MCA:
MCA in consultation with the National Advisory Committee on Accounting Standards, has notified the Companies (Indian Accounting Standards) Rules, 2015 which shall come into force on the 1st day of April, 2015. The accounting standards as specified in the Annexure to these rules to be called the Indian Accounting Standards (Ind AS) shall be the accounting standards applicable to classes of companies specified in these rules. Further, the Accounting standards as specified in the Companies (Accounting Standards) Rules, 2006 shall be the Accounting Standards applicable to the companies other than the classes of companies specified in these rules and shall comply with such standards only and not the Standards specified in these rules.
RBI:
RBI in supersession of all circulars, revised the guidelines on private placement of NCDs for NBFCs in the light of the provisions of Companies Act 2013 and the Rules issued thereunder. The revised guidelines are required to be followed and the provisions of Companies Act, 2013 and Rules issued thereunder shall be applicable wherever not contradictory. NBFCs shall put in place a Board approved policy for resource planning which, inter-alia, should cover the planning horizon and the periodicity of private placement of NCDs (maturity more than 1 year) by NBFCs. For NCDs of maturity upto one year, guidelines on Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010, by Internal Debt Management Department, RBI shall be applicable.
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