly, all insurers (Life, General and Health Insurers) are allowed to offer COVID – 19 specific short-term health insurance policies subject to these guidelines. Short term health policy for the purpose of these guidelines means any health insurance policy contract which has been issued for a policy term of less than 12 months. These guidelines are issued under the powers vested in Section 34 (1) of Insurance Act, 1938. This has the approval of the competent authority.
Change TypeCircular
StateCentral
Effective Date23-JUNE-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo4159

 

SEBI issues circular for Temporary relaxation in processing of documents pertaining to FPIs due to COVID-19

Brief DetailsSEBI issues a circular for temporary relaxation in processing of documents pertaining to FPIs during COVID-19. SEBI vide Circular No. SEBI/HO/FPI&C/CIR/P/2020/056 dated 30 March,2020 had prescribed temporary relaxation in processing of documents pertaining to FPIs due to COVID-19. In view of the prevailing situation due to COVID-19 pandemic and representations received from various stakeholders, It has been decided that the temporary relaxations shall be extended to 31 August , 2020. All other terms and conditions specified in the aforesaid circular dated 30 March,2020 shall remain unchanged. his circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992and Sub-rule 14(i) of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. DDPs &Custodians are requested to bring the contents of this circular to the notice of their FPI clients.
Change TypeCircular
StateCentral
Effective Date23-JUNE-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/temporary-relaxation-in-processing-of-documents-pertaining-to-fpis-due-to-covid-19_46915.html

 

Ministry of Finance under Central Board of Direct Taxes issues a notification in relation with Maharashtra Electricity Regulatory Commission

Brief DetailsMinistry of Finance under Central Board of Direct Taxes issues a notification in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra, in respect of the following specified income arising to that Commission. This notification shall be effective subject to the conditions that Maharashtra Electricity Regulatory Commission, Mumbai. This notification shall apply with respect to the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
Change TypeCircular
StateCentral
Effective Date23-JUNE-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/220113.pdf

 

SEBI issues circular for relaxation in timelines for compliance with regulatory requirements

Brief DetailsSEBI has issued a circular with the view of pandemic situation COVID-19 arising in the country, lockdown imposed by the Government and representations received from Stock Exchanges’ had earlier provided relaxations in timelines for compliance with various regulatory requirements by the trading members, clearing members, depository participants. In view of the prevailing situation due to Covid-19 pandemic and representations received from the Stock Exchanges, it has been decided to further extend the timelines for compliance with the regulatory requirements by the Trading Members, Clearing Members/ Depository Participants, mentioned in the SEBI circulars. Stock Exchanges, Clearing Corporations and Depositories are directed. This circular is issued 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 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Change TypeCircular
StateCentral
Effective Date19-JUNE-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-in-timelines-for-compliance-with-regulatory-requirements_46899.html

 

MCX issues a circular regarding Cyber Security Advisory “Covid-19 related Phishing Attack Campaign by Malicious Actors”

Brief DetailsMCX has issued a circular relating to cyber security advisory of COVID-19 which is related to phishing attack campaign by Malicious Actors. In terms of provisions of the Rules, Bye-Laws and Business Rules of the Exchange Members of the Exchange are hereby notified as under: It has been reported that malicious actors are planning a large-scale phishing attack campaign against Indian individuals and businesses (small, medium, and large enterprises). The phishing campaign is expected to use malicious emails under the pretext of local authorities in charge of dispensing government-funded Covid-19 support initiatives. Such emails are designed to drive recipients towards fake websites where they are deceived into downloading malicious files or entering personal and financial information. The malicious actors are claiming to have 2 million individual / citizen email IDs and are planning to send emails with the subject: free COVID-19 testing for all residents of Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad, inciting them to provide personal information. The email id expected to be used for the phishing campaign towards Indian individuals and businesses is expected to be from email such as “ncov2019@gov.in” and the attack campaign is expected to start on 21st June 2020.
Change TypeCircular
StateCentral
Effective Date23-JUNE-2020
Sourcehttps://www.mcxindia.com/docs/default-source/circulars/english/2020/june/mcxtech4332020-cyber-security-advisories-covid-19-related-phishing-attack-campaign-by-malicious-actors.pdf?sfvrsn=55aa9290_0

 

MCX issues relaxation in timelines for compliance with regulatory requirements

Brief DetailsMCX in view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges, SEBI had earlier provided relaxations in timelines for compliance with various regulatory requirements by the trading members / clearing members, vide circular nos. SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated 16th April, 2020, SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated 16th April, 2020 & SEBI/HO/MIRSD/DOP/CIR/P/2020/68 dated 21st April, 2020. Later, vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/82 dated 15th May, 2020, timelines / period of exclusion were further extended for certain compliance requirements. The Exchange had also issued corresponding circulars for the above referred SEBI circulars. Members shall note that all other conditions specified in the aforementioned SEBI circulars shall continue to remain applicable. No penal action will be taken in case of any late or delay in “Weekly submission of Day Wise Client Funds, Securities Balances & Bank Account Balances” till 31st July, 2020. Submissions starting from the week ending 01st August, 2020 shall be made as per the stipulated timelines i.e. on or before the next four trading days of the subsequent week. Details of penal/disciplinary action on account of late/non submission will be communicated in due course. Members are requested to take note of the above and comply with applicable regulatory requirements.
Change TypeCircular
StateCentral
Effective Date22-June-2020
Sourcehttps://www.mcxindia.com/docs/default-source/circulars/english/2020/june/circular-432-2020.pdf?sfvrsn=30aa9290_0

 

RBI issues notification on Increasing Instances of Payment Frauds – Enhancing Public Awareness Campaigns Through Multiple Channel

Brief DetailsReserve Bank of India has issued a notification in order to enhance the public awareness campaigns. Reserve Bank has been taking measures to improve awareness through its e-BAAT programmes and organizing campaigns on safe use of digital payment modes, to avoid sharing critical personal information like PIN, OTP, passwords, etc. In spite of these initiatives, incidence of frauds continues to bedevil digital users, often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping sim cards, opening links received in messages and mails, etc. There are also cases of users being tricked into downloading spurious apps that access critical information stored on devices. It is, therefore, essential that all payment systems operators and participants – banks and non-banks – continue and reinforce efforts to spread awareness about digital safety. All authorized payment systems operators and participants are hereby advised to undertake targeted multi-lingual campaigns by way of SMSs, advertisements in print and visual media, etc., to educate their users on safe and secure use of digital payments.
Change TypeCircular
StateCentral
Effective Date22-June-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11917&Mode=0

 

Ministry of Corporate Affairs gives clarification with regard to creation of deposit repayment of 20% under Companies Act, 2013 and to invest/deposit 15% of amount of debentures under rule 18 of Companies (Share capital and Debentures) Rules, 2014

Brief DetailsThe Ministry Of Corporate Affairs has issued a circular regarding clarification with regard to creation of deposit repayment reserve of 20% under Section 73 (2) (c) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures under rule 18 of Companies (Share capital and Debentures) Rules 2014, in view of COVID-19 and decided to extend the time in respect of matters referred in paras V , Vl of the aforesaid circular, from 30th June, 2020 to 30th September, 2O20. All other requirements shall remain unchanged.
Change TypeCircular
StateCentral
Effective Date30-Sept-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Circular24_20062020.pdf

 

RBI issues a notification regarding Assignment of Risk Weights on Credit Facilities (Guaranteed Emergency Credit Line) under the Emergency Credit Line Guarantee Scheme

Brief DetailsThe Reserve Bank Of India with reference to circular number: 2842/NCGTC/ECLGS dated 23rd May 2020 issued by National Credit Guarantee Trustee Company (NCGTC) in respect of the captioned scheme announced by the Government of India to extend guaranteed emergency credit line to MSME borrowers. Due to credit, facilities extended under the scheme guaranteed by NCGTC are backed by an unconditional and irrevocable guarantee provided by Government of India, and hereby decided that Member Lending Institutions shall assign zero percent risk weight on the credit facilities extended under this scheme to the extent of guarantee coverage.
Change TypeNotification
StateCentral
Effective Date21-June-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11916&Mode=0

 

CBIC notifies the Central Goods and Services Tax (Sixth Amendment) Rules, 2020

Brief DetailsThe CBIC notifies the Central Goods and Services Tax (Sixth Amendment) Rules, 2020 and made amendment in the Central Goods and Services Tax Rules, 2017 which shall come into force on 27th May, 2020, wherein Rule 26(1), second proviso, following provisos shall be substituted, which states that a registered person registered under the provisions of the Companies Act, 2013 shall during the period from 21st April, 2020 to 30th September, 2020, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through electronic verification code (EVC) and also provided that a registered person registered under the provisions of the Companies Act, 2013 shall, during the period from the 27th May, 2020 to 30th September, 2020, also be allowed to furnish the details of outward supplies under section 37 in FORM GSTR-1 verified through electronic verification code (EVC).”
Change TypeNotification
StateCentral
Effective Date19-June-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-48-central-tax-english-2020.pdf

 

NSE gives relaxation in Compliance requirement due to COVID-19

Brief DetailsThe NSE with reference to SEBI circular SEBI/HO/MIRSD/DOP/CIR/P/2020/ 101 dated June 19, 2020, on “Relaxation in timelines for compliance with regulatory requirements”, wherein further relaxations have been given to Members with respect to certain regulatory submissions/requirements which includes client funding reporting for the month of April, May and June, 2020; Reporting for Artificial Intelligence and Machine Learning applications for the quarter ended on 31st March, 2020 extended till 31st July, 2020 etc.
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-9.pdf

 

NSE issues a circular regarding path of filing disclosures related to Corporate Action on NEAPS Portal

Brief DetailsThe NSE with reference to Regulation 10 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which requires all listed entities to file all reports, statements, documents, filings and any other information to the Exchange on the specified electronic platform and has designated NEAPS Portal as the specified electronic platform and hereby listed companies are requested to intimate regarding fixation of Record date or Book Closure dates for any corporate action, to be separately intimate to the Exchange which is available on the NEAPS Portal (i.e. NEAPS – Compliance – Announcements -Announcements/CA – Intimation Type: Corporate Action).
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://archives.nseindia.com/content/circulars/CML44698.pdf

 

BSE issues a notice for relaxation in compliance requirements with regard to COVID-19

Brief DetailsThe BSE has advised members to comply with SEBI circular SEBI/HO/MIRSD/DOP/CIR/P/2020/ 101 dated June 19, 2020, on “Relaxation in timelines for compliance with regulatory requirements”, wherein further relaxations have been given to Members with respect to certain regulatory submissions/ requirements. The copy of the said SEBI circular has enclosed as Annexure 1 your reference.
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200619-49

 

BSE issues notice regarding system audit of Stock Brokers or Trading Members

Brief DetailsThe BSE has advised stock brokers to comply with SEBI circular no. CIR/MRD/DMS/34/2013 dated November 6, 2013 and Exchange notice no. 20131107-6 dated November 7, 2013 on the Annual System Audit of Stock Brokers / Trading members and required to carry out system audit of their trading facility for the period ended March 31, 2020, as per the applicability criteria. Stock brokers who are using trading software provided by the Exchange (BOLT/BOLT PLUS) and/or software provided by Exchange owned application Service Provider (ASP) shall not be covered in the system audit. Members may note that the System Audit Report for the period ended March 31, 2020 is to be submitted in electronic form only through BEFS (BSE Electronic Filing System) and the module for submission is now enabled at the link provided in the portal. In case the members fail to comply with the same, they will have to face certain penalties and disciplinary actions.
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200619-31

 

BSE advise to comply with the Securities and Exchange Board of India (Substantial Acquisition of Shares And Takeovers) (Amendment) Regulations, 2020

Brief Details The BSE advised to comply with the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020 (notification No. SEBI/LAD- NRO/GN/2020/14 dated June 16, 2020), regarding amendment to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Listed Companies are requested to take note and comply accordingly.
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200619-8

 

MSE issues a circular regarding Relaxation in Compliance requirements – COVID-19

Brief DetailsThe MSE has advised members to comply with the SEBI circular SEBI/HO/MIRSD/DOP/CIR/P/2020/101 dated June 19, 2020, on “Relaxation in timelines for compliance with regulatory requirements”, wherein further relaxations have been given to Members with respect to certain regulatory submissions/ requirements. The copy of the said SEBI circular has enclosed in Annexure A for your reference.
Change TypeCircular
StateCentral
Effective Date19-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-2-4.pdf

SEBI issues a Circular regarding the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 30 of the Securities and Exchange Board of India Act, 1992 regarding the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020, wherein it is informed that the acquisition beyond 5% but up to 10% of the voting rights in the target company shall be permitted only in respect of acquisition by promoter pursuant to preferential issue of equity shares by the target company for the year 2020-21 and also earlier a shareholder holding 25% or more of shares or voting rights was permitted to make voluntary open offer only if he/she has not acquired any shares of the company through acquisition route in the preceeding 52 weeks, which has been now relaxed till 31st March, 2021.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.sebi.gov.in/legal/regulations/apr-2017/sebi-substantial-acquisition-of-shares-and-takeovers-regulations-2011-last-amended-on-march-6-2017-_34693.html

 

SEBI issues a Circular regarding the Securities and Exchange Board of India (Issue of capital and disclosure requirements) (Amendment) Regulations, 2020

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 30 of the Securities and Exchange Board of India Act, 1992 regarding the Securities and Exchange Board of India (Issue of capital and disclosure requirements) (Amendment) Regulations, 2020, wherein it is informed that he issuer shall not make any subsequent qualified institutions placement until the expiry of 2 weeks which was earlier 6 months from the date of the prior qualified institutions placement made pursuant to one or more special resolutions.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.sebi.gov.in/legal/regulations/jun-2020/securities-and-exchange-board-of-india-issue-of-capital-and-disclosure-requirements-amendment-regulations-2020_46885.html

 

SEBI issues a Circular regarding the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 30  read with section 11 and 12 of the Securities and Exchange Board of India Act, 1992 regarding the Securities and Exchange Board of India (Infrastructure investment trusts) ( Second Amendment) Regulations, 2020, wherein, inducted sponsor has been defined and it is said that the maximum subscription from the investor other than the sponsor shall not be more than 25% of the total outstanding units. De-classification of the status of the sponsors have been explained.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.sebi.gov.in/legal/regulations/jun-2020/securities-and-exchange-board-of-india-infrastructure-investment-trusts-second-amendment-regulations-2020_46886.html

 

SEBI issues a Circular regarding the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 30  read with section 11 and 12 of the Securities and Exchange Board of India Act, 1992 regarding the Securities and Exchange Board of India (Real Estate investment trusts) ( Second Amendment) Regulations, 2020, wherein, re-designated sponsor shall be substituted by inducted sponsor and De-classification of the status of the sponsors have been explained.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.sebi.gov.in/legal/regulations/jun-2020/securities-and-exchange-board-of-india-real-estate-investment-trusts-second-amendment-regulations-2020_46887.html

 

SEBI issues a Press Release regarding the Regulatory measures to continue

Brief DetailsThe Securities and Exchange Board of India has issued a Press Release regarding the Regulatory measures, wherein, it is informed that all the regulatory measures introduced by SEBI vide its press release dated March, 2020 shall continue till 30th July, 2020.
Change TypePress Release
StateCentral
Effective Date18-June-2020
Sourcehttps://www.sebi.gov.in/media/press-releases/jun-2020/regulatory-measures-to-continue_46875.html

 

NSE & MSE issues a Circular regarding the Regulatory measures introduced by SEBI to continue in view of ongoing uncertainty

Brief DetailsThe National Stock Exchange of India Limited and The Metropolitan Stock Exchange of India Limited informs that a Press Release regarding the Regulatory measures has been issued by SEBI wherein, it is informed that all the regulatory measures  including for equity index derivatives (futures and options) and (non-futures and options) and others as introduced by SEBI vide its press release dated March, 2020 shall continue till 30th July, 2020.
Change TypeCircular
StateCentral
Effective Date18-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-8.pdf

 

FSSAI issues an Order regarding the Extension of grace period for renewal of license or registrations

Brief DetailsThe Food Safety and Standards Authority of India issues an Order regarding the Extension of grace period for renewal of license or registrations which are expired or expiring in the period of 22nd March, 2020, wherein it is informed that the same has been extended from 30th June, 2020 to 31st July, 2020.
Change TypeOrder
StateCentral
Effective Date18-June-2020
Sourcehttps://www.fssai.gov.in/upload/advisories/2020/06/5eec55fcc79afOrder_Grace_Period_Extension19_06_2020.pdf

 

BSE advised to comply with SEBI (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020

Brief DetailsThe BSE has advised listed companies to comply with Securities and Exchange Board of India (SEBI) notification No. SEBI/LAD-NRO/GN/2020/15 dated 16th June, 2020, regarding amendment to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 and notified the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020.
Change TypeCircular
StateCentral
Effective Date17-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200617-29

 

BSE advised to comply with SEBI  (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020

  Brief DetailsThe BSE has advised listed companies to comply with Securities and Exchange Board of India (SEBI) notification No. SEBI/LAD-NRO/GN/2020/16 dated 16th June, 2020, regarding amendment to the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020 and notified the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020.
Change TypeCircular
StateCentral
Effective Date17-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200617-30

 

NSDL grant relaxation in timelines for submission of Risk Assessment Template

Brief DetailsThe NSDL with reference to NSDL circular no. NSDL/POLICY/2020/0060 dated May 4, 2020 whereby extension till 31st May, 2020 was provided to Participants for submission of Risk Assessment Template for the half year period of 1st October, 2019 to 31st March, 2020 considering the lockdown situation due to COVID-19 pandemic and in view of the representations received from the Participants, it has been decided to grant extension to Participants for submission of Risk assessment Template for the aforesaid period till 20th June, 2020.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://nsdl.co.in/downloadables/pdf/2020-0082-Policy-Relaxation%20in%20timelines%20for%20submission%20of%20Risk%20Assessme….pdf

 

NSDL grant relaxation in timelines for Concurrent Audit of depository operations

Brief DetailsThe NSDL with reference to NSDL circular no. NSDL/POLICY/2020/0062 dated 7th May, 2020 whereby extension till 31st May, 2020 was provided in completing the concurrent audit of depository operations for the period from 16th March, 2020 to 17th May, 2020 considering the situation due to COVID19 pandemic and in view of the representations received from the Participants, it has been decided to further extend the timelines for completing the concurrent audit for the period from 16th March, 2020 to 31st May, 2020 till 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://nsdl.co.in/downloadables/pdf/2020-0083-Policy-Relaxation%20in%20timelines%20for%20Concurrent%20Audit%20of%20deposit….pdf

 

NCDEX advised to comply with SEBI circular on Participation of Mutual Funds in Commodity Derivatives Market in India

Brief DetailsThe NCDEX has advised members to comply with Securities and Exchange Board of India (SEBI) circular no. SEBI/HO/IMD/DF2/CIR/P/2020/96 dated 5th June, 2020 on Participation of Mutual Funds in Commodity Derivatives Market in India.
Change TypeCircular
StateCentral
Effective Date17-June-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/Participation_of_Mutual_Funds_in_Commodity_Derivatives_Market_in_India_17062020.pdf

 

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

Brief DetailsThe NCDEX with reference to the Exchange Circular no. NCDEX/COMPLIANCE-001/2019 dated 7th January, 2019 on Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by market intermediaries has requested members to submit Artificial Intelligence (AI) and Machine Learning (ML) applications and systems details as on 30th June, 2020 to the Exchange latest by 15th July, 2020 and the details has to be submitted through NCFE portal of the Exchange under module: Compliance – AI/ML and a separate form is required to be submitted for each of the AI / ML application and system in case of multiple AI / ML applications and systems are used.
Change TypeCircular
StateCentral
Effective Date17-June-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/AI_ML_Jun_17062020.pdf

 

MCA introduced a Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013

Brief DetailsThe Ministry of Corporate Affairs on account of COVID-19 pandemic, has decided to introduce a Scheme, namely Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 for the purpose of condoning the delay in filing certain forms related to creation/ modification of charges. This Scheme has been applicable in respect of filing of Form No. CHG-l and Form No. CHG-9 by a company or a charge holder as provided in Section 77 and 78 of the Companies Act, 2013.
Change TypeCircular
StateCentral
Effective Date17-June-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Circular23_17062020.pdf

 

MCX issues a circular regarding reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications

  Brief DetailsThe MCX has issued a circular regarding reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by members of the Exchange, wherein trading members are required to report for AI / ML based application or system for the quarter ending June 2020 through portal https://member.mcxindia.com. The portal will be available from 1st July, 2020 to 15th July, 2020. AI & ML reporting is compulsory for all the Trading Members (whether using or not using the facility) and Non-compliant members shall be liable for action as may be deemed fit by the Exchange.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.mcxindia.com/docs/default-source/circulars/english/2020/june/mcxctcl4202020-reporting-for-artificial-intelligence-(ai)-and-machine-learning-(ml)-applications-and-systems-offered-and-used-by-members-of-the-exchange.pdf?sfvrsn=1a999190_0

 

MCX issues a circular regarding sharing of information on Cyber Security Incident

Brief DetailsThe MCX has advised trading members of the Exchange to report Cyber Incident(s) whether occurred /non-occurred for the quarter ending June 2020 through portal https://member.mcxindia.com. The portal will be available from 1st July, 2020 to 15th July, 2020. Non-compliant members shall be liable for action as may be deemed fit by the Exchange.
Change TypeCircular
StateCentral
Effective Date16-June-2020
Sourcehttps://www.mcxindia.com/docs/default-source/circulars/english/2020/june/mcxctcl4212020—information-sharing-on-cyber-security-incident.pdf?sfvrsn=7e999190_0

 

Administrator of Chandigarh provides exemption under the Shops and Establishment Act

Brief DetailsThe Administrator of Chandigarh vide notification No. 12/02/15-H-II(2)-2020/7845 has allowed all shops and establishment covered under The Punjab Shops and Commercial Establishments Act, 1958 to open their outlets on all days of the week for a period of three months subject to conditions which states that all provisions of the Act/Rules relating to employees working conditions, rest interval, weekly off days and other restrictions specified in the aforementioned Act of 1958 must be complied with and Opening and closing hour of all the Shops And Commercial establishments will remain the same on all seven days of the week as notified by Chandigarh administration from time to time. The rotation of employee engaged should be done so that mandatory weekly rest be given to them and the orders issued separately under Disaster Management Act regarding odd-even formula in selected markets will continue to be in operation.
Change TypeNotification
StateChandigarh
Effective Date09-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-7.pdf

 

MCA issues circular allowing companies to hold EGMs through video conference upto 30th September 2020

Brief DetailsThe Ministry of Corporate Affairs issues a circular allowing companies to pass ordinary resolution and special resolutions by holding Extraordinary General Meetings (EGM) through video conferencing or other audio visual means or passing of certain items only through postal ballot without convening general meeting. The framework provided in the said circulars allows companies to hold relevant EGMs or transact relevant business through postal ballots as per procedure specified therein, upto 30th June 2020 or till further orders whichever is earlier.
Change TypeCircular
StateCentral
Effective Date15-June-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Circular22_15062020.pdf

 

NSE issues circular to submit Cyber Security Audit by 31st July 2020 for all Type 1 Stock Brokers

  Brief DetailsThe National Stock Exchange of India Limited issues circular requiring Type 1 Stock Brokers, as defined in SEBI circular CIR/MRD/DMS/34/2013 dated 6th November, 2013 to carry-out Cyber Security audit for the Financial Year 2019-2020. Furthermore, the last date for Preliminary Audit Report submission is 31st July 2020.
Change TypeCircular
StateCentral
Effective Date15-Jun-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-6.pdf

 

SEBI issues a Circular regarding the Investment by the sponsor or asset management company in the scheme

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 11(1) of the Securities and Exchange Board of India Act, 1992 regarding the Investment by the sponsor or asset management company in the scheme, wherein it has been decided that the above referred investment shall be made in growth option of the scheme. For such schemes where growth option is not available the investment shall be made in the dividend reinvestment option of the scheme. Further, for such schemes where growth option as well as dividend reinvestment option are not available the investment shall be made in the dividend option of the scheme.
Change TypeCircular
StateCentral
Effective Date12-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/investment-by-the-sponsor-or-asset-management-company-in-the-scheme_46848.html

 

SEBI issues a Circular regarding the Clarifications on disclosure standards for alternative investment fund 

Brief DetailsThe Securities and Exchange Board of India has issued a Circular under Section 11(1) of the Securities and Exchange Board of India Act, 1992 regarding the Clarifications on disclosure standards for alternative investment fund, wherein it is informed that the timeline for making available the first industry benchmark and AIF level performance versus Benchmark Reports, is extended till 1st October, 2020.
Change TypeCircular
StateCentral
Effective Date12-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/clarifications-with-respect-to-circular-dated-february-05-2020-on-disclosure-standards-for-alternative-investment-funds-aifs-_46847.html

 

FSSAI issues a Circular regarding the Extension of date for mandatory food safety audit of Food Businesses under the FSS (Food Safety Auditing) Regulations, 2018

Brief DetailsThe Food Safety and Standards Authority of India issues a Circular regarding the Extension of date for mandatory food safety audit of Food Businesses under the FSS (Food Safety Auditing) Regulations, 2018, wherein it is informed that keeping in view the current situation due to COVID-19 pandemic, the last date for mandatory audits has been extended up to 30th September, 2020.
Change TypeCircular
StateCentral
Effective Date12-June-2020
Sourcehttps://www.fssai.gov.in/upload/advisories/2020/06/5ee390ad9f377Letter_Date_Extension_FoodSafetyAudit_12_06_2020.pdf

 

Government of Karnataka issues a Notification regarding the Withdrawal of order on Extension of working hours in factories in Karnataka

Brief DetailsThe Government of Karnataka has issued a Notification regarding the Withdrawal of order on Extension of working hours in factories in Karnataka under Section 5 of the Factories Act, 1948, wherein it is decided to grant exemption to all factories registered under Factories Act, 1948 from provisions of section 51 (Weekly Hour), section 54 (Daily Hour), of Factories Act, 1948 subject to certain conditions as per the notification. Therefore, employers of factories in the State of Karnataka are advised to comply with the working hours as prescribed under the Factories Act,1948.
Change TypeNotification
StateKarnataka
Effective Date11-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-5.pdf

 

NSDL issues a circular for implementation of Section 51A of The Unlawful Activities (Prevention) Act, 1967

Brief DetailsThe National Securities Depository Limited has issued a circular wherein it states that all existing account holders should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list and also ascertain the same for future accounts as well (As per Clause 2.8.1 of SEBI “Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under” issued on 15th Oct , 2019.
Change TypeCircular
StateCentral
Effective Date04-June-2020
Sourcehttps://nsdl.co.in/downloadables/pdf/2020-0081-Policy-Implementation%20of%20Section%2051A%20of%20UAPA,%201967%20-%20Updates%20t….pdf

 

NSDL issues a circular on relaxation  for submission of Internal Audit Report by RTAs to depository

  Brief DetailsThe National Securities Depository has issued a circular wherein relaxation has been given to all Issuers/R&T Agents to submit Internal Audit Report to depository in respect of its depository operations for half-year ended March 2020, by 30th June, 2020. This relaxation has been given keeping in view the extension of lockdown due to COVID-19.
Change TypeCircular
StateCentral
Effective Date12-Jun-2020
Sourcehttps://bit.ly/2MNIw8S

 

NCDEX  issues circular on submission of Information / data towards Risk Based Supervision (RBS) for the period April 01, 2019 – March 31, 2020

Brief DetailsThe National Commodity & Derivatives Exchange Limited issued circular as per SEBI directives, which states that all members are required to submit if already not, the Information / data towards Risk Based Supervision (RBS) for the period 1st April, 2019 – 31st March, 2020 and Internal Audit Report (IAR) for the period 01st October, 2019 to 31st March, 2020 to the Exchange on or before 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date12-Jun-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/Reminder_RBS_IAR_Mar2020_11062020.pdf

 

IRDAI issues Guidelines on Telemedicine

Brief DetailsThe Insurance Regulatory and Development Authority of India has issued guidelines on Telemedicine. All insurers are advised to allow telemedicine wherever consultation with a medical practitioner is allowed in the terms and conditions of policy contract. The Guidelines issued have the approval of the competent authority.
Change TypeGuidelines
StateCentral
Effective Date12-Jun-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/frmGuidelines_Layout.aspx?page=PageNo4155

 

IRDAI issues circular on Modified Guidelines on Product filing in Health Insurance Business Norms on Proportionate Deductions

Brief DetailsThe Insurance Regulatory and Development Authority of India issues circular on Modified Guidelines on Product filing in Health Insurance Business Norms on Proportionate Deductions. Insurers are not permitted to apply proportionate deduction for ‘ICU charges’ as different categories of ICU are not there. In addition to the norms specified in clause (4) of Chapter II of the guidelines, other norms have been made.
Change TypeCircular
StateCentral
Effective Date01-Oct-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo4156

 

IRDAI issues circular on Guidelines on Standardization of general terms and clauses in HHHealth Insurance Policy Contracts

Brief DetailsThe Insurance Regulatory and Development Authority of India issues circular on Guidelines under the provisions of Section 34(1) of the lnsurance Act, 1938 read with Regulation 20 and Schedule lll of IRDAI (Health lnsurance) Regulations, 2016 with an objective to standardize the general terms and clauses incorporated in indemnity based Health lnsurance [excluding Personal Accident and Domestic / Overseas Travel products by simplifying the wordings of general terms and clauses of the policy contracts and ensure uniformity across the industry.
Change TypeGuidelines
StateCentral
Effective Date11-Jun-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo4157

 

DGFT issues notification amending SCOMET 2020 regarding classification of Export and Import items, 2018

Brief DetailsThe Directorate General of Foreign Trade issues notification amending SCOMET 2020 regarding classification of Export and Import items, 2018 in exercise of powers conferred by Sections 5 and 14A of the Foreign Trade (Development and Regulation) Act, 1992. This notification shall come into force from 11th July 2020.
Change TypeNotification
StateCentral
Effective Date11-July-2020
Sourcehttps://dgft.gov.in/sites/default/files/Noti%2010%20dated%2011.06.2020%20-%20SCOMET%20update_0.pdf

 

NES issues circular on Migration of Reporting Trades in unlisted Commercial Paper/Certificate of Deposits on Web-Based Debt Segment

Brief DetailsThe National Stock Exchange of India Limited has issued circular on Migration of Reporting Trades in unlisted Commercial Paper/Certificate of Deposits on Web-Based Debt Segment, whereby it is informed that reporting of trades in CP or CD shall be migrated to Web-Based Debt Segment from 15th June, 2020 and from 22nd June 2020, members shall be allowed to report the same only on Web-Based Debt Segment.
Change TypeCircular
StateCentral
Effective Date22-Jun-2020
Sourcehttps://archives.nseindia.com/content/circulars/DS44607.pdf

 

BSE issues notice on Download of Penalty Report for modification of Client Codes of non-institutional trades (All Segments)

  Brief DetailsThe Bombay Stock Exchange Limited has issued notice on Download of Penalty Report for modification of Client Codes of non-institutional trades (All Segments), whereby the members are informed that the penalty report as per the Exchange Notice dated 29th July, 2011 and 26th August, 2011 for the client code modifications of non-institutional trades done during the month of May 2020 has been downloaded in EQUITY TRANSACTION FOLDER in Extranet.
Change TypeNotice
StateCentral
Effective Date10-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200610-12

 

BSE issues notice on Relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Further Public Offer

Brief DetailsThe Bombay Stock Exchange Limited has issued notice on Relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Further Public Offer to notify the members about the members are informed about the SEBI circular dated 9th June, 2020, regarding relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Further Public Offer. It is further informed that these temporary relaxations are applicable for FPOs that open on or before 31st March, 2021 and are not applicable for issuance of warrants.
Change TypeNotice
StateCentral
Effective Date10-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200610-8

 

BSE issues notice on Re-categorisation of Foreign Portfolio Investors (FPI) in UCC system under SEBI Foreign Portfolio Investors (FPI) Regulations, 2019

Brief DetailsThe Bombay Stock Exchange Limited has issued notice on Re-categorisation of Foreign Portfolio Investors (FPI) in UCC system under SEBI Foreign Portfolio Investors (FPI) Regulations, 2019 in continuation to Exchange notice dated 3rd October, 2019 and SEBI Gazette Notification dated 23rd September, 2019 on Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, whereby the members are required to re-categorise their existing FPI clients into FPI-1 and FPI-2 in the UCC system of the Exchange in compliance with SEBI (Foreign Portfolio Investors) Regulations, 2019.
Change TypeNotice
StateCentral
Effective Date10-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200610-29

 

BSE issues notice on Disclosure of Financial Information in Private Placement Memorandum for Issuance of Debt Securities

Brief DetailsThe Bombay Stock Exchange Limited has issued notice on Disclosure of Financial Information in Private Placement Memorandum for Issuance of Debt Securities, whereby all market participants and issuers of Debt Securities who intend to list their Debentures/Bonds with the Exchange shall be required to adhere to following SEBI guidelines while preparing the Private Placement Memorandum.
Change TypeNotification
StateCentral
Effective Date10-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200610-31

 

MCX issues a circular on Revision in Know Your Client (KYC) Norms of Members

Brief DetailsThe Multi Commodity Exchange of India Limited has issued circular on Revision in Know Your Client (KYC) Norms of Members, whereby it is informed that as a part of review of the processes and procedures and to strengthen the due diligence, the Exchange has included the self-attested copy of the passport of the designated directors/partners/proprietor and promoters in its KYC norms. Accordingly, the members are advised to ensure compliance within one month from the date of this circular.
Change TypeCircular
StateCentral
Effective Date10-July-2020
Sourcehttps://www.mcxindia.com/docs/default-source/circulars/english/2020/june/circular-406-2020.pdf?sfvrsn=4c5f9090_0

 

IRDAI issues a circular on Standards for hospitals in the provider network – Disclosure of Quality Parameters

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a circular on Standards for hospitals in the provider network – Disclosure of Quality Parameters in Regulation 29(iv) of IRDAI (Health Insurance) Regulations, 2016 wherein Insurers are directed to keep the insured informed of the list of Network Providers and display the same on their website. Such list shall be also displayed geography wise and updated as and when there is any change in the Network providers. The Network Providers engaged for rendering cashless services, Insurers,  are required to disclose the prescribed details of the network providers and shall be updated as at 31st March of every financial year and be disclosed by 30th June.
Change TypeCircular
StateCentral
Effective Date10-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4153&flag=1

 

IRDAI issues a circular on Guidelines on Public disclosures by Insurers

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a circular on Guidelines on Public disclosures by Insurers with respect the qualitative and quantitative parameters of the health services rendered to policyholders under Section 34(1) of the Insurance Act, 1938 read with Regulation 3 (5) of Insurance Regulatory and Development Authority of India (Third Party Administrators – Health Services) Regulations, 2016. These guidelines are with respect to disclosures with respect to the captioned TPA, to be made by all general and health insurers registered with IRDAI rendering health services both through TPA and/or in-house, termination of services of a TPA, etc.
Change TypeCircular
StateCentral
Effective Date10-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4151&flag=1

 

MCA notifies the Companies (Share Capital and Debentures) Amendment Rules, 2020

                           Brief DetailsThe Ministry of Corporate Affairs has issued a Notification regarding the Companies (Share Capital and Debentures of Amendment Rules, 2020, wherein it is informed that in case a company is covered in item (A) of sub-clause (iii) of clause (b) or item (B) of sub-clause (iv) of clause (b), it shall on or before the 30th day of April in each year, in respect of debentures issued by such a company, invest or deposit, as the case may be, a sum which shall not be less than fifteen percent., of the amount of its debentures maturing during the year, ending on the 31st day of March of the next year in any one or more methods of investments or deposits as provided in sub-clause (vi).
Change TypeNotification
CategoryCorporate Law
StateCentral
Effective Date05-June-2020
Sourcehttp://www.mca.gov.in/Ministry/pdf/Rule_08062020.pdf

 

SEBI issues a Circular regarding the Relaxation from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

                           Brief DetailsThe Securities and Exchange Board of India has issued a Circular regarding the Relaxation from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of FPO, wherein it is decided to provide relaxations in  the eligibility conditions related to Fast Track Further Public Offer (FPO) as contained in the SEBI (Issue of Capital and Disclosure Requirements)  Regulations, 2018. These temporary relaxations are applicable for FPOs that open on or before 31st March, 2021.  Sub regulations (1), (2), (3), (4) and (5) and (9) of regulation 123 shall not apply if the issuer satisfies the conditions mentioned under Regulation 155 of ICDR Regulations

for making a further public offer through the fast track route.

Change TypeCircular
CategorySecurities Law
StateCentral
Effective Date09-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxations-from-certain-provisions-of-the-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-in-respect-of-further-public-offer_46791.html

  

BSE issues a Notice regarding the Relaxation from compliance with certain provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and others

                           Brief DetailsThe Bombay Stock Exchange of India Limited has issued a Notice regarding the Relaxation from compliance with certain provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 and other SEBI Circulars due to the COVID-19 virus pandemic, wherein SEBI has decided to extend the relaxation provided in the circular for issuers who intend/propose to list their Non-Convertible Debentures (NCDs) /Non-Convertible Redeemable Preference Share (NCRPS) /Commercial Papers (CPs) for disclosure of financial results for another one month.
Change TypeNotice
CategorySecurities Law
StateCentral
Effective Date09-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200609-4

 

MCX issues a Circular regarding the Submission of Internal Audit Report and data pertaining to Risk Based Supervision

Brief DetailsThe Multi Commodity Exchange of India Limited has issued a Circular regarding the Submission of Internal Audit Report and data pertaining to Risk Based Supervision, wherein the members have been informed about the requirements of following submissions on or before 30th June, 2020, such as internal Audit Report for the period 1st October, 2019 to 31st March, 2020 and Submission of Data/Details/Information for the period 1st April, 2019 to 31st March, 2020 pertaining to Risk Based Supervision.
Change TypeCircular
CategorySecurities Law
StateCentral
Effective Date09-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-3.pdf

 

IRDAI issues a Circular regarding the Recent Developments in Motor Insurance products 

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the Recent Developments in Motor Insurance products, wherein, in order to enable insurance companies to have instructions at one place, the Master Circular incorporating the existing circulars/guidelines /instructions on the subject has been updated and enclosed. This Master Circular consolidates the circulars issued by IRDAI on the subject from August, 2018 to June, 2020, as indicated in the Annexure.
Change TypeCircular
CategoryInsurance Law
StateCentral
Effective Date09-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4150&flag=1

 

IRDAI issues a Circular regarding the Withdrawal of long-term package cover offering both motor third party insurance and own damage insurance

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the withdrawal of long-term package cover offering both motor third party insurance and own damage insurance for 3 or 5 years, wherein the authority has decided to withdraw long term package cover offered for new cars and two wheelers from 1st August, 2020.
Change TypeCircular
CategoryInsurance Law
StateCentral
Effective Date01-Aug-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-2-2.pdf

 

CBIC issues a Notification regarding the Extension of the validity of e-way bill generated

                           Brief DetailsThe Central Board of Indirect Tax and Customs has issued a Notification regarding the Extension of the validity of validity of e-way bill generated on or before 24th March, 2020 (whose validity has expired on or after 20th March, 2020) till the 30th June, 2020.
Change TypeNotification
CategoryTax Law
StateCentral
Effective Date09-June-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-47-central-tax-english-2020.pdf

 

CBIC issues a Notification regarding the Extension of period to pass order under Section 54(7) of CGST Act

                           Brief DetailsThe Central Board of Indirect Tax and Customs has issued a Notification regarding the Extension of period to pass order under Section 54(7) of CGST Act, wherein, where a notice has been rejected for refund claim under section 54 of the said Act during the period from 20th March, 2020 to 29th June, 2020, the time limit for issuance of the order shall be extended to 15 days after the receipt of reply to the notice from the registered person or the 30th June, 2020, whichever is later.
Change TypeNotification
CategoryTax Law
StateCentral
Effective Date20-Mar-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-46-central-tax-english-2020.pdf

 

CBIC issues a Notification regarding the Extension of the date for transition under GST on account of merger of erstwhile Union Territories

                           Brief DetailsThe Central Board of Indirect Tax and Customs has issued a Notification regarding the Extension of the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli, wherein the date for transition under GST on account of merger of erstwhile Union Territories have been extended to 31st July, 2020.
Change TypeNotification
CategoryTax Law
StateUnion Territories of Daman and Diu & Dadar and Nagar Haveli
Effective Date31-May-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-45-central-tax-english-2020.pdf

 

Ministry of Labour and Employment notifies Employees’ State Insurance (Central) Amendment Rules, 2020

                           Brief DetailsThe Ministry of Labour and Employment has issued a Notification regarding the Employees’ State Insurance (Central) Amendment Rules, 2020, wherein, Rs. 338 shall be paid instead of Rs. 150 for each day for travel within the city and a non-official member, not residing at the place where a meeting is held shall be paid, Rs. 2250 per day if member stays in a hotel and, not exceeding Rs. 900 per day as expenses towards food.
Change TypeNotification
CategoryOther Law
StateCentral
Effective Date09-June-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/219836.pdf

 

SEBI issues circular on relaxation from compliance with certain provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 and certain SEBI Circulars due to the COVID -19 virus pandemic

                           Brief DetailsThe Securities and Exchange Board of India has issued a circular on relaxation from compliance with certain provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 and certain SEBI Circulars due to the COVID -19 virus pandemic, under Section 11(1) of the SEBI Act, 1992 read with Regulations 31 and 32 of the  SEBI  (ILDS)  Regulations,  2008,  Regulations  26  and  27  of  SEBI  (NCRPS) Regulations, 2013. By this circular, the cut-off date for issuance of NCDs/NCRPS /CPs have been extended till 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date8-Jun-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-issue-and-listing-of-debt-securities-regulations-2008-and-sebi-non-convertible-redeemable-preference-shares-regulations-2013-and-ce-_46788.html

 

BSE issues notice Reporting of Client Level Cash & Cash Equivalent and Bank account Balances

                           Brief DetailsThe Bombay Stock Exchange Limited has issued notice on Reporting of Client Level Cash & Cash Equivalent and Bank account Balances, whereby the members are informed that they have to submit the data for all calendar days of the week except Sunday on or before the next four trading days of subsequent week. However, the first submission for reporting of client level cash & cash equivalent balances shall have to be made for the week ending on 6th June, 2020 whose due date will be 12th June, 2020. Members are advised to comply accordingly.
Change TypeNotice
StateCentral
Effective Date9-Jun-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200609-3

 

NCDEX  issues circular on Extension of Collection of Back dated Broker Turnover Stamp Duty for State of Uttar Pradesh till 30th June, 2020 by M/s. BOI Shareholding Limited (BOISL)

                           Brief DetailsThe National Commodity & Derivatives Exchange Limited issued circular on Extension of Collection of Back dated Broker Turnover Stamp Duty for State of Uttar Pradesh till June 30, 2020 by M/s. BOI Shareholding Limited (BOISL), whereby members are informed that the directive of the Inspector General of Registration Commissioner of Stamp, Uttar Pradesh, Lucknow, this has been further extended till June 30, 2020. Members are further advised to take care of the Stamp duty rates as applicable on the transaction of Securities & Commodities and the arrangement of the State Govt. of Uttar Pradesh with BOISL for collection of Back dated Broker turnover stamp duty.
Change TypeCircular
StateCentral
Effective Date8-Jun-2020
Sourcehttps://ncdex.com/Downloads/Circulars/PDF/Periodic_Settlement_of_Client_Account_by_Member_11112019.pdf

 

NSDL issues circular on Framework for issue of Depository Receipts

                           Brief DetailsThe National Securities Depository Limited has issued circular to notify the Participants about the SEBI Circular no. SEBI/HO/MRD-1/CIR/P/2020/95 dated 5th June 05, 2020 regarding Framework for Regulatory Sandbox.
Change TypeCircular
StateCentral
Effective Date8-Jun-2020
SourceRefer Attachment 1 for  more details

 

CBIC gives effect to provisions of Rule 67A for furnishing a nil return in FORM GSTR-3B by SMS

                           Brief DetailsThe Central Board of Indirect Taxes and Customs has issued notification under section 164 of the Central Goods and Services Tax Act, 2017 read with ule 3 of the Central Goods and Services Tax (Fifth Amendment) Rules, 2020, whereby 8th June, 2020 has been appointed as the date from which the provisions of Rule 67A of the rules, shall come into force.
Change TypeNotification
StateCentral
Effective Date8-Jun-2020
Sourcehttps://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-44-central-tax-english-2020.pdf

 

DGFT notifies Amendment in Para 2.20(b) of Handbook of Procedures of Foreign Trade Policy 2015-20 regarding revalidation  of Export Authorisation/ License of Non-SCOMET and SCOMET item

                           Brief DetailsThe Directorate General of Foreign Trade has notified the Amendment in Para 2.20(b) of Handbook of Procedures of Foreign Trade Policy 2015-20 regarding revalidation of Export Authorisation/ License of Non-SCOMET and SCOMET item to the effect that such revalidation shall be allowed from DGFT (Hqrs).
Change TypeNotification
StateCentral
Effective Date8-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2019/213826.pdf

 

Ministry of Environment, Forest and Climate Change amends notification number S.O. 850(E), dated the 17th March, 2017

                           Brief DetailsThe Ministry of Environment, Forest and Climate Change has notified amendment of its notification number S.O. 850(E), dated the 17th March, 2017, whereby paragraph 2A has been inserted after paragraph 2 and paragraph 8A has been inserted after paragraph 8.
Change TypeNotification
StateCentral
Effective Date13-Nov-2019
Sourcehttps://dgft.gov.in/sites/default/files/notification%20No.%2031%20dated%2013.11.2019%20in%20English.pdf

 

Ministry of Environment, Forest and Climate Change amends notification number S.O. 850(E), dated the 17th March, 2017

Brief DetailsThe Ministry of Environment, Forest and Climate Change has notified amendment of its notification number S.O. 850(E), dated the 17th March, 2017, whereby paragraph 2A has been inserted after paragraph 2 and paragraph 8A has been inserted after paragraph 8.
Change TypeNotification
StateCentral
Effective Date8-Jun-2020
Sourcehttp://egazette.nic.in/WriteReadData/2020/219811.pdf

 

RBI issues a Notification regarding the Extension of timeline for compliance

Brief DetailsThe Reserve Bank of India has issued a Notification regarding the Extension of timeline for compliance with various payment system requirement for all existing non-bank PPI issuers; Harmonization of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems and Guidelines on Regulation of Payment Aggregators and Payment Gateways. Keeping in view of the present situation, RBI has issued this notification.
Change TypeNotification
StateCentral
Effective Date04-June-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11910&Mode=0

 

RBI issues a Notification regarding the Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Loans

  Brief DetailsThe Reserve Bank of India has issued a Notification regarding the Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Loans for Agriculture including Animal Husbandry, Dairy and Fisheries for extended period on account of Covid-19, wherein it is informed to all the Public and Private Sector Scheduled Commercial Banks that the Government has decided to continue the availability of 2% IS and 3% PRI to farmers for the extended period of repayment up to 31st August, 2020 or date of repayment, whichever is earlier, in order to ensure that farmers do not pay higher interest during the extended moratorium period. This benefit will be applicable to all short-term loans for Agriculture and Animal Husbandry, Dairy and Fisheries (AHDF) up to ₹3 lakh per farmer (up to ₹2 lakh for AHDF farmers).
Change TypeNotification
StateCentral
Effective Date04-June-2020
Sourcehttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11909&Mode=0

 

RBI issues a Press Release regarding Creation of Payments Infrastructure Development Fund

Brief DetailsThe Reserve Bank of India has issued a Press Release regarding Creation of Payments Infrastructure Development Fund, wherein, the RBI announces creation of a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states and will make an initial contribution of ₹250 crores to the PIDF covering half the fund and remaining contribution will be from card issuing banks and card networks operating in the country.
Change TypePress Release
StateCentral
Effective Date05-June-2020
Sourcehttps://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49905

 

NHB issues a Notification regarding the Revision of Special Refinance Facility (SRF) scheme

Brief DetailsThe National Housing Bank of India has issued a Notification regarding the Revision of Special Refinance Facility (SRF) scheme. The objective of the scheme is to provide short term refinance support to HFCs and other eligible PLIs which will partially mitigate their liquidity risk and improve the much needed liquidity into the overall housing finance system. The total amount allocated under this scheme shall be Rs. 10,000 Crore. The eligibility norms and other parameters like Maximum amount disbursable to individual PLIs and Security for Refinance under the scheme have been revised.
Change TypeNotification
StateCentral
Effective Date02-June-2020
Sourcehttps://nhb.org.in/wp-content/uploads/2020/04/Revision-of-Special-Refinance-FacilitySRF-Eng.pdf

 

NHB issues a Notification regarding the Moratorium period extension for Refinance and Project Finance

Brief DetailsThe National Housing Bank of India has issued a Notification regarding the Moratorium period extension for Refinance and Project Finance, wherein it is informed that, in view of the extension of lockdown and continuing disruption on account of COVID-19, Reserve Bank of India vide its notification dated 23rd May, 2020 has permitted All-India Financial Institutions(AIFIs) to extend the moratorium by another three months i.e. from 1st June, 2020 to 31st August, 2020.
Change TypeNotification
StateCentral
Effective Date02-June-2020
Sourcehttps://nhb.org.in/wp-content/uploads/2020/06/Extension-of-Moratorium-02.06.2020-English.pdf

 

SEBI issues a Circular regarding the Relaxation in compliance with requirements pertaining to AIFs and VCF

Brief DetailsThe Securities and Exchange Board of India has issued a Circular regarding the Relaxation in compliance with requirements pertaining to AIFs and VCF under Section 11(1) of the Securities and Exchange Board of India, 1992, wherein it is informed that AIFs and VCFs may submit the regulatory filings for the months ending March,  April, May and June 2020, as applicable, on or before 7th August, 2020.
Change TypeCircular
StateCentral
Effective Date04-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-in-compliance-with-requirements-pertaining-to-aifs-and-vcfs_46771.html

 

SEBI issues a Press Release regarding the Facility to view status of deficiency in claim applications 

Brief DetailsThe Securities and Exchange Board of India has issued a Press Release regarding the Facility to view status of deficiency in claim applications and making good those deficiencies, wherein it is informed that the portal for rectifying the deficiencies in applications was made operational from 24th January, 2020. The last date for checking the status of claim applications and/or rectification of deficiencies is 31st July, 2020. The investors/applicants with claims up to Rs. 5,000/-, whose claim applications were found deficient, are again requested to check the status of their claim applications online onhttps://www.sebipaclrefund.co.in and rectify the deficiencies, if any, before 31st July, 2020.
Change TypePress Release
StateCentral
Effective Date02-June-2020
Sourcehttps://www.sebi.gov.in/media/press-releases/jun-2020/facility-to-view-status-of-deficiency-in-claim-applications-and-making-good-those-deficiencies_46758.html

 

SEBI issues a Circular regarding the Participation of Mutual Funds in Commodity Derivatives Market

Brief DetailsThe Securities and Exchange Board of India has issued a Circular regarding the Participation of Mutual Funds in Commodity Derivatives Market in India, wherein it is informed that, no Mutual fund schemes shall invest in physical goods except in gold through Gold ETFs. However, as mutual fund schemes participating in ETCDs may hold the underlying goods in case of physical settlement of contracts, in that case mutual funds shall dispose of such goods from the books of the scheme, at the earliest, not exceeding the timeline prescribed for gold and silver and other goods.
Change TypeCircular
StateCentral
Effective Date05-June-2020
Sourcehttps://www.sebi.gov.in/legal/circulars/jun-2020/participation-of-mutual-funds-in-commodity-derivatives-market-in-india_46782.html

 

NSE issues a Circular regarding the Extension of time for submission of compliance certificate for the quarter ended March 2020

Brief DetailsThe National Stock Exchange of India has issued a Circular regarding the Extension of time for submission of compliance certificate for the quarter ended March 2020, wherein, in view of the situation arising due to COVID-19 pandemic and extended lockdown period, the due date to submit Quarterly Compliance Certificate for the quarter ended March 2020, has been further extended till 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date01-June-2020
Sourcehttps://archives.nseindia.com/content/circulars/COMP44528.pdf

 

NSE issues a Circular regarding the Applicability of Trade Execution Range (TER) in Commodity Derivatives Segment

Brief DetailsThe National Stock Exchange of India has issued a Circular regarding the Applicability of Trade Execution Range (TER) in Commodity Derivatives Segment, wherein the members are requested to note that Trade Execution Range (TER) mechanism will not be applicable for Futures contracts traded in Commodity Derivative Segment with effect from 2nd June, 2020.
Change TypeCircular
StateCentral
Effective Date01-June-2020
Sourcehttps://archives.nseindia.com/content/circulars/COM44523.pdf

 

NSE issues a Circular regarding the Discontinuation of Intraday Crystallized losses reports for Currency derivative markets and Futures and Options

Brief DetailsThe National Stock Exchange of India has issued a Circular regarding the Discontinuation of Intraday crystallized losses reports for Currency derivative markets and Futures and Options, wherein it is informed that, in view of the changes in the margin framework, Intraday crystallized losses report of the Clearing Member (MG-16) and intra-day crystallized losses report for trading member (MG-17), shall be discontinued from 1st June, 2020.
Change TypeCircular
StateCentral
Effective Date01-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-1-1.pdf

 

NSE issues a Circular regarding the Implementation of provision regarding the power of attorney

Brief DetailsThe National Stock Exchange of India  informs that a Circular regarding the  Implementation of provision regarding the power of attorney in Circular dated 25th February, 2020, has been issued by SEBI, wherein it is informed that, in view of the situation arising due to Covid-19 pandemic, lockdown imposed by the Government, representations received from stock brokers and stock broker associations regarding difficulty in implementing this provision in lockdown situation due to work in progress by Market Infrastructure Institutions, it has been decided to extend the implementation date of the aforesaid  provision to 1st August, 2020 and align it with the implementation of mechanism of pledge re-pledge through the Depository system.
Change TypeCircular
StateCentral
Effective Date02-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-2-1.pdf

 

NSE issues a Circular regarding the Mandatory Insurance Cover for the Period 2020-21

Brief DetailsThe National Stock Exchange of India has issued a Circular regarding the Mandatory Insurance Cover for the Period 2020-21, wherein all the members are requested to ensure that their Stock Brokers Indemnity Policy is in order for the period 2020-21 w.e.f. 1st June, 2020. Trading Members are required to submit the details for the same through ENIT on or before 31st July, 2020. Further, trading members who hold Stock Brokers Indemnity Policy expiring on any date other than 31st May, 2020 will be granted a period of one month from the expiry date to submit the details of renewed policy.
Change TypeCircular
StateCentral
Effective Date04-June-2020
Sourcehttps://archives.nseindia.com/content/circulars/COMP44560.pdf

 

BSE issues a Notice regarding the Introduction of LES scheme in Equity derivative segment

Brief DetailsThe Bombay Stock Exchange of India Limited has issued a Notice regarding the Introduction of LES scheme in Equity derivative segment, wherein Trading Members are requested to note that with effect from July 01,2020 Exchange shall introduce Liquidity Enhancement Scheme (LES) for S&P BSE SENSEX50 Futures & Options Monthly Contracts and S&P BSE SENSEX50 Futures & Options Weekly Contracts in equity derivatives segment.
Change TypeNotice
StateCentral
Effective Date05-June-2020
Sourcehttps://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200605-52

 

MSE issues a Circular regarding the Extension of time for submission of compliance certificate for the quarter ended March 2020

Brief DetailsThe Metropolitan Stock Exchange of India Limited issues a Circular regarding the Extension of time for submission of compliance certificate for the quarter ended March 2020, wherein it is informed that, in view of the situation arising due to COVID-19 pandemic and extended lockdown period, the due date to submit Quarterly Compliance Certificate for the quarter ended March 2020, has been extended till 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date02-June-2020
Sourcehttps://www.msei.in/SX-Content/Circulars/2020/June/Circular-9071.pdf

 

MSE, NSDL, NCDEX, NCCL and MCX issues a Circular regarding the Implementation of provision regarding the power of attorney

Brief DetailsThe Metropolitan Stock Exchange of India Limited, The National Securities Depository Limited, The National Commodity Derivative Exchange Limited, The National Commodity Clearance Limited and The Multicommodity Exchange of India has informed that a Circular regarding the  Implementation of provision regarding the power of attorney in Circular dated 25th February, 2020, has been issued by SEBI, wherein it is informed that, in view of the situation arising due to Covid-19 pandemic, lockdown imposed by the Government, representations received from stock brokers and stock broker associations regarding difficulty in implementing this provision in lockdown situation due to work in progress by Market Infrastructure Institutions, it has been decided to extend the implementation date of the aforesaid  provision to 1st August, 2020 and  align it with the implementation of mechanism of pledge re-pledge through the Depository system.
Change TypeCircular
StateCentral
Effective Date01-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-3-1.pdf

 

NCDEX issues a Circular regarding the Submission of Half-Yearly Networth Certificate as on 31st March, 2020

Brief DetailsThe National Commodity and Derivatives Exchange Limited has issued a Circular regarding the Submission of Half Yearly Networth Certificate as on 31st March, 2020, wherein all the members are advised to submit the Half Yearly Net Worth Certificate and Statement of Computation of Net worth as on March 31, 2020 based on unaudited financial statement on or before 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date05-June-2020
Sourcehttps://www.ncdex.com/Downloads/Circulars/PDF/Submission_of_half_yearly_net_worth_reminder_05062020.pdf

 

MCX issues a Circular regarding the Penalty Structure for Non-compliance in Handling of Clients Securities by Members

Brief DetailsThe Multi Commodity Exchange of India Limited has issued a Circular regarding the Penalty Structure for Non-compliance in Handling of Clients Securities by Members, wherein, the Exchange in consultation with other Exchanges has formulated an indicative penalty structure for the non-compliances of the provisions of the SEBI Circulars and is enclosed as Annexure 1.
Change TypeCircular
StateCentral
Effective Date05-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-4-1.pdf

 

MCX issues a Circular regarding the SEBI (Payment of Fees) (Amendment) Regulations, 2020

Brief DetailsThe Multi Commodity Exchange of India Limited informs that a Notification regarding the SEBI (Payment of Fees) (Amendment) Regulations, 2020, has been issued by SEBI vide its notification no. SEBI/LAD-NRO/GN/2020/011 dated 8th May, 2020, wherein, payment of fees under SEBI (Stock Brokers) Regulations, 1992; SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and SEBI (Buy-Back of Securities) Regulations, 2018 have been amended.
Change TypeCircular
StateCentral
Effective Date04-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-5-1.pdf

 

IRDAI issues a Circular regarding the Disclosure of underwriting philosophy of offering Insurance coverage

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the Disclosure of underwriting philosophy of offering Insurance coverage to Persons with Disability (PWD) and people affected with HIV/AIDS and Mental Illness diseases, wherein it is considered essential that the targeted population of every insurer shall have complete information on the philosophy that insurers adopt while complying with the provisions of HIV and AIDS Prevention and Control Act, 2017 and Mental healthcare Act, 2017. All Insurers are instructed to publish on their respective websites the underwriting philosophy and approach with regard to offering insurance coverage to the Persons with Disabilities (PWD), Persons affected with HIV /AIDS and Persons affected with Mental Illness diseases.
Change TypeCircular
StateCentral
Effective Date02-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4140&flag=1

 

IRDAI issues a Circular regarding the Extension of time limit applicable to Public Disclosures on websites

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the Extension of time limit applicable to Public Disclosures on websites, wherein it is informed that the time limit for furnishing all quarterly, half-yearly and annual returns for the period ending on 31st March, 2020 has been extended by 30 days.
Change TypeCircular
StateCentral
Effective Date04-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4143&flag=1

 

IRDAI issues a Circular regarding the Guidelines on Insurance Claims of victims of Cyclone Nisarga (June 2020) in the calamity affected districts

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the Guidelines on Insurance Claims of victims of Cyclone Nisarga (June 2020) in the calamity affected districts, wherein it is informed to All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims as prescribed in the Circular
Change TypeCircular
StateCentral, Maharashtra, Gujarat
Effective Date08-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-6-1.pdf

 

IRDAI issues a Circular regarding the Legal Entity Identifier (LEI) code

Brief DetailsThe Insurance Regulatory Development Authority of India has issued a Circular regarding the Legal Entity Identifier (LEI) code, wherein, the insurers shall necessarily obtain LEI as per the procedure prescribed in the above referred circulars on or before 31st July, 2020 and the insurers shall advise their existing corporate borrowers having total exposures of Rs. 50 crore and above, and have not obtained LEI till now, shall obtain LEI and provide the LEI information on or before 30th June, 2020.
Change TypeCircular
StateCentral
Effective Date05-June-2020
Sourcehttps://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4145&flag=1

 

CBIC issues an Instruction regarding the 24×7 Customs Clearance at all the Customs Stations

Brief DetailsThe Central Board of Indirect Tax and Customs has issued an Instruction regarding the 24×7 Customs Clearance at all the Customs Stations, wherein it is informed that, due to the prevailing conditions of covid-19, the CBIC has decided to extend the facility of 24×7 custom clearance at all the customs formations till 30th June, 2020.
Change TypeInstruction
StateCentral
Effective Date01-June-2020
Sourcehttps://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-instructions/cs-instructions-2020/cs-ins-08-2020.pdf

 

CBIC issues a Circular regarding the Extension of the validity of all the AEO Certificates for ease of renewal process

Brief DetailsThe Central Board of Indirect Tax and Customs has issued a Circular regarding the Extension of the validity of all the AEO Certificates for ease of renewal process, wherein it is informed that the validity of all the AEO Certificates for ease of renewal process expired/expiring between 1st March, 2020 and 31st May, 2020 has been extended to 30th June, 2020 except for those entities against which a negative report is received during this period.
Change TypeCircular
StateCentral
Effective Date02-June-2020
Sourcehttps://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2020/Circular-No-27-2020.pdf;jsessionid=2F8015E3B611FAB33743083867974DD2

 

Government of Haryana issues a Notification regarding Extension of Time Limit to Deposit Labour Welfare Fund in the State of Haryana for the year 2019

Brief DetailsThe Government of Haryana has issued a Notification regarding the Extension of Time Limit to deposit Labour welfare fund for the year 2019, wherein it is informed that Government of Haryana has further extended the last day to deposit the Labour Welfare Fund pertaining to the year 2019, till 30th June 2020.
Change TypeNotification
StateHaryana
Effective Date02-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-7-1.pdf

 

Government of India issues a Notification regarding the Further Extension of Renewal of License for Various Acts Under Central Sphere

Brief DetailsThe Government of India has issued a Notification regarding the Extension of renewal of license for various acts under central sphere, wherein, the validity of licenses granted under the Contract Labour (R&A) Act, 1970 And Inter-State Migrant Workmen (ISMW) Act-1979 are hereby extended up to 30th June 2020 for those licenses whose renewal falls in the months of March, April, May, & June 2020
Change TypeNotification
StateCentral
Effective Date03-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-8-1.pdf

 

Government of Telangana issues a Notification regarding the Extension of Earlier Order Declaring paid holidays for Shops and Establishment in Telangana

Brief DetailsThe Government of Telangana has issued a Notification regarding the Extension of Earlier Order Declaring paid holidays for Shops and Establishment in Telangana, wherein, the declaration of paid holidays for shops and establishment, which was given effect up to 31st May 2020 has been extended up to 7th June 2020, subject to the relaxations given and conditions imposed thereon.
Change TypeNotification
StateTelangana
Effective Date01-June-2020
Sourcehttps://www.ricago.com/wp-content/uploads/2020/06/Attachment-9-1.pdf

 

TRAI notifies the Telecommunication Tariff (Sixty Fifth Amendment) Order, 2020

Brief DetailsThe Telecom Regulatory Authority of India issues a Notification regarding the Telecommunication Tariff (Sixty Fifth Amendment) Order, 2020, wherein it is informed that In clause 3 of the Telecommunication Tariff Order, 1999 (hereinafter referred to as the principal tariff order), for the word and figures Schedule I to XIII, the word and figures Schedule I to XII shall be substituted. 3. In the principal tariff order, Schedule XIII and entries thereunder shall be deleted.
Change TypeNotification
StateCentral
Effective Date03-June-2020
Sourcehttps://trai.gov.in/sites/default/files/Regulation_03062020_0.pdf

 

Ministry of commerce and Industry issues a press Release regarding the Implementation of paperless process for grant of IEM

Brief DetailsThe Ministry of Commerce and Industry issues a Press Release regarding the Implementation of paperless process for grant of IEM, wherein, with a view to enhance transparency and ease of doing business, the Department for Promotion of Industry and Internal trade has enhanced the IEM portal. The enhanced portal offers online filing of applications for IEM – Part A, Part B and also for Amendments.
Change TypePress Release
StateCentral
Effective Date04-June-2020
Sourcehttps://dipp.gov.in/sites/default/files/pressRelease_4june2020.pdf

 

IBBI issues a Notification regarding the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020

Brief DetailsThe Insolvency and Bankruptcy Board of India issues a Notification regarding the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020, wherein, Corporate Insolvency, Individual Insolvency, guidelines for Insolvency professionals, panels of the same, expression of interest and ongoing assessment have been discussed.
Change TypeNotification
StateCentral
Effective Date02-June-2020
Sourcehttps://ibbi.gov.in/uploads/legalframwork/71d50e11656190259af4e3fe5427d943.pdf

 

IBBI issues a Notification regarding the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

Brief DetailsThe Insolvency and Bankruptcy Board of India issues a Notification regarding the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, wherein, Section 10A has been inserted, which talks about suspension of initiation of corporate insolvency resolution process and Section 66 has been amended.
Change TypeNotification
StateCentral
Effective Date05-June-2020
Sourcehttps://ibbi.gov.in/uploads/legalframwork/741059f0d8777f311ec76332ced1e9cf.pdf

 

FSSAI issues a Direction regrading the operationalization of the Food Safety and Standards Act, 2006

Brief DetailsThe Food Safety and Standards Authority of India issues a Direction regarding the Operationalization of food safety and standards (Food standards and food additives) Amendment Regulations, 2019, wherein, it has been decided to reinstate the parameter specific marker for rice syrup.
Change TypeDirection
StateCentral
Effective Date05-June-2020
Sourcehttps://www.fssai.gov.in/upload/advisories/2020/06/5eda017509a5bDirection_Rice_Syrup_05_06_2020.pdf