The weekly messenger | Edition 29.21

October 2021

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

Clarification w.r.t amendments in ICSI UDlN Guidelines, 2019 ‒ 6 October 2021

The Institute of Company Secretaries of India (ICSI) has issued certain amendments in the ICSI Unique Document Identification Number (UDIN) Guidelines, 2019 w.e.f. 1 October 2021; however, due to some technical issues, the same were disclosed to the members on 6 October 2021. Because of the challenges being faced by the members in adhering to the standards, the competent authority of ICSI has permitted the creation of UDIN by members w.e.f. 7 October 2021.

Further, it has also been clarified that the generation of UDIN under the guidelines shall be mandatory for e- form MGT-7 only and for other e-forms, it remains optional.

For more information, click here.

Revised formats for filing financial information for issuers of non-convertible securities ‒ 5 October 2021

The Securities and Exchange Board of India (SEBI) vide its Circular dated 7 September 2021 had mandated entities that have listed non-convertible securities to disclose financial results on a quarterly basis, including assets & liabilities and cash flows as well as requiring certain changes in the line items in the financial results.

Now the SEBI has issued the revised formats for reporting of financial information and limited review report for the said class of entities.

Further, it has been clarified that banking and insurance companies shall disclose the financial information as per the formats prescribed under the respective Acts/Regulations as specified by their regulators.

For more information, click here.

New interest rate notified on Special deposit scheme for Non-Government Provident, Gratuity Funds ‒ 5 October 2021

The Ministry of Finance has notified that the interest rate for deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds for the quarter ending 31 December 2021 will be 7.1%.

The interest rate would be effective from 1 October 2021.

For more information, click here.