Corporate Updates – 26-07-2016


MCA has notified National Company Law Tribunal Rules, 2016 (NCLT Rules) on 21st July, 2016. As per the provisions of Rule 23, every petition, application, caveat, interlocutory application, documents and appeal shall be presented in triplicate by the appellant or applicant or petitioner or respondent, as the case may be, in person or by his duly authorised representative. In this regard, NCLT has issued an order directing all concerned to file the petition, application, caveat, interlocutory application, documents and appeal in triplicate before all Benches of the NCLT.


SEBI through its Circular has asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1. The ‘live run’ of the Central KYC Records Registry (CKYCR) has already been started with effect from July 15 in a phased manner beginning with new individual accounts. Further, Test Environment has also been made available by the central server for the use of the reporting entities. The government had authorised the CERSAI (Central Registry of Securitisation and Asset Reconstruction and Security Interest of India) to take the task of a central KYC registry. CERSAI was created in 2011 to prevent frauds in lending, performs functions like receiving, storing, safeguarding and retrieving the KYC records in digital form. Besides, CERSAI has operationalised a help desk for addressing any difficulty in uploading KYC records to CKYCR.

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