In order to promote ease of doing business and better compliance levels, the President has given assent to the promulgation of the Companies Amendment (Ordinance), 2018. The Ordinance has been promulgated based on the Report of Committee Constituted to Review Offences and suggested Corporate Governance Reforms.

A standardised procedure for the transfer of securities in physical mode has been provided by SEBI in consultation with RAIN (Registrars Association of India). The documentation/procedure for transfer of physical securities is modified, vide circular dated Novembre 6, 2018.

Ministry of Corporate Affairs vide its notification dated November 13, 2018 published National Financial Reporting Authority Rules, 2018, constituted as per sub-section (1) of section 132 of Companies Act, 2013.

SEBI has vide notification dated 16th November, 2018 issued SEBI LODR (Sixth Amendment) Regulations, 2018. As per the amendment:
a. a new definition of “fugitive economic offender” has been inserted which shall mean an individual who is declared a fugitive economic offender under section 12 of the Fugitive Economic Offenders Act, 2018.
b. Further regulation 31A has been substituted thereby revising the conditions for re-classification of any person as promoter/ public.
c. As per amendment to regulation 102, applicants seeking relaxation from any requirement of the regulations may file any application along with non-refundable fee of Rs. 1 lakh.
d. The companies are required to provide disclosure under the Sexual Harrasment of Women at Workplace Act in its Annual Report under Sch V.
e. As per amendment in Sch VII, in case of transmission of securities, affidavit is required from all the legal heirs along with other requisite documents (upto threshold limit of Rs. 2 lakh) unless there is a succession certificate/ probate of will/ will/ letter of administration in the name of claimant(s).

Through this newsletter, we want to share the brief of notifications/circulars issued by from Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and other authorities including Insolvency and Bankruptcy Board of India (IBBI), National Company Law Tribunal (NCLT) and Stock Exchanges in the month of August 2018 and compliance calendar for the month of February, 2019.