Daily Updates and News

MCA

MCA has informed that the Refund Form is likely to be available, w.e.f 6^th July 2016, on the portal of MCA on the Company Forms Download page. Further all Stakeholders are requested to check the FAQs before filing the same with the MCA. MCA has further revised the versions of eforms Forms CHG-1 [Application for registration of creation, modification of charge (other than those related to debentures)], Form CHG-4 [Form for particulars for satisfaction of charge], Form DPT-3 [Return of deposits] and Form MR-2 [Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or over payment to managing director or whole time director or manager and commission or remuneration to directors] are revised on the portal of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

SEBI

SEBI vide Circular dated June 29, 2016, has allowed foreign portfolio investors who had issued participatory notes under the former regulations to hold the position till the date of expiry of such positions or till end of December 2020. It further clarified on grandfathering of participatory note issuers who didn't meet the criteria under the SEBI (Foreign Portfolio Investor) Regulations, 2014, specially unregulated funds whose investment manager is well regulated. However, participatory notes subscribers cannot take fresh positions or renew the old positions. This clarification is only a consequence of the recent changes on KYC rules which are applicable to ODI issuers and ODI holders from July 1. Earlier, offshore investors who took exposure to Indian securities under FII Regulations by subscribing to ODIs were permitted to continue to subscribe ODIs under the FPI Regulations that replaced FII Regulations in 2014. However, this will not be permissible from August 1. Also, Dec 31, 2020 is sufficient time for such ODI holders to decide whether to comply with new KYC norms or wind up their positions.

SEBI:

The Securities and Exchange Board of India has issued circular in respect of Clarification regarding grandfathering of ODI issuers and modification of replies of FAQ 70 and FAQ 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014. The Board has clarified that The ODI subscribers who have subscribed to ODIs under FII Regulations can continue to subscribe to ODIs under the FPI regime, subject to the condition that they comply with Regulation 22 of SEBI FPI Regulations, 2014 and meet the eligibility criteria as laid down in the SEBI circular CIR/IMD/FIIC/20/2014 dated November 24, 2014 along with other norms which may be notified by SEBI from time to time. Those ODI subscribers which do not meet the aforementioned norms, including unregulated funds whose investment manager is appropriately regulated, can continue to hold the position till the date of expiry of such positions or till December 31, 2020, whichever is earlier. Such subscribers cannot take fresh positions or renew the old positions. Further, the Fresh ODIs can be issued to those entities which comply with SEBI circular CIR/IMD/FIIC/20/2014 dated November 24, 2014 along with other conditions that may be notified by SEBI from time to time read along with Regulation 22 of SEBI FPI Regulations, 2014.

TRANSPARENT INSPECTION POLICY:

The Labour Department Haryana implements various provisions related to safety, health, welfare and other conditions of employment under various labour laws. In order to ensure the compliance of various provisions under these enactments, the Department has notified various functionaries for the inspection of the establishments/factories. Although inspection guidelines have been framed in the past, but these have not been implemented properly; besides there have been some complaints of adhocism in the inspections. The prevalent instructions/guidelines are not conforming to the use of Information Technology, which has to be brought into force in the near future. Therefore, a new comprehensive transparent inspection policy is required to be put in place.

Thanks & Regards,

Meetesh Shiroya