Securities and Exchange Board of India partially amends previous circular for the purposes of reviewing investment norms.

  • The Market Regulator SEBI has partially amended Paragraph E of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/104 dated October 1, 2019 which prescribed limits on investments by debt mutual fund schemes in debt and money market instruments of group companies of both the sponsor and the asset management company.
  • In partial modification to Paragraph E of the aforementioned circular the following additional provisions have been decided:
    • The investments of mutual fund schemes in debt and money market instruments of group companies of both the sponsor and the asset management company of the mutual fund in excess of the limits specified therein, made on or before October 1, 2019 may be grandfathered till maturity date of such instruments. The maturity date of such instruments shall be as applicable on October 1, 2019.
    • Furthermore, all AMCs shall publish on their respective website a list of their group companies and those of their sponsor(s).
    • AMFI shall publish on its website a list of all group companies along with names and identifier of the respective group that are considered for calculation of group exposure by mutual fund schemes and also the sector to which each company belongs.
    • The disclosures under the aforementioned shall be made on 1st working day of each calendar quarter starting from January 1, 2020.

https://www.sebi.gov.in/legal/circulars/dec-2019/review-of-investment-norms-for-mutual-funds-for-investment-in-debt-and-money-market-instruments_45266.html

Central Board of Indirect Taxes and Customs (CBIC) extends due date of GSTR-3B, GSTR-7 and GSTR-1 in Jammu and Kashmir

  • The Notification issued by the CBIC says that, "Provided that for registered persons whose principal place of business is in the State of Jammu and Kashmir, the time limit for furnishing the details of outward supplies in FORM GSTR-1 of Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year, for each of the months from July, 2019 to September, 2019 till 20th December, 2019."
  • The Notification also says that, "Provided that for registered persons whose principal place of business is in the State of Jammu and Kashmir, the time limit for furnishing the details of outward supplies in FORM GSTR-1 of Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year, for the month of October, 2019 till 20th December, 2019".
  • Regarding GSTR-7 the notification says that, "Provided also that the return by a registered person, required to deduct tax at source under the provisions of section 51 of the said Act in FORM GSTR-7 of the Central Goods and Services Tax Rules, 2017 under sub-section (3) of section 39 of the said Act read with rule 66 of the Central Goods and Services Tax Rules, 2017, for the months of July, 2019 to October,2019, whose principal place of business is in the State of Jammu and Kashmir shall be furnished electronically through the common portal, on or before the 20th December, 2019."
  • The Notification also mentions that the return in FORM GSTR-3B of the said rules for the months of July to September, 2019 for registered persons whose principal place of business is in the State of Jammu and Kashmir, shall be furnished electronically through the common portal, on or before the 20th December, 2019.
  • The due date for GSTR-3B for the month of October has also been extended to December 20th, 2019.

http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-63-central-tax-english-2019.pdf;jsessionid=B58A40D6DF70B086187625884266A9ED

http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-64-central-tax-english-2019.pdf

http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-65-central-tax-english-2019.pdf

http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-66-central-tax-english-2019.pdf;jsessionid=AAD972023BCF96E0BDD8E5D8F2501A11

http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-67-central-tax-english-2019.pdf

Securities and Exchange Board of India (SEBI) declares new limit for Companies to file draft documents

  • The Market Regulator, SEBI has decided that the drat offer documents in respect of issues of size up to 750 crores shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company shall fall.
  • The Securities and Exchange Board of India (SEBI) further informed that for all regions, the companies can file their draft offer documents in SEBI's head office for the issues whose size are greater than Rs 750 crore.
  • SEBI, has specified four regional offices: Northern, Eastern, Southern and Western where the companies can file their draft offer documents or offer documents with the concerned office of the board, based on the estimated issue size.
  • The new criteria would come into effect for all draft offer documents for issues that are filed with SEBI on or after Wednesday, December 11, 2019.
  • Therefore, naturally the amendments made vide this circular shall come into effect for all draft offer documents for issues which are filed with SEBI on or after the date of issuance of this circular.

https://www.sebi.gov.in/legal/circulars/dec-2019/filing-of-offer-documents-under-securities-and-exchange-board-of-india-issue-of-capital-and-disclosure-requirements-regulations-2018-_45272.html

December 14, 2019

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