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Weekly Newsletter - May 22, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

Acts & Regulations:

SEBI Master Circulars

International Content:

PCAOB Reference Material

Legal Updates:




IRDAI (Master Circulars)



Central Excise



News Update:

Indian News:

Reserve Bank board approves transfer of Rs 2.11 trillion surplus to govt

EPFO update: Now, EPF death claims can be processed without seeding Aadhaar

Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million

Zee shelled out Rs 432 crore on failed merger with Sony unit

FM Nirmala Sitharaman asks ICAI to set up 'Big 4'- like Indian firm

SEBI issues ‘unaffected price’ concept, other guidelines to help mitigate impact of market rumors on stock prices

Clarification likely on GST on NBFC co-lending

Sebi changes rule to determine mcap, 6-month average to be used now

No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC

NFRA bars auditors of 2 Anil Ambani group cos

GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers

ED Mumbai arrests businessman in income tax refund fraud of ₹263 crore

RBI in talks with Sebi to allow mutual funds to sell debt to ARCs

Market regulator Sebi offers shield against M&A stock price disruptions

NFRA imposes Rs 2.5 cr fine on two auditors in Reliance Commercial Fin case

HC quashes ₹96cr GST demand notice to Metrowater

GST Council to hear gaming firms’ plea

GST fraud: 3 behind 100 fake firms held

ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms

ICAI passes orders against five affiliates of Price Waterhouse

SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think

Need proactive risk mitigation measures to tackle cyberattacks: RBI

Creditors' haircuts in bankruptcy cases jump to 73% in FY24: Report

Online MSMEs flag GST license challenges in Tamil Nadu

[Indian] Big Five auditors sulk over lack of fair remuneration

Finance Ministry asks SBI to form committee to tackle co-lending issues

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

IGST exemption: AAR ruling may set precedent for foreign client services

GST AAR: Acting as a marketing, recruiting or referral consultant to foreign universities can qualify as exports

Compliance plays a big part in helping Indian MSMEs grow exports

Around 700 surety bonds worth Rs 3,000 cr issued by Insurance cos so far

RBI set to meet ARCs on May 17; may discuss borrowing, settlement process


International News:

EY, KPMG upgrade AI capacities for auditors

PCAOB fines MaloneBailey $400K for quality control violations

Auditors failed to raise alarm before 75pc of UK corporate collapses

New Rules for US Auditing Firms Show That the World Has Changed

SEC strengthens requirements for response to data breaches

Should the Definition of a Public Business Entity be Revised? FASB Mulling Topic

Unveiling the new PCAOB standard QC 1000: A leap towards enhanced audit quality

AICPA approves revised attestation standards

KPMG Leads in IPO Audit Clients for Q1 of 2024

Crowe UK slapped with £144,000 audit fine

Exposure Drafts:

SEBI Drafts:

Consultation Paper on the recommendations of the Expert Committee for facilitating Ease of Doing Business under MB Regulations, BTI Regulations and Buyback Regulations
[Last date for Comments: June 11, 2024] 

Consultation paper on facilitating investments by Indian Mutual Funds in such overseas funds that invest certain portion of their assets in Indian securities
[Last date for Comments: June 7, 2024] 

Acts & Regulations:

SEBI Master Circulars:

Master Circular for Stock Brokers [Published on May 22, 2024]

Master Circular for Investment Advisers [Published on May 21, 2024]

Master Circular for Research Analysts [Published on May 21, 2024]

Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper [Published on May 21, 2024]

Master Circular for Credit Rating Agencies (CRAs) [Published on May 16, 2024]

Master Circular for ESG Rating Providers (ERPs) [Published on May 16, 2024]

Master Circular for Debenture Trustees (DTs) [Published on May 16, 2024]

International Content:

PCAOB Reference Material:

Root Cause Analysis – An Effective Practice To Drive Audit Quality
[April 2024]

Legal Updates:


Advisory: Information from manufacturers of Pan Masala and Tobacco taxpayers



Issuance of partly paid units to persons resident outside India by investment vehicles under Foreign Exchange Management (Non-debt Instruments) Rules, 2019



Industry Standards on verification of market rumours

Framework for considering unaffected price for transactions upon confirmation of market rumour



Master Circular on Actuarial, Finance and Investment Functions of Insurers

Master Circular on Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers, 2024

Master Circular on Expenses of Management, including Commission, of Insurers, 2024



Amendment in Para 2.31 of the Foreign Trade Policy, 2023 and ITC HS 2022 Schedule 1 Import Policy [Notification No.13]



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.37(NT)]

Exchange Rate Notification No. 36/2024-Cus (NT) dated 16.05.2024 [Notification No.36(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.35(NT)]

E-Waste (Management) Rules, 2022 – Regarding release of imported consignments of producers 106 EEEs items (ITEW1 to ITEW27, CEEW1 to CEEW19, LSEEW1 to LSEEW 34, EETW1 to EETW 8, TLSEW 1 to TLSEW 6, MDW1 to MDW10 and LIW1 to LIW2) as listed in the E-Waste (Management) Rules 2022 [Instruction No.14]

Undertaking from the producers (who includes the Importer) of the base oil or lubrication oil for clearance of consignment [Instruction No.13]

Seeks to impose Anti-dumping duty on import of 'Pentaerythritol' from China PR, Saudi Arabia and Taiwan for 5 years, pursuant to final findings issued by DGTR [Notification No.8(ADD)]


Central Excise:

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [Notification No.14]



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