§
Sebi has introduced phased manner of dematerialisation of
units of AIF
§
EPF Interest Rate @8.15 % declared by Govt. of India.
§
DGFT extends the deadline for filing application under EPCG
and Advance License Amnesty scheme to December 31, 2023 subject to payment of
duties and interest by March 31, 2024. The extension was expected given some
glitches being faced by applicant on DGFT portal. Thereafter, DGFT created a
separate portal for creating amnesty application and allowed manual filing of
application nerated from such portal. However, applicants are facing issues on
that portal too like delay in receiving OTP etc.
§
Instruction No.
19/2023-Customs dated July 04, 2023. The Instruction provides relief to importers importing goods from
Japan under India-Japan Comprehensive Economic Partnership Agreement (CEPA).
§
Ministry of labour issued a new circular clarifying that new
companies have to login before completion of six months to extend the dormant
status under ESIC Act, else the compliances shall become applicable. This is in
view of recent notices to various companies for non compliances under ESIC Act.
§ SEZ Instruction No. 113
dated July 13, 2023 : SEZ units will not be required to submit physical copies
of invoices and SOFTEX. Any documents (including invoices) required
from the SEZ units for verification purposes, can be obtained electronically
from the SEZ Unit. In exceptional cases, where a detailed
verification is required to be carried out, physical copies of documents can be
insisted upon, on a case to case basis.
§
Change of Mediation Bill approved by Cabinet ahead
1. Key amendments to the Mediation Bill, 2021 -- including
the removal of a provision that made pre-litigation mediation mandatory before
parties could file any suit or proceedings in court, regardless of the
existence of a mediation agreement between them -- were cleared by the Union
Cabinet on Wednesday, according to reliable sources.
2. The mediation bill, moved by the Union ministry
of law and justice, seeks to institutionalise mediation for civil and
commercial disputes and establish a Mediation Council of India (MCI).
3. The amended bill makes pre-litigation
voluntary, leaving parties with the choice to participate in a pre-litigation
mediation process instead of litigating, the people said.
§ Apparently with a view
to make disclosure more stringent and widen the scope of disclosures, SEBI
introduced two new clauses pertaining to regulatory actions, as clause 19 and
20, in Schedule III.A.A, as a part of SEBI (Listing Regulations and
Disclosure Requirements) (Second Amendment) Regulations, 2023, with effect from
July 14, 2023.
Newly inserted clauses 19 and 20 in Para A Part A
of Schedule III cover the regulatory and similar actions which are required to
be disclosed irrespective of the materiality thresholds prescribed. There
is a huge confusion as to what sort of regulatory actions are to be covered in
item 19 and 20. Trivial fines and penalties have begun coming up on stock
exchange reporting. Hence, it is
very important to ascertain the type of regulatory actions that fall within the
ambit of either of these two clauses
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