The weekly messenger | Edition 25.20
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory News
Relaxation from compliance with certain provisions of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 and certain SEBI Circulars due to the COVID -19 virus pandemic – 7 July 2020
The Securities and Exchange Board of India (SEBI) vide its Circular dated 23 March 2020, had extended the timelines for certain requirements for issuers of Municipal Debt Securities (ILDM Regulations). Now, once again the SEBI has further extended the timelines w.r.t. submission of investor grievance report, financial results and Accounts maintained by issuers under ILDM Regulations from 30 June 2020 to 31 July 2020.
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SEBI signs MOU with CBDT – 8 July 2020
SEBI has signed a Memorandum of Understanding (MOU) with the Central Board of Direct Taxes (CBDT), Government of India, for the purpose of exchange of data between the two organisations. In addition to regular exchange of data, CBDT and SEBI will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
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COVID-19 – Rescheduling of Term Loans – 7 July 2020
The Insurance Regulatory and Development Authority of India (IRDAI), vide its Circular dated 8 April 2020, had permitted the insurers to grant moratorium of 3 months towards the payment of installment falling due between 1 March 2020 and 31 May 2020.
Now, in view of continuing disruptions due to COVID-19 and in line with RBI’s directions dated 23 May 2020, the IRDAI has again permitted the Insurers to grant a moratorium of three months towards payment of installments falling due between 1 June 2020 and 31 August 2020. The repayment schedule for such loans and also the residual tenor, will be shifted across the board by three months subsequent to the moratorium period. However, interest shall continue to accrue on the outstanding portion of the term loans during such moratorium period.
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