Corporate Updates – 16-03-2017

News from NIRC of ICSI

NIRC cordially invites you at DISCUSSION on IEPF (Accounting, Audit, Transfer and Refund) Amendments Rules, 2017 AND for INTERACTIVE SESSION with CS D. Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana on Thursday, the 16th March, 2017 – 4.30 PM onwards at IFCI Auditorium, 1st Floor, 61, Nehru place, New Delhi-110 019. PCH – 2. No Participation fees.


Reserve Bank of India has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2017. The amendments are made to provide the clarity w.r.t E-commerce and conditions for making FDI in any such E-commerce entity. Accordingly, E-commerce means buying and selling of goods and services including digital products over digital & electronic network and ‘E-commerce entity’ means a company incorporated under the Companies Act, 1956 or the Companies Act, 2013 or a foreign company covered under section 2 (42) of the Companies Act, 2013 or an office, branch or agency in India as provided in Section 2 (v) (iii) of FEMA 1999, owned or controlled by a person resident outside India and conducting the e-commerce business. Further, B2B E-commerce activities 100 % Foreign Direct Investment is now allowed under Automatic route. It may be noted that such companies would engage only in Business to Business (B2B) e-commerce and not in retail trading, inter alia implying that existing restrictions on FDI in domestic trading would be applicable to e-commerce as well.


SEBI has issued a circular to modify the requirements of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 (‘SAST Regulations’) to revise the time period for which information is required to be filed with SEBI, in line with the provisions relating to maintenance of records under the Companies Act, 2013. The format and instructions prescribed vide aforementioned Circular shall stand modified. Further, this circular shall be applicable to all the offers where the draft letter of offer is filed with SEBI after the date of this Circular. Merchant Bankers are advised to follow the said updated format and instructions while filing the draft letter of offer with SEBI.

Speak Your Mind