Happy CS Day & Congratulations to proud members of fraternity on Golden Jubilee Celebrations…Hon’ble Prime Minister Shri Narendra Modi Ji will be inaugurating the Golden Jubilee Year Celebrations of The Institute of Company Secretaries of India (ICSI) at Vigyan Bhawan on 4th October, 2017. DD News will cover the event Live. Please watch the program on DD News from 6 pm onwards on 4th October, 2017. You can also tune into the PMO’s YouTube channel, Live webcasting & ICSI Youtube Channel by clicking on any of the links provided herehunder :
https://www.youtube.com/pmoindia
http://liveall10.yolasite.com/mjilii.php
SEBI
RBI in the recent past has decided to exclude foreign investment in Rupee Denominated Bonds (RDB) issued overseas by Indian corporates, from the Combined Corporate Debt Limit (CCDL). Accordingly, in partial modification to applicable SEBI circular dated August 04, 2016, with effect from October 03, 2017, foreign investments in RDB shall no longer be reckoned against the CCDL. Further, the CCDL shall be renamed as the Corporate Debt Investment Limits (CDIL) for FPIs. The upper limit for CDIL shall, henceforth, be stated only in Rupee terms. A sub-limit exclusively for investments by Long Term FPIs (Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks) in the infrastructure sector shall be created within the overall CDIL. The term ‘Infrastructure’ shall be as defined under the Master Direction on External Commercial Borrowings issued by the Reserve Bank of India. However, Long term FPIs will continue to be eligible to invest in sectors other than infrastructure. All other extant conditions with respect to FPI investments in corporate debt securities shall continue to apply.
IBBI
The Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, in regulation 3, sub-regulations (e) and (f) shall be omitted which are related to the control of the Information Utility and their voting power more than 49% by the person(s) resident outside India. Further, an Indian Company, Listed on a recognised Stock Exchange in India, or any other Company, where no individual holds more than ten percent of the paid-up equity share capital, may hold up to hundred percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration. Provided that the information utility is registered before 30th September, 2018. New Clause is also added as Regulation 9 (1A) to define the control of the Management of the Company as more than half of the directors of an information utility shall be Indian nationals and residents in India.
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