The weekly messenger | Edition 10.23
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Accounting news
Compendium of Indian Accounting Standards (Year 2023-2024) – 26 April 2023
The Institute of Chartered Accountants of India (ICAI) has released the ‘Compendium of Ind AS (as on 1 April 2023)’ which is a comprehensive up-to-date version, encompassing all the amendments issued by the Ministry of Corporate Affairs (MCA) till date that are effective as of 1 April 2023.
For more information, click here.
Regulatory news
ICSI issued the Revised Format of Annual Secretarial Compliance Report – 25 April 2023
The Securities and Exchange Board of India (SEBI) vide its Circular dated 8 February 2019 had issued the format of Annual Secretarial Compliance Report (effective from 31 March 2019, onwards) for listed entities and their material subsidiaries, which was required to be filed on annual basis by Practicing Company Secretaries confirming the compliances of all SEBI Regulations, Circulars and Guidelines.
Recently, the Bombay Stock Exchange (BSE), in consultation with the SEBI, has inserted certain additional requirements to be provided while submitting the aforesaid Report. Pursuant to these additional requirements, the Institute of Company Secretaries of India (ICSI) has issued the revised format of the Annual Secretarial Compliance Report, thereby incorporating the aforesaid additional requirements in the existing format.
For more information, click here.
Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2023- 17 April 2023
The MCA has issued the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2023, wherein the following key changes have been made:
- As per Rule 4 (1), now the application for removal of name of a company under sub-section (2) of Section 248 is to be made to the Registrar, Centre for Processing Accelerated Corporate Exit in Form No. STK-2.
- Further, the Registrar, Centre for Processing Accelerated Corporate Exit established under sub-section (1) of section 396, shall be the Registrar of Companies for the purposes of exercising functional jurisdiction of processing and disposal of applications made in Form No. STK-2 and all matters related thereto.
- Form No. STK-2, STK-6 and STK-7 have been substituted with the new Forms.
These Rules shall come into force w.e.f. 1 May 2023.
For more information, click here.