Parliament amends the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980.
The amendment provides for constitution of a Coordination Committee consisting of the President, Vice-President and the Secretary of the Council of each of the Institutes of Chartered Accountants of India, the Cost Accountants of India and the Company Secretaries of India for the development and harmonization of the professions of Chartered Accountants, Cost Accountants and Company Secretaries.
Draft Central Motor Vehicles (Amendment) Rules, 2022
The Objections and suggestions to these draft rules, if any, may be sent through email: comments-morth@gov.in; within 30 days of notification.
RBI notifies Large Exposure Framework (LEF) for NBFCs in the Upper Layer.
An upper-layer NBFC must not have an exposure higher than 20 percent of its capital base to any entity, and its board can approve an additional 5 percent exposure limit to take it to 25 percent.
RBI mandates NBFC to make additional disclosure in their financial statements.
The additional disclosure requirements are in accordance with the Scale Based Regulation and the disclosure requirements applicable to lower layers of NBFCs will be applicable to NBFCs in higher layers. These guidelines shall be effective for annual financial statements for year ending March 31, 2023, and onwards.
RBI notifies regulatory restriction on loans and advances in respect of NBFCs.
The proposals for credit facilities of an amount less than Rupees five crore to these borrowers may be sanctioned by the appropriate authority in the NBFC under powers vested in such authority, but the matter should be reported to the Board.
MCA notifies Nidhi (Amendment) Rules, 2022.
A Nidhi company to be incorporated under rule 4, shall be a public company and shall have a minimum paid up equity share capital of ten lakh rupees.
