MCA:
MCA has clarified that Companies desired to have the word “Commodity Exchange” in its name are required to obtain a “No Objection Certificate” from the Forward Markets Commission (FMC). All other provisions of the Companies (Incorporation) Rules, 2014 will continue to be applicable. This NOC from FMC is furnished by the applicant at the time of incorporation and will also be required to be furnished by all such companies incorporated with the words “Commodity Exchange” before the issue of this circular.
RBI:
RBI on 24/06/2014 released the ‘Timelines for Regulatory Approvals’ and ‘Citizens Charter’ for delivery of services as part of implementation of the non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC). These timelines are indicative. As per one recommendation of the FSLRC, all regulators are required to move to a time-defined approval process, subject to applicable laws, for all permissions including licence to do business, as well as launch of products and services. Accordingly, the Reserve Bank has prepared timelines for regulatory approvals by its various departments and a Citizens’ Charter for delivery of services by its departments which have public interface.
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