SEBI update on "Format of compliance report on Corporate Governance by Listed Entities"

 Format of compliance report on Corporate Governance by Listed Entities

 

Security Exchange Board of India (SEBI) vide SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/567 dated May 31, 2021 has notified “Format of compliance report on Corporate Governance by Listed Entities” as per the provisions of Regulation 27(2) of SEBI (LODR) Regulations,  2015 (“Listing Regulations”) in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kindly note that a listed entity is required to submit a quarterly compliance report on corporate governance in the format specified by the Board from time to time to recognized Stock Exchange. And this circular supersedes the SEBI Circulars dated September 24, 2015 and July 16, 2019.

 Accordingly the format for compliance report on Corporate Governance shall be as under:

I.            Annex - I - on quarterly basis;

II.            Annex - II - at the end of a financial year

III.            Annex - III - at the end of 6 months from the close of financial year.

IV.            Annex - IV - on a half yearly basis (w.e.f. first half year of the FY 21-22)

Complete details and formats available at: 

Link: https://www.sebi.gov.in/legal/circulars/may-2021/format-of-compliance-report-on-corporate-governance-by-listed-entities_50338.html 

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. In no event the authors 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.

Supreme Court's E-Committee releases “e-Courts Services Mobile app”

Supreme Court's E-Committee releases “e-Courts Services Mobile app”

================================================================

The manual has been made available in English, Hindi, Assamese, Bengali, Gujarathi, Kannada, Khasi, Malayalam, Marathi, Nepali, and Odia, Punjabi, Tamil and Telugu.

The E-committee of the Supreme Court of India has released a manual for its free e-courts mobile services application in fourteen languages as stated above in a move aimed at digitizing the judiciary, for better reach among the litigants and lawyers, Law firms, Police, Government Agencies and other Institutional Litigants. The mobile application has so far crossed 57 lakh downloads from the official website of e-Committee, Supreme Court of India.

The e-Courts services mobile app Manual in English was translated into regional languages by the in-house Human resource team of the e-Committee, comprising Master Trainers (Judicial Officers and staff) from various High Courts, in coordination with the Central Project Coordinators of the respective High Courts.

Top 7 Key Highlights of the Application:

1.      One can get the complete case history of the case from the filing until disposal, including the date wise case diary.

2.      One can access Orders/ Judgment, Transfer details of the case, interim application status from the mobile app.

3.      Through the e-Courts services mobile app- one can get the case status/ case details of both High Courts and District Courts.

4.      All the e-Courts services are also interlinked with the e-Courts mobile app.

5.      The e-Courts Mobile app is also available in Indian regional languages.

6.      All the e-Courts services are also interlinked with the e-Courts mobile app.

7.      The e-Courts Services mobile App is the personalized digital case diary for litigants/ common citizen/advocates/organization/government department with all the case details available in their hands(set) 24 *7 free of cost.

 

To Download the Application:

Click Here: https://ecommitteesci.gov.in/service/ecourts-services-mobile-application/

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. In no event the authors 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.

RBI Relaxation Compliance Norms with Various Payment System Requirements

Keeping in view the resurgence of the COVID-19 pandemic and the representations received from various bank and non-bank entities, it has been decided to extend the timeline of certain compliance Norms with respect to the Various Payment System Requirements.

The Reserve Bank of India (RBI) vide circular No. RBI/2021-22/41  -- CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 dated 22.05.2021, in exercise of its power under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), has issued circular w.r.t. Relaxation in timeline for compliance with various payment system requirements to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases:

Annexure (Relaxations)

to RBI Circular CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 dated May 21, 2021

SN	Instruction / Circular	Present Timeline	Revised Timeline
1.	All existing non-bank PPI issuers (at the time of issuance of PPI-MD) to comply with the minimum positive net-worth requirement of Rs.15 crore for the financial position as on March 31, 2020 (audited balance sheet).	Financial position as on March 31, 2021	Financial position as on September 30, 2021
2.	Harmonisation of TAT and customer compensation for failed transactions using authorised Payment Systems – “Calendar days” to be read as “Working days”.	Working days until December 31, 2020 (Calendar days from January 1, 2021)	Working days – Prospective – Until September 30, 2021
3.	Authorised Payment System Operators (PSOs) are required to furnish System Audit Report conducted by CERT-IN empanelled auditors or a Certified Information Systems Auditor registered with Information Systems Audit and Control Association or by a holder of a Diploma in Information System Audit qualification of the Institute of Chartered Accountants of India, on an annual basis within two months of close of their respective financial year.	By May 31, 2021	By September 30, 2021
4.	Existing non-bank entities offering PA services shall apply for authorisation on or before June 30, 2021.	By June 30, 2021	By September 30, 2021*

 

* Extension provided vide circular CO.DPSS.POLC.No.S33/02-14-008/2020-2021 (click here) dated March 31, 2021 to enable payment system providers and participants to put in place workable solutions to comply with the provisions of Paragraphs 7.4 and 10.4 of the circular dated March 17, 2020 (Click Here) will not be impacted.

q  This Circular issued to the followings:

·         The Chairman / Managing Director / Chief Executive Officer

·         All Scheduled Commercial Banks, including Regional Rural Banks /

·         Urban Co-operative Banks / State Co-operative Banks /

·         District Central Co-operative Banks / Payments Banks / Small Finance Banks /

·         Local Area Banks / Non-Bank PPI Issuers /

·         Authorised Payment System Operators / Participants                                    

The RBI noted that the relaxations are being introduced in view of the present situation in the country. The nationwide lockdown in the wake of COVID-19 abruptly disrupted business operations across sectors. RBI's decision to extend these timelines is a welcome step as it would afford some breathing space to payment system operators / participants to meet the various compliance requirements.

 

r  Source: Click Here

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.

Income Tax (CBDT) Further Due Date Extended beyond May, 2021

Income Tax (CBDT) Due Date Extended beyond May, 2021

The Board of Direct Taxes (Income Tax Department) vide circular No. 09/2021, (F. NO.225/49/2021-ITA-1I dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases:

Extension Table

Sr No	Nature of Extension	Original due date	New Due Dates
1	Statement of Financial Transact ions u/s 285BA (SFT)	31.05.2021	30.06.2021
2	Statement of Reportable Account under Rule 114G	31.05.2021	30.06.2021
3	Statement of Tax deduction at source for the quarter ending 3151 March 2021	31.05.2021	30.06.2021
4	Issue of TDS certificates in Form 16 for the Financial Year 2020- 21	15.06.2021	15.07.2021
5	TDS/TCS Book adjustment statement in Form 24G for the month of May 2021	15.06.2021	30.06.2021
6	Statement of Deduction of Tax in the case of superannuation fund for FY 2021	31.05.2021	30.06.2021
7	Statement of Income paid or credited by an investment fund to its unit's holder in Form 64D for FY 2021	15.06.2021	30.06.2021
8	Statement of Income paid or credited by an investment fund to its unit's holder in Form 64C for FY 2021	30.06.2021	15.07.2021
9	Income Tax Returns - Normal assessee without audits – FY 2021	31.07.2021	30.09.2021
10	Filing of Audit Reports viz. Tax Audit Reports, Form 67 etc. - FY 2021	30.09.2021	31.10.2021
11	Due date of Furnishing Report from Accountant in respect of International Transactions covered  u/s 92E	31.10.2021	30.11.2021
12	Corporate assessee or Firm covered whose accounts required to be audited or Partner of Firm whose accounts are required to be audited or any assessee other than Corporate and Firm whose accounts are required to be audited	31.10.2021	30.11.2021
13	Assessee required to furnish return u/s 92E in respect of international Transactions	30.11.2021	31.12.2021
14	Belated Returns and Revised Returns	31.12.2021	31.01.2022

Kindly Note that: Note: all above extensions is planned in view of New ITD portal to be launched from June 7,,2021.

·        Clarifications by CBDT:

1. Non – Applicability: the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

2. For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.

r  Source: Click Here

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.