Corporate Updates – 25-09-2014


SEBI has amended and notified the Settlement of Administrative & Civil Proceedings (Amendment) Regulations, 2014 and shall come into force on the date of their publication in the Official Gazette. SEBI enhances fee for settlement of administrative and civil proceedings by two-folds, accordingly every applicant shall pay fees of Ten thousand rupees by a demand draft in favour of ‘Securities and Exchange Board of India" payable at Mumbai instead of earlier fee of Rs. 5,000/-.


DVAT Authorities have clarified that the waiving off of penalty under the Amnesty Scheme. If dealers have opted the Amnesty Scheme, then penalty should be waived off on payment of tax, interest stated in notice of assessment issued in Form DVAT-24. However, if preparation of records/accounts does not result into any tax deficiency and only penalty has been imposed for preparation of books of accounts in a false, misleading and deceptive manner, then penalty cannot be waived off under Amnesty Scheme. In such cases dealer is not eligible to seek relief under the scheme.

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