Corporate Updates – 17-05-2017


MCA has issued a Circular, wherein it has withdrawn the previously issued Circular dated April 27, 2017 w.r.t transfer of shares to IEPF Authority. The subject matter of the previous circular is being reviewed by the Ministry and hence the said circular stands withdrawn with immediate effect. Fresh instructions will be issued in due course of time. As per the earlier issued circular, all companies required to transfer shares to IEPF Authority under the applicable Rules shall transfer such shares, whether held in dematerialised form or physical form, to the demat account of IEPF Authority by way of corporate action.


The BSE has notified that the System Audit of stock brokers should be conducted annually on Stock Brokers who use Intermediate Messaging Layer (IML)] / Internet Based Trading (IBT)/ Direct Market Access (DMA)/ Securities Trading using Wireless Technology (STWT) / Smart Order Routing (SOR) and have presence in more than 10 locations or number of terminals are more than 50 and Stock Brokers who are depository participants or are involved in offering any other financial services. The stockbrokers were required to submit the System Audit Report for the period ended March 31, 2017 latest by June 30, 2017. Further, in case of non/late submission of System audit report for period ended March 31, 2017 beyond June 30, 2017, disciplinary action/charges will be initiated including Charges of Rs 100/- per day will be levied- for the month of July 2017 and Exchange will withdraw BOLT /BOLTPLUS/ IML facility for non-submission of System audit report w.e.f. 01-08-2017.

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