The weekly messenger | Edition 29.19
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
Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 – 25 July 2019
The Central Government (CG) has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 with the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019, wherein the following changes have been made with respect to the filing of e-form DIR – 3 – KYC:
1. Now as per the revised Rules,
- e - Form DIR-3 KYC is to be filed
- by those individuals who hold DIN and are filing their KYC details for the first time or
- by the DIN holders who have already filed their KYC once in e-form DIR-3 KYC but wants to update their details.
- New web form DIR-3-KYC-WEB is to filed
- by those DIN holders who have submitted DIR-3 KYC e-forms in the previous financial year and no update is required in their details.
2. New e – form DIR – 3 – KYC – WEB has been inserted.
These Rules shall come into force w.e.f. 25 July 2019.
For more information, click here.
Companies (Registration Offices and Fees) Fourth Amendment Rules, 2019 – 25 July 2019
The CG has amended the Companies (Registration Offices and Fees) Rules, 2014 with the Companies (Registration Offices and Fees) Fourth Amendment Rules, 2019, wherein the erstwhile Item VII ‘Fee for Filing e-form DIR-3 KYC under Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014’ given under the Annexure to the aforesaid Rules has been substituted with the revised Item VII ‘Fee for Filing e-form DIR-3 KYC or DIR-3 KYC – WEB under Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014’ which is as follows:
(i) Subject to serial number (iii) below, fee payable till the 30 September of every financial year in respect of e-form DIR-3 KYC or DIR-3 KYC WEB through web service, as the case may be, for the immediate previous financial year | ---- |
(ii) Fee payable (in delayed case). | Rs. 5000 |
(iii) Fee payable if the individual failed to file e-form DIR-3 KYC or DIR-3 KYC-WEB through web service, as the case may be, for the immediate previous financial year (in delayed case). | Rs. 5000 |
These Rules shall come into force w.e.f. 25 July 2019.
For more information, click here.
Additional FAQs Regarding filling of NFRA-1 form – 24 July 2019
The National Financial Reporting Authority (NFRA) has issued the ‘Additional FAQs Regarding Filling of NFRA-1 form’ which inter-alia includes:
- Whether companies generating electricity through windmills, whose main business activity is not generation of electricity will fall under Rule 3(1)(c) of NFRA Rules, 2018;
- Meaning of the term ‘operations in India’ as used in the definition of Foreign Company;
- Clarification on whether every LLP, Body Corporate, needs to file Form NFRA-1, to whom audited accounts are applicable etc.
For more information, click here.
IBBI amends IBBI (Insolvency Professionals) Regulations, 2016 and the IBBI (Model Bye -Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 – 24 July 2019
The Insolvency and Bankruptcy Board of India (IBBI) has notified regulations related to the IBBI (Insolvency Professionals) (Amendment) Regulations, 2019, and the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019.
The amendment regulations are effective from 23 July 2019.
For more information, click here.
Amendment of GN on SEBI (Prohibition of Insider Trading) Regulations, 2015 – 22 July 2019
The Securities and Exchange Board of India (SEBI), pursuant to the amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015, has revised the Guidance Note (GN) on SEBI (Prohibition of Insider Trading) Regulations, 2015 on 5 July 2019 in order to provide clarity on:
- Requirement on Maintaining Structured Digital Database; and
- Scope of ‘Investment Company’.
For more information, click here.