The weekly messenger | Edition 25.22

Regulatory news

Technical Guide on Filing Forms for LLPs and Companies # 1: Form-11 (Annual Return of LLPs) – July 2022

The Corporate Laws and Corporate Governance Committee of the Institute of Chartered Accountants of India (ICAI) has issued the ‘Technical Guide on Filing Forms for LLPs and Companies # 1: Form-11 (Annual Return of LLPs)’. The purpose of issuing this guide is to provide detailed guidance on the procedural aspects relating to filing of Form- 11.

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Withdrawal of the Guide to Reporting on Proforma Financial Statements (Pursuant to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009)- 4 August 2022

In the year 2012, the Auditing and Assurance Board (AASB) of the ICAI has issued the ‘Guide to Reporting on Proforma Financial Statements (Pursuant to the Securities Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements (ICDR)) Regulations, 2009) (the Guide)’, which was based on the SEBI (ICDR) Regulations, 2009.

Subsequently, the ICAI has issued the Standard on Assurance Engagements (SAE) 3420, ‘Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus’ and further, the SEBI (ICDR) Regulations, 2009 got replaced by the SEBI (ICDR) Regulations, 2018.

In light of the aforesaid changes, the AASB has decided to withdraw the above-mentioned guide with immediate effect, as it is of the view that SAE 3420 provides sufficient guidance for practitioners who undertake engagements to certify/report on Proforma Financial Statements included in a prospectus.

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Circular on use of digital signature certificate for announcements submitted by listed companies – 1 August 2022

In the wake of covid-19 pandemic, the SEBI had permitted the use of digital signature certification for authentication / certification of various filings / submissions made to the Stock Exchanges.

Now, in view of the advantages of using Digital Signature Certifications for authentication of documents / filings, the Stock Exchanges, in consultation with each other and the SEBI have decided to make it mandatory to file announcements under various SEBI Regulations using digital signature certification to the Stock Exchange except for following disclosures/events:

• Outcome of Board meeting which includes only financial result.

• Any disclosure in which document(s) issued by entity/ies other than listed company is/are included (For e.g., Auditors certificate, NCLT / other court’s order, Credit Rating, etc.).

• Newspaper advertisement.

• Any other disclosure as specified by Stock Exchanges from time to time.

The Circular shall come into force w.e.f. 1 September 2022.

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