SEBI relaxes compliance requirements for FPIs
The Securities and Exchange Board of India vide its Notification dated 30th March 2020 has temporarily eased the processing of documents for Foreign Portfolio Investors (FPIs) till June 30, 2020. SEBI has decided to grant the relaxations in a situation where FPIs are not in a position to send original and/ or certified documents due to outbreak of Covid 19 pandemic.
Labour ministry eases rules for withdrawal from EPFO accounts to deal with Covid-19 pandemic
The Ministry of Labour and Employment vide its Gazette Notification dated 27th March 2020, has allowed the members of Employees’ Provident Fund Organisation (EPFO) to withdraw a portion of their retirement savings with immediate effect to deal with the Covid-19 pandemic.
MCA introduces “FRESH START SCHEME” for companies to lower compliance burden
Companies Fresh Start Scheme 2020’ enables companies to make good of any filing-related defaults, with immunity from penal proceedings and exemption of additional fee, irrespective of duration of default, and make a fresh start as a fully compliant entity.
MCA Modifies the LLP Settlement scheme 2020.
The Ministry of Corporate Affairs vide its notification dated 30th March 2020 has revised the “LLP Settlement Scheme, 2020″ to reduce the compliance burden due to the unprecedented public health situation caused by Covid-19.
SEBI extends the due date for regulatory filing for AIFs and VCFs.
In order to reduce the compliance burden on Venture Capital Funds (VCF) and Alternative Investment Funds (AIF), has extended the due date for regulatory filings for the periods ending March 31, 2020, and April 30, 2020, by two months.
SEBI relaxes compliance with requirements pertaining to Portfolio Managers.
The Securities and Exchange Board of India (SEBI) vide its notification dated 30th March 2020 has extended the timeline by two months for certain regulatory compliance to be made by Portfolio Managers.
RBI reduces the Cash Reserve Ratio of all banks
Cash Reserve Ratio of all banks reduced by 100 basis points from 4.00 percent to 3.00 percent of their Net Demand and Time Liabilities with effect from March 28, 2020, for a period of one year.
MCA clarifies that contribution made to PM-CARES Funds shall qualify as CSR expenditure
The Ministry of Corporate Affairs vide its notification dated 28th March 2020 has clarified that any contribution made by corporate towards PM-CARES Fund will be considered as Corporate Social Responsibility expenditure under the Companies Act 2013.
Government of Odisha orders stoppage of all construction works
Immediate stoppage of all construction works across the State of Odisha, except construction work for health care facilities and work related to COVID-19.
Verification and Stamping of weights and measures under the Legal Metrology Act extended for 3 months
Extension of a period of three months for verification and stamping of weights and measures. Additional fees payable by the users of weights and measures for re-verification, due to expiry of validity of stamp on postponement of re-verification shall be relaxed for the extended period.
