SEBI Circular
Automation of disclosure requirements under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011-System Driven Disclosures - Ease of doing business (Mar 07, 2022) Circular No.: SEBI/HO/CFD/DCR-3/P/CIR/2022/27
Disclosure of encumbered shares-Capturing ultimate lender
In order to streamline the capture and dissemination of the information related to “encumbrances” and thus bring in more transparency, in consultation with the stock exchanges and depositories, it has been decided that:
- All types of encumbrances as defined under Regulation 28 (3) of Takeover Regulations shall necessarily be recorded in the depositor system.
- The depositories shall capture details of the ultimate lender along with name of the trustee acting on behalf of such ultimate lender such as banks, NBFCs, etc. In case of issuance of debentures, name of the debenture issuer shall be captured in the depository system.
- The depositories shall now capture the reasons for encumbrances in the depository system.
- The depositories shall also devise an appropriate mechanism to record all types of outstanding encumbrances in the depository system by June 30, 2022.
Change in UPI limits - Revision to Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper (Mar 08, 2022) Circular No.: SEBI/HO/DDHS/P/CIR/2022/0028
- In order to bring about uniformity in the requirements and for ease of investment for investors, it has been decided to increase the limit for investment through UPI mechanism to Rs. 5 lakh.
- Accordingly, the following amendments are being made to Chapters I & II of the said Circular, pertaining to limits of UPI transactions.
- The provisions of this circular shall be applicable to public issues of debt securities which open on or after May1, 2022.
- The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
SEBI News
Sebi gives Dish TV 24 hrs to reveal AGM results, directors get show-cause ( March 07,2022 )
The market regulator, the Securities & Exchange Board of India (Sebi) has asked the satellite television broadcaster, Dish TV India to disclose the results of its Shareholders meeting held in December last year within 24 hours. The regulator has also issued show cause notices to company’s directors asking why the meeting results have not been disclosed so far despite repeated advisories from the regulator.
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RBI
BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds (March 07, 2022)
The Reserve Bank of India (RBI) has released a booklet, “BE(A)WARE” on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions. The surge in the digital modes of payments witnessed in the past few years gained further momentum during the COVID-19 induced lockdowns.
The booklet released by RBI, aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions. The booklet emphasises the need for keeping one's personal information confidential at all times, being mindful of unknown calls / emails / messages, etc., and also outlines the due diligence measures to be followed while undertaking financial transactions.
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Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24x7 Helpline for Digital Payments (DigiSaathi) ( March 08 , 2022 )
The Reserve Bank has launched two key initiatives today –
- UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and
- DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products. While launching the two initiatives, RBI Governor Shri Shaktikanta Das highlighted the importance of these initiatives in enhancing the diversity, utility and transformational power of digital innovations in the country. These initiatives will further deepen the digital ecosystem and financial inclusion. The Governor also stated that the RBI stands committed to providing an enabling environment for this.
Tax and Customs
Sitharaman raps CBDT and CBIC for not addressing tax assesses grievances ( March 08,2022 )
Union Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of the tax assessees and directed their officials to reserve Saturdays to hold meetings with them.
During the Budget Outreach Programme between Finance Ministry officials, the industry and trade bodies in Bengaluru, the General Manager and the Chief Financial Officer of the Karnataka Bank Muralidhar Krishna Rao posed a question seeking clarity on certain provisions of the GST Act and the direct tax deductions impacting the banking sector.
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