SEBI
Master Circular for Real Estate Investment Trusts (REITs) (26 APR, 2022)
For effective
regulation of Real Estate Investment Trusts,
Securities and Exchange Board of India (SEBI) has been
issuing various circulars from time to time. In order to enable the industry
and other users to have an access to all the applicable circulars at one place,
Master Circular for Real Estate Investment Trusts has been prepared.
This Master
Circular is a compilation of relevant circulars issued by SEBI up to March 31,
2022which are operational as on date of this circular. Circulars providing
temporary relaxations with regards to certain compliance requirements for REITs
in the wake of the COVID-19 pandemic have not been included in the master
circular.
Master Circular for Infrastructure Investment Trusts (InvITs) (26 APR, 2022)
For effective regulation of Infrastructure Investment
Trusts, Securities and Exchange Board of India (SEBI) has been issuing various
circulars from time to time. In order to enable the industry and other users to
have an access to all the applicable circulars at one place, Master Circular
for Infrastructure Investment Trusts has been prepared.
This Master Circular is a compilation of relevant circulars
issued by SEBI up to March 31, 2022which are operational as on date of this
circular. Circulars providing temporary relaxations with regards to certain
compliance requirements for InvITs in the wake of the COVID-19 pandemic have
not been included in the master circular.
SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2022 (APR 27, 2022)
SEBI has notified the SEBI (Issue of Capital andDisclosure Requirements) (Second Amendment) Regulations, 2022, which shall come into force on the date of their publication in the Official Gazette. Vide this notification it is provided that the amendments relating to regulations 32(3A), 49, 129, 145, clause (10) and clause (15) of Part A of Schedule XIII and Schedule XIV carried out by the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022 shall come into force in the following manner: -
- for public issues of a size less than `10,000 crore and opening on or after April 1, 2022; with effect from April 1, 2022;
- for public issues of a size equal to or more than `10,000 crore and opening on or after April 1, 2022; with effect from July 1, 2022.
For Official Notification, Click Here
BOMBAY HIGH COURT
Calculated risk of boarding overcrowded Mumbai local train
not a ‘criminal act’: Bombay High Court (26 APR, 2022)
A passenger boarding an overcrowded Mumbai local train
and sustaining injuries in the process will be entitled to claim damages, the
Bombay High Court has ruled, adding that such action cannot amount to a
“criminal act”. The court was hearing a plea by a 75-year-old man after he
was denied compensation by a Railway Claims Tribunal after he sustained
injuries after falling from a moving train, reported Bar and Bench.
A calculated risk of boarding an overcrowded local train
will not amount to a “criminal act” under Section 124A of the Railways Act of
1989, the court ruled, adding that such a fall and injury would be covered by
the definition of ‘untoward incident’ under Section 123(c)(2) of the Railways
Act.
The court also ordered Western Railways to pay Rs 3.10 lakh
as compensation to 75-year-old Nitin Hundiwala who had sustained serious
injuries after falling off an overcrowded train on November 23, 2011.
IFSC AUTHORITY
IFSCA Issues Framework for FinTech Entity in International Financial Services Centers (IFSCs) (27 APR,2022)
The International Financial Services Centres Authority (IFSCA), in furtherance of its mandate to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres (IFSC) and to encourage promotion of financial technologies (‘FinTech’) across the spectrum of banking, insurance, securities, and fund management in IFSC has issued a detailed “Framework for FinTech Entity in the IFSCs”.
The “Framework for FinTech Entity in the IFSCs” is aimed at giving boost to the establishment of a world class FinTech Hub at GIFT IFSC comparable with other International Financial Centers (IFCs). The framework proposes to cover :
- financial technology (FinTech) solutions resulting in new business models, applications, process or products in areas/activities linked to financial services regulated by IFSCA and
- advanced/innovative technological solutions which aid and assist activities in relation to financial products, financial services and financial institutions (TechFin).
Ministry of Micro, Small & Medium Enterprises
Shri Narayan Rane launches MSME Sustainable (ZED) Certification Scheme (APR 28,2022)
Union Minister for Micro, Small and Medium Enterprises Shri Narayan Rane today launched the MSME Sustainable (ZED) Certification Scheme.
This Scheme is an extensive drive to enable and facilitate MSMEs adopt Zero Defect Zero Effect (ZED) practices and motivate and incentivize them for ZED Certification while also encouraging them to become MSME Champions. Through the journey of ZED Certification, MSMEs can reduce wastages substantially, increase productivity, enhance environmental consciousness, save energy, optimally use natural resources, expand their markets, etc.
Under the Scheme, MSMEs will get subsidy as per the following structure, on the cost of ZED certification:
- Micro Enterprises: 80%
- Small Enterprises: 60%
- Medium Enterprises: 50%
There will be an additional subsidy of 10% for the MSMEs owned by Women/SC/ST Entrepreneurs OR MSMEs in NER/Himalayan/LWE/Island territories/aspirational districts. In addition to above, there will be an additional subsidy of 5% for MSMEs which are also a part of the SFURTI OR Micro & Small Enterprises - Cluster Development Programme (MSE-CDP) of the Ministry.
Further, a limited purpose joining reward of Rs. 10,000/- will be offered to each MSME once they take the ZED Pledge A provision of up to Rs. 5 lakh(per MSME) will be made available for handholding and consultancy support for MSMEs under ZED Certification for assisting them to move towards Zero Defect Zero Effect solutions. The MSMEs can also avail a number of other incentives offered for ZED Certification by States & UTs, Financial Institutions etc. and can also apply for free Certification under the MSME KAWACH (COVID-19 Support) initiative.
SUPREME COURT
Insolvency And Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates (APR 28,2022)
The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose in the case of Invest Asset Securitisation and Reconstruction Pvt. Ltd. versus Girnar Fibres Ltd. reiterates that the provisions of insolvency and bankruptcy code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such.
Invest Asset Securitisation and Reconstruction Pvt. Ltd. (Invest Asset) filed an appeal before the Supreme Court under Section 62 of the Insolvency and Bankruptcy Code, 2016 against the orderdated 18.11.2021 passed by NCLAT wherein NCLAT dismissed the appeal of Invest Asset on the ground that the section 7 application filed by Invest against Girnar is barred by limitation.
Decision Of Supreme Court
The Supreme noted that the NCLAT pointed out that the right to sue accrued on the date of declaration of NPA i.e., 28.02.2002 but there is no evidence of any acknowledgement of liability in terms of Section 18 of the limitation Act, 1963.
Thereafter, the Supreme Court emphasized that time and again, it has been expressed and explained that the intent of code is essentially to bring corporate debtor on its feet and not money recovery.
Accordingly, the Supreme Court dismissed the appeal of Invest Asset.
GST
GSTR-1/IFF enhancements deployed on GST Portal (APR 27, 2022)
The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter.
Continuous enhancements & technology improvements in GSTR-1/IFF have been made from time to time to enhance the performance & user-experience of GSTR1/IFF, which has led to improvements in Summary Generation process, quicker response time, and enhanced user-experience for the taxpayers.
WORD OF THE DAY
Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.
Money laundering is a serious financial crime that is employed by white-collar and street-level criminals alike. Most financial companies have anti-money-laundering (AML) policies in place to detect and prevent this activity.
MARKET TODAY ( as on 28.04.2022)
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DOLLAR VS RUPEE
1 US Dollar = 76.66 Indian Rupee ( April 28, 3:54 PM UTC )
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