Corporate Updates 24 June 2014


RBI has delegate the powers to Authorised Dealer Category – I relating to transfer of Assets of Liaison Office (LO) / Branch Office (BO) / Project Office (PO) in addition to the delegated powers relating to allow closure of the accounts of LO/BO and repatriates the surplus balances subject to submission of prescribed closure documents. The AD Category-I banks subject to compliance with the conditions as prescribed by the RBI may allow the LO/BO/PO to transfer their assets only when the foreign entity intends to close their LO/BO/PO operations in India. Further all payments & credits to the bank accounts of LO/BO/PO on account of such transfer of assets will be treated as permissible credits.


The Board of SEBI in its Meeting held on 19-06-2014 at New Delhi and took various decisions relating to the Reforms in the Primary Market, Review of SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, Manner of Dealing with the Qualified Audit Reports filed by Listed Companies, Minimum public shareholding for Public Sector Undertakings (“PSUs”) under Securities Contracts (Regulation) Rules, 1957, Amendments to regulations governing the preferential issue norms. To view and download the entire proceeding of the Board, please click here.

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