SEBI in its board meeting on 19th November 2014 had discussed the conversion of existing listing agreements into a single comprehensive regulation for various types of listed securities. Finally, the SEBI has, on 2nd September, 2015, notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) replacing the Listing agreement. The SEBI Listing Regulations aim to consolidate and streamline the existing listing agreements for different segments of the capital market into one single document across various types of securities listed on the stock exchanges. This article will provide you with a summary of the key highlights of the SEBI Listing Regulations with a special focus on provisions of the SEBI Listing Regulations effective from 2nd September, 2015.
Changes, Challenges and Controversies in Corporate Law
With a view to promoting the ease of reporting of transactions under foreign direct investment, the Reserve Bank of India, under the aegis of the e-Biz project of the Government of India had enabled the filing of Form FC-GPR and ARF (Advance Remittance Form) with RBI online from 19th February, 2015. Now, 24th August, 2015, Form FC-TRS can be filed online as well. This article will give you a brief on the process of filing the RBI Forms using the e-Biz platform.
The Companies Act, 2013 (“CA 2013”) has introduced a new body by the name of National Financial Reporting Authority (“NFRA”) for matters relating to accounting and auditing standards under CA 2013. This body shall be constituted by the Central Government. Though the nomenclature for such a body may be different, but the concept is not new. Under Companies Act, 1956 (“CA 1956”), a similar body by the name of National Advisory Committee on Accounting Standards (“NACAS”) existed. NACAS was an advisory body on accounting standards. The newly introduced concept of NFRA is expected to cover not just advisory, but also regulatory matters on not just accounting, but also on auditing and financial reporting. NFRA has been introduced through Section 132 of the CA 2013. This article will provide an overview of NFRA.
When a partner contributes a piece of land as his capital in the partnership firm, what shall be the consideration for calculation of capital gain on such transfer of land? Since no actual consideration arises, the consideration shall be deemed as per section 45(3) or Section 50C of the Income Tax Act, 1961. Will the consideration, as per Section 45(3), be the amount credited in the partner’s capital account? Or will the consideration, as per Section 50C, be the value adopted by the revenue for levying stamp duty?
As per U.K.Sinha (SEBI Chairman), in India, technological start-ups have crossed 3,000 and the way the new start-ups are coming up at the rate of almost 800-1,000 per year, it is expected that the number of technological start-ups would cross 10,000 start-ups by 2020. A large number of start-ups will be looking to raise funds. In order to encourage the Indian start-ups and entrepreneurs to remain within the country rather than moving abroad for funds, SEBI has introduced changes in the existing norms for listing on Institutional Trading Platform (”ITP”). The existing Chapter XC of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 – “Listing and Issue of Capital by Small and Medium Enterprises on Institutional Trading Platform without Initial Public Offering” which was introduced in October, 2013, has been replaced by new Chapter XC named “Listing on Institutional Trading Platform”.
The existing regulations already allowed SMEs to list themselves on ITP without a public issue. Amongst many other advantages, these new norms have done away with various eligibility criterion which laid restrictions on the turnover, paid-up capital, years the company has been in existence, etc. The new regulations provide the option for listing on ITP with or without a public offer. This article shall provide you with a summary of these newly introduced regulations.
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