Corporate Updates – 23-06-2016


MCA vide its office order dated 22/06/2016 reshuffles with immediate effect the top level officers from one post to another. The major reshuffle includes Shri. A. K. Chaturvedi (RD, Northern Region) who has been transferred to take charge as Regional Director, Western Region. Shri. K.L. Kamboj, Regional Director, Western Region is now transferred to Manesar as Director, ICLS Academy, IICA, and Shri. N.K. Bhola (Director in O/ o DGCoA, New Delh) who has been transferred to take charge as Regional Director RD, Northern Region.


SEBI has issued a consultation paper proposing changes to regulations regarding portfolio managers to enable fund managers to handle foreign money from Indian shores. The amendments were approved by SEBI’s board at a meeting held on June 17. Within the consultation paper, SEBI has proposed to insert offshore fund managers (OFMs) or eligible fund managers (EFMs) as a new chapter in the existing norms. The change may allow SEBI registered portfolio managers to act as offshore fund managers with prior intimation to SEBI. Among other changes, they have to also declare compliance under provisions of Section 9 A of the Income Tax Act, that is, fund management activity carried out through an EFM located in India and acting on behalf of an EIF would not constitute a business connection in India.

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