Ministry of Corporate Affairs

 MCA drops RoC approval for most corporate actions (February 20, 2023) 

The Ministry of Corporate Affairs has simplified the process for corporate reporting, eliminating the need for approval by Registrars of Companies (RoCs)in most cases and allowing companies to fulfil their reporting obligations with an online acknowledgement.

The new system, called “file and forget" by policy makers, is part of the government’s ongoing revamp of the statutory filing website, MCA21, one of the two people cited above said, requesting anonymity. Companies can now fulfil most of their statutory filing obligations with an online acknowledgement, equivalent to approval by RoCs.

News Report : MCA drops RoC approval for most corporate actions | Mint (livemint.com)

Banking and Finance

Banks, NBFCs stop lending to apps under loan default guarantee model (February 21, 2023) 

Broadly, lenders have taken the approach that FLDG cannot be done with non-regulated entities (fintech players that do not come under the RBI’s ambit). Under FLDG, a credit-risk sharing agreement, a third party guarantees to compensate up to a certain percentage of default in a loan portfolio of the regulated entities – banks and NBFCs. Banks cannot lend directly to lending apps which have recently come under the scrutiny of the RBI and the government for unfair lending practices.

Details : Banks, NBFCs stop lending to apps under loan default guarantee model | Business News,The Indian Express

Minutes of the Monetary Policy Committee Meeting, February 6-8, 2023 (February 22, 2023) 

The forty first meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the Reserve Bank of India Act, 1934, was held during February 6-8, 2023. 

The Reserve Bank publish on the fourteenth day after every meeting of the Monetary Policy Committee, the minutes of the proceedings of the meeting which shall include the resolution adopted at the meeting of the Monetary Policy Committee, the vote of each member of the Monetary Policy Committee, ascribed to such member, on the resolution adopted in the said meeting; and the statement of each member of the Monetary Policy Committee under sub-section (11) of section 45ZI on the resolution adopted in the said meeting. 

Press Release : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=55267

NSE

NSE gets SEBI approval to launch Social Stock Exchange as separate segment (February 23, 2023) 

The National Stock Exchange (NSE) has received final approval from the SEBI on February 22, 2023, to set up a Social Stock Exchange (SSE) as a separate segment of the NSE, according to a press release from the exchange. The SSE aims to provide a new avenue for social enterprises to finance social initiatives, give them visibility, and increase transparency in fund mobilisation and utilisation by social enterprises. 

Any social enterprise, Non-Profit Organisation (NOPs) or For-Profit Social Enterprises (FPEs), that establishes its primacy of social intent can get registered or listed on the Social Stock Exchange segment, the release said. 

DETAILS : NSE gets Sebi approval to launch Social Stock Exchange as separate segment | Business Standard News (business-standard.com)

SEBI 

SEBI to control unsolicited fin market advise from social media influencers (February 24, 2023)

 Markets watchdog SEBI will come out with a discussion paper to frame guidelines to control unsolicited financial and stock market advise from social media influencers as also from unregulated investment advisors. 

Sebi's proposal comes against the backdrop of many social media influencers providing advice about stock investments without a licence.  Earlier, Sebi clamped down on some Whatsapp groups and Telegram channels, which were used to leak key market moving data.

DETAILS : Sebi to control unsolicited fin market advise from social media influencers | Business Standard News (business-standard.com)

GST 

Goods and Services Tax Recommendations of 49th GST Council Meeting (February 18, 2023) 

The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi on February 18, 2023. The GST Council has made the recommendations relating to GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GoM) on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST, recommendations relating to GST rates on Goods and Services and other measures for facilitation of trade.

Press Release : Press Information Bureau (pib.gov.in)

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