Companies Act: Extension in last date of Annual Filing

✓ Ministry of Corporate Affairs (MCA) vide Circular dated 29.10.2021 extended last date of filing of Form AOC 4, AOC 4 (CFS), AOC 4 XBRL and MGT 7/7A till December 31, 2021 without additional fees in respect of financial year ended on March 31, 2021.

LLP Annual Filing: Relaxation in last date of filing

✓ Ministry of Corporate Affairs (MCA) vide Circular dated 26.10.2021 has extended last date of filing of Form 8 till December 30, 2021 without additional fees.

Recognition to Company Secretaries under the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021.

✓ Recognition under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021:

✓ The International Financial Services Centres Authority has notified the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 & International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021.

✓ Pursuant to above amendment, Company Secretaries authorised to certify the networth certificate of IFSC insurance intermediary office (IIIO) under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 as well as to certify that all the requirements of the International Financial Services Centres Authority Act, 2019 read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the applicant.

∆ FORM B - Certificate from CA / CS

- Certificate from a practicing Chartered Accountant in India or a practising Company Secretary in India certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the Applicant.

∆ FORM - C - Certificate from CA / CS

- Certificate from a practicing Chartered Accountant in India or a practising Company Secretary of India certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the applicant.

✓ In continuation to above, IFSCA has also authorised the PCS to conduct annual audit of Capital Market Intermediaries and issue Net Worth Certificate to the applicant willing to register as an capital market intermediaries with the IFSCA.

✓ Annual Audit - 22. (1) A registered capital market intermediary shall have an annual audit conducted in respect of compliance with these regulations by a member of the Institute of Chartered Accountants of India or a member of the Institute of Company Secretaries of India or any person authorised to conduct audit in a Foreign Jurisdiction.

✓ Schedule I, Part I - Net worth as per the latest financial statements of the applicant.

- Please enclose net worth certificate by Chartered Accountant / Company Secretary (or their equivalent in Foreign Jurisdiction) not older than six months as on the date of application.

SEBI Update: (1) Streamlining of SCORES procedure and (2) Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities

(1) Streamlining procedure for obtaining SCORES credential

✓ SEBI vide circular dated 14th October, 2021 modified process to obtain SCORES, thereby introducing an online mechanism for obtaining SCORES credentials.

✓ It is pertinent to note that, Companies intending to list their securities on SEBI recognised stock exchange are required to register on SCORES platform to redress investor grievances before listing.

✓ Modified Process shall be as follows:

1. Declaration signed by Compliance Officer to be attached with the online form on www.scores.gov.in

2. Companies intending to list:

~ On Main Board - Declaration stating that the DRHP has been submitted with SEBI.

~ On SME/Debt Platform - Declaration stating that an application to list securities has been submitted with stock exchange/in-principal approval to list securities has been obtained.

✓ Thereafter, SCORES credentials will be sent to Compliance/ Dealing Officer on their contact mail ID.

✓ Hence, physical submission no longer required to obtain SCORES credentials in accordance with SEBI Circular dated December 18, 2014.

✓ To refer the SEBI Circular, please click here.

(2) Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities

✓ SEBI through amendment dated 7th Sep. 2021, has mandated the Companies having their listed non-convertible securities to disclose financial results on quarterly basis as per Reg. 33 of SEBI Listing Regulations, including assets and liabilities, cash flows.

✓ Hence, in that regard, revised format for Limited Review Report/ Audit Report prescribed by with this Circular is as follows:

✓ To refer the format in detail, please click here.