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CAalley Newsletter dated February 22, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Acts & Regulations:

SEBI Regulation

RBI Master Direction

Exposure Drafts:

SEBI Drafts


Legal Updates:

Income Tax







News Update:

Indian News:

Surge in personal guarantor cases under IBC in FY23

Norms to boost audit quality

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


Budget News:

'Angel Tax' provisions in Finance Bill will not impact start-ups: DPIIT Secy


International News:

Britain says global accounting rule is crimping its economy

'Cheaper, faster, safer': India, Singapore launch real-time payments link

Acts & Regulations:

SEBI Regulation:

SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 [Last amended on January 13, 2023]


RBI Master Direction:

Master Direction on Financial Statements - Presentation and Disclosures (Updated as on February 20, 2023)

Exposure Drafts:

SEBI 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]



ICAEW Draft:

Proposed Revisions to the Code Addressing Tax Planning and Related Services (Issued by IESBA)
[Last date for Comments: May 18, 2023] 

Legal Updates:

Income Tax:

The Income-tax Amendment (3rd Amendment) Rules, 2023 - Amendments relating to Charitable and Religious Trusts [No.7]



Filing of Forms GNL-2 MGT-14, PAS-3, SH-8, SH-9 and SH-ll due to migration from V2 Version to V3 Version in MCA 21 Portal from 22.02.2023 to 31.03.2023 [Circular No.5]

Extension of Time for filing of 45 company e-Forms, PAS-03 and SPICE+PartA in MCA 21 Version 3.0 without additional fee [General Circular No.4]



Advisory for SEBI Regulated Entities (REs) regarding Cybersecurity best practices



Treatment of inward Co-Insurance while reporting MTP Obligations



Amendment in Circular No. 26/2016-Customs dated 09.06.2016 [Circular No.5]

Amendment in Circular No. 25/2016-Customs dated 08.06.2016 for including details of Ex-bond Bill of Entry/Shipping Bill in Form A [Circular No.4]



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]



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