Corporate Updates – 30-09-2014


SEBI has modified Investor Protection Fund (IPF) / Customer Protection Fund (CPF) Guidelines to give effect, the new procedure for eligible claim arises within three years from the date of expiry of the specified period. In all such cases, now IPF/CPF Trust shall satisfy itself that such claim could not have been filed during the specified period for reasons beyond the control of the claimant. Further in cases where any litigation’s are pending against the defaulter member, it has been prescribed that the residual amount, if any, may be retained by the stock exchange until such litigation’s are concluded.

MP Stamp Act

Madhya Pradesh Government has proposed amendments to the Indian Stamp Act, which shall be known as Indian Stamp (MP Amendment) Ordinance 2014. According to the amendments made to the Act, the rates of Stamp Duty on most of the documents have been raised to 5 times of the existing applicable rates. Now the stakeholders have to pay 1) Minimum Rs.5000 (Rs.1000/-) Max 25 Lacs (5 Lacs) for AOA, 2) Minimum Rs.2,500 (Rs.500/-) for MOA, 3) Rs.10/- (Rs.2/-) for Letter of Allotment of Shares, 4) Rs.50/- (Rs.10/-) for Affidavits, 5) 0.5% of amount or value secured subject to minimum Rs.500/- (Rs.250/-) for Indemnity Bond, 6) Normal Agreement: Rs.500/-, 7) Notary – Rs.50/- from Rs.10/- among other.


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