E Corporate Manager June 2022 - FINAL

E-CORPORATE MANAGER
FOR THE MONTH OF JUNE, 2022
PRESENTED BY
AHMEDABAD CHAPTER OF WIRC OF ICSI
Editorial Committee of Ahmedabad Chapter of WIRC
Chairman of the Committee
CS Kuldipsinh Zala
Our Committee-mates
CS Krisa Patel CS Ishita Shah CS Hetanshi Shah
ICSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 2

TABLE OF CONTENTS
Editorial Committee details 2
Guidelines For Authors 4
Guidelines For E Corporate Manager 4
Format Of Declaration-Cum-Undertaking 5
ARTICLES 6
 Company Secretary: A facilitator of Corporate 6
Growth
 Amendments In Schedule III Disclosures W.E.F 9
April 01, 2021 (FY 2021- 22 Onwards)
 Compliance Calendar for The Month of June 22
2022
BIRTHDAY CORNER 72
SUGGESTION/ FEEDBACK & SUB COMMITTEE 78
LIST
DISCLAIMER 78
IMPORTANT LINKS OF ICSI 80
CHAPTER ACTIVITIES 81
CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 3

GUIDELINES FOR AUTHORS
1. Article should be on the subject of interest to the profession of Company Secretaries
in the Journal.
2. The article should be original contribution of the author.
3. The article must be an exclusive contribution for the e-corporate manager.
4. The article must not have been published elsewhere, and must have been or must not
be sent elsewhere for publication, in the same or substantially the same form.
5. The article should ordinarily have 2500 to 4000 words. A longer article may be
considered if the subject to warrants.
6. The article must carry the name(s) of the author(s) on the title page only and nowhere
else. The articles go through blind review and are assessed on the parameters such
as;
(a) relevance and usefulness of the article (from the point of view of the company
secretaries),
(b) organization of the article (structuring, sequencing, construction, flow, etc.),
(c) depth of the discussion,
(d) persuasive strength of the article (idea/argument/articulation),
(e) does the article say something new and is it thought provoking, and
(f) adequacy of reference, source acknowledgement and bibliography, etc.
8. The copyright of the article, if published in the E-Corporate Manager, shall vest with
the Institute.
9. The Editorial Committee has the sole discretion to accept/reject an article for
publication in the e-corporate manager or to publish it with modification and editing,
as it considers appropriate.
10. Article need to be in Times New Roman with Font Size of 11pt. with justified
alignment and single spacing between the lines.
11. All the tables and Photograph must be inserted by Word Document Insert Table and
Photograph option.
12. Writers should refrain from plagiarism. Use this link
http://plagiarisma.net/scholar.php for the said purpose. Maximum tolerable
plagiarism is 20%.
13. Use Referencing wherever you have copied or referred a text.
14. No Other Formatting shall be allowed.
15. The article shall be accompanied by an introduction and a summary in 150 words
and shall be mailed to ahmedabad@icsi.edu and editorial.ahmedabad@gmail.com.
16. The article shall be accompanied by a ‘Declaration-cum-undertaking’ from the
author(s).
GUIDELINES FOR E CORPORATE MANAGER
1. Only 2 Articles are allowed per member in a financial year. More than 2 articles per person
shall be allowed with the Approval of Editorial Committee.
2. In case of Joint Article, only 2 Members can contribute to the Article.
3. There shall be maximum 4 Articles per Edition of E Corporate Manager. More than 4 Articles
shall be allowed with the Approval of Editorial Committee.
FORMAT OF DECLARATION-CUM-UNDERTAKING
1. I, Shri/Ms./Dr./Professor declare that I have read and understood the

Guidelines for Authors.
2. I affirm that:
a. The article titled “ ”is my original contribution and no portion of it has been adopted
from any other source;
b. This article is an exclusive contribution for e-corporate manager and has not been /
nor would be sent elsewhere for publication; and
c. The copyright in respect of this article, if published in e-corporate manager, shall vest
with the Institute.
d. The views expressed in this article are not necessarily those of the Institute or the
Editor of the e-corporate manager.
3. I undertake that:
a. I comply with the guidelines for authors.
b. Shall abide by the decision of the Institute, i.e., whether this article will be published and
/ or will be published with modification / editing.
c. Shall be liable for any breach of this ‘Declaration-cum-undertaking’

ARTICLES
CS Kiran Goklani
Email: cskirangoklani@gmail.com
Company Secretary: A facilitator of

Corporate Growth
The role of Company Secretaries (“CS”) has been transitioning from being a support
person to becoming one of the key governance positions in Corporates. The Companies
act 2013 has given the recognition to Company Secretaries as “Key Managerial
Personnel” (KMPs). Being diligent in what they do and responsible for their act makes
the company achieve its goals. It is their responsibility to ensure that the company and
its directors operate within the law. In simple terms, they are the professionals who act
as power boosters for the companies to encourage their plans and ensures its smooth
accomplishment with complying all applicable laws in the field. Beyond their normal
course of duties, company secretaries provide advice and counsel to the board of
directors, company’s shareholders and serve as confidantes.
Company Secretaries have transitioned to one of the key governance positions within a
Company and can help align the Company’s policies, the management functions, various
regulatory compliances and the mutual ethics and trust in a Company to achieve
corporate growth. It has been very rightly said that “the profession of Company
Secretaries has an important part to play in the introduction of professionalism in the
area of corporate management” by Shri P Shiv Shankar, the erstwhile Minister of Law,
Justice and Company Affairs.
Despite having an array of roles in different areas, it is a common belief that the role of
Company Secretaries is confined to Company Law alone. However, over the years it has
been observed that Company Secretaries have ventured into areas beyond Company
Law and have emerged as experts in taxation, financial market services, mergers &
amalgamations, etc. Many of the Corporates find it useful to consider Company

secretaries with a Master’s Degree in Commerce or Business Administration or a degree
in Law for that added advantage.
Apart from being an expert in their own field, it is the ethics and the values that make
Company Secretaries distinct as a professional. Being diligent in what they do and
responsible for their act makes the company achieve its goals.
A good Company Secretary should be able to assist the organization with identifying
what should make up the correct infrastructure for each organization. In addition, and
some would say more importantly, once the correct infrastructure has been identified,
the Company Secretary should be able to assist the organization with the creation of the
culture and the relationships required to ensure that the infrastructure is implemented,
managed, and maintained effectively for the success of the organization. Hence, as
professionals, it is a constant endeavour to develop themselves to be better at their job
and have the knowledge to be able to guide not only the Board of Directors of a Company
but also each individual who help run the show. Whatever type of organization the
Company Secretary works for, he or she usually plays a valuable role as a “bridge” for
information, communication, advice, and arbitration between the board and management
and the organization and its stakeholders, including its shareholders.
In view of the increasing emphasis on adherence to norms of good corporate governance

in today’s business environment in India, there has been increased focus on the
professionals who support and guide the management team in generating long-term
added value for the shareholders and society at large, and also those who are
accountable to the shareholders for the companies’ long-term performance.
The role of company secretaries is at the pace of growth in Indian companies; with an
increase in number of compliances the need and responsibilities of CS cannot be
neglected. If a company does not comply with the advent procedures of Companies Act
and other authoritative laws; it may run into a number of penalties which negatively
impacts the Corporate as a whole. Additionally, A CS is an officer responsible for
compliance with numerous legal requirements under different legal acts, including the
Companies Act, 2013 as applicable to companies. Since it is the CS who is also “an
officer in default”, therefore, the onus to ensure timely compliance of law is on her similar
to any member of the board
Company secretaries are the eyes and ears of an organisation, ensuring that crucial
information flows securely to the correct people, that board meetings are effective and
that proper records are kept. Working in such close proximity to the board of directors
inevitably means being privy to some of the most important decisions made within the
Company. In a self-regulated regime, a Company Secretary subjected to a strict code of

conduct is looked upon by the regulators, as and ethical and trustworthy professional
whose professional judgment and competence has made a mark in the corporate sector.
In addition to the in-house Company Secretary, the Practising Company Secretaries

(PCS) also play a key role which aids the Corporates to take various decisions which
impact the Business in long run. The Role of PCS can be defined in the following ways:
 CS as a Business Supporter :
The Companies act gives specific right to a company secretary– to exercise

promotion and incorporation of companies; to handle company audit and certification
services; to sign annual returns; to handle corporate restructuring and takeovers; to
scrutinize reports and voting procedures in a transparent manner; to administer
revival of sick companies; to become a technical member of Company Law Tribunal;
to investigate cases of taxation and corporate affairs.
 CS as an Auditor:
To ensure corporate discipline and compliance with the laws; the Companies Act
confides a company secretary to annex a Secretarial Audit Report to the authorities
in form MR-3 ensuring compliances of the company with procedures defined in
general laws and legal acts.
 CS as an Advisor:
CS works as advising agent in cases of – issue of shares; drafting of prospectus/sale

letter/issues related to securities/private placement and buyback of shares; raising
funds from international markets; loan syndication and documentation; income tax
planning; drafting of legal documents; in matters of intellectual property rights;
guiding in policies of merger; amalgamation and joint ventures, etc.

RAJESH LACHHWANI
Email: lachhwanirajesh@live.com
AMENDMENTS IN SCHEDULE III DISCLOSURES W.E.F APRIL 01, 2021 (FY 2021- 22 Onwards)
MCA, vide notification dated March 24, 2021 has further prescribed additional disclosure
required in the financial statements in schedule III to the Companies Act, 2013. The
amendments (Division I, II and III of Schedule III) shall be applicable from FY 2021-22.
The amendments have been brought to the Companies (Accounting Standards) Rules, 2006 as
well as the Companies (Indian Accounting Standards) Rules, 2015 including NBFCs.
1 Earlier is was optional but not it is mandatory to

rounding off the figures appearing in the Financial
Statements depending upon the Total Income
2 Turnover is now replaced as Income
3 “Property, Plant and Equipment” under the heading

“II Assets”, under sub-heading “Non-current assets”,
the item “Tangible Assets” changed to “Property,
Plant and Equipment and Intangible assets”

4 A company shall disclose Shareholding of Promoters in notes to share capital
Shares held by promoters at the end of the year % Change during the year***
S.No. Promoter name No. of % of
shares** total
shares**
Total
5 “current maturities of Long term borrowings” reclassified under “Short-term borrowings” from
“Other current liabilities”.
6 Sub- item “(ia) Security Deposits” reclassified under “Other non-current assets” from “Long-
term loans and advances”

7 MSME
The following ageing schedule shall be given for Trade payables due for payment:-
# similar information shall be given where no due date of payment is specified in that case
disclosure shall be from the date of the transaction. Unbilled dues shall be disclosed separately;
8 Trade receivables outstanding, both non-current and current following ageing schedule
shall be given:
Trade Receivables ageing schedule
# similar information shall be given where no due date of payment is specified, in that case
disclosure shall be from the date of the transaction.

Unbilled dues shall be disclosed separately.
9 For Property, Plant and Equipment
Particular Gross Block Accuml Net

s ated Block
Deprec
iation
At the Addi disposal acquisitions amount of other Bala
begi tions s through change adjustmen nce
business due to ts at
combinatio revaluatio the
ns n (if end
change is
10% or
more in
the
aggregate
of the net
carrying
value of
each class
of
Property,
Plant and
Equipmen
t)

10 Intangible assets
Particular Gross Block Deprec Net

s iation Block
and
impair
ment
losses
or
reversa
ls
At the Addi disposal acquisitions amount of other Bala

begi tions s through change adjustmen nce
business due to ts at
combinatio revaluatio the
ns n (if end
change is
10% or
more in
the
aggregate
of the net
carrying
value of
each class
of
Property,
Plant and
Equipmen
t)
The company is also required to disclose whether the plant, property

or equipment has been revalued by a registered valuer as defined
under rule 2 of Companies (Registered Valuers and Valuation) Rules,
2017.
11 Where the company has

not used the borrowings
from banks and financial
institutions for the specific
purpose for which it was
taken at the balance sheet
date, the company shall
disclose the details of
where they have been
used.”

12 Additional Disclosures required :
(i) Immovable Property :
→ Title deeds of Immovable Property not
held in name of the Company
→ The company shall provide the details of all
the immovable property (other than properties
where the Company is the lessee and the lease
agreements are duly executed in favour of the
lessee whose title deeds are not held in the
name of the company in format given below)
and where such immovable property is jointly
held with others, details are required to be
given to the extent of the company’s share
Relevant Description Gross Whether title deed Property Reason for

line item in of item of carrying holder is a held not being
the property value promoter, director since held in the
Balance or relative# of which name of
sheet promoter*/director date the
or employee of company**
promoter/director
PPE Land - - - **also

indicate if in
dispute
- Building
Investmen Land
t property
- Building
Non- Land
current
asset held
for sale
- Building
others

13 Where any proceedings have been
initiated or pending against the
company for holding any benami
property, the company shall
disclose various details of the
property including the reasons of
not disclosing the same in the books
of accounts, details of the
proceedings against the company
including its nature, status and the
views of the company on the same.
14 Wilful Defaulter
Where a company is a declared wilful
defaulter by any bank or financial Institution
or other lender, following details shall be
given: (a) Date of declaration as wilful
defaulter,
(b) Details of defaults (amount and nature of
defaults)
15 Relationship with Struck off Companies

Where the company has any transaction with companies struck off under section 248
of the Act, or under section 560 of the Companies Act, 1956,
Name of struck Nature of Balance Relationship with

off Company transactions with outstanding the Struck off
struck-off Company company, if any, to
be disclosed
16

17 If a company is under non-
compliance with the number of
layers prescribed under section
2(87) of the Act read with
Companies (Restriction on Number
of Layers) Rules, 2017 shall
disclose the same.
18 19.
A
disclosure to effect that the
books of accounts of the
company are in accordance
with the approved scheme of → Ageing of capital work in progress (CWIP) and any
arrangement Company ‘in other CWIP which has exceeded its originally planned
accordance with the Scheme’ cost or completion schedule.
and ‘in accordance with → Details of projects where activity has been
accounting standards’ and suspended shall be disclosed separately.
deviation if any in this regard
shall be explained.
20 Loan Granted to Promoters, Directors, KMPs and
the Related Parties:
The company shall disclose all the loans and advances
in the nature of loan granted to promoter director
and KMPs and related parties, severally or jointly
with any other person either repayable on demand,
without specifying any terms or period of repayment.
Type of Amount of loan Percentage to
Borrower or advance in the total Loans
the nature of and Advances
loan in the nature of
outstanding loans
Promoter
Directors
KMPs
Related Parties
20
Ratio What it indicates Formula

(a) Current The current ratio Current Ratio = Current Assets
Ratio, indicates a company’s Current Liabilities
overall liquidity
position. It is widely
used by banks in making

decisions regarding the
advancing of working
capital credit to their
clients
(b) Debt-Equity Debt-to-equity ratio Debt Equity Ratio = Total Debt
Ratio, compares a Company’s Shareholder’s Equity
total debt to
shareholders equity.
Both of these numbers
can be found in a
Company’s balance
sheet.
(c) Debt Service Debt Service coverage Debt Service Coverage Ratio=
Coverage ratio is used to analyse Earnings available for debt
Ratio, the firm’s ability to service
payoff current interest Debt Service
and instalments.
Earning for Debt Service = Net
Profit before taxes + Non-cash
operating expenses like
depreciation and other
amortizations + Interest + other
adjustments like loss on sale of
Fixed assets etc.
Debt service = Interest & Lease

Payments + Principal
Repayments “Net Profit after
tax” means reported amount of
“Profit / (loss) for the period”
and it does not include items of
other comprehensive income.
(d) Return on It measures the ROE =
Equity Ratio, profitability of equity Net Profits after taxes –
funds invested in the Preference Dividend (if any)
Company. The ratio Average Shareholder’s
reveals how profitability Equity
of the equity-holders’
funds have been utilized
by the Company. It also
measures the
percentage return
generated to equity-
holders.
(e) Inventory This ratio also known as Inventory Turnover ratio =
Turnover stock turnover ratio and Cost of goods sold OR sales
ratio = it establishes the Average Inventory
relationship between
the cost of goods sold Average inventory is (Opening
during the period or + Closing balance / 2)
sales during the period

and average inventory When the information opening
held during the period. and closing balances of
It measures the inventory is not available then
efficiency with which a the ratio can be calculated by
Company utilizes or dividing COGS OR Sales by
manages its inventory closing balance of Inventory.
(f) Trade It measures the Trade receivables turnover ratio
Receivables efficiency at which the = Net Credit Sales
turnover firm is managing the Average Accounts Receivable
ratio, receivables
Net credit sales consist of gross
credit sales minus sales return.
Trade receivables includes
sundry debtors and bill’s
receivables. Average trade
debtors = (Opening + Closing
balance / 2)
(g) Trade It indicates the number Trade payables turnover ratio =

payables of times sundry creditors Net Credit Purchases
turnover have been paid during a Average Trade Payables
ratio period. It is calculated
to judge the Net credit purchases consist of
requirements of cash for gross credit purchases minus
paying sundry creditors. purchase return.
It is calculated by
dividing the net credit When the information about
purchases by average credit purchases, opening and
creditors closing balances of trade
creditors is not available then
the ratio is calculated by
dividing total purchases by the
closing balance of trade
creditors.
(h) Net capital It indicates a company's Net capital turnover ratio =

turnover effectiveness in using its Net Sales
ratio working capital. The Average Working Capital
working capital turnover
ratio is calculated as Net Sales shall be calculated as
follows: Net Sales total sales minus sales returns.
divided by the average Working capital shall be
amount of working calculated as current assets
capital during the same minus current liabilities.
period.
(i) Net profit It measures the Net Profit Ratio =
ratio relationship between Net Profit
net profit and sales of Net Sales
the business.

Net profit shall be after tax. Net
sales shall be calculated as total
sales minus sales returns.
(j) Return on Return on capital ROCE =
capital employed indicates the Earning before interest and
employed ability of a company’s taxes
(ROCE) management to Capital Employed
generate returns for
both the debt holders Capital Employed = Tangible Net
and the equity holders. Worth + Total Debt + Deferred
Higher the ratio, more Tax Liability
efficiently is the capital
being employed by the
company to generate
returns.
(k) Return on Return on investment ROI =
investment (ROI) is a financial ratio {MV(T1) – MV(T0) – Sum [C(t)]}
used to calculate the {MV(T0) + Sum [W(t) * C(t)]}
benefit an investor will
receive in relation to where,
their investment cost. T1 = End of time period
The higher the ratio, the T0 = Beginning of time period
greater the benefit t = Specific date falling between
earned. The one of T1 and T0
widely used method is MV(T1) = Market Value at T1
Time Weighted Rate of MV(T0) = Market Value at T0
Return (TWRR) and the C(t) = Cash inflow, cash outflow
same should be followed on specific date
to calculate ROI. It W(t) = Weight of the net cash
adjusts the return for flow (i.e. either net inflow or
the timing of investment net outflow) on day ‘t’,
cash flows and its calculated as [T1 – t] / T1
formula / method of
calculation is commonly Companies may provide ROI
available. However, the separately for each asset class
same is given below for (e.g., equity, fixed income,
quick reference: money market, etc.).
Explanation shall be given to the items included in numerator and denominator for
computing the above ratios. Further explanation shall be provided for any change in
the ratio by more than 25% as compared to the preceding year.
FOR Ind AS NBFCs additional ratio as follows:
(a)Capital to risk-weighted assets ratio (CRAR)

(b) Tier I CRAR
(c) Tier II CRAR
(d) Liquidity Coverage Ratio
An illustrative format for this disclosure is given below:

Ratio Numerato Denomina Current Previous % Reason
r tor Period Period Variance for
varianc e
(if above
25%)
Lease liabilities: Under IND AS: Lease liabilities are to be presented under non-current
financial liabilities & current financial liabilities as a line item separately from borrowings.
Lease liabilities under non-current liabilities represent principal amount of such lease
liability payable (as recognised and measured in accordance with Ind AS 116, Leases) beyond
a period of 12 months from the reporting date
→ Similarly there are changes in disclosure formats made for change in equity, trade
receivables, Payables.
Major changes of the article is tried to be covered.
GUIDANCE NOTE ON DIVISION I – NON IND AS SCHEDULE III TO COMPANIES ACT 2013 :
https://resource.cdn.icai.org/68981clcgc55147-gnd1.pdf
GUIDANCE NOTE ON DIVISION II - IND AS SCHEDULE III TO THE COMPANIES ACT, 2013:
GUIDANCE NOTE ON DIVISION III - SCHEDULE III TO THE COMPANIES ACT, 2013 FOR NBFC
THAT IS REQUIRED TO COMPLY WITH IND AS :
Disclosures to be given in the Profit and Loss statements:#

1. Undisclosed income: Where a company has surrendered or disclosed any income
under the relevant provisions of the Income Tax Act and which are not disclosed
earlier shall be disclosed in the books of accounts(unless there is immune impact).
2. Corporate Social Responsibility:
a. Where the company covered under section 135 of the companies act, the following
shall be disclosed with regard to CSR activities:-
amount amount of shortfall total of nature of details of contribution provision

required expenditure at the previous CSR related to a trust for
to be incurred, end of years activities, party controlled contractual
spent by the shortfall, transactions, by the obligation
the year, company in during the
company reason relation to year
during for
CSR
the shortfall,
expenditure
year,
as per
relevant
Accounting
Standard
3. Crypto Currency or Virtual Currency: If any company has traded or invested in

Crypto Currency or Virtual Currency then following disclosures shall be made in the
financial statements:-
Amount of Profit and loss Amount of currency held Deposit or advance taken
made from crypto at reporting date. from any person for
currencies. trading or investment in
crypto.
#Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1744542
DISCLAIMER: The above write up is prepared to the best of knowledge, the images represented
is for illustration purpose only for better understanding. , ANY error may be reported to
mentioned email id. this is open for discussion.

CS LALIT RAJPUT
Email id: Lalitrajput537@gmail.com
ABOUT ARTICLE:
This article contains various Compliance requirements for the Month of June, 2022
under various Statutory Laws. Compliance means “adhering to rules and
regulations.” Compliance is a continuous process of following laws, policies, and
regulations, rules to meet all the necessary governance requirements without any
failure.
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under
1 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
11. Stamp duty rates w.e.f. 1st July 2020 & AIF update
12. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
13. Insolvency and Bankruptcy Board of India (IBBI) Updates
14. NBFC Compliance Overview
15. NCLT & NCLAT Updates
16. MSME Key Updates
17. Competition Commission of India
18. IRDAI – Insurance Sector Updates
19. Cabinet Decisions / New Acts
1. KEY COMPLIANCES UNDER FEMA / RBI

Applicable Due Dates Compliance Particulars Forms /
Laws/Acts (Filing mode)
Not later than 30 FC-GPR is a form filed when the Indian

FEMA ACT days from the date company receives the Foreign Direct Form FC-GPR
1999 of issue of Capital Investment and the company allots shares
instrument to a person resident outside India.
With in 60 days of Reporting of transfer of shares and other
receipt/ remittance eligible securities between residents and
of funds or transfer non-residents and vice- versa is to be made
FEMA ACT of capital in Form FC-TRS. Form FC-
1999 instruments The onus of reporting shall be on the TRS.
whichever is
resident transferor/ transferee.
earlier.
Within 30 days A Limited Liability Partnership receiving
from the date of
amount of consideration and acquisition of
FEMA ACT receipt of the
1999 amount of profit shares is required to submit a report Form FDI
in the Form FDI LLP-1 LLP-I
consideration.
within 60 days A Limited liability Partnership shall report Form FDI

FEMA ACT from the date of disinvestment/ transfer of capital LLP-II
1999 receipt of funds in contribution or profit share between a
resident and a non resident (or vice versa)
FEMA ACT within 30 days The domestic custodian shall report the Downstream
1999 from the date of issue/ transfer/ of sponsored/ unsponsored statement -
allotment of capital depository receipts Form DI &
instruments
reporting at
FIFP too
Capital Account and Current Account – The purpose of the capital account is to
adjust the assets and liabilities of individuals outside India to persons residing
Types of
Accounts
in India. Thus any transaction that results in a change of the overseas assets and
liabilities in India of an Indian residing outside India or transactions overseas of
a person residing in India will be considered under the capital account. All other
transactions fall under the category of the current account.
There is option for the Non-Resident Indians to set up various bank accounts in
NRI Bank
Accounts India, like FCNR, NRE and NRO Accounts.
 IMPORTANT UPDATES, MAY-2022:

1. In a first, RBI considers using images of Rabindranath Tagore, APJ Abdul Kalam on
banknotes

ne of Bengal’s greatest icons, Rabindranath Tagore, and India’s 11th President, APJ Abdul
Kalam, also known as the Missile Man, are reportedly in the race to make it to the country’s
banknotes alongside M K Gandhi.The Father of the Nation’s watermark figure occupies the pride
of place on all denominations of Indian currency notes. However, the Finance Ministry and the
Reserve Bank of India (RBI) are also reportedly considering using the watermark figures of
Tagore and Kalam on a new series of banknotes of some denominations.
This is the first time that RBI is considering using the images of famous personalities other than
Mahatma Gandhi on the banknotes.The RBI and the Security Printing and Minting Corporation
of India (SPMCIL), which is under the Finance Ministry, are learnt to have sent two separate
sets of samples of Gandhi, Tagore and Kalam watermarks to IIT-Delhi Emeritus Professor Dilip
T Shahani, who has been told to choose from the two sets and present them for final
consideration by the government. (Source: Click Here)
2. RBI meet, inflation among six key factors that may guide market this week
The Indian equity market continued to move northwards for the third consecutive week as
investors continued to assess new data on inflation and economic activity. Benchmark indices -
BSE Sensex and Nifty50 - gained up to 2 per cent during the week. BSE Midcap index gained
more than a per cent, whereas index gauged to smallcap stocks rallied 3 per cent.
Markets have been witnessing a rebound for the last 3 weeks. However, the move lacks
decisiveness due to lingering challenges like global tightening due to inflation, geopolitical
tension, and other factors, he added.
Among the sectoral front, BSE realty and energy indices gained 5 per cent each, whereas IT index
zoomed 4 per cent. Power and utilities index topped the laggers with a 5 per cent fall, whereas
the healthcare index dropped 2 per cent. (To Read more Click Here)
3. RBI imposes monetary penalty on Punjab and Sind Bank for non-compliance
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹27.50 lakh on a
public sector bank, Punjab & Sind Bank for non-compliance with certain directions of the central
bank. The penalty was for non-compliance with RBI directions on ‘External Benchmark Based
Lending’.
In a statement, RBI said, "This action is based on the deficiencies in regulatory compliance and
is not intended to pronounce upon the validity of any transaction or agreement entered into by the
bank with its customers."
The penalty comes after when RBI had carried out a statutory inspection for Supervisory
Evaluation of the bank concerning its financial position as of March 31, 2020, and the
examination of the Risk Assessment Report, Inspection Report, and all related correspondence
about the same.

However, before penalising the bank, RBI had issued a notice to the lender advising it to show
cause as to why a penalty should not be imposed on it for failure to comply with the directions
issued by RBI, as stated therein. (To Read more Click Here)
 RBI CIRCULARS / NOTIFICATIONS: MAY, 2022
Sl. Particulars of the Circulars Link
1 Modified Interest Subvention Scheme for Short Term Loans for

Agriculture and Allied Activities availed through Kisan Credit Card (KCC) Click here
during the financial year 2021-22
2 Review of Minimum Investment Grade Credit Ratings for Deposits of Click here
NBFCs
3 Liquidity Adjustment Facility- Change in rates Click here
4 ASBA designated branches to remain open for public on May 8, 2022 Click here
(Sunday) to facilitate processing of applications for LIC IPO
5 Standing Liquidity Facility for Primary Dealers Click here
6 Change in Bank Rate Click here
7 Maintenance of Cash Reserve Ratio (CRR) Click here
8 Exim Bank's Government of India supported additional Line of Credit Click here
(LoC) of USD 190 million to the SBM (Mauritius) Infrastructure
Development Company Ltd
9 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here
10. RBI announces rate of interest on Government of India Floating Rate Click here
Bonds, 2024
11. Exim Bank's Government of India supported additional Line of Credit
(LoC) of USD 190 million to the SBM (Mauritius) Infrastructure Click here
Development Company Ltd
12 Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) Click here
to NBFC-MFIs, for the purpose of on-lending to priority sectors
13 Regulations Review Authority (RRA 2.0) – Recommendations for Click here
Withdrawal of Circulars
14 Premature redemption under Sovereign Gold Bond Scheme (SGB) -
Redemption Price for premature redemption due on May 12, 2022 (Series Click here
I of SGB 2017-18)
15 Overseas Direct Investment for April 2022 Click here
16 38th Half Yearly Report on Management of Foreign Exchange Reserves: Click here
October - March, 2021-22
17 Premature redemption under Sovereign Gold Bond Scheme (SGB) -
Redemption Price for premature redemption due on May 17, 2022 (Series Click here
III of SGB 2016-17)

18 RBI appoints Dr. Rajiv Ranjan as new Executive Director Click here
19 New Definition of Micro, Small and Medium Enterprises - Clarification Click here
20 Government of India guaranteed term loan extended by SBI to the Click here
Government of Sri Lanka- Settlement in INR
21 RBI announces decision on six applications received under Guidelines for Click here
‘on tap’ Licensing of Universal Banks and Small Finance Banks
22 Interoperable Card-less Cash Withdrawal (ICCW) at ATMs Click here
23 RBI Bulletin – May 2022 Click here
24 Minutes of the Monetary Policy Committee Meeting, May 2 and 4, 2022 Click here
26 Bharat Bill Payment System – Amendment to guidelines Click here
27 RBI Constitutes Committee for Review of Customer Service Standards in Click here
RBI Regulated Entities
28 RBI releases 'Quarterly Statistics on Deposits and Credit of SCBs: March Click here
2022’
29 Reserve Bank cancels Certificate of Registration (CoR) of five NBFCs due Click here
to irregular lending practices
31 Annual Report for the Year 2021-22 Click here
2. COMPLIANCE REQUIREMENT UNDER INCOME TAX

ACT, 1961
Sl. Compliance Particulars Due Dates

1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 07.06.2022
for previous month (May, 2022).
2. Due date for issue of TDS Certificate for tax deducted under section 194- 14.06.2022
IB in the month of April, 2022
Due date for issue of TDS Certificate for tax deducted under section 194M 14.06.2022
3 in the month of April, 2022
Due date for issue of TDS Certificate for tax deducted under section 194- 14.06.2022
4 IA in the month of April, 2022
Due date for furnishing of Form 24G by an office of the Government
5 where TDS/TCS for the month of May, 2022 has been paid without the 15.06.2022
production of a challan
Quarterly TDS certificates (in respect of tax deducted for payments other 15.06.2022
6
than salary) for the quarter ending March, 2022
7 First instalment of advance tax for the assessment year 2023-24 15.06.2022

8 Certificate of tax deducted at source to employees in respect of salary paid
15.06.2022
and tax deducted during Financial Year 2021-22
9 Due date for furnishing statement in Form no. 3BB by a stock exchange in
respect of transactions in which client codes been modified after registering 15.06.2022
in the system for the month of May, 2022
10 Furnishing of statement (in Form No. 64D) of income paid or credited by 15.06.2022
an investment fund to its unit holder for the previous year 2021-22
Due date for e-filing of a statement (in Form No. 3CEK) by an eligible
11 investment fund under section 9A in respect of its activities in financial 29.06.2022
year 2021-22
 Due date for furnishing of challan-cum-statement in respect of tax
deducted under section 194-IA in the month of May, 2022

12 deducted under section 194-IB in the month of May, 2022 30.06.2022

deducted under section 194M in the month of May, 2022
13 Return in respect of securities transaction tax for the FY 2021-22 30.06.2022

13 Quarterly return of non-deduction of tax at source by a banking company 30.06.2022
from interest on time deposit in respect of the quarter ending 31.03.2022
15 Statement to be furnished (in Form No. 64C) by Alternative Investment 30.06.2022
Fund (AIF) to units holders in respect of income distributed during the
previous year 2021-22
16 Due date for furnishing of statement of income distributed by business trust 30.06.2022
to its unit holders during the financial year 2021-22. This statement is
required to be furnished to the unit holders in form No. 64B
17 Furnishing of Equalisation Levy statement for the Financial Year 2021-22 30.06.2022
18 Report by an approved institution/public sector company under section 30.06.2022
35AC(4)/(5) for the year ending March 31, 2022
19 Return in respect of securities transaction tax for the financial year 2021- 30.06.2022
2022.
 IMPORTATNT UPDATES – MAY, 2022:

1. ITR filing: Which income tax return form is applicable to you for FY
2021-22?
The Central Board of Direct Taxes (CBDT) notified income tax return (ITR) forms for the
financial year (FY) 2021-22 (assessment year or AY 2022-23) on March 30, 2022 and has
also enabled the filing option for ITR 1, ITR 2 and ITR 4 form through its website
www.incometaxgov.in. CBDT has also widened the scope of individuals required to file
returns, by including those individuals who meet certain specified criteria/conditions

announced via a notification released on April 21, 2022. Hence, it's important for an
individual taxpayer to know the correct type of ITR form applicable to him/her.
The important question is which ITR form should be used and by whom. Although the
instructions to file ITR forms for FY 2021-22 are not available yet, the details based on
previous year instructions and ITR forms for FY 2021-22 are summarised.
If the ITR is not filed by the due date which is currently July 31, 2022 (for salaried
individuals), penalty ranging from Rs 1,000 up to Rs 5,000 will be levied and needs to be
remitted before the ITR can be filed. This fee or penalty has to be paid even if the tax
liability is nil. Further, in case of belated filing, taxpayers will also not be able to carry
forward certain losses for set-off in the future years.
(To know more: Click Here)
2. CBDT issues guide on SC-backed tax notices

The Central Board of Direct Taxes (CBDT) has issued a set of instructions explaining to
tax officials how to implement a Supreme Court order, issued earlier this month, that
validated income reassessment notices issued to several tax payers under an old provision.
CBDT explained that the scope of the Supreme Court order applies to all reassessment
notices issued between April and June of 2021 under the earlier provision for reassessment
irrespective of whether these were challenged in the court or not. CBDT clarified that
notices cannot be issued for assessment years 2013-14, 2014-15 and 2015-16 if the income
that escaped assessment for those years is likely to be less than ₹5 million.
“Hence, in order to reduce the compliance burden of assessees, it is clarified that

information and material may not be provided in a case for AY 2013-14, AY 2014-15 and
AY 2015-16, if the income escaping assessment in that case for that year, amounts to or
is likely to amount to less than ₹five million," CBDT said in an instruction.
3. Income Tax rules: PAN mandatory for withdrawing Rs 20 lakh, opening

current account
 CBDT notified amendments in Income Tax Rules, 1962
 New rule will be applicable from May 26
 SOPs for the authentication of the PAN, Aadhaar
From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more
bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the
time of withdrawal.

NEW INCOME TAX RULES
 The government said that the measure is in sync with the policy to reduce the use of cash
for transactions and the push for digital modes.
 The CBDT notified amendments in the Income Tax Rules, 1962 prescribing new
transactions for obtaining and quoting PAN.
 The notification says, "the term transactions include deposit/withdrawal of cash
amounting to Rs 20 lakh or more in a financial year through one or more bank accounts.
Account(s) with not just commercial bank but even co-operative bank or post offices."
 In the Budget for 2020, the Finance Ministry had introduced Tax Deducted at Source
(TDS) on cash withdrawal in excess of Rs 20 lakh and this amendment to the rule has
been added for specific transactions.
 With this, the government has put the onus of quoting the PAN and Aadhar details at the
time of initiating a transaction both on the customer and financial institutions, which
include a bank, co-operative bank and a post office .
 Sources say that the government will also come out with SOPs for the authentication of
the PAN and Aadhaar.
 With this, there is yet another filter in place to ensure that everyone who operates a bank
account gets a PAN to make cash transactions of Rs 20 lakh or more.
 IMPORTANT NOTIFICATIONS – For the month of May - 2022:
Sl. Particulars of the Notification(s) File No. / Circular Link(s)

No.
The Central Government hereby notifies the Notification No. Click Here
1. following countries and specified territories, 46/2022
The Income-tax (Eleventh Amendment) Rules, Notification No. Click Here
2. 2022. 48/2022
The Income-tax (Twelfth Amendment) Rules, Notification No. Click Here
3. 2022. 49/2022
The Income-tax (Fourteenth Amendment) Notification No. Click Here
4. Rules, 2022 51/2022
The Income–tax (Fifteenth Amendment) Rules, Notification No. Click Here
5
2022. 53/2022
Guidelines under clause (23FE) of section 10 of Circular No. 9 of 2022 Click Here
6
the Income-tax Act, 1961 - reg
Circular regarding use of functionality under Circular No. 10 of Click Here
7 section 206AB and 206CCA of the Income-tax 2022
Aci, 1961 - reg.
The Income–tax (Fifteenth Amendment) Rules, Notification No. Click Here
8
2022 53/2022
The Faceless Penalty (Amendment) Scheme, Notification No. Click Here
9
2022 54/2022
10 Giving effect to the Faceless Penalty Notification No. Click Here

(Amendment) Scheme, 2022 55/2022
3. COMPLIANCE REQUIREMENT UNDER GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP

a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period Due Date Particulars

Due Date for filling GSTR - 3B return for the month of
June, 2021 for the taxpayer with Aggregate turnover
exceeding INR 5 crores during previous year.
20th June,
May, 2022 Due Date for filling GSTR - 3B return for the quarter of
2022
January to March 2022 for the taxpayer with Aggregate
turnover up to INR 5 crores during the previous year and
who has opted for Quarterly filing of return under QRMP.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Due Date for filling GSTR - 3B return for
the month of June, 2021 for the taxpayer
22nd June,
May, 2022 with Aggregate turnover upto INR 5 crores
2022
during previous year and who has opted for
Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa,
Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli,
Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

th
24 June, Annual Turnover Up to INR 5 Cr in Previous FY But
May, 2022
2022 Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh,
Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West
Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period Due Date Remarks

Monthly return 11.06.2022 1. GST Filing of returns by registered person with
(May, 2022) aggregate turnover exceeding INR 5 Crores during
preceding year.
2. Registered person, with aggregate turnover of
less then INR 5 Crores during preceeding year,
opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No. Compliance Particulars Timeline Due Date
GSTR-5 & 5A Non-resident ODIAR services 20th of succeeding month 20.06.2022

provider file Monthly GST Return
Every Input Service Distributor
GSTR -6 (ISD) 13th of succeeding month 13.06.2022
Return for Tax Deducted at source

GSTR -7 to be filed by Tax Deductor 10th of succeeding month 10.06.2022
E-Commerce operator registered 10th of succeeding month 10.06.2022
GSTR -8 under GST liable to TCS
D. GSTR - 1 QRMP monthly / Quarterly return
Form No. Compliance Particulars Timeline Due Date
a) GST QRMP monthly return due date

Details of outward for the month of April, 2022 (IFF).
supply-IFF & Applicable for taxpayers with 13th of succeeding
Annual aggregate turnover up to Rs. month - Monthly
Summary of 1.50 Crore. 13.06.2022
outward supplies by Quarterly Return
taxpayers who have b) Summary of outward supplies by
opted for the QRMP taxpayers who have opted for the
scheme. QRMP scheme.
E. GST Refund:
Form No. Compliance Particulars Due Date
RFD -10 Refund of Tax to Certain 18 Months after the end of quarter for
Persons which refund is to be claimed
F. GSTR - 3B -Tax Liability Payment:

Compliance Particular Due Date
Due Date for Payment of Tax Liability for the taxpayer with
Aggregate turnover up to INR 5 crores during previous year and 25.06.2022
who has opted for Quarterly filing of return under QRMP.
Kindly Note:
For GSTR - 3B -Tax Liability Payment: 25.05.2022: Due Date for Payment of Tax Liability
for the taxpayer with Aggregate turnover up to INR 5 crores during previous year and who has
opted for Quarterly filing of return under QRMP.
 KEY UPDATE(s) – May, 2022:

1. GST Council unlikely to alter inverted duty structure for textiles; 28% tax on online
gaming, casinos under consideration
The Goods and Services Tax (GST) Council is unlikely to change the inverted duty structure for
textiles at its next meeting, which is expected to be held in the third week of June, CNBC TV-18
reported on June 3, quoting sources.
The GST Council may also take up the Group of Ministers (GoM) report on online gaming,
casinos, and race courses. The GoM, headed by Meghalaya Chief Minister Conrad Sangma, has
a consensus on a tax rate of 28 percent on these services.
The GST Council is also likely to extend the timeline for GoM on the rate rationalisation by six
months. The council may begin discussions to bring Virtual Digital Assets (VDAs) and crypto
assets under the GST ambit. The Supreme Court recently ruled that the recommendations by the
GST Council are not binding on states or the Centre and only hold a persuasive value. (To read
more: Click Here)
2. Amnesty scheme: GST dept invites applications
The State GST Department has invited applications from traders to avail of the amnesty scheme
announced in the state budget 2022. Applications can be submitted online. Businesses can submit
options to settle arrears of various taxes like the Kerala Value Added Tax (KVAT), General Sales
Tax, Central sales tax, luxury tax, surcharge and Agriculture Income Tax.
There is a 100% waiver on interest and penalties except for KGST arrears after 2005. In the case
of KGST defaulters, the penalty has been waived only for arrears after 2005. A 40% waiver will
be given to those who remit the arrears in one go and 30% for those who pay up in instalments.
The amnesty scheme is also applicable for pending cases.

Arrear details are available on the GST department’s website. Businesses should take one-time
registration from the department website www.keralataxes.gov.in Separate options can be
submitted for each year. Traders can submit options if the arrear details on the website are correct.
In other cases, options can be submitted after rectifying the errors. The amount can be remitted
online after the taxes offices approve the application.
 (To read more – Click Here)
3. GST: Small Online Retailers May Soon Be Exempted From Indirect Tax Registration
In a move that could boost the reach of small enterprises through e-commerce, small online sellers
may soon be exempted from GST registration and the discussions are on between the central and
state governments regarding this, according to a livemint report. Currently, all e-commerce
retailers must register for GST irrespective of their turnover.
“Representations have come from the industry and trade to bring parity between online and offline
sellers on the issue of GST registration, saying that the current norm comes in the way of small
businesses reaching a larger customer base. Discussions are on between the central and state
governments. The law committee of the GST Council will examine the matter before a decision
is taken," according to the report which quoted a source as saying.
As of now, all online sellers, irrespective of their turnover, compulsorily need GST registration,
whereas those working offline need to register for GST only if they have a total annual sale of
more than Rs 40 lakh. The proposal, if approved, will bring online and offline sellers on par as
far as GST registration is concerned. (To read more – Click Here)
 GST UPDATES – MAY, 2022:

Sl. Notification Particulars Notification No. Link (s)
1. GSTR-1/IFF enhancements deployed on GST Portal GSTN Circular Click Here
534
2. Advisory to composition taxpayers GSTN Circular Click Here
536
3. Annual Aggregate Turnover (AATO) computation GSTN Circular Click Here
for FY 2021-22 537
4. Webinar on ‘Enhancements in GSTR-1/IFF’ GSTN Circular Click Here
538
5. Seeks to waive off late fee under section 47 for the Notification No.
period from 01.05.2022 till 30.06.2022 for delay in 07/2022 – Click Here
filing FORM GSTR-4 for FY 2021-22 Central Tax
6 Deposit of tax during the course of search, inspection Instruction No.
Click Here
or investigation 01/ 2022-23
7 Seeks to extend the due date of filing FORM GSTR- Notification No. Click Here
3B for the month of April, 2022 05/2022 –
Central Tax

8 Seeks to extend the due date of payment of tax, in Notification No. Click Here
FORM GST PMT-06, for the month of April, 2022 06/2022 –
by taxpayers who are under QRMP scheme Central Tax
9 Reporting 6% rate in GSTR-1 GSTN Circular Click Here
539
10 Module wise new functionalities deployed on the GSTN Circular Click Here
GST Portal for taxpayers 540
11 Annual Aggregate Turnover (AATO) computation GSTN Circular Click Here
for FY 2021-22 537
4. COMPLIANCE UNDER OTHER STATUTORY LAWS
Timeline / Due Compliance Particulars Forms /

Applicable Laws/Acts (Filing mode)
Dates
EPF (The Employees’ Provident
Funds And Miscellaneous 15.06.2022 PF Payment ECR
Provisions Act, 1952)
ESIC (Employees' State ESI
15.06.2022 ESIC Payment
Insurance Act, 1948) CHALLAN
Return/Notice within 15
Within 15 Days of
Contract Labour (Regulation days of commencement/
commencement/
& Abolition) Act, 1970 completion of each Form VI-B
completion of
contract by the Principal
contract work
employer
Within 15 Days of Notice of commencement/
Contract Labour (Regulation completion of contract
commencement/ Form VI-A
& Abolition) Act, 1970
completion of work by the Contractor
contract work within 15 days
Within 30 Days of
Payment of Gratuity Rule Notice of applicability of
applicability of the Form A or B
the Act & any change
Act & any change
30.06.2022 Due date for payment of Professional Tax
Professional Tax for the m/o March where Tax Liability is
more than Rs. 1,00,000/- (monthly)
10.06.2022 Deposit of Professional Tax (PT) payment
Professional Tax and filing of return for the month of May
2022 for Telangana /Andhra Pradesh state
 Key Updates – May, 2022:

1. Govt ratifies 8.1% EPF interest rate for 2021-22, lowest in 4 decades

The government has approved 8.1 per cent rate of interest on employees' provident fund (EPF)
deposits for 2021-22 -- an over four-decade low -- for about five crore subscribers of retirement
fund body EPFO. Earlier in March this year, the Employees' Provident Fund Organisation (EPFO)
had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5
per cent provided in 2020-21.
According to an EPFO office order issued on Friday and reviewed by PTI, the Ministry of Labour
and Employment has conveyed approval of the central government to credit 8.1 per cent rate of
interest for 2021-22 to each member of the EPF scheme.
The labour ministry had sent the proposal to the Ministry of Finance for its concurrence. Now,
after the ratification of the interest rate by the government, the EPFO would start crediting the
fixed rate of interest for the fiscal into the EPF accounts. The 8.1 per cent EPF rate of interest is
the lowest since 1977-78, when it stood at 8 per cent. The 8.5 per cent interest rate on EPF deposits
for 2020-21 was decided by the Central Board of Trustees (CBT) in March 2021. (To read more
Click Here)
2. No duty from 7PM till 6AM, UP Government issues new rules to ensure safety of working
women
Days after the UP State Budget 2022, the UP Government has now issued new rules for working
women. As per these rules, women cannot be forced to work between 7 PM and 6 AM. This
decision comes as a move to work towards the safety of women in the state.
Uttar Pradesh, UP Government has issued new rules for women employed in the government and
private sector. In a move to ensure the safety of women, especially working women, the
government has now stated that women cannot be forced to work between the hours of 7 PM and
6 AM.
This rule made by the Yogi Government is applicable to both the government and private sector.
The government has stated that if women are engaged in work or duty between 7 PM to 6 AM,
then the company or organisation must have her consent for the same.
If duty has been imposed on the person, then the organisation faces chances of direct action being
taken by the government. Additionally, if a woman refuses to work beyond 7 PM she cannot be
fired. A violation of this new rule could lead to a large sum of fines or even jail time for the
organisation or company. (To read more: Click Here)
3. EPF advance claim rules explained

Employees' Provident Fund Organisation (EPFO) members can apply for non-refundable EPF
advance through Unified Member Portal or UMANG app, to avail various benefits. However,
there are various purposes for non-refundable EPF advance. EPF members can apply for non-
refundable EPF advance for a number of reasons set by the EPF.

These reasons are
- Lockout or closure of a factory

- Illness of member or family
- Marriage of self/son/daughter/brother/sister
- Post-matriculation education of children
- Natural calamity
- Purchasing equipment for the physically handicapped
- One year before retirement
- Investment in varistha bima yojana (VPBY)
- Unemployment of not less than 1 month.
Meanwhile, EPF members need to file e-nominations for a number of benefits. These are online
claim settlement upon death of member, online payment of PF, pension and insurance (upto Rs 7
lakh) to eligible nominees. (To read more Click Here)
 UPDATES TRACKER UNDER LABOUR LAWS – MAY, 2022:

Sl. Particulars Link
1 No duty for women from 7 pm till 6 am without their consent: Yogi govt's Click Here
new rule
2 New Labour Codes in India Delayed Click Here
3 How to file new nomination in EPF account online Click Here
4 Few steps to find out your EPF account’s UAN Click Here
5 How can one withdraw money from EPFO? Click Here
6 All-India Consumer Price Index Numbers for Agricultural and Rural Click Here
Labourers – April, 2022
7 EPFO update: How to upload profile picture on UAN member portal without Click Here
which e-nomination is not possible
8 EPFO activities available on social media Click Here
9 Need to update Date of Birth on EPFO portal? Here's your step-by-step guide Click Here
to the process
10 #Employees can now update their Date of Exit on their own. To know more Click Here
about this process, watch this video. Follow these simple steps…
11 EPF subscribers are eligible for upto Rs 7 lakh of ELDI insurance. Check how Click Here
to apply
12 EPF transfer online: Know the process Click Here
13 How to claim benefits under EDLI scheme Click Here
14 Self-employed may be brought under EPFO's social security net Click Here
15 Operational guidelines for taxing EPF issued Click Here
16 90% states publish draft rules on 4 labour codes, implementation imminent:
Click Here
Govt

17 Infosys served notice by Union Labour Ministry over its non-compete clause Click Here
in employee contract
5. SEBI – SECURITIES EXCHANGE BOARD OF INDIA

COMPLIANCE REQUIREMENT UNDER SEBI (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) (LODR) REGULATIONS, 2015
A. Half Yearly Compliances:

Sl. Compliance Period
Regulation No. Due Date
No. (Due Date)
1. Regulation 23(9) The listed entity shall make such disclosures every
Related party 6 months within 15 days from the date of
transactions. publication of its standalone and consolidated
financial results: Provided further that the listed Within 15
entity shall make such disclosures every 6 months days of FR
on the date of publication of its standalone and
consolidated financial results with effect from April
1, 2023.
B. Regular / Annual Compliances:

REG NO REGULATION PARTICULARS TIMELIN
NO E
47 47 (3) Financial results at 47 clause (b) of sub- 48
Advertisements Advertisements in regulation (1), shall be published HOURS
in Newspapers. Newspapers within 48 hours of conclusion of the
meeting of board of directors at which
the financial results were approved.
24A Secretarial Red 24A Every listed entity and its material
Audit. unlisted subsidiaries incorporated in
India shall undertake secretarial audit
60 days
and shall annex with its annual report, from the
a secretarial audit report, given by a Closure
company secretary in practice, in such of FY
form as may be specified with effect
from the year ended March 31, 2019.
(within 60 days from the Closure of
FY)

46 Website 46(2)(s) The listed entity shall disseminate the 21 days
following information under a separate prior 1
section on its website separate audited days prior
financial statements of each subsidiary to the date
of the listed entity in respect of a of AGM
relevant financial year, uploaded at
least 21 days prior to the date of the
annual general meeting which has been
called to inter alia consider accounts of
that financial year.]
C. Other Quarterly compliance which included half year compliance except

FR (Financial Results)
REG NO REGULATION PARTICULARS TIMELINE

NO
Intimation Reg 29 read with intimation regarding item specified at least 5
Reg 33 in clause 29(1) (a) to be discussed at working days in
the meeting of board of directors advance,
shall be given at least five days in excluding the
advance (excluding the date of the date of the
intimation and date of the meeting), intimation and
and such intimation shall include date of the
the date of such meeting of board of meeting
directors
Intimations and 87B: Intimations The listed entity shall first disclose
Disclosure of and Disclosure of to stock exchange(s) of all events or
events or events or information, as specified in Part E
information to information to of Schedule III, as soon as
Stock Exchanges. Stock Exchanges. reasonably possible but not later 24 HOURS
READ WITH than twenty four hours from
PART E OF occurrence of the event or
Schedule III information:
Valuation, 87C(1) (iii) An issuer whose security receipts

Rating and NAV are listed on a stock exchange shall 15 Days
disclosure. ensure that: the net asset value is
calculated on the basis of such
independent valuation and the same
is declared by the asset
reconstruction company within
fifteen days of the end of the
quarter.

Other corporate Reg 27(2) The listed entity shall submit a 15 days
governance quarterly compliance report on
requirements. corporate governance in the format
as specified by the Board from time
to time to the recognised stock
exchange(s) within fifteen days
from close of the quarter.
Indian 69(1) The listed entity shall file with the 15 days from
Depository stock exchange the Indian end of each
Receipt holding Depository Receipt holding pattern quarter
pattern & on a quarterly basis within fifteen
Shareholding days of end of the quarter in the
details. format specified by the Board.
D. Event based Compliances
Reg No Regulation Particulars Timeline

No
30 Disclosure 30(6) AND The listed entity shall first disclose to stock 24 HOURS
of events or Part A of exchange(s) of all events, as specified in Part
information. Schedule III A of Schedule III, or information as soon as
reasonably possible and not later than twenty
four hours from the occurrence of event or
information
30 Disclosure 30(6) AND The listed entity shall disclose to the 30
of events or sub-para 4 of Exchange(s), within 30 minutes of the MINUTES
information. Para A of closure of the meeting held to consider the
Part A of following:
Schedule III a) dividends and/or cash bonuses
recommended or declared or the decision to
pass any dividend and the date on which
dividend shall be paid/dispatched;
b) any cancellation of dividend with reasons
thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising
proposed to be undertaken
e) increase in capital by issue of bonus
shares through capitalization including the
date on which such bonus shares shall be
credited/dispatched;
f) reissue of forfeited shares or securities, or
the issue of shares or securities held in
reserve for future issue or the creation in any
form or manner of new shares or securities
or any other rights, privileges or benefits to
subscribe to;
g) short particulars of any other alterations
of capital, including calls;
h) financial results;
i) decision on voluntary delisting by the
listed entity from stock exchange(s).
31A: 31A(8) The following events shall deemed to be 24 HOURS
Conditions for material events and shall be disclosed by the
re- listed entity to the stock exchanges as soon
classification as reasonably possible and not later than
of any person twenty four hours from the occurrence of the
as promoter / event:
public (a) receipt of request for re-classification by
the listed entity from the promoter(s)
seeking re-classification;
(b) minutes of the board meeting considering
such request which would include the views
of the board on the request;
(c) submission of application for re-
classification of status as promoter/public by
the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such
application as communicated to the listed
entity;
34 Annual 34(1)(b) In the event of any changes to the annual 48 HOURS
Report. report, the revised copy along with the
details of and explanation for the changes
shall be sent not later than 48 hours after the
annual general meeting.]
44 Meetings of 44(3) The listed entity shall submit to the stock 48 HOURS
shareholders exchange, within forty eight hours of
and voting conclusion of its General Meeting, details
regarding the voting results in the format
specified by the Board.

47 47 (3) The listed entity shall publish the
Advertisement Advertiseme information specified in 47(1) in the
s in nts in newspaper simultaneously with the
Newspapers. Newspapers submission of the same to the stock
exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of Simultaneous
directors where financial results shall be ly
discussed (c )statements of deviation(s) or
variation(s) as specified in sub-regulation
(1) of regulation 32 on quarterly basis, after
review by audit committee and its
explanation in directors report in annual
report;
(d) notices given to shareholders by
advertisement
- SCHEDULE resignation of the auditor of the listed entity, 24 HOURS

III PART detailed reasons for resignation of auditor, as
PART A given by the said auditor, shall be disclosed
7(A) by the listed entities to the stock exchanges
as soon as possible but not later than twenty
four hours of receipt of such reasons from
the auditor
- SCHEDULE In case of resignation of an independent 7 days from
III PART director of the listed entity, within seven the date of
PART A days from the date of resignation, the resignation
7(B) following disclosures shall be made to the
stock exchanges by the listed entities:
i. Detailed reasons for the resignation of
independent directors as given by the said
director shall be disclosed by the listed
entities to the stock exchanges.
ii. The independent director shall, along with
the detailed reasons, also provide a
confirmation that there is no other material
reasons other than those provided.
iii. The confirmation as provided by the
independent director above shall also be
disclosed by the listed entities to the stock
exchanges along with the detailed reasons as
specified in sub-clause (i) above.]

7 Share Reg 7(4) & The listed entity shall intimate any change or 7 DAYS
Transfer (5) Share appointment of a new share transfer agent, to
Agent. Transfer the stock exchange(s) within seven days of
Agent. entering into the agreement.
29 Reg 29(1) The intimation required under 29 (1), shall be at least 2

given at least two working days in advance, working days
excluding the date of the intimation and date of in advance,
the meeting Reg 29(1) is reproduced below: (b) excluding the
proposal for buyback of securities ; (c) proposal
date of the
for voluntary delisting by the listed entity from
intimation and
the stock exchange(s); (d) fund raising by way of
further public offer, rights issue, American date of the
Depository Receipts/Global Depository meeting
Receipts/Foreign Currency Convertible Bonds,
qualified institutions placement, debt issue,
preferential issue or any other method and for
determination of issue price:
Provided that intimation shall also be given in
case of any annual general meeting or
extraordinary general meeting or postal ballot
that is proposed to be held for obtaining
shareholder approval for further fund raising
indicating type of issuance. (e) declaration/
recommendation of dividend, issue of
convertible securities including convertible
debentures or of debentures carrying a right to
subscribe to equity shares or the passing over of
dividend. (f) the proposal for declaration of
bonus securities where such proposal is
communicated to the board of directors of the
listed entity as part of the agenda papers:
31 Holding of Reg 31 (1)(a) The listed entity shall submit to the stock 1 day prior to
specified exchange(s) a statement showing holding of listing of its
securities and securities and shareholding pattern securities on
shareholding separately for each class of securities, in the the stock
pattern. format specified by the Board from time to exchange(s
time - one day prior to listing of its securities
on the stock exchange(s);
31 Reg 31 (1 (c) within ten days of any capital restructuring within 10
of the listed entity resulting in a change days of any
exceeding two per cent of the total paid-up capital
share capital: restructuring

31A Reg 31A an application for re-classification of a 30 days from
Conditions for promoter/ person belonging to promoter the date of
re- group to public to the stock exchanges has to approval by
classification be made by the listed entity consequent to shareholders
of any person the following procedures and not later than in general
as promoter / thirty days from the date of approval by meeting
public shareholders in general meeting
37 Draft 37(1) Draft Scheme of Arrangement & Scheme of Before filling
Scheme of Arrangement before for obtaining the same with
Arrangement Observation Letter or No-objection letter, any court or
& Scheme of before filing such scheme with any Court or tribunal
Arrangement. Tribunal, in terms of requirements specified
by the Board or stock exchange(s) from time
to time.
39 Issuance of 39(2) The listed entity shall issue certificates or 30 Days

Certificates or receipts or advices, as applicable, of
Receipts/Letter subdivision, split, consolidation, renewal,
s/Advices for exchanges, endorsements, issuance of
securities and duplicates thereof or issuance of new
dealing with certificates or receipts or advices, as
unclaimed applicable, in cases of loss or old decrepit or
securities. worn out certificates or receipts or advices,
as applicable within a period of thirty days
from the date of such lodgement.
39 Issuance of 39(3) The listed entity shall submit information 2 days of its
Certificates or regarding loss of share certificates and issue getting
Receipts/Letter of the duplicate certificates, to the stock information.
s/Advices for exchange within two days of its getting
securities and information.
dealing with
unclaimed
securities
40 Transfer or 40 (3) On receipt of proper documentation, the 15 days
transmission listed entity shall register transfers of its
or securities in the name of the transferee(s)
transposition and issue certificates or receipts or advices,
of securities. as applicable, of transfers; or issue any valid
objection or intimation to the transferee or
transferor, as the case may be, within a
period of fifteen days from the date of such
receipt of request for transfer

40 Transfer or 40 (3) the listed entity shall ensure that 7 Days
transmission transmission requests are processed for
or securities held in dematerialized mode
transposition within seven days after receipt of the
of securities. specified documents:
40 Transfer or 40 (3) the listed entity shall ensure that 21 Days

transmission transmission requests are processed for
or securities held in physical mode within
transposition twenty one days after receipt of the specified
of securities. documents:
- SCHEDULE In case of minor differences in the signature 15 Days
VII: of the transferor(s), the listed entity shall
TRANSFER follow the following procedure for
OF registering transfer of securities:
SECURITIE (a) the listed entity shall promptly send to the
S (PART B first transferor(s), via speed post an
(1)) intimation of the aforesaid defect in the
documents and inform the transferor(s) that
objection, supported by valid proof, is not
lodged by the transferor(s) with the listed
entity within fifteen days of receipt of the
listed entity’s letter, then the securities shall
be transferred
42 Record 42(2) The listed entity shall give notice in advance 7 working
Date or Date of atleast seven working days (excluding the days advance
of closure of date of intimation and the record date) to intimation
transfer books. stock exchange(s) of record date specifying excluding the
the purpose of the record date: date of the
intimation and
date of the
meeting
42 Record 42(2) in the case of rights issues, the listed entity 3 working
Date or Date shall give notice in advance of atleast three days advance
of closure of working days (excluding the date of intimation
transfer books. intimation and the record date).] excluding the
date of the
intimation and
date of the
meeting
42 Record 42(3) The listed entity shall recommend or declare 5 working
Date or Date all dividend and/or cash bonuses at least five days advance
of closure of working days (excluding the date of intimation
transfer books. intimation and the record date) before the excluding the
record date fixed for the purpose. date of the
intimation and

date of the
meeting
46 Website 46 (3)(b) The listed entity shall update any change in 2 working
the content of its website within two days
working days from the date of such change
in content.
50 Intimation 50(1) The listed entity shall give prior intimation 11 working
to stock to the stock exchange(s) at least eleven days
exchange(s). working days before the date on and from
which the interest on debentures and bonds,
and redemption amount of redeemable
shares or of debentures and bonds shall be
payable.
50 Intimation 50(3) The listed entity shall intimate to the stock 2 working
to stock exchange(s), at least two working days in days advance
exchange(s). advance, excluding the date of the intimation intimation
and date of the meeting, regarding the excluding the
meeting of its board of directors, at which date of the
the recommendation or declaration of issue intimation and
of non convertible debt securities or any date of the
other matter affecting the rights or interests meeting
of holders of non convertible debt securities
or non convertible redeemable preference
shares is proposed to be considered.
52 Financial 52 (4) & (5) The listed entity shall, within seven working 7 working
Results. days from the date of submission of the days
information required under sub- regulation
(4), submit to stock exchange(s), a certificate
signed by debenture trustee that it has taken
note of the contents
52 Financial 52 (4) & (8) The listed entity shall, within two calendar two calendar
Results. days of the conclusion of the meeting of the days of the
board of directors, publish the financial conclusion of
results and statement referred to in reg 52 the meeting
(4), in at least one English national daily
newspaper circulating in the whole or
substantially the whole of India.
57 Other 57(1) The listed entity shall submit a certificate to within 2 days
submissions to the stock exchange within two days of the
stock interest or principal or both becoming due
exchange(s). that it has made timely payment of interests
or principal obligations or both in respect of
the non convertible debt securities
Date of at least seven working days (excluding the days advance
date of intimation and the record date) to the intimation

recognised stock exchange(s) of the record excluding the
date or of as many days as the stock date of the
exchange(s) may agree to or require intimation and
specifying the purpose of the record date. date of the
meeting
78 Record 78(2) The listed entity shall give notice in advance notice in
Date. of at least four working days to the advance of at
recognised stock exchange(s) of record date least 4
specifying the purpose of the record date working days
82 Intimation 82(2) The listed entity shall intimate to the stock 2 working
and filings exchange(s), at least two working days in days in
with stock advance, excluding the date of the intimation advance,
exchange(s). and date of the meeting, regarding the excluding the
meeting of its board of trustees, at which the date of the
recommendation or declaration of issue of intimation and
securitized debt instruments or any other date of the
matter affecting the rights or interests of meeting,
holders of securitized debt instruments is
proposed to be considered.
82 Intimation 82(3) The listed entity shall submit such within 7 days
and filings statements, reports or information including
with stock financial information pertaining to Schemes
exchange(s). to stock exchange within seven days from
the end of the month/ actual payment date,
either by itself or through the servicer, on a
monthly basis in the format as specified by
the Board from time to time:
Provided that where periodicity of the
receivables is not monthly, reporting shall be
made for the relevant periods.
Date. of atleast seven working days (excluding the days advance
recognised stock exchange(s) of the record excluding the
date or of as many days as the Stock date of the
Exchange may agree to or require specifying intimation and
the purpose of the record date date of the
meeting
87E Record 87E(2) The listed entity shall give notice in advance 7 working
Date. of at least seven working days (excluding the days advance
stock exchange(s) of the record date or of as excluding the
many days as the stock exchange may agree date of the
to or require specifying the purpose of the intimation and
record date. date of the
meeting

6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,
2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No.
SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published
Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of
Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.".
Compliance Period
Sl. Regulation No. Compliance Particular (Due Date)
No.
Every person, who together with
1 Regulation 30(1) persons acting in concert with him, Omitted
holds shares or voting rights entitling through introduction
him to exercise 25% or more of the of SEBI (Substantial
voting rights in a target company, shall Acquisition of Shares
disclose their aggregate shareholding and Takeovers)
and voting rights as of the 31st day of (Second Amendment)
March, in such target company in such
Regulations, 2021
form as may be specified.
The promoter of every target company
shall together with persons acting in Applicable w.e.f.
concert with him, disclose their 01.04.2022
2 Regulation 30(2) aggregate shareholding and voting
rights as of the thirty-first day of
March, in such target company in such
form as may
Regulation 31(1) read The promoter of every listed company

with Regulation 28(3) of shall specifically disclose detailed within 2 (two)
Takeover Regulations reasons for encumbrance if the working days
AUGUST 7, 2019 combined encumbrance by the
3. CIRCULAR promoter along with PACs with him (Provision Insertion:
https://www.sebi.gov.in/legal/
“Provided that the
circulars/aug-2019/disclosure- equals or exceeds: a) 50% of their
of-reasons-for-encumbrance- shareholding in the company; or b) aforesaid disclosure
by-promoter-of-listed- 20% of the total share capital of the requirement shall not
companies_43837.html company, be applicable where
such encumbrance is
undertaken in a
depository”)
Promoter of every
target company shall
together with
4. Regulation 31(4) Disclosure of encumbered shares persons acting in
concert with him,
disclose their
aggregate
shareholding and
voting rights as of the
31st March, in such
target company in
such form as may be
specified
7. SEBI (Prohibition of Insider Trading) Regulations, 2015

Compliance Period
Sl. Regulation No. Compliance Particular (Due Date)
No.
Every promoter, employee and director of Every company shall
every company shall disclose to the notify; within two
company the number of such securities trading days of receipt of
acquired or disposed of within two trading the disclosure or from
Regulation 7(2) days of such transaction if the value of the becoming aware of such
1 “Continual securities traded, whether in one information
Disclosures” transaction or a series of transactions over
any calendar quarter, aggregates to a
traded value in excess of ten lakh rupees
(10,00,000/-) or such other value as may be
specified;
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Sl. Compliance Period

Regulation No.
No. Compliance Particular (Due Date)
“The issuer shall make an application for

listing from the date of allotment, within
such period as may be specified by the
Board from time to time, to one or more
Schedule XIX - Para recognized stock exchange(s)”. Within 20 days from
(2) of ICDR
Read with Reg 108 of In regard to above, it is specified that the date of allotment
1 SEBI LODR Issuer shall make an application to the
exchange/s for listing in case of further
issue of equity shares from the date of
allotment within 20 days (unless
otherwise specified).

The tenure of the convertible securities of
2 Regulation 162 the issuer shall not exceed eighteen Within 18 months
months from the date of their allotment. from date of allotment
SEBI CIRCULAR Application for trading approval to the

Aug 19, 2019 stock exchange Listed entities shall make
Within 7 working
https://www.sebi.gov.in/legal/cir an application for trading approval to the
culars/aug-2019/non- days from grant of
3 compliance-with-certain- stock exchange/s within 7 working days
date of listing
provisions-of-sebi-issue-of- from the date of grant of listing approval
capital-and-disclosure- approval
requirements-regulations-2018- by the stock exchange/s.
icdr-regulations-_43941.html
The issuer along with lead managers and other parties related to
Regulation 76 the issue shall constitute an optional mechanism (non-cash mode
4 Application for rights only) to accept the applications of the shareholders to apply to
issue rights issue subject to ensuring that no third-party payments shall
be allowed in respect of any application.
In case if the company fails to adhere to modes of dispatch through
registered post or speed post or courier services due to Covid-19
Regulation 77 conditions it will not be treated as non-compliance during the said
5.
Service of Documents period. The issuers shall publish required & necessary documents
on the websites of the company, registrar, stock exchanges and the
lead managers to the rights issue.
Issuer has the flexibility to publish the advertisement in additional

newspapers above those required in Regulation 84. The
advertisement should also be made available on:
Regulation 84
A. Website of the Issuer, Registrar, Lead Managers, and Stock
6 Exchanges.
Advertisement
B. Television channels, radio, the internet, etc. to spread
information related to the process.
9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)
Sl. Regulation No. Compliance Particular Compliance Period

No. (Due Date)

Extinguishment of equity shares in
connection with Buyback The particulars of
the security certificates extinguished and 7 days of extinguishment and
destroyed shall be furnished by the company destruction of the certificates
Regulation 11 to the stock exchanges where the shares or
1 and 24(iv) other specified securities of the company are
listed within seven days of extinguishment
and destruction of the certificates
Temporary relaxation in the

period of restriction
Regulation provided in Regulation
2 24(i) (f) Minimum time between buy back and 24(i)(f) from “one year” to
raising of funds “six months”
Applicable up to December
31, 2020 only
10. SEBI (Depositories and Participants) Regulations 2018)
Sl. No. Compliance Particulars Due Date
Regulation 76 (Quarter, January – March 2022) Within 30 days from end of

1. Reconciliation of Shares and Capital Audit quarter.
Regulation 74 (5): Processing of demat requests Within 15 days from the
2. form by Issuer/RTAs - Certificate Received from end of each quarter.
Registrar (Quarter, January – March 2022)
11. STAMP DUTY RATES W.E.F. 1ST JULY 2020 & AIF UPDATE
The amended provisions of the Indian Stamp Act, 1899 brought through Finance Act, 2019 and
Rules made thereunder shall come into force w.e.f 1st July, 2020. The stamp duty rates being
implemented through the Amended Indian Stamp Act w.e.f 01/07/2020 are:
Instruments Rate
Issue of Debenture 0.005%
Transfer and Re-issue of debenture 0.0001%
Issue of security other than debenture 0.005%
Transfer of security other than debenture on 0.015%
delivery basis;
Transfer of security other than debenture on 0.003%
non-delivery basis
Derivatives–
(i) Futures (Equity and Commodity) 0.002%
(ii) Options (Equity and Commodity) 0.003%

(iii) Currency and Interest Rate Derivatives 0.0001%
(iv) Other Derivatives 0.002%
Government Securities 0%
Repo on Corporate Bonds 0.00001%
The stamp-duty on sale of securities, transfer of securities and issue of securities shall be
collected on behalf of the State Government by the Stock Exchange or Clearing
Corporation authorized or Depositories (authorized collecting agents). The Central
Government has also notified the Clearing Corporation of India Limited (CCIL) and the
Registrars to Issue and / or Share Transfer Agents to act as collecting agents.
The collecting agent may deduct 0.2 per cent of the stamp-duty collected on behalf of the
State Government towards facilitation charges before transferring the same to such State
Government.
REFER FAQ ON STAMP DUTY: LINK
AIFS, WHERE RTAHAVE NOT BEEN APPOINTEDSO FAR, SHALL APPOINT

RTA, AT THE EARLIEST, BUTNOTLATER THAN JULY 15, 2020 TO ENABLE
COLLECTION OF APPLICABLE STAMP DUTY ON ISSUE, TRANSFER AND
SALEOF UNITS OF AIFS IN COMPLIANCE WITH THE APPLICABLE
PROVISIONS OF THE INDIAN STAMP ACT, 1899 AND THE RULES MADE
THEREUNDER: CIRCULAR : LINK
 SEBI Circulars Tracker: May, 2022

1. Securities and Exchange Board of India (Issue of Capital and Disclosure Click Here
Requirements) (Second Amendment) Regulations, 2022
2. SEBI Bulletin - April 2022 [MSWord] [MSExcel] Click Here
3. Reduction of timelines for listing of units of Real Estate Investment Trust Click Here
(REIT)
4. Reduction of timelines for listing of units of Infrastructure Investment Trust Click Here
(InvIT)
5. SEBI constitutes advisory committee on Environmental, Social and Click Here
Governance (ESG) matters
6. Securities and Exchange Board of India (Collective Investment Scheme) Click Here
Regulations, 1999 [Last amended on May 10, 2022]
7. Consultation Paper on Pre-filing of Offer Document in case of Initial Public Click Here
Offerings
8. Notice of convening the meeting of Equity Shareholders of NMDC Limited Click Here
9. Guidelines for seeking NOC by Stock Brokers / Clearing Members for setting
up Wholly Owned Subsidiaries, Step Down Subsidiaries, Joint Ventures in Click Here
GIFT IFSC
10. Relaxation from compliance with certain provisions of the SEBI (Listing Click Here
Obligations and Disclosure Requirements) Regulations, 2015

11. Relaxation from compliance with certain provisions of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 – for entities Click Here
with listed non-convertible securities
12. Securities and Exchange Board of India (Infrastructure Investment Trusts) Click Here
(Amendment) Regulations, 2022
13. Streamlining the Process of Rights Issue Click Here
14. HSBC IDEA Equity Fund Click Here
15. Simplification of procedure and standardization of formats of documents for
transmission of securities pursuant to amendments to the Securities and Click Here
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015
16. SEBI withdraws Permanent Recognition granted to Indian Commodity Click Here
Exchange Ltd.
Consultation Paper on Introducing framework for Schemes of Arrangement Click Here
17 for entities that have listed only debt securities/ NCRPS
18 Informal Guidance Sought by Guardian Capital Investment Advisors Private Click Here
Limited under the SEBI (Investment Advisers) Regulations, 2013
19 Circular on Development of Passive Funds Click Here
20 Simplification of procedure and standardization of formats of documents for Click Here
issuance of duplicate securities certificates
21 Modification to Standard Operating Procedure in the cases of Trading Click Here
Member / Clearing Member leading to default
22 Modification in Cyber Security and Cyber resilience framework of Qualified Click Here
Registrars to an Issue and Share Transfer Agents (“QRTAs”)
 LIST OF BSE CIRCULARS – MAY, 2022:
Circulars Date
SOP for dispute resolution under the Stock Exchange arbitration
mechanism for disputes between a Listed Company and/or
May 31, 2022
Registrars to an Issue and Share Transfer Agents (RTAs) and its
Shareholder(s)/Investor(s)
Processing of ASBA applications in Public Issue of Equity Shares
May 30, 2022
and Convertibles.
Simplification of procedure and standardization of formats of
May 26, 2022
documents for issuance of duplicate securities certificates
Revised format of security cover certificate, monitoring and revision
May 20, 2022
in timelines
Simplification of procedure and standardization of formats of
May 20, 2022
documents for transmission of securities
Streamlining the Process of Rights Issue May 20, 2022
Relaxation from compliance with certain provisions of the SEBI May 17, 2022

(LODR) Regulations, 2015
Relaxation from compliance with certain provisions of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, May 16, 2022
2015.
Payment of fees in connection with filings made with SEBI. May 13, 2022
Reduction of timelines for listing of units of Infrastructure
May 6, 2022
Investment Trust (InvIT)
Reduction of timelines for listing of units of Real Estate Investment
May 6, 2022
Trust (REIT)
Operational Circular for issue and listing of Non-convertible
Securities, Securitised Debt Instruments, Security Receipts, May 4, 2022
Municipal Debt Securities and Commercial Paper
SEBI (Listing Obligations and Disclosure Requirements) (Second
May 2, 2022
Amendment) Regulations, 2022
SEBI (Listing Obligations and Disclosure Requirements)
May 2, 2022
(Amendment) Regulations, 2022
12. COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013

AND RULES MADE THEREUNDER;
Applicable Due Dates Compliance Particulars Forms / Filing

Laws/Acts mode
As per Section 10 A (Commencement of

Within 180 Business) of the Companies Act, 2013,
Days From The inserted vide the Companies
Date Of (Amendment) Ordinance, 2018 w.e.f. MCA E- Form
Incorporation 2nd November, 2018, a Company INC 20A
Companies Of The Incorporated after the ordinance and (one time
Act, 2013 Company having share capital shall not commence compliance)
(one time its business or exercise any borrowing
compliance powers unless a declaration is filed by the
only) Director within 180 days from the date of
Incorporation of the Company with the
ROC.
A person having Significant beneficial
First Form BEN-1
Companies owner shall file a declaration to the
declaration Draft Format
Act, 2013 reporting company Click Here
within 90 days available at
i.e. within 90 days of the commencement
from the date LINK
of the Companies (Significant Beneficial
of notification Owners) Amendment Rules, 2019 i.e.
Dt. 08.02.2019 08.02.2019
In case Subsequent Acquisition of the title

of Significant Beneficial Owner / Any
Change therein a declaration in Form
No. BEN-1 required to be filed to the
reporting company, within 30 days of
acquiring such significant beneficial
ownership or any change therein.
Filing of form BEN-2 under the

Form BEN – 2
within 30 days Companies (Significant Beneficial
Companies (e-form deployed
of acquiring Owners) Rules, 2018.
Act, 2013 by Ministry
beneficial (the date of receipt of declaration in
(ROC)) on
interest BEN-1 )
01.07.2019
CLICK HERE
*DIN KYC through DIR 3 KYC Form
is an Annual Exercise.
Last date for filing DIR-3 KYC for E-Form DIR – 3
Companies Annual
Financial year 2021-22 is 30th KYC
Act, 2013 Compliance
September, 2022 (Web Based and
(30.09.2021)
Annual Exercise: CLICK HERE E-form)
Penalty after due date is Rs. 5000/-(one
time)
Annual Return To Be Filed By Auditor
Within 270 With The National Financial Reporting
NFRA-2
days from the Authority
Companies (NFRA-2 e-Form
date of CLICK HERE
Act, 2013 live since 9th
deployment of CLICK HERE
December 2019.)
this Form Click Here
Note on NFRA -2 Click Here
The Ministry in its General Circular No.
12/2018 dated 13th December, 2018
Within 15 days clarified that filing of Form NFRA-1 is
Companies E – Form
of appointment applicable only for Bodies Corporate and
Act, 2013 NFRA -1
of an auditor. ruled out filing by Companies as defined
under sub-section (20) of Section 2 the
Act.
Filing of resolutions with the ROC
Within 30 days regarding Board Report and Annual MGT-14
Companies
of the board Accounts. The details of the resolutions (Filing of resolution
Act, 2013 with MCA)
meeting passed should be filed.

Reconciliation of Share Capital Audit
Report (Half-yearly)
Within 60
Pursuant to sub-rule Rule 9A (8) of
(sixty) days
Companies Companies (Prospectus and Allotment of
from the E-Form PAS – 6
Act, 2013 Securities) Rules, 2014
conclusion of
To be filed all unlisted companies,
each half year.
deemed public companies. Till further
clarification to be filled in GNL-2
All Specified Companies (i.e. Companies
who get supplies of goods or services
from micro and small enterprises and
whose payments to micro and small
For half year enterprise suppliers exceed 45 days from
period ‘October the date of acceptance or the date of
Companies to March’ deemed acceptance of the goods or Form MSME -1
Act, 2013 – by 30th services as per section 9 of the Micro,
April, 2022 Small and Medium Enterprises
Development Act, 2006) to file details of
all outstanding dues to Micro or small
enterprises suppliers existing on 22nd
January, 2019 within thirty days.
Registration of Entities for undertaking
Companies CSR activities - Trust/ Society/ Section 8
One Time
Act, 2013 Company need to file before Acceptance E-Form CSR-1
compliances
of Donation as CSR w.e.f. 01st April
2021
IEPF Authority (Accounting, Audit,
Transfer and Refund) Second
within a period Amendment Rules, 2019 Statement of
of 60 days unclaimed and unpaid amounts.
Companies
after the This e-form shall be filed within a period IEPF -2
Act, 2013
holding of 60 days after the holding of AGM or
of AGM the date on which it should have been
held as per the provisions of section 96
of the Act, whichever is earlier
Every company must file DPT 3 for
Companies outstanding loans annually.
Act, 2013 30th June, 2022 E-Form DPT – 3
The Companies (Acceptance of
Deposits) Amendment Rules, 2019,
 LLP Compliance
Applicable Due Dates Compliance Particulars Forms / Filing

Laws/Acts mode

No Additional LLP Annual Filing- An annual statement
Form LLP-11
LLP Act, Fee till for submitting details of the business of
2008 30.06.2022 the LLP and its partners for the FY 2020-
21
Relaxation in paying additional fees in
No Additional
case of delay in filling all the event based
LLP Act, Fee till
e-forms by LLPs which are due on and All LLP E forms
2008 30.06.2022
after 25th February, 2022 to 31st May,
2022 up to 30th June,2022
 KEY UPDATES – May 2022:
1. Govt. Clearance is must for appointment as directors in Indian Companies
Ministry of Corporate Affairs (MCA) vide Gazette Id no. CG-DL-E-01062022-236214 &

F.No.1/22/2013-CL-V dated 01st June, 2022 has issued “the Companies (Appointment and
Qualification of Directors) Amendment Rules, 2022” further to amend the Companies
(Appointment and Qualification of Directors) Rules, 2014, in exercise of the powers conferred
under second proviso to Section 149(1), 149 (4), 149 (6) (f), Section 150 (3), Section 150 (4),
Section 151, Section 152 (5), Section 153, Section 154, Section 157, Section 160, Section 168 (1)
and section 170 read with section 469 of the Companies Act, 2013.
 Applicability: from the date of their publication in the Official Gazette i.e. 01.06.2022.
 Key Highlights:
1. From the date of applicability of this circular, any national from a country that shares a land
border with our Country, India, must seek security clearance from the Ministry of Home Affairs,
Government of India if they wants to get appointed as Director in any Indian Company.
2. This requirement is in line with the Press Note 3 (2020 series) issues by Ministry of Commerce
& Industry, Department for Promotion of Industry and Internal Trade, FDI Policy Section
regarding “Review of Foreign Direct Investment (FDI) policy for curbing opportunistic
takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic”.
(Circular Link: Click Here)
3. Countries which share land borders with India are:
 China,
 Bangladesh,
 Pakistan,
 Bhutan,
 Nepal,
 Myanmar and
 Afghanistan.
4. No application number shall be generated in case of the person applying for Director
Identification Number is a national of a country which shares land border with India, unless
necessary security clearance from the Ministry of Home Affairs, Government of India has been
attached alongwith application for Director Identification Number. Source:
To read in full please visit source: Click Here
2. 9 Relaxation on levy of additional fees for delay in filing of any event based forms by
LLPs
In view of transition from version-2 of MCA-21 to version-3 of MCA-21, MCA vide Circular
No. 06/2022 dated 31st May, 2022, has decided to allow LLPs to file various event based LLP
forms, due dates of which are falling between 25/02/2022 and 31/05/2022, without paying
additional fees upto 30th June, 2022. To read more - source: Click Here
 Important Updates – May, 2022
Sl. Particulars of the Circulars Link
1 FAQs updated 24.04.2022 Click Here

2 Notice for Research Proposals, Workshops and Conferences Click Here
3 Companies (Prospectus and Allotment of Securities) Amendment Rules, Click Here
2022
4 Clarification on passing of Ordinary and Special resolutions by the
companies under the Companies Act, 2013 read with rules made Click Here
thereunder on account of COVID-19-Extention of timeline
5 Clarification of holding of Annual General Meeting (AGM) through Click Here
Video Conference (VC) or Other Audio Visual Means (OAVM)
6 Special court notification for the State of Jharkhand Click Here
7 Companies (Prospectus and Allotment of Securities) Amendment Click Here
Rules,2022
8 More than 30,000 LLP Forms have been filed since launch of V3 LLP
Portal including more than 17,000 Forms for LLP Name Reservation and Click Here
LLP Incorporation as on 14-May-2022
9 Login and Registration Video Demo Click Here
10 Updated FAQ FORM11, Fillip & Login Click Here
11 GUIDELINES FOR FUNDING FOR RESEARCH STUDIES ON Click Here
CORPORATE GOVERNANCE
12 NOTICE INVITING COMMENTS ON THE REPORT OF THE Click Here
COMPANY LAW COMMITTEE (2022)

13 Companies (Incorporation) Second Amendment Rules, 2022 Click Here
14 Call for Research Studies under Expert Committee (EC) Click Here
15 Stakeholders are requested to use their V2 user ID and password to log
into the new V3 portal, and then upgrade to a Business user. Once Click Here
upgraded the email ID of the V2 account will automatically become the
login ID for V3 and password will remain the same, which can be then
changed as required.
16 Relaxation in paying additional fees in case of delay in filing Form Click Here
11(Annual Return) by Limited Liability Partnerships up to 30th June,
2022
17 Notice to Unauthorized Occupants of Quarters-In the matter of Click Here
M/s.Rohtas Industries Ltd.(In Liquidation)
18 Claim Notice of M/s. STI Phoenix Wear Private Limited (In-Liqn) Click Here
Relaxation in paying additional fees in case of delay in filing Form Click Here
19
11(Annual Return) by Limited Liability Partnerships up to 30.06.2022
Relaxation in paying additional fees in case of delay in filling all the
20 event based e-forms by LLPs which are due on and after 25th February, Click Here
2022 to 31st May, 2022 up to 30th June,2022
13. IBBI UPDATES {INSOLVENCY AND BANKRUPTCY BOARD

OF INDIA}
 Insolvency to be dropped if 90% creditors vote for it: Supreme Court

Holding that there should be minimum judicial interference by the National Company Law
Tribunal (NCLT) and its appellate tribunal NCLAT in insolvency proceedings, the Supreme
Court on Friday said they cannot sit in appeal over the commercial wisdom of the Committee of
Creditors (CoC) and the proposal to withdraw proceedings should be allowed if 90% or more
creditors accept the settlement plan of the debtor company.
A bench of B R Gavai and Hima Kohli said NCLT and NCLAT must give due weightage to the
commercial wisdom of CoC and should interfere only when the decision taken by the committee
was arbitrary. “When 90% and more of the creditors, in their wisdom after due deliberations, find
that it will be in the interest of all the stakeholders to permit settlement and withdraw CIRP, in
our view, the adjudicating authority or the appellate authority cannot sit in an appeal over the
commercial wisdom of CoC.

The court passed the order, while setting aside the order of NCLT and NCLAT by which they
rejected the settlement plan of an insolvent company despite it was approved by more than 90%of
the creditors. “It is thus clear that the decision of the CoC was taken after the members of the
CoC, had due deliberation to consider the pros and cons of the settlement plan and took a decision
exercising their commercial wisdom. (To read more Click Here)
 NCLT directs to initate insolvency proceedings against Andhra Cement

The National Company Law Tribunal has directed to initiate insolvency proceedings against
Andhra Cement, a company owned by the debt-ridden Jaypee Group.
The Hyderabad bench of the NCLT (National Company Law Tribunal) has also appointed Nirav
K Pujara as the Interim Resolution Professional (IRP) of the company, and declared a moratorium
in respect of the company as per the provision of the Insolvency & Bankruptcy Code (IBC).
"The company is now under CIRP (Corporate Insolvency Resolution Process) as per the
provisions of the code. As per Section 17 of the code, the powers of the board of directors of the
company stand suspended and as such the powers shall be vested with and exercised by the IRP,"
Andhra Cement said in a regulatory filing.
The company has also shared the order passed by the insolvency tribunal on April 26, 2022, in
this regard. NCLT's direction came after a petition filed by Pridhvi Asset Reconstruction and
Securitisation Company Ltd, claiming a default. (To read more Click Here)
 Petition for insolvency gets time-barred if filed after 3 years: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the National
Company Law Tribunal (NCLT) and held that corporate insolvency proceedings can’t be initiated
on the payment of salary arrears and other remuneration as they are time-barred.
NCLAT said this is in the matter of Omega Laser Products B.V, a Dutch company, and a
shareholder of its Indian arm. A former managing director(MD) of the company had moved the
NCLT seeking payment of salary arrears from the Indian arm of the Company.
The appellate tribunal ruled that the former MD’s plea would be time-barred by limitation for
initiating insolvency against the Indian arm, on the ground that it had been filed beyond a period
of three years.
The NCLAT said there was no acknowledgement of the debt by the Board of Corporate Debtor
in terms of Section 18 of the Limitation Act, 1963. It held that the majority of the claims were
barred by time. (To read more Click Here)
 Important Notifications and Circulars Tracker (May, 2022)

1 IBBI (Liquidation Process) (Amendment) Regulations, 2022 Click here
2 Quarterly Newsletter for Jan-Mar, 2022 Click here
3 In the matter of Mr. Chakravarthi Srinivasan, Insolvency Professional Click here
4 In the matter of Mr. Sumat Kumar Gupta, Insolvency Professional Click here
Circular - Withdrawal of Circular dated 26th August, 2019 regarding
5 applicability of the Insolvency and Bankruptcy Board of India (Liquidation Click here
Process) (Amendment) Regulations, 2019 notified on 25th July, 2019
6 Insolvency and Bankruptcy Board of India amends the Insolvency and Click here
Bankruptcy Board of India (Liquidation Process) Regulations, 2016
7 The Insolvency and Bankruptcy Board of India invites comments from the public Click here
on the Regulations notified under the Insolvency and Bankruptcy Code, 2016
8 In the matter of Mr. Subrata Monindranath Maity, IP Click here
9 In the matter of Mr. Bhupesh Gupta, IP Click here
10 In the matter of Mr. Hrisikesh Dasgupta, IP Click here
11 In the matter of Ms. Kalpana G, IP Click here
12 In the matter of Mr. Prasad Kamalakar Dharap, IP Click here
13 In the matter of Mr. Shashi Agarwal, IP Click here
14 In the matter of New Okhla Industrial Development Authority Vs. Anand Click here
Sonbhadra, Civil Appeal No. 2222, 2367-2369 of 2021
15 Summary - Judgment dated 17th May, 2022 of the Hon’ble Supreme Court of
India in the matter of New Okhla Industrial Development Authority Vs. Anand Click here
Sonbhadra [Civil Appeal No. 2222, 2367-2369 of 2021]
16 In the matter of Mr. Dhinal Shah, IP Click here
17 In the matter of Mr. Manish Kumar Gupta, IP Click here
18 Standard Operating Procedure (SOP) for NCLT cases in respect of the IBC Click here
19 In the matter of Mr. Venkateswarlu Kari, IP Click here

20 The Insolvency and Bankruptcy Board of India announces results of the 3rd Click here
National Online Quiz on the Insolvency and Bankruptcy Code, 2016.
14. NBFC Compliance Overview

Non-Banking Financial Companies (NBFCs) is a Company registered under the Companies Act
2013 engaged in the businesses of providing financial services including loans & advances,
leasing, hire purchase etc. They provide loans and advances and other credit facilities to business
people or budding entrepreneur where Bank/Financial Institution are not comfortable, or say it is
an alternative source of finance to businessman.
NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the Chapter
IIIB of the Reserve Bank of India Act, 1934 and any rules made thereunder or any directions
issued by it under the Act.
A. NBFC MONTHLY COMPLIANCES SUBMITTED BY ALL NON-DEPOSIT TAKING

NBFCS
NAME PURPOSE OF THE FORM DEPARTMENT
Monthly Monthly Return on NBFC-NDSI with asset size of Rs.100 CR. RBI
Return & above
NBS_ALM1 Statement of Short term dynamic liquidity to be filed within 10 RBI

days of the closer month
To be submitted by all deposit-taking NBFC’s having asset size above Rs. 100 crores or public
deposits of Rs. 20 crores and above
NBS6 Monthly Return stating Exposure to Capital Market RBI
B. NBFC COMPLIANCE UNDER COMPANIES ACT, 2013
FORM NAME PURPOSE OF THE FORM DEPARTMENT

E-Form MGT-7 Annual Return (Within 60 days of conclusion AGM) ROC
E-Form AOC-4 Filing of annual financials i.e. Balance Sheet & Profit & ROC
Loss statement (Within 30 days of conclusion of AGM)
E-Form DIR-12 If there is any change in Directors (Within 30 days of ROC
the date of that change)
And any other Event based Compliance like DIR 3 KYC, ADT-1 etc.
C. NBFC Compliance Checklist for Non-Deposit & Deposit-taking Company
S.
Particulars Time Limit
No

Annual Compliances
1. Audited March Monthly return/NBS-7 Upon completion
One month from the date of

2. File audited annual balance sheet and P&L Account
signoff
Before the commencement of the

3. Resolution of Non-Acceptance of Public Deposit
new Financial year
Declaration of Auditors to Act as Auditors of the

4. Annual basis
Company
Monthly Compliance
1. Monthly Return By 7th of every month
2. Upload Monthly Return By 7th of every month
Periodical Compliances
1. Appointment of Director (Annexure III) Within 30 days of appointment
2. Resignation of Director (DIR-12 + Challan report) Within 30 days of appointment
Adoption of any notification in the ensuing Board

3.
Meeting and filing the certified copy with RBI
 NBFC Updates – May, 2022

1. RBI opens banks credit for NBFCs to on-lend continuously to priority sector
The Reserve Bank of India (RBI) on Friday decided to allow banks to lend to NBFCs for on-
lending to priority sectors on an on-going basis to ensure continuation of the synergies that have
been developed between banks and NBFCs in delivering credit to the specified priority sectors.
The same holds true for small finance banks who are on-lending to NBFC-MFIs. This facility
was earlier allowed till March 31, 2022.
Now, bank credit to NBFCs, including housing finance companies (HFCs), for on-lending to
priority sectors will be allowed upto an overall limit of 5 per cent of an individual banks total
priority sector lending. Similarly, small finance banks for on-lending to NBFC-MFIs and other

MFIs, which are RBI recognised, will be allowed up to an overall limit of 10 per cent of an
individual bank’s total priority sector lending. To read more Click Here
2. NBFCs cannot be regulated by state enactments, says Supreme Court
The Supreme Court Tuesday held that Non--Banking Financial Companies (NBFCs) regulated
by the Reserve Bank of India cannot be regulated by state enactments. A bench of Justices Hemant
Gupta and V Ramasubramanian said NBFCs play a very vital role in contributing to the financial
health of the country whose operations are controlled by RBI.
Therefore, to say that RBI has no say in such a matter of vital interest, will strike at the very root
of the statutory control vested in RBI, it said. The top court was examining a question as to
whether NBFCs regulated by RBI could also be regulated by State enactments such as Kerala
Money Lenders Act, 1958 and Gujarat Money Lenders Act, 2011.
The top court said it was of the considered opinion that the Kerala Act and the Gujarat Act will
have no application to NBFCs registered under the RBI Act and regulated by RBI. “Therefore,
all the appeals filed by NBFCs against the judgment of the Kerala High Court are allowed.
Likewise, the appeals filed by the State of Gujarat against the judgment of the Gujarat High Court
are dismissed,” the bench said. To read more Click Here
3. RBI-constituted panel to review customer service standards in banks,

NBFCs
The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality
of customer service in banks, NBFCs, and other entities regulated by it.
The six-member committee headed by former RBI deputy governor B P Kanungo has been asked
to submit a report within three months from the date of its first meeting, the central bank said in
a statement.
It will also review the emerging and evolving needs of the customer service landscape, especially
in the context of evolving digital/ electronic financial products and distribution landscape and
suggest suitable regulatory measures.
Besides, it has also been asked to identify the best practices, adopted globally and domestically,
in customer service and grievance redressal, especially for improvement in services rendered to
retail and small customers, including pensioners and senior citizens.
Other members of the panel are: A K Goel (Chairman IBA and MD & CEO, PNB), A S
Ramasastri (former Director, IDRBT), Amitha Sehgal (Hon. Secretary, AIBDA), Rajeshri N
Varhadi (Professor, University of Mumbai), and Anil Kumar Sharma (Executive Director, RBI).
The RBI further said the Committee may also invite domain experts and RBI officials for
consultations and/or to participate in its deliberations. To read more Click Here

15. NCLT & NCLAT UPDATES (Updates- May, 2022)
1. NCLT, NCLAT can't sit in appeal on wisdom of CoC on proposed settlement under
IBC: SC
In a judgement on Friday, the Supreme Court has said the adjudicating authority or the appellate
authority cannot sit in an appeal over the commercial wisdom of the Committee of Creditors if
the overwhelming majority of it finds that it will be in the interest of all the stake-holders to permit
settlement and withdraw Corporate Insolvency Resolution Process under the Insolvency and
Bankruptcy Code.
The top court stressed there is a need for minimal judicial interference by the National Company
Law Appellate Tribunal (NCLAT) and National Company Law Tribunal (NCLT) in the
framework of the IBC.
“This court has, time and again, emphasised the need for minimal judicial interference by the
NCLAT and NCLT in the framework of IBC,” a bench of Justices B R Gavai and Hima Kohli
said.
The bench further pointed out that the top court has consistently held that the commercial wisdom
of the CoC has been given paramount status without any judicial intervention for ensuring the
completion of the stated processes within the timelines prescribed by the IBC.
The NCLAT had dismissed the appeals filed by resolution professional (RP) challenging two
orders of NCLT, which rejected the application filed by RP under Section 12A of the IBC, 2016,
read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016, for withdrawal of the application
filed under Section 7 of the IBC in view of the settlement plan by the corporate debtor. (To read
more Click Here)
2. Supertech Insolvency Case: Lender asks to deposit Rs 75 cr as upfront payment

for considering one-time settlement
Realty firm Supertech's financial creditor Union Bank of India has asked the insolvency-bound
company to deposit Rs 75 crore as upfront cash for considering one-time settlement (OTS) of
dues. During the proceedings of the insolvency appellate tribunal NCLAT, counsel representing
Supertech informed that the realty firm had several rounds of discussions with Union Bank of
India.
The realty firm had offered to make an upfront payment of Rs 10 crore with 10 crore on
acceptance of OTS, however, the public sector lender asked to deposit Rs 75 crore as a condition
to consider for settlement.

Union Bank of India's counsel submitted that as per policy of the Bank, it is fully entitled to ask
for upfront 15-20 per cent of the dues.
NCLAT had directed to list the appeal on May 23 and said its interim order staying formation of
Committee of Creditors (CoC) would continue till then. NCLAT's direction came, while hearing
a petition filed by Ram Kishor Arora, a director of the suspended board of Supertech Ltd, against
the order passed by the National Company Law Tribunal on March 25.
The default pertains to the loan given by the Union Bank of India to Eco Village II project at
Greater Noida (West) in Uttar Pradesh, which was being developed at a cost of Rs 1,106.45 crore.
Once NCLT initiates CIRP against a debt-ridden firm, it appoints an Interim Resolution
Professional (IRP) after suspending the board of the firm. Article 18 of IBC mandates that it is
the duty of the IRP to constitute the committee based on all the claims received against the
corporate debtor and the determination of the financial position of the corporate debtor.
 (To read more Click Here)
16. MSME (Ministry of Micro, Small and Medium Enterprises)

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India,
MSME industries are the backbone of the economy.
MSME – Merged Criteria: Investment and Annual Turnover

Revised Classification applicable w.e.f 1st July 2020
Classification Micro Enterprise Small Enterprise Medium Enterprise
Investment in Plant Investment in Plant

and Machinery or and Machinery or
Equipment: Equipment: Investment in Plant and
Manufacturing Not more than Rs.1 Not more than Rs.10 Machinery or Equipment:
Enterprises and crore and Annual crore and Annual Not more than Rs.50 crore
Enterprises rendering Turnover ; not more Turnover ; not more and Annual Turnover ; not
Services than Rs. 5 crore than Rs. 50 crore more than Rs. 250 crore
 Key Updates – For the month of May, 2022
1. Vyapar partners with FinBox to offer credit to 900,000 MSMEs

Accounting app, Vyapar, that allows merchants, buyers, sellers, and retailers to raise invoices,
has partnered with FinBox. The partnership will enable Vyapar to offer credit to more than 9 lakh
businesses that actively use the platform every month and others as they get onboarded on the
platform.

Founded in 2016, Vyapar enables businesses to raise and track GST invoices through its app. It
also helps business owners check inventory instantly and also file their GST returns seamlessly.
This suite of services helps businesses digitize their previously scattered and informal data. The
digitization allows the businesses to leverage this digitized data to gain access to better financial
services including credit products. The company’s app has already clocked more than 8 million
downloads.
Vyapar is now looking to offer credit to its merchant ecosystem by embedding loan products in
its app itself. This will allow MSMEs to apply and access formal credit while helping it become
a focal point for managing business finances for small and medium enterprises.
As an increasing number of companies looking to build credit and FinTech products, they are
looking at platforms such as FinBox to quickly build and launch credit offerings such as business
loans, BNPL or credit cards. Embedded Finance infrastructure providers play a key role in
enabling the democratization of financial services as banking moves away from traditional
banking channels and gets more integrated in the apps and products that consumers love and use
every day. (Read more Click Here)
2. ‘Districts as Export Hubs initiative by govt will give Indian MSMEs ammunition
to beat China’
Trade, import and exports for MSMEs: With the intent to fructify an ambitious export target for
FY23, The Directorate General of Foreign Trade (DGFT) has sought Rs 6,000 crores in funding
for the ‘Districts as Export Hubs’ initiative. All eyes are already on India as it ups its ante to
produce and export more in the wake of global supply chain disruption. Moreover, labor shortage,
lack of raw materials, etc. due to covid-19 impact have severely dented China’s potential to
continue its global exports momentum, with many countries opting for the China +1 strategy
being the icing on the cake for India. With all these factors at play, industry experts view the
proposal as a step in the right direction, and the timing couldn’t have been more appropriate.
Among the most robust calls to action in making districts as export hubs, were made by Prime
Minister Narendra Modi in his 2019 Independence Day speech. He lauded that each district’s
potential equals that of an entire country, given its diverse identity and potential for the global
market.
The top six states in India- Maharashtra, Gujarat, Karnataka, Tamil Nadu, Telangana, and
Harayana contribute 75 per cent of India’s overall exports. This shows how exports are
concentrated in only certain regions of the nation.
The focus on far-fledged areas of the country would fuel economic activity in the rural
hinterland/small towns and prepare businesses for export, not to mention aid in employment
generation at the grass-root level. Besides supporting MSMEs and local artisans, logistics and
agricultural sectors will also see development, a critical factor that would help India meet global
expectations of delivery and quality. Additionally, Niti Aayog believes improving the export
competitiveness of states could further increase their wealth and standard of living, which in turn
is expected to minimize the regional disparity across states.
 (To read more Click Here)
 Key Updates – for the month of May– 2022

1 New Guidelines of Micro & Small Enterprises Cluster Development Click here
Programme (MSE-CDP) approved
2 Centre gives nod to new guidelines for MSME Cluster Development Click here
Programme
3 A Vyapar Credit Card for MSMEs Click here
4 MSMEs should focus on skill development, global best practices: IMTMA’s Click here
Ravi Raghavan
5 Working capital drawdowns of corporates and MSME borrowers rising with Click here
input costs
6 Government lifts “Export Prohibition” on Bamboo Charcoal for Higher Click here
Profitability of Bamboo Industry
7 Uttar Pradesh’s groundbreaking ceremony: 865 MSME projects to be Click here
launched
8 MSMEs get a boost with TReDS notification Click here
9 Absolutely imperative for MSMEs to be digitised to pursue new Click here
opportunities in post COVID world: Chandrasekhar
10 Shri Narayan Rane invites UAE to invest in India, calls for working together Click here
to enable MSMEs to explore new opportunities
11 More than 30 companies participate providing employment opportunities to Click here
skilled workforce
12 RBI reaches out to MSME entrepreneurs in SWGH Click here
13 Rajasthan bringing new MSME policy for industrial development Click here
14 India, Germany discuss investment opportunities in MSME sector Click here
17. Competition Commission of India

Competition Commission of India is a statutory body of the Government of India, established on
14 October 2003, responsible for enforcing The Competition Act, 2002 and promoting
competition throughout India and to prevent activities that have an appreciable adverse effect on
competition in India.
 CCI wing probing dealings between ecommerce companies and preferred

sellers
The investigation arm of the Competition Commission of India (CCI) is reviewing documents that
suggest financial dealings between leading ecommerce companies and their preferred sellers,
people with knowledge of the matter said.
It has now sought more time from the commission to review these documents, found during the
raids last month, following allegations of violation of competition law by ecommerce majors
Amazon and Flipkart.
Another person aware of the developments said the raids “recovered” documents pertaining to
what he termed as “financial linkages” between the digital platforms and the online vendors. There
is also information related to costs in these documents.
The Delhi Vyapar Mahasangh (DVM), an affiliate of the Confederation of All India Traders
(CAIT), had in 2020 approached the CCI alleging abuse of market dominance and competition
law violation by Flipkart and Amazon.
The petition alleged platforms forced sellers to become preferred vendors, provided preferred
access to these vendors, and promoted only these preferred vendors on their platforms, which
impacted non-preferred sellers. (To read more Click Here)
 The Competition Commission of India and competition law may get a facelift
soon
The government is set to overhaul the Competition Act in the monsoon session of parliament and
revamp the anti-trust watchdog Competition Commission of India (CCI) to regulate India’s
booming digital economy better.
The government is set to overhaul the Competition Act in the monsoon session of parliament and
revamp the anti-trust watchdog Competition Commission of India (CCI) to regulate India’s
booming digital economy better. The ministry of corporate affairs has prepared the amendments,
and inter-ministerial consultations are on before moving a bill to the cabinet for its clearance, a
person familiar with the development said.
The bill to amend the Competition Act, which will be tabled in the monsoon session, envisages
restructuring of CCI’s administrative functioning in addition to legislative changes that include
the introduction of new criteria for merger regulation and the deal value, which is not in the
current formula.
At present, asset size and revenue are the only criteria for clearing M&A deals. This excludes
some transactions involving unicorns or highly valued startups that could become targets for
acquisition but do not come under CCI review because they have a thin physical asset base or
sales. (To read more Click Here)
 Key Updates – for the month of May – 2022

1 Particulars Link
2 Meta rolls out redesigned privacy policy; Indian users can choose not to accept Click here

3 The challenges ahead for the Competition Commission of India Click here
4 Why Gautam Adani's Acquisition of Holcim's Indian Cement Assets Makes Click here
Strategic Sense
5 Google to pursue licencing deals with Indian publishers: Sundar Pichai Click here
6 CCI approves acquisition of majority stake in SMW Ispat Private Limited by Click here
OFB Tech Private Limited
7 CCI approves merger by absorption of Covidshield Technologies into Biocon
Biologics in consideration for acquisition of approximately 15% equity Click here
shareholding of Biocon Biologics by Serum Institute Life Sciences
8 CCI approves acquisition by Sanoti Properties LLP of shareholding in Magma Click here
HDI General Insurance Company Limited
9 Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman
participates in the 13th Annual Day commemoration of the Competition Click here
Commission of India
10 The Competition Commission of India and competition law may get a facelift Click here
soon
11 Google appoints former NITI Aayog, CCI official as India public policy chief Click here
18. IRDAI – Insurance Sector Updates

 General insurers urge IRDAI for mandatory KYC of customers
Non-life insurers have requested the insurance regulator IRDAI to permit verifying the contact
details of policyholders. This would enable them to get in touch with customers during an
emergency and help them with sales. General insurers have pointed out that for any financial
transaction such as mutual funds or bank account opening, KYC is needed.
Some provisions should be made for general insurance products to allow them to get updated
addresses and phone numbers. At present, sharing KCY details is a voluntary choice by the
customer while purchasing a general insurance product.“The problem right now is that we do not
have any details of the customers. We do not want PAN or Aadhaar or income details but the
basic contact information should be available so as to allow us to get in touch with a policyholder
in time of need,” said a general insurer, adding that there is no way to connect with a policyholder
at present.
The IRDAI had in 2019 asked insurers not to seek Aadhaar mandatorily and PAN/form 60 from
the proposer/policyholder as part of KYC following the Supreme Court ruling of 2018.
(To read more Click Here)
 IRDAI allows insurance companies to introduce products without prior

approval

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general
insurance companies to introduce products without seeking prior approval from the regulator, in
what is the first major reform by the new IRDA chairman.
The IRDAI said it has extended the ‘use and file’ procedure for all the Health Insurance products
and almost all the general insurance products in line with the reforms agenda taken up towards
having a fully insured India. The new norms are effective immediately.
The new rule will cover all health plans and also fire, engineering and motor plans offered by
general insurance companies. Panda said only a small minority of plans below Rs 5 crore sum
insured are exempt from the new reform because of some operational purposes. "90% to 95% of
general insurance plans now need not bw approved by the IRDAI before being introduced in the
market.
The insurance industry is expected to use this opportunity for introduction of customized and
innovative products, expansion of the choices available to the policyholders in order to address
the dynamic needs of the market, which will further help in enhancing the insurance penetration
in India," IRDAI. Doing away with seeking prior permissions has been a long standing demand
for the industry. (To read more click here)
 Key Updates – May, 2022

1 Notification issued pertaining to base premium for third party insurance for Click here
unlimited liability
2 Adhering the timelines of award settlement as per Rule 17(6) of the Insurance Click here
Ombudsman Rules, 2017
3 Modifications in definition of Critical Illnesses prescribed in Guidelines on Click Here
Standardization in Health Insurance
4 Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, Click Here
2022
5 List of Valid Insurance Brokers as on 16th May 2022 Click here
6 Motor Insurance advertisements by General Insurers Click here
7 Reconstitution of Reinsurance Advisory Committee Click Here
8 Actuarial & reinsurance returns – Dispensing with hard copy submission Click here
9 Pricing of products covering Fire and Allied perils Click here
10 Filing of fire insurance products for Dwellings, Micro and Small Businesses Click Here
11 Discontinuation of monthly Solvency Returns Click Here
12 Rationalization of compliance requirements Click Here
14 Guidelines on Group Insurance Products under Health Insurance Business Click here
and other operational matters
15 Dispensing with certain Non-Life Insurance returns Click here
16 Exposure of Insurers to Financial and Insurance Activities Click Here

17 Report of the Committee on designing of Combi Products for Micro Click Here
Insurance segment
19. Cabinet Decisions / New Acts

Centre revises norms of Central Assistance paid to States/UTs for meeting the
\
1 expenditure towards intra-State movement, handling of foodgrains and margins Click here
paid to fair price shop dealers under National Food Security Act, 2013
2 Provision for Online Mutation in Property Tax Registers in Cantonments Click here
3 Centre to develop framework to check fake reviews on E-Commerce websites Click here
4 Ministry of Skill Development and Entrepreneurship (MSDE) partners with
\
Indian School of Business (ISB) to further built capacity of officers from its Click here
ecosystem
5 Cabinet approves Amendments to the National Policy on Biofuels -2018 Click here
6 Cabinet empowers the Board of Directors of the Holding / Parent Public Sector
Enterprises to recommend and undertake the process for Disinvestment / closure Click here
of their subsidiaries / units / stake in JVs and additional delegation of powers to
Alternative Mechanism
7 Cabinet empowers the Board of Directors of the Holding / Parent Public Sector
Enterprises to recommend and undertake the process for Disinvestment / closure Click here
of their subsidiaries / units / stake in JVs and additional delegation of powers to
Alternative Mechanism
8 Cabinet approves Amendments to the National Policy on Biofuels -2018 Click here
9 Cabinet decisions a blatant violation of Model Code of Conduct: Cong Click here
10 Cabinet decisions: Himachal govt not to file Income Tax for MLAs Click here
11 Uttar Pradesh cabinet approves 14 proposals, big decision on recruitment of Lab Click here
Assistants
12 Cabinet approves revised cost estimate on “Setting up of India Post Payments Click here
Bank”
13 Cabinet approves opening of Indian Mission in Lithuania Click here
14 Cabinet approves continuation of Prime Minister Street Vendor’s AtmaNirbhar Click here
Nidhi (PM SVANidhi) beyond March 2022 till December 2024
15 Draft notification issued pertaining to ease of doing business - Trade Certificate. Click here
-----------------------------------------------------------------------------------------------------------------
This Article / Compliance Tracker is updated till 31st May, 2022 with all Laws / Regulations
and their respective amendments.
----------------------------------------------THE END----------------------------------------------------
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite
of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice
which shall be taken care of in the next edition. In no event the author shall be liable for any
direct, indirect, special or incidental damage resulting from or arising out of or in connection
with the use of this information. Many sources have been considered including newspapers (ET,
BS & HT etc.

SR. MEMBERSHIP DATE OF
MEMBERSHIP
NO NAME OF MEMBER NO. BIRTHDAY
1 SH. V GANGADHARAN F 2419 1-06-1942
2 SH. BIPIN JIVANBHAI PATEL F 4242 1-06-1949
3 SH. PRAHLADBHAI LILDAS PATEL A 3006 1-06-1952
4 SH. R D THAKORE F 1699 1-06-1952
5 SH. JAVERBHAI B BODAR A 3523 1-06-1953
6 SH. MOTIBHAI D FOSI A 3341 1-06-1953
7 SH. L L VORA A 5949 1-06-1958
8 SH. R V BHIMANI A 6738 1-06-1962
SH. JIGNESHKUMAR KANAKRAY
9 KOTHARI A 12007 1-06-1973
10 MR. NARAYANLAL FATELAL SHAH A 30225 1-06-1988
11 MS. LEENA SANTOSH AMBWANI A 42551 1-06-1989
MS. SISODIYA JANKIBEN
12 JAYDEEPSINH A 36702 1-06-1990
13 MRS. RINKAL AJAY PATEL A 40327 1-06-1990
14 MS. RUCHI JAYESHBHAI SHAH A 41427 1-06-1993
15 MS. SHIVANI PUSHPRAJ JAIN A 44516 1-06-1994
MR. JAYDIPKUMAR NATHABHAI
16 BABRIYA A 55481 1-06-1995
17 MS. JAGRUTI S. SHAH A 5025 2-06-1962
18 MS. BIRVA SHIRISHKUMAR MEHTA A 12844 2-06-1973

19 SH. DEEPAK SINGHAL A 14444 2-06-1975
20 MR. ROHIT RAMAWTAR JAKHAR A 42701 2-06-1994
MS. MAHESHWARI HETAL
21 RAJUBHAI A 55959 2-06-1995
MR. HARSHKUMAR SANJAYKUMAR
22 JAIN A 55219 2-06-1995
23 SH DEEPAK KUMAR DASH A 20006 3-06-1980
24 SH. PANKAJ JORABHAI PATEL A 7992 4-06-1960
25 MR. DEVENDRA KUMAR GUPTA A 33453 4-06-1969
26 MS. PURVI SHASHIKANT SHAH A 39849 4-06-1979
27 MR. JOSHI NANDISH PRADIP A 39036 4-06-1993
28 MS. DIMPY DIVYANGBHAI JOSHI A 58742 4-06-1995
29 SH. RASHMI K MANKODI A 3411 5-06-1952
30 MS. SONAL BANKIM BHANSALI F 3016 5-06-1960
31 MR. VIKAS MOHANLAL AGARWAL A 28954 5-06-1978
32 MS. NIDHI JAYANTIBHAI THAKAR A 44796 5-06-1990
33 MS. SHIKHA NILESH DHANUKA A 38266 5-06-1992
34 MS. BHAIRAVI SANJIV JOSHI A 42473 5-06-1993
35 MR. LAY MALAYBHAI DESAI A 57117 5-06-1994
36 SH. N G THAKER A 2535 6-06-1954
37 SH. HEMENDRA ATMARAM PATEL A 18751 6-06-1973
38 MR. HEMANT NARANBHAI PAWAR A 33423 7-06-1989
MS. CHAITALI BHARATKUMAR
39 PARIKH A 36033 7-06-1991
MS. ABHISHABEN MAHESHBHAI
40 RATHOD A 42699 7-06-1994
41 MR. SAMEER PRAHLADBHAI DEVDA A 44998 7-06-1994
42 SH. ASHOK PRANSHANKER PATHAK A 9939 8-06-1964
43 SH. MANOJ KUMAR CHANDUKA A 9701 8-06-1966
MR. SHYAMSUNDER KIRANBHAI
44 PANCHAL A 50793 8-06-1985
45 MS. ZALAK HARSHADBHAI GAJJAR A 31461 8-06-1988
46 MS. NEHA VRAJESH SHAH A 49823 8-06-1990
MR. PULKIT HARISHBHAI
47 KINKHABWALA A 57402 8-06-1995
48 MS. POOJA SUBHASHBHAI JADIYA A 55263 8-06-1995

SH. GANAPATI SHRIDHAR
49 JAMBEKAR F 1569 9-06-1940
50 MS. PAYAL HARSH CHHEDA A 37500 9-06-1992
51 MS. MADHULIKA RAMESH MISHRA A 42152 9-06-1992
52 MS. PALAK DILIP KUMAR PAREKH F 10209 9-06-1992
53 MR. JIMIT BIRENDRA SHETHWALA A 57962 9-06-1993
54 SH. PARESH KUMAR S. DAVEY A 6018 10-06-1963
55 SH. KOTRA SRINIVAS F 6115 10-06-1964
MR. PRASHANT ABHAYKUMAR
56 MAHA A 29298 10-06-1981
57 MRS. SWATI MUKESH LUNIA A 25474 10-06-1986
58 MS. NEHA DIXIT A 45909 10-06-1990
59 MS. KRUPA KAMLESHBHAI SHAH A 51335 10-06-1991
60 MS. DALAVADI SHITAL AMRUTBHAI A 52448 10-06-1993
61 MR. RAVI VASANTBHAI DABHI A 42367 10-06-1993
62 MR. SHAH BIREN PARESH BHAI A 50019 10-06-1994
63 MS. SEJAL AMIT BHATIA A 13261 11-06-1974
MR. ASHISHKUMAR GOVINDLAL
64 SHAH A 29017 11-06-1987
65 MR. ANAND SURESHBHAI LAVINGIA A 26458 11-06-1988
66 MR. JIGAR DAHYABHAI CHAUDHARI A 37499 11-06-1990
67 MRS. NIKI SOURABH PATAWARI A 34234 11-06-1990
MS. KHESHKANI KOMAL
68 KISHANCHAND A 46053 11-06-1993
69 MS. SAVANT HEMA BACHANSINGH A 56763 11-06-1995
MS. DHRUTI MAHESHKUMAR
70 TRIVEDI A 31842 12-06-1979
71 MR. YASH KASHYAP MEHTA A 43020 12-06-1988
72 MS. SEJAL SUBHASHBHAI AGRAWAL A 56008 12-06-1989
MS. SANGITA MOHANLAL
73 RAJPUROHIT A 48389 12-06-1990
MR. JAIMIN VIJAY KUMAR
74 GUNDECHIYA A 49342 12-06-1990
75 MR. JAYESHKUMAR PATOLIYA A 39562 12-06-1990
76 MS. TANVI LAMBA A 49616 12-06-1992
77 MS. HELI HITESHKUMAR MODI A 47620 12-06-1994

SH. DHIRAJLAL DAMODARDAS
78 SANGHAVI F 3229 13-06-1937
79 SH. H J DOSHI A 9067 13-06-1964
80 MS. JYOTI NANDLAL DEVNANI A 37383 13-06-1989
81 MS. SHAH ANKITA RAJESHBHAI A 40326 13-06-1990
82 MS. RIDDHI BHADRESH RAJYAGURU A 50303 13-06-1992
83 MR. HARSHIL MITESHKUMAR JOSHI A 58324 13-06-1994
84 SH. RAJESH HASMUKHLAL SHAH A 6103 14-06-1963
85 SH. VISHAL N VORA A 16140 14-06-1977
86 MR. RONAK SHANKARLAL SHAH F 8176 14-06-1981
87 MS. SEJAL TAPAN GAJJAR A 42510 14-06-1990
88 MS. PALAK PRADIP JAIN A 56897 14-06-1995
MS. KHUSHBU RAHULKUMAR
89 KHAMBHOLJA A 59747 14-06-1998
90 MR. JIGNESHKUMAR GANDHI A 26870 15-06-1976
MR. SUNIL ASHOKKUMAR
91 MULCHANDANI A 36327 15-06-1986
92 MS. PAYAL SHAILESHBHAI KUKDE A 45525 15-06-1990
MS. NUPUR MANISHKUMAR
93 VARDAY A 53409 15-06-1991
94 MS. DIVYA CHANDNANI A 53625 15-06-1993
95 MS. HARITA ISHWARBHAI SHAH A 39484 16-06-1991
MS. PATEL AAYUSHI MAULIK
96 KUMAR A 56985 16-06-1991
97 MS. SIKHA AGRAWAL A 50626 16-06-1995
98 MR. GUNJAN GIRISHKUMAR SHAH A 30839 17-06-1987
MR. SOHITKUMAR
99 DINESHCHANDRA MEHTA A 33096 17-06-1988
100 MS. DARSHINI SANJAY DESAI A 38008 17-06-1990
101 MS. SHOBHA BHARTI A 27489 18-06-1981
102 MS. SHRIMA GAURANGBHAI DAVE A 29292 18-06-1987
103 MR. JAYDEEP BIPINBHAI THAKKER A 57049 18-06-1992
104 MS. KHUSHBOO DINESH AGRAWAL A 42153 18-06-1992
105 SH. HEMAL ANANT KANUGA F 4126 19-06-1969
SH. HIMANSU NAYANKUMAR
106 RAVAL A 23887 19-06-1977
107 SH. CHETAN RAJENDRA SHARMA F 8352 19-06-1987

108 MR. AALAP KIRI A 29511 19-06-1990
109 MR. JAY AJAY SURTI A 44966 19-06-1992
MR. UTKARSH MAYANKBHAI
110 MANKAD A 50944 19-06-1993
111 SH. ASHOK KUMAR S GUPTA A 4470 20-06-1955
SH. RAMESHCHANDRA
112 NARENDRAKUMAR PATHAK A 5186 20-06-1956
SH. SUNILKUMAR
113 NARVADESHWARPRASAD PODDAR A 22577 20-06-1963
114 SH. RAJENDRA BHARADIA A 11289 20-06-1971
115 SH. MAHESH KUMAR TAPARIA A 15899 20-06-1977
116 MS. PURVEE DINESHCHANDRA ROY F 8978 20-06-1980
117 MR. SAMSAD ALAM KHAN A 28719 20-06-1982
MR. PARTH MAHENDRAKUMAR
118 PANDYA A 44807 20-06-1991
119 SH. RAKESH PARASMAL LUNAWAT A 11721 21-06-1968
120 SH. MANOHAR MAHESHWARI A 11277 21-06-1972
121 MRS. VRUSHALI AMIT VEGAD A 25752 21-06-1984
122 MR. MAULIK ANILKUMAR BHAVSAR A 31198 21-06-1988
123 MRS. MONIKA GAURAV GUPTA F 9253 21-06-1988
MR. PARESHKUMAR VITHTHALBHAI
124 KALSARIYA A 54969 21-06-1990
SH. KAMLESHBHAI MAHENDRABHAI
125 SHAH A 8356 22-06-1963
126 SH. KEDAR RAM R LADDHA F 4550 22-06-1967
SH. NAYANKUMAR
127 MAHADEVPRASAD ADHYARU A 14692 22-06-1975
128 MS. VAISHALI MANILAL KAMDE F 6601 22-06-1979
129 MR. SONI VIRAL MANHARBHAI A 42125 22-06-1984
130 MR. OM PRAKASH AGRAWAL A 40315 22-06-1990
131 SH. KIRIT R SHAH F 1344 23-06-1951
132 SH. SANDIP A SHETH F 5467 23-06-1975
133 MS. SUDHA SONI A 50763 23-06-1987
134 MS. KRUTI VIJAY KUMAR TRIVEDI A 42511 23-06-1990
135 MS. DISHA RASHMIKANT GANDHI A 39415 23-06-1992
136 SH. VINOD KUMAR AJMERA A 4529 24-06-1960
137 SH. HIREN S MAHADEVIA A 7183 24-06-1963

138 MS. PUJAN NARAYANLAL RAVAL A 49420 24-06-1988
MR. DIPAKBHAI RAMESHBHAI
139 GOLANIYA A 34321 24-06-1992
MR. DARSHAN DEVENDRABHAI
140 SHAH A 36398 24-06-1992
141 MR. DIPEN ASHIT DALAL A 46747 24-06-1992
142 MR. ROHIT SUNIL PERIWAL A 52504 24-06-1994
143 MR. ARVIND KUMAR VAGADODA A 29218 25-06-1982
MR. DARSHIL HEMENDRAKUMAR
144 SHAH A 37483 25-06-1989
145 MS. AARTI MAHENDRAKUMAR JAIN A 37004 25-06-1989
MR. HARDIK KUMAR
146 MUBARAKBHAI HUDDA A 39621 25-06-1991
147 MS. KHYATI GIRISHBHAI SHAH A 42442 25-06-1994
148 MS. VRUSHA PATEL A 46225 25-06-1995
MR. SANDIPKUMAR RAMNIKLAL
149 SOLANKI A 31504 26-06-1985
MS. DILRAJ SHANTISWAROOP
150 BHATIA A 57924 26-06-1989
151 MS. PAYAL RAVI BANWARI A 49145 26-06-1993
152 SH. SAURABH BALKRISHNA SHAH A 7862 27-06-1953
153 SH. K H KANJARIA A 7416 27-06-1965
154 MR. NIKHIL DINESHBHAI SONI F 7558 27-06-1980
MS. MEENAKUMARI
155 ARVINDKUMAR SHARMA A 48388 27-06-1983
156 MR. SANKET KANUBHAI RATHOD A 36555 27-06-1986
MR. NISHANT JAGDISHBHAI
157 PANDYA A 51005 27-06-1988
158 MR. MONIL KAMLESHKUMAR SHAH A 59991 27-06-1989
159 MR. ANANT BHARATBHAI BHATT A 42909 27-06-1992
159 SH. SURESH KUMAR MEHER A 16938 28-06-1973
160 MR. DHARMVIJAY N SOLANKI A 28032 28-06-1980
161 MR. NIKHIL NIRMAL MEHTA A 44810 28-06-1988
162 MRS. MONIKA SHEKHAWAT A 34214 28-06-1990
163 MR. DIXIT GAURAV JAGMOHAN A 53624 28-06-1991
164 MS. SHREYA RAJESH KARDANI A 52714 28-06-1994
165 SH. JIGISH JITENDRA BAIS A 25175 29-06-1983

166 MR. NITESH PARASMAL SHAH A 35681 29-06-1988
MR. PATEL UTTAMBHAI
167 NARAYANBHAI A 42878 29-06-1992
MS. TRUSHA PIYUSH KUMAR
168 THAKKAR A 44983 29-06-1993
169 SH. VIMAL KUMAR KATTA A 8335 30-06-1963
170 SH. MANOJ KUMAR JAIN A 10723 30-06-1967
SH. FAGESHKUMAR RAMESHBHAI
171 SONI F 8218 30-06-1981
MR. SOHAM HARSHADBHAI
172 PARMAR A 29890 30-06-1985
173 MS. S FALAK A 52992 30-06-1995

SUGGESTION/ FEEDBACK & SUB COMMITTEE
LIST
These E-Corporate Manager is Edited by our Team:
1. CS Krisa Patel
2. CS Ishita Shah
3. CS Hetanshi Shah
For any query/feedback/suggestions, you can always reach to Ahmedabad Chapter by sending a
mail at ahmedabad@icsi.edu and you can also call on 079-26575334/35;
For any query/feedback/suggestions with respect to E- Corporate Manager, you can always reach
to us by sending a mail at editorial.ahmedabad@gmail.com
Sr. Name of Chairman of Committee Committee Name

1 CS Mehul Rajput Programme Development
Committee
2 CS Bhavya Gaudana Practising Company Secretary
Committee
3 CS Yash Mehta TEFC and OCC Committee
4 CS Abhishek Chajjed Sports and Cultural Committee,
Placement Committee
5 CS Kuldipsinh Zala Editorial Committee & CSBF

Committee
DISCLAIMER
“E-Corporate Manager” is normally published in the first week of every month. Non – receipt of
any issue should be notified within that month. Articles on subject of interest to Company
Secretaries are welcome. Views expressed by contributors are their own and the Institute
(Ahmedabad Chapter) does not hold/ accept any responsibility. The Institute (Ahmedabad
Chapter) is not in any way responsible for the result of any action taken on the basis of the
advertisement published (if any) in the journal. All rights reserved. No part of the journal may be
reproduced or copied in any form by any means without the written permission of the Institute
(Ahmedabad Chapter). The write ups of this issue are also available on the website of the Institute .

IMPORTANT LINKS OF ICSI
Employee PORTAL https://ecsin.icsi.edu/
Company GUIDELINES https://ecsin.icsi.edu/PDF/eCSIN-Guidlines.pdf
Secretary FAQ https://ecsin.icsi.edu/PDF/UserManual_eCSIN_FAQ.pdf
Identification HELPDESK https://smash.icsi.in/Scripts/Complaint/ComplaintForm.aspx
Number(eCSIN)
Unique PORTAL https://udin.icsi.edu/

Document GUIDELINES https://udin.icsi.edu/PDF/UdinGuidelines.pdf
Identification FAQ https://udin.icsi.edu/PDF/UDIN_FAQ.pdf
Number (UDIN) HELPDESK https://smash.icsi.in/Scripts/Complaint/ComplaintForm.aspx
Secretarial Standards Board https://www.icsi.edu/ssb/home/

Blood Bank Portal https://www.icsi.in/bloodbank/
Certified Course https://www.icsi.edu/certificate-course/
Chartered Secretary https://www.icsi.edu/journals-bulletins/chartered-secretary/
PORTAL https://www.icsi.edu/home/
WHATS NEW
REPRESENTATIONS
COUNCIL DECISIONS https://www.icsi.edu/whats_new_icsi/
EVENTS
PRESS RELEASE
MEMBER SEARCH https://www.icsi.in/Student/Default.aspx?TabID=100

https://www.icsi.edu/member/members-directory/
ICSI STUDENTS CORNOR https://www.icsi.edu/student/

STUDY MATERIAL FOR https://www.icsi.edu/student/study-material-os/
STUDENTS https://www.icsi.edu/new-syllabus/
CONTINUOUS PROFESSIONAL https://www.icsi.edu/media/webmodules/CPE_Gls.pdf
EDUCATION GUIDELINES

CHAPTER ACTIVITIES
Seminar On “CS Profession: Taking to the Next Level"
(Saturday, 07th May, 2022)

Study Circle Meeting on Difficulties In Implementing Companies Act 2013
(Tuesday,17th May, 2022)

Study Circle Meeting on
Governance of Producer Companies - Dawn of New Agri-Corporates
(Friday, 27th May, 2022)

TV9 Education Expo
(Thursday, 28 May, 2022 and Friday, 29th May, 2022)
th


E Corporate Manager June 2022 - FINAL

Uploaded by

Copyright:

Available Formats

E Corporate Manager June 2022 - FINAL

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

E Corporate Manager June 2022 - FINAL

Uploaded by

Copyright:

Available Formats

E-CORPORATE MANAGER

FOR THE MONTH OF JUNE, 2022

CS Krisa Patel CS Ishita Shah CS Hetanshi Shah

ICSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 2

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 3

2. In case of Joint Article, only 2 Members can contribute to the Article.

1. I, Shri/Ms./Dr./Professor declare that I have read and understood the

a. I comply with the guidelines for authors.

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 5

Company Secretary: A facilitator of

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 6

In view of the increasing emphasis on adherence to norms of good corporate governance

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 7

In addition to the in-house Company Secretary, the Practising Company Secretaries

The Companies act gives specific right to a company secretary– to exercise

CS works as advising agent in cases of – issue of shares; drafting of prospectus/sale

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 8

1 Earlier is was optional but not it is mandatory to

2 Turnover is now replaced as Income

3 “Property, Plant and Equipment” under the heading

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 9

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 10

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 11

Particular Gross Block Accuml Net

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 12

Particular Gross Block Deprec Net

At the Addi disposal acquisitions amount of other Bala

The company is also required to disclose whether the plant, property

11 Where the company has

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 13

Relevant Description Gross Whether title deed Property Reason for

PPE Land - - - **also

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 14

15 Relationship with Struck off Companies

Name of struck Nature of Balance Relationship with

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 15

Ratio What it indicates Formula

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 16

Debt service = Interest & Lease

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 17

(g) Trade It indicates the number Trade payables turnover ratio =

(h) Net capital It indicates a company's Net capital turnover ratio =

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 18

FOR Ind AS NBFCs additional ratio as follows:

(a)Capital to risk-weighted assets ratio (CRAR)

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 19

Major changes of the article is tried to be covered.

Disclosures to be given in the Profit and Loss statements:#

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 20

2. Corporate Social Responsibility:

amount amount of shortfall total of nature of details of contribution provision

3. Crypto Currency or Virtual Currency: If any company has traded or invested in

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 21

If you think compliance is expensive, try non‐ compliance”

Compliance Requirement Under

1 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

1. KEY COMPLIANCES UNDER FEMA / RBI

CSI-WIRC AHMEDABAD CHAPTER E-NEWSLETTER Page 22

Not later than 30 FC-GPR is a form filed when the Indian