Transaction & Regulatory Advisory Services Alert – April 2023
In this edition, we have tried to bring to your notice the latest amendments that followed in the month of May 2023 issued by MCA, RBI, SEBI, DIPP and others.
Ministry of Corporate Affairs (MCA)
- MCA notifies the Companies (Removal of names of Companies from the Register of Companies ) Amendment Rules, 2023
The Ministry of Corporate Affairs has, vide its Notification No. dated 17th April, 2023, amended or transferred the responsibility of striking off companies from Registrar of Companies to Registrar, Centre for Processing Accelerated Corporate Exit (a.k.a. Registrar, Centre for PACE) with effect from 1st May, 2023.
According to the said notification, the Registrar, Centre for PACE [established under Section 396(1) of the Companies Act, 2013] shall be the Authority exercising functional jurisdiction of processing and disposing applications made in e-Form STK-2 and all matters related thereto as. In order to bring all the e-Forms related to striking up off companies in line with the said notification, e-Form STK-2, e-Form STK-7 and e-Form STK-8 has also been substituted.
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- ICSI Floats the Revised Format of Annual Secretarial Compliance Report (ASCR)
The ICSI has revised the format of the Annual Secretarial Compliance Report (ASCR) to make it easier for Practicing Company Secretaries to issue the ASCR. This compliance for a listed entity and its material unlisted Indian subsidiaries to annex an ASCR by the PCS in its annual report. The Stock Exchanges i.e. BSE Ltd. and NDE Ltd. vide circulars dated March 16, 2023 and April 10, 2023 respectively prescribed a few additional affirmations by PCS that need to be provided while submitting the Annual Secretarial Compliance Report.
Bombay Stock Exchange has notified Additional Affirmations to be made by Practicing Company Secretaries in ASCR. This notification was issued on 16.03.2023 and will be effective from the financial year ending on March 31, 2023 onwards
Securities and Exchange Board of India
SEBI issues procedure for seeking prior approval for change in control of vault managers
SEBI came out with a procedure for vault managers to seek prior approval from the watchdog in case of a change in control. The vault manager is regulated as a SEBI intermediary for providing vaulting services meant for gold deposited to create electronic gold receipts (EGRs). The obligations of the vault manager include accepting deposits, storage, and safekeeping of gold, creation as well as withdrawal of EGR, grievance redressal, and periodic reconciliation of physical gold with the records of the depository. Under the procedure, SEBI said that an application should be made by the vault managers to the regulator for prior approval through the Intermediary Portal, according to a circular.
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