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CAalley Newsletter dated January 13, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Exposure Drafts:

SEBI Draft

IEPF Draft

IFRS Draft

Legal Updates:








News Update:

Indian News:

Sebi allows virtual meetings for REITs, InVITs unitholders via video call

Sebi notices to PE, VC funds for flouting rules

Mandatory joint audit to start with big firms

GST would apply if a rented residential building is sublet as hostel: AAAR

India lets banks use face recognition, iris scan for some transactions: Sources

Fake invoice racket busted, one arrested

NPS subscribers: Bank account verification, name/PAN matching to get faster

RBI open to non-bank arms route to end stalemate with ESMA: Report

Transparency audits will strengthen RTI

Sebi allows exchanges to launch multiple contracts in same commodity

No TDS on remunerations, salaries or commission paid to partners: ITAT

SEBI allows mutual funds with active ELSS to launch passive schemes

ICAI plans guidelines to control gaps in audits

NARCL gets ₹ 15,300-crore blanket guarantee to tackle bad loans

CBIC to release list of identified goods to check undervaluation of imports

RBI likely to tweak loan recovery framework for asset reconstruction companies

Tiruchi traders stick posters against ‘test purchase’ under GST

Auditors’ regulator seeks e-locker for audit docus


Budget News:

Budget Session 2023 to begin January 31, continue till April 6

Budget 2023: Largely unnoticed, this $250-billion sector wants more attention from the FM


International News:

CEOs brace for recession, CFOs eye costs

First-of-its-Kind Crypto Insider Trading Conviction

Insurer Can’t Flush Away Its Duty to Defend

FASB decides to require expense disclosures

SEC Adopts Amendments Regarding Insider Trading Plans and Related Disclosures


Exposure Drafts:

SEBI Draft:

Consultation Paper on Review of Regulatory Framework for Sponsors of a Mutual Fund
[Last date for Comments: January 29, 2023] 


IEPF Draft:

Consultation Paper on refund process at IEPF Authority
[Last date for Comments: January 27, 2023] 


IFRS Draft:

IFRS Accounting Standard
International Tax Reform—Pillar Two Model Rules
Proposed amendments to IAS 12
[Last date for Comments: March 10, 2023] 


Legal Updates:


Clarification regarding GST rates and classification of certain services [Circular No.190]

Clarification regarding GST rates and classification of certain goods [Circular No.189]



Standard Operating Procedure (SOP) for Virtual Hearings



Operational Risk Management: Price / Yield range setting in e-Kuber



Facility of conducting meetings of unit holders of REITs through Video Conferencing or Other Audio-Visual means

Facility of conducting meetings of unit holders of InvITs through Video Conferencing or Other Audio Visual means

Participation of AIFs in Credit Default Swaps

Allowing stock exchanges to launch multiple contracts on the same commodity in commodity derivatives segment



Circular on Modifications to Surety Insurance Guidelines



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.4(NT)]

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 [No.3(N.T)]

Faceless Assessment – Standard Examination Orders through RMS - Phased implementation of Standardized Examination Orders through RMS [Circular No.2]

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 (CAVR, 2023) [Circular No.1]


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