The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date… Read More »
Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May/ June 2016. – (15-03-2016)
CHHATTISGARH VALUE ADDED TAX RULES 2006 AMENDMENT IN RULE 55 NOTIFICATION NO.F-10-03/2016/CT/V(12) DATED 27-2-2016 In exercise of the powers conferred by section 71 of the Chhattisgarh Value Added Tax Act, 2005 (No.2 of 2005), the State Government, hereby, makes the following further amendment in the Chhattisgarh Value Added Tax Rules, 2006 with effect from 1st… Read More »
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY GUIDELINES ON TRADE CREDIT INSURANCE CIRCULAR NO.IRDAI/NL/CIR/CRE/044/03/2016, DATED 10-3-2016 Introduction The Authority had issued guidelines on trade credit Insurance on 13-12-2010 vide circular ref IRDA/NL/CIR/CRE/205/12/2010, to regulate the business of Credit Insurance in India. In the recent times, the changes in economy, especially in micro, small, medium enterprise sector has… Read More »
Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations The Board considered and approved the proposal for initiation of public consultation process regarding Brightline Tests for Acquisition of ‘Control’ under the SEBI (SAST) Regulations, 2011. Assessment of ‘Control’ as defined under the SEBI (SAST) Regulations, 2011 requires consideration of facts and circumstances of… Read More »
Review of manner of dealing with Audit Reports containing Qualifications SEBI has put in place a mechanism to review the audit qualifications contained in the audit reports. The said mechanism has been incorporated in the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).With the objective that the impact of the audit qualification is… Read More »
Imposing restrictions on wilful defaulters The SEBI Board met in New Delhi on 12.3.2016 and took the following decisions: The Master Circular on “Wilful Defaulters” issued by the Reserve Bank of India from time to time lays down safeguards to be exercised by banks to contain the financial activities of a wilful defaulter. With the… Read More »
FREQUENTLY ASKED QUESTIONS ON SEBI CIRCULAR NO.CIR/MIRSD/29/2016, DATED 22-1-2016 ON KNOW YOUR CLIENT REQUIREMENTS CLARIFICATION ON VOLUNTARY ADAPTATION OF AADHAAR BASED E-KYC PROCESS PRESS RELEASE, DATED 11-3-2016 1. Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service… Read More »
RBI/2015-16/336 DNBR (PD) CC.No.076/03.10.001/2015-16 March 10, 2016 All Non-Banking Financial Companies (excluding RNBCs) Madam/ Sir, Review of risk weights assigned to sovereign debt In terms of the extant directions, deposit accepting NBFCs, systemically important non-deposit taking NBFCs, all NBFC-MFIs and all NBFC-IFCs shall maintain a minimum capital ratio consisting of Tier I and Tier II… Read More »
RBI/2015-16/335 DCBR.CO.RCBD.Cir.No. 12/19.51.012/2015-16 Phalguna 20, 1937 March 10, 2016 The Chairman/Managing Director All State and Central Cooperative Banks Dear Sir / Madam, Application of Minimum Capital Adequacy Norms to State and Central Cooperative Banks (StCBs/DCCBs) Please refer to the circulars RPCD.CO.RF.BC.40/07.38.03/2007-08 dated December 4, 2007 and RPCD.RCB.BC.73/07.51.012/2013-14 dated January 7, 2014 on the captioned subject.… Read More »