Corporate Updates – 30-09-2014


SEBI has modified Investor Protection Fund (IPF) / Customer Protection Fund (CPF) Guidelines to give effect, the new procedure for eligible claim arises within three years from the date of expiry of the specified period. In all such cases, now IPF/CPF Trust shall satisfy itself that such claim could not have been filed during the specified period for reasons beyond the control of the claimant. Further in cases where any litigation’s are pending against the defaulter member, it has been prescribed that the residual amount, if any, may be retained by the stock exchange until such litigation’s are concluded.

MP Stamp Act

Madhya Pradesh Government has proposed amendments to the Indian Stamp Act, which shall be known as Indian Stamp (MP Amendment) Ordinance 2014. According to the amendments made to the Act, the rates of Stamp Duty on most of the documents have been raised to 5 times of the existing applicable rates. Now the stakeholders have to pay 1) Minimum Rs.5000 (Rs.1000/-) Max 25 Lacs (5 Lacs) for AOA, 2) Minimum Rs.2,500 (Rs.500/-) for MOA, 3) Rs.10/- (Rs.2/-) for Letter of Allotment of Shares, 4) Rs.50/- (Rs.10/-) for Affidavits, 5) 0.5% of amount or value secured subject to minimum Rs.500/- (Rs.250/-) for Indemnity Bond, 6) Normal Agreement: Rs.500/-, 7) Notary – Rs.50/- from Rs.10/- among other.


Corporate Updates 30 May 2014


RBI announces operational guidelines for ‘Depositor’s Education and Awareness Fund Scheme – 2014‘. According to this scheme, banks shall calculate the cumulative balances in all inoperative accounts and balances remaining unclaimed for ten years or more accounts along with interest accrued, as on the day prior to the effective date, i.e May 23, 2014 and such amounts due should be transferred to the Depositor Education and Awareness Fund (Fund) on June 30, 2014. Further, banks shall transfer to the Fund the amounts becoming due in each calendar month as specified in the Scheme and the interest accrued thereon on the last working day of the subsequent month.


Haryana government has waived off stamp duty on transfer of immovable property to blood relations, including children, grandchildren, spouse, brothers and sisters. The government felt that non-transfer of property among blood relations leads to avoidable disputes and litigation among parents, siblings and other blood relations. Haryana charges stamp duty at 7% for transferring property even to family members while in case of women it is 5%. The decision comes in the wake of the state’s observation that the stamp duty levied on transfer of immovable property within the family and among blood relations had become a hindrance for such transfers. (Source TOI, Chandigarh)

Corporate Updates 16 April 2014

Stamp Duty (Proposed): 

The finance ministry has proposed uniform stamp duty rates on transactions of securities across states. For this, it has prepared a draft Bill to amend the Indian Stamp Act, 1989. In the draft, the ministry has suggested a stamp duty rate of 0.0001 per cent of the value of transaction on the sale of currency derivatives through off- market transactions. The draft provides for payment of the duty by the seller of the security through a new system, where exchanges will collect the duty and pass it on to state governments, thereby reducing their administrative costs. Currently, state government machinery collects the duty and not exchanges. In some states, the buyer pays the duty, while in some others the seller.


It has observed by SEBI that the companies listed in Annexure ‘A’ have established connectivity with both the depositories viz NSDL and CDSL. The stock exchanges may consider as Companies are eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement subject to the conditions that at least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement and there are no other grounds/reasons for continuation of the trading in TFTS. To view & download, Please Click Here.

Corporate Updates 29 March 2014


External Commercial Borrowings (ECB) can be raised by airline companies for working capital as a permissible end-use, under the approval route, RBI has now decided that the scheme of raising ECB for working capital for Civil Aviation Sector will continue till March 31, 2015 (expired on 31-12-2013). All other conditions stipulated in aforesaid Circular dated April 24, 2012 shall remain unchanged. To view and download the notification, please Click Here.


The Revenue Department, Government of GCT of Delhi has issued an Attention Note (Copy Attached) for all companies and corporate having their Registered Office in the NCT of Delhi and are either in the process of issuance of shares / debentures certificates or having already issued share certificates in physical or electronic mode, but have not paid duty on instrument are required to pay stamp duty under the provisions of the Indian Stamp Act, 1899. The procedure & applicable rate for payment of stamp duty for various instruments are available at