Corporate Updates – 05-07-2016


MCA has informed that the Refund Form is likely to be available, w.e.f 6th July 2016, on the portal of MCA on the Company Forms Download page. Further all Stakeholders are requested to check the FAQs before filing the same with the MCA. MCA has further revised the versions of eforms Forms CHG-1 [Application for registration of creation, modification of charge (other than those related to debentures)], Form CHG-4 [Form for particulars for satisfaction of charge], Form DPT-3 [Return of deposits] and Form MR-2 [Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or over payment to managing director or whole time director or manager and commission or remuneration to directors] are revised on the portal of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.


SEBI vide Circular dated June 29, 2016, has allowed foreign portfolio investors who had issued participatory notes under the former regulations to hold the position till the date of expiry of such positions or till end of December 2020. It further clarified on grandfathering of participatory note issuers who didn’t meet the criteria under the SEBI (Foreign Portfolio Investor) Regulations, 2014, specially unregulated funds whose investment manager is well regulated. However, participatory notes subscribers cannot take fresh positions or renew the old positions. This clarification is only a consequence of the recent changes on KYC rules which are applicable to ODI issuers and ODI holders from July 1. Earlier, offshore investors who took exposure to Indian securities under FII Regulations by subscribing to ODIs were permitted to continue to subscribe ODIs under the FPI Regulations that replaced FII Regulations in 2014. However, this will not be permissible from August 1. Also, Dec 31, 2020 is sufficient time for such ODI holders to decide whether to comply with new KYC norms or wind up their positions.

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