Corporate Updates 06 May 2014

SEBI: 

In order to maintain a single document in line with the Listing Agreement and to address the concerns of excessive delegation in the garb of flexibility with respect to certain areas, such as, disclosure requirements, SEBI has specified all the substantive requirements and enabling provisions of present Listing Agreements in the draft Listing Regulations known as “Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2014. Comments on the draft regulations can be emailed on or before 30th May, 2014. To view and download the draft Regulations, please Click Here.

RBI: 

RBI vide its Circular No.127 has prescribed the revised Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures for Foreign Direct Investment (FDI) in India. According to the new framework, the investee company would have to file form FC-TRS with the AD Category-I bank with in 60 days from the date of receipt of the amount of consideration. AD Category-I bank may approach Regional Office concerned of RBI to regularize the delay in submission of form FC-TRS, beyond the prescribed period of 60 days and in all other cases, form FC-TRS shall continue to be scrutinised at AD bank level as per extant practice.

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