Corporate Updates – 14-02-2017


The Central Board of Direct Taxes has notified the Income Tax (2nd Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of PAN & TAN. Accordingly, an applicant may apply for allotment of PAN or TAN through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and formats along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of PAN or TAN.


The SEBI Board in its last meeting has taken various decisions’ to improve the facilities being offered to the stakeholders. The SEBI Board discussed the budget for the financial year 2017-18 was considered and approved by the Board. The Board also discussed the plan of action for FY 2017-18 which includes some major initiatives like Reducing the listing time gap by bringing down the issue timing from the existing requirement of T+6; Allowing, in consultation with Stakeholders and Regulators, institutional participation in commodity derivatives markets in phased manner; Designing a system of Risk Based Supervision for commodity brokers; Setting up a Cyber Security Lab for the securities market; Facilitating the objective of “Ease of doing Business”, introduction of common application form for registration, opening of bank and demat accounts, and issue of PAN for Foreign Portfolio Investors (FPIs) and Setting up a facility for online registration of intermediaries.

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