Corporate Updates – 17-04-2015


SEBI has passed orders to provide Exit to the Pune Stock Exchange Limited (PSE) under the current policy OTCEI is the Thirteenth Stock Exchange to exit under this policy. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised /non operational stock exchanges, inter–alia, including treatment of assets of de-recognised / non-operational exchanges and a facility of dissemination Board for companies listed. Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Maharashtra are being intimated about the exit of OTCEI, for appropriate action at their end.


RBI has reviewed Regulatory Framework for NBFCs w.r.t Corporate Governance and Disclosure norms for NBFCs and has made necessary changes / issued clarifications where the same is required. Accordingly, it has been clarified that Framework shall not apply to a Systemically Important Core Investment Company as defined in the Core Investment Companies (Reserve Bank) Directions, 2011. Further, NBFCs shall furnish to the Reserve Bank a quarterly statement on change of directors certified by the auditors and a certificate from the Managing Director that fit and proper criteria in selection of directors have been followed and the age limit prescribed has been done away with and provisions in Companies Act, 2013 in this regard shall apply.

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