Covid19: Regulatory Updates

The Government of India and various other departments & regulators have issued various relaxation in the regulatory framework on account of the Covid-19 pandemic. This page is a repository of all such updates. If you know any update, which is missing , kindly mail the same to ankit@indiacp.com

Saturday, April 04, 2020

ICSI issueS clarification on applicability of Secretarial Standards-1 on account of COVID-19 outbreak

Due to the COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Companies Act, 2013 and rules made thereunder have already been relaxed by the Ministry of Corporate Affairs (MCA) for ease of compliance by the...

Wednesday, April 01, 2020

RBI relaxes export of goods and services provisions

Comprehending the need for relaxing the provisions of foreign trade due to outbreak of Covid-19 all over the world, RBI has relaxed the provisions for realization and repatriation of export proceeds from 9 months to 15 months from the date...

Tuesday, March 31, 2020

MCA introduces Companies Fresh Start Scheme, 2020 (CFSS-2020)

In line with its circular dated March 24, 2020, MCA has introduced Companies Fresh Start Scheme, 2020 (“Scheme”) vide circular no 12/2020 dated March 3, 2020 under Section 460 of the Companies Act, 2013 (“Act”) read with Section 403. The...

Tuesday, March 31, 2020

Insolvency Appeals – Amid Covid 19

Period of Lock down to be excluded in counting the time limit for CIRP. Interim/Stay Orders to continue till next date of hearing. In view of the lockdown due to COVID 19, Hon’ble National Company Law Appellate Tribunal (“NCLAT”) by...

Tuesday, March 31, 2020

Company Appeals – Amid Covid 19

Interim/Stay Orders to continue till next date of hearing. In view of the lockdown due to COVID 19, Hon’ble National Company Law Appellate Tribunal (“NCLAT”) by exercising its power conferred under Rule 11 of NCLAT Rules, 2016 suo moto has...

Monday, March 30, 2020

Extension of levy of Revised Rates on Securities under Indian Stamp (Amendment) Act w.e.f July 01, 2020

The Central Government (Ministry of Finance) vide its notification dated March 30, 2020 has deferred the effective date of amendments in Indian Stamp Act, 1899 to July 01, 2020 which was due to be effective from April 01, 2020. Consequently,...

Monday, March 30, 2020

NCLT extends closure of its benches till April 14, 2020

National Company Law Tribunal (“NCLT”) vide its notification dated 28.03.20020 has extended time period for closure of all NCLT Benches as directed by NCLT in its erstwhile notification dated 22.03.2020 in view of the lockdown proposed by several State Government...

Monday, March 30, 2020

Relaxation in Compliance Time Period with Certain SEBI(D&P) Regulation 2018 Due to Covid-19 Pandemic

CDSL relaxes timelines for compliances by Depository Participant Central Depository Services Limited vide its Communique No. CDSL/A,I&C/DP/POLCY/2020/164 dated March 30, 2020 granted relaxation for certain compliances of  SEBI (Depositories & Participants) Regulations, 2018 and the Depository Participants are advised to note that the...

Monday, March 30, 2020

Continuation of Phase II of Unified Payments Interface (UPI) with Application Supported by Block Amount (ASBA)

SEBI vide Circular dated 08th November, 2019, the timeline for implementation of Phase II of UPI ASBA was extended till 31st March, 2020. Now due to COVID-19 pandemic, SEBI vide Circular dated 30th March, 2020 has decided to continue with...

Monday, March 30, 2020

SAT extends closure of the Tribunal till April 14, 2020

In light of the government notification for lockdown dated March 24, 2020 for COVID-19 outbreak, the Securities Appellate Tribunal ('SAT') vide its notification dated March 30, 2020 has extended its closure till April 14, 2020. The registry of the SAT...

Monday, March 30, 2020

SEBI relaxes regulatory filing deadlines and other filings for Portfolio Managers

SEBI has deferred the reporting requirements for Portfolio Managers for the following by 2 months: Monthly reporting to SEBI by Portfolio Managers for the periods ending March 31, 2020 and April 30, 2020. Applicability of SEBI Circular SEBI/HO/IMD/DF1/CIR/P/2020/26 dated February...

Monday, March 30, 2020

SEBI relaxes monthly regulatory filings for the month of March & April for Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs)

Further, SEBI has also extended the due date for regulatory filings for AIFs and VCFs for the periods ending March 31, 2020 and April 30, 2020 by 2 months. Click here to view Circular

Sunday, March 29, 2020

Lockdown period would not be counted in IBC timeline

The Government of India has declared a lockdown of 21 days w.e.f. 25th March, 2020 as a measure to combat and contain the spread of COVID-19. It is difficult for the insolvency professionals to continue to conduct the process, for...

Saturday, March 28, 2020

Relaxations to Insolvency Professionals from certain payments and disclosures as specified under Insolvency Professionals Regulations

IBBI vide Notification dated 28th March, 2020 has amended IBBI (Insolvency Professionals) Regulations to provide the following relaxations to the Insolvency Professionals: S. No. Regulation and particulars Due date Relaxation 1. Regulation 7(2)(ca): Payment of fee @ 0.25% of the...

Friday, March 27, 2020

Easing of filing for Merchant Bankers and Market Intermediaries under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, SEBI (Buy-Back of Securities) Regulations, 2018 and SEBI (Delisting of Equity Shares) Regulations, 2009

SEBI eased for submission of documents by the Merchant Bankers and other market intermediaries by allowing acceptance of PDF copies of reports under Regulation 10(7) of SEBI (SAST) Regulations, 2011, exemption applications, Public Announcements, Detailed Public Statements, Draft Letter of...

Friday, March 27, 2020

Relaxations from compliance with certain provisions of SEBI (SAST), 2011

Amidst the outbreak of COVID-19 and prevailing travel restrictions and various other logistical challenges, SEBI vide its circular dated March 27, 2020, has extended the last date of filing of annual disclosure for the financial year ending on March 31,...

Thursday, March 26, 2020

Supporting Investors’ Amid Covid 19 Scare and Fallen Markets

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”– Jimmy Dean COVID-19 has done damage to financial markets no less than Tsunami. Trust and stability are being washed away from...

Thursday, March 26, 2020

Further relaxations from compliance with certain provisions of SEBI (LODR), 2015 and SEBI Circular relating to Standard Operating Procedure (SOP)

SEBI has granted the following further relaxations from the compliances under the SEBI (LODR), 2015: S. No. Regulation and associated filing Filing Relaxation w.r.t. the quarter/financial year ending 31st March, 2020 Frequency Due within Due date Extended date Period of...

Wednesday, March 25, 2020

Compliance simplified by BSE & NSE amidst COVID-19 pandemic

NSE & BSE on comprehending the challenges being faced by company’s personnel working from home and requirement to submit necessary compliance within appropriate deadlines, allowed submission of documents without signature i.e. SD/- through their online Listing Portal, inter-alia, including disclosure...

Tuesday, March 24, 2020

Delhi High Court suspends all matters till 04.04.2020.

Administrative and General Supervision Committee of Delhi High Court in view of lockdown declared by Government of NCT of Delhi and on request made by Bar Associations for complete closure of the Courts vide its notification dated 23.03.2020 has resolved...

Tuesday, March 24, 2020

Central Government relaxes statutory compliance’s under Income Tax , GST, Custom, Companies Act, banking services and commerce.

Income Tax Last date for belated Income tax return for the financial year 2018-19, extended to 30th June, 2020. Previously, it was 31st March, 2020. Interest rate for delayed payments reduced from 12% to 9%. Interest rate for delayed deposits...

Tuesday, March 24, 2020

Further reliefs under the Companies Act, 2013 and LLP Act, 2008

In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it, the following measures have been implemented by the...

Tuesday, March 24, 2020

MCA raises default threshold to Rs. 1 crore for invoking insolvency proceedings against Corporate Debtors

MCA vide notification dated 24th March, 2020, has increased the threshold limit for filing application for insolvency to Rs. 1 crore. Previously, it was Rs. 1 lakh. Further, Hon’ble Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, has announced...

Monday, March 23, 2020

Company Affirmation of Readiness towards COVID-19

In order to generate greater awareness and confidence, MCA has deployed a simple web form for companies/ LLPs to confirm their readiness to deal with the COVID-19 threat. The web based form CAR (Company Affirmation of Readiness towards COVID-19) may...

Monday, March 23, 2020

Now, Company may spend CSR amount for COVID-19

Keeping in view of the spread of COVID-19 (Corona Virus) in India, MCA clarified that spending of CSR amount for COVID-19 is eligible for CSR activity. Click here to view Circular

Monday, March 23, 2020

Relief in GST Compliances

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayers, the timelines for certain filings as required under the GST Law, are extended, as follows: S....

Monday, March 23, 2020

Combating COVID-19: Indian Supreme Court stopped the Limitation Clock

Deciding Suo Motu Writ Petition (Civil) No 3/2020 today, the Hon’ble Supreme Court of India took cognizance of the difficulties faced by the litigants across the country, in filing their cases within limitation period, due to outbreak and scare of...

Monday, March 23, 2020

Extension to Reits and Invits from Regulatory Filings Amidst Covid-19 Spread

Due to ongoing disruption arising due to pandamic of COVID-19 virus SEBI granted temporary relaxations to Real Estate Infrastructure Trusts (Reits) and Infrastructure Investment Trusts (InviTs) vide its circular dated 23.03.2020. In the aforementioned Circular, SEBI has granted one month...

Monday, March 23, 2020

SEBI Relaxation for Companies having Listed NCDs/ NCRPs/ Commercial Paper

SEBI vide circular dated Mar 23, 2020 granted relaxation in timelines to entities having their listed NCD/ NCRPS/ Commercial paper from compliance due to the CoVID -19 virus pandemic, which inter-alia include the following: (a) Filing Audited financials as on...

Monday, March 23, 2020

Relaxation in compliance with requirements relating to Mutual Funds

The timelines for certain disclosures as required under the provisions of the SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder, have been extended, as under: S. No. Regulation/ Circular and associated filing Filing Timelines Frequency Due within Due date...

Monday, March 23, 2020

Relaxation from compliance with certain provisions of SEBI (LODR), 2015 and certain SEBI Circulars

In order to enables issuers who intend/ propose to list their Non-Convertible Debentures (NCDs)/ Non-Convertible Redeemable Preference Shares (NCRPS)/ Commercial Paper(s), SEBI has granted the following relaxations in timeline: Particulars Available Audited financials Date of issuance Extended date for issuance...

Monday, March 23, 2020

Company may spend CSR amount in PM Cares Fund

MCA vide Circular dated 23rd March, 2020, has already clarified that spending of CSR amount for COVID-19 is eligible for CSR activity. In this line, the Government of India has set up the Prime Minister’s Citizen Assistance and Relief in...

Thursday, March 19, 2020

MCA allows board meeting to be held via video conference on restricted matters for 3 months

Considering the need to take precautionary steps to overcome the outbreak of the coronavirus (Covid-19), MCA has amended the Companies (Meetings of Board and its Powers) Rules, 2014, to relax the requirement of holding Board meetings with physical presence of...

Thursday, March 19, 2020

Extension of timeline for filings in SEBI (LODR), 2015

The timelines for certain filings as required under the provisions of the SEBI (LODR) Regulations, 2015, have been extended, as under: S. No. Regulation and associated filing Filing Relaxation w.r.t. the quarter/ financial year ending 31st March, 2020 Frequency Due...

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