Corporate Updates – 08-07-2016


CBDT has deferred the implementation of Income Computation and Disclosure Standards (ICDS) by a year to 2017-18 assessment year to give it more time for preparation. The ICDS were applicable from April 1, 2015 that is assessment year 2016-17. The government had set up an expert committee to look into industry representations on the ICDS, which has recommended amendments to the notified framework and also issuance of clarification certain points raised by the stakeholders. The revision of the tax audit report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated. Considering that some of the tax payers have filed their return of income and obtained Tax Audit Report without incorporating the compliance of the same, the ICDS shall be applicable from Assessment Year 2017-18.


SEBI has made a public announcement mandating the use of Electronic book mechanism for issuance of debt securities on private placement basis. SEBI had issued a circular dated April 21, 2016 wherein the use of an Electronic Book Mechanism (EBM) had been made mandatory from July 01, 2016 for issuance of debt securities on private placement basis in the primary market with an issue size of Rs. 500 crores and above, inclusive of the green shoe option. Pursuant to this, BSE and NSE have been granted approval by SEBI to act as an Electronic Book Provider (EBP). For issues, having issuance size below Rs. 500 crores, inclusive of green shoe option, if any, the issuer shall disclose the details to the Electronic Book Provider and/ or to the information repository for corporate debt market.

Speak Your Mind