Corporate Updates – 09-01-2017

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.


The corporate affairs ministry has now come with notifications on exemptions tospecified IFSC Public and Private companies. The Government allows 39 modifications or exemptions for private firms licensed to set up businesses in International Financial Services Centres from Clauses in Companies Act, 2013. An IFSC caters to customers outside the jurisdiction of the domestic economy and are set up in special economic zones, and deal with flows of finance, financial products and services across borders. According to the notification said IFSC companies can make private placement offers and will not be restricted by earlier offers which haven’t been completed or withdrawn. An extract of the annual return of the company will not have to be included in the board’s report. IFSC companies will not have to comply with the Secretarial Standards prescribed by the Institute of Company Secretaries of India. IFSC companies only need an internal audit if their articles of association provide for the same. IFSC firms can make investments through more than two investment companies. Apart from the exemptions that have been granted in the Companies Act, the government had earlier announced various tax concessions—transaction taxes and stamp duty won’t be levied in IFSCs and firms operating in them will enjoy a tax holiday.


SEBI has made amendments to the SEBI (Portfolio Managers) Regulations, 1993 to provide a framework for registration of fund managers for overseas funds, pursuant to introduction of Section 9A in the Income Tax Act, 1961. Existing portfolio managers desirous of providing fund management services to overseas funds, if compliant with requirements specified in Section 9A of Income Tax Act, 1961, may pursue this activity on intimation and submission of declarations to SEBI. A new applicant desirous of providing fund management services to overseas funds, and compliant with the requirements specified in Section 9A of Income Tax Act, 1961, may seek registration with SEBI, as laid out in the Chapter II-A.The amendments have been notified vide notification dated January 02, 2017. For any further information, Investment Management Department, Division of Funds-I may be contacted.

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