Corporate Updates – 19-09-2016

GST

Ministry of Finance has appointed 16th of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5,6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the Constitution (One Hundred and First Amendment) Act, 2016 shall come into force. The said amendment to the Constitution is relating to the provisions of Goods and Service Tax. It gives powers to the state to make laws with respect to goods and services tax imposed by the Union or by such State.

SEBI

SEBI modified Annexure A of an earlier Circular on Standardization and Simplification of Procedures for Transmission of Securities pursuant to the requests and complaints from the investors. It clarified that for the securities held in single name without a nominee, the additional documents to be sought shall include Affidavit from all the legal heirs made on appropriate non judicial stamp paper, provided if the legal heir/ claimant is named in the succession certificate/probate/will/letter of administration, then an Affidavit from such legal heir/claimant would be sufficient. Further, for the value of securities per issuer Company is upto Rs. 2 lakhs, succession certificate/probate/will/letter of administration to be submitted and in the absence of the above mentioned, a NOC executed by all legal heirs of the deceased holder or a duly notarized Family Settlement Deed shall be submitted along with an Indemnity bond indemnifying the STA/Issuer Company shall be sought. For the value of securities exceeding Rs. 2 lakhs, succession certificate/probate/will/letter of administration/court decree shall be sought.

News from ICSI – Switchover from Professional Programme 2007(Old) Syllabus to 2012(New) Syllabus

The Council of the Institute in its meeting held on 17th September, 2016 has decided to grant relief to the students of old course of Professional Examination. Important Announcement on Switchover from Professional Programme 2007(Old) Syllabus to 2012(New) Syllabus has been issued and all Old Syllabus Students shall be compulsorily required to switchover to New Syllabus from December, 2016 Session and no further examinations will be conducted under the Old Syllabus. All Old Syllabus Students shall be granted exemption in Information Technology and Systems Audit Paper. Further, all Old Syllabus Students who have cleared/ exempted the Strategic Management, Alliances and International Trade paper shall be granted exemption in the Elective Paper under Module-3 of New Syllabus and these exemptions shall come into force with effect from CS December, 2016 Session of Examinations.

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