CAalley Newsletter for the week ending February 22, 2023
Latest additions to CAalley:
News:
Acts & Regulations:
SEBI Master Circular & Regulations
Exposure Draft:
From the ICAI:
Indian Accounting Standards (IndAS)
International Content:
International Financial Reporting Standards (IFRS) [New addition]
Legal Updates:
News Update:
Surge in personal guarantor cases under IBC in FY23
CAs, advocates mustn't be arrested sans proof of role in business fraud: HC
Market regulator Sebi proposes to introduce 5 new categories in ESG funds
GST on online gaming: Industry awaits clarity
Practice of permanent board seats at listed companies likely to end
Sebi proposes more power to shareholders
RBI allows UPI-based transactions for inbound travellers to India
Wife co-owner? Pay tax on 50% property income : ITAT
More insurance players required for diverse needs of citizens: Irdai chief
Bankruptcy cases rise 25% in Q3; recovery lowest at 23.45%: Care Ratings
Sebi issues consultation paper on disclosure requirements for listed firms
EPFO sets procedure to apply for higher pension in Employees Pension Scheme
Banks, financial institutions should safeguard banking security, says RBI
Over 94% value erosion found in 165 IBC liquidation case
FinMin to meet heads of banks on Feb 22; to review progress ECLGS for MSMEs
GST Council cuts tax on jaggery; rationalises late fee on delayed returns
Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM
No service tax on takeaway food items sold by restaurants: CESTAT
RBI issues final guidelines on interest rate risk in banking book
India finalises 13 activities under 3 heads for trading of carbon credits
PwC will hire around 30,000 people in India in couple of years: Chairman
RBI issues draft norms for lending and borrowing of G-secs
Irregularities found on certain tax payments, says I-T department on 'survey' at BBC offices
GST council should raise exemption threshold to Rs 1.5 cr, says GTRI
Govt. likely to place reverse charging of GST on scrap before Council
RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances
Sebi mandates brokers, depositories to maintain websites
Govt looks to tap section of kirana stores to expand GST base: Report
GST Council to discuss GoM reports on appellate tribunals, tax evasion by gutkha firms on Feb. 18
If states agree, petroleum and gas can be brought under the GST ambit: FM Sitharaman
Delay in renewable energy project? Centre can blacklist companies
Cashback and gift vouchers will not attract GST, rules Karnataka High Court
Sebi introduces issue summary document for filing IPO papers in XBRL format
Sebi notifies governance norms for REITs, InvITs similar to listed cos
'Angel Tax' provisions in Finance Bill will not impact start-ups: DPIIT Secy
Budget prepared keeping mind external challenges also: FM Sitharaman
Britain says global accounting rule is crimping its economy
'Cheaper, faster, safer': India, Singapore launch real-time payments link
‘Fake EBITDA’ masks risk in debt-laden companies
ISSB announces sustainability standards issue date
FASB votes to finalize lease accounting relief
KPMG US to cut 700 advisory jobs
UK audit regulator risks cementing the Big Four’s oligopoly
Acts & Regulations:
SEBI Master Circular & Regulations:
Master Circular for Substantial Acquisition of Shares and Takeovers
SEBI (Infrastructure Investment Trusts) Regulations, 2014 [Last amended on February 14, 2023]
SEBI (Real Estate Investment Trusts) Regulations 2014 [Last amended on February 14, 2023]
SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 [Last amended on January 13, 2023]
Master Direction on Financial Statements - Presentation and Disclosures (Updated as on February 20, 2023)
Master Directions on Prepaid Payment Instruments (PPIs) (Updated as on February 10, 2023)
Exposure Drafts:
Consultation Paper on Regulatory Framework for ESG Rating Providers (ERPs) in Securities Market
Last date for Comments: March 8, 2023]
Consultation Paper on certain Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of increasing transparency and streamlining certain processes
Last date for Comments: March 8, 2023]
Consultation Paper on Strengthening Corporate Governance at Listed Entities By Empowering Shareholders - Amendments to the SEBI (LODR) Regulations, 2015
Last date for Comments: March 7, 2023]
Consultation Paper on Streamlining Disclosures by Listed Entities and Strengthening Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Last date for Comments: March 6, 2023]
Consultation Paper on ESG Disclosures, Ratings and Investing
Last date for Comments: March 6, 2023]
Draft Guidelines on Minimum Capital Requirements for Market Risk – under Basel III
[Last date for Comments: April 15, 2023]
Reserve Bank of India (Government Securities Lending) Directions, 2023
[Last date for Comments: March 17, 2023]
Proposed Revisions to the Code Addressing Tax Planning and Related Services (Issued by IESBA)
[Last date for Comments: May 18, 2023]
From the ICAI:
Indian Accounting Standards (IndAS):
Indian Accounting Standards (IndAS) have been updated and educational material has also been added.
International Content:
International Financial Reporting Standards (IFRS):
International Financial Reporting Standards (IFRS) have been uploaded
Legal Updates:
Advisory for SEBI Regulated Entities (REs) regarding Cybersecurity best practices
Maintenance of a website by stock brokers and depository participants
Implementation of Indian Accounting Standards (Ind AS)
Governance, measurement and management of Interest Rate Risk in Banking Book
Treatment of inward Co-Insurance while reporting MTP Obligations
Amendment in Circular No. 26/2016-Customs dated 09.06.2016 [Circular No.5]
Exchange rate Notification No. 10/2023-Cus (NT) dated 16.02.2023 [No.10(NT)]
Amendment in Import Policy condition of Cashew Kernels (broken/ whole) [No.59]
Processing of MEIS/SEIS applications pending at RAs under Para-3.06 of HBP [Circular No.46]
