CBDT
CBDT has deferred the implementation of Income Computation and Disclosure Standards (ICDS) by a year to 2017-18 assessment year to give it more time for preparation.
The ICDS were applicable from April 1, 2015 that is assessment year
2016-17. The government had set up an expert committee to look into
industry representations on the ICDS, which has recommended amendments
to the notified framework and also issuance of clarification certain
points raised by the stakeholders. The revision of the tax audit report
is also being made for ensuring the compliance with the provisions of
ICDS and for capturing the disclosures mandated. Considering that some
of the tax payers have filed their return of income and obtained Tax
Audit Report without incorporating the compliance of the same, the ICDS
shall be applicable from Assessment Year 2017-18.
SEBI
SEBI has made a public announcement mandating the use of Electronic book mechanism for issuance of debt securities on private placement basis. SEBI
had issued a circular dated April 21, 2016 wherein the use of an
Electronic Book Mechanism (EBM) had been made mandatory from July 01,
2016 for issuance of debt securities on private placement basis in the
primary market with an issue size of Rs. 500 crores and above, inclusive
of the green shoe option. Pursuant to this, BSE and NSE have been
granted approval by SEBI to act as an Electronic Book Provider (EBP).
For issues, having issuance size below Rs. 500 crores, inclusive of
green shoe option, if any, the issuer shall disclose the details to the
Electronic Book Provider and/ or to the information repository for
corporate debt market.
Thanks & Regards,
Meetesh Shiroya
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