Independent directors now have to take proficiency test
Ministry of Corporate Affairs (“MCA”) has through new Rules- Companies (Creation and Maintenance of databank of Independent Directors) Rules 2019- made it mandatory for Independent directors to take up an online proficiency self-assessment test covering company law, securities law and basic efficiency to be conducted by the Indian Institute of Corporate Affairs (“IICA”).
SEBI Issues Guidelines on Anti-Money Laundering Standards and Combating the Financing of Terrorism and Obligations of Securities Market Intermediaries
The Securities and Exchange Board of India (SEBI) has issued a master circular which lays down guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002
SEBI lays down obligations of statutory auditors upon resignation
The Securities and Exchange Board of India (SEBI) has issued Circular on compliance’s for resigning statutory auditors of listed entities and material subsidiaries.
New Amendment to Companies (Accounts) Rules; Board reports to assess new independent directors.
The Ministry of Corporate Affairs (MCA), issues the Companies (Accounts) Amendment Rules, 2019 to add an assessment of performance of new independent directors to the matters to be included in Board Report.
Incorporation of new para in the Foreign Trade Policy 2015-20 about cases referred to National Company Law Tribunal (NCLT)
A new para 2.15A has been inserted in chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal
The Contracts conferring right to ‘buy or sell certain goods’ can be traded as a derivative, says new Notification
The ministry of finance vide Notification dated 18th October, 2019 issued under section 2 of the Securities Contracts (Regulation) Act, 1956, has declared that Contracts conferring right to buy or sell or a right to buy or sell in future, underlying goods qualifies as a derivative under the Act.
Government of Andhra Pradesh limits purchase of unlicensed liquor to 3 bottles
The Government of Andhra Pradesh modified its earlier order on maximum quantity of liquor bottle that a person can possess without license.