MCA:
MCA has released updated C&I Taxonomy 2016 for filing Annual Financial Statements in Form AOC-4 XBRL in respect of financial years commencing on or after 01.04.2014. The revised business rules along with the change sheet and Taxonomy (2016) is available on MCA portal w.e.f. 05, October, 2016. MCA has also released MCA XBRL Validation Tool V3.0.4. The updated C&I Taxonomy 2016 and Validation Tool V3.0.4 is available on the XBRL Portal. Stakeholders are advised to refer the ‘Filing Manual’ available on XBRL portal for ease filing of the financials in XBRL format.
SEBI:
SEBI proposed a Consultative Paper titled ‘Corporate Governance Issues in Compensation Agreements’ to review the disclosure requirements under SEBI (LODR) Regulations, 2015. The Paper has proposed curbs on compensation agreements between promoters of a listed entity and private equity (PE) funds. One view is that there is no place at all for such side agreements in case of listed companies. Another view is that the focus may be on the principle of disclosure and transparency in governance of listed entities. In a discussion paper, SEBI proposed that certain arrangements between listed entities and PEs would need prior approval from shareholders. The proposals were approved by the SEBI on September 23. SEBI seeks public comments on the proposed norms by October 18, 2016.
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