SEBI
SEBI issued a Circular providing the Guidelines for Enhanced Supervision of Stock Brokers/Depository Participants. The Guidelines include the nomenclature for bank accounts and demat accounts which is to be uniformly followed, a Sophisticated alerting and reconciliation mechanism for monitoring the Client’s Funds, Changes in the existing system of internal audit for stock brokers/depository participants and Imposition of uniform penal action in the event of non-compliance with specified requirements. It further requires Stock Exchanges/Depositories to disseminate the information provided in the Circular on their website, make necessary amendments for attaining uniformity and communicate to SEBI the status of implementation in their Monthly Development Reports.
CBEC
CBEC has released Draft GST Formats, Forms and Rules. The Board has released Draft Registration Rules & formats, Payment Rules & formats and Invoice Rules & formats for public comments. Further, CBEC has also released Draft formats for each of the Rules mentioned herein which include Application for Registration under the Act, Application for Registration for Non Resident Taxable Person, Application for extension of registration period by Casual / Non-Resident taxable person. Comments on Draft Rules and Formats may be given by 28th September, 2016.
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