Corporate Updates – 19-08-2016


SEBI vide Circular on Mutual Funds, increased the additional exposure limits provided for housing finance companies (HFCs) in financial services sector from 5 per cent to 10 per cent. However, sectoral exposure in debt-oriented mutual fund scheme continues to remain at 25 per cent at sector level in the financial services sector. SEBI also stated that, mutual funds needs to ensure that the additional exposure to such securities issued by HFCs are rated AA and above and these HFCs are registered with National Housing Bank (NHB) and the total investment/ exposure in HFCs shall not exceed 25 per cent of the net assets of the scheme. Further, Circular has amended an earlier Circular which stated that an Asset Management Company (AMC) is required to obtain Auditor’s certification on the voting reports being disclosed by them on a quarterly basis. In effect of the amendment, now such certification shall be obtained from “scrutinizer” as defined under the Companies Act, 2013 read with Rules for voting through electronic means. Also, earlier, the AMC was required to submit the soft copy of Scheme Information Document (SID), two working days prior to the launch of the scheme. But, now such submission shall be made seven working days prior to the launch of the scheme. This circular is applicable with immediate effect.


CBDT has notified the Income Declaration Scheme, (Second Amendment) Rules, 2016. These rules shall come into force from the date of their publication in the Official Gazette. In the said notification, Form-3, filed for furnishing proof of payment of tax, surcharge and penalty made pursuant to the acknowledgement issued by the Principal Commissioner or the Commissioner, has been revised. Further, acknowledgement issued by the Commissioner in Form -2 of the Income Declaration Scheme Rules, 2016 has also been revised whereby the manner of payment of tax, surcharge and penalty payable under the scheme and their cut-off dates have been amended.

News from NIRC of ICSI

NIRC of ICSI is organising a full day Seminar on the theme "Delegated Legislation : Changes & Impact" (Recent Amendment to Rules Under Companies Act, 2013 & NCLT & NCLAT Rules, 2016) on Saturday, the 20th August, 2016 from 9.30 AM onwards at Hotel Eros Continental (Royal Ball Room), Nehru Place, New Delhi-110019. Free for Corporate Members of NIRC; for other Rs. Rs.1750/-; PCH – 4.

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