SEBI Update: Extension in compliance requirement applicable to Equity and Debt Listed Companies

✓ SEBI has extended various timeline under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to difficulty caused by Covid-19 pendemic for the following compliance:

✓ Relaxation in following compliance applicable to Equity Listed Company 

(Under Chapter IV i.e. for Listed Company which has listed its specified securities)

✓ To read SEBI Circular, please click here

✓ Relaxation in following compliance applicable to Debt Listed Company 

(Under Chapter V i.e. for Listed Company which has Non-Convertible Debt Securities or Redeemable Preference Shares or both)

✓ To read SEBI Circular, please click here

✓ Further, SEBI has permitted Listed Companies to use Digital Signature certifications (DSC) for authentication/ certification of filings/ submissions made to the stock exchanges under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for all filings until December 31, 2021.

Filing Update: SEBI Insider Trading Regulations

✓ SEBI has discontinued redundant Initial Disclosure filed by under Reg. 7 (1) (a) of SEBI (Prohibition of Insider Trading Regulations) 2015.

✓ Initial Disclosure was required to be filed by every promoter, member of promoter group, key managerial personnel and director of every listed company within 30 days of effective date of Regulations which was falling in 2015 and hence become redundant as on today.

XBRL Filing of Annual Secretarial Compliance Report by listed company

✓ NSE has prescribed steps for listed companies to file XBRL based Annual Secretarial Compliance Report in the following manner:

Source: NSE Official Circular

Expenditure towards setting up makeshift hospital and Covid Care facilities is an eligible CSR Activity

✓ Ministry of Corporate Affairs (MCA) has clarified Corporate Social Responsibility (CSR) funds used for setting up makeshift hospital and temporary Covid Care facilities is an eligible CSR activity.

✓ Above activity is eligible under entry no. (i) and (xii) of Schedule VII of the Companies Act, 2013.



NCLT Order: Hearing through Video-conferencing on urgent matters

All NCLT Benches will take up only urgent matters through video-conferencing with effect from April 20, 2021 due to surge in Covid cases across the country.

MCA to roll out redesigned Compliance Portal - MCA21 V3 Platform

∆ Mobile app for Corporate Filings, pre-filled compliance forms and reduction in compliances, the MCA is proposing a complete revamp of the compliance system with Version 3.0. 

∆ Key features as follows:

✓ It would alert companies of any errors in filings.

✓ It will profile a company and assess its risk of defaulting. 

✓ MCA will reduce number of forms substantially from October.

✓ E-consultation and E-books will be launched in MCA in May.

✓ All form will be pre-filled web-based forms and Mobile app will be rolled out by October.

✓ Enforcement module and compliance management system come online in October.

✓ Only limited forms like filling of the Balance sheet and Profit and Loss figures will have to be manually filled in.

✓ All other forms on the portal being converted into pre-filled web forms from the current PDF versions.

✓ All the above will bring down the time and resources spent by CS on compliance.

✓ MCA is keen to shift to a more trust-based regime by doing away with attachments of various reports for verification, albeit with adequate checks.

✓ Mobile app would come with features like e-consultation allowing users to provide feedback on draft bills directly online.

✓ E-book for instant reference and sharing of all Acts and rules relating to company affairs.

✓ Complete Access to the registry of Master Data.

✓ Front-facing features of the website would be incorporated in the app, but these would include only simpler forms since placing digital signature certificates via mobile would be difficult.

✓ To read more, please click here

Courtesy: Business Media (Economic Times)

NSE Update - Guidance note on disclosure of Related Party Transactions (RPT)

✓ National Stock Exchange of India Limited (NSE) has issued detailed guidance on filing of disclosure relating to Related Party Transactions (RPT) by the listed company.

✓ It is pertinent to note that listed company required to file above disclosure within 30 days from the date of publication of financial results for the half year pursuant to Reg. 23 (9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.